1911 Gold Provides Update on Strategic Plans for True North Mine
Project Update
- Resource Model Quality: Completed a detailed review of the current Mineral Resource geological model and confirmed the integrity of the geological interpretation.
- Drill Hole Data Review: Completed a review of the True North drill hole data, identifying areas where information is required but confirming its integrity and accuracy.
- Mineral Resource Estimate: Completed validation of the current Mineral Resource Estimate with results being able to re-produce the tonnes, grades and contained ounces.
- Near Mine Geology and Structural Controls: Confirmed the presence of major regional structures hosted by mafic lithological units, the primary control for gold mineralization at True North, critical for target generation in the future.
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Manitoba Mineral Development Fund ("MMDF") Grant: The Company was approved for$180,986 in funding underManitoba's resource development program administered by the MMDF.
Forward Plans
- Resource Model Update and Database Review: Complete the updating of all geological wireframes as well as review and validate the project database by the end of June to support the updated Mineral Resource Estimate.
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Mineral Resource Estimate Update:
Lions Gate Geological Consulting engaged to complete the Mineral Resource Update planned for completion by earlyAugust 2024 . - True North Mineral Resource Extensions: Identify significant target areas for potential extension of the mineral resource inventory for follow up exploration.
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New True North Drill Targets: Generate additional targets for gold mineralization adjacent to the
True North Mine area within favourable geological settings. -
Regional Drill Target Review: Following completion of the updated Mineral Resource Estimate, the Company will also focus on defining priority, drill-ready targets within the Company's 63,036-hectare
Rice Lake Greenstone Belt . - Resource Growth: Focus on exploration for significant resource growth through the remainder of 2024.
- Economic Analysis: Commence work on a preliminary mine plan and re-start analysis upon completion of the new Mineral Resource Estimate.
Mr.
Mineral Resource Estimate Update
The current NI 43-101 underground Mineral Resource Estimate for the
Using updated geological wireframes and validated drill database,
Database Review
The Mineral Resource update will utilize a validated drill hole database comprised of 7,960 drill holes containing 1,529,232 metres ("m") of drilling and 30,217 underground channel samples containing 79,147 m of sampling for a total of 483,668 assay results covering 307,456 m of sampling. Work is ongoing to identify significant extensions outside of the current resource for future exploration planning and follow up. The following historical drill holes from 2017, the last drilling campaign completed on the existing resource, are examples of high grade gold mineralization identified:
- Drill hole 635-17-007, intersected 2.30m @ 20.90 g/t Au
- Drill hole 635-17-020, intersected 1.80m @ 50.40 g/t Au
- Drill hole 635-17-016, intersected 4.80m @ 29.50 g/t Au
- Drill hole 635-17-022, intersected 1.10m @ 179.90 g/t Au
- Drill hole 635-17-024, intersected 1.80m @ 38.30 g/t Au
- Drill hole 635-17-024, intersected 12.40m @ 13.10 g/t Au
- Drill hole 635-17-017, intersected 7.10m @ 12.30 g/t Au
The full
The regional exploration drill database contains an additional 250 drill holes for 247,168 m of drilling and 39,524 assays. This total includes 134 drill holes from the Ogama-Rockland deposit which hosts a NI 43-101 mineral resource of 1.28 Mt @ 8.17 g/t Au for 337,000 oz of contained gold in the inferred category. The deposit is located approximately 30 kilometres by road to the east of the
Forward Plans
Manitoba Mineral Development Fund Grant
About
Qualified Person Statement
The scientific and technical information in this news release has been reviewed and approved by Mr.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
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