Projects

Project Overview

  • Project Highlights

    LocationLos Santos, Panama
    Ownership100%
    StatusPre-Feasibility Study Completed July 2021
    Type of MineOpen pit heap leach
    Gold Mineral Reserve0.56 Moz Total Probable (21.7 Mt at 0.80 g/t)*
    Gold Mineral Resource1.27 Moz Total M&I (56.7 Mt at 0.70 g/t)*
    Throughput10,000 tpd
    Estimated Avg. Annual Production81,000 oz Au
    Exploration15,000 Ha land package, copper-gold zone discovery, oxide expansion

    * Refer to “Project Pre-Feasibility NI 43-101 Technical Report on the Cerro Quema Gold Oxide Project Province of Los Santos, Panama,” dated effective July 27, 2021 on this website or on SEDAR

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

    • 100% owned oxide heap-leach gold project
    • 15,000 Ha concession
    • Gold Mineral Reserve: 0.56 Moz Total Probable (21.7 Mt at 0.80 g/t)
    • 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
          
          
    Mineral Resource TypeTonnes
    (000's)
    Gold
    (g/t)
    Silver
    (g/t)
    Gold
    (koz)
    Silver
    (koz)
    Oxide      
    Quema Indicated Mineral Resource9,3050.671.97200589
    Pava Indicated Mineral Resource21,4880.652.034511,402
    Indicated Mineral Resource30,7930.662.016511,991
    Mixed     
    Quema Indicated Mineral Resource8,3670.722.08195560
    Pava Indicated Mineral Resource17,5190.762.184281,228
    Indicated Mineral Resource25,8860.752.156231,787
    Total Indicated Mineral Resource56,6790.702.071,2743,779
          
    Mineral Resource TypeTonnes
    (000's)
    Gold
    (g/t)
    Silver
    (g/t)
    Gold
    (koz)
    Silver
    (koz)
    Oxide      
    Quema Inferred Mineral Resource 2,8370.322.9129265
    Pava Inferred Mineral Resource7760.251.24631
    Inferred Mineral Resource3,6130.312.5536296
    Mixed     
    Quema Inferred Mineral Resource1,9280.393.7424232
    Pava Inferred Mineral Resource4480.311.24418
    Inferred Mineral Resource2,3760.383.2729250
    Total Inferred Mineral Resource5,9890.332.8464546

    Mineral Reserve Notes:

    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.

    5. Associated metallurgical gold recoveries have been estimated as 86% for Oxide and 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 ta the La Pava 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:

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

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

    3. Mineral Resources are reported inclusive of Mineral Reserves.

    4. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

    5. The NSR has been calculated using the same metal prices as for the reserves at US$1250/oz Au and US$17/oz Ag and the following smelter terms: 99.9% payable Au; 98.0% payable Ag; $1.40/oz Au and $1.20/oz Ag offsite costs (refining, transport and insurance); and a 4% NSR royalty.

    6. The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the 150% price case.

    7. 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.

    8. Pit slope angles are 40º.

    9. The specific gravity of the deposit has been determined by Alteration Zone and Core recovery and ranges between 2.07 and 2.62.

    10. Numbers may not add due to rounding.


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