1CIM definitions were followed for the estimation of mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
2Mineral resources are reported within an economic envelope defined by a mineral stope optimization algorithm assuming a selective mining method.
3Long-term metal prices of $1,500/oz gold, $18.00/oz silver, $3.00/lb copper and $1.09/lb zinc were used for the estimation of the mineral resources.
4Metal recovery estimates are based on the assumption that the base metal mineralization would be processed at Hudbay’s Stall concentrator and would present a similar performance to those experienced historically for the Chisel and Lalor zinc-rich lenses. The gold mineralization is assumed to be processed at the New Britannia concentrator, which is currently being refurbished.
5 Specific gravity measurements using industry standard techniques were completed on all assayed intervals.
777 Mine Mineral Reserve and Resource Estimates1
|
Tonnes
|
Cu Grade (%)
|
Zn Grade (%)
|
Au Grade (g/t)
|
Ag Grade (g/t)
|
Mineral Reserves
|
Proven |
2,122,000 |
1.44 |
4.55 |
2.01 |
27 |
Probable |
459,000 |
1.11 |
4.11 |
1.75 |
26 |
Total proven and probable |
2,581,000 |
1.38 |
4.47 |
1.96 |
27 |
Mineral Resources
|
Measured |
370,000 |
2.02 |
3.69 |
1.97 |
25 |
Indicated |
140,000 |
1.02 |
3.85 |
1.57 |
26 |
Total Measured and Indicated |
510,000 |
1.75 |
3.74 |
1.86 |
26 |
Inferred |
210,000 |
1.48 |
5.22 |
3.11 |
40 |
Note: totals may not add up correctly due to rounding.
1 Mineral resources are exclusive of mineral reserves and do not have demonstrated economic
viability. Mineral reserves and resources calculated using life-of-mine (2020-2022) average metal prices
of $2.92 per pound copper, $1.11 per pound zinc (includes premium), $1,392 per ounce gold, $16.33 per
ounce silver and using a C$/US$ exchange rate of 1.30.
Constancia Mine Mineral Reserve and Resource
Estimates1
|
Tonnes
|
Cu Grade (%)
|
Mo Grade (g/t)
|
Au Grade (g/t)
|
Ag Grade (g/t)
|
Constancia Reserves
|
Proven |
408,800,000 |
0.28 |
85 |
0.035 |
2.76 |
Probable |
77,500,000 |
0.27 |
70 |
0.044 |
3.58 |
Total proven and probable - Constancia
|
486,300,000
|
0.28
|
83
|
0.036
|
2.89
|
Pampacancha Reserves
|
Proven |
32,400,000 |
0.59 |
178 |
0.368 |
4.48 |
Probable |
7,500,000 |
0.62 |
173 |
0.325 |
5.75 |
Total proven and probable - Pampacancha |
39,900,000 |
0.60 |
177 |
0.360 |
4.72 |
Total proven and probable
|
526,600,000
|
0.30
|
90
|
0.061
|
3.03
|
Constancia Resources
|
Measured |
122,700,000 |
0.18 |
55 |
0.028 |
1.77 |
Indicated |
154,300,000 |
0.20 |
65 |
0.033 |
1.87 |
Inferred |
83,100,000 |
0.18 |
43 |
0.036 |
3.39 |
Pampacancha Resources
|
Measured |
11,400,000 |
0.41 |
101 |
0.245 |
4.95 |
Indicated |
6,000,000 |
0.35 |
84 |
0.285 |
5.16 |
Inferred |
10,100,000 |
0.14 |
143 |
0.233 |
3.86 |
Total measured and indicated
|
294,400,000
|
0.20
|
63
|
0.045
|
2.01
|
Total inferred
|
93,200,000
|
0.18
|
54
|
0.057
|
3.44
|
Note: totals may not add up correctly due to rounding.
1 Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability. Mineral reserves and resources calculated using metal prices of $3.10 per pound copper, $11.00 per pound molybdenum, $17.00 per ounce silver and $1,375 per ounce gold. The Constancia and Pampacancha reserve pits consist of operational pits of proven and probable reserves and are based on metal prices noted, metallurgical recoveries applied by ore type (between 84.4% to 90.5%), and processing costs of $4.54 per tonne milled, general and administrative costs of $1.60 per tonne milled and mining costs of $1.30 and $1.35 per tonne moved (waste and ore, respectively).
Rosemont Project Mineral Reserve Estimates(1)(2)(3)
|
Tonnes
|
Cu (%)
|
Mo (%)
|
Ag (g/t)
|
Proven |
426,100,000 |
0.48 |
0.012 |
4.96 |
Probable |
111,000,000 |
0.31 |
0.010 |
3.09 |
Total proven and probable |
537,100,000 |
0.45 |
0.012 |
4.58 |
Note: totals may not add up correctly due to rounding.
1 Blocks were classified as Proven or Probable in accordance with CIM Definition Standards 2014
2 Mineral resources are constrained within a computer generated pit using the Lerchs-Grossman algorithm. Metal prices of
US$3.15 per pound copper, US$11.00 per pound molybdenum and US$18.00 per ounce of silver were used. Metallurgical
recoveries of 90% copper, 63% molybdenum and 75.5% silver were applied. No metallurgical recovery of molybdenum and silver
from oxide ore is projected.
3 Based on 100% ownership of the Rosemont project.
Mineral Resource Estimates(1)(2)(3)
|
Tonnes
|
Cu (%)
|
Mo (%)
|
Ag (g/t)
|
Measured |
161,300,000 |
0.38 |
0.009 |
2.72 |
Indicated |
374,900,000 |
0.25 |
0.011 |
2.60 |
Total Measured & Indicated |
536,200,000 |
0.29 |
0.011 |
2.64 |
Total Inferred |
62,300,000 |
0.30 |
0.010 |
1.58 |
1 Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Schedule A
“Glossary of Mining Terms” in our Annual Information form dated March 29, 2020.
2 Mineral resources are constrained within a computer generated pit using the Lerchs-Grossman algorithm. Estimates of mineral
resources are based on the following long-term metals prices: $3.15 per pound of copper; $11.00 per pound of molybdenum; and
$18.00 per ounce of silver. Metallurgical recoveries of 85% copper, 60% molybdenum and 75% silver were applied to sulfide
material. Metallurgical recoveries of 40% copper, 30% molybdenum and 40% silver were applied to mixed material. A
metallurgical recovery of 65% for copper was applied to oxide material. NSR was calculated for every model block and is an
estimate of recovered economic value of copper, molybdenum, and silver combined. Cut-off grades were set in terms of NSR
based on current estimates of process recoveries, total processing and general and administrative operating costs of $5.70 per
ton for oxide, mixed and sulfide material.
3 Based on 100% ownership of the Rosemont project.
Mason Project Mineral Resource Estimates(1)(2)
|
Tonnes
|
Cu (%)
|
Au (g/t)
|
Ag (g/t)
|
Mo (%)
|
Measured & Indicated |
1,400,000,000 |
0.32 |
0.03 |
0.65 |
0.006 |
Inferred |
623,000,000 |
0.29 |
0.03 |
0.66 |
0.007 |
1 Mineral resources that are not mineral reserves do not have demonstrated economic viability.
2 For additional details relating to the estimates of mineral resources at the Mason project, refer to the technical report dated
March 3, 2017 and filed on SEDAR by Mason Resources Corp.
Qualified Person
The technical and scientific information contained on this website related to the Constancia mine and Rosemont
project has been approved by Cashel Meagher, P. Geo, Hudbay’s Senior Vice President and Chief Operating Officer.
The technical and scientific information related to the company’s other material mineral projects contained on
this website has been approved by Olivier Tavchandjian, P. Geo, Hudbay’s Vice-President Exploration and Geology.
Messrs. Meagher and Tavchandjian are qualified persons pursuant to NI 43 101. For a description of the key
assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay’s material
properties, as well as data verification procedures and a general discussion of the extent to which the
estimates of scientific and technical information may be affected by any known environmental, permitting, legal
title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for the
company’s material properties as filed by Hudbay on SEDAR at www.sedar.com.