Gibraltar - Reserves & Resources

The Company has filed an updated mineral reserve estimate and NI 43-101 Technical Report entitled “Technical Report on the Mineral Reserve Update at the Gibraltar Mine” dated March 30, 2022.

Gibraltar’s updated proven and probable sulphide reserves as of December 31, 2021 are as follows:

Gibraltar Mine Sulphide Mineral Reserves as of December 31, 2021 at 0.15% Copper Cut-off
Category Tons
(millions)
Cu Grade
(%)
Mo Grade
(%)
Cu Eq.
(%)
Proven 509 0.25 0.008 0.27
Probable 191 0.23 0.008 0.24
Ore Stockpiles 6 0.18 0.007 0.20
Total Proven and Probable 706 0.25 0.008 0.26
  • Mineral Reserves follow CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
  • Sulphide Mineral Reserves are exclusive of Oxide Mineral Reserves and are contained within Mineral Resources.
  • Mineral Reserves are assumed to be extracted using open pit mining methods and are based on US$3.05/lb Cu price, $12.00/lb Mo price, exchange rate of US$0.80=C$1.00, metallurgical recoveries of 85% Cu and 40% Mo for sulphide ore and 50% ASCu for oxide ore.
  • A tonnage factor of 12ft3/ton has been applied for rock and 15ft3/ton for overburden and fill.
  • Copper Equivalency based on US$3.50/lb price and 85% metallurgical recovery for copper, and US$13.00/lb price and 50% metallurgical recovery for molybdenum.CuEq can be calculated using the formula CuEq% = Cu% + Mo% x 2.185.
  • Numbers may not add due to rounding.


Oxide reserves are in addition to sulphide reserves. Gibraltar’s updated proven and probable oxide reserves as of December 31, 2021 are as follows:

Gibraltar Mine Oxide Mineral Reserves as of December 31, 2021 at 0.15% Copper Cut-off
Category Tons ASCu
(%)
Proven 1 0.15
Probable 16 0.15
Ore Stockpiles 0 0.15
Total Proven and Probable 17 0.15
  • Mineral Reserves follow CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
  • Oxide Mineral Reserves are exclusive of Sulphide Mineral Reserves and are contained within Mineral Resources.
  • Mineral Reserves are assumed to be extracted using open pit mining methods and are based on US$3.05/lb Cu price, $12.00/lb Mo price, exchange rate of US$0.80=C$1.00, metallurgical recoveries of 85% Cu and 40% Mo for sulphide ore and 50% ASCu for oxide ore.
  • A tonnage factor of 12ft3/ton has been applied for rock and 15ft3/ton for overburden and fill.
  • Numbers may not add due to rounding.


Mineral resources are inclusive of mineral reserves. Gibraltar’s updated mineral resources as of December 31, 2021 are as follows:

Gibraltar Mine Mineral Resources as of December 31, 2021 at 0.15% Copper Cut-off
Category Tons
(millions)
Cu Grade
(%)
Mo Grade
(%)
Cu Eq.
(%)
Measured 845 0.25 0.007 0.27
Indicated 370 0.23 0.007 0.25
Total Measure and Indicated 1,215 0.24 0.007 0.26
Inferred 78 0.22 0.004 0.23
  • Mineral Resources follow CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
  • Mineral Resources are reported inclusive of Mineral Reserves.
  • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  • The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the following assumptions: Cu price of US$3.50/lb, Mo price of US$14.00/lb, exchange rate of US$0.80=C$1.00, metallurgical recoveries of 85% for Cu and 40% for Mo.
  • A tonnage factor of 12ft3/ton has been applied for rock and 15ft3/ton for overburden and fill.
  • Copper Equivalency based on US$3.50/lb price and 85% metallurgical recovery for copper, and US$13.00/lb price and 50% metallurgical recovery for molybdenum. CuEq can be calculated using the formula CuEq% = Cu% + Mo% x 2.185.
  • Numbers may not add due to rounding.

Qualified Persons and 43-101 Disclosure

This technical content of the webiste has been reviewed and approved by Richard Weymark, P.Eng., MBA, Vice President, Engineering of Taseko. Mr. Weymark is a Qualified Person under the provisions of National Instrument 43-101 published by the Canadian Securities Administrators.

The resource and reserve estimation was completed by Taseko and Gibraltar Mine staff and contributing consultants under the supervision of Richard Weymark, P. Eng., MBA. Vice President, Engineering of Taseko and a Qualified Person under National Instrument 43-101.

Additional information regarding data verification procedures, known legal, political, environmental or other risks can be found in the Technical Report dated March 30, 2022, titled ‘Technical Report on the Mineral Reserve Update at the Gibraltar Mine’ which is available below.

Technical Report on the Mineral Reserve Update at the Gibraltar Mine

Mar 30, 2022
.