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Exploration Project Mineral Resources

Mineral Reserve and Mineral Resource Estimates

NI 43-101 Technical Report - Bateman Gold Project Feasibility Study

Feasibility Study Mineral Reserve and Resource Estimate at 3.41 g/t Au Mining Cut-Off Grade - Effective September 7, 2020

Category Quantity
(g/t Au)
Contained Au
 Proven Reserve 339,2275.76 62,830 
 Probable Reserve3,223,337 5.52 572,009 
Total Reserves 3,562,565 5.54 634,838 
Measured (M) 391,000 6.50 81,700
Indicated (I) 1,115,000 7.49 268,600
Total M + I 1,506,000 7.24 350,300
Inferred 1,303,000 6.50 272,200


  • Effective date is September 7, 2020.
    The Feasibility Study Mineral Reserve estimates uses a break-even blended economic mining cut-off grade of 3.41 g/t Au based on assumptions of a gold price of US$1,375/oz, an exchange rate of US$/C$0.76, mining cash costs of $98/t, processing costs of $25/t, G&A and other (including exploration, refining, transport, and royalty costs) of $30/t, and mining recovery of 95%.
    The Feasibility Study Mineral Resource estimates use a break-even economic cut-off grade of 3.0 g/t Au based on assumptions of a gold price of US$1,400/oz, an exchange rate of US$/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%.
    Reported from within an envelope accounting for mineral continuity. 
    All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
The Feasibility Study Mineral Reserve and Mineral Resource estimate is entirely within the F2 Gold Deposit of the Project. The high-titanium basalt units (“High-Ti Basalt Units”) represent the main host rock for gold mineralization, followed by the Felsic Intrusive Units. A small proportion of mining contemplated by the Feasibility Study is planned in the Ultramafic/Ultramafic Talc Units. The near-vertical orientation of the deposit and strong competency of the High-Ti Basalt Units are expected to mitigate external dilution, as was previously demonstrated by during the 2018 test trial mining program. The F2 Gold Deposit remains open at depth and along strike. Please refer to the October 21, 2020 news release for further details on the Feasibility Study Mineral Reserve and Mineral Resource Estimates.