TIDMAUY
RNS Number : 0441H
Yamana Gold Inc.
30 July 2021
YAMANA GOLD REPORTS SIGNIFICANT PROGRESS ON PHASE 2 EXPANSION AT
JACOBINA AND STRONG EXPLORATION RESULTS FOR THE OPERATION; COSTS TO
COMPLETE PHASE 2 SIGNIFICANTLY REDUCED COMPARED TO ORIGINAL
ESTIMATE; PHASE 3 EVALUATION ADVANCING
Download a PDF of detailed drill hole results for Jacobina
TORONTO, ONTARIO, July, 29, 2021 -- YAMANA GOLD INC. (TSX:YRI;
NYSE:AUY; LSE:AUY) ("Yamana" or "the Company") today reported
significant progress on the Phase 2 expansion of the Jacobina mine
to increase throughput to 8,500 tonnes per day and raise production
to 230,000 ounces per year. The Company also announced strong
exploration results at Jacobina that expand the operation's mineral
resource and support the phased expansion, underscoring Jacobina's
exceptional long-term growth potential and ability to further
extend strategic mine life.
Phase 2 Expansion Highlights
-- Successful trials conducted at Jacobina during the second
quarter demonstrate that the processing plant can consistently and
reliably achieve a daily operating throughput above 8,000 tonnes
per day (tpd), significantly higher than nameplate capacity, and a
monthly average of at least 7,500 tpd, as was achieved in May of
this year.
-- The Company will achieve the Phase 2 rate of 8,500 tpd by
implementing a simplified approach of debottlenecking and
incremental operational improvements, without requiring the
installation of an additional ball mill. This approach is expected
to significantly reduce capital expenditure, increase energy
efficiency, and de-risk the project.
-- Capital costs are expected to be significantly lower than the
original planned capital estimated in the Phase 2 pre-feasibility
study, an amount not exceeding $15 million to $20 million.
-- Subject to successful completion of required permit
modifications, Jacobina expects to begin processing at 8,500 tpd by
the second half of 2023.
-- Engineering for the Phase 3 expansion to 10,000 tpd will
advance in parallel with the Phase 2 expansion, with the plant
modification originally planned for Phase 2 now considered adequate
for Phase 3. A feasibility study for Phase 3 is scheduled for
completion in 2023 and project commissioning is still on track for
2027.
Exploration Highlights
-- At Canavieiras Central, exploration drilling has confirmed
and expanded all of the mineralized reefs with solid grades and
widths along 500 metres of new strike length, defining a continuous
mineralized zone extending south from Canavieiras Central to
Canavieiras Sul, expected to generate new indicated mineral
resources by year end.
-- Infill and exploration drilling at the north end of the Morro
do Vento sector confirms good grades and widths for conversion to
indicated mineral resources, while aggressive exploration step-outs
down dip on the Main reef zone have provided strong results,
demonstrating down dip continuity. An aggressive drilling program
is underway to test the down dip target at Morro do Vento over a
strike length of more than two kilometres.
-- At Jo ã o Belo, exploration drilling has demonstrated
excellent potential south of the João Belo mineral resource area,
with positive results along a 3.7 kilometre-long corridor. Drilling
in 2019-2020 has defined an entirely new mineral resource area at
João Belo Sul with 536,000 ounces of gold (8.7 million tonnes
grading 1.91 grams per tonne ("g/t") of gold) of inferred mineral
resources. Drilling is ongoing at this newly discovered zone and to
the immediate south of João Belo at the João Belo South Extension,
where a number of positive drill holes have defined a significant
mineralized zone adjacent to mine infrastructure that will be
modelled for further mineral resource by year end.
PHASE 2 UPDATE
Incremental Improvements to Increase Processing Capacity to
8,500 TPD
The Jacobina processing plant continues to exceed expectations,
averaging 7,500 tpd in May and approximately 7,200 tpd over the
full second quarter, a 5% increase compared to the previous
quarter. Throughput for the balance of the year is expected to
increase to rates above those experienced in the second quarter to
approximately 7,500 tpd which represents the permitted operational
point. The success reflects a simplified approach to complete the
Phase 2 expansion, which will be achieved through incremental
debottlenecking of the processing plant and tailings system
combined with operational improvements, without requiring the
installation of an additional ball mill. This approach is expected
to significantly reduce capital expenditures, improve energy
efficiency, and de-risk the project.
During the first quarter, a new Falcon concentrator and cyclone
bank were installed, while an additional Knelson concentrator was
installed in the second quarter. Other initiatives include an
increase in the diameter of the pipeline feeding the tailings
storage facility from 10 to 16 inches to relieve pipe pressures
thereby increasing design limits.
Additionally, the Jacobina processing team continued to
fine-tune the operation of the plant, optimizing the aperture of
the crushers and sizing of the screens to reduce the feed size of
material entering the ball mills, thereby improving milling
performance. Furthermore, a new combination of mill liners and
grinding balls allowed an increase in throughput while maintaining
grinding size.
In May and June, Jacobina conducted trials to test the existing
capacity of the processing plant and evaluate the optimal
processing rate, and identify bottlenecks for future throughput
increases. The May trial was conducted over six consecutive days,
during which the processing plant exceeded 8,000 tpd, which is
significantly above nameplate capacity, while maintaining a gold
recovery of more than 96% and achieving a maximum daily throughput
of 8,176 tonnes. A follow-up trial was conducted over a two-week
period in June in which the processing plant exceeded 8,000 tpd for
10 days, averaging 8,179 tpd, and achieving a maximum daily
throughput of 8,609 tpd. All told, throughput at Jacobina exceeded
8,000 tpd for 21 days during the second quarter. Following
completion of the trials, operation of the plant is currently
limited to a maximum monthly average processing rate of 7,500 tpd
such as defined by the Company's operating permit pending changes
to permitting, which are in progress.
Gold production was higher than budget in the second quarter as
a result of higher-than-planned throughput. The supplementary mill
feed in the second quarter came from ore in stockpiles, which had
been created over several quarters for the purpose of providing
mill feed to evaluate realizable throughput above the nameplate
level for the plant. While this had a modest impact on unit costs
per ounce, it ensures that the current plant's optimized throughput
is sustainable. With a better understanding of the sustainable
throughput of the plant, the Company is now increasing mine rates
to bring those in line with the higher processing rate. This is
expected to be achieved by the end of 2021 at which time the
Company will no longer rely on stockpiled ore. Although mining
grade is expected to be in line or better than plan for the second
half of the year, the stockpile reclaiming strategy will continue
for the remainder of the year. Consequently, the Company
anticipates continued higher throughput and increased number of
ounces of production as compared to plan, although at slightly
higher costs than plan, as mining rates increase. This trade off of
temporarily relying on much lower grade stockpile ore in favour of
throughput is a necessary part of the Phase 1 optimization and has
provided operational support for the simplified Phase 2 expansion.
By end of year, and in the years to follow, as mining rates match
throughput, feed grade is expected to normalize without reliance on
stockpiles thereby resulting in sustainable, higher production at
lower unit costs.
Following the better-than-expected processing performance in the
first half of 2021, operational data from the aforementioned trials
was used to calibrate the processing model and set the baseline for
future expansions. These results confirm that the Jacobina
processing plant has opportunities for further incremental capacity
increases while maintaining high recoveries. The objective of the
Phase 2 expansion remains unchanged: to achieve sustainable
throughput of 8,500 tpd while maintaining gold recovery of 96% to
97%, increasing gold production to approximately 230,000 ounces per
year based on recent plant performance and studies. Yamana is
confident that this objective can be achieved with its simplified
approach to continue incremental debottlenecking and operational
improvements without requiring an expansion of the grinding circuit
as originally contemplated.
Opportunities under evaluation include post-commissioning
operational adjustments to the new Knelson and Falcon concentrators
and further optimization of the crushing circuit. Additionally,
installation of fine screens has the potential to improve
classification efficiency compared to the existing cyclones,
preventing particles finer than target grind size from reporting
back to the ball mills, allowing mill capacity to be spent more
efficiently on only particles requiring size reduction. Test work
is planned for the third quarter to further evaluate this
opportunity. Minor upgrades to the back end of the processing plant
and tailings pumping system are required to sustain the higher
throughput rates.
To support the higher processing rate, production from the
underground mine continues to ramp up as a result of improvements
to the ventilation circuits, addition of loading and hauling
equipment to the mine fleet, and optimization of the shotcreting
work groups, which has reduced development cycle times and provided
access to additional production zones.
Simplified Approach to Require a Fraction of the Original
Planned Capital
The simplified expansion approach is a continuation of the
strategy that has been the basis for the quarter-over-quarter
success of Jacobina over the past several years, and is expected to
require significantly lower capital than originally planned in the
Phase 2 pre-feasibility study, an amount not expected to exceed $15
million to $20 million.
Jacobina continues to work closely with regulatory authorities
to increase the permitted throughput to 8,500 tpd and has the
potential to achieve the Phase 2 objectives earlier than planned.
Subject to successful completion of required permit modifications,
Jacobina would begin processing at the new Phase 2 rate by the
second half of 2023.
As the Company's expansion strategy is well advanced, Jacobina
is now seen as a multi-decade, low cost operation with a planned
production level of at least 230,000 ounces per year, with
annualized production expected to achieve this level by the second
half of 2023.
Evaluation of Phase 3 Expansion to 10,000 TPD Advancing; Plant
Modifications Originally Planned for Phase 2 Now Considered
Adequate for Phase 3
As previously presented in the Company's 10-year production
outlook, Yamana is evaluating a further expansion at Jacobina to
increase throughput to 10,000 tpd, referred to as Phase 3. With the
Phase 2 expansion now underway with a simpler process at reduced
capital costs, the Company will now pursue the Phase 3 expansion as
part of a comprehensive plan which aligns the processing plant,
underground mine, tailings strategy, and permitting, while managing
capital expenditure and cash flow.
During the second quarter, the Company discontinued basic
engineering and development of a detailed project execution plan
for the installation of a third grinding line, which was originally
intended as part of the Phase 2 expansion to 8,500 tpd as a result
of the optimizations referred to above. With an improved Phase 2
plan which no longer requires a third grinding line, the Company is
now evaluating the installation of a third grinding line not to
achieve the planned 8,500 tpd contemplated for the Phase 2
expansion, but for the Phase 3 plant expansion to 10,000 tpd.
Updated modelling indicates that the 10,000 tpd target
throughput could be achieved with only two ball mills in operation,
allowing for grinding line two to be suspended. Compared to the
pre-feasibility study completed in 2020, the detailed design
incorporates additional test work and geotechnical analysis
together with several improvements to the plant design for line
three including an optimized design of the additional crushed ore
silo and associated conveyors and increased recovery from gravity
concentration using the same gravity circuit that is now installed
on line two. Further improvements will continue to be
evaluated.
With the processing plant expansion plan well understood, the
Jacobina team is now focusing on the mine plan and infrastructure
required to support the higher throughput rate including a haulage
optimization study to evaluate alternative solutions for
transporting ore from the underground mines to the processing
plant.
One promising ore haulage solution is the use of Rail-Veyor
technology, for which engineering was completed in the first
quarter of 2021. The installation of the Rail-Veyor system as the
primary method of ore haulage from the Canavieiras mines to the
processing plant stockpiles would provide a robust and low-cost
method of haulage. Evaluation of the Rail-Veyor concept is
continuing as part of the overall haulage optimization study.
Engineering for the Phase 3 expansion to 10,000 tpd will advance
in parallel with the Phase 2 expansion, and the processing model
will continue to be updated to integrate operational data from
Phase 2, with a feasibility study for Phase 3 scheduled for
completion in 2023.
Comprehensive Tailings Management Strategy for Long-Term
Sustainability
To complement the Jacobina phased expansion, Yamana has adopted
a comprehensive Jacobina life-of-mine tailings management strategy,
that substitutes surface deposition of tailings, with underground
tailings disposal as backfill. The Company has initiated several
studies to ensure long-term sustainability and to reduce the
environmental footprint of the operation. Test work conducted in
2020 confirmed that both paste backfill and hydraulic backfill are
technically feasible options for disposal of tailings into
underground voids, thereby minimizing the quantity of tailings
stored on surface. Additionally, use of backfill is expected to
improve underground stope stability and minimize the requirements
to leave behind pillars in ore, resulting in increased mining
recovery and reduced dilution.
As a first step, a hydraulic backfill plant provides a
relatively simple and low capital cost solution for underground
deposition of 2,000 tonnes of dry tailings per day, with the extra
advantage that hydraulic backfill can be placed into historic voids
with minimal cement content, significantly reducing the operating
cost. Utilization of historic voids for backfilling will also allow
Jacobina to gradually introduce backfill into the mining sequence
without impacting the production rate of the mine. In March 2021,
Jacobina completed a feasibility study for the installation of a
hydraulic backfill plant. The initial capital cost for the backfill
system is estimated at $8.0 million. The Company has decided to
move forward with the hydraulic backfill plant project and is in
the permitting phase. The permit required for the backfill project
is separate from the one required for the Phase 2 expansion,
although both are being pursued simultaneously. Additionally, a
conceptual study is underway to evaluate further opportunities for
a dry stack tailings facility and/or a paste backfill plant in
parallel to the hydraulic backfill plant, which could provide
opportunities in the future for additional storage of tailings to
support future mineral reserve development.
Existing surface tailings capacity, combined with tailings
storage underground as backfill will be sufficient for life of mine
production at Jacobina at the planned increased processing
rates.
EXPLORATION UPDATE
The Jacobina mine continues to outperform, consistently
exceeding production and exploration expectations. Exploration has
ramped up in support of the phased expansion plan with results
continuing to expand mineral inventory in João Belo, Canavieiras
and Morro do Vento, adding high-quality mineral resources and
mineral reserves close to mine infrastructure. Results also
demonstrate the mine's ability to continue to significantly grow
mineral reserves and mineral resources beyond depletion,
notwithstanding increasing production , underscoring Jacobina's
exceptional long-term growth potential and ability to further
extend strategic mine life.
The following diagrams and long sections should be reviewed in
conjunction with the narrative that follows and are intended to
provide location and context of various areas in the narrative and
the relative location of one area to the other.
Figure 1: Jacobina Location Map Showing Main Target Areas and
Mining Sectors. Star Symbol Indicates Location of Mine Plant
Facility. Dashed Lines Indicate Locations of Respective Long
Sections Shown in Figures 2, 3 and 5 Below.
For figures, please refer to https://bit.ly/2V6cD3d
Figure 2: Canavieiras Mine-LU Reef Long Section (Looking West),
Highlighting Recent Drilling Results.
For figures, please refer to https://bit.ly/2V6cD3d
Figure 3: Morro do Vento Long Section (Looking West)
Highlighting Recent Drilling Results at Main Reef Zone.
For figures, please refer to https://bit.ly/2V6cD3d
Figure 4: Morro do Vento Mine Cross Section (Looking North)
Showing All Existing Drilling Down Dip.
For figures, please refer to https://bit.ly/2V6cD3d
Figure 5: João Belo Sul and João Belo Mine Long Section (Looking
West) Highlighting Recent Drilling Results-LMPC Reef
For figures, please refer to https://bit.ly/2V6cD3d
Mineral Envelope Expanded at Canavieiras Central
At Canavieiras, exploratory and conversion drilling programs
have confirmed the presence of all mineralized reefs south of
Canavieiras Central, expanding the mineral envelope continuously
more than 500 metres southward to the northern limit of Canavieiras
Sul. Drilling results from this sector have been impressive, with
both the LU and MU reefs generating higher grade intercepts over
wide intervals and defining high-quality mineralization close to
the current mine infrastructure. Notable results include the
following estimated true width intervals: 3.55 g/t of gold over
3.64 metres and 4.29 g/t of gold over 6.16 metres at MU reef; 6.71
g/t of gold over 4.71 metres and 5.84 g/t of gold over 2.15 metres
at LU reef (CANEX00108); 4.01 g/t of gold over 18.50 metres at MU
reef and 11.47 g/t of gold over 6.39 metres, including 20.50 g/t of
gold over 2.35 metres at LU reef (CANEX00113); 5.90 g/t of gold
over 6.93 metres at MU reef and 4.06 g/t of gold over 4.54 metres
at LU reef (CANEX00107); 5.95 g/t of gold over 6.01 metres and 6.29
g/t of gold over 5.08 metres at MU reef and 7.13 g/t of gold over
5.86 metres at LU reef (CANEX00094).
Moreover, the drilling program has also delineated the Maneira
reef, providing wide, higher grade intercepts in this zone, which
remains open for expansion to the south. Highlights include the
following estimated true width intervals: 5.38 g/t of gold over
3.87 metres ( CANEX00119 ); 5.79 g/t of gold over 4.67 metres (
CANEX00120) ; and 14.11 g/t of gold over 3.36 metres ( CANEX00093
). See Figure 2 and Table 2 for further details and additional
results.
Exceptional Results at Morro do Vento
The Main reef zone at Morro do Vento has demonstrated continuity
of mineralization over a large area with 2.5 kilometers of strike
length and positive drilling intercepts up to 1,100 metres down dip
of mine infrastructure, representing one of the most important
mineralized zones of the Jacobina district. In the northern portion
of Morro do Vento, the delineation drilling program has provided
strong results at Main reef, indicating high-grade mineralization
continues down dip and remains open for growth. Notable results
include the following estimated true width intervals: 9.31 g/t of
gold over 3.09 metres and 8.39 g/t of gold over 3.63 metres
(MVTEX00056); 5.24 g/t of gold over 2.55 metres and 4.09 g/t of
gold over 3.19 metres (MVTEX00057); 11.14 g/t of gold over 2.15
metres (MVTEX00060); 4.86 g/t of gold over 4.57 metres and 5.31 g/t
of gold over 2.46 metres (MVTEX00063); and 5.21 g/t of gold over
1.72 metres and 4.29 g/t of gold over 7.17 metres (MVTEX00065).
An exploratory drill program has been initiated to expand and
define the potential of the Main reef zone down dip and along a
2.5-kilometre corridor targeting the continuation at depth of areas
highlighted by existing positive estimated true width drilling
intercepts, including: 7.15 g/t of gold over 4.89 metres and 9.43
g/t of gold over 4.26 metres (MVTEX00048); 4.93 g/t of gold over
3.27 metres (MVTEX43); 6.36 g/t of gold over 2.36 metres (MVTEX30)
(to view these results; please see Yamana press releases dated May
19, 2020, and September 8, 2020, available on the Company's website
at www.yamana.com). The first deep drill hole has been initiated,
with results expected by year end. See Figures 3 and 4 and Table 2
for these and additional results.
Newly Defined Mineral Resource at João Belo Sul
Over the last two years, the Company has dedicated significant
effort to exploration of the southern portion of the Jacobina
district, the delineation of the recently discovered João Belo Sul
sector, and to exploring extensions of João Belo, historically the
most productive mine in the complex with more than one million
ounces of past production. At João Belo Sul, located two kilometres
south of the João Belo mineral resource area, drilling has
generated significant results and defined a continuous mineral
envelope in the LMPC reef over a 900-meter north-south strike
length and 600 metres down dip. Significant results include the
following estimated true width intervals: 3.85 g/t of gold over
4.86 metres (JBEX00033); 3.04 g/t of gold over 5.83 metres,
including 12.43 g/t of gold over 0.97 metres (JBEX00029); 3.40 g/t
of gold over 4.19 metres (JBEX00030); and 5.83 g/t of gold over
4.00 metres, including 8.10 g/t of gold over 2.40 metres
(JBEX00031).
An initial mineral resource estimate based on surface drilling
only has been defined at João Belo Sul. The underground inferred
mineral resources include 536,000 ounces of gold within 8,738,000
tonnes at an average grade of 1.91 g/t of gold. See Table 1.
Table 1 : Mineral Resource Estimate, João Belo Sul.
João Belo Sul Tonnes Gold Grade Contained Gold
Category (000's) (g/t) oz. (000's)
-------- ----------- ---------------
Inferred 8,738 1.91 536
-------- ----------- ---------------
1. The Qualified Persons for the mineral resource estimates are
Dr. Jean-Francois Ravenelle, P.Geo. and Dominic Chartier, P.Geo.,
both full time employees of Yamana Gold Inc. The mineral resource
estimate follows 2019 CIM definitions and guidelines for mineral
resources.
2. The effective date for the mineral resource estimate is June 30, 2021.
3. Mineral resources were evaluated using the ordinary kriging
weighting algorithm informed by capped composites and constrained
by three-dimensional mineralization wireframes.
4. A bulk density varying from 2.63 to 2.64 g/cm(3) was used to convert volume to tonnage.
5. Mineral resources are constrained by potentially mineable
shapes based on a minimum mining width of 1.5 m and considering
internal waste and dilution. Underground cut-off grade of 1.00 g/t
gold, which corresponds to 75% of the cut-off used to estimate the
mineral reserves at the Jacobina Mine that considers a gold price
of $1,250/oz and a metallurgical recovery of 96.5%.
6. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
7. All figures are rounded to reflect the relative accuracy of
the estimate. Numbers may not add up due to rounding.
Mineralization remains open for expansion along strike and to
depth, and an updated mineral resource is expected for year end.
The potential of this 3.7 kilometer-long district is further
demonstrated by drilling at the João Belo South Extension,
immediately south of the João Belo mineral resource area, where
exploratory drilling has intercepted the same LMPC reef. Notable
results in this sector include the following estimated true width
interval 6.21 g/t of gold over 3.10 metres (JBEX021). Existing
positive estimated true width drill results from this area (see
press release dated May 19, 2020, available on the Company's
website www.yamana.com) include: 4.13 g/t of gold over 2.04 metres
(JBEX014); 4.11 g/t of gold over 3.38 metres (JBEX012); and 3.17
g/t of gold over 4.83 metres (JBEX009).
These results reveal the presence of a continuous sequence of
mineralized reefs along more than 3.7 kilometers of strike length,
extending from João Belo to João Belo Sul. See Figure 5 and Table 2
for these and other results.
Overall, exploration continues to successfully identify and
define new extensions of current producing sectors of the Jacobina
mine, with exceptional results replacing depletion with
high-quality mineral reserves and mineral resources close to
current mine infrastructure. Furthermore, aggressive step out
exploration drilling is opening up new, extensive frontier areas
available for mineral resource growth in new sectors of the
property, as exemplified by recent successes at João Belo Sul and
Morro do Vento Main reef. These discoveries support a strategic
mine life of several decades at a production level well above the
planned Phase 2 expansion annual production level of 230,000
ounces, and likely 270,000 ounces, which is the planned annual
production level for the Phase 3 expansion as elaborated
herein.
Table 2 : Jacobina New Drill Intercepts, Select For Intervals
Greater Than 2.5 g/t of Gold Over Estimated True Widths Diluted To
3.0 Metres.
Hole Including Sector Reef From To Interval Estimated Gold Gold (g/t)
(m) (m) (m) True (g/t) Dil.
Width to 3.0
(m) m - True
Width
Canavieiras
CANEX00093 Central MAN 60.01 62.50 2.49 1.79 4.55 2.72
------------------------- ------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Central MAN 128.50 133.24 4.74 3.36 14.11 14.11
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00094 Sul LVLPC 282.50 285.00 2.50 2.08 12.46 8.64
------------------------- ------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul MU 298.50 304.79 6.29 6.01 5.95 5.95
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MU 298.50 302.85 4.35 4.09 6.93 6.93
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul MU 310.00 315.50 5.50 5.08 6.29 6.29
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MU 312.50 315.50 3.00 2.75 9.39 8.61
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul LU 316.53 322.56 6.03 5.86 7.13 7.13
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul LU 317.00 320.50 3.50 3.16 10.54 10.54
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00095 Central MAN 181.60 183.50 1.90 1.02 10.39 3.53
------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00101 Sul MAN 248.45 251.50 3.05 1.70 6.06 3.44
------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00105 Sul LVLPC 224.50 226.89 2.39 2.34 3.79 2.96
------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00107 Sul LVLPC 133.92 136.95 3.03 2.97 4.61 4.56
------------------------- ------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul MU 148.93 156.00 7.07 6.93 5.90 5.90
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul MU 157.46 161.00 3.54 3.47 3.18 3.18
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul LU 162.04 166.67 4.63 4.54 4.06 4.06
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul LU 171.72 178.54 6.82 6.68 2.92 2.92
---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul LU 173.00 176.50 3.50 3.43 3.97 3.97
------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00108 Sul MU 156.81 160.50 3.69 3.64 3.55 3.55
------------------------- ------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MU 156.81 158.50 1.69 1.67 6.59 3.67
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul MU 161.48 167.72 6.24 6.16 4.29 4.29
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MU 161.48 162.50 1.02 1.01 16.41 5.51
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul LU 174.80 179.57 4.77 4.71 6.71 6.71
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul LU 181.31 183.50 2.19 2.15 5.84 4.19
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00109 Sul MU 218.40 224.50 6.10 5.90 5.49 5.49
------------------------- ------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MU 220.02 221.00 0.98 0.95 19.99 6.32
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul MU 228.29 237.10 8.81 8.53 5.75 5.75
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MU 232.81 235.00 2.19 2.12 12.08 8.53
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00111 Sul LVLPC 163.10 165.00 1.90 1.89 13.60 8.57
------------------------- ------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul LVLPC 163.63 165.00 1.37 1.36 18.48 8.38
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul LU 238.00 240.81 2.81 2.77 3.44 3.17
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00113 Sul MU 198.91 217.91 19.00 18.50 4.01 4.01
------------------------- ------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MU 200.00 205.50 5.50 5.34 5.89 5.89
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MU 208.00 213.00 5.00 4.85 5.42 5.42
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul LU 219.50 226.32 6.82 6.39 11.47 11.47
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul LU 219.50 222.00 2.50 2.35 20.50 16.06
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul QTO_INT 257.00 263.00 6.00 5.70 7.17 7.17
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00115 Sul MAN 125.00 128.55 3.55 3.48 27.16 27.16
------------------------- ------------- -------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MAN 126.17 127.00 0.83 0.81 115.00 31.18
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul MU 245.68 252.05 6.37 6.08 8.15 8.15
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MU 246.31 247.50 1.19 1.17 32.65 12.69
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul LU 264.73 277.74 13.01 12.87 4.40 4.40
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul LU 266.50 268.20 1.70 1.67 9.94 5.52
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul LU 274.00 275.00 1.00 0.98 12.26 4.00
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul LU 279.50 282.00 2.50 2.45 3.19 2.61
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras OFF_
Sul R 299.43 303.60 4.17 4.09 5.16 5.16
------------- ---------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras OFF_
incl. Sul R 299.43 300.50 1.07 1.05 7.74 2.70
----------- ------------- ---------------------- ------- ------- --------- ---------- ------- -----------
Table 2 Continued.
Hole Including Sector Reef From To Interval Estimated Gold Gold (g/t)
(m) (m) (m) True (g/t) Dil.
Width to 3.0
(m) m - True
Width
Canavieiras
CANEX00116 Sul MAN 71.50 76.76 5.26 5.15 8.41 8.41
------------------------- ------------- ------ ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MAN 73.00 74.00 1.00 0.98 15.18 4.96
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00117 Sul LVLPC 123.29 126.00 2.71 2.61 5.59 4.86
------------- ------ ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00119 Sul MAN 45.65 51.50 5.85 3.87 5.38 5.38
------------- ------ ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00120 Sul MAN 35.50 40.50 5.00 4.67 5.79 5.79
------------------------- ------------- ------ ------- ------- --------- ---------- ------- -----------
Canavieiras
incl. Sul MAN 36.50 39.14 2.64 2.46 9.41 7.70
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00121 Sul MAN 127.50 128.50 1.00 0.93 9.78 3.04
------------------------- ------------- ------ ------- ------- --------- ---------- ------- -----------
Canavieiras
Sul HOL 146.53 148.00 1.47 1.37 17.81 8.14
------------- -------------------------------- ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00122 Sul HOL 196.42 199.02 2.60 2.31 5.95 4.58
------------- ------ ------- ------- --------- ---------- ------- -----------
Canavieiras
CANEX00123 Sul MU 234.50 238.81 4.31 4.14 6.26 6.26
------------- ------ ------- ------- --------- ---------- ------- -----------
João
JBEX021 Belo Ext. LMPC 489.00 493.00 4.00 3.10 6.21 6.21
------------- ------ ------- ------- --------- ---------- ------- -----------
João
JBEX00027 Belo Sul LMPC 459.00 464.05 5.05 4.30 2.74 2.74
------------------------- ------------- ------ ------- ------- --------- ---------- ------- -----------
João
incl. Belo Sul LMPC 459.00 462.03 3.03 2.59 3.15 2.72
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
João
JBEX00029 Belo Sul LMPC 421.00 427.00 6.00 5.83 3.04 3.04
------------------------- ------------- ------ ------- ------- --------- ---------- ------- -----------
João
incl. Belo Sul LMPC 421.00 422.00 1.00 0.97 12.43 4.02
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
João
JBEX00030 Belo Sul LMPC 370.15 374.50 4.35 4.19 3.40 3.40
------------- ------ ------- ------- --------- ---------- ------- -----------
João
JBEX00031 Belo Sul LMPC 342.58 346.34 3.76 3.04 5.30 5.30
------------------------- ------------- ------ ------- ------- --------- ---------- ------- -----------
João
incl. Belo Sul LMPC 342.58 344.65 2.07 1.67 8.35 4.65
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
João
Belo Sul LMPC 518.50 522.89 4.39 4.00 5.83 5.83
------------- -------------------------------- ------- ------- --------- ---------- ------- -----------
João
incl. Belo Sul LMPC 518.50 521.53 3.03 2.40 8.10 6.48
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
João
Belo Sul LMPC 540.00 543.50 3.50 2.83 3.88 3.66
------------- -------------------------------- ------- ------- --------- ---------- ------- -----------
João
incl. Belo Sul LMPC 541.00 542.50 1.50 1.18 7.79 3.06
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
João
JBEX00033 Belo Sul LMPC 112.00 117.50 5.50 4.86 3.85 3.85
------------- ------ ------- ------- --------- ---------- ------- -----------
MVTEX00054 MVE MU 289.50 292.50 3.00 2.95 2.59 2.54
------------- ------ ------- ------- --------- ---------- ------- -----------
Morro do
MVTEX00056 Vento HW 140.00 143.32 3.32 3.09 9.31 9.31
------------- ------ ------- ------- --------- ---------- ------- -----------
Morro do
MVTEX00056 incl. Vento HW 142.00 143.32 1.32 1.23 23.34 9.55
------------ ----------- ------------- ------- ------- ------- --------- ---------- ------- -----------
Morro do
Vento EMB 199.50 203.40 3.90 3.63 8.39 8.39
------------- -------------------------------- ------- ------- --------- ---------- ------- -----------
Morro do
MVTEX00057 Vento MR 164.77 168.60 3.83 2.55 5.24 4.45
------------------------- ------------- ------ ------- ------- --------- ---------- ------- -----------
Morro do
incl. Vento MR 164.77 166.33 1.56 1.03 11.42 3.92
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
Morro do
Vento BAS 197.00 201.78 4.78 3.19 4.09 4.09
------------- -------------------------------- ------- ------- --------- ---------- ------- -----------
Morro do
incl. Vento BAS 197.00 200.00 3.00 1.98 5.88 3.88
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
Morro do OFF_
MVTEX00058 Vento R 270.00 272.50 2.50 1.45 12.89 6.23
------------- ------ ------- ------- --------- ---------- ------- -----------
Morro do
MVTEX00059 Vento HW 215.50 220.00 4.50 3.67 3.10 3.10
------------- ------ ------- ------- --------- ---------- ------- -----------
Morro do
MVTEX00060 Vento MR 69.40 71.65 2.25 2.15 11.14 7.99
------------- ------ ------- ------- --------- ---------- ------- -----------
Morro do
MVTEX00061 Vento MR 198.50 201.00 2.50 1.44 18.58 8.92
------------------------- ------------- ------ ------- ------- --------- ---------- ------- -----------
Morro do
Vento BAS 229.50 232.11 2.61 1.53 11.47 5.85
------------- -------------------------------- ------- ------- --------- ---------- ------- -----------
Morro do
incl. Vento BAS 230.78 232.11 1.33 0.78 21.43 5.57
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
Morro do
MVTEX00063 Vento MR 69.00 74.50 5.50 4.57 4.86 4.86
------------------------- ------------- ------ ------- ------- --------- ---------- ------- -----------
Morro do
incl. Vento MR 69.00 72.50 3.50 2.91 6.38 6.18
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
Morro do
Vento MR 77.00 78.00 1.00 0.83 16.97 4.69
------------- -------------------------------- ------- ------- --------- ---------- ------- -----------
Morro do
Vento BAS 154.04 157.00 2.96 2.46 5.31 4.35
------------- -------------------------------- ------- ------- --------- ---------- ------- -----------
Morro do
incl. Vento BAS 154.98 156.50 1.52 1.26 9.68 4.07
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
Morro do
MVTEX00065 Vento HW 273.50 276.84 3.34 1.72 5.21 2.98
------------------------- ------------- ------ ------- ------- --------- ---------- ------- -----------
Morro do
Vento BAS 292.12 306.00 13.88 7.17 4.29 4.29
------------- -------------------------------- ------- ------- --------- ---------- ------- -----------
Morro do
incl. Vento BAS 292.77 295.75 2.98 1.54 8.63 4.43
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
Morro do
incl. Vento BAS 302.50 306.00 3.50 1.81 5.48 3.30
----------- ------------- -------------------- ------- ------- --------- ---------- ------- -----------
Qualified Persons
Scientific and technical information contained in this press
release has been reviewed and approved by Henry Marsden (P. Geo.
and Senior Vice President, Exploration). Mr. Marsden is an employee
of Yamana Gold Inc. and a "Qualified Person" as defined by Canadian
Securities Administrators' National Instrument 43-101 - Standards
of Disclosure for Mineral Projects .
The mineral resource estimate reported for João Belo Sul has
been reviewed by Dr. Jean-François Ravenelle (P.Geo. and Director,
Geology) and Dominic Chartier (P.Geo. and Senior Manager, Geology).
Both employees of Yamana Gold Inc. and "Qualified Persons" as
defined by Canadian Securities Administrators' National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
Quality Assurance and Quality Control
Yamana incorporates a Quality Assurance and Quality Control
("QA/QC") program for all of its mines and exploration projects
which conforms to industry best practices.
Samples are transported in security sealed bags for preparation
at ALS and SGS analytical laboratories, both ISO 9001:2008 and
17025 certified laboratories. At Jacobina sample preparation is
completed on site. Gold is analyzed by gold fire assay with 30
grams or 50 grams aliquot and AAS finish. Samples over 5 g/t are
re-analyzed by gravimetric finish methods. Silver is determined
using a four acid digestion and AAS finish (ore level) and samples
over 30g/t are re-analyzed by gravimetric finish methods. Five
percent of all pulps are further checked by secondary certified
laboratories (ALS, SGS, Bureau Veritas) using the same analytical
methods.
All exploration diamond drill cores are split in half by
mechanical spitting or core sawing and sampled at appropriate
intervals for assay, except for small diameter drilling (BQ) from
underground setups at Jacobina where core is logged, photographed
and whole core submitted for assay. The remaining core, coarse
reject and pulps are stored on-site in a secure location.
Quality assurance standards, duplicates, sterile and blanks are
routinely inserted into the sample stream as a control for assay
accuracy, bias, precision and contamination. The results of these
checks are tracked and failures are re-analyzed. This information
also includes pulp checks carried out in the secondary lab.
About Yamana
Yamana Gold Inc. is a Canadian-based precious metals producer
with significant gold and silver production, development stage
properties, exploration properties, and land positions throughout
the Americas, including Canada, Brazil, Chile and Argentina. Yamana
plans to continue to build on this base through expansion and
optimization initiatives at existing operating mines, development
of new mines, the advancement of its exploration properties and, at
times, by targeting other consolidation opportunities with a
primary focus in the Americas.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Investor Relations
416-815-0220
1-888-809-0925
Email: investor@yamana.com
FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 7931 765 223 / +44 203 727 1000
Peel Hunt LLP (Joint UK Corporate Broker)
Ross Allister / David McKeown / Alexander Allen
Telephone: +44 (0) 20 7418 8900
Berenberg (Joint UK Corporate Broker)
Matthew Armitt / Jennifer Wyllie / Detlir Elezi
Telephone: +44 (0) 20 3207 7800
Credit Suisse (Joint UK Corporate Broker)
Ben Lawrence / David Nangle
Telephone: +44 (0) 20 7888 8888
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news
release contains or incorporates by reference "forward-looking
statements" and "forward-looking information" under applicable
Canadian securities legislation and within the meaning of the
United States Private Securities Litigation Reform Act of 1995.
Forward-looking information includes, but is not limited to,
information with respect to the Company's progress on the Phase 2
expansion and a proposed Phase 3 expansion of the Jacobina mine to
increase throughput and raise annual production, and the Company's
exploration results at Jacobina and areas surrounding the mine
aimed at expanding the operation's mineral resource inventory and
supporting the phased expansion, underscoring Jacobina's long-term
growth potential and further extending strategic mine life,
including the Company's expectation that it will achieve the Phase
2 rate at Jacobina by implementing a revised strategy of
debottlenecking and making incremental operational improvements
that will significantly reduce capital expenditures and risk
associated with installing an additional ball mill; that capital
costs are expected to be significantly reduced from the original
planned capital; that the project will consume significantly less
power to achieve 8,500 tpd than previously estimated in the Phase 2
pre-feasibility study for Jacobina; that, subject to successful
completion of required permit modifications, the Company expects
Jacobina to begin processing at 8,500 tpd by the second half of
2023; that the Company will continue to evaluate a Phase 3
expansion to increase throughput to 10,000 tpd by 2027; that, based
on the updated modelling, the target throughput rate could be
achieved with only two ball mills in operation, allowing for
grinding line #1 to be suspended; that the exploration drilling and
confirmation's to-date at Canavieiras Central, defining a
continuous mineralized zone extending from Canavieiras Central to
Canavieiras Sul, will provide new indicated mineral resources by
year end; that infill and exploration drilling at the end of the
Morro do Vento sector and step outs down dip on the Main reef zone
will result in expected down dip continuity and that the current
drilling program underway to test the down dip target at Morro do
Vento over a strike length of more than two kilometres will prove
successful; that the potential discovered to the south of the Joao
Belo mineral resource area through exploration drilling at João
Belo will be proven, and that ongoing drilling in the newly
discovered mineral resource area at João Belo Sul, and to the
immediate south of João Belo at the João Belo South Extension,
adjacent to mine infrastructure will be successfully modelled for
further resource by year end; and that a planned production level
of at least 230,000 ounces per year at Jacobina, with annualized
production at this level, will be achieved by the second half of
2023.
Forward-looking statements are characterized by words such as
"plan", "expect", "budget", "target", "project", "intend",
"believe", "anticipate", "estimate" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions, assumptions
and estimates of management considered reasonable at the date the
statements are made, and are inherently subject to a variety of
risks and uncertainties and other known and unknown factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. These factors
include that incremental improvements to increase processing
capacity under the Phase 2 expansion do not prove successful; the
revised strategy to significantly reduce capital expenditures
compared to the original planned capital does not prove successful;
evaluation of a Phase 3 expansion to 10,000 tpd and proposed plant
modifications originally planned for Phase 2 expansion does not
prove to be adequate for Phase 3 expansion; the Company's proposed
comprehensive tailings management strategy for long-term
sustainability does not prove successful; ongoing exploration
results at João Belo, Canavieiras and Morro do Vento do not
ultimately result in significant growth in mineral reserves and
mineral resources in order to support Jacobina's long-term growth
potential or the Company's ability to further extend strategic mine
life at Jacobina; an initial inferred mineral resource for Joao
Belo Sul is not confirmed by year end 2021; unforeseen impacts on
cash flow, unforeseen impacts of COVID-19, the outcome of planned
expansion and optimization projects, production, exploration and
development, changes in national and local government legislation,
taxation, controls or regulations and/or change in the
administration of laws, policies and practices; changes in
permitting requirements; the impact of general business and
economic conditions, global liquidity and credit availability on
the timing of cash flows and the values of assets and liabilities
based on projected future conditions, fluctuating metal prices
(such as gold, silver and zinc), currency exchange rates (such as
the Brazilian Real, the Chilean Peso and the Argentine Peso versus
the United States Dollar), the impact of inflation, possible
variations in ore grade or recovery rates, changes in accounting
policies, changes
in mineral resources and mineral reserves, risks related to
asset dispositions, risks related to metal purchase agreements,
risks related to acquisitions, changes in project parameters as
plans continue to be refined, changes in project development,
unanticipated costs and expenses, higher prices for fuel, steel,
power, labour and other consumables contributing to higher costs
and general risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated, unexpected
changes in mine life, final pricing for concentrate sales,
unanticipated results of future studies, seasonality and
unanticipated weather changes, costs and timing of the development
of new deposits, success of exploration activities, permitting
timelines, government regulation and the risk of government
expropriation or nationalization of mining operations, risks
related to relying on local advisors and consultants in foreign
jurisdictions, environmental risks, unanticipated reclamation
expenses, risks relating to joint venture or jointly owned
operations, title disputes or claims, limitations on insurance
coverage, timing and possible outcome of pending and outstanding
litigation and labour disputes, risks related to enforcing legal
rights in foreign jurisdictions, as well as those risk factors
discussed or referred to herein and in the Company's Annual
Information Form filed with the securities regulatory authorities
in all provinces of Canada and available at www.sedar.com , and the
Company's Annual Report on Form 40-F filed with the United States
Securities and Exchange Commission.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. The Company
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates, assumptions or opinions
should change, except as required by applicable law. The reader is
cautioned not to place undue reliance on forward-looking
statements. The forward-looking information contained herein is
presented for the purpose of assisting investors in understanding
the Company's plans, objectives and expectations in connection with
its expansion and optimization plans, as well as exploration plans
for Jacobina and areas surrounding the mine, and may not be
appropriate for other purposes.
This information is provided by RNS, the news service of the
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END
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