- Updated Preliminary Economic Assessment for Phase I of proposed operations released in 2019
- Phase I prioritizes the development of the high-grade, near-surface core within the M&I resource as a standalone operation
- Phase I has a mine life of 11 years with peak production of 130,000 ounces per annum (Year 4) and an average LOM annual production of 104,000 ounces of gold for a total of 1,145,000 ounces
- Extensive project work completed in multiple areas
- Over $80m in total project expenditures
- 900+ drill holes over 180,000 metres
- Multiple scoping studies completed to maximize project economics
- Environmental baseline study completed and permitting activities commenced in 2011
- Large and growing mineral resource defined in successive resource estimates
- PEA indicates project’s potential viability even at lower gold prices
Cautionary Note Regarding Preliminary Economic Assessment
Preliminary Economic Assessment is preliminary in nature and may include measured and indicated mineral resources as well as inferred mineral resource. A measured or indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the PEA will be realized.
The PEA referred herein was prepared by Moose Mountain Technical Services (MMTS) under the direction of Marc Schulte, P. Eng., a Qualified Person (as defined under National Instrument 43-101) who is independent of the Company.