The Company’s updated Mineral Resource Estimate (“MRE”; effective date of February 29, 2020) was completed by WSP and forms the basis for the PEA. A summary of the MRE is highlighted in Tables 5 and 6.
Resource Classification |
Cut-off |
Deposit |
Tonnes |
Gold (g/t) |
Gold oz |
Measured |
1.0 g/t |
Hammerdown |
284,600 |
11.75 |
107,500 |
Indicated |
1.0 g/t |
Hammerdown |
739,100 |
8.17 |
194,100 |
Measured & Indicated |
1.0 g/t |
Hammerdown |
1,023,700 |
9.16 |
301,600 |
Inferred |
1.0 g/t |
Hammerdown |
538,400 |
4.89 |
84,700 |
Inferred Intervein |
1.0 g/t |
Hammerdown |
321,700 |
4.18 |
43,200 |
Indicated |
1.0 g/t |
Orion |
698,400 |
2.96 |
66,400 |
Inferred |
1.0 g/t |
Orion |
483,400 |
5.04 |
78,300 |
Total Measured |
1.0 g/t |
Hammerdown & Orion |
284,600 |
11.75 |
107,500 |
Total Indicated |
1.0 g/t |
Hammerdown & Orion |
1,437,500 |
5.64 |
260,500 |
Total Measured & Indicated |
1.0 g/t |
Hammerdown & Orion |
1,722,100 |
6.65 |
368,000 |
Total Inferred (incl. Intervein) |
1.0 g/t |
Hammerdown & Orion |
1,343,500 |
4.77 |
206,200 |
Resource Classification |
Cut-off |
Deposit |
Tonnes |
Gold (g/t) |
Gold oz |
Measured |
2.0 g/t |
Hammerdown |
3,800 |
9.74 |
1,200 |
Indicated |
2.0 g/t |
Hammerdown |
30,000 |
9.36 |
9,000 |
Measured & Indicated |
2.0 g/t |
Hammerdown |
33,800 |
9.41 |
10,200 |
Inferred |
2.0 g/t |
Hammerdown |
316,200 |
4.46 |
45,300 |
Inferred Intervein |
2.0 g/t |
Hammerdown |
131,300 |
3.89 |
16,400 |
Indicated |
2.0 g/t |
Orion |
1,118,000 |
3.97 |
142,900 |
Inferred |
2.0 g/t |
Orion |
1,437,900 |
4.29 |
198,300 |
Total Measured |
2.0 g/t |
Hammerdown & Orion |
3,800 |
9.74 |
1,200 |
Total Indicated |
2.0 g/t |
Hammerdown & Orion |
1,148,000 |
4.11 |
151,900 |
Total Measured & Indicated |
2.0 g/t |
Hammerdown & Orion |
1,151,800 |
4.13 |
153,000 |
Total Inferred (incl. Intervein) |
2.0 g/t |
Hammerdown & Orion |
1,885,400 |
4.29 |
260,000 |
The Mineral Resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Krig method of grade interpolation. The geological model including mineralized intercepts was generated by Maritime personnel and then audited by WSP. The QA/QC protocols and corresponding sample preparation and shipment procedures have been reviewed by WSP.
The Hammerdown Mineral Resource estimate was based on 56,533 metres in 468 surface drill holes, 12,551 metres in underground drill holes and 110 surface trenches totaling 298 metres. The Orion Mineral Resource estimates are based on 15,357 metres in 56 surface drill holes.
At a long-term metal price of US$1,500 per ounce, reasonable prospects are considered to exist for eventual economic extraction of Mineral Resources defined at a 1.0 g/t Au cut-off value within limits of the conceptual final pit shell prepared by AGP. Additional resources are considered to exist for eventual economic extraction of the Mineral Resource as defined at a 2.00 g/t Au cut-off below the conceptual pit shell. Additional information about the Mineral Resource modeling methodology will be documented in the upcoming technical report for the Hammerdown Project prepared in accordance with NI 43-101, which will be filed on SEDAR under the Company's profile within 45 days of the date of this news release (the "Technical Report").