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Barsele - NI 43-101 Resources
Summary of Mineral Resources in the Avan, Central and Skiråsen Gold Zones (Report: February 15, 2018)

Au Cut-off (g/t)

Resource Category

Tonnes

Au Grade (g/t)

Contained Ounces Au

1.75

Indicated

2,399,000

2.50

193,000

Inferred

15,279,000

2.91

1,427,000

Mineral Resource Estimate Footnotes:

  1. The Independent and Qualified Persons for the Mineral Resource Estimate, as defined by NI 43‑101, are Pierre-Luc Richard, P.Geo., M.Sc. and Carl Pelletier, P.Geo., B.Sc, both from InnovExplo Inc., and the effective date of the Estimate is February 15, 2018.
  2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. While the results are presented undiluted and in situ, the reported mineral resources are considered to have reasonable prospects for economic extraction. 
  3. The entire mineral resource is presented as Underground Potential. Underground mineral resource estimation is reported at 1.75 g/t Au cut-off. The cut-off calculation is based on the following assumptions: Mining cost = US$45.00; Processing cost = US$15.00; General and Administration= US$8.00; Refining and Selling Costs = US$10.00; Gold price: US$1,300 (3-year trailing average); and Metallurgical Recovery = 92.6%. Cut-off grades will have to be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate and mining cost, etc.).
  4. For sensitivities purposes, the mineral resources were also compiled at cut-off grades of 1.20, 1.30, 1.40, 1.50, 1.60, 1.70, 1.75, 1.80, 1.90, 2.00, 3.00, and 4.00 g/t Au.
  5. The Mineral Resources presented herein are categorized as Indicated and Inferred. The Inferred category is only defined within the areas where the drill spacing is less than 100m. The Indicated category is only defined within the areas where the drill spacing is less than 25m. Clipping boundaries were used to define classification based on those criteria. The quantity and grade of reported Inferred Mineral Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as Indicated or Measured, and it is uncertain if further exploration will result in upgrading them to these categories.
  6. The resource was estimated using Geovia GEMS 6.8. The estimate is based on 270 surface diamond drill holes (99,343m). With rare local exceptions having no material impact on the resource, a minimum true thickness of 2.0 m was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed. The estimate includes one (1) low-grade gold-bearing mineralized envelope encompassing 47 higher-grade gold-bearing zones.
  7. High grade capping was done on composite data and established on a per corridor basis for gold (Au g/t): Low Grade Mineralized envelope = 8; high-grade gold bearing zones: Skirasen = 45; Central = 40; Avan = 15). Capping grade selection is supported by statistical analysis.
  8. Density values were applied based on lithology. All mineral zones were attributed 2.73g/cm3.
  9. Grade model compositing was done on drill hole intersections falling within the mineralized zones (composite = 2.0 m with adjusted length from 1.0m to 3.0m if needed).
  10. Grade model resource estimation was evaluated from drill holes using an OK interpolation method in a block model (block size = 10 x 3 x 5 m).
  11. Calculations used metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
  12. The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43‑101.
  13. CIM definitions and guidelines for mineral resources have been followed.
  14. InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in the Report, that could materially affect the Mineral Resource Estimate.
Summary of Mineral Resources in the Avan, Central and Skiråsen Gold Zones (Report: November 30, 2012)

Au Cut-off (g/t)
Zone
Resource Category
Tonnes
Au Grade (g/t)
Contained Ounces Au
0.60 Central
Indicated
13,610,000
1.22
532,000
Central-Skiråsen
Inferred
9.840,000
1.08
340,000
Avan  
Indicated
490,000
0.97
15,000
Inferred
10.360,000
0.86
287,000
TOTAL  
Indicated
14,100,000
1.21
547,000
Inferred
20,200,000
0.97
627,000

Norra VMS Zone (Report: November 30, 2012):
  • Indicated Resource: 110,000 tonnes grading 3.13 g/t Au (11,000 oz), 30.27 g/t Ag, 0.53% Cu, 0.72% Zn
  • Inferred Resource: 310,000 tonnes grading 1.62 g/t Au (16,000 oz), 12.69 g/t Ag, 0.26% Cu, 0.42% Zn.
Au Cut-off
(g/t)
Tonnes> Cut-off
(tonnes)
Grade > Cut-off
Au (g/t) Ag (g/t) Cu (%) Zn (%) Au Oz Ag Oz Cu lbs Zn lbs
INDICATED RESOURCE
0.60 110,000 3.13 30.27 0.53 0.72 11,000 107,000 1,286,000 1,746,000
INFERRED RESOURCE
0.60 310,000 1.62 12.69 0.26 0.42 16,000 126,000 1,777,000 2,871,000

 
 
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