Mineral Resource Update and Current Program
- In February 2021, the Company delivered an updated mineral resource estimate (MRE) for the Eagle Mountain Project (Refer to the MRE news release, dated February 22, 2021).
- 23 million tonnes grading 1.14 g/t for 843,000 ounces of gold contained in Indicated Resources; and
- 25 million tonnes grading 1.09 gpt gold for 866,000 oz of gold in Inferred Resources.
- The MRE includes the Eagle Mountain and Salbora deposits, both of which feature gold mineralization starting at surface in saprolite (soft rock) and extending into the underlying fresh rock. The saprolite is estimated to contain 42% of the gold in Indicated Resources and 16% of the gold in Inferred Resources.
- Mineral resources, employing cut-off grades of 0.30 gpt gold for the saprolite and 0.50 gpt gold for the fresh rock, are contained within a conceptual open pit. Gold in surficial saprolite and the shallow sub-horizontal zones of the Eagle Mountain deposit result in a low average strip ratio. The strip ratio of the saprolite is estimated to be below 1:1.
- The updated MRE is defined by a total of 674 core holes for 57,550 metres drilled, as well as 158 auger drill holes for 532 metres drilled, which includes infill and exploration drilling up to November 6, 2020.
February 2021 Mineral Resource Update for the Eagle Mountain Project
Eagle Mountain Project – Resource Classification
2021 Exploration Program
For the near term, the Company’s exploration program has three primary growth objectives:
- Follow-up exploration of several new target areas along the prospective Salbora-Powis trend, such as the Toucan, Powis, Ann and Montgomery prospects where the potential exists for Salbora-style mineralization;
- Testing for new lateral extensions of the dip slope sub-horizontal zones of the Eagle Mountain Deposit, notably to the north, west and southwest currently outside of the 2021 MRE; and
- In-fill drilling of the 2021 MRE to upgrade a significant portion of mineralization currently classified as Inferred to the Measured and Indicated categories to be used as the basis for a Prefeasibility Study.
N. Eric Fier, CPG, P.Eng., Executive Chairman and VP Finance of the Company, is the Qualified Person under National Instrument 43-101, Standards of Disclosure for Mineral Projects, responsible for the preparation of the technical information included in this website and for supervision of field activities related to the Company projects.