Norasa: Resources and Reserves
NORASA MINERAL RESOURCE
The Norasa Project Resource Statement is a consolidation of two separate compliant resources (Valencia and Namibplaas) The consolidated Norasa resource and the individual resource statements as at February 2015 are as follows:
NORASA MINERAL RESERVE ESTIMATE
The Mineral Reserve Estimate was prepared using industry best practise and reported in accordance with the NI 43-101 (OSC 2011) guidelines. The Mineral Reserve is based on pit optimisations using the resource models discussed previously and applying modifying factors such as costs and mining and metallurgical factors determined to be appropriate for the deposits and scale of operation to a feasibility study level of accuracy.
The Mineral Reserve Estimate for Norasa is tabulated below and has been assigned confidence levels of Proven and Probable Reserve using the guidelines within the NI 43-101. Mineral Resources that are not Minerals Reserves have not demonstrated economic viability, or have not fulfilled the company’s strategic criteria of cut-off grade.
A breadown of the individual reserves as follows:
Valencia 100ppm cut-off
Martin Hirsch, Chief Geologist for Forsys, was responsible for the geology and mineral resource definition. Mr Hirsch, M.Sc in Geology and a Member of the British IMMM, was the designated Qualified Person responsible for the Company’s exploration programs and reporting of Mineral Resources until April 2014. Mr Hirsch, currently Exploration Manager at Reptile Uranium has sufficient experience that is relevant to the style and mineralization, type of deposit and the use of radiometrics in resource estimation and continues to qualify as a Qualified Person under NI 43-101.