Mineral Resource and Ore Reserve estimates

Mineral resource and ore reserve estimates of the Silver Mine have been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC code), edition 2012. JORC code is one of the most common reporting codes globally used and sets high standards for preparing and presenting the estimates. The main principles of the code are transparency, materiality, and competence.

The mineral resource estimate has been updated as at 31st December 2019. At the end of 2017, the company engaged an independent consulting company, Wardell Armstrong International, to carry out an audit of the mineral resource estimation and the current estimate is based on this deducted by the ore mined in 2019. The information for that has been generated and compiled by Erkki Kuronen (MAusIMM), who is a full-time employee of the company, and has been reviewed by Ilkka Tuokko (MAusIMM) Chartered Professional (CP). Mr Tuokko is a board member of Sotkamo Silver AB.

 Tons (kt) Ag (g/t) Au (g/t) Pb (%) Zn (%)
Measured 2 726 84 0,22 0,30 0,64
Indicated 3 535 79 0,23 0,29 0,63
Total (Measured + Indicated) 6 261
81 0,23 0,29 0,63
Inferred 4 260 60 0,17 0,20 0,47

 

The ore reserve estimate is based on the utilization of ore sorting pre-concentration from operating year 3 onwards. Mine design and scheduling have been organized to ensure the technical and financial viability of the project. The ore reserve is the economically mineable part of the mineral resource at the time of reporting and contains sufficient data to support the estimate. Modifying factors were applied to demonstrate that the extraction could reasonably be justified.

The mine plans have been prepared by Jouni Kankkunen (MAusIMM) and reviewed and signed-off by Pekka Lovén (MAusIMM (CP)). Lovén has Chartered Professional-status (CP). Both act as external consultants.

Total extraction of the ore from the open pit and underground mines will be about 4 million tonnes. Ore sorting decreases the mill feed tonnes to about 2,38 million tonnes and simultaneously improves the head grade of the mill feed.

 Tons
Ag Au Pb  Zn 
 (kt) (g/t) (koz)  (g/t)  (koz)  (%) (t)  (%) (t)
 Proved  1 313 112 4 709 0,32 14 0,33 4 351  0,67 8 762
 Probable  1 072 136 4 693 0,51 17 0,56 6 033 1,21 12 992
 Total Proved + Probable 2 384
123 9 403
0,42 37 0,44 10 384
0,89 21 754

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Sotkamo Silver in Sweden
Sotkamo Silver AB
Nybrogatan 34/Box 5216
SE-102 45 Stockholm

Telephone +358 50 599 3539
Sotkamo Silver in Finland
Sotkamo Silver Oy
Hopeatie 20
FI-88600 SOTKAMO

Telephone +358 44 733 2355

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