Annual Mineral Resources and Ore Reserves Summary as at 30 June 2020

LionGold is reporting its Mineral Resource and Ore Reserve estimates as at 30 June 2020. The Mineral Resource and Ore Reserve Statements presented below have been prepared and classified in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia, 2012 edition (“JORC Code 2012”).

 

 Category

    Mineral

      type

 

        Gross attributable

               to licence.

                     Net attributable to issuer

                Remarks

   

     Tonnes

         (kt)

     

      Grade

     (g/t Au)

     

      Tonnes

          (kt)

   

    Grade

   (g/t Au)

 

    Change in ouncesIncrease%

                 (Decrease %)

 Reserves

 

 

 

 

 

 

 

 Proved

 Gold

 -

 -

 -

 -

 -

 

 Probable

 Gold

 -

 -

 -

 -

 (100)

 Previous Probable Reserve 100% depleted

 Total Reserves

 Gold

 -

 -

 -

 -

 (100)

 

 Resources

 

 

 

 

 

 

 

 Indicated

 Gold

 -

 -

 -

 (100)

 Previous Indicated Resource 100% depleted

 Inferred

 Gold

 668

 6.8

 668

 6.8

 43

 Underground

 Gold

 2,300

 0.8

 2,300

 0.8

 100

 TSF

 Gold

 3,000

 2.2

 3,000

 2.2

 101

 Total InferredResource

 Total Resources

 Gold

 3,000

 2.2

 3,000

 2.2

 59

 

Note: Mineral Resources which are not Ore Reserves do not have demonstrated economic viability. Tonnage is reported in metric tonnes (1 kt = 1,000 t), grade as grams per tonne gold (g/t Au). Tonnages of the underground Mineral Resource rounded to the nearest 1,000 t, tonnages of the TSF Mineral Resource rounded to the nearest 100 kt. The Underground Mineral Resource is reported at a 3.0 g/t Au cut-off. The TSF resource is reported at a 0.0 g/t Au cut-off. It is assumed that the tailings dam may be reprocessed in its entirety. The Mineral Resource has been depleted for mining up until 30 June 2020.

 

The Indicated Mineral Resource and Probable Ore Reserves reported in the FY2019 annual report have been mined out and completely depleted. The mine’s total Inferred Mineral Resource increased by 101% over the reporting period. The Inferred Mineral Resource for the Ballarat Gold Mine comprises an initial Mineral Resource for the mine’s TSF and an update of the underground Mineral Resource which increased by 43% over the reporting period, as a result of exploration and resource estimation.

Mineral Resources which are not Ore Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. It is uncertain if further exploration will result in upgrading the Inferred Mineral Resource to an Indicated or Measured Mineral Resource category.

The information that relates to Mineral Resources is based on information compiled by Mr René Sterk, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and a Chartered Professional Geologist (CPGeo) with the AusIMM. Mr Sterk is also a member and registered professional geologist (RPGeo) with the Australian Institute of Geoscientists (AIG) and a member of the Society of Economic Geologists (SEG).

Mr Sterk holds a MSc in Structural Geology and Tectonics from the Vrije Universiteit Amsterdam (2002). Mr Sterk is a Director and Principal Consultant Geologist with RSC Consulting Ltd., a mining consultancy firm independent of the Group. His experience includes more than 15 years in the exploration, assessment, and evaluation of deposits, including orogenic gold deposits.

Mr Sterk has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the JORC Code 2012. Mr Sterk is also a Qualified Person as defined in the SGX-ST Listing Manual based on the requirements set out therein.

Mr Sterk has consented to the public reporting of the IQPR entitled “Independent Qualified Persons’ Report for the Ballarat Goldmine, Australia”. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Ore Reserves or Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement.

More details regarding the Mineral Resource and Ore Reserve estimation can be found in the Qualified Persons’ Report.

Qualified Persons’ Report

Castlemaine Goldfields Pty Ltd

Annual Qualified Persons’ Report for the Ballarat Gold Mine, Australia, for the Year Ended 30 June 2020