2022 Updated Mineral Resource Estimate ("2022 MRE") - Indin Lake Gold Property (News Release March 8, 2022)
The March 31, 2022 Technical Report supporting the 2022 MRE is filed on www.sedar.com.
Updated 2022 Mineral Resource Estimate ("2022 MRE")(Effective Date March 7, 2022)
|
|
Indicated |
Inferred |
|
Mining method |
Tonnes
(000s) |
Grade
(g/t Au) |
Contained gold ounces |
Tonnes
(000s) |
Grade
(g/t Au) |
Contained
gold ounces |
Breakdown by Potential Extraction Method |
|
OP |
46,402 |
1.38 |
2,062,400 |
7,831 |
2.39 |
601,000 |
UG |
11,761 |
1.65 |
624,700 |
11,858 |
1.91 |
729,500 |
2022 MRE Total |
OP+UG |
58,163 |
1.44 |
2,687,100 |
19,689 |
2.10 |
1,330,500 |
Breakdown by Deposit |
Colomac Main |
OP |
42,838 |
1.38 |
1,900,600 |
959 |
1.63 |
50,200 |
UG |
10,739 |
1.67 |
576,500 |
9,061 |
1.75 |
510,100 |
24/27 |
OP |
- |
- |
- |
809 |
1.70 |
44,100 |
UG |
- |
- |
- |
393 |
1.82 |
23,000 |
Goldcrest |
OP |
2,562 |
1.42 |
116,800 |
97 |
1.58 |
4,900 |
UG |
699 |
1.53 |
34,300 |
219 |
1.29 |
9,100 |
Grizzly Bear |
OP |
1,002 |
1.39 |
44,900 |
119 |
2.46 |
9,400 |
UG |
323 |
1.34 |
13,900 |
212 |
1.64 |
11,200 |
Cass |
OP |
- |
- |
- |
2,300 |
2.44 |
180,500 |
UG |
- |
- |
- |
345 |
2.18 |
24,100 |
Kim |
OP |
- |
- |
- |
2,200 |
1.92 |
135,800 |
UG |
- |
- |
- |
216 |
1.72 |
12,000 |
Treasure Island |
OP |
- |
- |
- |
863 |
3.95 |
109,700 |
UG |
- |
- |
- |
846 |
3.28 |
89,200 |
Damoti |
OP |
- |
- |
- |
483 |
4.27 |
66,300 |
UG |
- |
- |
- |
566 |
2.80 |
50,900 |
NOTES:
- Notes to accompany the Mineral Resource Estimate:
- The independent and qualified persons for the mineral resource estimate, as defined by NI 43-101, are Marina Iund, P.Geo., Carl Pelletier, P.Geo. and Simon Boudreau, P.Eng. all from InnovExplo Inc., and the effective date is March 7, 2022.
- These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The mineral resource estimate follows current CIM definitions and guidelines.
- The results are presented undiluted and are considered to have reasonable prospects of economic viability.
- The estimate encompasses nine (9) gold deposits (Cass, Colomac, Damoti, Goldcrest, Grizzly Bear, Kim, Treasure Island, 24 and 27), subdivided into 106 individual zones (3 for Cass, 6 for Colomac, 38 for Damoti, 3 for Goldcrest, 4 for Grizzly Bear, 1 for Kim, 45 for Treasure Island, 4 for 24 and 2 for 27) using the grade of the adjacent material when assayed or a value of zero when not assayed. Five (5) low-grade envelopes were created: 1 for Colomac (quartz diorite dyke) and 4 for Damoti (BIF).
- High-grade capping supported by statistical analysis was done on raw assay data before compositing and established on a per-zone basis varying from 30 to 100 g/t Au for mineralized zones and 15 to 20 g/t Au for the envelopes.
- The estimate was completed using sub-block models in GEOVIA Surpac 2021, except Treasure Island was estimated using sub-block model in Leapfrog Edge 2021.1.
- Grade interpolation was performed with the ID3 method on 1.5 m composites for the Colomac, Goldcrest and Grizzly Bear deposits, with the ID2 method on 1 m composites for the Cass and Treasure Island deposits, with the ID3 method on 1 m composites for the Kim deposit, with the ID2 method on 1.5 m composites for the 24/27 deposits, and with the OK method on 1.0 m composites for the Damoti deposit.
- A density of value of 3.2 g/cm3 (Damoti), 3.0 g/cm3 (Cass), 2.95 g/cm3 (Kim), 2.7 g/cm3 (Colomac, Goldcrest, Grizzly Bear, Treasure Island and 24/27,) and 2.00 g/cm3 (overburden) was assigned.
- The mineral resource estimate is classified as Indicated and Inferred. For the Cass, Colomac, Goldcrest and Grizzly Bear, Kim, Treasure Island, 27 and 27 deposits, the Inferred category is defined with a minimum of two (2) drill holes within the areas where the drill spacing is less than 75 m and shows reasonable geological and grade continuity. The Indicated mineral resource category is defined with a minimum of tree (3) drill holes within the areas where the drill spacing is less than 50 m. For the Damoti deposit, the Inferred category is defined with a minimum of two (2) drill holes within the areas where the drill spacing is less than 60 m and shows reasonable geological and grade continuity. Clipping boundaries were used for classification based on those criteria.
- The mineral resource estimate is locally pit-constrained with a bedrock slope angle of 50° and an overburden slope angle of 30°. It is reported at a rounded cut-off grade of 0.50 to 0.63 g/t Au (OP), 1.02 g/t Au (UG bulk) and 1.45 to 1.83 g/t Au (UG selective). The cut-off grades were calculated using the following parameters: mining cost = CA$3.25/t to CA$ 73.00/t; processing cost = CA$21.00/t; G&A = CA$6.00/t; refining costs = CA$5.00/oz; selling costs = CA$ 5.00/oz to CA$53.00/oz; gold price = US$1,600.00/oz; USD:CAD exchange rate = 1.25; and mill recovery = 97.0%. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
- The number of metric tonnes was rounded to the nearest thousand, following the recommendations in NI 43 101 and any discrepancies in the totals are due to rounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348).
- The authors are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.
QUALIFIED PERSONS
Qualified Persons
A Technical Report prepared in accordance with NI 43-101 (as defined below) in support of the 2022 MRE will be filed on SEDAR (www.sedar.com) before March 31, 2022. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the 2022 MRE. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.
Technical information related to the 2021 MRE contained in this news release has been reviewed and approved by Marina Iund, M.Sc., P.Geo., Carl Pelletier, P.Geo., and Simon Boudreau, P.Eng. of InnovExplo, who are Independent and Qualified Persons as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of this data.
Richard Roy P.Geo., V.P. Exploration of Nighthawk, who is the Qualified Person as defined by NI 43-101 for this project, has reviewed and approved of the scientific and technical disclosure contained in this news release.