Gold continues consolidating its steep run launched in early November 2022. It recently tested support at $1825 after slipping through its 50-period SMA.

Amidst this volatility, news events dictate trade as rattled (twitchy) investors attempt to glean the Fed’s next move.

The current weakness in the metal weighs heavy on many of the stocks we follow on these pages. But it’s not just the Goldies taking it on the chin. There’s weakness all around.

Updating a few of the companies on our list

Forum Energy Metals (FMC.V) – (FDCFF.OTC)

At Forum’s Wollaston Uranium Project in the northeastern Athabasca Basin, the company drilled seven holes to follow up on the technical success encountered last year along a conductive trend at their Gizmo target. Less-than-ideal winter conditions forced the company to pull out of this campaign short of testing what these geological sleuths identify as their ‘best targets.’ 

Slide #21 from Forum’s pitch deck

While the drill was turning, the company completed a round of geophysics over the rest of this large 11,067-hectare property—ground gravity surveys—that once processed, will be married with the other layers of geophysics (recently completed airborne mag and EM) to further define these high-priority targets.

We should hear more on this winter campaign, and plans for additional drilling (picking up where they left off) in the not-too-distant future.

Elsewhere along this prolific U3O8 Basin, the company recently announced an option agreement covering its Grease River Project

Forum Energy Metals and Traction Uranium Enter into an Option Agreement for the Grease River Property in the Athabasca Basin

Grease River is located within the north-central margin of the Athabasca Basin near the community of Fond du Lac (map above).

The project consists of two separate claim blocks along the NE-trending Grease River Shear zone, a major intracontinental shear zone spanning some 400 kilometers (map below).

A uranium deposit discovered in the 1970s—Fond du Lac—lies within the Grease River Shear zone. Fond du Lac holds an estimated non-compliant historical resource of one million pounds of uranium at an average grade of 0.25% U3O8*** The company’s Grease River claims are located along trend of Fond du Lac to the southwest and northeast. Significantly, the project is largely unexplored. Airborne geophysical surveys are on deck to begin the process of structural mapping to assist in teeing up prospective drill targets.

This deal with Traction Energy is characterized by significant cash payments + share issuances, and aggressive exploration spending commitments separated into three phases.

The Terms (as per the guts of this press release):

Phase One

Traction is entitled to acquire a 51% interest in the Property (the “First Option”) by paying an aggregate of $250,000, issuing an aggregate of 1,625,000 common shares (the “Shares”) and funding an aggregate of $3,000,000 in exploration expenditures on the Property by December 31, 2025. Traction will become operator of the Property if it exercises the First Option.

Phase Two

If Traction exercises the First Option then it can acquire an additional 19% interest in the Property, for a total interest of 70% (the “Second Option”), by paying an aggregate of a further $700,000 in cash, issuing an aggregate of a further 2,500,000 Shares and funding an aggregate of a further $3,000,000 in exploration expenditures on the Property by December 31, 2027.

Phase Three

If Traction exercises the Second Option, then it can acquire an additional 30% interest in the Property, for a total interest of 100% (the “Third Option”), by paying an aggregate of a further $1,000,000 in cash, issuing an aggregate of a further 3,000,000 Shares and funding an aggregate of a further $3,000,000 in exploration expenditures on the Property by December 31, 2028.

If the Third Option is exercised, Traction would also be required to (i) grant Forum a 2% net smelter returns royalty (the “NSR Royalty”), (ii) pay Forum an additional $1,000,000 upon completion of a preliminary economic assessment as this term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) in respect of the Property, (iii) pay an additional $2,000,000 to Forum upon completion and disclosure of a NI 43-101 compliant feasibility study, and (iv) pay an additional $5,000,000 to Forum upon commencement of commercial production on the Property.

Forum will be the operator of phase-1 exploration.

This just in…

Forum Energy Metals and Traction Uranium Engage Axiom Exploration Group to Conduct Airborne Magnetic, Electromagnetic and Radiometric Survey on the Grease River Project

This survey—to include the collection and processing of TDEM data via helicopter for a 1290 line-km survey (survey line spacings of 100 meters and tie lines spaced at 1,000 meters)—will be conducted over the areas highlighted on the following map.

Modern airborne geophysical surveys have the ability to detect geological features associated with uranium mineralization to depths of over 1 kilometre. Detecting graphitic structural zones, which is a major geological marker for uranium mineralization is done using high-resolution electromagnetic surveys which assists the team in understanding the geology at depth and mapping major structural zones by looking at the mass or density and magnetic mineral content of various rock formation differences. These variations in the magnetic fields aids the team in structural mapping and defining prospective drill targets for the Grease River Project.

The following (recent) interview with Dr. Rebecca Hunter, Forum’s VP of Exploration, offers additional insights…

With its expansive project pipeline, Forum’s current $21M valuation may represent a low-risk entry point for those seeking exposure to the uranium market.

Goldseek Resources (GSK.C) – (4KG.FRA)

Goldseek, having come off recent lows, tabled its first press release of 2023 in advance of putting boots back on the ground at its flagship Beschefer Project. Beschefer is located along the northern Abitibi Greenstone Belt, approximately 30 kilometers southwest of Wallbridge’s Fenelon Gold Project.

Goldseek Expands Size of Beschefer Project

I suspect Goldseek management has had its eye on this property for some time. This deal captures an additional six claims totaling 3.34 square kilometers, expanding the northwest boundary of the project.

Project highlights:

  • Strong ovoid magnetometric anomaly (0.16% Cu over 1.5m; GM 31529) could represent a syenitic porphyry intrusion (GM 31529, Énergie et Ressources Québec);
  • OreVision IP exploratory survey defined anomalies representing new targets to follow up.

The terms of the deal are favorable: subject to a 2% NSR, the cost to acquire a 100% interest works out to $5,000 in cash and 600K Goldseek common shares (Goldseek can claw back one-half of the NSR at any time for the sum of $1,000,000).

We should get an update from the company concerning its upcoming winter drill campaign shortly.

With a current valuation of roughly $2.65M, the company may represent an attractive low-risk entry point for those looking for exposure to some of Canada’s most prolific gold camps (Hemlo, Urban Barry, Quevillon, Val D’Or North, and Detour).

Battery Metals

There’s been talk over social media channels that the top is in for Lithium. It can be argued that these top callers, having missed out on the extraordinary gains realized in the past year or so, are simply pissing on the lithium party to compensate for their own short-sightedness.

Firming the resolve of those in the bear camp, lithium prices have fallen off to their weakest level in a year (spodumene is at its lowest since last October) after China ended a decade-long national subsidy for EV purchases earlier this year.

While the steep runup in the junior arena is in the midst of a correction, I suspect there’s more runway here as the supply/demand dynamics underpinning the sector are still tight, and will likely remain tight going forward. Companies exploring and developing (potential) tier-1 deposits, particularly those in mining-friendly jurisdictions, are likely being circled by resource-hungry predators desperate to bulk up their project pipelines. And it’s not just the miners stalking this quarry…

Tesla is considering a bid for battery metals miner

Two junior sector standouts dropped headlines recently that clearly… standout.

Headline #1:

Patriot Extends Strike Length of CV5 Pegmatite by 400 m in First Series of Holes from its 2023 Drill Campaign, Corvette Property, Quebec, Canada

Patriot is engaged in an aggressive multi-rig drill program at its flagship Corvette Project in the James Bay region of Quebec. There are a lot of eyes on this campaign (‘a lot’ = massive understatement).

In the first eight holes of this winter campaign, the company tagged various widths of spodumene pegmatite ranging from 8 meters to 132 meters. These first eight were drilled to the east of recently reported Hole 93—52.2 meters of 3.34% Li₂O (including 15.0 meters of 5.10% Li₂O).

With this news, the strike length of CV5 has been extended an additional 400 meters eastwardly. Assays are pending for this batch.

The Company states:

Drill holes CV23-105 and 106 were collared immediately on strike eastwardly of the high-grade Nova Zone intersected in drill hole CV22‑093 (52.2 m at 3.34% Li2O, including 15.0 m of 5.10% Li2O – see news release dated January 30th, 2023), at a distance of approximately 90 m and 200 m, respectively, and returned near-continuous pegmatite intersections of approximately 84 and 132 m (core length), respectively. The two holes were collared at the same orientation as CV23-093 and indicate the pegmatite has widened at this location and depth along strike. The pegmatite continued to be intersected in drill holes CV23‑107 and 108, a further 100 m and 200 m along strike, respectively, with widths of approximately 65 m and 54 m (core length), respectively. The pegmatite remains to be tested further at depth along this 400 m of new strike length. Core assays have not yet been received for any of the holes completed to date in 2023.

The thrust of this winter campaign includes stepping out along strike eastwardly towards the CV4 Pegmatite cluster, which is now roughly 2.0 kilometers to the easternmost drill hole (CV23-108) reported in this Feb. 5 press release (map above).

Additionally, spodumene pegmatite is inferred to be present under cover along this corridor based on a boulder field located approximately 1 km down ice (above map). Based on the angularity and size of the boulders, they are not interpreted to have been sourced from the CV4 Pegmatite cluster and therefore, may indicate a source under the shallow glacial lake, along strike of the current drilling at CV5.

The Company will also step out westward from the opposite end of the CV5 cluster, from drill hole CV22-074 (16.9 meters at 2.00% Li2O) towards the CV13 Pegmatite cluster 4.3 kilometers away. Investors will be watching this separate stepout campaign closely. Is it possible that CV5’s mineralization extends and fortifies this entire 4.3-kilometer gap?

Speaking of CV13, investors, spoiled rotten by a procession of fat drill hole assays from CV5, were less enamored by initial results from that pegmatite cluster.

A Feb. 13 press release:

Patriot Drills 22.6 m at 1.56% Li₂O, including 6.0 m at 3.19% Li₂O in First Holes to Test the CV13 Pegmatite Cluster at the Corvette Property, Quebec


  • 22.6 m at 1.56% Li2O (29.3 m to 51.9 m), including 6.0 m at 3.19% Li2O (CV22-092);
  • 22.4 m at 1.28% Li2O (3.1 m to 25.5 m) (CV22-077) – collared in lithium pegmatite;
  • 15.6 m at 1.50% Li2O (2.8 m to 18.3 m) (CV22-081) – collared in lithium pegmatite;
  • 18.8 m at 1.01% Li2O (23.8 m to 42.6 m), including 4.0 m at 2.37% Li2O (CV22-103);
  • 17.3 m at 1.41% Li2O (20.6 m to 37.9 m), including 8.0 m at 2.09% Li2O (CV22-104).

These are solid hits on their right. The market apparently wasn’t able to grasp that these results stem from a spodumene pegmatite cluster 4.3 kilometers further to the northeast. No matter… the stock needed to shed some of its recent FOMO froth.

A minimum of 20,000 meters are targeted for this current 5-rig campaign

Headline #2:


Here, Frontier reported the remaining seven drill holes from a Phase XII drill program at its wholly-owned PAK Lithium Project in mining-friendly Ontario.

This campaign was designed to upgrade inferred material to the higher confidence resource categories as the company pushes the orebody further along the curve towards pre-feasibility. Drilling also stepped out along the eastern and western extents of the deposit.

The standout drill hole in this press release is DDH PL-098-22 which tagged a whopping 398.25 meters of 1.88% Li2O.

DDH PL-098-22, one of three highlight intervals in this Feb. 8 press release, also included the following high-grade subintervals:

  • 18.0 meters from 20.5 to 38.5m averaging 2.48% Li2O;
  • 23.4 meters from 244.0 to 267.4m averaging 3.12% Li2O;
  • 16.0 meters from 282.0 to 298.0m averaging 2.70% Li2O;
  • 38.0 meters from 390.0 to 428.0m averaging 2.65% Li2O.
Figure 2: Planview map of the Spark pegmatite showing drillhole traces (CNW Group/Frontier Lithium Inc.)

Garth Drever, VP of Exploration: “Now that all the results have been received and processed, we can say that our goal of upgrading Inferred has been achieved and the Spark pegmatite continues to increase in size particularly with the intersections in holes PL-098-22 and PL-099-22. These two holes, which are 140m apart, have confirmed that the new northwest zone discovered in February 2022 is connected to the main zone and contains significant high-grade zones of 2 to 3% Li2O. This zone will certainly be explored during the 2023 drill program at Spark.”

The Spark Pegmatite is one of the two delineated spodumene-bearing lithium deposits on the PAK Lithium Project:

  1. The Spark Deposit currently holds 32.5 Mt of 1.4% Li2O across all resource categories.
  2. The PAK Deposit currently holds 9.3 Mt of 2% Li2O in the measured & indicated categories.

Briefly updating some of the other companies we follow here

Prime Mining (PRYM.V) – (PRMNF.OTC) – (04V3.FRA)

Prime completed 110,000 meters of drilling in 2021 and 2022 at its flagship Los Reyes Project in Sinaloa State, Mexico—drilling that will form the foundation of an updated resource estimate due to drop in Q2 of this year.

2023 Drill Program and Progress Update

An initial fully funded 35,000-metre campaign is currently budgeted for 2023. The drill rigs will step out along the three known deposits (Guadalupe, Z-T, and Central)…

… and a ‘generative exploration drilling’ approach will also be conducted over additional high-priority target areas.

Numerous exploration targets remain on the wider Los Reyes project. As part of this Phase 3 program, the 2023 generative drilling focusses on potential new resource areas. Initial targets have been identified by surface mapping and sampling, remote-sensing analysis and, in some cases, prior drilling. Upgrading existing access to allow drilling of these generative targets is an important component of the 2023 program. Thanks to the strong team Prime has built and incredibly successful Phase 1 and Phase 2 drilling program, our geological understanding, modelling abilities, and target success rate have increased dramatically. Prime may look to increase total meters drilled in the 2023 program, as it did in Phase 2.

The company will also conduct metallurgical studies, environmental baseline work, and a continuation of local community dialogue with a strong emphasis on water programs and education.

Additional assays for the remaining holes from the 2022 campaign are on deck.

i-80 Gold (IAU.V) – (IAUX.NYSE)

Shortly after tabling a US $50M convertible debenture earlier this month, 1-80 dropped another high-grade intercept from ongoing drilling from its Ruby Hill Project in Eureka County, Nevada.

i-80 Gold Intersects 12.3 g/t Au Over 10.7 m in New Target at Ruby Hill

The values in the above headline highlight a new zone of high-grade gold mineralization—the 428 Zone. This was the first hole drilled into this new target.

The 428 Zone is located approximately 300 metres east of the southern portion of the Ruby Deeps Zone and is one of several brownfields exploration targets tested in the highly successful 2022 exploration program at Ruby Hill. This program resulted in multiple gold, polymetallic and base metal discoveries including the Hilltop Zones where drilling has returned significant high-grade carbonate replacement mineralization (CRD) including 515.3 g/t Ag, 28.9 % Pb, 10.5 % Zn & 0.9 g/t Au over 28.3 m in hole iRH22-43 (Upper Hilltop). The 428 Zone is located below the Archimedes pit and appears to be a combination of distal-disseminated gold mineralization overprinted by later Carlin-type gold mineralization. 

Defense Metals (DEFN.V) – (DFMTF.OTC) – (35D.FRA)

Defense Metals dropped a handful of noteworthy headlines concerning its flagship Wicheeda REE Project since we last checked in.

A Jan. 24 headline:

Defense Metals announces best Rare Earth Assay Results of 2022 from Wicheeda Project Drilling, including 138 metres of 3.66% TREO

Figure 1. Wicheeda REE Deposit Cross Section Looking North (CNW Group/Defense Metals Corp.)

The values in the text of the above headline, stemming from an exploration (geotechnical) core drill hole, returned the best drill intercept (grade-times-width) of the 2022 campaign.

The Company’s aggressive push along the development curve also led to this Feb. 7 headline:

Defense Metals Engages SRK to Start Pre-Feasibility Level Site Geotechnical Investigations & Appoints Project Development Coordinator for Wicheeda Rare Earth Element Project.

The SRK geotechnical studies will inform the planned Wicheeda REE Project preliminary feasibility study (“PFS”) with respect to areas of geotechnical engineering, hydrology, site infrastructure, tailings facilities, geochemistry, and site water management.

And more recently, the company dropped news on the metallurgy front:

Defense Metals Variability Flotation Tests Yield High Rare Earth Recoveries to High Grade Concentrates

John Goode, Defense Metals’ metallurgical advisor:

“Flotation tests on variability samples from the dominant lithological unit of the Wicheeda REE deposit gave an average of 81% recovery to a concentrate assaying 45% rare earth oxide. Wicheeda is one of the few rare earth deposits under development from which a high-grade mineral flotation concentrate can be produced at recovery rates similar to those obtained by current rare earth producers. High-grade concentrates at high recoveries are a critical requirement for positive production economics. These successful flotation results help to position Defense Metals’ Wicheeda deposit as one of the best in North America.”

Defenses’ share price has firmed up in recent weeks, no doubt in response to this acceleration in development activity.

Red Pine Exploration (RPX.V) – (RDEXF.OTC)

Red Pine, a company featured here several times since early November 2022, saw its share price crater on the heels of drill results that failed to impress a market that was expecting a repeat of the success announced in early January (5.13 g/t gold over 37.47 meters (including 25.20 g/t gold over 3.41 meters) from its Wawa Gold Project along the Michipicoten Greenstone Belt of Ontario.

The Feb. 16 headline:

Red Pine Continues to Intersect Gold Mineralization in the Hanging Wall of the Surluga Deposit: 1.65 g/t gold over 29.17m including 6.64 g/t gold over 5.87m.

The market wanted more. Much more.

Current prices may represent a low-risk entry point for those shortlisting potential takeover candidates (nearby producers may view Red Pine’s resource base as a source of additional mill feed).

Quentin Yarie, Red Pine’s CEO: “As we begin our 2023 program focused on resource growth, we continue to evaluate the potential of a hybrid open pit/underground constrained resource (Press release December 06, 2022). In the attached cross section, the continuity of gold mineralization within the Jubilee shear is apparent at lower cut-offs that may be conducive to a shallow open pit with a potential of adding tonnage and ounces to the existing Surluga deposit. Our focus for 2023/24 remains to be an increase in the resource(s) on the Wawa Gold Project.”

Optimum Ventures (OPV.V) and Teuton Resources (TUO.V)

Teuton and partner Optimum Ventures reported assays from their Harry Project located near the town of Stewart in the Golden Triangle of northwest British Columbia.

The Feb. 16 headline…

Optimum Ventures Receives Positive Assay Results on the Harry Property in Northwest British Columbia

The assays Optimum presented in this press release are the upshot of a cleverly conceived first pass ‘Shaw’ backpack drill campaign.

A “Shaw” backpack drill was used in the sampling program. Capable of providing core to 1 metre depth, this type of drill is typically used in glacially polished areas where obtaining a representative sample from conventional surface sampling can prove difficult. The results from 97 Shaw drill holes have been received and show evidence of multiple mineralizing events, including quartz and quartz breccias with zinc sulphide, lead sulphide, copper-iron sulphide, copper-antimony sulphosalts, iron sulphide, and occasional fine visible gold, as well as gold-silver enriched volcanogenic massive sulphide (VMS) type mineralization similar to the famous Eskay Creek deposit, and enhanced gold associated with iron-arsenic sulphide in sericite altered rocks.

Sheeted Vein Zone (Shaw Drilling) Highlights:

Saw Cut Zone (Shaw Drilling) Highlights:

It’s important to note that assay results from last year’s 2,128-meter diamond drill campaign are next in line and will be released shortly.

Ridgeline Minerals (RDG.V) – (RDGMF.OTC) – (0GC0.FRA)

Generating newsflow from multiple (highly prospective) projects in the mining-friendly state of Nevada, this one is worth looking into.

Late last month the company dropped the following headline concerning its Selena Project where it’s probing the subsurface for CRD style alteration and mineralization:

Ridgeline Minerals Intersects High-Grade Zone of 6.1 Meters of 480 g/t Silver, 12.0% Lead, 6.4% Zinc and 0.1 g/t Gold at the Selena Project, Nevada

The Selena property is a shallow-oxide, silver-gold-lead-zinc discovery made by Ridgeline in 2020. The property hosts a zoned Ag-Au-Pb-Zn Carbonate Replacement Deposit (CRD) with potentially open-pittable Ag-Au at Chinchilla, Juniper, Revival and Broken Egg as well as deeper high-grade potential at the CRD Zone. The project is located within the historic Limousine Butte district of the south Carlin-Trend with the claim block comprised of 467 contiguous federal lode claims totaling 39km². Historic and currently producing mines in the area including the Bald Mountain, Alligator Ridge, Yankee, Illipah and Golden Butte deposits. Freeport – McMoRan entered into a US $33M earn-in agreement with Falcon Butte Minerals on the adjacent Butte Valley Cu-Au porphyry project in October 2022.

The interval highlighted in the text of the above headline—6.1 meters grading 480.52 g/t Ag, 12.0% Pb, and 6.39% Zn, 0.14 g/t Au—represents the best gram-meter intercept ever drilled on the property. If this intercept were calculated on a silver equivalent basis, it would work out to 6.1 meters grading 1,137.20 g/t AgEq.

Mike Harp, Ridgeline’s VP of Exploration: “Drilling to-date suggests the potential to define both open-pit and underground mining scenarios at Chinchilla, with significant upside remaining along strike and within un-tested and highly prospective carbonate host rocks at depth.”

There was some acquisition news on Feb. 9, followed by this more recent headline flowing from the company’s Swift Project in the Cortez mining district of the Battle Mountain– Eureka Trend:

Ridgeline Minerals Announces Widespread Carlin-Type Alteration and Gold Mineralization from Drill Results at the Swift Project, Nevada

Nevada Gold Mines is earning an initial 60% stake in Swift by spending US$20 million on exploration over five years. Having spent a total of US $4,900,000 on the project to date, NGM has satisfied the minimum exploration-spending requirement of US $4,000,000 ahead of the scheduled December 31, 2023 deadline.

While the assays from these three widely spaced holes are low grade, they may represent a ‘halo’ around a sizeable Carlin-Type gold deposit at depth.

Chad Peters, Ridgeline’s CEO: “Making a deep gold discovery in Nevada can be a time and capital-intensive process and we’re fortunate to have our partners at Nevada Gold Mines applying their impressive track record of discovery to the Swift Project. It’s well known that large Carlin-Type gold deposits tend to form kilometer-scale gold and trace element halos around them, and today’s results suggest a significant gold system is present at Swift. Holes two and three were drilled 800 meters apart and still returned the strongest Lower Plate gold intercepts at the project to-date. These results add key geochemical and structural pieces to the geologic model and will help future exploration programs vector towards potentially higher-grade gold zones. Nevada Gold Mines is planning on conducting additional framework drilling in 2023 and we look forward to updating our shareholders as the program progresses.”

My friend James Kwantes’ take (posted over at CEO.CA):

Arizona Metals (AMC.V) – (AZMCF.OTC)

Arizona Metals has been reporting significant drilling-related newsflow from their flagship Kay Mine Project since April of 2020, but a recent headline caught my attention:

Arizona Metals Corp. Commences Drilling at the Western Target

A road has finally been pushed into the W1 and W2 drill pads (map below), allowing the company to probe the Western Target, plus additional coincident anomalies between the Central and Western zones.

This is where things could get interesting. The Central and Western targets—coincident structural, stratigraphic, geochemical, and geophysical anomalies—were defined via extensive geologic mapping, sampling, and electromagnetic and gravity surveys. This are big-ass targets.

I’ve been waiting for the company to mobilize a rig to these regional targets as success with the biz end of the drill bit could blow the project’s resource expansion and exploration upside wide open.

Drilling of the Western Target (located 1,200 meters west of the Kay Mine Deposit) from pad W1 commenced on February 14th.

Central Target Update

The Central Target graphite horizon (map below) is thought to be a structural repetition of the Kay Mine Deposit horizon. The graphite horizon drilled to date at the Central Target has anomalous base metals throughout, demonstrating the potential to host stratiform mineralization north of pad C1 and south of pad C2. Upcoming planned drill holes will test these areas.

Plan view of the first planned drill hole from pad W1 commenced on February 14th, 2023 to test the Western Target EM conductor

Arizona Metals is fully-funded (with $58 million in cash at Sept 30, 2022) to complete the remaining 5,000 meters planned for the Phase 2 program at Kay (budgeted at $2.1 million), as well as an additional 76,000 meters in the Phase 3 program (budgeted at $32 million), which will be used to test the numerous parallel targets heading west of the Kay Mine Deposit, as well as possible northern and southern extensions of the Kay Mine Deposit.


—Greg Nolan

Full disclosure: Forum Energy Metals and Goldseek Resources are Highballer clients (best to consider the author biased concerning these two). The author owns shares of Forum, Goldseek, and Patriot Battery Metals.


*** Some historical estimates were completed prior to the implementation of NI 43-101 and others are internal estimates from previous operators. Given the extensive exploration work completed by experienced mineral resource companies, and the quality of the historical work completed, the Company believes the historical estimate to be relevant and reliable. However, a qualified person has not completed sufficient work to verify and classify the historical estimate as a current mineral resource, and the Company is not treating the historical estimate as a current mineral resource. Hence, the estimate should not be relied upon. It should be noted that mineral resources, which are not mineral reserves, do not have demonstrated economic viability as defined by NI 43-101.


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