Bullfrog Mineral Resource Estimate

Mineral Resource Estimate

The updated MRE was based on a total of 1,331 drill holes measuring 885,380 feet and incorporates drill targets under evaluation since the June 2021 maiden mineral resource report, in addition to updated geologic models and database improvements. The updated MRE has an effective date of December 31, 2021, and is presented in the form of a combined global oxide and sulphide Mineral Resource (Table 1, below) as well as individual tables for the each of the Bullfrog, Montgomery-Shoshone and Bonanza deposits.  The updated MRE confirms a large volume of mineral resource outside of the historic open pits based on the current $1,550 per gold ounce constrained pit shell. 

There remains excellent exploration potential within the district and drilling has indicated that mineralized structures and features continue both laterally and vertically along the known mineralized trends.  Specific areas for additional exploration drilling and interpretation include Ladd Mountain and Mystery Hills near the Bullfrog pit; the Polaris vein and related disseminated mineralization near the Montgomery-Shoshone pit; along strike and beneath Bonanza Mountain near the Bonanza pit; and in the prospective Gap area in the northern portion of the property.

	Table 1: Combined Global Resources - Oxide and Sulphide
	Classification	Tonnes (Mt)	Au grade (g/t)	Ag grade (g/t)	Au Contained (koz)	Ag Contained (koz)
	Measured	30.13	0.544	1.35	526.68	1,309.13
	Indicated	40.88	0.519	1.18	682.61	1,557.49
	Measured and Indicated	71.01	0.530	1.26	1,209.29	2,866.62
	Inferred	16.69	0.481	0.96	257.90	515.72

Notes:

1. Oxide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 82% for Au and silver price of US$20/oz and a recovery of 20% For Ag.
2. Sulphide estimated Mineral Resources are reported within a pit shell using the Lerch Grossman algorithm, a gold price of US$1,550/oz and a recovery of 50% for Au and silver price of US$20/oz and a recovery of 12% for Ag. No sulphide material was reported for Montgomery-Shoshone or Bonanza.
3. Mining costs for mineralized material and waste are US$2.25/tonne.
4. Processing, general and administration, and refining costs are US$5.00/tonne, US$0.50/tonne, and US$0.05/tonne respectively.
5. Due to rounding, some columns or rows may not compute as shown.
6. Estimated Mineral Resources are stated as in situ dry metric tonnes.
7. The estimate of Mineral Resources may be materially affected by legal, title, taxation, socio-political, marketing, or other relevant issues.

 

Table 2: Mineral Resources - Bullfrog
Redox	Classification	Tonnes (Mt)	Au grade (g/t)	Ag grade (g/t)	Au Contained (koz)	Ag Contained (koz)
Oxide	Measured	24.50	0.537	1.28	422.77	1,010.02
	Indicated	36.32	0.515	1.14	602.02	1,332.18
	Measured and Indicated	60.82	0.524	1.20	1,024.79	2,342.20
	Inferred	14.40	0.460	0.77	213.06	358.49
Sulphide	Measured	1.30	0.710	1.28	29.77	53.52
	Indicated	1.99	0.625	1.32	39.94	84.47
	Measured and Indicated	3.29	0.659	1.30	69.72	137.99
	Inferred	1.05	0.657	1.14	22.14	38.53
Total - Oxide and Sulphide	Measured	25.80	0.545	1.28	452.55	1,063.54
	Indicated	38.31	0.521	1.15	641.96	1,416.65
	Measured and Indicated	64.12	0.531	1.20	1,094.51	2,480.19
	Inferred	15.44	0.474	0.80	235.20	397.02

Notes: Refer to Table 1 Notes

 

Table 3: Mineral Resources - Montgomery-Shoshone
Redox	Classification	Tonnes (Mt)	Au grade (g/t)	Ag grade (g/t)	Au Contained (koz)	Ag Contained (koz)
Oxide	Measured	1.97	0.637	3.35	40.35	212.12
	Indicated	1.35	0.555	2.85	24.04	123.66
	Measured and Indicated	3.32	0.603	3.15	64.38	335.78
	Inferred	1.05	0.586	3.45	19.76	116.41
Sulphide	Measured	NA
	Indicated	NA
	Measured and Indicated	NA
	Inferred	NA

Notes:  Refer to Table 1 Notes
 

Table 4: Mineral Resources - Bonanza
Redox	Classification	Tonnes (Mt)	Au grade (g/t)	Ag grade (g/t)	Au Contained (koz)	Ag Contained (koz)
Oxide	Measured	2.35	0.446	0.44	33.78	33.48
	Indicated	1.22	0.422	0.44	16.61	17.17
	Measured and Indicated	3.58	0.438	0.44	50.40	50.65
	Inferred	0.19	0.473	0.37	2.94	2.28
Sulphide	Measured	NA
	Indicated	NA
	Measured and Indicated	NA
	Inferred	NA

Notes: Refer to Table 1 Notes

The scientific and technical information contained on this page related to the Bullfrog gold project is derived from the technical report titled “NI 43-101 Technical Report Mineral Resource Estimate, Bullfrog Gold Project, Nye County, Nevada” with an effective date of December 31, 2021, prepared by Russ Downer and Adam House of Forte Dynamics, who are independent “Qualified Persons” under National Instrument 43-101 - Standards of Disclosure for Mineral Projects and subpart 1300 of Regulation S-K under the United States Securities Exchange Act of 1934, as amended.