Tümad Madencilik San.ve Ticaret A.Ş.


2.0% NSR

Acquisition Date

2016 / Jan / 19

The Ivrindi project is located in Western Turkey and contains several gold and silver bearing quartz veins and breccia zones hosted by Upper Miocene andesitic volcanic and volcano-clastic rocks. A typical vein zone consists of several discrete low sulphidation style epithermal veins separated by short intervals of quartz stockwork and silicified or fresh andesite. 

A Feasibility Study was completed in 2017 which outlined a 21,260 tpd operation, extracting material from four open-pits at Ballıktepe, Karteldere, Kabaktepe and Güney-Boyun. The mined ore will go through a three-stage crushing circuit and onto a heap-leach pad followed by an adsorption-desorption-recovery process. Recoveries are estimated to average 70% for gold and 46% for silver and the mine is expected to produce approximately 159 koz of gold and 348 koz of silver per year over an initial 6 year life. Construction of the project was completed in 2019 and the mine is currently in the ramp-up phase. 

The historic Proven and Probable Reserves (2017) are estimated at 45.0 Mt at 0.7 g/t gold and 1.6 g/t silver for 964 kozs of contained gold and 2.35 Mozs of contained silver. The reserves estimate was based on 86,100 metres of diamond drilling at the project.*

* This is a historic reserve estimate and a Qualified Person has not done sufficient work to classify this estimate as a current mineral reserve estimate. Sandstorm Gold is not treating this as a current mineral resource estimate.

Recent Activities

September 2017
Tümad Madencilik received a $40 million project finance loan from the European Bank for Reconstruction and Development. The funds will be used to develop the Lapeseki and Ivrindi projects.

August 2016
The Ivrindi project received a positive decision on its Environmental Impact Assessment from the Ministry of Environment and Urban Planning in Turkey.



Ivrindi Royalty Map
Ivrindi Royalty Map