NORTH ISLAND PROJECT MINERAL RESOURCES
Table 1: Combined North Island Project Resource Estimate
- Classifications are compliant with CIM Resource Definition Standards, 2014
- The effective date of the Red Dog Resource Estimate is March 14, 2017. The effective date of the Hushamu Resource Estimate is November 29, 2020. See the Company’s Preliminary Economic Assessment issued May 22, 2022 with an effective date of February 4, 2021 (the “2021 PEA”).
- Resources at Hushamu and Red Dog are based on a 0.1% Cu cut-off grade. Northwest Expo is based on a 0.18gpt AuEq cut-off grade.
- The Hushamu and Red Dog Resources are based on the mining and processing cost assumptions detailed in Sections 21 and 22 of the 2021 PEA including metal prices of US$3.25/lb Cu, US$1,650/oz Au, US$10/lb Mo with recoveries of 86%, 47% and 74%, respectively.
- Amounts may not total due to rounding.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There are no Mineral Reserves.
- The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors.
- Additional notes including metal price and modelling assumptions relating to the Northwest Expo 2024 Resource Estimate may be found in Table 2
Note that the 2021 PEA is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
Table 2: Northwest Expo Mineral Resource Estimate
- Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines, as required by NI43-101. The estimate has an effective date of March 1, 2024.
- The base case Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” shape using the following assumptions:
- Metal prices of US$1800/oz Gold, US$3.50/lb Copper, exchange rate of 0.75 USD:CAD
- Metallurgical recovery of 91% Gold, 73% Copper in the Chlorite-Magnetite-Silica (CMG) and 89% gold, 88% Cu in Silica-clay-Pyrite (SCP) and all other material. Weighted average recoveries of 88% Au and 76% Cu.
- Payable metal of 99.9% Gold and 99% Cu
- Offsite costs (transport, smelter treatment and refining) of C$10/oz gold, and C$0.07/lb copper
- Processing Cost of C$10.00 and General, and Administrative (G&A) costs of C$2.50/t milled
- Mining cost of C$3.00/t mined and 48 degree pit slopes
- The 100% price case pit shell is used for the confining shape
- The resulting NSR = (Au*US$76.765/g*Recovery + 22.0462*(Cu*US$4.617/lb*Recovery))/0.75
- The resulting AuEq in CMG is: AuEq = Au + 1.064Cu% and for SCP is: AuEq = Au + 1.311Cu%
- The specific gravity of the resource is variable by lithology between 2.61 and 2.77.
- Numbers may not add due to rounding.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There are no Mineral Reserves.
The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors.
All scientific information contained on this website has been reviewed and approved by Robin Tolbert, P.Geo., Vice President, Exploration of NorthIsle Copper and Gold Inc. who is a “qualified person” as defined by National Instrument 43 – 101 of the Canadian Securities Administration.
