TSX-V : ABI

The Sleeping Giant Mine

The Sleeping Giant Mine (gold)

 

The Sleeping Giant Mine

The property is located half-way between Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of the Quebec government. It comprises four (4) mining leases covering an area of approximatively 458 hectares and 69 mining claims.

Among the assets, there is a mill with a capacity of 700 to 750 tonnes per day, or 250,000 tonnes per year.

The process is carbon in pulp. There are also installations to deposit the mill tailings, underground infrastructures including two shafts and drifts, a mechanical shop, offices, a store, dries and mining equipment, surface installations, an important inventory of parts, four (4) mining leases and thirty nine (39) adjacent cells and several other exploration properties.

The process plant was restarted by Abcourt in August 2016 to process ore from the Elder Mine and custom milling to utilize the full capacity of the mill.  The mill is presently in care and maintenance.

A mineral resource estimate was published in January 2023.

View technical report for details. 

 

 

Notes to the 2022 MRE

 
i. The independent and qualified persons for the 2022 MRE, as defined by NI 43-101 are Olivier Vadnais-Leblanc, P. Geo. and Eric Lecomte, ing, all from InnovExplo Inc.
ii. These mineral resources are not mineral reserves because they do not have demonstrated economic viability. The results are presented undiluted and are considered to have reasonable prospects of economic viability. The 2022 MRE follows the CIM Standards.
iii. The estimate encompasses 846 mineralized lenses that were modelled using a minimal geological width of 0.5m using Genesis software.
iv. A density value of 2.85 g/cm3 (based on measurements and mine et mill reconciliation) was assigned to all mineralized zones.
v. High-grade capping supported by statistical analysis was done on composites data and established at 95 g/t Au for all mineralized zones. Composites (0.5 m) were calculated within the zones using the grade of the adjacent material when assayed or a value of zero when not assayed.
vi. The exigence of a Reasonable Prospect of Eventual Economical Extraction is fulfilled by the use of cut-off grades based on reasonable mining parameters and locally constrained within Deswik Stope Optimizer shapes using a minimal mining width of 1.7 m for both potential methods. It is reported at a rounded cut-off grade of 4.25 g/t Au using the long-holes (LH) method, and 5.0 g/t Au, using the Room and Pillars (R&P) method. The cut-off grades were calculated using the following parameters: mining cost = C$213.96/t (LH) to C$261.56/t (R&P); processing cost = C$35.10/t; G&A = C$22.09/t; gold price = US$1,650.00/oz and USD:CAD exchange rate = 1.30. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
vii. The estimate was completed using a sub-block model in Surpac 2022. A 4m x 4m x 4m parent block size was used (1m x 1m x 1m sub-blocked). Grade interpolation was obtained by Inverse Distance Squared (ID2) using hard boundaries.
viii. The mineral resource estimate is classified as Indicated and Inferred. The Inferred category is defined with a minimum of two (3) drill holes within the areas where the drill spacing is less than 75 m and shows reasonable geological and grade continuity. The Indicated mineral resource category is defined with a minimum of three (4) drill holes within the areas where the drill spacing is less than 30 m and shows reasonable geological and grade continuity.
ix. The number of metric tonnes was rounded to the nearest hundred, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348) rounded to the nearest hundred.
x. The independent and qualified persons for the 2022 MRE are not aware of any known environmental, permitting, legal, political, title-related, taxation, socio-political, or marketing issues that could materially affect the Mineral Resource Estimate.

 

Qualified Persons

The qualified persons independent of the issuer, responsible for estimating the resources of the Sleeping Giant Mine, within the meaning of NI 43-101, are Mrs. Olivier Vadnais-Leblanc, geo., and Eric Lecomte, ing, of the firm InnovExplo Inc.

Mrs. Vadnais-Leblanc and Lecomte declare that they have read this press release and that the scientific and technical information relating to the resource estimate presented therein is correct.

Mr. Pascal Hamelin, ing, President and Chief Executive Officer of the Corporation, has verified and approved the technical information contained in this press release.

 

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