Assets

Project Overview

  • Project Highlights

    LocationLos Santos, Panama
    Ownership100%
    StatusPre-Feasibility Study Completed July 2021
    Type of MineOpen pit heap leach
    Oxide Mineral Reserve (gold)0.56 Moz Total Probable (21.7 Mt at 0.80 g/t)*
    Oxide Mineral Resource (gold)0.71 Moz Total M&I (34.3 Mt at 0.64 g/t)*
    Sulphide Mineral Resource (gold and copper)0.31 Moz Au and 585 Mlbs Cu (32.0 Mt at 0.31 g/t au and 0.83%)
    Throughput10,000 tpd
    Estimated Avg. Annual Production81,000 oz Au
    Exploration15,000 Ha land package, copper-gold zone discovery, oxide expansion

    * Refer to Cerro Quema and Caballito refer to: “Project Pre-Feasibility Updated NI 43-101 Technical Report on the Cerro Quema Project” dated January 18, 2022, on this website or on SEDAR

  • Oxide Heap Leach Project with Significant Copper-Gold Sulphide Potential

    • 100% owned oxide heap-leach gold project + copper sulphide deposit
    • 15,000 Ha concession
    • Located on the Azuero Peninsula in the Los Santos Province of Southwestern Panama, about 45 km southwest of the city of Chitre
    • Excellent infrastructure: paved road, power, water, year-round access, airport and major highway
    • Prospective geology for discovery of additional oxide and sulphide mineralization
    • Sparsely populated area
    • No rare ecosystems or endangered species
  • Prefeasibility Study Summary (2021)

    The Project considers open pit mining of 21.7 million tonnes of ore from the La Pava and Quema-Quemita pits and will be developed in multiple phases. Ore will be crushed to 80% passing 105 mm in a single stage jaw crusher. Lime will be added to the crushed ore for pH control before being conveyor stacked and leached with a dilute cyanide solution. Pregnant leach solution will flow by gravity to a pregnant solution pond and will then be pumped to an ADR (Adsorption, Desorption, Recovery) plant for recovery of metal values. Gold and silver will be loaded onto activated carbon (Adsorption) and then periodically stripped from the carbon in a desorption circuit (Desorption), electrowon (Recovery) and smelted to produce the final doré product.

    Based on an ore processing rate of 10,000 tonnes per day or 3.65 million tonnes per year, the Project has an estimated six-year mine life.

    The Project’s low stripping ratio, high gold recoveries, and low operating costs all contribute to a low estimated AISC of $626 per ounce of gold.

    The PFS was prepared by a team of independent industry experts including Kappes, Cassiday and Associates (“KCA”), Moose Mountain Technical Services (“Moose Mountain” or “MM”), Resource Geosciences Incorporated (“RGI”), Anddes Asociados (“Anddes” or “AA”), HydroGeoLogica, Inc. or (“HGL”), and Linkan Engineering (“Linkan” or “LE”) with input from other consultant groups.

    Cerro Quema Prefeasibility Study HighlightsUnitsValues
    Throughput Rate per Daytonnes10,000
    Total Ore to Leach PadM tonnes21.7
    Gold Grade (Average)g/t0.80
    Silver Grade (Average)g/t2.2
    Contained Goldounces562,000
    Contained Silverounces1,526,000
    Average Gold Recovery%87%
    Average Silver Recovery%26%
    Recovered Goldounces489,000
    Recovered Silverounces399,000
    Mine Lifeyears6.0
    Average Annual Gold Productionounces81,000
    Strip Ratio waste : ore0.66
    Initial CapexUS$ million$164
    Avg. Life of Mine Operating costs$/t ore processed$10.34
    Total Cash Cost (net of by-product credits)1 $/oz Au$511
    All-In Sustaining Cost (“AISC”)1$/oz Au$626
    Pre -Tax - NPV (5% discount rate)US$ million$233
    Pre-Tax IRR%48%
    After-Tax - NPV (5% discount rate)US$ million$176
    After-Tax IRR%38%
    Paybackyears1.7

    1 Total cash cost and AISC are non-GAAP measures and are net of silver credits and includes royalties payable. See reference below regarding non-GAAP measures.

    * All dollar amounts in US dollars

    Exploration

    • Caballito Cu-Au Zone
    • A new zone at Caballito comprised of low-arsenic copper-gold mineralization located south of the Quemita reserve was discovered in 2017. 
    • 650 to 800 metre long, 350 to 400 metres wide northwest-southeast trending chargeability anomaly outlined in a 2017 IP survey.
    • Widths in excess of 100 metres grading better than 1% Cu and 0.2 to 0.4 g/t Au in drill holes.
    • IP shows a similar, but steeper dipping, chargeability that could be a down-faulted continuation of the same mineralization to the northwest.
    • Re-examination of core from sulphide intercepts below the Quemita oxide gold reserve (1.2 km to the northwest) have found indications of Caballito style copper-gold mineralization with low arsenic. (There are other gold in oxide and copper-gold sulfide targets on the 15,000 hectare concession.)
  • Reserves and Resources

    Mineral Reserve CategoryTonnes
    (000's)
    Gold
    (g/t)
    Silver
    (g/t)
    Gold
    (koz)
    Silver
    (koz)
    La Pava Probable Mineral Reserve15,7000.792.274001,148
    Quema Probable Mineral Reserve6,0000.831.95161378
    Total Probable Mineral Reserves21,7000.802.185621,526

     

    Caballito Sulphides

    Tonnes

    (000s)

    CuEq

     (%)

    Cu

     (%)

    Au

    (g/t)

    Ag

    (g/t)

    CuEq

    (Mlbs)

    Cu

    (Mlbs)

    Au

    (koz)

    Ag

    (koz)

    Indicated

    31,952

    0.96

    0.83

    0.31

    2.2

    676

    585

    315

    2,260

    Inferred

    22,569

    0.85

    0.77

    0.21

    1.2

    425

    381

    155

    856

     

    Mineral Resource Type

    Tonnes

    (000's)

    Gold

    (g/t)

    Silver

    (g/t)

    Gold

    (koz)

    Silver

    (koz)

    Oxide

         

       Quema Indicated Mineral Resource

    9,305

    0.67

    1.97

    200

    589

       Pava Indicated Mineral Resource

    21,488

    0.65

    2.03

    451

    1,402

       Caballito

    998

    0.49

    2.10

    16

    67

       Indicated Mineral Resource

    31,791

    0.65

    2.01

    666

    2,059

    Mixed

     

     

     

     

     

       Quema Indicated Mineral Resource 

    257

    0.42

    3.16

    3

    26

       Pava Indicated Mineral Resource

    2,222

    0.53

    2.51

    38

    179

       Indicated Mineral Resource

    2,479

    0.52

    2.58

    41

    205

    Total Indicated Mineral Resource

    34,270

    0.64

    2.06

    708

    2,265

    Oxide

     

     

     

     

     

       Quema Inferred Mineral Resource

    2,837

    0.32

    2.91

    29

    265

       Pava Inferred Mineral Resource

    776

    0.25

    1.24

    6

    31

       Caballito

    3,619

    0.36

    2.30

    41

    268

       Inferred Mineral Resource

    7,232

    0.33

    2.43

    77

    564

    Mixed

     

     

     

     

     

       Quema Inferred Mineral Resource

    1

    0.23

    0.50

    0

    0

       Pava Inferred Mineral Resource

    249

    0.39

    0.66

    3

    5

       Inferred Mineral Resource

    250

    0.39

    0.66

    3

    5

    Total Inferred Mineral Resource

    7,482

    0.33

    2.37

    80

    569

    Mineral Reserve Notes:

    Mineral reserves are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards – For Mineral Resources and Mineral Reserves, adopted by the CIM Council (as amended) in accordance with the disclosure requirement of NI 43-101.

    Columns may not sum exactly due to rounding

    1. The qualified person responsible as defined under National Instrument 43-101 (“NI 43-101”) for the Mineral Reserves is Jesse Aarsen, P.Eng of Moose Mountain Technical Services. Jesse Aarsen is independent of Orla Mining Ltd.

    2. Only Oxide and Mixed material is included in the Mineral Reserve, all Sulphide material is treated as waste.

    3. The minimum cut-off grade used for ore/waste determination is NSR>= $6.34/tonne for Oxide and $9.18 for Mixed at the La Pava deposit and $6.50/tonne for Oxide and $8.35/tonne for Mixed at the Quema deposit.

    4. Mineral Reserves have an effective date of April 22, 2021. All Mineral Reserves in this table are Proven and Probable Mineral Reserves. The Mineral Reserves are not in addition to the Mineral Resources but are a subset thereof. All Mineral Reserves stated above mining dilution, but no mining loss.

    5. Associated metallurgical gold recoveries have been estimated as 86% for Oxide at the Quema deposit and 88% for Oxide at the La Pava deposit. Gold recoveries vary according to grade for Mixed material at both the La Pava and Quema deposits

    6. Associated metallurgical silver recoveries have been estimated as 15% for Oxide and 10% for Mixed material at the Quema deposit and 30% for Oxide and 10% for Mixed material at the La Pava deposit.

    7. Mineral reserves are based on a US$1,250/oz gold price, US$17/oz silver price.

    8. Mineral reserves are converted from mineral resources through the process of pit optimization, pit design, production scheduling, stockpiling, cut-off grade optimization and supported by a positive cash flow model.

    9. Rounding as required by reporting guidelines may result in summation differences

    Mineral Resource Notes:

    The mineral resources are classified in accordance with the CIM Definition Standards in accordance with the disclosure requirement of NI 43-101

    1. Columns may not sum exactly due to rounding.

    2. Mineral resources are inclusive of mineral reserves.

    3. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

    4. 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 exploration.

    5. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines.

    6. The mineral resource has an effective date of November 2, 2021.

    7. The qualified person responsible for the Mineral Resource is Sue Bird, P. Eng of Moose Mountain Technical Services.  Sue Bird is independent of Orla Mining Ltd.

    8. The Mineral Resource is based on the following assumptions: for Pava and Quemita: Metal prices of US$1,600/oz gold price and US$18/oz silver price. 125% price case pit; 99.9% payable Au; 98.0% payable Ag; $1.40/oz Au and $1.20/oz Ag offsite costs (refining, transport and insurance); At Caballito: 100% price pit with metal prices of US$1,600/oz gold price, US$3.50/lb copper price and US$20/oz silver price and the following smelter terms: In the Oxides: 99% payable Au; 98.0% payable Ag; In the Sulphide 90% payable Au and Ag, and 96% payable Cu; Offsite costs of US$1.40/oz Au and US$1.20/oz Ag in the oxides and offsite costs (refining, transport and insurance) of US$16.30/WMT for Au, US$116.50/WMT for Cu and US$3.20/WMT for Ag in the sulphides; for all deposits a 4% net smelter returns ("NSR") royalty for Au and Ag and a 5% NSR royalty for Cu.

    9. Metallurgical recoveries are for Pava:  88% Au in oxides and mixed, for Quema:  86% Au in oxides and mixed for Pava, Ag recovery is 30% oxides and mixed in Pava, Ag recovery is 15% in oxides and mixed in Quema. The metallurgical recovery at Caballito have been estimated as 90% for Cu, 55% for Au, and 45% for Ag in the sulphides, and 88% for Au, 45% for Ag and 0% for Cu in the oxides.

    10. The Mineral Resource has been confined by a "reasonable prospects of eventual economic extraction" pit using the following cost assumptions: At Quemita: a mining cost of US$2.56 At La Pava a mining cost of $US2.40 at Caballito a mining cost of US$2.20/tonne for both materials to be processed and waste.  Processing + G&A costs for each deposit and metallurgical zone are the base case cutoff NSR values.

    11. The base case cut-off is an NSR of: for Pava, US$6.34/tonne for oxide and US$9.18/tonne for mixed; for Quema, US$6.50 for oxides and US$8.35 for mixed; and for Caballito, US$6.34/tonne for oxide and US$15.00/tonne for sulphide.

    12. Pit slope angles are 40°.

    13. The bulk density in La Pava and Quemita has been determined by Alteration Zone and Core recovery and ranges between 2.07 and 2.62. The bulk density at Caballito has been assigned values of 2.34 and 2.70 tonnes/m3 in the oxides and sulphides, respectively based on bulk density measurements.


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