The updated MRE for Northshore was completed by
Estimate Methodology
The 2022 MRE was completed by Mr.
The MRE is based on the combination of geological modeling, geostatistics and conventional block modeling using Ordinary Kriging (OK) for gold grade interpolation. Modelling was conducted in the Universal Transverse Mercator (UTM) coordinate space relative to the North American Datum (NAD) 1983, Zone 16N. The mineralization domains utilized an approximate lower cut-off of 0.15g/t Au for the interpretation of mineralization shapes. The resource block model utilized a block size of 5m (X) x 5m (Y) x 2.5m (Z), allowing for a maximum of 4 sub-blocks in X and Y and 2 sub-blocks in Z to honour the mineralization domain wireframe volume. The MRE is undiluted and only considers the volume of the blocks falling inside the mineralization domains.
Estimation for gold was completed using 5,221 composited samples from inside the estimation domain wireframes. The search ellipsoid used to select samples for each block estimate was defined by the modelled variogram ranges. Block grade estimation was undertaken in 4 successive passes using factors of the variogram ranges to define the search ellipsoid size.
Density measurements by previous operators included a total of 21 representative drill core samples that were submitted to a laboratory. An average density value of 2.74g/cm-3 was determined to be representative for the Afric zone. It was decided to apply a global bulk density of 2.7t/m-3 to the MRE. No distinction was made between mineralized and non-mineralized rock.
The unconstrained resource block model was subjected to several LG open pit optimization scenarios utilizing a number of gold prices, mining cost scenarios and recovery factors typical of
The current interpretation of the mineralization zone used to envelope the MRE has assumed that all un-sampled intervals of drill core contain zero grade, and in some areas, these un-sampled intervals influenced the margins of the estimation domains and the interpolation of grade within it. The identification of gold mineralization in previously un-sampled drill core prompted the company to review the total meterage of un-sampled drill core within the footprint of the current Northshore resource model and within 200m of the topographic surface. In addition to the un-sampled interval in drill hole RSG21-069, a total of 864m of un-sampled core from 22 drill holes was identified and is available for resampling.
Within the
APEX personnel have recommended that all available drill core be re logged using consistent coding for lithology, intensity of alteration, structure and mineralization. The relogging exercise would provide a consistent dataset for re interpretation of the historical drilling, which may assist in identifying the structural controls or more importantly, the specific boundaries of mineralized corridors which could then be modelled for future resource estimates. This exercise may also indicate specific areas where there are opportunities to extend the known zones of mineralization at the
The technical content of this news release has been reviewed and approved by
First Nations Consultation
The Company continues to consult with Pays Plat First Nation, a key stakeholder in Northshore. Notwithstanding, Northshore Property consists of both patented and unpatented mineral claims, until the Company has satisfied the First Nation's requirements for consultation and obtained a social license to conduct work on the project, the Company will not move forward with any field-based work programs and will focus on further analysis of historical work and data as recommended by APEX. Pays Plat's has identified a number of issues of concern relating to the
Management Commentary
Mr.
About
Contact:
Chief Executive Officer
Email: amcaulay@readysetgoldcorp.com
Direct: +1 (604) 365-0425
WEB: www.readysetgoldcorp.com
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Cautionary Statement Regarding Forward-Looking Information
This news release may contain certain 'forward-looking information'. Forward-looking information included in this news release include statements regarding consultations with Pays Plat First Nation, completion of a new resource estimate, and an update to the Company's strategy and matters to be acted upon thereat. Forward-looking information is based upon the assumptions and estimates considered reasonable by management of the Company, in light of its experience and knowledge of current trends and opportunities. Forward-looking information involves known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Risks that may cause the forward looking information contained herein to be materially different from the future results, performance or achievements expressed or implied by the forward-looking information contained herein include, but are not limited to, risks that the filing of the technical report pertaining to the MRE may be delayed due to the busy nature of the mineral exploration industry currently, the Company's inability to access the project, COVID-19 pandemic related delays; and Indigenous consultation has no set timeline and could cause substantial delays to conducting work on the projects. As a result, readers are cautioned not to place undue reliance on any forward-looking information. Any statement containing forward looking information speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
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