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Mineral Resources
Great Northern
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Thor Deposit Updated Mineral Resource Estimate
The Updated Mineral Resource Estimate for the Thor Deposit comprises open-pit constrained Indicated Mineral Resources of 817,000 tonnes at an average grade of 1.70 g/t gold for 45,000 ounces and open-pit constrained Inferred Mineral Resources of 44,000 tonnes at an average grade of 1.27 g/t gold for 1,800 ounces at a cut-off grade of 0.46 g/t gold. The Thor Deposit also includes underground constrained Indicated Mineral Resources of 62,000 tonnes at an average grade of 2.98 g/t gold containing 5,900 ounces and underground constrained Inferred Mineral Resources of 23,000 tonnes at an average grade of 3.31 g/t gold containing 2,400 ounces at a cut-off grade of 2.14 g/t gold (Table 2). The Effective Date of the Mineral Resource Estimate is October 24, 2023.
Table 2: Thor Deposit Mineral Resource Estimate – Effective Date: October 24, 2023^^
| Resource Type | Au g/t Cut-off | Category | Tonnes | Au g/t | Au Ounces |
|---|---|---|---|---|---|
| Open Pit Constrained | 0.46 | Indicated | 817,000 | 1.7 | 45,000 |
| Inferred | 44,000 | 1.27 | 1,800 | ||
| Underground Constrained | 2.14 | Indicated | 62,000 | 2.98 | 5,900 |
| Inferred | 23,000 | 3.31 | 2,400 | ||
| Combined | 0.46/2.14 | Indicated | 879,000 | 1.79 | 51,000 |
| Inferred | 67,000 | 1.97 | 4,200 |
Notes:
- The QP for the Mineral Resource statement is Mr. Matthew Harrington, P. Geo who is an employee of Mercator Geological Services Limited.
- Mineral Resources were prepared in accordance with the CIM Definition Standards (May 2014) and the CIM MRMR Best Practice Guidelines (November 2019).
- Open Pit Constrained Mineral Resources occur within an optimized pit shell with average pit slope angles of 45⁰ and a 5.5:1 strip ratio (waste : mineralized material).
- Pit optimization parameters include pricing of US$1,850/oz Au (0.769 US$ to CDN$ exchange rate), mining at CDN$4.5/t, combined processing, G&A, and trucking (1,250 t/d process rate) of CDN$33.85/t processed, and an overall gold recovery of 96%.
- Open Pit Constrained Mineral Resources are reported at a cut-off grade of 0.46 g/t gold within the optimized pit shell.
- Underground Constrained Mineral Resources are reported at a cut-off grade of 2.14 g/t gold based on total operating costs of CDN$97.50/t processed.
- Mineral Resources were estimated using inverse distance squared methods applied to 1.5 m capped downhole assay composites. Prior to compositing, assays values were capped at a grade equivalent to 30.71 g/t/m gold within the Thor Vein domain and at a grade equivalent to 12.5 g/t/m gold within all other mineralized domains. Model block size is 3 m X by 6 m Y by 6 m Z.
- An average bulk density of 2.7 g/cm3 was applied for Mineral Resources and waste material.
- Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Figures may not sum due to rounding.
