Elemental acquired a 1% NSR royalty on the Wahgnion gold mine in January 2020. From acquisition to June 30, 2020, Wahgnion has provided US$1.1m in gross royalty revenue to Elemental.
The Wahgnion mine is a 2.2 Mtpa – 2.5 Mtpa carbon-in-leach operation located southwest Burkina Faso, 510 km southwest of the capital city Ouagadougou. The mining licence covers an area of 89 km2 mine license with a 933 km2 exploration land package covering the Paleoproterozoic Birimian Senoufo Belt.
Wahgnion is operated and 90% owned by Endeavour Mining Corp, with a 10% free carry in favour of the Government of Burkina Faso. Similar to Endeavour's operating Sabodala mine in Senegal, Wahgnion will have multiple deposits feeding into a central mill and owner-operated conventional truck and shovel open-pit mining. First gold was poured in August 2019 with commercial production declared on 1st November 2019.
The mine has Proven & Probable gold Reserves of 1.61 Moz and 2.4 Moz Measured and Indicated Resources, with a 13 year mine life.
In addition to the large Resource base available for conversion into Reserve, the existing mine sits within a very large (933 km2 ) exploration land package, itself within a globally important gold producing province.
For further information please visit the Endeavour Mining website.
- Unless otherwise noted, the disclosure contained on this website of a scientific or technical nature for the Wahgnion mine is based on a technical report prepared for Teranga Gold pursuant to NI 43-101 entitled “Technical Report on the Banfora gold project, Burkina Faso, West Africa” dated October 20, 2017, and effective September 7, 2017, as amended October 31, 2018 and July 31, 2019.
- CIM definitions were followed for Mineral Resources. Mineral Resources are reported at cut-off grades ranging from 0.320 grams per tonne (“g/t”) of gold (“Au”) to 0.403 g/t Au in oxide, and at cut-off grades ranging from 0.388 g/t Au to 0.541 g/t Au in saprock and primary rock. The effective date for all estimates is January 31, 2018. High grade assays were capped at grades ranging from 5 to 48 g/t Au. Mineral Resources are estimated using a long-term gold price of US$1,500 per ounce. A minimum thickness of two metres was applied. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources are constrained by preliminary pit shells. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Totals may not add due to rounding.
- Information contained on this website with respect to each of the royalties has been prepared in accordance with the exemption set forth in section 9.2 of NI 43-101. Richard Evans, FAusIMM, is Senior Vice President, Technical for the Company and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure.
- Certain Resource and Reserve estimates covering properties related to certain mining assets in this website have been prepared in reliance upon the JORC Code. Estimates based on JORC Code are recognized under NI 43-101 in certain circumstances. In each case, the Mineral Resources and Mineral Reserves included in this website are based on estimates previously disclosed by the relevant property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, the Company is not able to reconcile the Resource and Reserve estimates prepared in reliance on JORC Code with that of CIM definitions. The Company previously sought confirmation from its Qualified Person who is experienced in the preparation of Resource and Reserve estimates using CIM and JORC Code, of the extent to which an estimate prepared under JORC Code would differ from that prepared under CIM definitions. The Company was advised that, while the CIM definitions are not identical to those of JORC Code, the Resource and Reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar Reserve and Resource estimates.