The Klondike placer gold fields have produced approximately 20 million oz of gold since discovery in August 1896. Over one hundred and twenty years later, the bedrock sources of these gold-in-gravel deposits are finally being discovered.
“The Company is excited to generate the first-ever Mineral Resource documenting bedrock gold resources in the 125-year history of alluvial gold mining in the famous Klondike goldfields. This milestone is many decades overdue from a historical perspective. We are also pleased with the value this Initial Mineral Resource Estimate generates for our shareholders. We have observed previously that our exploration has not yet found the ‘best’ mineralization and we are confident there are many additional discoveries still to be made in this prolific district.”
The Initial Mineral Resource Estimate comprises a total Indicated Mineral Resource of 469,000 ounces of gold and a total Inferred Mineral Resource of 112,000 ounces of gold on the near-surface Lone Star and Stander Deposits. The Mineral Resource Estimate is based upon drilling results from 2014 through 2021 field seasons. The pit-constrained Mineral Resource Estimate is summarized below.
Table 1: Pit-Constrained Mineral Resource Estimate at a 0.2 g/t Au Cut-Off – Effective November 10, 2022 – Lone Star and Stander Deposits
Au Content oz.
The effective date for the Mineral Resource is November 10, 2022.
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
The CIM definitions were followed for classification of Mineral Resources. The quantity and grade of reported inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred Mineral Resources as an indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured Mineral Resource category.
Mineral Resources are reported at a cut-off grade of 0.2 g/t Au, using a gold price of US$1,700/ounces and a US$/CAN$ exchange rate of 0.75.
Figure 1: Klondike District Gold Project 2022 Resource Areas
Figure 2: Klondike District Gold Project 2022 Lone Star Resources
Figure 3: Klondike District Gold Project 2022 Stander Zone Resources