Projects

Resources & Reserves

In May 2023, the Company released an updated Mineral Resource for the Cape Ray Gold Project, in accordance with the JORC-2012 Code.

2023 Mineral Resource Estimate
Cut-off Grade g/t Au Tonnes Mt Grade g/t Au Contained Metal koz Au
Open pit – total indicated & inferred mineral resources
Central Zone 0.30 4.2 2.82 377
Window Glass Hill 0.30 4.5 0.96 140
Isle Aux Morts 0.30 0.5 2.35 35
Big Pond 0.30 0.1 3.01 9
TOTAL OPEN PIT 0.30 9.3 1.88 560
Underground – total indicated & inferred mineral resources
Central Zone 2.00 0.4 3.80 49
TOTAL UNDERGROUND 2.00 0.4 3.80 49
Overall – total indicated & inferred mineral resources
Total Resources 9.7 1.96 610

Mineral Resource Notes

  • Mineral Resources are reported using a cut-off grade of 0.30 g/t gold for open pit and 2.00 g/t gold for underground, and a gold price of US$1750 based on the assumptions presented in Appendix 1 -Section 3 – Mining Factors or Assumptions (refer ASX Announcement 30 May 2023).
  • The open pit Mineral Resource is constrained using an optimised pit that has been generated using Lerchs Grossman algorithm with parameters outlined in in Appendix 1 -Section 3 – Mining Factors or Assumptions (refer ASX Announcement 30 May 2023).
  • The underground Mineral Resources are constrained using a 2.00 g/t gold grade shell below the optimised pit based on the assumptions summarised in Appendix 1 -Section 3 – Mining Factors or Assumptions (refer ASX Announcement 30 May 2023).
  • The Mineral Resource Statement for the Cape Ray Gold Project has been prepared by Trevor Rabb, P.Geo. who is a Competent Person as defined by JORC (2012).
  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  • The Mineral Resources for the Cape Ray Gold Project has been prepared in accordance with JORC (2012)
  • The number of metric tonnes and contained gold ounces are rounded to the nearest thousand. Any discrepancies in the totals are due to rounding.
  • Mineral Resources for the Cape Ray Gold Project have an effective date of 22 February 2023.
  • For further information, refer to the ASX Announcement dated 30 May 2023.