Çakmaktepe Extension

The Çakmaktepe Extension (80% owned), also referred to as the Ardich deposit, was discovered in 2017. It is part of the Çöpler District and is located approximately 1.5km north of the Çakmaktepe mine and 6km northeast of the Çöpler Mine, allowing future development to leverage existing oxide and sulfide processing infrastructure.

A maiden Mineral Resource was announced in December 2018, and a preliminary economic analysis (“PEA”) for the project was included in the 2020 Çöpler District Master Plan (“CDMP20”).

The PEA Case presented in the Çöpler District Master Plan 2020 released on November 30, 2020 is preliminary in nature and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves, and there is no certainty that the results will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The Company is continuing drilling and technical study activities to further refine and improve on this near-mine opportunity and target a Mineral Reserve declaration in the first quarter of 2022 as part of an updated Çöpler District Development Plan Technical Report (“CDMP22”).

Highlights of the Çöpler District Master Plan (“CDMP20”):

  • the Ardich deposit contributed 1.23 million ounces of gold from Measured and Indicated resources, and 0.35 million ounces of gold from Inferred Mineral Resources, providing an after tax NPV5% of US$431M.
  • the Ardich deposit has the potential for approximately 1.1 million ounces of gold production over an 11-year mine life for approximately $50 million in development capital expenditures.

Copler District 2020 01

Please refer to the technical report entitled "NI 43-101 Technical Report on Çöpler District Master Plan 2020” dated November 30, 2020, a link to which is provided below. Mineral Resources are reported inclusive of Mineral Reserves.  Please refer to our Mineral Reserves and Resources Table.

This page contains forward-looking statements. Please see the following link: Legal.