Our Current Reserve and Resource
PureGold’s high-grade ore body is an exceptional foundation on which to build a multi-generational iconic gold mining company.
The PureGold Mine has a 2.1-million-ounce Indicated Resource (7.2Mt at 8.9 g/t gold) and a 0.5-million-ounce Inferred Resource (1.9Mt at 7.7g/t gold). Mineral resources are inclusive of Probable Mineral Reserves of 1 million ounces of gold grading 9g/t (in 3.5 million tonnes).1
Mineral Resource Statement for PureGold Mine Property*
|Contained Gold (oz.)|
* Reported Mineral Resources are inclusive of Mineral Reserves declared below. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The CIM definitions were followed for the classification of Indicated and Inferred Mineral Resources. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated Mineral Resource category. All figures have been rounded to reflect the relative precision of the estimates. Mineral Resources are reported at a cut-off grade of 4.0 g/t gold.
Mineral resources are inclusive of Mineral Reserves and are reported with an effective date of February 5, 2019. The Qualified Person for the Mineral Resource estimate is Marc Jutras, P.Eng., Principal, Ginto Consulting Inc.
Mineral Reserve Estimate for The PureGold Mine Property
The Qualified Person for the Mineral Reserve estimate is Michael Makarenko, P. Eng., of JDS Energy & Mining Inc. The effective date of the Mineral Resource estimate is February 11, 2019. Mineral Reserves were estimated using a USD $1,275/oz gold price and gold cut-off grade of 4.75g/t for all mining zones with the exception of McVeigh which used a cut-off grade of 4.0g/t. Other costs and factors used for gold cut-off grade determination were mining, process and other costs of $226.00/t, transport and treatment charges of $6.00/oz Au, CAD:USD exchange rate of $0.78 and a gold metallurgical recovery of 95%. Tonnages are rounded to the nearest 1,000t and gold grades are rounded to one decimal place. Tonnage and grade are in metric units; contained gold is reported as troy ounces. Rounding may result in summation differences.
1 See the National Instrument 43-101 technical report entitled “Madsen Gold Project Technical Report, Feasibility Study for the Madsen Deposit, Red Lake, Ontario, Canada” with an effective date of February 5, 2019 and dated July 5, 2019 for complete details, available on the Company’s website at www.puregoldmining.ca or Sedar profile at www.sedar.com.