Reserves and Resources

Golden Star Proven and Probable Mineral Reserves as at December 31, 2020.

Mineral Reserves

Dec 31, 2020
Proven Mineral
Reserve
Dec 31, 2020
Probable Mineral
Reserve
Dec 31, 2020
Proven and Probable Mineral Reserve
Dec 31, 2019
Proven and Probable Mineral Reserve

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Wassa Open Pit

-

-

-

-

-

-

-

-

-

9.92

1.57

500

Wassa Underground

4.28

3.28

451

6.54

2.97

625

10.82

3.09

1,076

7.42

3.72

889

Stockpiles

0.69

0.58

13

-

-

-

0.69

0.58

13

1.06

0.62

21

Subtotal Wassa

4.97

2.91

464

6.54

2.97

625

11.50

2.94

1,089

18.41

2.38

1,410

  1. The mineral reserve estimate complies with the requirements of NI 43-101 and has been prepared and classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014, and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019.
  2. The mineral reserve is reported at a cut-off grade of 1.9 g/t, calculated at a $1,300 /oz gold selling price.
  3. Modifying factors are applied as 5.0% dilution and 96.1% recovery for stopes.
  4. Material based on measured mineral resources are reported as proven mineral reserves.
  5. Material based on indicated mineral resources are reported as probable mineral reserves.
  6. Material based on inferred mineral resources are excluded from mineral reserves.
  7. Economic analysis of the mineral reserve demonstrates economic viability at $1,300/oz gold price.
  8. All figures are rounded to reflect the relative accuracy of the estimate.

Golden Star Measured and Indicated Mineral Resources as at December 31, 2020

Mineral and
Indicated Mineral
Resources

Dec 31, 2020
Measured Mineral
Resources
Dec 31, 2020
Indicated Mineral
Resources
Dec 31, 2020
Measured and Indicated
Mineral Resources
Dec 31, 2018
Measured and Indicated
Mineral Resources

Tonnes
(MT)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes
(Mt)

Grade
g/t Au

Ounces
(koz)

Wassa Open Pit

-

-

-

-

-

-

-

-

-

29.18

1.29

1,206

Wassa Underground

5.90

4.45

843

18.96

3.55

2,162

24.85

3.76

3,005

16.20

3.89

2,027

Father Brown Adoikrom UG

-

-

-

1.31

7.96

355

1.31

7.96

355

0.91

8.67

254

Regional Open Pit

-

-

-

3.10

1.98

197

3.10

1.98

197

2.51

2.32

187

Total Wassa

5.90

4.45

843

23.37

3.59

2,694

29.26

3.76

3,537

48.81

2.34

3,675

Golden Star Inferred Mineral Resources as at December 31, 2020

 

December 31, 2020
Inferred Mineral Resources
DECEMBER 31, 2018
Inferred Mineral Resources

Tonnes

(Mt)

Grade
g/t Au

Ounces
(koz)

Tonnes

(Mt)

Grade
g/t Au

Ounces
(koz)

Wassa Open Pit

-

-

-

0.62

1.31

26

Wassa Underground

70.50

3.39

7,689

58.82

3.75

7,097

Father Brown Adoikrom UG

2.66

5.30

453

1.88

6.07

367

Regional Open Pit

0.87

1.47

41

0.42

2.14

29

Total Wassa

74.02

3.44

8,183

61.74

3.79

7,518

  1. The mineral resource estimate complies with the requirements of NI 43-101 and has been prepared and classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014, and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019.
  2. Measured and indicated mineral resources are reported inclusive of mineral reserves.
  3. Underground deposits within the mineral resource are reported at a cut-off grade of 1.4g/t.
  4. Open pit deposits within the mineral resource are reported at a cut-off grade of 0.55g/t, within optimized pit shells calculated at a $1,500/oz gold selling price.
  5. The mineral resource models have been depleted using appropriate topographic surveys.
  6. Mineral resources are reported in-situ without modifying factors.
  7. No open pit resource has been reported for the Wassa deposit, as engineering studies have determined Wassa will be mined by underground methods only.
  8. All figures are rounded to reflect the relative accuracy of the estimate.
  9. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  10. The 2020 mineral resource estimate has been prepared under supervision of S. Mitchel Wasel who is a Qualified Person (“QP”) as defined by NI 43-101.

Mr. S. Mitchel Wasel is a "Qualified Person" as defined by Canada's NI 43-101. Mineral Resources were prepared under the supervision of S. Mitchel Wasel, Vice President of Exploration for Golden Star.

Click here to view full Technical Reports





Please note that you are now entering a website directly or indirectly maintained by a third party (the "External Site") and that you do so at your own risk.

Neither Golden Star Resources Ltd. nor its affiliates, subsidiaries, officers, directors or agents (collectively, “Golden Star” or the “Company”) have any control over (a) the External Site or any linked websites accessible through any External Site, or (b) any data or other content contained, or accessible, therein or in or through any such linked websites. The link to the External Site is provided for convenience purposes only. The information and other content on the External Site is not meant to modify, qualify, supplement or amend information disclosed by or on behalf of the Company under corporate, securities or other legislation in any jurisdiction, and should not be used to make investment decisions involving the Company’s securities.

By clicking “Accept” below you acknowledge and agree that neither Golden Star nor the third party provider of the External Site, Virtua Research, Inc. (“Virtua”), is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data contained in or accessible on or through, or the technical operation of the External Site. Golden Star and Virtua are not liable to you for, and take no responsibility for, third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably forever waive, and release Golden Star from, any and all rights and claims against Golden Star and Virtua and further acknowledge and agree that in no event shall Golden Star or Virtua, its officers, employees, directors and agents be liable for any (i) direct or indirect, consequential, incidental, special, compensatory, punitive or other damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties, or (iv) other pecuniary loss, arising out of or related to this disclaimer or the External Site or any linked websites.

By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract (including, without limitation, a claim of fundamental breach or breach of a fundamental term), tort (including, without limitation, negligence), strict liability or any other legal or equitable theory, and even if Golden Star and Virtua are advised of the possibility of the loss, damage, claim or liability. The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute(s).

If in any jurisdiction, any part of this disclaimer is determined to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent necessary to comply with such determination and the remaining disclaimer shall otherwise remain in full force and effect.

Please note the information presented is given as at the date and the time of its original release. Changes in such historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-GAAP Information

Golden Star also uses certain non-International Financial Reporting Standards (“IFRS”) financial measures as defined in applicable Canadian and United States securities laws ("non-GAAP measures"), including the terms “cash operating cost per ounce”, “all-in sustaining costs”, “cash generated from operations before working capital changes”, “adjusted net (loss)/income attributable to Golden Star shareholders and “adjusted net (loss)/income per share attributable to Golden Star shareholders”. Golden Star believes that these measures are similar to the measures of other gold mining companies, but may not be comparable to similarly titled measures in every instance. In addition, changes in numerous factors including, but not limited to, Golden Star’s share price, risk free interest rates, gold prices, mining rates, milling rates, ore grade, gold recovery, costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease.

Golden Star believes these measures are useful non-GAAP operating measures and supplement the IFRS disclosures made by the Company. These non-GAAP measures are not representative of all of Golden Star's cash expenditures and there are material limitations associated with the use of such non-GAAP measures. Since these non-GAAP measures do not incorporate all non-cash expense and income items, changes in working capital and non-operating cash costs, they are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.

The non-GAAP information is not prepared in accordance with IFRS and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed in isolation or as a substitute for, or superior to, other data prepared in accordance with IFRS. For an explanation of the Non-GAAP financial measures used by the Company, please refer to the heading “Non-GAAP Financial Measures” in the Company’s Management Discussion and Analysis of Financial Condition and Results of Operations for the Three Months ended March 31, 2014 and the Company’s Management Discussion and Analysis of Financial Condition and Results of Operations for the Year Ended December 31, 2013, available at www.sedar.com.

© Golden Star | All Rights Reserved