The exploration and mining history of the Red Lake mining district dates back to 1925, when significant gold was first discovered by prospector L. B. Howey. The Bateman gold property was initially staked and owned by McCallum Red Lake Mines Ltd. in 1922. After a series of ownership changes, Battle North Gold optioned the property from Dominion Goldfields Corporation in two agreements in 2002. The surface rights of the Patented Claims are now owned by 0691403 B.C. Ltd., a wholly owned subsidiary of Battle North Gold.
Since acquiring the Bateman Gold Project in 2002, Battle North Gold has conducted an extensive exploration program, which includes geological mapping, re-logging of selected historic boreholes, digital compilation of available historical data, ground and airborne magnetic surveys, mechanical trenching, channel sampling, bathymetric survey, airborne high resolution resistivity and induced polarization (DCIP), Titan 24 geophysical survey, petrographic study, topographic survey, data modelling and processing, along with numerous drilling programs. Since 2002 and up to January 2020, Battle North Gold has completed more than 550,000 m of core drilling on the Bateman Gold Project.
Since the end of 2016, here are major milestones achieved at the Bateman Gold Project:
REPUTABLE CONSULTANTS: Golder Associates and T. Maunula & Associates have been working with Battle North Gold since early 2017.
NEW STRUCTURAL MODEL SHOWS BETTER CONTINUITY: Simplified interpretation allows for the evaluation of bulk mining methods.
2018 MINERAL RESOURCE ESTIMATE DEMONSTRATED SIGNIFICANT GROWTH: M&I Resources increased +113%; Inferred Resources increased +81%
POSITIVE 35K-TONNE BULK SAMPLE RECONCILIATION: Validating 2018 Mineral Resource Estimate and new geological model
+110% INCREASE IN 2019 MEASURED & INDICATED RESOURCES: 2019 Mineral Resource Estimate demonstrated substantial growth in ounces in higher confidence categories
POSITIVE 2019 PEA DEMONSTRATING AFTER-TAX IRR 40.2% and NPV(5%) C$135M: Based on a US$1,325/oz gold price assumption
FURTHER INCREASE IN 2020 MEASURED & INDICATED RESOURCE ESTIMATES: Measured and Indicated Mineral Resource estimates are 3.9M tonnes grading 6.45 g/t Au for 811,000 of gold and Inferred Mineral Resource estimate is 2.0M tonnes grading 6.97 g/t Au for 464,000 oz of gold.
FEASIBILITY STUDY ON TRACK FOR H2/2020: Measured and Indicated Mineral Resource estimates are 3.9M tonnes grading 6.45 g/t Au for 811,000 oz of gold and Inferred Mineral Resource estimate is 2.0M tonnes grading 6.97 g/t Au for 464,000 oz of gold.