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Altair Minerals
Investor Insight
Altair Minerals is strategically positioned to unlock the value of its Venatica and Olympic Domain projects. By leveraging cutting-edge exploration techniques and its seasoned technical team’s expertise, the company is poised for significant copper and gold discoveries, presenting a compelling investment opportunity.
Overview
Altair Minerals (ASX:ALR) is an exploration company focused on unlocking significant copper and gold deposits through a disciplined and systematic approach. The company’s strategy centers on building a portfolio of high-quality assets with the potential to become Tier-1 discoveries, while advancing exploration on early-stage projects and actively evaluating opportunities to acquire advanced deposits and exploration assets.
Focused on copper and gold - critical metals for the global transition to renewable energy - Altair prioritizes systematic exploration campaigns to validate high-priority targets and seeks strategic partnerships to fund and accelerate its exploration efforts. By targeting projects which demonstrate potential to make tier-1 and large-scale discoveries in globally significant mining jurisdictions, Altair aims to position itself as an attractive leading exploration company to deliver maximum returns to shareholders.
Company Highlights
- Altair Minerals’ two world-class projects - Venatica in Peru and Olympic Domain in Australia - are located in globally significant mining districts, targeting Tier-1 copper and gold deposits.
- Venatica Project is a 337 sq km exploration project in the world-famous Andahuaylas-Yauri Porphyry Belt, featuring extensive copper-gold porphyry and skarn mineralization with proven high-grade historical production.
- The Olympic Domain project, located in South Australia’s Gawler Craton, is an 831 sq km IOCG project adjacent to BHP’s Oak Dam deposit (1.34 Bt @ 0.66 percent copper and 0.33 g/t gold) and boasts major analogous geophysical anomalies just 5 km from the Oak Dam deposit, indicative of significant mineralization.
- Historic sampling and exploration work was conducted at Venatica by INMET prior to its subsequent take over First Quantum for C$5.1 billion. The historic work has shown two major porphyry targets of 6 sq kmand 4 sq km, respectively, which have demonstrated abundant copper mineralisation at surface.
- Historic sampling at Venatica covers a small portion of the overall target, leaving substantial scope to expand its target size which remains open in all directions, these samples include:
- 7.0 percent copper and 33 g/t silver (sample 2254)
- 5.7 percent copper and 43 g/t silver (sample 4807)
- 4.8 percent copper and 32 g/t silver (sample 15245)
- 6.5 percent copper and 0.52 g/t gold (sample 4803)
- 4.8 percent copper and 0.40 g/t gold (sample 4801)
- Advanced geophysical techniques, modernized modelling has refined drill at Olympic Domain which shows previous impressive holes have narrowly missed the true core of the IOCG body, which shows a target size larger than the adjacent Oak Dam deposit owned by BHP.
- Altair’s boasts a first class and leading technical exploration team, who have cumulatively contributed to 11.4 Mt of copper and 26 Moz of gold discoveries in the past two decades.
Key Projects
Venatica Project (Flagship) – Peru
Location of Venatica Project, sitting along the Las Bambas trend and on key contact of Andahuaylas-Yauri Intrusive Batholith which is the main structural feature facilitating Tier-1 Copper deposits on the belt.
The Venatica Project, Altair Minerals' flagship asset, is strategically situated in Peru’s Andahuaylas-Yauri Porphyry Belt, a globally significant copper-producing region. The project is neighboring and sitting along strike Tier-1 mines, including Las Bambas, Antapaccay and Haquira, collectively establishing the area as one of the world’s premier porphyry copper districts. These mines contribute significantly to Peru’s copper output, underscoring the region’s importance in the global supply chain. Spanning approximately 337 sq km, Venatica’s land package is strategically positioned along the northern extension of the batholith intrusion contact zone, a geological anomaly known for hosting large-scale copper deposits with no modern exploration. Altair holds a first-mover advantage, being the first company to test the extension of this trend which has without failure made Tier-1 discoveries every ~60 km. The project’s geology is characterized by a combination of porphyry and skarn mineralization, which underpins its exceptional exploration potential.
Within Venatica West, the Irka NE target, a copper-molybdenum-gold porphyry system with a lateral footprint of 4 sq km, has yielded exceptional surface sampling results, including reported historic grades of up to 9.5 percent copper, 4.6 grams per ton (g/t) gold, and 160 g/t silver.
Additionally, a porphyry-skarn target covering a 6 sq km footprint within the contact aureole of the Andahuaylas-Yauri Batholith has historically been mined via small-scale operations, with exploited grades of 4 percent copper at the base of 10 meter pits – and remaining open at depth. These targets align with regional structural controls, consistent with the characteristics of nearby Tier-1 deposits.
Satellite perspective view of Venatica West with rock samples and total field magnetics overlay.
Historic exploration has been conducted highlighting Venatica’s tremendous potential, including geophysical surveys which have delineated two primary anomalies with strong structural controls, providing clear focus areas for future drilling. Over 140 stream sediment and rock chip samples have confirmed high-grade copper mineralization, alongside historical artisanal mining efforts, including shallow pits and shafts, that have validated the presence of high-grade copper near the surface, further supporting the project’s prospectivity.
Within Venatica East, major sets of stream anomalies have been identified over 5 times the background levels for Copper, delineating over 17km strike of anomalous zones for maiden exploration.
Plan view of Venatica Project, including Venatica West (with Irka Prospect) and Venatica East overlaid with stream sediment and rock sample anomalies.
The stream anomalies present at Venatica East are analogous to the Haquira discovery (1.4 Bt @ 0.46 percent copper, taken over by First Quantum for C$650 million in 2010) – sitting along strike Venatica sharing the same trend, host rock and structural controls. Haquira was first identified through similar stream anomalies which, like Venatica, recorded over 5 times background levels for copper.
Summary timeline of Haquira discovery, commencing from stream sediment anomaly which is analogous to Venatica East anomalies
The project benefits from excellent infrastructure and logistics. Venatica is accessible via established road networks and is in close proximity to major mining hubs, ensuring cost-effective exploration and potential future development. The region is well-connected to the electrical grid, and nearby towns offer access to a skilled mining workforce familiar with the operating conditions in the region.
Venatica’s strategic location within one of the world’s most productive porphyry belts further adds to the attractiveness of the project. Neighboring operations, such as Las Bambas (1.87 Bt @ 0.62 percent copper) and Haquira (1.39 Bt @ 0.48 percent copper), highlight the region’s capacity to host massive copper deposits. Altair’s project lies along the same structural corridor, significantly increasing the likelihood of discovering a Tier-1 deposit.
Altair has an aggressive exploration program planned to advance Venatica toward discovery. A drilling campaign is scheduled for Q2 2025, targeting the vertical extensions of the identified porphyry and skarn systems. The drill campaign will be complemented by advanced geophysical and geochemical mapping to refine structural interpretations and geological models. Resource delineation efforts will focus on defining both the lateral and vertical extent of mineralized zones, with the ultimate goal of confirming Venatica’s Tier-1 potential.
Olympic Domain Project – South Australia
Olympic Domain tenements
The Olympic Domain project, located in South Australia’s Gawler Craton, is one of the most promising IOCG (iron oxide copper gold) exploration projects globally. This region hosts renowned assets such as BHP’s Oak Dam and Carrapateena, and the world-class Olympic Dam deposit, underscoring its exceptional mineral potential. With an extensive land package spanning ~831 sq km, the project comprises three key prospects: Horse Well, Pernatty C and Lake Torrens, each with unique geological attributes indicative of Tier-1 mineral discovery potential. The key project area and most advanced target with historic drilling is Horse Well, located 2 km west of BHP’s Oak Dam (1.34 Bt @ 0.66 percent copper and 0.33 g/t gold). Strategically positioned within the Olympic Dam Lineament Corridor, a structural feature closely associated with significant IOCG systems, the project demonstrates substantial geological promise.
The Horse Well Prospect features a large ovoid conductive anomaly measuring 4.2 km in strike length and 1.9 km in width which is significantly larger than BHP’s Oak Dam deposit. Although historic drilling on its own accord is impressive, the recent maiden geophysics model shows these intercepts have narrowly missed the core of this anomaly – including 115 m @ 0.62 percent copper equivalent, 61 m @ 0.33 percent copper equivalent, and 70 m @ 0.67 percent copper equivalent, which confirm the presence of a mineralized halo, highlighting the assets tremendous potential, once intersecting the core of the IOCG.
Horse Well Total Magnetic Intensity (TMI) overlaid with TMI variable reduction to pole
(VRTP) 2nd derivative - SARIG. Shown are two of Altair’s key high-priority magnetic targets.
The Pernatty C Prospect hosts untested conductive anomalies with geological characteristics akin to a high-grade polymetallic deposit, with structural mapping identifying cross-cutting faults acting as conduits for mineralizing fluids.
At Lake Torrens, gravity anomalies two to three times the size of Oak Dam’s suggest the presence of large-scale, untapped IOCG mineralization. Furthermore, Lake Torrens sits on a key annular mantle disruption, similar to the positioning of Olympic Dam and Oak Dam West and is located on the rare PD1 Lineament Corridor, famously used to target the Olympic Dam discovery.
Substantial exploration work has advanced the Olympic Domain project, refined its geological models and identified high-priority targets. Advanced AMT and magnetic surveys have delineated major conductive zones coinciding with structural and magnetic anomalies, located just 5 km northwest of BHP’s Oak Dam deposit, providing a clear focus for exploration. Structural mapping has revealed extensive faulting and brecciation, serving as pathways for IOCG fluid systems.
The project is bolstered by exceptional infrastructure that enhances its development and exploration potential. Proximity to major regional highways ensures efficient logistics for exploration and future operations. The site is also well-positioned near smelters, industrial hubs, and export ports, ensuring access to critical resources and services. South Australia’s mining-friendly jurisdiction provides a supportive regulatory environment and a skilled workforce, further strengthening the project’s viability.
Altair has developed an aggressive exploration strategy to fully unlock the project’s potential. A focused drilling campaign, planned for 2025, will target the untested cores of major geophysical anomalies, including the high-priority ovoid conductor at Horse Well. The company is undergoing negotiations with potential JV partners which will provide a non-dilutive pathway to unlocking full value for the asset and allow Altair to proceed with its endeavours in making a globally significant discovery within its wholly owned Olympic Domain project. Enhancements to AMT and an imminent follow-up TEM will refine anomaly resolution and allow for precise drill targeting. Efforts will focus on validating Tier-1 IOCG targets, with the potential for discoveries comparable to neighboring world-class deposits like Oak Dam.
Management Team
Faheem Ahmed – Chief Executive Officer
Appointed as CEO on March 21, 2024, Faheem Ahmed holds a Bachelor of Engineering and a Bachelor of Project Management. With over seven years of experience, he has a robust background in project evaluation, asset management, data analysis, lifecycle cost analysis, and risk modeling across sectors including infrastructure, mining, health and transport. Prior to joining Altair, Ahmed played a pivotal role in transitioning Viridis Mining & Minerals into the rare earths sector, contributing to its successful exploration and development strategy.
Mordechai Benedikt – Non-executive Chairman
Mordechai Benedikt brings over 12 years of experience in the food import industry and has been actively involved in export trade from Australia to Asia, establishing a vast international network. More recently, he has engaged in commercial property ventures and substantial investments in the public sector. His diverse business background provides valuable insights into strategic decision-making and corporate governance.
Nochum Labkowski – Non-executive Director
As the CEO and principal investor of Halevi Enterprises, a private equity firm, Nochum Labkowski oversees equity holdings in over 30 private companies with global real estate investments. His unique investment approach has yielded significant returns, and his leadership experience contributes to Altair Minerals' strategic growth initiatives.
Jamie Larmont – Non-executive Director
Jamie Larmont is a seasoned mining professional and corporate strategy expert. With a Bachelor of Engineering and over a decade of hands-on experience working with industry leaders, such as BHP and Rio Tinto, he has extensive expertise in operational and project management. Larmont's consultative work further enhances his understanding of operational strategy, project value analysis and corporate communication, making him a valuable asset to the board.
Justin Mouchacca – Company Secretary
Justin Mouchacca is a qualified chartered accountant and fellow of the Governance Institute of Australia, with over 15 years of experience in public company responsibilities, including statutory, corporate governance, and financial reporting requirements. He graduated from RMIT University in 2008 with a Bachelor of Business majoring in accounting and completed the Chartered Accountants Program in 2011. Mouchacca has been appointed company secretary and financial officer for several entities listed on the ASX and unlisted public companies, bringing a wealth of experience in corporate compliance and governance to Altair Minerals.
Chris Anderson – Technical Advisor, Australia
Chris Andersen has extensive expertise in geophysical modelling and targeted drill planning led to the Carrapateena IOCG discovery holes, subsequently sold to Oz Minerals. Carrapateena became Oz Minerals’ flagship asset prior to its AU$9.6B takeover by BHP.
Ken Cross – Technical Advisor, Australia
Ken Cross is a senior geologist at WMC Resources and following a role as senior research geologist at Olympic Dam. He has made significant contributions to IOCG geological modelling and exploration concepts.
Jim Hanneson – Technical Advisor, Australia
Jim Hanneson is a leading geophysicist known for his cutting-edge proprietary techniques and advanced 3D modelling. His expertise has been critical to the success of major discoveries, including Havieron and Carrapateena.
Steven Cooper – Exploration Manager, Australia
Steven Cooper has 35 years of hands-on experience in managing and evaluating mineral exploration programs. Cooper is poised to lead a dynamic new phase of exploration at Altair Minerals.
High-quality and growing exploration portfolio with potential for large copper and gold deposits
Equity Metals: Advancing High-grade, District-scale Silver and Gold Assets in British Columbia
Equity Metals (TSXV:EQTY,OTCQB:EQMEF,FSE: EGSD) is rapidly advancing exploration at its 100 percent-owned Silver Queen Project in British Columbia, aiming to expand resources and further de-risk one of the province’s most promising high-grade polymetallic deposits. Situated in the prolific Skeena Arch—home to the historic Equity Silver and Huckleberry mines—Silver Queen hosts an NI 43-101 compliant resource of 62.8 million ounces silver equivalent (indicated) and 22.5 million ounces silver equivalent (inferred). Ongoing drilling in 2024 continues to extend known zones while uncovering new areas of mineralization.
The company is also advancing its newly acquired Arlington Project, a district-scale, never-before-drilled gold-copper-silver asset located in southern BC’s Greenwood Mining Division. With geological similarities to historic producers such as Phoenix and Buckhorn, Arlington is currently undergoing an aggressive 3,000-meter drill program, targeting high-grade, gold-enriched polymetallic mineralization.
The Silver Queen Project is Equity Metals’ 100%-owned flagship asset, located in the heart of British Columbia’s prolific Skeena Arch, approximately 35 kilometers south of Houston. Covering 18,871 hectares, the property comprises 17 crown-granted titles and 46 mineral tenure claims within the Omineca Mining Division. Strategically positioned among past-producing and active mines, including the Equity Silver Mine, Berg, Endako, and Mt. Milligan, the project is well supported by established infrastructure, with convenient access to roads, power, and rail.
Company Highlights
- Flagship High-grade Project – Silver Queen: Over 85 million silver-equivalent ounces defined in the heart of BC's Skeena Arch mineral belt, surrounded by Tier 1 infrastructure and historical producers.
- New Gold Discovery Potential – Arlington project: A district-scale, early-stage gold-copper-silver system with analogues to major past-producing skarn and vein-hosted mines in the region.
- Fully Funded for 2025: 9,000 meters of combined drilling is underway across both Silver Queen and Arlington with assay results expected to drive news flow through Q3 and Q4 2025.
- Experienced Management and Technical Team: Track record of discovery and mine development across North America, including the Penasquito and Eskay Creek mines and the Wind Mountain project.
- Exposure to Critical and Precious Metals: Balanced portfolio spanning silver, gold, copper and diamonds with optionality in battery materials (silica) and critical minerals.
This Equity Metals profile is part of a paid investor education campaign.*
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Equity Metals
Investor Insight
Equity Metals offers investors exposure to high-grade silver and gold discoveries in British Columbia through a dual-track strategy of expanding its flagship Silver Queen resource and advancing the newly acquired Arlington district.
Overview
Equity Metals (TSXV:EQTY,OTCQB:EQMEF,FSE:EGSD) is fast-tracking exploration at its 100 percent owned Silver Queen project in British Columbia, targeting resource expansion and derisking of one of the province's most prospective high-grade polymetallic deposits. Located within the prolific Skeena Arch near the historic Equity Silver and Huckleberry mines, Silver Queen boasts an NI 43-101 compliant resource of 62.8 million ounces (Moz) silver equivalent (indicated) and 22.5 Moz silver equivalent (inferred), with 2024 drilling extending known zones and identifying new mineralized areas.
Complementing this is the Arlington gold-copper-silver project, a newly acquired district-scale, never-before drill-tested project located in southern BC's Greenwood Mining Division. With analogues to historic producers like Phoenix and Buckhorn, Arlington is being aggressively explored with 3,000 meters of drilling underway, focused on delineating high-grade gold-enriched polymetallic mineralization.
Parameters for the NI 43-101 Compliant Mineral Resource Estimate are in the Appendix and in the EQTY News Release, dated Dec 1, 2022
Together, Silver Queen and Arlington offer a balanced exposure to high-grade polymetallic and gold-rich systems. The former provides near-term resource expansion and development optionality, while the latter opens up district-scale discovery potential.
In addition, Equity Metals holds interests in the Monument and WO diamond properties in the Lac de Gras region (Northwest Territories), proximal to the Diavik and Ekati mines, and the La Ronge silica project in Saskatchewan. These projects offer upside optionality for strategic partnerships or asset sales.
Company Highlights
- Flagship High-grade Project – Silver Queen: Over 85 million silver-equivalent ounces defined in the heart of BC's Skeena Arch mineral belt, surrounded by Tier 1 infrastructure and historical producers.
- New Gold Discovery Potential – Arlington project: A district-scale, early-stage gold-copper-silver system with analogues to major past-producing skarn and vein-hosted mines in the region.
- Fully Funded for 2025: 9,000 meters of combined drilling is underway across both Silver Queen and Arlington with assay results expected to drive news flow through Q3 and Q4 2025.
- Experienced Management and Technical Team: Track record of discovery and mine development across North America, including the Penasquito and Eskay Creek mines and the Wind Mountain project.
- Exposure to Critical and Precious Metals: Balanced portfolio spanning silver, gold, copper and diamonds with optionality in battery materials (silica) and critical minerals.
Key Projects
Silver Queen Project
The Silver Queen project is Equity Metals’ 100 percent owned flagship asset located in central British Columbia’s prolific Skeena Arch, approximately 35 km south of Houston. This 18,871-hectare property consists of 17 crown-granted titles and 46 tenure claims in the Omineca Mining Division. Surrounded by past-producing and active mines, including the Equity silver mine, Berg, Endako and Mt. Milligan, the project benefits from established infrastructure such as roads, power and rail access.
Silver Queen hosts a high-grade polymetallic system featuring silver, gold, copper, lead and zinc mineralization. The project is underpinned by a robust NI 43-101 compliant resource estimate (as of December 2022) consisting of 62.8 million ounces (Moz) silver-equivalent (AgEq) in the indicated category grading 565 grams per ton (g/t) AgEq, and 22.5 Moz AgEq in the inferred category grading 365 g/t AgEq. This includes 3.46 million tons (Mt) of indicated resources averaging 189 g/t silver, 2.13 g/t gold, 0.24 percent copper, 0.6 percent lead, and 3.5 percent zinc, and 1.92 Mt of inferred resources grading 167 g/t silver, 0.82 g/t gold, 0.23 percent copper, 0.5 percent lead, and 2 percent zinc.
The mineralization occurs in multiple steeply dipping epithermal vein systems, subdivided into the No. 3, NG-3, Camp and Sveinson veins. Each exhibits distinct metal zonation – the Camp veins are silver-dominant, while the Sveinson, No. 3 and NG-3 show a stronger gold bias. Bonanza grades have been intercepted at multiple locations, including down-hole drill core intervals assaying up to 56,115 g/t silver over 0.3 metres in recent drill results. High sulphide and low sulphide vein environments have both been identified, suggesting a long-lived and multi-phase mineralizing event.
Since late 2020, Equity has completed 52,877 meters of drilling in 146 holes, targeting extensions and new zones of mineralization. In 2024 alone, four target areas – George Lake, Camp North, No. 3 North and Camp-Sveinson – were tested via 17,209 meters across 42 holes. Drilling resulted in the delineation of a 550-metre strike-length for mineralization in the George Lake target and a 400-metre strike-length for mineralization in the No. 3 North target, as well as several extensions of earlier identified veins in the Camp Deposit and a new discovery in the Camp North target. A 6,000-meter 2025 drilling program will further test these zones with updated modeling and resource growth expected in Q3 2025.
Metallurgical testing completed in both 1988 and 2022 yielded positive recoveries: 83 percent gold, 95 percent silver, 93 percent copper, 91 percent lead, and 98 percent zinc. A follow-up metallurgical program is planned to support preliminary development studies. With extensive underground development (~9 km of historic workings) and proximity to key infrastructure, the Silver Queen project is well positioned for advancement toward economic studies and ultimately, a potential strategic transaction.
Arlington Project
The Arlington project is a 3,584-hectare, early-stage exploration asset located in southern British Columbia’s Greenwood Mining Division, approximately 65 km south of Kelowna. The project sits within the prolific Quesnel Terrane and is accessible year-round via Highway 33 and a network of logging roads. The region hosts several historical producers including the Buckhorn, Phoenix, and Beaverdell mines, which have collectively yielded more than 2 Moz gold, 6 Moz silver and 500 Mlb copper.
Arlington encompasses multiple mineral occurrences and at least four deposit styles across a more than 5 km strike length. Historic and recent surface work has confirmed high-grade mineralization with rock samples returning values up to 11.67 g/t gold, 211 g/t silver, and 3.22 percent copper. The 2025 exploration program, currently underway, includes a 3,000-metre drill campaign primarily targeting the Fresh Pots gold-silver anomaly – a large (2 km x 1 km) intrusion-related gold system delineated by multi-element soil geochemistry and magnetic lows.
Other high-priority targets include:
- Rona Porphyry Target: A copper-molybdenum-gold system with pyroxenite intrusive-hosted mineralization. Rock chip assays have returned >1 percent molybdenum, 0.6 g/t gold, and 32.4 g/t silver. The area is characterized by a large copper-nickel soil anomaly and widespread argillic alteration in adjacent sedimentary rocks.
- Arlington Polymetallic Veins: A structurally controlled vein system with documented historic workings. Highlights include Arlington South (11.67 g/t gold, 3.22 percent copper) and Arlington North (1.86 g/t gold, 1.07 percent copper), suggesting vertical metal zonation and potential for stacked vein systems.
- Skarn and Replacement Targets: Notably at the Bru and Arlington zones, analogous to Buckhorn and Phoenix, where gold-copper magnetite skarns produced over 1 Moz historically.
In early 2025, Equity Metals completed a property-wide airborne magnetic/radiometric survey and LiDAR mapping campaign to refine targeting. Soil and till geochemistry, IP surveying and mapping continue across the license area to delineate follow-up drill targets for 2026.
Management Team
Lawrence Page – Chairman and Director
A seasoned mining executive with over four decades of experience, Lawrence Page has helped finance and develop several major discoveries including Penasquito (Mexico), Eskay Creek and Hemlo. He brings strategic oversight and a deep network within the exploration and capital markets community.
Joseph A. Kizis Jr. – President and Director
With over 40 years of mineral exploration experience, Joseph Kizis has been instrumental in advancing gold, silver and base metal projects across North America. He is also president of Bravada Gold and has played key roles in advancing Wind Mountain in Nevada and Homestake Ridge in BC.
Robert W.J. Macdonald – VP Exploration
Robert Macdonald leads Equity Metals’ technical team and brings extensive epithermal and porphyry system expertise. His past project experience includes Homestake Ridge in BC and Cerro Las Minitas in Mexico, and he is the Qualified Person for all technical disclosures.
Killian Ruby – CFO and Director
As president and CEO of Malaspina Consultants and a former senior manager at KPMG LLP, Killian Ruby brings financial discipline, governance strength and tax expertise. He also serves as CFO for several junior resource companies.
John Kerr – Director
A professional engineer with five decades of exploration experience, John Kerr has contributed to the discovery and development of projects such as Santa Fe and Mindora in Nevada, and Frasergold in BC.
Courtney Shearer – Director
Courtney Shearer has served in executive and advisory roles with multiple Canadian mining companies, including San Gold Corporation, where he led strategic evaluations and project planning initiatives.
Arie Page – Corporate Secretary
Arie Page provides legal and corporate compliance support and has served as corporate secretary for numerous public companies within the Manex Resource Group.
Appendix:
Silver Queen Mineral Resource Estimate (NI 43-101 Compliant, Dec. 1, 2022) (C$100 NSR cut-off)
- The current Mineral Resource Estimate was prepared by Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd and Eugene Puritch, P. Eng., FEC, CET and Fred Brown, P, Geo. of P&E Mining Consultants Inc. (“P&E”), Independent Qualified Persons (“QP”), as defined by National instrument 43-101.
- All Mineral Resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National Instrument 43-101 (“NI43-101”).
- Mineral Resources were constrained using continuous mining units demonstrating reasonable prospects of eventual economic extraction.
- Silver and Gold Equivalents were calculated from the interpolated block values using relative process recoveries and prices between the component metals and silver to determine a final AgEq and AuEq values.
- Silver and Gold Equivalents and NSR$/t values were calculated using average long-term prices of $20/oz silver, $1,700/oz gold, $3.50/lb copper, $0.95/lb lead and $1.45/lb zinc. All metal prices are stated in $USD. The C$100/tonne NSR cut-off grade value for the underground Mineral Resource was derived from mining costs of C$70/t, with process costs of C$20/t and G&A of C$10/t. Process recoveries used were Au 70%, Ag 80%, Cu 80%, Pb 81% and Zn 90%.
- Grade capping was performed on 1m composites for the No. 3 and NG-3 veins and whole vein composites for the Camp and Sveinson veins. For the No. 3 and NG-3 veins Inverse distance cubed (I/d3) was utilized for grade interpolation for Au and Ag and inverse distance squared (I/d2) was utilized for Cu, Pb and Zn. Inverse distance squared (I/d2) was used for all metals in the Camp and Sveinson veins.
- A bulk density of 3.56t/m3 was used for all tonnage calculations in the No. 3 and NG-3 veins. A variable density with a 3.15 average was used for the Camp and Sveinson veins.
- Mineral Resources are not Mineral Reserves until they have demonstrated economic viability. Mineral Resource Estimates do not account for a Mineral Resource’s mineability, selectivity, mining loss, or dilution.
- An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
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