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Alacer Gold posts initial reserves for Çakmaktepe, 70% jump in resources


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Alacer Gold posts initial reserves for Çakmaktepe, 70% jump in resources

Alacer Gold Corp. on Dec. 18 posted initial reserves for the Çakmaktepe deposit at the Çöpler operations in Turkey as well as a 70% increase in indicated resources at the Çakmaktepe and Bayramdere deposits. The company's interest in the Çöpler property ranges from 50% to 80%.

?akmaktepe hosts probable reserves of 2.5 million tonnes grading 2.16 g/t of gold and 14.20 g/t of silver, for 176,000 ounces of gold.

In addition, indicated resources at the Çakmaktepe and Bayramdere deposits increased by about 70% as compared to the December 2016 estimate and in terms of contained gold, while inferred resources increased by about 110%.

The two deposits host indicated resources totaling 4 million tonnes grading 1.88 g/t of gold and 12.51 g/t of silver, for 239,000 ounces of gold, with inferred resources of 1.5 million tonnes grading 1.06 g/t of gold and 8.01 g/t of silver, for 50,000 ounces of gold.

The estimate is effective as of Dec. 1, and resources were reported inclusive of reserves. The resource estimate uses cutoffs ranging from 0.35 g/t to 0.5 g/t of gold, while the reserve estimate uses cutoffs ranging from 0.40 g/t to 0.55 g/t of gold.

Alacer plans to start mining the portion of the deposits not covered by pastured permits in the fourth quarter of 2018, pending approval of a revised environmental impact assessment and operating permits.

"With this development, we now have an additional oxide ore source that will utilize the existing Çöpler oxide infrastructure," President and CEO Rod Anta said.

The Çöpler mine has approximately 4 million tonnes of spare capacity in its heap leach facility, which will be used to treat oxide ore from Çakmaktepe. Çakmaktepe material is expected to add approximately 50,000 ounces of recoverable gold production at the site, predominantly in 2019.

The company also reported that recent exploration drilling at Çakmaktepe Far North, 1.5 kilometers north of Çakmaktepe North, returned a highlight of 84.90 meters grading 1.79 g/t of gold.

Alacer, which also awaits approval on a pasture land mining permit for the Çöpler property, is nearing completion of a haul road from the Çakmaktepe pits to the Çöpler mine infrastructure. The company plans to accelerate exploration at Çakmaktepe Far North in 2018.