The updated mineral resource estimate for the Indin Lake Gold Property (“2021 MRE”) was press released on March 1, 2021
The technical report supporting the 2021 MRE will be filed on SEDAR within 45 days.
2021 Mineral Resource Estimate for the Indin Lake Gold Property (Effective date of February 26, 2021)
||Area (mining metdod)
- The independent and qualified persons for the mineral resource estimate, as defined by NI 43?101, are Marina Iund, and Carl Pelletier, P.Geo., both from InnovExplo Inc., and the effective date is February 26, 2021.
- 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 for mineral resources.
- The results are presented undiluted and are considered to have reasonable prospects of economic viability.
- The estimate encompasses six (6) gold deposits (Colomac, 24, 27, Goldcrest, Grizzly Bear and Damoti), subdivided into 52 zones (6 for Colomac, 2 for 24/27, 3 for Goldcrest, 3 for Grizzly Bear and 38 for Damoti), each defined by individual wireframes, with a minimum true thickness of 3.0 m for the Colomac, 24/27, Goldcrest and Grizzly Bear deposits and a minimum true thickness of 2.0 m for the Damoti deposit, using the grade of the material when assayed or a value of zero when not assayed. One (1) low-grade envelope was created using the quartz diorite geological solid for the Colomac deposit and four (4) low-grade envelopes were created using the BIF geological solid for the Damoti deposit. The resource was estimated using GEOVIA GEMS 6.8.2.
- High-grade capping supported by statistical analysis was done on raw assay data before compositing and established on a per-zone basis. Colomac deposit: all zones were capped at 50 g/t, except for the low-grade Zone 1.0 and the low-grade envelope, which were capped at 15 g/t; 24/27 deposits: not capped; Goldcrest and Grizzly Bear deposits: all zones were capped at 30 g/t; Damoti deposit: all high-grade zones were capped at 100 g/t, except zones 2000, 2100 and 2200 which were capped at 45 g/t and Zone 4300, which was capped at 40 g/t. The low-grade envelopes were capped at 20 g/t.
- 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 1.5?m composites for the 24/27 deposits, and with the OK method on 1.0?m composites for the Damoti deposit. The Colomac, 24/27, Goldcrest, Grizzly Bear block models have a block size of 5.0 m by 10.0 m by 10.0 m, and the Damoti block model has a block size of 3.0 m by 3.0 m by 3.0 m.
- Bedrock was assigned a density value of 3.2 g/cm3 for the Damoti deposit and a value of 2.7 g/cm3 for the Colomac, 24/27, Goldcrest and Grizzly Bear deposits, corresponding to the mean of SG measurements. A fixed density value of 2.00 g/cm3 was assigned to the overburden.
- The mineral resource estimate is classified as indicated and inferred. For the Colomac, 24/27, Goldcrest and Grizzly Bear 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 three (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 0.6 g/t Au (in pit), 1.10 g/t Au (underground bulk) and 2.00 g/t Au (underground selective). Specific extraction methods are used only to establish the reasonable prospect for an eventual economical extraction. The cut-off grades were calculated using the following parameters: mining cost = CA$3.75 to CA$ 65.00; processing cost = CA$22.50; G&A = CA$8.00; refining and selling costs = CA$ 5.00; gold price = US$ 1,650.00/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).
- InnovExplo Inc. is 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.
Technical information related to the 2021 MRE contained in the associated news release has been reviewed and approved by Marina Iund, M.Sc., P.Geo., and Carl Pelletier, P.Geo., 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 technical disclosure contained here.