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FireFly Metals Ltd. Capital/Financing Update 2022

Feb 14, 2022

48548_rns_2022-02-14_f3d6d861-1e9f-4f0f-9198-e791266642b1.pdf

Capital/Financing Update

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ASX: AUT 15 February 2022

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ASX ANNOUNCEMENT

Pickle Crow Gold Project, Canada

Resource increases by 500,000oz to 2.23Moz at 7.8g/t

Outstanding result catapults Pickle Crow to world-scale status; Exploration success driving immense value creation for shareholders, with 1.2Moz of Resource added since September 2020 at a cost of just A$17.58/oz

KEY POINTS

  • Highly successful drilling campaign results in the Inferred Resource at Pickle Crow increasing by 514,000oz to 2,230,000oz at 7.8 g/t gold

  • The +30% increase comes just six months after the previous resource update

  • Since September 2020, AuTECO has added 1.2Moz of Inferred Resource at a discovery cost of A$17.58 (US$12.59[1] ) per Resource ounce

  • The speed and low cost at which the Resource has grown highlights the quality and huge remaining growth potential of the Pickle Crow mineralised system

  • The Resource is categorised based on two distinct styles of mineralisation:

  • The high-grade quartz vein component, which has increased to 1.92Moz at 9.3g/t

  • The alteration-hosted near-surface Resource, which is predominantly within Banded Iron Formation (BIF). This has increased to 304,000oz at 3.8g/t gold

  • The 50,000m drill campaign continues, with more assays expected over coming weeks

  • Regional exploration program ramping up, with three rigs allocated solely to a host of regional exploration targets

  • AuTECO has $10.5M cash as at 31 December 2021

Mineralisation Domain Lower
Cut-off		 Tonnes
(Mt)		 Gold Grade
(g/t)		 Gold
(Million oz)		 Variance to 30 June
2021 Resource
Quartz Lodes 3.5g/t 6.4 9.3 1.92 +0.45Moz
Alteration Hosted (BIF) 2.0g/t 2.5 3.8 0.30 +0.06Moz
TOTAL 8.9 7.8 2.23 +0.51Moz (+30%)

AuTECO Inferred Mineral Resource Estimate as at 31 December 2021. Please refer to Appendix A JORC Table 1 for details of the Inferred Resource estimate. Note that all numbers are rounded

1 Calculated at a AUD to USD exchange rate of 0.72

ASX: AUT

T: +61 8 9220 9030 E: [email protected] W: www.autecominerals.com

ACN: 110 336 733 Principal and Registered Office: Ground Floor 24 Outram Street West Perth WA 6005

Ray Shorrocks - Executive Chairman Michael Naylor - Non-Executive Director Stephen Parsons - Non-Executive Director Nicholas Katris - Company Secretary Darren Cooke - Chief Operating Officer

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AuTECO Minerals Ltd (AUT.ASX) is pleased to report a 30 per cent increase in the Inferred Mineral Resource estimate at its Pickle Crow Project in Canada, taking it to 2.23 million ounces at a grade of 7.8g/t gold.

This estimate comprises a high-grade quartz vein component of 1.92Moz at 9.3 g/t and a broader near-surface alteration / banded iron hosted mineralisation style that contains 304,000oz at a grade of 3.8 g/t.

AuTECO Executive Chairman Ray Shorrocks said: “Pickle Crow has joined an exclusive club of global gold companies with a resource base of more than 2Moz in a tier-one location.

“It speaks volumes about the quality of the Pickle Crow system that we added more than half-amillion ounces to the resource in just six months and at a cost of less than A$20/oz.

“This means we have created substantial value for shareholders and also demonstrates the immense potential for ongoing increases in the inventory”.

A total of ~30,000m of additional drill information was used to inform the revised year-end estimate that was prepared in accordance with the JORC Code (2012 Edition) by independent mining consultants Cube Consulting Pty Ltd.

In the 16 months between September 2020 and December 2021, AuTECO has added 1.23Moz of gold to the Inferred Resource at a total discovery cost of A$17.58 (US$12.59) per Resource ounce.

AuTECO is now ramping up drilling to test some of the early-stage regional targets on the 500sqkm of tenure managed the Company in the Pickle Lake district. Three drill rigs are currently engaged on early-stage regional programs, with results expected in the June quarter.

ABOUT THE EXPLORATION & GROWTH PROGRAM

Based on the outstanding results achieved in the mid-year 2021 Resource update, the board of AuTECO approved an additional 50,000 metres of drilling that commenced in June 2021. The key strategic objectives of the drill program (Figure 1) demonstrate AuTECO’s continued commitment to the dual pathways of driving near-mine Resource growth combined with early-stage exploration and discovery drilling on the 500 square kilometres of regional tenure.

To date ~42,000 metres of the current program has been drilled, with the final 8,000 metres of the program forecast to be completed in March 2022. There are currently 5 diamond drill rigs on site taking advantage of favourable drill access conditions during the Canadian winter.

The initial focus of program was on near mine discovery, extension and infill drilling that was used to calculate the Resource estimate as at 31 December 2021.

Focus has now shifted to the regional targeting, with three of the five active drill rigs testing targets outside of the Resource area. Results from the regional campaign are expected in the June quarter.

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Figure 1: Current AuTECO strategic work plan and key objectives from July 2021 until the release of the year end Resource update in February 2022. Please note that timeframes are indicative.

RESULT FROM THE GROWTH AND EXPLORATION CAMPAIGN

The December 2021 Resource update is the culmination of the highly successful drill campaign undertaken by AuTECO in the near-mine area at Pickle Crow. At the time of the Resource data cut-off in early December 2021, a total of 29,883 metres of drilling had been completed and utilised to inform the revised Resource estimate.

Results of the drilling have been regularly released to keep the market fully informed of progress (see ASX Releases dated 15 July 2021, 2 August 2021, 5 October 2021, 2 December 2021 and 18 January 2022).

During the current campaign, exceptional progress has been made in the discovery and extension of high-grade quartz vein lodes. Historical production at Pickle Crow from the quartz vein style of mineralisation totalled 1.5Moz at 16.1 g/t gold. Highlights reported during the current 50,000 metre campaign include, but are not limited to:

  • 1.8m @ 21.2 g/t gold from 838m in hole AUDD0166W1 (15 July 2021)

  • 3.3m @ 15.9 g/t gold from 31.8m in hole PG-G03A (2 August 2021)

  • 2.8m @ 17.9 g/t gold from 578.3m in hole AUDD0173 (5 October 2021)

  • 1.0m @ 30.1 g/t gold from 546m in hole AUDD0152 (5 October 2021)

  • 2.0m @ 68.3 g/t gold from 470.7m in hole AUDD0200 (2 December 2021)

  • 2.1m @ 31.8 g/t gold from 246.4m in hole AUDD0229 (2 December 2021)

  • 4.1m @ 11.2g/t gold from 423.8m in hole AUDD0200 (2 December 2021)

  • 7.3m @ 33.3 g/t gold from 9.4m in AUDD0246 (18 January 2022)

  • 1.5m @ 35.2 g/t gold from 541.5m in AUDD0227 (18 January 2022)

  • 4.0m @ 11.0 g/t gold from 205.8m in AUDD0240 (18 January 2022)

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AuTECO has recognised the significance of alteration hosted mineralisation in the Pickle Crow district that is typically expressed as broad zones of sulphides within reactive host rocks (typically Banded Iron Formation and lesser Porphyry). This style of mineralisation is potentially amenable to bulk mining methods including open pit extraction and bulk stoping from underground. Key results reported during the current campaign include, but are not limited to:

  • 10.5m @ 3.6 g/t gold from 126m in hole AUDD0140 (2 August 2021)

  • • 19.5m @ 3.3 g/t gold from 340.7m in hole AUDD0220 (2 December 2021) • 25.2m @ 1.3 g/t gold from 166m in hole AUDD0228 (18 January 2022)

The strong investment in drilling since AuTECO assumed management control of the project in March 2020 (Figure 2) has resulted in rapid and sustained low-cost Resource growth (Figure 3).

In the 16 months between September 2020 and December 2021, a total of 1.23Moz of gold was added to the inferred Resource at a total average cost of A$17.58 (US$12.59) per ounce.

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Figure 2: Cumulative drill metres in the Pickle Crow dataset. This demonstrates the significant investment in targeted drilling made by AuTECO that has enabled the rapid increase in Resource since assuming project management in 2020. *Note: to date ~92,000m has been completed, and this number is a forecast based on the anticipated completion of the current 50,000m drill program in March 2022.

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Figure 3: Graph
demonstrating the
rapid and sustained
Resource growth
achieved by AuTECO
since assuming
management control
of the project in March
2020
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ABOUT THE MINERAL RESOURCE ESTIMATE

The revised Resource estimate as at 31 December 2021 is summarised in Table 1.

Mineralisation Domain Lower
Cut-off		 Tonnes
(Mt)		 Gold Grade
(g/t)		 Gold
(Million oz)		 Variance to 30 June
2021 Resource
Quartz Lodes 3.5g/t 6.4 9.3 1.92 +0.45Moz
Alteration Hosted (BIF/ Alb) 2.0g/t 2.5 3.8 0.30 +0.06Moz
TOTAL 8.9 7.8 2.23 +0.51Moz (+30%)

Table 1: AuTECO Inferred Mineral Resource Estimate as at 31 December 2021. Please refer to Appendix A JORC Table 1 for details of the Inferred Resource estimate. Note that all numbers are rounded

The Resource has been independently estimated by Cube Consulting Perth (see Competent Person statement). The estimate has been produced by 3D modelling of the lode systems and block model grade estimation using a combination of the 2D estimation modelling approach and 3D dynamic interpolation, both using Ordinary Kriging (OK) and Inverse Distance to the power of 2 (ID[2] ). A full summary of the resource methodology and validation is included in the Appendix A JORC table. All project resources have been classified as Inferred based on current drill spacing and the historical drill results, which will require further supporting verification drilling and QAQC insertion. It is anticipated that Infill drilling and verification drilling will support an increase in resource classification.

The spatial distribution of gold grades in the Resource model and drill data is shown in Figure 4.

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Figure 4: Isometric view of the block model showing drill data density and distribution of grades within the Inferred Mineral Resource model. Please refer to JORC Table 1 Section 3 for details of the Resource Estimate

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Variance to Previous Estimates

Comparison to Mid-Year 2021 Mineral Resource Estimate

The variance between the December 2021 and the June 2021 Mineral Resource Estimates is summarised in Table 2. The updated Resource estimate at 31 December 2021 differed compared to the June 2021 MRE based on the following factors:

  • New drilling information from 2021 drilling programs completed by Auteco since the June 2021 MRE – 71 holes for 29,883m of NQ diamond core drilling.

  • Updated interpretation of the shallow mineralisation zones, including the shallow BIF hosted mineralisation within the #1 Shaft area and Porphyry hosted mineralisation within the Albany shaft area – 34 domains updated for the December 2021 MRE.

  • New mineralisation zones interpreted - 5 quartz vein hosted domains in the #1 shaft area.

  • • Increase in cut-off grade for lodes in the Albany area based on selective zones noted in the area (2.0g/t COG used in the June 2021 estimate, increased to 3.5g/t for the December 2021)

Variance between December 2021and June 2021 Inferred Resource Estimates Variance between December 2021and June 2021 Inferred Resource Estimates
Domain
Tonnes
‘000		 Grade
g/t
Ounces
‘000
Quartz Veins
+1,917 (+42.4%)
Alteration/BIF
+406 (+20%)		 -0.82g/t (-8%)
+453 (+31%)
+0.17g/t (+5%)
+61(+25%)
TOTAL
+2,323(+35%)		 -0.31g/t(-4%)
+514(+30%)

Table 2: Comparison between the December 2021 and June 2021 Mineral Resource estimates

Summary of JORC Table 1

A summary of JORC, Table 1 is provided below for compliance with the Mineral Resource and inline with the requirements of ASX listing rule 5.8.1

Geology & Geological Interpretation

The Archean Pickle Crow Orebody consists of 91 separate high to medium grade, lode gold domains hosted across a variety of different lithologies ranging from Pickle Crow Basalts, through Banded Iron Formation and Porphyry units. There is sufficient confidence in the geological modelling of the orebody geometries for Inferred Resource Estimation, with variable confidence dependent on drilling density, geological confidence and historical QAQC.

The Mineral Resource sits within an area of 3,800m strike (in a NE direction) of the core mine trend and within an 800m section of stratigraphy and has been interpreted to extend at its maximum 1,500m below surface in close proximity to where the underground development stops.

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Drilling Techniques, Sampling and Assaying

Drilling included in the Resource Estimation at Pickle Crow consists of historical surface and underground drilling. Overall, 4,104 holes for 441,473 m of mainly diamond drilling are incorporated into the database with 3,080 holes for 129,000 m drilled from underground prior to 1988 and the remainder from surface. A total of 239 NQ Diamond drill holes for 74,913 m have been completed by AuTECO in 2020 and 2021 and have been incorporated into the December 2021 resource estimation.

Core was cut in half with one half retained as a reference, and the other sent for assay. Assays from diamond drilling post 1981 are Fire Assay results from various accredited Canadian laboratories. Historical assay methods prior to this are unknown but have been verified by duplicate sampling by historical operators at the project.

Post 2008, samples were dispatched to ALS Chemex for gold by 50g Fire Assay with atomic absorption finish. Samples greater than 5g/t gold were re-assayed by 50g Fire Assay with gravimetric finish. All samples greater than 10g/t gold were additionally sent for pulp metallics (950g).

AuTECO drilling samples were dispatched to AGAT laboratories for assay by 30g Fire Assay with atomic absorption finish. Samples greater than 5g/t gold were re-assayed by 50g Fire Assay with gravimetric finish. All samples greater than 0.2g/t gold have additionally been sent for pulp metallics (1000g) but results have not yet been received.

Estimation Methodology

The MRE has been produced by 3D modelling of the lode systems and block model grade estimation using a combination of 2D estimation modelling approach and 3D dynamic interpolation (DK), both using OK and ID[2] . The estimation methodology is briefly summarised as follows:

  • The primary estimation domains are based on the 3D geological wireframing of quartz veins and BIF hosted mineralisation provided by Auteco. The domain interpretations were based on historical UG mining knowledge of the steeply dipping quartz veining known to host gold mineralisation from drill logging and descriptions of mapping and sampling.

  • The mineralised domains acted as a hard boundary to control the December 2021 MRE.

  • Drill hole sample data was flagged using domain codes generated from 3D mineralisation domains. Sample data was composited over the full downhole interval and there were consequently no residuals. Intervals with no assays were assigned background grades for the compositing routine as these un-assayed intervals in the drill holes were assumed to be waste.

  • Gold grade distributions within the estimation domains were assessed to determine if high grade cuts or distance limiting should be applied on a domain-by-domain basis. The influence of extreme grade values was reduced by top-cutting where required. The top cut levels were determined using a combination of top-cut analysis tools (grade histograms, log probability plots and CVs). Top cuts were reviewed and applied on a domain basis.

  • The 2D estimation approach using OK was deemed appropriate for the very narrow, linear, and continuous zones hosted by quartz veins. Interval composites were generated for the mineralised lode, which were then weighted by their respective widths to calculate an accumulation variable. The accumulation variable for gold was then used for variogram analysis and 2D interpolation of gold grades. The estimated 2D block values were then

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exported back into 3D space.

  • Several quartz vein hosted domains show ribbon-like structures and although the overall dip and dip direction of most of the lodes are consistent, there are enough changes in geometry to require locally varying search ellipse and variogram directions. The dynamic anisotropy search feature in Surpac was used in which the search neighbourhood ellipse dip and dip direction are defined separately for each block approximating the orientation of each of the mineralised zones.

  • For mineralised domains estimated using 2D OK method, variogram ranges and search distances were defined in a rotated horizontal plane. For the 3D DK method, variogram modelling was conducted to provide nugget, sill and range for 3 directions. Variogram maps were initially analysed in plan, east-west and north-south section to confirm continuity trends and to refine parameters for experimental variogram calculation.

Block model validation was conducted by the following means:

  • Visual inspection of block model estimation in relation to raw drill data on a section-bysection basis.

  • Volumetric comparison of the wireframe/solid volume to that of the block model volume for each domain.

  • A global statistical comparison of input and block grades, and local composite grade (by northing and RL) relationship plots (swath plots), to the block model estimated grade for each domain.

Bulk Density

A bulk density was assigned based on test work completed by previous operator’s PC Gold Inc. as follows:

  • Mineralised quartz veins = 2.7g/cm[3]

  • BIF hosted mineralisation = 3.21g/cm[3]

  • Porphyry hosted mineralisation = 2.83g/cm[3]

Classification

The Mineral Resource has been entirely classified as Inferred. The classification is based on the relative confidence in the mineralised domain countered by high nugget values, variable drill spacing, un-verifiable historical database and partial lack of historical QAQC.

Mining Factors or Assumptions

  • Both open pit and underground mining is assumed due to the shallow nature of major mineralisation zones.

  • Extensive underground mining operations have previously taken place with historical documentation providing good background information for future mining considerations.

  • Pit optimisation studies are currently being undertaken by Cube in February 2022

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Metallurgical Factors or Assumptions

Initial metallurgical test work was completed by previous operators on the high-grade vein mineralisation at Pickle Crow and can be summarised as:

  • Excellent total gold extractions to a maximum exceeding 99% through a combination of gravity and 48-hour cyanide leach bottle rolls

  • Excellent gravity recoveries of up to 92.4% of total gold recovered by the Knelson Concentrator prior to cyanide leaching.

These results are in line with the historical performance of the Pickle Crow Gold mine which operated between 1935 and 1966 with recoveries averaging slightly over 98% recovered through a combination of gravity and cyanidation.

Reporting Cut-Off Grade

A 2.0 g/t cut-off grade was used to report the potential Open Pit Mineral Resources and a 3.5g/t cut-off grade was used to report the Underground Mineral Resources. The cut-off grades are estimated to be the minimum grade required for economic extraction at current prices.

Given the depth, width and grade of the deposit AuTECO Minerals Ltd. considers that the mineralisation incorporated into the resource estimation has a reasonable prospect of eventually being mined, particularly when considering the high-grade resources are close to existing underground infrastructure and in proximity to existing highways and commercial power lines. In addition, there is already a successful history of commercial production at the Pickle Crow Gold Mine which produced 1.5 Million oz @ 16g/t Gold between 1935 and 1966 before eventual closure.

FORWARD WORK PLAN

The company intends to continue with a dual-tracked approach to drilling for the remainder of 2022, with a combination of extensional in-mine Resource growth drilling and regional exploration.

The current 50,000m drill program is forcast to be completed in March 2022. With the Resource successfully delivered, the remaining drill metres will be focused on regional exploration targets in addition to extensional drilling at the Tyson vein discovery. 5 rigs will continue to take advantage of favourable drill conditions during the Canadian winter at least until the end of March 2022.

Given the success of the drill program to date, drilling will continue beyond the current 50,000m.

Pathway to production activities will focus on detailed assessment of the near surface potential for open pit mining. The ore zones will be re-modelled at an 0.5g/t cut-off grade and reblocked at SMU’s suitable for open pit assessment. Expressions of interests have been forwarded to numerous engineering firms for high level assessment of options to re-establish access to underground for infill drilling of the Inferred Resource.

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AuTECO had A$10.5M in cash at the end of December 2021, and will utilise these funds to continue with the exploration and growth progam.

For and on behalf of the Board.

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Mr Ray Shorrocks Executive Chairman AuTECO Minerals Ltd Phone: +61 8 9220 9030

Media: Paul Armstrong Read Corporate +61 8 9388 1474

ABOUT AUTECO MINERALS

AuTECO Minerals Ltd (ASX: AUT) is an emerging mineral exploration company focused on advancing high-grade gold resources at the Pickle Crow Gold Project in the world-class Uchi subprovince of Ontario, Canada.

The Pickle Crow Gold Project currently hosts a JORC 2012 Mineral Resource of 2.23 Moz at 7.8 g/t gold, with a 50,000m drilling program underway to expedite Resource growth.

Pickle Crow is one of Canada’s highest-grade gold mines – historically producing 1.5 Moz at 16 g/t gold.

The Company also has a joint venture on the Limestone Well Vanadium-Titanium Project in Western Australia.

For further information regarding AuTECO Minerals Ltd please visit the ASX platform (ASX:AUT) or the Company’s website https://www.autecominerals.com

COMPETENT PERSONS STATEMENT

The information in this announcement that relates to the Mineral Resource Estimate and previous exploration results is based on and fairly represents information and supporting information compiled and reviewed by Mr Darren Cooke, who is a Member of the Australasian Institute of Geoscientists. Mr Cooke is a full-time employee of the Company and has sufficient experience in the style of mineralisation and type of deposit under consideration and qualifies as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Cooke holds securities in AuTECO Minerals Limited and consents to the inclusion of all technical statements based on his information in the form and context in which it appears.

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The information in this announcement that relates to the Mineral Resource Estimate is based on and fairly represents information and supporting information compiled by Mr Brian Fitzpatrick. Mr Fitzpatrick is a full-time employee of Cube Consulting Pty Ltd, who specialises in mineral resource estimation, evaluation and exploration. Neither Mr Fitzpatrick nor Cube Consulting Pty Ltd holds any interest in AuTECO Minerals Ltd, its related parties, or in any of the mineral properties that are the subject of this announcement. Mr Fitzpatrick is a member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (or “CP”) as defined in the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr Fitzpatrick has reviewed the contents of this ASX announcement and consents to the inclusion in this announcement of all technical statements based on his information in the form and context in which they appear.

DISCLAIMER

References to previous ASX announcements should be read in conjunction with this release.

FORWARD LOOKING INFORMATION

Various statements in this announcement constitute statements relating to intentions, future acts and events. Such statements are generally classified as “forward looking statements” and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayed herein. The Company gives no assurances that the anticipated results, performance, or achievements expressed or implied in these forward-looking statements will be achieved.

APPENDIX A - JORC CODE, 2012 EDITION

Table 1 – JORC Code 2012 Edition

Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

Note - Although no new results are reported in this release, this section describes the data utilised in the Mineral Resource Estimate

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Sampling techniques • Nature and quality of sampling (e.g. cut • Drilling since 2008, quoted with PC- prefix is from PC Gold
channels, random chips, or specific exploration with NQ diameter (47.6mm) drill core was
specialised industry standard recovered from drilling. Noramco drilling, CP- prefix is BQ
measurement tools appropriate to the diameter (36.5mm). All other quoted intercepts and the
minerals under investigation, such as bulk of historical drilling data is of NQ diameter including
down hole gamma sondes, or handheld AuTECO drilling subject to this release (prefix AUDD**).
XRF instruments, etc). These examples • The core was sawn in half following a sample cutting line
should not be taken as limiting the determined by geologists during logging and submitted
broad meaning of sampling. for analysis on nominal 1m (1ft for historical drillholes)
• Include reference to measures taken to intervals or defined by geological boundaries determined
ensure sample representivity and the by the logging geologist.
appropriate calibration of any • Samples from PC Gold holes (PC- prefix) post 2008 were
measurement tools or systems used. submitted to ALS Chemex in Thunder Bay and North
• Aspects of the determination of Vancouver for analysis. Samples were prepared for
mineralisation that are Material to the analysis using a jaw crusher which was cleaned with a
Public Report. silica abrasive between samples resulting in 90% of the
• In cases where ‘industry standard’ work sample passing through an 8 mesh screen. A split of the
has been done this would be relatively crushed sample weighing 1000g was then pulverised to
simple (eg ‘reverse circulation drilling 90% passing a 150 mesh screen. Sample pulps were
was used to obtain 1m samples from analysed forgold byFire Assayusing50gsample charge

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
which 3 kg was pulverised to produce a with atomic absorption spectroscopy (AAS) finish. If the
30 g charge for fire assay’). In other returned assay result was equal to or greater than 5g/t
cases, more explanation may be then the sample was re-assayed by Fire Assay with a
required, such as where there is coarse gravimetric finish. Samples from historical diamond
gold that has inherent sampling drilling programs conducted between 1981 and 2008
problems. Unusual commodities or were dispatched to a variety of accredited laboratories in
mineralisation types (e.g. submarine Canada for Fire Assay analysis. Historical drill results prior
nodules) may warrant disclosure of to 1981are Fire Assay conducted by unknown laboratories
detailed information. (most likely the mine laboratory during the operational life
of the Pickle Crow Mine) and with unknown preparation
methods and assay charge, however previous operators
have duplicated and verified results. Recent sampling by
AuTECO Minerals on drill holes subject to this release
(prefix AUDD**) were submitted to AGAT Laboratories,
Thunder Bay for analysis. Auteco samples undergo the
same preparation and analysis techniques previously
used for PC Gold.
• All samples >10g/t gold and samples collected from PC
gold drilling (PC- prefix) suspected of nugget gold were
additionally sent for pulp metallics analysis.
• For a more complete discussion of historical sampling
techniques see document ‘Updated Mineral Resource
Estimate for the Pickle Crow Property, Patricia Mining
Division, Northwestern Ontario, Canada’ NI-43-101 dated
15 June 2018 and available from System for Electronic
Document Analysis and Retrieval (www.sedar.com) for
First MiningInc.
Drilling techniques • Drill type (e.g. core, reverse circulation, • Drilling quoted with PC- prefix is from PC Gold exploration
open-hole hammer, rotary air blast, with NQ diameter (47.6mm) drill core was recovered from
auger, Bangka, sonic, etc) and details drilling. Noramco drilling, CP- prefix is BQ diameter
(e.g. core diameter, triple or standard (36.5mm). All other drilling is NQ diameter including
tube, depth of diamond tails, face- Auteco drilling subject to this release (prefix AUDD**).
sampling bit or other type, whether
core is oriented and if so, by what
method,etc).
Drill sample recovery • Method of recording and assessing • All drilling quoted is NQ diamond core (including Auteco
core and chip sample recoveries and drilling subject to this release -prefix AUDD**) with the
results assessed. exception of Noramco drillholes (CP- prefix). RQD was
• Measures taken to maximise sample recorded for all diamond drilling as per industry standard.
recovery and ensure representative A review of the available diamond drill core RQD’s from
nature of the samples. the Pickle Crow project (PC- prefix and recently
• Whether a relationship exists between completed Auteco drilling - AUDD* prefix) indicated that
sample recovery and grade and nearly all of the holes produced excellent recoveries with
whether sample bias may have an average of >90%. For drilling conducted by other
occurred due to preferential loss/gain operators recoveries are unknown although reports do not
of fine/coarse material. highlight significant core loss.
• A review of RQD results does not highlight a relationship
between sample recovery and grade or highlight any
sample bias due to loss of material.
Logging • Whether core and chip samples have • All PC Gold and Auteco samples (PC- and AUDD* hole
been geologically and geotechnically prefix) were geologically logged. Lithology, veining,
logged to a level of detail to support alteration, mineralisation and weathering are all recorded
appropriate Mineral Resource in the geology table of the drill hole database. Other
estimation, mining studies and historical drillholes have been similarly logged and
metallurgical studies. records have been digitised from report format.
• Whether logging is qualitative or • Geological logging of Diamond Core samples is qualitative
quantitative in nature. Core (or costean, and descriptive in nature.
channel, etc) photography. • All holes quoted have been logged in their entirety.
• The total length and percentage of the
relevant intersections logged.

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Sub-sampling techniques and • If core, whether cut or sawn and • All drilling quoted from PC Gold and Auteco exploration
sample preparation whether quarter, half or all core taken. (PC-and AUDD* hole prefix) is. NQ diameter (47.6mm)
• If non-core, whether riffled, tube drill core recovered from drilling. All other quoted
sampled, rotary split, etc and whether intercepts are NQ diameter with the exception of Noramco
sampled wet or dry. drilling (CP- Prefix) which is BQ (36.5mm) diameter. The
• For all sample types, the nature, quality core was sawn in half following a sample cutting line
and appropriateness of the sample determined by geologists during logging and submitted
preparation technique. for analysis on nominal 1m (or 1ft) intervals or defined by
• Quality control procedures adopted for geological boundaries determined by the logging
all sub-sampling stages to maximise geologist.
representivity of samples. • This sampling technique is industry standard and deemed
• Measures taken to ensure that the appropriate.
sampling is representative of the in-situ • PC Gold QA/QC protocols include the use of crush
material collected, including for duplicates, ¼ core field duplicates, the insertion of
instance results for field certified reference materials (CRM’s) including low,
duplicate/second-half sampling. medium and high-grade standards and coarse blanks.
• Whether sample sizes are appropriate This was accomplished by inserting the QA/QC samples
to the grain size of the material being sequentially in the drill core sample numbering system.
sampled. One set of the four QA/QC types were inserted every 30
samples consisting of 1 crush duplicate, 1 ¼ split field
duplicate, 1 CRM (altering between low, medium and high
standard) and 1 blank. This resulted in approximately
every seventh sample being a QA/QC sample. Auteco
minerals (AUDD* prefix holes) follows the same QA/QC
protocols but with CRM’s and duplicates inserted every 25
samples. QAQC procedures are not disclosed in previous
reporting
but
results
are
consistent
with
visual
observations of mineralisation as recorded in the
geological logs and qualitative proportions of logged
veining and sulphide content. Post-Mining Pickle Crow
Property operators employed the usual in-laboratory
blanks, standards and duplicate analyses to ensure
precision and accuracy of results. Whist there is no
documentation available for earlier results sample
duplicate verification has been conducted.
• Sample size is deemed industry standard for Orogenic
Gold deposits.
• For a more complete discussion of historical sampling
techniques and sample preparation see document
‘Updated Mineral Resource Estimate for the Pickle Crow
Property, Patricia Mining Division, Northwestern Ontario,
Canada’ NI-43-101 dated 15 June 2018 and available from
System for Electronic Document Analysis and Retrieval
(www.sedar.com)for First MiningInc.
Quality of assay data and • The nature, quality and appropriateness
•		 Samples were submitted to ALS Chemex in Thunder Bay
laboratory tests of the assaying and laboratory and North Vancouver for analysis. Samples were
procedures used and whether the prepared for analysis using a jaw crusher which was
technique is considered partial or total. cleaned with a silica abrasive between samples resulting
• For geophysical tools, spectrometers, in 90% of the sample passing through an 8 mesh screen.
handheld XRF instruments, etc, the A split of the crushed sample weighing 1000g was then
parameters used in determining the pulverised to 90% passing a 150 mesh screen. Sample
analysis including instrument make and pulps were analysed for gold by Fire Assay using 50g
model, reading times, calibrations sample charge with atomic absorption spectroscopy
factors applied and their derivation, etc. (AAS) finish. If the returned assay result was equal to or
• Nature of quality control procedures greater than 5g/t then the sample was re-assayed by Fire
adopted (e.g. standards, blanks, Assay with a gravimetric finish. Samples from historical
duplicates, external laboratory checks) diamond drilling programs conducted between 1981 and
and whether acceptable levels of 2008 were dispatched to a variety of accredited
accuracy (i.e. lack of bias) and laboratories in Canada for Fire Assay analysis. Historical
precision have been established. drill results prior to 1981 are Fire Assay conducted by
unknown laboratories (most likely the mine laboratory
duringthe operational life of the Pickle Crow Mine)and

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
with unknown preparation methods and assay charge,
however previous operators have duplicated and verified
results. Recent sampling by Auteco minerals on drill holes
subject to this release (prefix AUDD**) were submitted to
AGAT Laboratories, Thunder Bay for analysis. Auteco
samples undergo the same preparation and analysis
techniques previously used for PC Gold.
• In addition to the Company QAQC samples (described
earlier) included within the batch the laboratory included
its own CRM’s (Certified Reference Materials), blanks and
duplicates.
• Sample assay results continue to be evaluated through
control charts, log sheets, sample logbook and signed
assay certificates to determine the nature of any
anomalies or failures and failures were re-assayed at the
laboratory. Check assaying was also conducted on 1 in
every 20 samples. QAQC protocols are unknown for
historical drill programs (without the PC- hole prefix).
• QA/QC work is industry standard and acceptable levels of
accuracy and precision have been established.
• For a more complete discussion of QA/QC techniques and
levels of accuracy obtained from historical sampling see
document ‘Updated Mineral Resource Estimate for the
Pickle
Crow
Property,
Patricia
Mining
Division,
Northwestern Ontario, Canada’ NI-43-101 dated 15 June
2018 and available from System for Electronic Document
Analysis and Retrieval (www.sedar.com) for First Mining
Inc.
Verification of sampling and • The verification of significant • Historically significant intersections quoted have been
assaying intersections by either independent or verified by Independent Geological Consultants Micon
alternative company personnel. International Limited. For more details see document
• The use of twinned holes. ‘Updated Mineral Resource Estimate for the Pickle Crow
• Documentation of primary data, data Property, Patricia Mining Division, Northwestern Ontario,
entry procedures, data verification, data Canada’ NI-43-101 dated 15 June 2018 and available from
storage (physical and electronic) System for Electronic Document Analysis and Retrieval
protocols. (www.sedar.com) for First Mining Inc.
• Discuss any adjustment to assay data. • There are no twinned holes in the dataset but a
comparison of the results of different drilling generations
showed that results were comparable. In addition,
previous operators have duplicated and verified results by
re-sampling historical core. For more details see
document ‘Updated Mineral Resource Estimate for the
Pickle
Crow
Property,
Patricia
Mining
Division,
Northwestern Ontario, Canada’ NI-43-101 dated 15 June
2018 and available from System for Electronic Document
Analysis and Retrieval (www.sedar.com) for First Mining
Inc.
• For PC Gold drilling (PC- prefix), once all logging data was
completed, core marked up, logging and sampling data
was entered directly into the Gems Logger program (an
MS Access-based database and stored on the onsite
server. At approximately weekly intervals the server onsite
was synchronised with the main server in Thunder Bay.
Only one individual was responsible for synchronising the
field and office databases. Auteco records new drilling
data in Excel spreadsheet format synchronized with the
Auteco server in Perth, Australia.
• No adjustments were made to assay data but the
procedure to determine which gold assay to enter into the
database is as follows. If a pulp metallic assay was
performed it was used. If a pulp metallic assay was not
performed,then agravimetric assaywas used. If a

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Criteria

JORC Code explanation

Commentary

gravimetric assay was not performed, then the AAS assay was used. If re-assays were preformed then the first analysis was used unless a QA/QC investigation proved that the first assay was suspect, in which case the second analysis was then used. For more details of historical procedures see document ‘Updated Mineral Resource Estimate for the Pickle Crow Property, Patricia Mining Division, Northwestern Ontario, Canada’ NI-43-101 dated 15 June 2018 and available from System for Electronic Document Analysis and Retrieval (www.sedar.com) for First Mining Inc. For all drilling not conducted by PC Gold (without the PC- hole prefix) no adjustments were made to the data. Location of data points • Accuracy and quality of surveys used to • Upon completion of PC Gold drillholes collars (PC Gold locate drill holes (collar and down-hole prefix) were surveyed by third party contractors Delta surveys), trenches, mine workings and Surveying and J.D.Barnes of Thunder Bay to with +/- 1m other locations used in Mineral using an SX Blue. For all other drilling hole collars were Resource estimation. converted from local grids or digitised from • Specification of the grid system used. georeferenced maps. Where possible these historical • Quality and adequacy of topographic surface drillholes have been re-located, surveyed and control. verified in the field. Drillhole locations are also recorded by the Ontario Ministry of Northern Development and Mines in freely available GIS datasets. Auteco drilling (AUDD prefix) has been surveyed with a hand-held GPS to an accuracy of less than 3m. • A variety of down hole survey tools have been used on the property. All holes were surveyed at 50m intervals while drilling using an EZY Shot magnetic compass based tool supplied by the drillers. In conjunction with this, all holes were surveyed after completion with a non-magnetic down-hole instrument. A variety of tools were trialed including Maxibore tool provided by Reflex Instruments, a Devifelx tool operated by TECH Directional services and an SPT North Seeking Gyro. For Auteco drilling subject to this release down hole surveys have been conducted by a REFLEX North Seeking Gyro. For further historical details of survey reproducibility and tools used please refer to document ‘Updated Mineral Resource Estimate for the Pickle Crow Property, Patricia Mining Division, Northwestern Ontario, Canada’ NI-43-101 dated 15 June 2018 and available from System for Electronic Document Analysis and Retrieval (www.sedar.com) for First Mining Inc. For all drilling not conducted by PC Gold (lacking the PC- prefix) surveys were conducted during drilling with hole orientation recorded by the geologist in the field. Downhole surveys of dip are recorded by azimuths away from the collar are generally lacking. • All location data is in UTM grid (NAD83 Zone 15) except where noted. • Topographic Control for PC Gold and Auteco drilling (PCand AUDD prefix) is from a DTM created generated from a LIDAR survey completed in 2008 and are to an accuracy of <1m and verified by drill collar surveys. For all other collar data elevation was estimated from contours provided from SRTM. Topographic control for underground drillhole collars has been digitised from level plans or converted from mine grids. All surface collars have now been projected to a DTM generated from a LIDAR survey completed in 2008 and are to an accuracy of <1m.

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Data spacing and distribution • Data spacing for reporting of • Due to the nature of mineralisation the hole spacing is
Exploration Results. highly variable and of a progressive exploration in nature.
• Whether the data spacing, and • Data spacing is considered sufficient to establish
distribution is sufficient to establish the geological and grade continuities for mineral resource
degree of geological and grade estimation at the Inferred Category
continuity appropriate for the Mineral • No sample compositing was applied.
Resource and Ore Reserve estimation
procedure(s) and classifications
applied.
• Whether sample compositing has been
applied.
Orientation of data in relation • Whether the orientation of sampling • Drill hole orientations were designed to test perpendicular
to geological structure achieves unbiased sampling of possible or sub-perpendicular to the orientation of the intersected
structures and the extent to which this mineralisation.
Drilling
was
typically
oriented
is known, considering the deposit type. perpendicular to the trend of geophysical anomalism and
• If the relationship between the drilling the mapped strike and dip of observed mineralisation on
orientation and the orientation of key surface and elsewhere in the project area.
mineralised structures is considered to • Due to the density of drilling and the orientation of drilling
have introduced a sampling bias, this perpendicular to mineralized bodies there is limited bias
should be assessed and reported if introduced by drillhole orientation.
material.
Sample security • The measures taken to ensure sample • For PC Gold and Auteco drilling (PC- and AUDD* prefix),
security. once the core samples are cut, bagged and sealed with
zip ties, ten samples are put into rice bags which are
sealed and secured with numbered security tags. Once
samples arrive at the laboratory the security tags and
corresponding samples were verified against onsite logs.
Prior to shipment samples are stored in a locked building
onsite. Site is always occupied, and no samples are left at
the project during field breaks. For all other drillholes the
measures taken to ensure sample security are unknown.
Audits or reviews • The results of any audits or reviews of • An audit and review of sampling techniques and data was
sampling techniques and data. conducted as part of NI-43-101 resource estimation by
Independent Consultants Micon International in 2018.
Please refer to document ‘Updated Mineral Resource
Estimate for the Pickle Crow Property, Patricia Mining
Division, Northwestern Ontario, Canada’ NI-43-101 dated
15 June 2018 and available from System for Electronic
Document Analysis and Retrieval (www.sedar.com) for
First Mining Inc.
• An additional audit and review of sampling techniques and
data was conducted by Cube Consulting as part of the
Resource Estimation subject to this release and consisted
of an audit of QAQC data from previous operators PC Gold
Inc. (2011-2017).

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Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

Note - Although no new results are reported in this release, this section describes the data utilised in the Mineral Resource Estimate

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Mineral tenement and land • Type, reference name/number, location
•		 The mineral concessions of the Pickle Crow project
tenure status and ownership including agreements or consist of 106 patented mining claims covering 1,712ha
material issues with third parties such and
88
contiguous,
unpatented
claims
covering
as joint ventures, partnerships, approximately 14,048ha. Of the 106 patented claims 98
overriding royalties, native title (the Pickle Crow Lease) are held in the name of Teck
interests, historical sites, wilderness or Cominco Limited (Teck) and 8 are held in the name of PC
national park and environmental Gold. The unpatented claims are held in the name of PC
settings. gold. PC Gold has a lease on the 98 patented claims held
• The security of the tenure held at the by Teck which expires in 2067. These leasehold claims
time of reporting along with any known are subject to two net smelter return (NSR) royalties
impediments to obtaining a license to totalling 1.25%. The other 8 patented claims (the
operate in the area. Crowshore Patents), plus certain unpatented claims are
subject to NSR royalties ranging from 2% to 3%. A full list
of tenements along with details of relevant NSR’s as they
pertain to individual properties is given in Auteco ASX
releases dated: 28/01/2020 and 17/02/2020. An additional
600 claims were staked by Auteco subsidiary, Revel
Resource (JV) Ltd. and are subject to the terms of the
Earn-In-Arrangement.
• Auteco has entered into a binding term sheet agreement
to acquire up to 80% of the Pickle Crow Gold Project from
First Mining.
• All earn in requirements have been satisfied for the Stage
2 Earn-In, and AuTECO holds a 70% ownership stake in
the Pickle Crow project.
• AuTECO may buy a further 10% interest by paying
C$3,000,000 to First Mining; and a 2% Net Smelter Return
granted after the Stage 2 Earn-In. Further details are
included in ASX release (17/02/2020).
• For a more complete discussion of type, reference
name/number,
location
and
ownership
including
agreements or material issues with third parties such as
joint ventures, partnerships, overriding royalties, native
title interests, historical sites, wilderness or national park
and environmental settings relating to the Pickle Crow
Project please refer to document ‘Updated Mineral
Resource Estimate for the Pickle Crow Property, Patricia
Mining Division, Northwestern Ontario, Canada’ NI-43-101
dated 15 June 2018 and available from System for
Electronic
Document
Analysis
and
Retrieval
(www.sedar.com)for First MiningInc.
Exploration done by other • Acknowledgment and appraisal of • The first government survey of the area was performed by
parties exploration by other parties. William McInnes of the Geological Survey of Canada
(GSC) along the Crow River from 1903 to 1905.
Prospecting in the Pickle Lake area commenced in 1926.
In 1927, Lois Cohen of Haileybury formed a prospecting
group and early that winter sent Alex and Murdock
Mosher in to stake the first claims (December 1927) on
what ultimately became the Central Patricia Gold Mines
property. These claims were optioned by F.M Connell and
Associates in August 1928 and Central Patricia Gold
Mines Limited was incorporated on 19 February, 1929.
Diamond drilling commenced at Central Patricia in
February 1929 and production in March 1930. The Central
Patricia discovery paved the way from exploration in the
region which led to the discovery and initial drilling (1929)
of the first Pickle Crow orebodythe No.1 Vein byNorthern

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Criteria JORC Code explanation
Commentary
Aerial Mineral Exploration Limited, a company set up in
1928 by J.E. (Jack) Hammell. In 1929 gold was also
discovered by Albany River Miners Ltd. (Albany River) at
the No.16 vein on the Albany River claims to the east of
the then Pickle Crow property. Northern Aerial was
acquired by Pickle Crow Gold Mines Limited (PCGM) in
1934 with Jack Hammell continuing as president.
Production from the Pickle Crow mine began on 17 April,
1935. Albany river sank the Albany shaft to a depth of
190m between 1933 and 1938 and completed extensive
underground development. Winoga Patricia Gold Mines
was created in 1936 and drilled 73 surface diamond drill
holes on a pie-shaped property located between PCGM’s
holdings and the Albany River Mines ground to the east. A
mine shaft was subsequently sunk on the property in
1938. That same year, PCGM took over ownership of both
Albany River Mines and Winoga Patricia Gold Mines
through a new company called Albany River Gold Mines
Ltd. It is believed that the Winoga Patricia Gold Mines shaft
later became the No.3 Shaft of the Pickle Crow operation.
The Cohen- MacArthur zone, located 2km to the north of
the developing Pickle Crow mine, was discovered in 1933.
A total of 14 surface diamond holes were drilled at Cohen-
MacArthur in the winter of 1936. This property was
optioned by PCGM in 1938, with the acquisition of the
Cohen-MacArthur claims, PCGM became one of the
largest land holders in the Pickle Lake area. The GSC
completed a regional synthesis of the Pickle Crow
Greenstone belt during this period as well. Ground and
airborne geophysical surveys have been completed over
all or parts of the Pickle Crow property at various times
during its early history. A dip-needle survey completed in
1936 on the Pickle Crow property was useful in tracing out
the bands of the iron formation. A detailed magnetic
survey was carried out over the property by Teck (or its
predecessor companies) around 1960. The property then
underwent a series of ownerships until it became wholly
owned by Teck in 1971. The property then sat dormant
until 1973 when Pickle Crow Exploration Ltd. Reviewed
the economics of reopening the mine. In 1978, a merger
between Pickle Crow Explorations Ltd. And four other
companies saw Teck’s ownership reduced to 44.6% and
a new exploration company called Highland-Crow
Resources Ltd. Highland Crow went on to option the
property to Galant Gold Mines Limited in 1979. Gallant
performed a VLF_EM geophysical survey and drilled 47
surface diamond drill holes for 7,356m. The only known
soil geochemical survey done on the Pickle Crow property
was completed for Gallant in 1983. Soil values ranged
from 10 to 12,000ppb with the high values attributed to
mine tailings and cultural anomalies. In 1983 the property
returned to Highland-Crow. Noramco Mining Corp. bought
Highland-Crow in 1988. Between 1985 and 1987
Highland-Crow completed line-cutting, magnetometer
and IP, geophysical surveying, geological mapping,
surface trenching, diamond drilling and environmental
baseline studies. Noramco drilled surface exploration
holes, completed geophysical surveys and commenced
dewatering of the No.1 shaft. Noramco drilled 286 surface
diamond drill holes for 46,189m and 79 underground
holes for 9,341m. Noramco also commissioned Historic
(non-compliant)Resource Estimates. In 1994 Noramco

Criteria JORC Code explanation

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Criteria JORC Code explanation JORC Code explanation JORC Code explanation Commentary Commentary
changed its name to Quest Capital. Quest assigned its
interest to Pickle Crow Resources Inc. A total of 4 surface
diamond drill holes for 2,287m were completed. Quest
then sold its interest to Wolfden Resource Inc who entered
into an option agreement with Jonpol Explorations Ltd.
Who drilled 18 surface diamond holes for 2,173.5m.
Wolfden also entered into a surface mining agreement
with
Cantera
Mining
Limited
in
2000.
Canterra
commenced building a 225tpd gravity mill on site in 2002
but was placed into receivership in 2004. In 2006 Wolfden
transferred Pickle Crow to Premier Gold Mines Ltd. Before
the property was sold to PC Gold in 2007. PC Gold then
explored the property completing 184 holes for 62,968m
by 2011 and 173 holes for 35,840.4m from 2011 to 2014
before commissioning an NI-43-101 compliant Resource
Estimate. For further details please refer to document
‘Updated Mineral Resource Estimate for the Pickle Crow
Property, Patricia Mining Division, Northwestern Ontario,
Canada’ NI-43-101 dated 15 June 2018 and available from
System for Electronic Document Analysis and Retrieval
(www.sedar.com)for First MiningInc.
Geology • Deposit type, geological setting and • The Pickle Crow Gold Deposit is considered to be an
style of mineralisation. Archean low-sulphide gold-quartz vein type deposit, also
known as shear-hosted gold, Archean quartz-carbonate
vein gold deposits, Archean lode gold, Archean
mesothermal gold deposits or simply orogenic gold. The
deposit occurs primarily within mafic volcanics and
banded iron formation (BIF) units in the Pickle Crow
assemblage of the Pickle Lake Greenstone belt in the Uchi
Lake Subprovince of the Superior Craton of the Canadian
Shield.
Drill hole Information • A summary of all information material to
•		 Refer to Appendix A in ASX release’s 28/01/2020,
the understanding of the exploration 26/03/2020,
29/06/2020,
01/09/2020,
11/11/2020,
results including a tabulation of the 19/01/2021,
07/04/2021,
16/06/2021,
15/07/2021,
following information for all Material drill 02/08/2021, 05/10/202, 02/12/20211 and 18/01/2022 for
holes: drill hole information for all reported drill holes in
o easting and northing of the drill hole accordance with ASX listing rule 5.7.2.
collar
o elevation or RL (Reduced Level –
elevation above sea level in meters)
of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
• If the exclusion of this information is
justified on the basis that the
information is not Material and this
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly
explain whythis is the case.

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Data aggregation methods • In reporting Exploration Results, • All drill hole intersections are reported above a lower cut-
weighting averaging techniques, off grade of 0.5g/t Gold or 1g/t as indicated, with no upper
maximum and/or minimum grade cut off grade has been applied. A maximum of 1m internal
truncations (e.g. cutting of high grades) waste was allowed. Tabulated results are presented in
and cut-off grades are usually Material ASX
announcements		 28/01/2020, 26/03/2020,
and should be stated. 29/06/2020,
01/09/2020,		 11/11/2020, 19/01/2021,
• Where aggregate intercepts 07/04/2021,
16/06/2021,		 15/07/2021, 02/08/2021,
incorporate short lengths of high-grade 05/10/2021, 02/12/2021 and 18/01/2022
results and longer lengths of low-grade • Metal equivalent values are not used.
results, the procedure used for such
aggregation should be stated and some
typical examples of such aggregations
should be shown in detail.
• The assumptions used for any reporting
of metal equivalent values should be
clearlystated.
Relationship between • These relationships are particularly • All intersections reported in the body of this release are
mineralisation widths and important in the reporting of Exploration down hole.
intercept lengths Results. • The majority of the drill holes are drilled as close to
• If the geometry of the mineralisation orthogonal to the plane of the mineralized lodes as
with respect to the drill hole angle is possible. A number of drill holes have intersected the
known, its nature should be reported. mineralisation at high angles.
• If it is not known and only the down • Only down hole lengths are reported.
hole lengths are reported, there should
be a clear statement to this effect (e.g.
‘down hole length, true width not
known’).
Diagrams • Appropriate maps and sections (with • Maps and sections are included in the body of this release
scales) and tabulations of intercepts as deemed appropriate by the competent person. For
should be included for any significant further maps, please refer to the previous ASX drill release
discovery being reported These should dated 18/01/2022.
include, but not be limited to a plan
view of drill hole collar locations and
appropriate sectional views.
Balanced reporting • Where comprehensive reporting of all • Any significant higher-grade zones in historical drilling
Exploration Results is not practicable, quoted in this release have been reported in ASX
representative reporting of both low announcements 28/01/2020, 26/03/2020 and Appendix A
and high grades and/or widths should of this release).
be practiced to avoid misleading • All results above 0.5g/t lower cut-off or 1g/t quoted in this
reporting of Exploration Results. release have been reported in ASX announcements
28/01/2020,
26/03/2020,		 29/06/2020, 01/09/2020,
11/11/2020,
19/01/2021,		 07/04/2021, 16/06/2021,
15/07/2021, 02/08/2021, 05/10/2021, 02/12/2021 and
18/01/2022)
Other substantive exploration • Other exploration data, if meaningful • Appropriate plans are included in the body of this release.
data and material, should be reported • For further maps, please refer to the previous ASX drill
including (but not limited to): geological release dated 18/01/2022.
observations; geophysical survey
results; geochemical survey results;
bulk samples – size and method of
treatment; metallurgical test results;
bulk density, groundwater, geotechnical
and rock characteristics; potential
deleterious or contaminating
substances.

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Further work • The nature and scale of planned further
•		 Auteco Minerals Limited is currently conducting drill
work (e.g. tests for lateral extensions or testing of additional lodes as well as step out and infill
depth extensions or large-scale step- drilling of existing lodes to further enhance the resources
out drilling). quoted in this release. More information is presented in
• Diagrams clearly highlighting the areas the body of this report.
of possible extensions, including the • Diagrams in the main body of this release show areas of
main geological interpretations and possible resource extension on existing lodes. The
future drilling areas, provided this company continues to identify and assess multiple other
information is not commercially target areas within the property boundary for additional
sensitive. resources.

Section 3 Estimating and Reporting of Mineral Resources

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Database Integrity • Measures taken to ensure that data has • The CP for the Mineral Resource estimates (MRE) has
not been corrupted by, for example, not undertaken an independent data verification of the
transcription or keying errors, between its data supplied in the databases pertaining to this project.
initial collection and its use for Mineral Data compilation and verification was undertaken by
Resource estimation purposes. company employees and independent consultants to the
• Data validation procedures used. company, and the Cube accepts that the work was
diligently undertaken and does not represent a material
risk to the project.
• The drilling data was supplied to Cube in a MS Excel
format. This data has been relied upon as the source
data for the December 2021 MRE work. Cube compiled
the data for importing into a standard resource database
in MS Access. Validation checks completed by the Cube
included the following work:
o
Maximum
hole
depths
check
between
sample/logging tables and the collar records
o
Checking for sample overlaps
o
Reporting missing assay intervals
o
3D visual validation in Surpac v6.9 of co-
ordinates of collar drill holes to topography
and UG workings drilling locations
o
3D visual validation of downhole survey data
to identify if any inconsistencies of drill hole
traces.
• No material issues were identified by Cube. No
significant
errors
due
to
data
corruption
and
transcription have been found.
• Since the mid-year June 2021 MRE, an additional 32,705
metres of drilling information have been added to the
Pickle Crow MRE database. Of this total, 71 holes (for
29,883 metres) has been used to inform the updated
interpretation and assay data used for the December
2021 MRE. There were six holes awaiting assays by the
close-off date for the updated estimate.
Site Visits • Comment on any site visits undertaken by • Brian Fitzpatrick (Principal Geologist at Cube Consulting)
the Competent Person and the outcome who is the Competent Person for the December 2021
of those visits. MRE has not undertaken a site visit to date.
• If no site visits have been undertaken • Western Australia hard border restrictions due to the
indicate why this is the case. COVID-19 pandemic, have prevented the CP Mr. Brian
Fitzpatrick from undertaking a site visit at a convenient
date prior to the completion of the December 2021 MRE.
A planned site visit has been proposed prior to
undertaking the next resource update in 2022.
• For the December 2021 MRE, the CP Mr. Fitzpatrick has
relied upon information provided by Auteco Geologists,
and data room documentation provided by Auteco.
• Despite border restrictions enforced by Western
Australia,Mr. Darren Cooke(COO at AuTECO Minerals)

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Criteria JORC JORC Code explanation explanation explanation explanation explanation Commentary Commentary
conducted a site visit during September and October of
2021.
• All aspects of the operation were reviewed by Mr. Cooke
with no significant material issues relating to data
collection for the MRE identified.
Geological Interpretation • Confidence in (or conversely, the • Mineralisation 3DM interpretations were provided to
uncertainty of) the geological Cube by Auteco for use in the December 2021 MRE.
interpretation of the mineral deposit. • The confidence in the geological interpretation is high as
• Nature of the data used and of any a result of the current knowledge within the limits of the
assumptions made. historical Pickle Crow UG workings (1935-1966) and
• The effect, if
any,
of		 alternative diamond drilling from surface and UG drilling extending
interpretations on Mineral Resource out from the workings. Interpreted extensions of
estimation. mineralised quartz veins have been established through
• The use of geology in guiding and production history and available mapping and UG
controlling Mineral Resource estimation. sampling records. This information has been used to
• The factors affecting continuity both of guide and control the mineralisation interpretation and
grade and geology. estimation factors. Mineralisation trends are open along
strike and down plunge, so continuous review and
understanding of lithological and structural controls are
being undertaken to further increase the degree of
precision and accuracy of the geological interpretation
beyond the limits of the current information.
• The data used for the December 2021 MRE was
comprised of surface and UG diamond drill holes and
underground (UG) chip samples. Surface trench
sampling results were not used in the December 2021
MRE. UG drilling and sampling locations have not been
verified and UG chip sampling intervals were estimated
over the true width of the mineralised quartz vein
structures. Most of the chip sampling data is in stoped
out areas and is not material to the depleted Resource
Estimate.
• Previous interpretations have separated vein structures
and domains into thin mineralised envelopes or
interpreted variable thickness waste or dilution haloes
around the in-situ mineralisation. Vein thicknesses were
determined from the 3D wireframe interpretations and
interpolating these thicknesses into the block model.
Blocks with interpolated thicknesses less than 1 m were
then diluted to 1 m of thickness and reported above the
cut-off grade as diluted tonnes and grade. The effect of
this method resulted in the reporting of a diluted grade
estimate taking into account a minimum mining width of
1 m.
• The current geological interpretation is based on
observations from logged diamond drill core, and the
visual mapping in outcrop and underground of vein
quartz, BIF hosted, and shear hosted zones within the
host sequence.
o
The most prominent and continuous style of
mineralisation is the auriferous quartz vein
hosted mineralisation in several steeply dipping
NE plunging zones – mined over the life of the
Pickle Crow UG as the #1, 2, 5, 6, 7, 8 and 9
Veins.
o
The second style of mineralisation at Pickle Crow
is the gold-bearing BIF hosted type adjacent to
the #1 and #5 vein mineralisation. Auriferous
mineralisation
comprises
stringers
and
discontinuous lenses of quartz within sulphide
replacement iron formation. Mineralisation is
generally broader in thickness (3m-10m) but has
been logged and mapped as both contorted and
tight to isoclinal folded following the trend of the
quartz vein hosted mineralisation.
o
The shear zone-hosted type of mineralisation

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Criteria JORC Code explanation JORC Code explanation JORC Code explanation Commentary Commentary
has been recorded in the Albany Shaft area. The
mineralisation is described as broad, highly
complex
zones
(both
lithologically
and
structurally) of shearing with discontinuous
quartz veining, and sulphidic BIF hosted zones.
o
For the December 2021 MRE, interpretations for
34 domains were updated, and there were five
new domains added to the Vein model inventory.
• Grade distribution plots were created in Surpac to assist
with assessing grade continuity along strike, down dip,
and to assess if any down plunge component was
apparent. Most major mineralised vein structures appear
to plunge to the NE and currently open at depth. There
are no definitive interpreted major fault structures and
dyke intrusives modelled in 3D available for the
December 2021 MRE. but available surface geology
plans show several porphyry sill/dyke intrusives and
minor NW fault structures. Tight to isoclinal folding within
the Pickle Crow deposit area has been well recorded
from fold structures clearly visible in the BIF units.
Intrusives, fault structures and complex folding are likely
to have influence over grade continuity at a local scale.
• For the December 2021 MRE update, the glacial
overburden surface was updated across the resource
area where geologically logged within the surface drill
holes. The thickness of the overburden varies from 0m
thick (where there was ground disturbed by old surface
mining activities, to 20m thick within an apparent trough
along the footwall of the main mineralisation trend. As all
of the overburden is waste material, there has been a
minor depletion of previously stated mineralisation
volumes.
Dimensions • The extent and variability of the Mineral • The Mineral Resource area has overall dimensions of
Resource expressed as length (along 3,800m strike (in a NE direction), 800m width and has
strike or otherwise), plan width, and been interpreted to extend to 1,800m below surface.
depth below surface to the upper and Multiple lode systems exist within this area, predominantly
lower limits of the Mineral Resource. within and in close proximity to the historical Shaft #1 and
Shaft #3 workings.
Estimation and Modelling • The nature and appropriateness of the • The estimate has been produced by 3D modelling of the
Techniques estimation technique(s) applied and key lode systems and block model grade estimation using a
assumptions, including treatment of combination of 2D estimation modelling approach and
extreme
grade
values,
domaining,		 3D dynamic interpolation (DK), both using Ordinary
interpolation parameters and maximum Kriging (OK) or Inverse Distance to the power of 2 (ID2):
distance of extrapolation from data o
The 2D estimation approach using OK was
points. If a computer assisted estimation deemed appropriate for the very narrow, linear
method was chosen include a description and continuous zones hosted by quartz veins.
of computer software and parameters Interval composites were generated for the
used. mineralised lode, which were then weighted by
• The availability of check estimates, their
respective
widths
to
calculate
an
previous
estimates
and/or
mine		 accumulation
variable.
The
accumulation
production records and whether the variable for gold was then used for variogram
Mineral
Resource
Estimate
takes		 analysis and 2D interpolation of gold grades. The
appropriate account of such data. estimated 2D block values were then exported
• The
assumptions
made		 regarding back into 3D space.
recovery of by-products. o
Several quartz vein hosted domains show
• Estimation of deleterious elements or ribbon-like structures and although the overall
other non-grade variables of economic dip and dip direction of most of the lodes are
significance (e.g. sulphur for acid mine consistent, there are enough changes in
drainage characterisation). geometry to require locally varying search
• In the case of block model interpolation, ellipse and variogram directions. The dynamic
the block size in relation to the average anisotropy search feature in Surpac was used in
sample
spacing
and		 the
search		 which the search neighbourhood ellipse dip and
employed. dip direction are defined separately for each
• Any assumptions behind modelling of block approximating the orientation of each of
selective miningunits. the mineralised zones

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Criteria JORC Code explanation
Commentary
•
Any
assumptions
about
correlation
between variables.
•
Description
of
how
the
geological
interpretation was used to control the
Resource Estimates.
•
Discussion of basis for using or not using
grade cutting or capping.
•
The process of validation, the checking
process used, the comparison of model
data to drill hole data, and use of
reconciliation data if available.
o
The influence of extreme grade values was
reduced by grade capping where required. The
grade capping levels were determined using a
combination of grade capping analysis tools
(grade histograms, log probability plots and
CVs). Grade capping was reviewed and applied
on a domain basis.
o
The primary estimation domains are based on
the geological wireframing of quartz veins,
alteration zones, and porphyry or BIF hosted
mineralisation within the Pickle Crow Shear
Zone and additional quartz vein and shear zone
domains.
o
Drill hole sample data was flagged using domain
codes
generated
from
3D
mineralisation
domains. Sample data was composited over the
full downhole interval. There were consequently
no residuals. Intervals with no assays were
assigned
background
grades
for
the
compositing routine as these un-assayed
intervals in the drill holes were assumed to be
waste.
o
_Interpolation and Search Parameters -_For
mineralised domains estimated using 2D OK
method, variogram ranges and search distances
were defined in a rotated horizontal plane. For
the 3D DK method, variogram modelling was
conducted to provide nugget, sill and range for 3
directions.
Variogram
maps
were
initially
analysed in plan, east-west and north-south
section to confirm continuity trends and to refine
parameters
for
experimental
variogram
calculation. Interpolation parameters were set to
a minimum number of 4 composites and a
maximum number of 16 composites for the
estimate. Maximum search ellipse of 200 metres
was used.
o
The maximum distance of extrapolation from
data points was half the drill spacing.
o
Computer software used for the modelling and
block construction was Surpac v.2021. Snowden
Supervisor
v.8.13
was
used
to
prepare
variogram and search parameters for specific
domains.
•
Check Estimates/ previous estimates/mine production:
o
For the December 2021 MRE, ID2 estimation
was used as a check estimate against the OK
estimation, with no significant variations in global
estimate results.
o
A previous MRE was completed by Cube
(August 2020) using the same methodology as
reported for December 2021.
o
A previous MRE was reported by Micon (2018)
with an effective date of 31 August 2016, for First
Mining Gold, the owner of the Pickle Crow
Deposit at that time. The Resource Estimate was
carried out using either OK method or inverse
distance squared estimation (ID2) method (for
estimation domains where data was limited),
based on interpreted narrow high-grade zones.
Overall,
the
lithological
controls
and
mineralisation trends were similar to the 2020
interpretation. The main differences included:
the application of a minimum width of 1m applied
to the domains for the 2016 model; 2D and DK
estimation method applied for the 2021 model;
Minor differences ingrade estimation and search

  • Criteria JORC Code explanation • Any assumptions about correlation between variables.

  • • Description of how the geological interpretation was used to control the Resource Estimates.

  • • Discussion of basis for using or not using grade cutting or capping.

  • • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

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Criteria JORC Code explanation Commentary Commentary
parameters. Previous work by other consultants
in 2011 and 2016 involving data compilation and
verification/validation of the historical UG drilling
and sampling, along with the compilation of
mapping, UG development and stope outlines,
and early surface drilling provided support for
the completion of the 2021 model and estimation
work.
o
Pickle Crow Gold Mines (PCGM) acquired the
project in 1934 and commercial production at
the mine began in 1935. The Pickle Crow mine
operated until 1966 during which time it
produced 1,446,214 troy ounces of gold and
168,757 troy ounces of silver from 3,070,475
tons of ore milled (at an average grade of 0.47
oz/ton or 16.14 g/t).
• No by-product recoveries were considered
• Estimation of deleterious elements was not completed
for the MRE. There has been insufficient multi-element
assaying completed in order to ascertain any effects of
potential deleterious elements. Arsenic is known to be
associated with some gold mineralisation but was not
estimated for this model.
• The parent block size used is 40mE, 5mN and 40m RL
and sub-blocked to 2.5mEN x 0.625mN x 2.5mRL. The
data spacing has relied on a combination of recent and
historic surface diamond drilling, UG drilling and UG chip
samples with no particular common sample spacing.
• No assumptions of selective mining units were made.
• No correlation analysis between gold and other elements
has been assessed for the current model. Only gold and
silver assays were provided for the December 2021
MRE.
• The mineralised domains acted as a hard boundary to
control the December 2021 MRE. The domain
interpretations were based on historical UG mining
knowledge of the steeply dipping quartz veining known
to host gold mineralisation from drill logging and
descriptions of mapping and sampling.
• Gold grade distributions within the estimation domains
were assessed to determine if high grade cuts or
distance limiting should be applied on a domain-by-
domain basis.
• Block model validation was conducted by the following
means:
o
Visual inspection of block model estimation in
relation to raw drill data on a section-by-section
basis.
o
Volumetric comparison of the wireframe/solid
volume to that of the block model volume for
each domain.
o
A global statistical comparison of input and block
grades, and local composite grade (by northing
and RL) relationship plots (swath plots), to the
block model estimated grade for each domain.
o
Comparison the cut grade drill hole composites
with the block model grades for each lode
domain in 3D.
• No selective UG mining records assigned to stopes or by
Vein Number identification are currently available and
therefor no reconciliation analysis has been conducted.

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Moisture • Whether the tonnages are estimated on • The tonnages are estimated on a dry basis. Moisture was
a dry basis or with natural moisture, and not considered in the density assignment.
the method of determination of the
moisture content.
Cut-off parameters • The basis of the adopted cut-off grade(s) • All resources are reported at either a 2.0 g/t Au or 3.5 g/t
or quality parameters applied. gold lower cut-off which is deemed acceptable based on
approximate industry costings associated with the likely
mining methods:
o
Open
Pit
mining
methods
(BIF
hosted
mineralisation and Albany Zone - alteration style
mineralisation.
o
Narrow vein underground mining (Quartz Vein
hosted mineralisation).
Mining factors or assumptions • Assumptions made regarding possible • No rigorous application has been made of minimum
mining
methods,
minimum
mining		 mining width, internal or external dilution for interpreted
dimensions
and
internal
(or,
if		 mineralisation domains used for the December 2021
applicable, external) mining dilution. It is MRE.
always necessary as part of the process
of determining reasonable prospects for
eventual
economic
extraction
to
consider potential mining methods, but
the assumptions made regarding mining
methods
and
parameters
when
estimating Mineral Resources may not		 •
•		 Underground (UG) mining has previously been assumed
to be the main mining method based on historical mining
activity at Pickle Crow. No assumptions on UG mining
methods have been made.
As most of the main mineralisation zones have been
projected to the surface, preliminary open pit
optimisation studies are being undertaken by Cube in
February 2022.
always be rigorous. Where this is the
case, this should be reported with an 3DM modelling and block construction of a mineralised waste
explanation of the basis of the mining halo have been created with aim of preparing a suitable model
assumptions made. for open pit mine design and pit optimisation, with a minimum
miningwidth of 2m.
Metallurgical factors or • The basis for assumptions or predictions • No metallurgical factors have been considered as part of
assumptions regarding metallurgical amenability. It is the December 2021 MRE
always necessary as part of the process • Metallurgical test work was completed by previous
of determining reasonable prospects for
eventual
economic
extraction
to		 operators on the high-grade vein mineralisation at Pickle
Crow and are summarised as follows:
consider
potential
metallurgical
methods, but the assumptions regarding
metallurgical treatment processes and
parameters
made
when
reporting
Mineral Resources may not always be
rigorous. Where this is the case, this		 o
Total gold extractions to a maximum exceeding
99% through a combination of gravity and 48-
hour cyanide leach bottle rolls
o
Gravity recoveries of up to 92.4% of total gold
recovered by the Knelson Concentrator prior to
cyanide leaching.
should be reported with an explanation • These results are in line with the historical performance
of the basis of the metallurgical of the Pickle Crow Gold mine which operated between
assumptions made. 1935 and 1966 with recoveries averaging slightly over
98% recovered through a combination of gravity and
cyanidation.
Environmental factors or • Assumptions made regarding possible • No environmental factors have been considered as part of
assumptions waste and process residue disposal the December 2021 MRE. No assumptions have been
options. It is always necessary as part of made regarding possible waste and process residue
the process of determining reasonable disposal options or the potential environmental impacts of
prospects
for
eventual
economic		 the mining and processing operation. However, the
extraction to consider the potential project is the site of historic mining activity, located within
environmental impacts of the mining and an existing mineral field
processing operation. While at this stage
the
determination
of
potential
environmental impacts, particularly for a
greenfieldsproject,maynot always be

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Criteria JORC Code explanation JORC Code explanation Commentary Commentary
well advanced, the status of early
consideration
of
these
potential
environmental
impacts
should
be
reported. Where these aspects have not
been considered this should be reported
with an explanation of the environmental
assumptions made.
Bulk density • Whether assumed or determined. If • Bulk density (BD) assignment was determined by
assumed, the basis for the assumptions. laboratory BD sampling.
If determined, the method used, whether • PC Gold completed BD measurements on 2,602
wet or dry, the frequency of the samples of mineralised and unmineralised diamond drill
measurements, the nature, size and core and select grab samples from old stockpiles onsite
representativeness of the samples. from the Pickle Crow property (Micon, 2018). The
• The bulk density for bulk material must majority of the samples were measured by Accurassay
have been measured by methods that of Thunder Bay, Ontario using the water displacement
adequately account for void spaces method. BD was assigned within the block model
(vugs, porosity, etc), moisture and attribute ‘density’ according to rock types: Vein Quartz
differences between rock and alteration = 2.7; BIF Unit = 3.21; Waste Rock =2.83.
• zones within the deposit.
Discuss assumptions for bulk density
estimates used in the evaluation process		 • There were no considerations required for BD based on
weathering profiles or porosity, as the mineralised quartz
of the different materials. veins domains interpreted for this Resource Estimate lie
entirelywithin theprimaryor fresh sulphide zone.
Classification • The basis for the classification of the • The Mineral Resource has been entirely classified as
Mineral
Resources
into
varying		 Inferred. The Pickle Crow Deposit has been subject to
confidence categories. mining since 1935 and historical workings demonstrate
• Whether appropriate account has been grade and geological continuity. When assessing the
taken of all relevant factors (i.e. relative combination of current drilling, historic drilling and
confidence in tonnage/grade estimations, underground chip samples used in the December 2021
reliability of input data, confidence in MRE, no particular common sample grid exists. While
continuity of geology and metal values, data quality control is lacking for the majority of historic
quality, quantity and distribution of the UG drilling and sampling used, a moderate amount of
data). well controlled and industry standard recent drilling and
• Whether the result appropriately reflects
the Competent Person’s view of the		 re-sampling provides some validation of the information
to support the estimation and classification of a Mineral
Resource.
deposit. • The December 2021 MRE results appropriately reflects
the Competent Person’s view of the deposit.
Audits or reviews • The results of any audits or reviews of • Internal peer review has been completed by Cube which
Mineral Resource Estimates. verified the technical inputs, methodology, parameters
and results of the estimate.
Discussion of relative • Where appropriate a statement of the • It is the CP’s opinion that reported Inferred Resources
accuracy/ confidence relative accuracy and confidence level in are appropriate for the level of accuracy and confidence
the Mineral Resource Estimate using an in the December 2021 MRE for Pickle Crow. This is in
approach
or
procedure
deemed		 part based on the accuracy and precision of the assay
appropriate by the Competent Person. determinations in the UG historical data which are
For example, the application of statistical unknown and only partially validated. There also exists
or geostatistical procedures to quantify potential errors in relation to the chip sample locations
the relative accuracy of the resource and the accuracy of the digitised UG workings and UG
within stated confidence limits, or, if such hole collar locations. Despite these inaccuracies, the
an approach is not deemed appropriate, grade and tonnage discrepancies are minimal as much
a qualitative discussion of the factors that of these areas have been stoped out, and the depleted
could affect the relative accuracy and material margin of error is within reasonable limits for
confidence of the estimate. Inferred Resource category.
• The statement should specify whether it • Modelling for the December 2021 MRE has provided an
relates to global or local estimates, and, if understanding of the global grade distribution but not the
local, state the relevant tonnages, which local
grade
distribution
The
Mineral
Resources
should be relevant to technical and constitute a global Resource Estimate.
economic
evaluation.
Documentation		 • Relative accuracy and confidence of the Inferred
should include assumptions made and Resource Estimate is supported by a successful history
the procedures used. of commercial production at the Pickle Crow Gold Mine
• These statements of relative accuracy whichproduced 1.5 Million oz@16g/t Gold between

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Criteria JORC Code explanation Commentary
and confidence of the estimate should be
1935 and 1966.
compared with production data, where
available.

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Figure 5: Isometric view of the Resource model showing drill data density. The model is coloured by gold grade.

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Figure 6: Plan view of the Resource model and drill hole information used to inform the estimate. The model is coloured by gold grade.

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