Announces Reserve and Resource Update Royalty Production Schedule
Quebec, Mar 30, 2016 AEST (ABN Newswire) - Abitibi Royalties Inc. (
CVE:RZZ) (ATBYF:OTCMKTS) is pleased to announce the receipt of the year-end 2015 gold Reserve and Resource estimate completed by Canadian Malartic GP ("Canadian Malartic"), operated by Agnico Eagle Mines Limited (TSE:AEM) and Yamana Gold Inc. (TSE:YRI), in respect of the Company's net smelter return ("NSR") interests on various areas of the Canadian Malartic mine. These areas include Barnat, Jeffrey and the Gouldie Zones. In addition, Canadian Malartic has provided a production schedule for areas covered by the Company's NSR interests during the years 2016-2018.
Information regarding the updated Reserve and Resource estimates for the areas where Abitibi Royalties holds an NSR interest was provided by Canadian Malartic by way of a "Surface Reserve and Resources Letter to Abitibi Royalties" dated March 25, 2016. The following information was extracted from such letter. This estimate was calculated at a gold price of US$1,150 per ounce.
Resources are in addition to the reserves and are determined by Ordinary Kriging. Variable cutoff grades ranging from 0.34 to 0.40 gr/t Au are used for material located inside pit design while a fix cutoff grade of 1.00 gr/t Au is used for material outside pit design.
A Proven Ore Reserve is economically minable part of a Measured Mineral Resource. It includes diluting materials and allowances for losses which occur when the material is mined. A Proven Ore Reserve represents the highest confidence category of reserve estimate.
A Probable Ore Reserve is the economically minable part of Indicated Mineral Resource. It includes diluting material and allowances for losses which may occur when the material is mined. A Probable Ore Reserve has a lower level of confidence than a Proven Ore Reserve but is of sufficient quality to serve as the basis for decision on the development of the deposit.
Measured resources are indicated resources that have undergone enough further sampling that a 'competent person' (defined by the NI-43 101) has declared them to be an acceptable estimate, at a high degree of confidence, of the grade, tonnage, shape, densities, physical characteristics and mineral content of the mineral occurrence.
Indicated resources are simply economic mineral occurrences that have been sampled (from locations such as drillholes) to a point where an estimate has been made, at a reasonable level of confidence, of their contained metal, grade, tonnage, shape, densities and physical characteristic.
Inferred mineral resource is that part of a mineral resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological/or grade continuity. It is based on information gathered through appropriate techniques from location such as outcrops, trenches, pits, workings and drill holes which may be of limited or uncertain quality and reliability.
Abitibi Royalties has not verified the Reserves or Resources contained in this news release. Canadian Malartic provided all Reserve and Resource information contained in this news release.
To view the complete release including tables and figures, please visit:
http://abnnewswire.net/lnk/8AQQEB8N
About Abitibi Royalties Inc.
Abitibi Royalties Inc. (CVE:RZZ) holds a 3% NSR on the Odyssey North discovery, Jeffrey Zone and the eastern portion of the Barnat Extension, located inside the Malartic CHL property and a 2% NSR on portions of the Gouldie and Charlie zones, all at the Canadian Malartic mine near Val-d’Or, Québec. In addition, the Company is building a portfolio of royalties on early stage properties near producing mines. The Company owns common shares in Yamana Gold and Agnico Eagle Mines (market value), plus cash (as of September 30, 2016) of Cdn$41.8 million. The Company is debt free.
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