2023 Historical Mineral Resource Update Preview SW
Preview North Deposit—Orogenic Shear Hosted Gold
The Preview North Deposit is located approximately 2.6 km northeast of the Preview Southwest Deposit. Gold mineralization is associated with quartz-filled dilatant zones or veins within several sub-parallel structural shear zones. These zones are typically broad with poorly defined boundaries and highly variable shear intensity, with significant gold mineralization hosted in the most strongly deformed and sheared zones.
Figure 1: Preview SW & Preview North Deposits on the Contact Lake Gold Property
Gold mineralization at Preview North is hosted primarily within variably sheared metavolcanic units. Drilling has defined three main parallel structural zones/shears along which the main mineralized intercepts occur. The shear structures trend northeast and dip steeply to the northwest and have been defined along a strike length of 350 metres to a depth of up to 140 metres below surface. Preview North is thought to be located in a transpressional jog or bend in an overall transpressional shear system, where the shear bounds a complex internal system of anastomosing shears.
Figure 2: 3D view of the 3 parallel mineralized zones at the Preview North Deposit
A total of 32 drill holes for 4,175 metres have been completed at the Preview North Deposit, with the most recent drilling in 2022.
Drill Hole PR13-163 highlights:
- 17.98 g/t Au over 5.71m from 10m depth
- 5.96 g/t Au over 5.66m from 19m depth
- 1.88 g/t Au over 21.26m from 29m depth
The Historical Mineral Resource Estimate was completed by David Thomas, P.Geo with an effective date of October 31, 2022.
The contained gold ounces are in situ. No assurance can be given that the estimated quantities will be produced.
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by many factors such as metal prices, exchange rate changes to grade capping, density and domain assignments.
A metal price of USD 1,700/oz was used for gold and a metallurgical recovery of 90% for gold. A gold cut-off grade of 0.4 g/t was estimated based on a total process and G&A operating cost of USD $19.5 g/t of ore mined. A mining cost of USD $6.50/t and a maximum slope angle of 50 degrees were assumed.