• 173,000 ounces inferred resource* (9.57 million tonnes averaging 0.56 g/t Au at a 0.3 g/t Au cutoff)—Source Giroux and Froude 2013-43-10
• Total of 6,353 meters of drilling in 30 holes over four phases
• Drill intercepts included: BO-09-17 up to 20.45 meters of 1.27 g/t Au and 16.80 meters of 1.02 g/t gold including higher grade intercepts of 5.75 meters of 3.89 g/t Au, BO-11-24 36 .06 meter grading 1.15 g/t Au and 19.98 meters grading 1.05 g/t Au, BO-11-25 25.45 meters grading 1.48 g/t Au including 7.8meters grading 3.62 g/t Au
• Open down dip and along strike
*The historical resource estimate is based on prior data and reports obtained and prepared by previous operators and information provided by governmental authorities. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. The issuer is not treating the historical estimate as current mineral resources or mineral reserves. Establishing a current mineral resource estimate on the property will require further evaluation, which the company and its consultants intend to complete in due course.
This 100 hectare property is located in south central Newfoundland 80km southwest of New Found Gold Queensway gold project
Several well-known examples of this intrusion hosted style of gold mineralization type of deposit are found in the Tintina Gold Belt in Alaska and the Yukon Territory and include the Fort Knox, Donlin Creek And Brewery Creek deposits.
Has the potential to host significant intrusion hosted, open pit mineable gold deposit similar in size and grade to that of the Fort Knox deposit (252 MT @0.47 g/t Au-Kinross Gold website).
Additional drilling is required to substantially expand the resource.