Resource Estimate

Resource Estimate (2020)

Deposit Resource
Tonnes Au
oz Au
oz Ag
oz AuEq
Skukum Creek Indicated 1,001,300 5.85 166.4 7.75 188,334 5,355,478 249,401
Inferred 537,000 4.99 108.3 6.22 86,124 1,869,065 107,415
Goddell Indicated 329,700 8.13 - 8.13 86,210 - 86,210
Inferred 483,900 7.13 - 7.13 110,867 - 110,867
Mt. Skukum Inferred 90,100 9.28 12.9 9.43 26,882 37,368 27,308
Total Indicated 1,331,000 - - - 274,544 5,355,478 335,611
Total Inferred 1,111,000 - - - 223,873 1,906,433 245,590

Mineral resource estimate prepared by GeoSim Services Inc. with an effective date of October 1, 2020.

Mineral Resources are not mineral reserves and do not have demonstrated economic viability. An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an 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.

A base case cut-off grade of 3.0 g/t Au represents an in-situ metal value of US$126 per tonne at a gold price of $1450/oz, silver price of $16.50/oz and a metal recovery of 90% for gold and silver, which is believed to provide a reasonable margin over operating and sustaining costs for narrow vein mining and processing.

Mineral resources are diluted to a minimum width of 1.5 metre.

Scientific and technical information on this website is derived from the Technical Report entitled “Skukum Gold-Silver Project, NI 43-101 Technical Report, Whitehorse Mining District, Yukon Territory, Canada” dated effective October 1, 2020 and authored by Ronald G. Simpson, P.Geo. from GeoSim Services, Inc. and filed on the company’s SEDAR profile.

The gold equivalent formula used was AuEQ = Au + Ag * 0.0114.

Totals may not sum due to rounding.