Hod Maden is a world-class gold-copper deposit, representing one of the highest margin and lowest capital intensity development assets globally. 1 Hod Maden is located in northeastern Türkiye within the Eastern Pontides metallogenic belt and approximately 130 km from the Erzurum airport. The Project is located approximately 330 km from SSR Mining's Çöpler Mine and 260 km from the Copper Hill development prospect. The Hod Maden licenses cover approximately 3,500 hectares.
Highlights of the project include 2:
- Mineral Reserves: Mineral Reserves of 8,696 thousand tonnes at 8.8 g/t gold and 1.5% copper for 2,452 thousand ounces gold and 287 million pounds copper.
- Mineral Resources: Measured and Indicated Mineral Resources of 8,143 thousand tonnes at 10.6 g/t Au and 1.8% Cu for 2,768 thousand ounces gold and 330 million pounds copper, inclusive of Mineral Reserves. Inferred Mineral Resources of 1,342 thousand tonnes at 5.4 g/t gold and 0.7% copper for 232 thousand ounces gold and 21 million pounds copper.
A Feasibility Study - Technical Report NI 43-101on the Hod Maden project was filed July 10, 2022 by Horizon Copper Corp. and effective as of February 28, 2021. Highlights of the Feasibility Study include 2:
- High return, near-term and de-risked growth project: Total production of 2,027,000 ounces gold and 255,000,000 pounds copper over a 13-year life of mine. Average annual production is 156,000 ounces gold and 19,600,000 pounds copper, with mill design capacity of 800,000 tonnes per annum and average gold and copper recoveries of 85% and 93%, respectively. Average head grade over the life of mine is 8.8 g/t gold and 1.5% copper.
- Robust project economics: At base case metal pricing of $1,599/oz gold and $3.19/lb copper, a $1.05 billion NPV5% with an after-tax IRR of 36% and a two-year payback period from the start of production.
- Underexplored regional land package with potential for further growth: Significant exploration potential across property, including numerous untested soil geochemistry targets and a geological setting conducive to further exploration targeting through geophysical surveying.
SSR Mining will spend the next 12 months updating the 2021 Feasibility Study for value enhancing opportunities, and will aim to advance the project to a full construction decision in 2024 with the goal of delivering first production in 2027.1 SSR Mining announced the acquisition of operatorship and an up to 40% ownership interest in the Hod Maden project on May 8th, 2023.
2 All figures presented on a 100% basis. The 2021 Feasibility Study was prepared by Peter Allen, BEng (Metallurgy), MAusIMM (CP 103637), Manager - Technical Services, GR Engineering Services; Chris Arnold, FAusIMM, Principal Geologist, AMC Consultants Pty Ltd; Simon Kusabs, FAusIMM, Principal Consultant, AMC Consultants Pty Ltd; Goktug Evin, SME Registered Member, Principal Hydrogeologist, SRK Consulting (US); Zafir Ekmekçi, SME Registered Member, Principal, Hacettepe Mineral Teknolojileri Ltd. Şti; Stan Kagiannis, FAusIMM, formerly of GR Engineering Services; Ömer Ardıç, P.E., SME Registered Member, MAIG, Principal Civil/Geotechnical Engineer, INR Consulting and Engineering Inc.; Richard Kiel, P.E., Principal Geological Engineer, GAI (now Golder Asociates USA Inc. as successor by merger to GAI); and Paul Newling, FAusIMM, CP(Met), Managing Director, NewPro Consulting and Engineering Services, each of whom is a qualified person for Horizon Copper Corp. The 2021 Feasibility Study is available as part of the public filings of Horizon Copper Corp. available on SEDAR (www.sedar.com), filed on July 10, 2022. As set forth in the 2021 Feasibility Study, the effective date of the mineral reserves is July 31, 2020 and the effective date of the mineral resources is July 27, 2019. As Horizon Copper Corp. is a Canadian reporting issuer, the 2021 Feasibility Study was prepared in accordance with the requirements of Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and not in accordance with the requirements under S-K 1300 of the Securities Exchange Act of 1934, as amended ("S-K 1300"). There are differences in the information required under NI 43-101 and S-K 1300 and these differences with respect to the Project may be material. SSR Mining has not verified the information contained in the 2021 Feasibility Study and it has not prepared a technical report summary under S-K 1300 related to the Project as the Project is not, at this time, considered a material property.
SSR Mining Announces the Acquisition of an up to 40% Ownership Interest and Operatorship in the Hod Maden Gold-Copper Project Through an Earn-in Structured Transaction
May 8, 2023