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  • Eau Claire - Updated Mineral Resource Estimate (effective Feb. 4, 2018)1-6

    M&I - 4,294,000 tonnes @ 6.18 g/t Au - 853,000 ounces

    Inf - 2,382,000 tonnes @ 6.53 g/t Au - 500,000 ounces

    Category Tonnes (g/t Au) Contained Au (oz)
    Measured 906,000 6.63 193,000
    Indicated 3,388,000 6.06 660,000
    Total M&I 4,294,000 6.18 853,000
    Inferred 2,382,000 6.53 500,000
  • Location

    James Bay, Québec

  • Ownership

    100%

  • Size

    20,068 hectares

  • Stage

    PEA - Announced May 23, 2018

  • Mining Method

    Open Pit and Underground

  • Preliminary Metallurgy

    95%

  1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate.
  2. The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.
  3. Open pit Mineral Resources are reported at a cut-off grade of 0.5 g/t gold and underground Mineral Resources are reported at a cut-off grade of 2.5 g/t gold. Cut-off grades are based on a gold price of US$1,250 per ounce, a foreign exchange rate of US$0.80, and a gold recovery of 95%.
  4. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate Mineral Reserves. There are no Mineral Reserves on the Property. The results are used as a guide to assist in the preparation of a mineral resource statement and to select an appropriate Mineral Resource reporting cut-off grade.
  5. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, socio?political, marketing, or other relevant issues.
  6. The Inferred Mineral Resource in this estimate has a lower level of confidence that that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

Location

The Eau Claire Deposit is located in the province of Québec, approximately 800 kilometres north of Montreal and 350 kilometres north of Chibougamau. The Deposit is readily accessible by road along the Route du Nord extending from Chibougamau onto the village of Nemiscau and via Hydro Québec’s Eastmain-1 road network. The centre of the Property is located at approximately 75.69 degrees longitude west and 52.23 degrees latitude north.

The Project is located north of the 52nd parallel (52ºN) and as such is subject to the provisions of the James Bay and Northern Québec Agreement (1975) (“JBNQA”), and the Paix des Braves Agreement (2002). The Project falls within the Eeyou Istchee Territory of the Eastmain Cree First Nation, including the trap lines held by Dr. Ted Moses (tallyman), and on Category II and III lands, as established under the JBNQA.

Eau Claire Project

The Eau Claire Deposit is a structurally-controlled gold deposit. Mineralization occurs primarily in a series of sheeted en-echelon quartz-tourmaline veins; subordinate mineralization occurs as dissemination in the host rock. The en-echelon pattern is hosted within a structural corridor and trends from northwest to the southeast. Individual veins range from less than a metre to several metres thick and extend for at least 100 metres along strike.

Gold mineralization at the Eau Claire Gold Deposit is generally located within approximately EW trending structurally-controlled, high-grade en-echelon quartz-tourmaline QT veins (formerly named HGV) and adjacent altered wall rocks, as well as variable width ESE trending sheared and foliated schist zones, HGS veins, of altered gold-bearing rock. HGS zones are aligned parallel to the host rock foliation and interpreted to parallel to the southern, or hanging wall, side of the Deposit. The vein systems are predominantly hosted within a thick sequence of massive and locally pillowed mafic volcanic flows, interbedded with narrow intervals of volcaniclastic meta-sedimentary rocks. Both flows and sediments have been intruded by multiple phases of felsic and porphyry dykes. Host rocks have been folded and deformed (sheared) through several deformation events. Both gold bearing vein sets may occur with as narrow intervals with tourmaline and develop into thick quartz-tourmaline veins with zoned tourmaline+/-actinolite+/-biotite+/-carbonate alteration halos which can measure up to several metres in thickness. Carbonate occurs to varying degrees in the vein mineralization.

The two major QT vein areas discovered to date (the 450 West and 850 West zones) form a crescent-shaped, mineralized body 1.8 kilometres long by more than 100 metres wide, which has been traced to date to a vertical depth of 900 metres. Veins within the 450 West zone typically strike 85 degrees and dip 45 to 60 degrees to the south. Mineralization within the veins plunges steeply to the southeast, sub-parallel to an F2 fold axis. Veins within the 850 West zone typically strike 60 degrees and dip sub vertically. Mineralization within this vein set plunges gently to the southwest.