Çöpler District – Long-Life Cornerstone Operation Generating Strong Free Cash Flow
The Çöpler Mine (80% SSRM owned) is part of the Çöpler District located in east-central Türkiye in the Erzincan Province, approximately 1,100 km southeast from Istanbul and 550 km east from Ankara, Türkiye’s capital city. The Çöpler Mine has been operating since 2010 and is currently processing ore through two producing plants – the oxide and sulfide plants. The oxide ore is processed via heap leach and the sulfide ore is processed using pressure oxidation. The current estimated mine life is over 20 years.
Highlights of the Çöpler Mine include:
- Mineral Reserves: Proven and Probable Mineral Reserves of 47.7 million tonnes at an average grade of 2.11 g/t or 3.2 million ounces of contained gold, excluding stockpiles, as of December 31, 2022.
- Potential for mine life extension: Measured and Indicated Mineral Resources of 71.0 million tonnes at an average grade of 1.07 g/t or 2.4 million ounces of contained gold. Inferred Mineral Resources of 82.4 million tonnes at an average grade of 1.17 g/t or 3.1 million ounces of contained gold. Mineral Resources are as of December 31, 2022.
- Çöpler operating outlook: In 1Q 2022, we released the results of the independently prepared Çöpler District Master Plan TRS (“CDMP21”). The CDMP 2021 summarized SSR Mining's current development strategy for Çöpler and included analysis for two production scenarios:
- A Mineral Reserve Case incorporating maiden Mineral Reserves from Çakmaktepe Extension (Ardich), and
- An Initial Assessment Case (“IAC”) which contemplates the construction of a copper concentrator to process Çöpler Copper-Gold (“C2”) sulfide ore.
- Mine-life extension through exploration: In addition to the gold in the known Mineral Reserves, we continue both in-pit and near-mine exploration programs to identify additional potential ore to complement the existing LOM plan. SSR Mining is also continuing drilling regionally to potentially identify additional prospects for future growth.
The Çakmaktepe Mine (80% SSRM owned) is located approximately 5 km from the existing Çöpler Mine infrastructure and the Çakmaktepe ore can be processed through the existing Çöpler facilities. Mining operations commenced in September 2018 and production of Çakmaktepe phase one oxide ore was completed in 2019. As exploration advances and the geological understanding of the Çakmaktepe and Ardich deposits increases, it appears that there is probable structural connectivity between the areas, potentially creating an expanded “Greater Çakmaktepe” development pathway.
Çöpler Copper-Gold (C2)
The Çöpler Copper Gold (C2) project consists of copper gold sulfide mineralization below and adjacent to existing resource pits at the Çöpler Mine (80% SSR Mining owned). A positive Initial Assessment Case (“IAC”) was included in the CDMP21, which showcased ~1Moz of gold production for $218 million of capital expenditures and an IRR of ~60%. SSR Mining will look to advance Copler Copper Gold towards first production in 2025. The IAC development scenario outlined in the CDMP21 expands on the life of mine production plan highlighted in both the CDMP21 Reserve Case and the 2020 Ҫӧpler District Master Plan (“CDMP20”) PEA Case with the construction of a Copper Concentrator to recover copper from the Sulfide Mineral Resource.
The IAC is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that this economic assessment will be realized.
The scientific and technical information concerning our mineral projects on SSR Mining’s website have been reviewed and approved by a “qualified person” under S-K 1300. For details on the “qualified persons” approving such information, a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources for SSR Mining Inc.’s material properties included on the SSR Mining website, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company’s material properties which are available at www.sec.gov.
This page contains forward-looking statements. Please see the following link: Legal.
1SSR Mining reported its updated Mineral Reserve and Mineral Resource ("MRMR") figures as of December 31, 2022 in Item 2 Properties of the Company's Annual Report. Mineral Resources are reported exclusive of Mineral Reserves. As per Subpart 1300 of Regulation S-K, MRMR are presented on an attributable basis
September 29, 2022
September 29, 2022
October 24, 2022