Technical reports
Buffalo Coal has filed a Competent Person’s Report titled “Buffalo Coal Dundee Resources and Reserves Technical Report Update National Instrument 43-101” (the “2022 Technical Report”) dated April 4, 2022 for the Group’s Aviemore Mine’s (Aviemore East, Aviemore North and Balgray) Reserve Statement and Magdalena Colliery’s Reserve Statement as at January 1, 2022.
The 2022 Technical Report is compliant with the Canadian system of reserve and resource reporting as required under the National Instrument 43-101 (“NI 43-101”) Standards of Disclosure for Mineral Projects and that required by The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (“SAMREC”). The 2022 Technical Report presents an update of the October 1, 2012 NI 43-101 compliant Mineral Resources and Mineral Reserves report issued on March 6, 2013 (the “2012 Technical Report”).
A comparison of the 2022 Technical Report and 2012 Technical Report is provided below:
|
|
|
Proven (kt) |
Probable (kt) |
Total Saleable (kt) |
||||||
|
Reserve Block |
Seam |
Oct 2012 |
Jan 2022 |
% Change |
Oct 2012 |
Jan 2022 |
% Change |
Oct 2012 |
Jan 2022 |
% Change |
|
Aviemore East |
Gus |
* |
257 |
* |
* |
- |
* |
* |
257 |
* |
|
Aviemore North |
Gus |
* |
2,930 |
* |
* |
2,526 |
* |
* |
5,456 |
* |
|
Balgray |
Gus |
* |
547 |
* |
* |
1,539 |
* |
* |
2,086 |
* |
|
Total Aviemore |
Gus |
559 |
3,734 |
85.0 |
7,095 |
4,065 |
(42.7) |
7,654 |
7,799 |
1.9 |
|
Magdalena |
Alfred + Gus |
23,616 |
3,219 |
(86.4) |
- |
- |
- |
23,616 |
3,219 |
(86.4) |
|
Total Buffalo Coal |
All Seams |
24,175 |
6,953 |
(71.2) |
7,095 |
4,065 |
(42.7) |
31,270 |
11,018 |
(64.8) |
* Only total Aviemore reserves reported in 2012
- 1. Column totals may not add up due to rounding differences.
- 2. October 2012 estimate for Aviemore only provided as total reserves.
- 3. Magdalena's reserves now only includes >16% volatile coal, whereas the 2012 report also included < 16% volatile coal. The mining of <16% volatile coal will be reconsidered when suitable markets are evaluated. There was also a change in the mining height cut-off used from 0.8 m used in October 2012 to 1.5 m cut-off used in January 2022. The exclusion of the <16 volatile coal along with the change in mining height cut-off were the main drivers in the reduction of Magdalena's saleable reserves from 2012 to 2022.
Qualified Person
Mr Ian Alexander MacFarlane, BSc (Mining), MBL (UNISA), FSAIMM and AMSACMA is the Qualified Person, as defined in NI 43-101, responsible for the mineral resource estimate and mineral inventories reported in the 2022 Technical Report.
External document: NI 43-101