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Barsele - NI 43-101 Resources
NI 43-101 Technical Report and Mineral Resource Estimate for the Barsele Property -- effective date February 21, 2019.

The Independent and Qualified Persons for the Mineral Resource Estimate as defined by NI 43-101 are Harold Brisson, P.Eng. and Carl Pelletier, P.Geo., both from InnovExplo Inc. of Val d’Or Quebec.

Both Brisson and Pelletier are independent of both Barsele and joint venture partner Agnico Eagle, based on the requirements outlined in National Instrument 43-101 and NI 43-101F1. Agnico Eagle is not responsible for the Report.

2019 Mineral Resource Estimate

Scenario

Indicated

Inferred

CUT-OFF
(g/t)

Tonnage (t*1000)

Gold (g/t)

Gold Ounces

Tonnage (t*1000)

Gold (g/t)

Gold Ounces

Pit Constrained

0.50

3,452

1.32

147,000

1,819

1.59

93,000

Bulk Underground

1.50

1,442

2.53

117,000

8,759

2.58

728,000

Selective Underground

1.80

684

2.75

60,000

14,917

2.64

1,265,000

Total

 

5,578

1.81

324,000

25,495

2.54

2,086,000

Mineral Resource Estimate Footnotes:

  1. The Independent and Qualified Persons for the Mineral Resource Estimate, as defined by NI 43-101, are Harold Brisson, P.Eng. and Carl Pelletier, P.Geo., both from InnovExplo Inc., and the effective date of the Mineral Resource Estimate is February 21, 2019.
  1. These mineral resources are not mineral reserves, as they do not have demonstrated economic viability.
  1. The mineral resource estimate follows current CIM definitions and guidelines for mineral resources.
  1. The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction.
  1. The estimate encompasses 61 gold-bearing zones, each defined by individual wireframes with a minimum true thickness of 2.0 metres and using the grade of the material when assayed, or a value of zero when not assayed. The resource was estimated using Geovia GEMS 6.8.
  1. High-grade capping supported by statistical analysis was carried out on assay data and established on a per domain basis for gold (g/t Au): low-grade mineralized envelope = 5.0 g/t Au, high-grade gold-bearing zones: Skiråsen = 30.0 g/t Au, Central = 30.0 to 40.0 g/t Au, Avan = 20.0 g/t Au.
  1. Grade interpolation was performed by Ordinary Kriging on 2.0 metres composites from drill-hole intersections falling within the mineralized zones in a block model using a block size of 10.0 metres by 3.0 metres by 5.0 metres.
  1. Density values were applied based on lithology. All mineralized zones were assigned 2.73 g/cm3.
  1. The Mineral Resource Estimate is categorized as Indicated and Inferred. The Inferred mineral resource category is only defined with a minimum of 2 drill-holes, within the areas where the drill spacing is less than 100 metres and shows reasonable geological and grade continuity. The Indicated mineral resource category is only defined with a minimum of 2 drill-holes, within the areas where the drill spacing is less than 25 metres. Clipping boundaries were used for classification based on those criteria.
  1. The Mineral Resource Estimate is reported for three cut-off grades depending on the nature and depth of the mineral resource: 1) a pit constrained extraction mining method at a cut-off grade of 0.50 g/t Au, 2) a bulk underground extraction mining method at a cut-off grade of 1.50 g/t Au (Bulk Zones), and 3) a selective underground extraction mining method at a cut-off grade of 1.80 g/t Au (High Grade Zones). The cut-off grades were calculated using the following parameters: mining cost = $US 35.00 to $US 45.00; processing cost = $US 15.00; G&A = $US 5.00 to $US 8.00; refining and selling costs = $US 10.00; gold price = $US 1,300.00; and metallurgical recovery = 92.6 percent. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
  1. The number of metric tonnes were rounded to the nearest thousand, 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).
  1. InnovExplo Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.

A copy of the full report is available on SEDAR, and here.

 
Barsele Minerals Inc.