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Pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the Transaction constitutes in part a "related party transaction" in that a principal of one of the creditors (the “Related Creditor”) is a director and officer of the Company. The Related Creditor is owed
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Mineral Resource Estimate
On
Table 1: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
Cut-Off (g/t Au) | Classification | Type | Tonnes | Au (g/t) | Gold Onces |
0.55 / 2.5 | Measured1 | InPit+UG | 4,900,000 | 1.70 | 269,000 |
Indicated | InPit+UG | 3,320,000 | 2.57 | 274,000 | |
Measured & Indicated | InPit+UG | 8,220,000 | 2.05 | 543,000 | |
Inferred | InPit+UG | 3,010,000 | 4.71 | 456,000 |
The 1930-1935 production was removed from these numbers (164,816 tonnes at 9.7 g/t Au / 51,400 ounces Au).
The Independent QP for this resources statement is
Yann Camus ,P.Eng .,SGS Canada Inc. The effective date is
June 23 rd, 2022.CIM (2014) definitions were followed for Mineral Resources.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
No economic evaluation of the resources has been produced.
All figures are rounded to reflect the relative accuracy of the estimate. Totals may not add due to rounding
Composites have been capped where appropriate. The 2.5 m composites were capped at 21 g/t Au in the thin rich veins and at 7 g/t Au in the low-grade volumes.
Cut-off grades are based on a gold price of
US$1,700 per ounce, a foreign exchange rate ofUS$0.78 for CA$1, a processing gold recovery of 93%.Pit constrained mineral resources are reported at a cut-off grade of 0.55 g/t Au within a conceptual pit shell
Underground mineral resources are reported at a cut-off grade of 2.5 g/t Au within reasonably mineable volumes.
A fixed specific gravity value of 2.78 g/cmwas used to estimate the tonnage from block model volumes
There are no mineral reserves on the Property.
The deepest resources reported are at a depth of 990 m.
SGS is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issues that could materially affect the mineral resource estimate.
The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a mineral resource statement and to select an appropriate resource reporting cut-off grade.
The property includes the former Granada Gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading 3.46 g/t Au.
“Frank J. Basa”
President & Chief Executive Officer
For further information, Contact:
President & Chief Executive Officer
P: 416-625-2342
Or:
Corporate Communications
P: 416-710-2410
E:waynecheveldayoff@gmail.com
Neither the
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