Operations

Cariboo Gold Project (Cow Mountain)

Overview

The Cariboo Gold Quartz Project ("Gold Quartz") is situated within the Cariboo Gold Fields, a world-class producer of gold with a history of mining that dates back to the Cariboo gold rush of the 1860's. In excess of 2.5 million ounces of placer gold and over 1 million ounces of load gold has been produced from the region.

The project area hosts a number of past-producing gold mines including: Gold Quartz mine, Island Mountain/Aurum and Mosquito Creek Gold Mines. The Gold Quartz mine exploited primarily quartz vein mineralization and from 1933 to 1959 is reported to have produced 1.68 million tons grading 0.37 oz/ton Au (621,000 ounces). Island Mountain and Mosquito Creek operated between 1934-1967 and 1980-1983 respectively, exploiting both quartz vein and replacement style mineralization for a total reported production of 603,800 ounces of gold from 1.35 million tons of ore (quartz vein ore grading 0.35 oz/ton and replacement ore averaging 0.67 oz/ton).

The Gold Quartz is a proposed open pit mine on Cow Mountain within the Rainbow, Sanders and Pinkerton zones, which are centered on a large knoll on Cow Mountain.

These zones were discovered in the 1930s by the Cariboo Gold Quartz Mining Company, and were subject to some underground mining during the period of operation of the Gold Quartz mine.

The Company conducted an extensive diamond drill program within and beneath the proposed open-pit mine on Cow Mountain, as well as in the newly discovered area outside of the proposed pit area, with the purpose of updating its NI 43-101 resource calculation.

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Company is not treating the historical estimate as current mineral resources or mineral reserves and the historical estimate should not be relied upon. The Company has engaged an independent consultant to update historical estimates with current drill results to produce an updated 43-101 resource calculation.  

*please refer to cautionary note