Advancing Gold Projects in the Republic of Armenia
The Company’s main business is the acquisition, exploration and development of gold projects in the Republic of Armenia.
The company holds a 55% interest in a joint venture with Global Gold Corporation on the Marjan Gold and Silver Project. Caldera is the operator of the project and shall maintain its interest by completing a bankable feasibility study on the project or spending US$3.0M on the property. Caldera can also purchase 100% of the project by paying Global Gold US$2.85M no later than December 2012.
The Marjan Gold and Silver Project
The Marjan project is located in southern Armenia and has Soviet-Era historical resources classified as C1 and C2, which is equivalent to measured and indicated resources, totalling 405,147 oz of Gold and 14.2M oz of Silver. The project also contains Soviet-Era historical resource classified as P1, which is equivalent to inferred resources, totaling 647,152 oz of Gold and 37.1M oz of Silver.
(View Marjan Gold and Silver Deposit Central Zone Historical Resource Summary – English Translation)
The goal of our current summer work program is to move towards qualifying this significant historical resource.
*A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon or understood to indicate the existence of reserves or resources. More details are available on our recently published NI 43-101 Technical Report which can be found on our website and on SEDAR.
According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), “C1″ and “C2″ classifications are equivalent to “indicated” and “inferred” resources. Resources identified as “P1″ and “P2″ can be considered in the “Inferred” and “Mineralized Zone” categories respectively, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) in their document “Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines”.
The Marjan Gold deposit is located in Armenia, some 28 km south-west of the village of Sisian and a 6 hour drive from the capital, Yerevan. Marjan-Caldera Mining LLC (the JV), through its wholly owned subsidiary Marjan Mining Company LLC, holds a twenty-five year “special mining license” for the Marjan property. The license was issued April 22, 2008 and expires April 22, 2033. The license area covers approximately 18.5km2.
The Marjan deposit has a Soviet-era mineral resource, categorized as C1 and C2, of 4.77 million tonnes grading on average 2.64 g/t Au and 92.67 g/t Ag. This translates to approximately 405,000 oz of gold and 14.2 million oz of silver. There are an additional 3.211 million tonnes grading on average 2.35 g/t Au and 93.42 g/t Ag. This translates to approximately 243,000 oz of gold and 9.6 million oz of silver. The combined resource is approximately 647,000 oz of gold and 23.8 million oz of silver.
The data presented above was referenced from Poghosyan N. F. 1995 Marjan Gold – Silver – Polymetalic Property, State Committee for Reserves of Armenia, Sisian Geological Exploration Group, Yerevan, Armenia.
The Lichkvaz-Tey Gold Property
The Lichkvaz-Tey gold property has a Soviet-era GKZ mineral resource, categorized as C1 and C2, of 3.4 million tonnes grading on average 5.1 g/t Au, 33.2 g/t Ag and 0.41% Cu. This translates to approximately 575,000 oz of gold, 3.7 million oz of silver and 33.4 million pounds of copper. The Lichkvaz-Tey property is considered to be a refractory gold deposit and requires bioleaching technology to treat the ore to release the gold.
Data presented above was referenced from Mining-Metallurgical Institute of Armenia in 1986 Protocol GKZ USSR N 10081 dd.28/11/1986.
According to the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), “C1″ and “C2″ classifications are equivalent to “indicated” and “inferred” resources. Resources identified as “P1″ and “P2″ in the same report can be considered in the “Inferred” and “Mineralized Zone” categories respectively, as defined by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) in their document “Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines”.
The exploration results referred to above are historical in nature and were compiled before NI 43-101. Caldera has not independently analyzed the results of the previous exploration therefore the historical results should not be relied upon. Caldera Resources believes these historical results provide an indication of the potential of the properties and are relevant to potential exploration.