Mineral Resources

Updated 2020 Mineral Resource Estimate of the Phoenix Gold Project at 3.0 g/t Au Cut-Off Grade 

Download the NI 43-101 Technical Report (PDF)

The Updated 2020 Mineral Resource Estimate benefits from 570,861 m of core drilling in 1,683 drill holes. The Updated 2020 Mineral Resource model covers a strike length of approximately 1,200 m and depths down to 1,403 m Level and remains open along strike and at depth. The Updated 2020 Mineral Resource Estimate excludes the crown pillar and depleted resources from test trial mining.

Updated 2020 Mineral Resource Estimate at 3.0 grams per tonnes of gold (“g/t Au”) Cut-Off Grade  - Effective May 5, 2020

Resource Category Quantity
(000' tonnes)
Grade
(g/t Au)
Contained Ounces
Measured (M) 668 6.55 141,000
Indicated (I) 3,9246.64838,000
Total M + I4,5926.63979,000
Inferred 1,340 6.57 283,000

Mineral Resource Estimate uses a break-even economic cut-off grade of 3.0 g/t Au based on assumptions of a gold price of US$1,400 per ounce, an exchange rate of US$/C$ 0.74, mining cash costs of C$97/t, processing costs of C$33/t, G&A of C$18/t, sustaining capital C$20/t, refining, transport and royalty costs of C$59/oz, and average gold recoverability of 95% 
Mineral Resource Estimate reported from within an envelope accounting for mineral continuity
Mineral Resources are not Mineral Reserves and do not demonstrate economic viability
There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve
All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly

The Updated 2020 Mineral Resource Estimate should be read in conjunction with the tables and figures included in the body and presented at the end of the news release dated July 8, 2020. There is no certainty that the Measured and Indicated mineral resource estimates will be converted to the Proven and Probable mineral reserve categories and there is no certainty that the Updated 2020 Mineral Resource Estimate will be realized. There is no guarantee that Inferred mineral resource estimates can be converted to Indicated or Measured mineral resources, or that Indicated or Measured mineral resource estimates will be converted to mineral reserves. Mineral resource estimates that are not mineral reserves do not have demonstrated economic viability. The Updated 2020 Mineral Resource Estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described in the Cautionary Statements at the end of the July 8, 2020 news release.