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Open Pit and Underground Mineral Reserves Summary

(as at December 31, 2015)

Deposits Proven Probable Proven and Probable
Tonnes (Mt) Grade (g/t) Au (Moz) Tonnes (Mt) Grade (g/t) Au (Moz) Tonnes (Mt) Grade (g/t) Au (Moz)
Sabodala 1.57 1.57 0.08 2.33 1.36 0.10 3.90 1.44 0.18
Gora 0.31 4.94 0.05 1.15 4.74 0.17 1.46 4.78 0.22
Niakafiri Main 4.06 1.23 0.16 3.41 0.94 0.10 7.47 1.10 0.26
Subtotal ML 5.95 1.52 0.29 6.88 1.71 0.38 12.83 1.62 0.67
Masato - - - 21.41 1.06 0.73 21.41 1.06 0.73
Golouma West - -
- 3.23 1.96 0.20 3.23 1.96 0.20
Golouma South - -
- 1.27 3.09 0.13 1.27 3.09 0.13
Kerekounda - -
- 0.79 3.44 0.09 0.79 3.44 0.09
Maki Medina - -
- 0.90 1.17 0.03 0.90 1.17 0.03
Niakafiri SE - -
- 1.12 1.09 0.04 1.12 1.09 0.04
Niakafiri SW - -
- 0.37 0.92 0.01 0.37 0.92 0.01
Subtotal SOMIGOL - - - 29.08 1.32 1.23 29.08 1.32 1.23
Subtotal Open Pit 5.95 1.52 0.29 35.96 1.39 1.61 41.92 1.41 1.90
Golouma West 1 - - - 0.62 6.07 0.12 0.62 6.07 0.12
Golouma West 2 - - - 0.45 4.39 0.06 0.45 4.39 0.06
Golouma South - - - 0.47 4.28 0.06 0.47 4.28 0.06
Kerekounda - - - 0.61 4.95 0.10 0.61 4.95 0.10
Subtotal Underground 0.00 0.00 - 2.15 5.01 0.35 2.15 5.01 0.35
Total 5.95 1.52 0.29 38.11 1.60 1.96 44.07 1.59 2.25










Stockpiles 15.27 0.79 0.39 0.00 0.00 0.00 15.27 0.79 0.39
Total including stockpile 21.23 0.99 0.68 38.11 1.60 1.96 59.34 1.38 2.63

Notes for Mineral Reserves Summary
1. CIM definitions were followed for Mineral Reserves.
2. Mineral Reserve cut off grades for range from are 0.35 g/t  to 0.63 g/t Au for oxide and 0.42 g/t to 0.73 g/t Au for fresh based on a $1,100/oz gold price
3. Mineral Reserve cut off grades for Sabodala 0.45 g/t  for oxide and 0.55 g/t  for fresh based on a $1,100/oz gold price
4. Underground reserves cut-off grades ranged from 2.3-2.6 g/t based on $1,200/oz gold price
5. Sum of individual amounts may not equal due to rounding.
6. The Niakafiri Main deposit is adjacent to the Sabodala village and relocation of at least some portion of the village will be required which will necessitate a negotiated resettlement program with the affected community members.

 

Open Pit and Underground Mineral Resources Summary

(as at December 31, 2015)

Deposit Domain Measured Indicated Measured and Indicated Inferred
Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au
('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s) ('000s) (g/t Au) ('000s)
Sabodala Open Pit 13,742 1.13 497 6,488 1.59 332 20,230 1.28 829 2,525 1.23 100
Underground


1,631 3.65 191 1,631 3.65 191 460 3.60 53
Combined 13,742 1.13 497 8,119 2.01 524 21,861 1.45 1,021 2,985 1.60 153
Gora Open Pit 466 4.55 68 1,083 6.11 213 1,549 5.64 281 53 4.95 8
Underground


315 5.14 52 315 5.14 52 59 4.83 9
Combined 466 4.55 68 1,398 5.89 265 1,864 5.56 333 113 4.88 18
Niakafiri Main Open Pit 4,909 1.33 210 7,222 0.98 228 12,131 1.12 438 2,472 1.09 87
Underground








184 2.51 15
Combined 4,909 1.33 210 7,222 0.98 228 12,131 1.12 438 2,656 1.19 102
Niakafiri West Open Pit








2,566 1.29 107
Underground








90 2.82 8
Combined








2,656 1.34 115
Soukhoto Open Pit








550 1.46 26
Underground











Combined








550 1.46 26
Diadiako Open Pit








178 1.27 7
Underground








663 2.89 61
Combined








841 2.54 69
SubtotalSabodala ML Open Pit 19,117 1.26 776 14,793 1.62 773 33,910 1.42 1,548 8,344 1.25 335
Underground


1,947 3.89 243 1,947 3.89 243 1,456 3.14 147
Combined 19,117 1.26 776 16,740 1.89 1,016 35,857 1.55 1,792 9,800 1.53 482
Masato Open Pit 5,894 0.79 150 22,617 1.16 844 28,511 1.08 994


Underground


1,163 2.75 103 1,163 2.75 103 1,984 2.85 182
Combined 5,894 0.79 150 23,780 1.24 947 29,674 1.15 1,097 1,984 2.85 182
Golouma Open Pit


6,800 2.98 653 6,800 2.98 653 88 2.46 7
Underground


2,134 4.09 280 2,134 4.09 280 854 3.66 100
Combined


8,934 3.25 933 8,934 3.25 933 942 3.55 107
Kerekounda Open Pit


1,255 4.28 173 1,255 4.28 173


Underground


499 4.88 78 499 4.88 78 235 5.70 43
Combined


1,755 4.45 251 1,755 4.45 251 235 5.70 43
Maki Medina Open Pit


2,112 1.22 83 2,112 1.22 83 114 0.81 3
Underground


109 2.71 10 109 2.71 10 85 2.54 7
Combined


2,221 1.30 93 2,221 1.30 93 199 1.55 10
Niakafiri SW Open Pit


770 0.81 20 770 0.81 20 30 0.67 1
Underground











Combined


770 0.81 20 770 0.81 20 30 0.67 1
Niakafiri SE Open Pit


4,439 0.98 140 4,439 0.98 140 162 0.96 5
Underground


73 2.60 6 73 2.60 6 16 2.64 1
Combined


4,512 1.01 146 4,512 1.01 146 177 1.11 6
Kinemba Open Pit


24 1.06 1 24 1.06 1 91 0.95 3
Underground








56 2.52 5
Combined


24 1.06 1 24 1.06 1 147 1.55 7
Kobokoto Open Pit


842 1.02 28 842 1.02 28 335 0.86 9
Underground











Combined


842 1.02 28 842 1.02 28 335 0.86 9
Koulouqwinde Open Pit








230 1.42 11
Underground








60 2.67 5
Combined








290 1.68 16
Kourouloulou Open Pit


96 11.51 36 96 11.51 36 22 6.71 5
Underground


59 9.15 18 59 9.15 18 86 13.58 38
Combined


156 10.61 53 156 10.61 53 108 12.18 42
Kouroundi Open Pit


67 0.93 2 67 0.93 2 42 0.74 1
Underground











Combined


67 0.93 2 67 0.93 2 42 0.74 1
Koutouniokolla Open Pit








85 1.58 4
Underground








22 2.54 2
Combined








108 1.78 6
Mamasato Open Pit


560 1.45 26 560 1.45 26 305 1.25 12
Underground








42 2.32 3
Combined


560 1.45 26 560 1.45 26 347 1.38 15
Sekoto Open Pit








485 0.89 14
Underground








25 2.11 2
Combined








510 0.95 16
SubtotalSomigol ML Open Pit 5,894 0.79 150 39,584 1.58 2,005 45,478 1.47 2,155 1,989 1.16 74
Underground


4,038 3.81 495 4,038 3.81 495 3,465 3.48 387
Combined 5,894 0.79 150 43,622 1.78 2,500 49,516 1.66 2,650 5,454 2.63 462
Total Sabodala + Somigol Open Pit 25,011 1.15 926 54,377 1.59 2,777 79,388 1.45 3,703 10,333 1.23 409
Underground


5,985 3.84 738 5,985 3.84 738 4,921 3.38 534
Combined 25,011 1.15 926 60,362 1.81 3,516 85,373 1.62 4,441 15,254 1.92 944

Notes for Mineral Resources Summary

  1. CIM definitions were followed for Mineral Resources.
  2. Open pit oxide Mineral Resources are estimated at a cut-off grade of 0.35 g/t Au, except for Gora at 0.48 g/t Au.
  3. Open pit transition and fresh rock Mineral Resources are estimated at a cut-off grade of 0.40 g/t Au, except for Gora at 0.55 g/t Au.
  4. Underground Mineral Resources are estimated at a cut-off grade of 2.00 g/t Au.
  5. Measured Resources at Sabodala include stockpiles which total 9.2 Mt at 0.77 g/t Au for 229,000 oz.
  6. Measured Resources at Gora include stockpiles which total 0.1 Mt at 1.30 g/t Au for 6,000 oz.
  7. Measured Resources at Masato include stockpiles which total 5.9 Mt at 0.79 g/t Au for 150,000 oz.
  8. High grade assays were capped at grades ranging from 1.5 g/t Au to 110 g/t Au.
  9. The figures above are “Total” Mineral Resources and include Mineral Reserves.
  10. Open pit shells were used to constrain open pit resources.
  11. Mineral Resources are estimated using a gold price of US$1,450 per ounce.
  12. Sum of individual amounts may not equal due to rounding.

There have been no revisions to the resource models for 2015, except for adjustments due to mining depletion and minor revisions to Niakafiri Main, Niakafiri SW, Maki Medina and Diadiako. For estimating 2015 Mineral Resources, Teranga has implemented a new reporting procedure, which includes the use of open pit shells to constrain open pit resources and reporting underground resources separately.

For reporting of open pit Mineral Resources, open pit shells were produced for each of the resource models using Whittle open pit optimization software. Only classified blocks greater than or equal to the open pit cut-off grades and within the open pit shells were reported. This is in compliance with the CIM (2014) resource definition requirement of “reasonable prospects for eventual economic extraction”. 

For reporting of underground Mineral Resources, only classified blocks greater than or equal to the underground cut-off grade outside of the open pit shells were reported. This is in compliance with CIM (2014) resource definition requirements. In addition, Deswik Stope Optimizer software was used to generate wireframe models to constrain blocks satisfying minimum size and continuity criteria, which were used for reporting Sabodala underground Mineral Resources.

The significant change between the Mineral Resources reported for 2014 and 2015 is due to this new reporting procedure, where the 2015 year end Mineral Resources have been constrained using open pit shells along with revised gold cut-off grades for both open pit and underground resources. Previously classified Mineral Resources that do not satisfy the revised reporting criteria for 2015 have been excluded, however, remain in the block models as mineralized material.

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July 3, 2014 Technical Report 19.46 MB

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