Resource Estimate

Colomac 2013 Resource Estimate

(prepared in accordance with National Instrument 43-101)

Colomac Inferred Mineral Resources By Zone
(0.6 G/Tonne Block Model Cut-Off)

 Zone  Tonnes  g/t Au  Oz Au
Colomac North 6,963,000 1.24 276,900
Colomac Central 19,170,000 1.63 1,002,000
Colomac South 10,840,000 1.96 684,500
Goldcrest North 678,500 2.23 48,650
Goldcrest South 434,900 2.14 29,880
Sub Total 38,090,000 1.67 2,042,000
Grizzly Bear 807,000 1.04 27,000
27 528,000 1.21 20,000
24 390,000 0.96 12,000
Sub Total 1,725,000 1.06 59,000
Total 39,815,000 1.64 2,101,000

Notes:

  1. 0.6 g/t Au block cut-off value applied to all resource blocks.
  2. Tonnes and ounces rounded to reflect the relative accuracy of the mineral resource estimate; therefore numbers may not total correctly.
  3. Mineral Resources calculated with commercial mining software.
  4. Drill hole traces showing lithology and gold grade were reviewed in plan and cross section. Geological domains were created using Geological Modeling Software. Assays were top cut to 31 g/t and then composited to regular 5ft intervals.  Block model grade interpolation was undertaken using Ordinary Kriging (OK).
  5. The resource estimate was prepared by Leon McGarry, B.Sc., Geologist, ACA Howe and supervised by Ian Trinder, M.Sc., P.Geo., ACA Howe.
  6. Gold price is US$1500 per ounce.
  7. A default average specific gravity (SG) of 2.7 has been used.
  8. Mineral Resource tonnes quoted are not diluted.
  9. Mineral resources are not mineral reserves, thus do not demonstrate economic viability. This mineral resource estimate includes Inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them. There is also no certainty that these Inferred mineral resources will be converted to the measured and indicated resource categories through further drilling, or into mineral reserves, once economic considerations are applied.
  10. 1 troy ounce equals 31.10348 grams.

 

Colomac Inferred Mineral Resource Estimate
Cut-Off Sensitivity Table

Cut Value
(Au g/t)
Tonnage
(M tonnes)
Avg. Grade
(Au g/t)
Contained Oz.
(Au)
2.0 9,587,000 3.00 925,400
1.5 17,048,000 2.44 1,340,000
1.0 29,415,000 1.94 1,835,000
0.8 34,469,000 1.79 1,982,000
0.6 39,815,000 1.64 2,101,000
0.5 43,562,000 1.55 2,169,000
0.4 51,351,000 1.38 2,281,000

Sensitivity analysis indicates grade increases to 1.94 gpt at a 1.0 gpt cut-off

 

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