Mineral Reserves & Resources

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Mineral Reserves

Mineral Reserves from the Feasibility Study for the Buriticá project are derived from the 2015 Mineral Resource Estimate and are based on 271,003 metres of drill core sampling and 7,215 metres of underground sampling (as at May 11, 2015).

Combined Yaraguá and Veta Sur Mineral Reserve Estimate

Reserve Grades Contained Metal
Category Tonnes Gold
g/t
Silver
g/t
Gold
(oz)
Silver
(oz)
Proven 677,400 21.1 60.0 459,000 1,307,000
Probable 13,039,400 7.8 22.5 3,251,000 9,412,000
Total P&P 13,716,800 8.4 24.3 3,710,000 10,719,000

Notes: Based on cut-off grades of 3.8 g/t for Yaraguá and 4.0 g/t for Veta Sur, $950 per ounce gold price, and US$:COP exchange rate of 2,850. Rounding of some figures may lead to minor discrepancies in totals.

Yaraguá Mineral Reserve Estimate

Reserve Grades Contained Metal
Category Tonnes Gold
g/t
Silver
g/t
Gold
(oz)
Silver
(oz)
Proven 450,600 20.5 47.6 297,000 690,000
Probable 8,378,800 7.0 20.8 1,889,000 5,609,000
Total P&P 8,829,400 7.7 22.2 2,186,000 6,299,000

Notes: Based on a 3.8 g/t cut-off grade, $950 per ounce gold price, and US$:COP exchange rate of 2,850. Rounding of some figures may lead to minor discrepancies in totals.

Veta Sur Mineral Reserve Estimate

Reserve Grades Contained Metal
Category Tonnes Gold
g/t
Silver
g/t
Gold
(oz)
Silver
(oz)
Proven 226,800 22.2 84.7 162,000 617,000
Probable 4,660,600 9.1 25.4 1,362,000 3,803,000
Total P&P 4,887,400 9.7 28.1 1,524,000 4,420,000

Notes: Based on a 4.0 g/t cut-off grade, $950 per ounce gold price, and US$:COP exchange rate of 2,850. Rounding of some figures may lead to minor discrepancies in totals.

The technical information in the mineral reserve estimate is based on technical information prepared under the direction and supervision of JDS Energy & Mining, Inc., by leading independent industry consultants, all Qualified Persons (QP) under NI 43-101. A complete list of the consultants and QPs contributing to the Feasibility Study is included in the technical report entitled “Buriticá Project NI 43-101 Technical Report Feasibility Study Antioquia, Colombia” dated March 29, 2016 with an effective date of February 24, 2016. A copy of the technical report can be accessed under the Company’s SEDAR profile at www.sedar.com or on this website. Donald Gray, BSc. Mining Engineering and MSc. Civil Engineering, Chief Operating Officer of the Company and a qualified person within the meaning of NI 43-101, has reviewed and approved the technical information.


Mineral Resources

The following is the Mineral Resource Estimate for the Yaraguá and Veta Sur vein systems. Undertaken by independent consultants, Mining Associates Limited, the estimates are based on 271,003 metres of drilling and 7,215 metres of underground sampling (as at May 11, 2015). For additional details, please refer to the Buriticá Technical Report.

Combined Yaraguá and Veta Sur Mineral Resources

above a 3 g/t gold cut-off, as at May 11, 2015

RESOURCE GRADES METAL
Category Tonnes
(M)
Gold
g/t
Silver
g/t
Gold Eq
g/t
Zinc
%
Gold
oz (M)
Silver
oz (M)
Gold Eq
oz (M)
Zinc
lb (M)
Measured 0.89 19 55 19.9 0.7 0.54 1.58 0.57 13.4
Indicated 12.00 10.2 32 10.7 0.4 3.94 12.40 4.14 112.6
Total M&I 12.89 10.8 34 11.4 0.4 4.48 13.98 4.71 126.0
Inferred 15.6   9.0 29 9.5 0.3 4.5 14.7 4.8 91

Yaraguá Mineral Resources

above a 3 g/t gold cut-off, as at May 11, 2015

RESOURCE GRADES METAL
Category Tonnes
(M)
Gold
g/t
Silver
g/t
Gold Eq
g/t
Zinc
%
Gold
oz (M)
Silver
oz (M)
Gold Eq
oz (M)
Zinc
lb (M)
Measured 0.59 18.9 45 19.6 0.9 0.36 0.84 0.37 11.4
Indicated 7.82 9.2 30 9.7 0.5 2.30 7.44 2.43 91.4
Total M&I 8.41 9.8 31 10.3 0.6 2.66 8.28 2.80 102.8
Inferred 8.8   9.1 30 9.6 0.4 2.6 8.4 2.7 70

Veta Sur Mineral Resources

above a 3 g/t gold cut-off, as at May 11, 2015

RESOURCE GRADES METAL
Category Tonnes
(M)
Gold
g/t
Silver
g/t
Gold Eq
g/t
Zinc
%
Gold
oz (M)
Silver
oz (M)
Gold Eq
oz (M)
Zinc
lb (M)
Measured 0.30 19.2 76 20.5 0.3 0.19 0.7 0.20 2.0
Indicated 4.17 12.2 37 12.8 0.2 1.63 5.0 1.73 21.2
Total M&I 4.48 12.6 40 13.3 0.2 1.82 5.7 1.91 23.2
Inferred 6.8   8.9 29 9.4 0.1 2.0 6.3 2.1 21

Notes – Reported tonnage and grade figures have been rounded from raw estimates to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. There have been no assumptions made as to metal prices or recoveries in this mineral resource estimate other than in gold equivalents that are calculated for Gold Eq = Gold + Silver/60. M in Figures and Tables represents millions.

Resource Highlights

  • Average domain dimensions used in mineral resource estimate model versus actual dimensions (strike length x vertical metres):
    • Yaraguá – 470 metres x 910 metres vs. 1,120 metres x 1,700 metres
    • Veta Sur – 575 metres x 990 metres vs. 1,040 metres x 1,800 metres
  • NI 43-101 mineral resource estimated using ordinary kriging with hard boundaries around each vein, which prevents grade smearing between veins
  • Influence of high grade constrained in both Yaraguá and Veta Sur systems
    • Only 1% variance in total ounces when validated against Inverse Distance Squared and Nearest Neighbour estimation techniques
  • Both systems remain open along strike and at depth
  • Current mineral resource estimate excludes a number of veins in each system which had limited drilling

The technical information in the mineral resource estimate is based on technical information prepared under the direction and supervision of Andrew J. Vigar, a consultant geologist (FAusIMM, MSEG) holding a B.Sc (Applied Geology), with over 30 years’ experience including specialist experience in resource evaluation and mining of gold deposits. Dr. Vic Wall (PhD), Special Advisor to the Company and a qualified person within the meaning of NI 43-101, has reviewed and approved the technical information above.

 


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Continental Gold Inc.
155 Wellington Street West, Suite 2920
Toronto, Ontario, Canada M5V 3H1

Investor Relations
info@continentalgold.com

Colombia Office
Continental Gold Limited Sucursal Colombia
Calle 7 No 39-215 #1208, El Poblado, Medellín, Antioquia

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