Resources
Mineral Reserve Estimate
| Grade | Resource | ||||
|---|---|---|---|---|---|
| 3.5 g/t Au Cut-Off | Tonnes | Gold | Silver | Gold | Silver |
| (000s t) | (g/t) | (g/t) | (koz) | (koz) | |
| Proven | 313 | 8.3 | 31.4 | 83 | 315 |
| Probable | 3,131 | 8.5 | 32.3 | 857 | 3,254 |
| Total | 3,444 | 8.5 | 32.2 | 940 | 3,570 |
Notes on Mineral Reserve Estimate:
(1) The Qualified Person for the Mineral Reserve estimate is Michael Makarenko, P. Eng., of JDS Energy & Mining Inc.
(2) Effective date: January 29, 2019. All Mineral Reserves have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (CIM) definitions, as required under NI 43-101.
(3) Mineral Reserves were estimated using a $1,250 /oz gold price and gold cut-off grade of 3.5 g/t. Other costs and factors used for gold cut-off grade determination were mining, process and other costs of $109.04/t, transport and treatment charges of $5.00 /oz Au, a royalty of $24.84 /oz Au and a gold metallurgical recovery of 95%.
(4) Silver was not used in the estimation of cut-off grades but is recovered and contributes to the revenue stream.
(5) Tonnages are rounded to the nearest 1,000 t, metal grades are rounded to one decimal place. Tonnage and grade measurements are in metric units; contained gold and silver are reported as thousands of troy ounces.
(6) Rounding as required by reporting guidelines may result in summation differences.
Resource Estimate (inclusive of reserves)
| Grade | Resource | ||||
|---|---|---|---|---|---|
| 3.5 g/t Au Cut-Off | Tonnes | Gold | Silver | Gold | Silver |
| (000s t) | (g/t) | (g/t) | (Moz) | (Moz) | |
| Measured | 290 | 10.3 | 39.1 | 0.1 | 0.4 |
| Indicated | 3,426 | 10 | 37.8 | 1.11 | 4.2 |
| M&I Total | 3,716 | 10.1 | 37.9 | 1.2 | 4.5 |
| Inferred | 1,373 | 8.1 | 23.6 | 0.36 | 1 |
Notes on Resource Estimate:
(1) All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (CIM) definitions, as required under National Instrument 43-101 (NI 43-101), with an effective date of September 10, 2018;
(2) Mineral resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral resources are not Mineral Reserves and do not have demonstrated economic viability;
(3) Underground Mineral Resources are reported at a cut-off grade of 3.5 g/t Au. Cut-off grades are based on a price of US$1,250/oz gold, US$16/oz silver and a number of operating cost and recovery assumptions, plus a contingency;
(4) Numbers are rounded; and
(5) The Mineral Resources may be affected by subsequent assessment of mining, environmental, processing, permitting, taxation, socio-economic and other factors.