Project:
Josemaria Copper-Gold-Silver Project
Status:
Development
Location:
San Juan, Province, Argentina
Ownership:
100% owned by Lundin Mining Corporation (“Lundin”)
Royalty:
Nova secured the right to acquire a portion of 0.5% net profit interest (“NPI”); payable for a 10-year period (the “Royalty”). The Royalty covers the vast majority (99.7%) of the area of the current mineral reserve estimate for Josemaria. The Royalty also covers an additional royalty area, which includes mining tenements in Argentina that currently form a portion of the Los Helados project. While the additional royalty area does not currently cover any defined mineral resources, it is well situated for further exploration in the Vicuña region, an emerging mining camp hosting other world-class orebodies such as Filo del Sol (Filo Mining) and Los Helados (NGEX Minerals) and may benefit from the definition of new mineral deposits in the area.
Nova currently expects to acquire approximately 16.7% of the Royalty (approximately 0.08325% NPI), with a ROFR over an additional 16.7% of the Royalty (approximately 0.08325% NPI).
As of December 20, 2021, Lundin Mining disclosed the mineral reserve and resource estimates for Josemaria as follows, which were estimated by Josemaria Resources and extracted from the Feasibility Study completed by Josemaria Resources in November 2020:
Mineral Reserve Statement (1)
| Grade | Contained Metal | ||||||
| Category | Tonnes (Mt) | Cu (%) | Au (g/t) | Ag (g/t) | Cu (Mlbs) | Au (Moz) | Ag (Moz) |
| Proven | 197 | 0.43 | 0.34 | 1.33 | 1,844 | 2.14 | 8.43 |
| Probable | 815 | 0.27 | 0.19 | 0.85 | 4,861 | 4.87 | 22.29 |
| Total (P&P) | 1,012 | 0.30 | 0.22 | 0.94 | 6,705 | 7.02 | 30.72 |
Sulphide Mineral Resource Statement at 0.1% Copper Equivalent Cut-Off (1)
| Grade | Contained Metal | ||||||
| Category | Tonnes (Mt) | Cu (%) | Au (g/t) | Ag (g/t) | Cu (Blbs) | Au (Moz) | Ag (Moz) |
| Measured | 197 | 0.43 | 0.34 | 1.3 | 1.9 | 2.2 | 8.5 |
| Indicated | 962 | 0.26 | 0.18 | 0.9 | 5.5 | 5.6 | 26.6 |
| Total (M&I) | 1,159 | 0.29 | 0.21 | 0.9 | 7.4 | 7.8 | 33.5 |
| Inferred | 704 | 0.19 | 0.10 | 0.8 | 2.9 | 2.3 | 18.6 |
Oxide Mineral Resource Statement at 0.2g/t Gold Cut-Off (1)
| Grade | Contained Metal | ||||
| Category | Tonnes (Mt) | Au (g/t) | Ag (g/t) | Au (Koz) | Ag (Koz) |
| Measured | 26 | 0.33 | 1.2 | 280 | 994 |
| Indicated | 15 | 0.28 | 1.3 | 132 | 632 |
| Total (M&I) | 41 | 0.31 | 1.2 | 410 | 1,585 |
| Inferred | - | - | - | - | - |
Notes:
- Refer to the press release titled “Lundin Mining to Acquire Josemaria Resources, Meaningfully Increasing Copper and Gold Growth Profile” published by Lundin Mining Corporation dated December 20, 2021.