Centerra reports gold reserves at 4.85M oz
Centerra Gold Inc. [CG-TSX; CGAU-NYSE] reported its 2021 year-end estimates for mineral reserves and mineral resources. The reserves have been estimated based on a gold price of US$1,35/oz for the Mount Milligan Mine in British Columbia and the Oksut Mine in Turkey and US$1,250/oz for the Kemess Property, B.C., and a copper price of US$3.00/lb.
Proven and probable gold mineral reserves total 4.85 million ounces of contained gold (288 million tonnes (Mt) at 0.52 g/t gold), a decrease of 0.3 million ounces of contained gold from December 31, 2020 (excluding the impact of the loss of control of the Kumtor Mine in May 2021).
The overall measured and indicated gold mineral resources, exclusive of mineral reserves, increased by 1.4 million ounces to 7.1 million ounces of contained gold (653 Mt at 0.34 g/t gold), excluding the impact of the loss of control of the Kumtor Mine in Kyrgystan. Centerra added ounces to the Mount Milligan Mine’s mineral resources as a result of in-fill drilling completed during the 2021 drilling program.
Proven and probable copper mineral reserves decreased by 101 million pounds to 1,366 million pounds of contained copper (257 Mt at 0.24% copper), primarily as a result of 2021 depletion.
Measured and indicated copper mineral resources, exclusive of mineral reserves, increased by 453 million pounds to 5,783 million pounds of contained copper (1,032 Mt at 0.20% copper).
At the Mount Milligan Mine, proven and probable gold mineral reserves total an estimated 1.8 million ounces of contained gold (150.0 Mt at 0.38 g/t gold) as of December 31, 2021, compared to 2.1 million contained ounces gold (170.6 Mt at 0.39 g/t gold) as of December 31, 2020. For 2021, proven and probable gold mineral reserves decreased by 310,000 contained ounces of gold, including the processing of 306,000 contained ounces of gold.
At the Oksut Mine, proven and probable gold mineral reserves total an estimated 1.1 million ounces of contained gold (30.5 Mt at 1.16 g/t gold) at December 31, 2021, compared to the estimated 1.1 million ounces of contained gold (26.3 Mt at 1.34 g/t gold) as at December 31, 2020. Proven and probable gold mineral reserves 2021 depletion (196,000 ounces) was more than offset by an increase of 203,000 contained ounces due to an updated life of mine plan and decrease of the cut-off grade from 0.2 g/t to 0.16 g/t gold.
At the Kemess Property, the proven and probable gold mineral reserves for the Kemess Underground Project are unchanged at an estimated 1.9 million contained ounces (107.4 Mt at 0.50 g/t gold) as at December 31, 2021.
Measured and indicated gold mineral resources decreased by approximately 0.9 million ounces of contained gold to 7.1 million ounces of contained gold (652.9 Mt at 0.34 g/t gold), when compared to the December 31, 2020 estimate. The decrease is a result of the loss of control of the Kumtor Mine (2.3 million ounces as of December 31, 2020), partially off-set by the addition of 1.4 million ounces to the Mount Milligan Mine’s mineral resources as a result of in-fill drilling completed during the 2021 drilling program. All measured and indicated gold resource figures in this section are presented exclusive of gold mineral resources.
At the Mount Milligan Mine, measured and indicated resources increased by 1.4 million contained ounces of gold, as a result of the infill drilling described above, for a total of 2.8 million ounces of contained gold (284.0 Mt at 0.31 g/t gold) as at December 31, 2021.
At the Oksut Mine, measured and indicated gold resources as at December 31, 2021 increased by 53,000 contained ounces, attributable to an updated resource estimate, offset by processing 196,000 contained ounces of gold during 2021.
At the Kemess Underground and Kemess East projects, measured and indicated gold resources are unchanged compared to December 31, 2020, totaling 4.0 million ounces of contained gold (351.2 Mt at 0.36 g/t gold).
For inferred and copper resources, refer to Centerra press release.