Exploration

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Active diamond core drilling exploration has been under way in 2012-2013 to test additional targets projected over 11 kilometres of potential ore zone strike extension. Recent exploration focus has been principally to the northeast and east of the Goliath Gold deposit, in the Project's land package. Significant gold values intercepted in previous drilling campaigns, as well as re-interpreted airborne EM and aeromag geophysics, are being used to guide the drilling program.

 

The program has focused on pursuing strike extensions of previously identified mineralization as well as following potential new ore shoots down dip within the currently defined resource area. Most recently the program has concentrated on delineating the C Zone mineralization, now largely in the Inferred category, both within and to the east of the proposed open pit boundary. The C Zone in-fill program has focused primarily on defining near surface resources, converting inferred ounces to indicated ounces, and defining a recently discovered high grade C zone ore shoot. A previously sparsely drilled area has been delineated measuring approximately 1.2 km in strike length and infill drilling of select targets is ongoing. The C Zone has the potential to represent an increase in the current open pit minable resource and a reduction of the overall waste to ore stripping ratios.

 

With recent completion of the first phase of the C Zone in-fill drilling program, the company is performing a gap analysis to determine the location of holes required to upgrade all ounces within the current open pit design from inferred to the indicated category including both the Main and C Zones. The scope and size of the Company's final in-fill and expansion drill program will be determined from the gap analysis. The final drilling program combined with the other drilling programs since October 2011 will form a new resource update and will be used to support the full feasibility study. In addition, the company continues to focus on its Environmental Impact Statement scheduled for the federal permitting process.