Goldboro 2021 Feasibility Study: A Robust Open Pit Project
Goldboro: 2021 Mineral Resource Estimate (To be updated based on infill)
Resource Type
Gold Cut-off (g/t
gold)
Category
Tonnes
Grade
(g/t gold)
Gold Troy Ounces
Measured
Indicated
7,680,000
2.76
681,000
7,988,000
2.89
741,000
Open Pit
0.45
Measured + Indicated
15,668,000
2.82
1,422,000
Inferred
975,000
2.11
66,000
Measured
1,576,000
7.45
Indicated
4,350,000
5.59
377,000
782,000
Underground
2.40
Measured + Indicated
5,925,000
6.09
1,159,000
Inferred
2,206,000
5.89
418,000
Measured
9,255,000
3.56
1,058,000
0.45
Combined Open
Pit and
Indicated
12,338,000
3.84
1,523,000
and
2.40
Measured + Indicated
21,593,000
3.72
2,581,000
Underground*
Inferred
3,181,000
4.73
484,000
* Combined Open Pit and Underground Mineral Resources; The Open Pit Mineral Resource is based on a 0.45 g/t gold cut-off grade, and the Underground Mineral Resource is based on 2.40 g/t gold cut-off
grade.
Mineral Resource Estimate Notes
1.
2.
3.
Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and
Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially
affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
Mineral Resources are inclusive of Mineral Reserves.
Open Pit Mineral Resources are reported at a cut-off grade of 0.45 g/t gold that is based on a gold price of C$2,000/oz (US$1,600/oz) and a metallurgical recovery factor of 89% around cut-off as
calculated from ((GRADE-(0.0262*LN(GRADE)+0.0712))/GRADE*100)-0.083.
Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of C$2,000/oz (US$1,600/oz) and a gold processing recovery factor of 97%.
November 2021 Mineral Resource based on:
• 681 surface and underground drill holes
•
A total of 121,540 metres of diamond drilling,
including 55,803 metres have been conducted by
the Company
High quality Mineral Resource with Significant
Growth Potential
.
Immediate surface mineralization potential to the
west demonstrated by recent drilling and
geophysical IP Surveys
Ongoing 12,000 metre diamond drill program
19,450 hectares (195 km²) including a 28 km strike
length along the Upper Seal Harbour trend and 23
km in the Lower Seal Harbour trend
4.
5.
Assays were variably capped on a wireframe-by-wireframe basis.
6.
Specific gravity was applied using weighted averages to each individual wireframe.
7.
Effective date of the Mineral Resource Estimate is November 15, 2021.
8.
All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
9.
Excludes unclassified mineralization located within mined out areas.
10.
Reported from within a mineralization envelope accounting for mineral continuity.
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