NI 43-101 Mineral Resource Estimates
On February 8, 2024 the Company announced an updated Mineral Resource Estimate on its 100%-owned Omai Gold Property in Guyana. It included an expansion to the Wenot Deposit and incorporated the previously disclosed Gilt Creek Deposit.
Most significantly, the Wenot Mineral Resource Estimate (“MRE”) increased the Indicated Resource to 834,000 oz (10% increase) @ 1.48 g/t Au and the Inferred Resource to 1,614,000 oz (45% increase) @1.99 g/t Au.
Table 1. 2024 (January) Mineral Resource Estimates (Please review "Notes to Accompany the 2024 MRE" below the tables for assumptions and additional information)
Table 2. Comparison between Wenot 2024 (January) MRE and 2022 (October) MRE
Notes to Accompany the 2024 Mineral Resource Estimate:
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than 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 potentially be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
5. Wenot wireframe constrained gold assays were composited to 1.5 metre lengths and subsequently capped between 10 to 25 g/t. Gilt Creek Wireframe constrained gold assays were composited to 1.0 metre lengths and subsequently capped between 12 to 40 g/t.
6. The Wenot Mineral Resource Estimate incorporates 9,840 assay results from 603 diamond drill holes totalling 87,323 m within the mineralized wireframes.
The Gilt Creek Mineral Resource Estimate incorporates 7,056 assay results from 46 diamond drill holes totalling 27,997 m within the mineralized wireframes
7. Grade estimation was undertaken with ID3interpolation.
8. Wenot wireframe constrained bulk density was determined from 30 site visit samples.
Gilt wireframe constrained bulk density was determined from 28 site visit samples.
9. Wenot gold process recoveries used were 92% for Alluvium/Saprolite and 92% for Transition/Fresh Rock.
Gilt Creek gold process recovery used was 92%
10. The gold price used was US$1,850/oz
11. Wenot US$ open pit operating costs used were $2.50/t for mineralized material mining, $1.75/t for waste mining, $10/t for Alluvium/Saprolite processing, $14/t for Transition/Fresh Rock processing and $2.50/t G&A. Gilt Creek US$ underground operating costs used were $60/t for mining, $15/t for processing and $7/t G&A.
12. At Gilt Creek, MRE blocks were reviewed for grade and geometric continuity. Isolated/orphaned and single block width strings of blocks were removed in order to only report Mineral Resources with a reasonable prospect of economic extraction.
13. Wenot pit slopes were 45o.
