Our Yaramoko Mine is in the Houndé greenstone belt region in the Province of Balé in southwestern Burkina Faso. In the second half of 2021, Yaramoko produced 57,538 ounces of gold.
The Yaramoko Mine consists of two underground gold mines: the 55 Zone and Bagassi South. The deposits are greenstone-hosted high-grade orogenic gold deposits. The Bagassi South Zone deposit is located 1.8 kilometers south of 55 Zone and the surface definition of the veins can be traced over a strike length of 800 meters and dips to the northeast. Gold typically occurs as coarse free grains in quartz and is associated with pyrite.
Based on reserves reported as of December 31, 2021 the operation has a mine life of six years.
We recognize the role that the Yaramoko Mine plays to support sustainable development in our areas of influence around the mine.
Yaramoko Mine Video
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Commodity
Gold
Ownership
90%
Burkina Faso Government holds 10%
Mill throughput
512,276
tonnes in 2020
Claim block area
23,000
hectares
Deposit type
Orogenic gold
Mining method
Longhole stoping
with cemented
rock fill
with cemented
rock fill
OPERATING HIGHLIGHTS
| 20211 | 2022E1,2 | |
|---|---|---|
Tonnes milled (000) | 259 | 516 |
Gold production (koz) | 57.5 | 95 - 115 |
AISC2,3,4,5 (US$/oz Au) | -- | $1,300 - $1,650 |
Notes:
- Refer to 365bet news releases dated January 18, 2022, "365bet reports 2021 full year record production of 305,859 gold equivalent ounces and issues 2022 annual guidance" | Tonnes milled and gold production for 2021 is for the second semester of 2021.
- Cash Cost and all-in sustaining cost (AISC) are non-GAAP financial measures which are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company and might not be comparable to similar financial measures disclosed by other issuers. Refer to "Non-IFRS Financial Measures" in the Company’s 2021 management discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2021 dated November 10, 2021 (“Q3 MD&A 2021”), which is available under 365bet's SEDAR profile, and the note regarding “Non-IFRS Financial Measures” on this website.
- The following table provides the cash costs and AISC for the four operating mines for the nine months ended September 30, 2021 as follows:
Mine Cash Cost(a) AISC(a),(b),(c) SILVER (US$/t) (US$/oz Ag Eq) San Jose, Mexico 74.22 14.13 Caylloma, Peru 85.17 18.17 GOLD (US$/oz Au) (US$/oz Au) Lindero, Argentina 635 1,182 Yaramoko, Burkina Faso 720 1,188 - (a) Cash Cost and AISC are non-GAAP financial measures. Refer to the note regarding "Non-IFRS Financial Measures" on this Website
- (b) Presented on a cash basis
- (c) Silver equivalent was calculated using the realized prices for gold (US$1,783 per ounce), silver (US$25.80 per ounce), lead US$0.98 per pound) and zinc (US$1.31 per pound) for the nine months ended September 30, 2021
- (d) Further details on the cash costs and AISC for the nine months ended September 30, 2021 are disclosed on pages 21, 23 and 24 (with respect to cash costs) and pages 22, 24 and 25 (with respect to AISC) of the Q3 MD&A 2021 which is available under 365bet's SEDAR profile at www.sedar.com and is incorporated by reference into this news release, and the note regarding “Non-IFRS Financial Measures” on this website
- (e) The estimated increase in all in sustaining costs at Yaramoko for 2022 are due to decreased estimated gold ounce production coupled with increased operating and capital costs as mining moves to the deeper regions of the underground mine
- The most comparable financial measure to cash costs is cost of sales. Please see the condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2021 and pages 21, 23 and 24 of the Q3 MD&A 2021 for a reconciliation
- AISC includes production cash cost, commercial and government royalties, mining tax, export duties (as applicable), worker’s participation (as applicable), subsidiary G&A, sustaining capital expenditures, and Brownfields exploration and is estimated at metal prices of US$1,700/oz Au, US$22/oz Ag, US$2,100/t Pb, and US$2,700/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12.
- The most comparable financial measure to AISC is cost of sales. Please see the condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2021 and pages 22, 24 and 25 of the Q3 MD&A 2021 for a reconciliation.
- Totals may not add due to rounding.
LOCATION
The Yaramoko Mine is situated in the Houndé greenstone belt region in the Province of Balé in southwestern Burkina Faso. The property is located approximately 200 kilometers southwest from the capital city of Ouagadougou (Latitude: 11° 45’ 25” N, Longitude: 3° 16’ 58” W).
Our operations add value to Burkina Faso’s formal economy by providing contracts and stable jobs for local people and by helping to expand the revenue base of our host government through income taxation, national social security system contributions and the royalties we pay every time we ship gold.
GEOLOGY AND MINERALIZATION
The north-northeast-trending Boni shear zone divides the Yaramoko concession between the predominantly Houndé volcanic and volcaniclastic rock to the west and the Diébougou granitoid domain composed predominantly of granitic rock with minor volcanic rock to the east. The main lithological units are mafic volcanic rocks, felsic intrusions, and late dolerite dikes.
This region is considered prospective for orogenic gold deposits, which typically exhibit a strong relationship with regional arrays of major shear zones. The largest granitic intrusion found on the Yaramoko concession is host to both the 55 Zone and Bagassi South Zone gold deposits. Both deposits are set on the eastern margin of the intrusive in the footwall of the Yaramoko shear along conjugated dextral faults located in extensional position to the regional shear zone. The bulk of the gold mineralization occurs in dilatational segments of the shear zones where quartz veins are thicker and exhibit greater continuity.
MINERAL RESERVES
2.1 million tonnes
grading 6.78 grams per tonne gold, for a total of 464,000 contained ounces of gold
Refer to Mineral Reserves and Resources table below for full disclosure
BROWNFIELDS EXPLORATION
The Yaramoko property consists of a large regional land package of approximately 18,000 hectares, located on the Hounde Belt. The majority of known anomalies and deposits are located along the Boni Shear regional break and the second order Yaramoko Shear. The deposits of 55 Zone and Bagassi South are located in the footwall of the Yaramoko Shear along East-West extensional zones, which are unique extensional style high grade deposits. The majority of the Yaramoko concession is largely unexplored.
The Brownfields exploration program budget for 2022 at the Yaramoko Mine is US$2.7 million, which includes 34,000 meters of exploration drilling, testing several surface geochemistry anomalies generated in 2021, in addition to expanding the 109 Zone and testing strike and depth projections of the 55 Zone.
Mineral Reserves and Resources
| Mineral Reserves - Proven and Probable | Contained Metal | |||
|---|---|---|---|---|
| Property | Classification | Tonnes (000) | Au (g/t) | Au (koz) |
| Yaramoko, Burkina Faso | ||||
| 55 Zone Underground | Proven | 85 | 5.81 | 16 |
| Probable | 857 | 7.51 | 207 | |
| Proven + Probable | 942 | 7.35 | 223 | |
| 55 Zone Open Pit | Probable | 824 | 7.17 | 190 |
| Proven + Probable | 824 | 7.17 | 190 | |
| Bagassi South | Probable | 145 | 6.47 | 30 |
| Proven + Probable | 145 | 6.47 | 30 | |
| Stockpiles | Proven | 214 | 2.98 | 21 |
| Proven + Probable | 214 | 2.98 | 21 | |
| Combined | Proven | 300 | 3.78 | 36 |
| Probable | 1,826 | 7.27 | 427 | |
| Proven + Probable | 2,126 | 6.78 | 464 | |
| Mineral Resources - Measured and Indicated | Contained Metal | |||
|---|---|---|---|---|
| Property | Classification | Tonnes (000) | Au (g/t) | Au (koz) |
| Yaramoko, Burkina Faso | ||||
| Z55 Underground | Measured | 48 | 5.83 | 9 |
| Indicated | 212 | 5.58 | 38 | |
| Measured + Indicated | 260 | 5.62 | 47 | |
| Z55 Open Pit | Measured | 0 | 0.00 | 0 |
| Indicated | 107 | 5.23 | 18 | |
| Measured + Indicated | 107 | 5.23 | 18 | |
| Bagassi South | Measured | 0 | 0.00 | 0 |
| Indicated | 137 | 6.58 | 29 | |
| Measured + Indicated | 137 | 6.58 | 29 | |
| Combined | Measured | 48 | 5.83 | 9 |
| Indicated | 456 | 5.80 | 85 | |
| Measured + Indicated | 504 | 5.80 | 94 | |
| Mineral Resources - Inferred | Contained Metal | |||
|---|---|---|---|---|
| Property | Classification | Tonnes (000) | Au (g/t) | Au (koz) |
| Yaramoko, Burkina Faso | ||||
| Z55 Underground | Inferred | 74 | 7.99 | 19 |
| Z55 Open Pit | Inferred | 100 | 0.62 | 2 |
| Bagassi South | Inferred | 73 | 5.97 | 14 |
| Combined | Inferred | 247 | 4.41 | 35 |
- Notes:
- Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
- Mineral Resources are exclusive of Mineral Reserves
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
- Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate
- Mineral Resources and Reserves for the Yaramoko Gold Mine are estimated as of June 30, 2021 for underground and as of February 2, 2021 for open pit, and reported as of December 31, 2021 taking into account production-related depletion for the period through December 31, 2021
- Mineral Reserves for Yaramoko are reported at a cut-off grade of 0.9 g/t Au for the 55 Zone open pit based on an assumed gold price of US$1,500/oz, 3.4 g/t Au for 55 Zone underground and 3.0 g/t Au for Bagassi South underground, based on an assumed gold price of US$1,600/oz, metallurgical recovery rates of 98.0%, surface mining costs of US$3.26/t, G&A costs of US$14.5/t, and processing cost of US$22.85/t, underground mining costs of US$101.9/t, G&A costs of US$24.1/t, and processing cost of US$27.7/t. Underground mining recovery is estimated at 85% and 91% for Bagassi South and 55 Zone stopes respectively and 100% for sill drifts. A mining dilution factor of 10% has been applied for sill drifts, 0.7m and 1.0m dilution skin has been applied for 55 Zone and Bagassi South stopes respectively. Surface Mineral Reserves are reported in situ with modifying factors of 10% mining dilution and 85% mining recovery applied within an optimized pit shell and only Proven and Probable categories reported within the final pit designs. Yaramoko Mineral Resources are reported in situ at a gold grade cut-off grade of 0.5 g/t Au for the 55 Zone open pit and 2.7 g/t Au for underground, based on an assumed gold price of US$1,700/oz and the same costs, metallurgical recovery and constrained within an optimized pit shell. The Yaramoko Mine is subject to a 10% carried interest held by the government of Burkina Faso.
- Matthew Cobb, (MAIG #5486) is the Qualified Person responsible for Mineral Resources being an employee of Roxgold Inc. (a wholly-owned subsidiary of 365bet), Craig Richards, P.Eng. (APEGA #41653) is the Qualified Person responsible for the underground and open pit Mineral Reserves, being an employee of 365bet
- Totals may not add due to rounding procedures
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