• Discovery Made in 2010
• Located in Ontario, Mining Friendly Jurisdiction
• Increasing Resource and Grade
• Close to Well-developed Infrastructure in Ontario
The Borden Gold project is located in northern Ontario, approximately 160 km southwest of the city of Timmins and 9 km east-northeast of the town of Chapleau. The gold discovery was made within one kilometre of Highway 101, which links the towns of Chapleau and Timmins. The Borden Gold project is approximately 15 kilometres from well-developed infrastructure.
The Borden Gold Project represents a gold discovery associated with Timiskaming-age sediments in an underexplored part of the Kapuskasing Structural Zone. Timiskaming sediments often show a spatial association with large-scale Archean lode gold deposits such as those found in the Timmins, Kirkland Lake, Hemlo and Red Lake gold camps and thus represent an important geological indicator for the gold potential of an area.
In June 2014, an updated Mineral Resource Estimate was reported for the Borden Gold Project (see news release dated June 10, 2014). The Mineral Resource estimate was completed by Snowden Mining Industry Consultants ("Snowden").
The high grade gold resources with potential for Underground extraction in the Borden Gold Project (2.5 g/t Au cut-off) total:
- 1.60 million ounces of gold in the Indicated Resource category (9.3 million tonnes grading 5.39 grams of gold per tonne); and
- 0.43 million ounces of gold in the Inferred Resource category (3 million tonnes grading 4.37 grams of gold per tonne).
The low grade resources in the Borden Gold Project with potential for open pit extraction (0.5 g/t Au cut-off) total:
- 2.32 million ounces of gold in the Indicated Resource category (70.3 million tonnes grading 1.03 grams of gold per tonne); and
- 0.01 million ounces of gold in the Inferred Resource category (247 million tonnes grading 0.80 grams of gold per tonne).
The updated resource estimate, which meets the guidelines for reporting mineral exploration programs as set out in National Instrument 43-101, was based on over 224,000 drilled metres and over 168,000 assayed meters, that tested the gold horizon along approximately 3,700 metres (m) of strike length and to a vertical depth of over 650 metres at spacings of between 25 to 100 metres.
The NI 43-101-compliant Technical Report in support of the 2014 Borden Gold Project estimate was filed in July 2014.