BLACK PINE PROJECT

Black Pine

In February 2021, we received an amendment to the PoO which includes the untested area between the Rangefront target and the main permit area. It brings the total area under the PoO to 11.9 km2 (2,941 acres) and the total area of permitted disturbance to 224.8 acres. This important milestone permits access to the largest undrilled target area in the Black Pine gold system, which will be a focus for the 2021 drill program. The new PoO also permits access to a water well previously used by the historic mine operation, which will be used to support drilling at Black Pine.

In Q2 2021, we expect to release a maiden mineral resource estimate and technical report, followed by the commencement of a PEA. In Q4 2021, we anticipate the release of results from up to 50 column tests from our Phase 3 metallurgical program.

A minimum 48,000 metre (“m”) reverse circulation (“RC”) and 8,000 m core drill program will begin on April 1, 2021, focused on expanding the mineralized zone through step out drilling on existing targets, exploration of the untested area between the Rangefront and Discovery Focus Area, and testing of other undrilled or minimally drilled targets.

Ongoing work to identify and procure process water will continue throughout the year, as well as other engineering, hydrology, environmental baseline, land, permitting and access studies. The 2021 exploration program and budget at Black Pine is $11.9 million.