Annual Mineral Resources and Ore Reserves Summary as at 31 March 2017

LionGold is reporting its Mineral Resource and Ore Reserve estimates as at 31 March 2017. The Mineral Resource and Ore Reserve estimates 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, December 2012 (the “JORC Code 2012”).

Category

Mineral type

Gross attributable to licence

Net attributable to issuer (100%)

Tonnes
(kt)

Grade
(g/t Au)

Tonnes
(kt)

Grade
(g/t Au)

Change in ounces
Increase %/(Decrease %)

CASTLEMAINE GOLDFIELDS, AUSTRALIA

BALLARAT EAST MINE

Measured Resources

-

-

-

-

-

-

Indicated Resources

Gold

21.6

17.4

21.6

17.4

8

Inferred Resources

Gold

371.9

8.4

371.9

8.4

19.2

Total Resources

Gold

393.5

10.3

393.5

10.3

18.1

Proved Ore Reserves

-

-

-

-

-

-

Probable Ore Reserves

Gold

30

10.3

30

10.3

(9)

Total Reserves

Gold

30

10.3

30

10.3

(9)

 

Probable Ore Reserves are derived from, and included in, Indicated Mineral Resources. 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, sociopolitical, 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. Tonnages are rounded to the nearest 500 t and ounces are rounded to the nearest 100 oz Au. All resources are reported at a 0 (g/t Au) cut-off grade.

The information in the report to which this statement is attached that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Philip Petrie and Mr Matthew Hernan. Each of them is a full-time employee of the Group and a Member of the Australasian Institute of Mining and Metallurgy and/or the Australian Institute of Geoscientists, and each of them has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Both Mr Petrie and Mr Hernan are also Qualified Persons as defined in the Listing Manual, based on the requirements set out therein.

Each Qualified Person consents to the public reporting of the Qualified Persons’ Report below. 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 Mineral Resources or Ore Reserves, 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 Qualified 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 31 March 2017