Exploration and Mineral Resources
Aris Mining has annual exploration and drilling programs at Segovia to identify new mineral resources and mineral reserves to expand production. The Segovia Operations have a history of successfully replaced mined ounces with new mineral resources. On November 2, 2023, the Company announced an updated Mineral Resource Estimate effective September 30, 2023. The new mineral resource estimate represents an increase of 114% in the Segovia Operations’ measured and indicated gold mineral resources and was a result of a change in the methodology used to select drillhole and channel samples to create the vein wireframe interpretations in 3D geological modelling software. More details can be found at ARIS MINING INCREASES SEGOVIA OPERATIONS' MEASURED AND INDICATED MINERAL RESOURCES BY +114% TO 3.6 MOZ AT 14.34 g/t AU
The growth of the Segovia Operations’ mineral resource estimate since 2017 is shown in the chart below.
Segovia Operations Gold Mineral Resource Growth, net of product depletion 1
1 Refer to the Resources and Reserves section for the breakdown of the mineral resources and disclosure of technical and scientific details.
On November 27, 2023, the Company announced an updated Mineral Reserve Estimate effective September 30, 2023 of 1.3 Moz of gold. Mineral Reserves at the Segovia Operations increased by +75% primarily as a result of the increase in the measured and indicated mineral resource estimate effective September 30, 2023.
The growth of the Segovia Operations’ mineral reserves since 2017 is shown in the chart below.
Segovia Operations Gold Mineral Reserve Growth, net of Product Depletion (koz)1,2
1. Refer to November 27, 2023 news release entitled “Aris Mining Increases Segovia Gold Mineral Reserves by +75% to 1.3 Moz and Announces Plant Expansion to Increase Production Rate”. 2. See “Technical Disclosure and Qualified Person” in the Reserves and Resources page for full disclosure of technical and scientific details.
Aris Mining will file an updated technical report in support of the new Mineral resources and reserves estimates on or before December 15, 2023.,
Ongoing Exploration
Aris Mining planned an 84,500 metre (m) exploration drilling program for 2023, including 29,000 m focussed on increasing the mineral reserves and life of mine plan at Segovia’s four producing mines, 39,000 m on resource extension at the producing mines, and 16,500 m on strategic high priority vein targets located adjacent to the current mining operations.
As of November 27th, 2023, the program is still ongoing. The geology teams also have ongoing programs of digitizing historical sampling data and collecting new channel sampling at the current and historical mines to define additional future exploration targets and to connect data to deeper structures.
In August 2023, the company reported highlights of the 2023 drilling program as follows: