Ready Set Gold releases updated resource estimate for Northshore Project west of Thunder Bay

Ready Set Gold Corp. (CSE: RDY) (FSE: 0MZ) (OTC PINK: RDYFF) ("Ready Set Gold" or the "Company") has completed an updated Mineral Resource Estimate ("MRE") for its 100% owned Northshore Gold Project ("Northshore"), located in the Schreiber-Hemlo Greenstone Belt, approximately 260 km east of Thunder Bay, Ontario.

The updated MRE for Northshore was completed by APEX Geoscience Ltd. ("APEX") and focused on mineralization defined by historical drilling on the Afric Zone. A historical MRE for Northshore was completed by Giroux Consultants Ltd. in 2014. Since that time, an additional 66 drill holes have been completed on the Northshore Property within and adjacent to the Afric Zone. The current MRE covers the main Afric mineralization zone and utilized 157 of the 168 holes drilled at Northshore, with highlights as follows:

• 240,100 total inferred, pit constrained ounces of gold contained in 6,511,000 tonnes at an average grade of 1.15 grams per tonne (g/t) Au utilizing a US$1,750/oz pit shell and reported at a cut off grade of 0.40 g/t Au.
• The MRE assumes a recovery of 95% based on preliminary cyanide bottle roll testwork that returned >96% recovery

 

Northshore NI 43-101 Mineral Resource Statement with an effective date of August 31, 2022

TonnesGrade (g/t Au)Cut off Grade (g/t Au)Total OuncesCategory

6,511,0001.150.40240,100Inferred*

 

Notes:

1. The mineral resources have been classified according to the Canadian Institute of Mining (CIM) Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (2019).
2. Resource estimation was conducted by Mr. David Briggs, NHD, Pr.Sc.Nat., of RockRidge Partnership and Associates under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo of APEX Geoscience Ltd. of Edmonton, Alberta with an effective date of August 31, 2022 and will be supported by a technical report to be filed within 45 days of the date of this news release.
3. Mr. Dufresne, M.Sc., P.Geol., P.Geo. of APEX Geoscience Ltd., who is a qualified person as defined by NI 43-101, is responsible for the completion of the updated mineral resource estimation.
4. The recommended reported inferred resources have been constrained within a US$1,750/oz gold optimized pit shell.
5. The Mineral Resource cut-off grade of 0.4 g/t Au was chosen to capture mineralization that is potentially amenable to open pit mining. The reported resources occur in bodies of sufficient size and continuity to meet the requirement of having reasonable prospects for eventual economic extraction within a Lerchs - Grossmann (LG) optimized pit shell.
6. *Inferred Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resources tabulated above as an indicated or measured mineral resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
7. Numbers may not add due to rounding.

Estimate Methodology

The 2022 MRE was completed by Mr. David Briggs, NHD, Pr.Sci.Nat of RockRidge Partnership and Associates under the direct supervision of Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. Mr. Dufresne is an independent "qualified person" (as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") with APEX and takes responsibility for the MRE.

The Northshore Project drill hole database, QA/QC protocols and corresponding sample preparation and shipment procedures have been reviewed by Mr. Michael Dufresne and are deemed to be of sufficient quality for resource modelling. The drill hole database contains a total of 168 drill holes with 17,686 sample intervals in a sample database with 17,326 samples assayed for gold. Of all the holes drilled, 14 were completed by RSG and the balance by previous operators. A total of 20 holes (ddh) were drilled between 1990 and 1991, with 7 ddh in 1997, 20 ddh between 2006 and 2007, 53 ddh between 2012 and 2013, 51 ddh in 2016, 3 ddh in 2018, and 14 ddh holes competed by RSG in 2021. Standard statistical treatments were conducted on the raw and composite samples resulting in a capping limit of 30.0 g/t Au for the Northshore Project.

The MRE is based on the combination of geological modeling, geostatistics and conventional block modeling using Ordinary Kriging (OK) for gold grade interpolation. Modelling was conducted in the Universal Transverse Mercator (UTM) coordinate space relative to the North American Datum (NAD) 1983, Zone 16N. The mineralization domains utilized an approximate lower cut-off of 0.15g/t Au for the interpretation of mineralization shapes. The resource block model utilized a block size of 5m (X) x 5m (Y) x 2.5m (Z), allowing for a maximum of 4 sub-blocks in X and Y and 2 sub-blocks in Z to honour the mineralization domain wireframe volume. The MRE is undiluted and only considers the volume of the blocks falling inside the mineralization domains.

Estimation for gold was completed using 5,221 composited samples from inside the estimation domain wireframes. The search ellipsoid used to select samples for each block estimate was defined by the modelled variogram ranges. Block grade estimation was undertaken in 4 successive passes using factors of the variogram ranges to define the search ellipsoid size.

Density measurements by previous operators included a total of 21 representative drill core samples that were submitted to a laboratory. An average density value of 2.74g/cm³ was determined to be representative for the Afric zone. It was decided to apply a global bulk density of 2.7t/m³ to the MRE. No distinction was made between mineralized and non-mineralized rock.

The unconstrained resource block model was subjected to several LG open pit optimization scenarios utilizing a number of gold prices, mining cost scenarios and recovery factors typical of Ontario mining operations and advanced projects. The Northshore final MRE pit shell utilized a gold price of $1,750/ounce and recoveries of 95% with appropriate mining and processing costs typical of near surface open pittable resources in Ontario. Mr. Dufresne considers the pit parameters presented below are appropriate to evaluate the reasonable prospect for potential future economic extraction at the Northshore Gold Project for the purpose of providing an MRE. The updated resources presented are not mineral reserves, and they do not have demonstrated economic viability. There is no guarantee that any part of the resources defined by the updated MRE will be converted to a mineral reserve in future.

 

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