On September 13, 2017 Oceanus reported an independent Mineral Resource Estimate for the El Tigre Property completed by P&E Mining Consultants Inc. ("P&E") which is detailed in the table below. The El Tigre Mineral Resource Estimate includes extensions of the historical El Tigre and Seitz Kelly Veins1, as well as the mineralized breccia halo around the El Tigre Vein. The Fundadora Mineral Resource Estimate includes the Aquila, Fundadora, Protectora and Caleigh Veins2.
El Tigre Project Mineral Resource Estimate (1-11)
|Resource Area||Class||AuEq g/t|
|Au Eq g/t||AuEq ozs|
|Inferred||0.20||2,791|| 12||1,093||0.38|| 34||0.52|| 47|
|Indicated||1.50||207||156||1,041||0.46|| 3||2.33|| 16|
|Inferred||1.50||11|| 82||29||1.27|| 0||2.26|| 1|
|Indicated||0.20||451||167||2,428||0.93|| 14||2.94|| 43|
|Indicated||1.50||80||118||306||1.03|| 3||2.45|| 6|
|Sub Total Indicated||0.20, 1.50||25,908|| 19||15,681||0.52||436||0.75||624|
|Sub Total Inferred||0.20, 1.50||6,579|| 89||18,720||0.52||111||1.59||337|
|Indicated||0.37||939|| 78||2,345||0.27|| 8||1.21|| 37|
|Inferred||0.37||101|| 79||254||0.27|| 1||1.22|| 4|
|Total Indicated||0.20,0.37,1.50||26,847|| 21||18,026||0.51||444||0.77||661|
|Total Inferred||0.20,0.37,1.50||6,680|| 88||18,974||0.52||112||1.59||341|
Notes to El Tigre Project Mineral Resource Estimate:
(1) El Tigre Deposit Mineral Resources are comprised of the El Tigre and Seitz Kelly Veins.
(2) Fundadora Deposit Mineral Resources are comprised of the Aquila, Fundadora, Protectora and Caleigh Veins.
(3) El Tigre Tailings Deposit Mineral Resources are comprised of the tailings from the former El Tigre operation.
(4) Mineral Resources are reported within a constraining pit shell.
(5) The Mineral Resource Estimate is reported in accordance with the Canadian Securities Administrators
National Instrument 43-101 and has been estimated using the CIM “Estimation of Mineral Resources
and Mineral Reserves Best Practice Guidelines and CIM “Definition Standards for Mineral Resources
and Mineral Reserves.
(6) Au:Ag ratio = ($1250/$17)/(70% Ag Rec/80% Au Rec)= 84:1 Therefore, AuEq=(Ag/84) + Au
(7) Mineral Resources in this estimate are based on approx. two year trailing average metal prices of
US$1,250 oz Au and US$17 /oz Ag, estimated process recoveries 80% Au and 70% Ag, US$5.70/t
process cost and US$0.80/t G&A cost. Mining costs of US$1.55/t for open pit and $45/t for underground
and tailings mining costs of US$5.50/t were used to derive the respective Mineral Resource Estimate
AuEq cut-offs of 0.20 g/t and 1.5 g/t and 0.37g/t. Pit optimization slopes were 50 degrees
(8) The Mineral Resource Estimate uses drill hole data available as of September 1, 2017.
(9) Totals may not add correctly due to rounding.
(10) An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
(11) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The
estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing or other relevant issues.