Our Yaramoko Mine is in the Houndé greenstone belt region in the Province of Balé in southwestern Burkina Faso. In 2022, Yaramoko produced 106,108 ounces of gold.
The Yaramoko Mine consists of two underground gold mines: the 55 Zone and Bagassi South. The deposits are greenstone-hosted high-grade orogenic gold deposits. The Bagassi South Zone deposit is located 1.8 kilometers south of 55 Zone and the surface definition of the veins can be traced over a strike length of 800 meters and dips to the northeast. Gold typically occurs as coarse free grains in quartz and is associated with pyrite.
Based on reserves reported as of December 31, 2022 the operation has a mine life of three years.
We recognize the role that the Yaramoko Mine plays to support sustainable development in our areas of influence around the mine. In 2022, we employed 206 community members and partnered with 30 suppliers from the local communities.
Yaramoko Mine Video
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Commodity
Gold
Ownership
90%
Burkina Faso Government holds 10%
Mill throughput
546,651
tonnes in 2022
Claim block area
23,000
hectares
Deposit type
Orogenic gold
Mining method
Longhole stoping
with cemented
rock fill
with cemented
rock fill
OPERATING HIGHLIGHTS
| 20221 |
2023E1 |
|
|---|---|---|
|
Tonnes milled (000) |
547 |
526 |
|
Gold production (koz) |
106.1 |
92 - 102 |
|
AISC2,3,4,5 (US$/oz Au) |
-- |
$1,550 - $1,710 |
Notes:
- Refer to Fortuna news release dated January 17, 2023, "Fortuna reports 2022 full year record production of 401,878 gold equivalent ounces and issues 2023 annual guidance.”
- Cash Cost and all-in sustaining cost (AISC) are non-GAAP financial measures which are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company and might not be comparable to similar financial measures disclosed by other issuers. Refer to "Non-IFRS Financial Measures" in the Company’s 2022 management discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2022 dated November 9, 2022 (“Q3 MD&A 2022”), which is available under Fortuna's SEDAR profile, and the note regarding “Non-IFRS Financial Measures” on this Website.
- The following table provides the historical cash costs and historical AISC for the four operating mines for the year ended December 31, 2021, as follows:
-
Mine Cash Costa,b,c AISCa,b,c SILVER ($/oz AgEq) ($/oz AgEq) San Jose, Mexico 9.30 14.38 Caylloma, Peru 13.46 18.94 GOLD ($/oz Au) ($/oz Au) Lindero, Argentina 617 1,116 Yaramoko, Burkina Faso 739 1,317 - (a) Cash cost and AISC are non-IFRS financial measures; refer to the note under “Non-IFRS Financial Measures” below
- (b) Silver equivalent was calculated at metal prices of $1,789/oz Au, $25.16/oz Ag, $2,205/t Pb and $2,998/t Zn for the year ended December 31, 2021
- (c) Further details on the cash costs and AISC for the year ended December 31, 2021 are disclosed on pages 34, 35, 36, 38, and 39 (with respect to cash costs) and pages 34, 35, 37, and 40 (with respect to AISC) of the Company’s management discussion and analysis (“MD&A”) for the year ended December 31, 2021 dated as of March 23, 2022 (“2021 MD&A”) which is available under Fortuna's SEDAR profile at www.sedar.com and is incorporated by reference into our January 17, 2023 news release, and the note under “Non-IFRS Financial Measures” on this website.
-
- The most comparable financial measure to cash costs is cost of sales. Please see the condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2022 and pages 32, 34 and 35 of the Q3 MD&A 2022 for a reconciliation.
- AISC includes production cash cost, commercial and government royalties, mining tax, export duties (as applicable), worker’s participation (as applicable), subsidiary G&A, sustaining capital expenditures, and Brownfields exploration and is estimated at metal prices of $1,700/oz Au, $21/oz Ag, $2,000/t Pb, and $3,200/t Zn. AISC excludes government mining royalty recognized as income tax within the scope of IAS-12
- The most comparable financial measure to AISC is cost of sales. Please see the condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2022 and pages 33, 35 and 36 of the Q3 MD&A 2022 for a reconciliation.
- Totals may not add due to rounding.
LOCATION
The Yaramoko Mine is situated in the Houndé greenstone belt region in the Province of Balé in southwestern Burkina Faso. The property is located approximately 200 kilometers southwest from the capital city of Ouagadougou (Latitude: 11° 45’ 25” N, Longitude: 3° 16’ 58” W).
Our operations add value to Burkina Faso’s formal economy by providing contracts and stable jobs for local people and by helping to expand the revenue base of our host government through income taxation, national social security system contributions and the royalties we pay every time we ship gold.
GEOLOGY AND MINERALIZATION
The north-northeast-trending Boni shear zone divides the Yaramoko concession between the predominantly Houndé volcanic and volcaniclastic rock to the west and the Diébougou granitoid domain composed predominantly of granitic rock with minor volcanic rock to the east. The main lithological units are mafic volcanic rocks, felsic intrusions, and late dolerite dikes.
This region is considered prospective for orogenic gold deposits, which typically exhibit a strong relationship with regional arrays of major shear zones. The largest granitic intrusion found on the Yaramoko concession is host to both the 55 Zone and Bagassi South Zone gold deposits. Both deposits are set on the eastern margin of the intrusive in the footwall of the Yaramoko shear along conjugated dextral faults located in extensional position to the regional shear zone. The bulk of the gold mineralization occurs in dilatational segments of the shear zones where quartz veins are thicker and exhibit greater continuity.
MINERAL RESERVES
1.2 million tonnes
grading 5.9 grams per tonne gold, for a total of 220,000 contained ounces of gold
Refer to Mineral Reserves and Resources table below for full disclosure
BROWNFIELDS EXPLORATION
The Yaramoko property consists of a large regional land package of approximately 18,000 hectares, located on the Hounde Belt. The majority of known anomalies and deposits are located along the Boni Shear regional break and the second order Yaramoko Shear. The deposits of 55 Zone and Bagassi South are located in the footwall of the Yaramoko Shear along East-West extensional zones, which are unique extensional style high grade deposits. The majority of the Yaramoko concession is largely unexplored.
The Brownfields exploration program budget for 2023 at the Yaramoko Mine is $3.3 million, which includes 29,200 meters of exploration drilling, testing of several surface geochemistry anomalies generated in 2022, in addition to testing strike and depth projections of the 55 Zone.
Mineral Reserves and Resources
|
Mineral Reserves - Proven and Probable |
Contained Metal |
|||
|---|---|---|---|---|
|
Property |
Classification |
Tonnes (000) |
Au (g/t) |
Au (koz) |
|
55 Zone Underground |
Proven |
21 |
4.88 |
3 |
|
Probable |
584 |
7.51 |
141 |
|
|
Proven + Probable |
605 |
7.40 |
144 |
|
|
55 Zone Open Pit |
Proven |
|||
|
Probable |
144 |
5.25 |
24 |
|
|
Proven + Probable |
144 |
5.25 |
24 |
|
|
109 Zone Open Pit |
Proven |
|||
|
Probable |
160 |
1.78 |
9 |
|
|
Proven + Probable |
160 |
1.78 |
9 |
|
|
Bagassi South QV Prime Underground |
Proven |
|||
|
Probable |
142 |
6.75 |
31 |
|
|
Proven + Probable |
142 |
6.75 |
31 |
|
|
Bagassi South Underground |
Proven |
|||
|
Probable |
8 |
4.41 |
1 |
|
|
Proven + Probable |
8 |
4.41 |
1 |
|
|
Stockpiles |
Proven |
102 |
3.12 |
10 |
|
Probable |
||||
|
Proven + Probable |
102 |
3.12 |
10 |
|
|
Combined |
Proven |
123 |
3.42 |
13 |
|
Probable |
1,039 |
6.19 |
207 |
|
|
Proven + Probable |
1,161 |
5.89 |
220 |
|
|
Mineral Resources - Measured and Indicated |
Contained Metal |
|||
|---|---|---|---|---|
|
Property |
Classification |
Tonnes (000) |
Au (g/t) |
Au (koz) |
|
Z55 Underground |
Measured |
86 |
6.41 |
18 |
|
Indicated |
196 |
6.05 |
38 |
|
|
Measured + Indicated |
282 |
6.16 |
56 |
|
|
Z55 Open Pit |
Measured |
|||
|
Indicated |
18 |
4.14 |
2 |
|
|
Measured + Indicated |
18 |
4.18 |
2 |
|
|
Z109 Open Pit |
Measured |
|||
|
Indicated |
32 |
1.63 |
2 |
|
|
Measured + Indicated |
32 |
1.63 |
2 |
|
|
Bagassi South QV Prime Underground |
Measured |
|||
|
Indicated |
74 |
7.27 |
17 |
|
|
Measured + Indicated |
74 |
7.27 |
17 |
|
|
Bagassi South Underground |
Measured |
|||
|
Indicated |
54 |
7.07 |
12 |
|
|
Measured + Indicated |
54 |
7.07 |
12 |
|
|
Combined |
Measured |
86 |
6.41 |
18 |
|
Indicated |
374 |
5.97 |
71 |
|
|
Measured + Indicated |
460 |
6.05 |
89 |
|
|
Mineral Resources - Inferred |
Contained Metal |
|||
|---|---|---|---|---|
|
Property |
Classification |
Tonnes (000) |
Au (g/t) |
Au (koz) |
|
Z55 Underground |
Inferred |
26 |
6.74 |
6 |
|
Z55 Open Pit |
Inferred |
41 |
3.62 |
5 |
|
Z109 Open Pit |
Inferred |
3 |
1.35 |
0 |
|
Bagassi South QV Prime Underground |
Inferred |
22 |
6.12 |
4 |
|
Bagassi South Underground |
Inferred |
49 |
6.07 |
10 |
|
Combined |
Inferred |
141 |
5.51 |
25 |
-
Notes:
- Mineral Reserves and Mineral Resources are as defined by the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves
- Mineral Resources are exclusive of Mineral Reserves
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
- Factors that could materially affect the reported Mineral Resources or Mineral Reserves include; changes in metal price and exchange rate assumptions; changes in local interpretations of mineralization; changes to assumed metallurgical recoveries, mining dilution and recovery; and assumptions as to the continued ability to access the site, retain mineral and surface rights titles, maintain environmental and other regulatory permits, and maintain the social license to operate
- Mineral Resources and Reserves for the Yaramoko Mine are estimated and reported as of June 30, 2022
- Mineral Reserves for Yaramoko are reported at a cut-off grade of 1.26 g/t Au for the 55 Zone open pit, 0.73 g/t Au for the 109 Zone open pit, 4.1 g/t Au for the 55 Zone and Bagassi South underground (SLS), 3.1 g/t Au for Bagassi South QVP (Shrinkage) based on an assumed gold price of U$1,600/oz, metallurgical recovery rates of 98.0%, underground mining costs of US$135/t, processing cost of US$31/t and G&A costs of US$28/t, surface mining costs of US$3.49/t for the 55 Zone and US$3.66/t for the 109 Zone, processing cost of US$27/t and G&A costs of US$25/t. Underground average mining recovery is estimated at 86% (SLS) and 90% (Shrinkage) for Bagassi South, 92% (SLS) for 55 Zone stopes and 100% for sill drifts. A mining dilution factor of 10% has been applied for sill drifts, 0.6m and 0.4m dilution skin has been applied for SLS and shrinkage mining respectively. Surface mining recovery is estimated to average 100% and mining dilution 0% having been accounted for during block regularization to 5m x 5m x 5m size within an optimized pit shell and only Proven and Probable categories reported within the final pit designs. Yaramoko Mineral Resources are reported in situ at a gold grade cut-off grade of 0.9 g/t Au for the 55 Zone open pit, 0.5 g/t Au for the 109 Zone open pit, and 2.9 g/t Au for underground (55 Zone and Bagassi South), based on an assumed gold price of US$1,700/oz and the same costs, metallurgical recovery and constrained within an optimised pit shell. The Yaramoko Mine is subject to a 10% carried interest held by the state of Burkina Faso
- Matthew Cobb, (MAIG #5486) is the Qualified Person responsible for Mineral Resources being an employee of Roxgold Inc. (a wholly-owned subsidiary of Fortuna), Raul Espinoza (FAUSIMM (CP) #309581) is the Qualified Person responsible for Mineral Reserves, being an employee of Fortuna
- Totals may not add due to rounding procedures
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