Technical Report - 2006
The following is a copy of the 43-101-compliant technical report and mineral resource estimate following the Company’s drilling campaign in 2005-2006.
Drilling Campaign Statistics
23 holes
2,355 metres
225-metre strike length over the Ramp Area
The 2005-2006 drilling campaign began in February 2005 and consisted of 2,355 metres in 23 holes. Drilling was concentrated in a 225-metre wide area, centred on the Boston-Richardson Belt. The mineral resource estimate from the 2005 campaign was reconciled to the Company’s previous NI 43-101 reported resource estimate that was calculated over a 1.5 kilometre strike length of the Goldboro deposit. This previous resource estimate was completed prior to NI 43-101 disclosure regulations and is considered to be historic in nature and non-compliant.
The total mineral resource estimate for the ramp area (225 m strike by 200 m vertical depth), with a 0.5 g/t Au cut-off, is presented in the table below.
| Summary Ramp Area Model Resources – Goldboro Project | |||
|---|---|---|---|
| Classification | Tonnes | Grade (g/t) | Oz Au |
| Indicated Resources | 481,000 | 3.40 | 52,600 |
| Measured Resources | 2,624,000 | 2.17 | 183,400 |
| Measured and Indicated Resources | 3,105,000 | 2.36 | 235,800 |
In the 2005 drilling campaign, there was no new resource calculation for the remaining 1.28 km strike length. Only the 225-m portion within the Ramp Area of the previous 1.5-km strike length was newly calculated. The reconciled resources outside the 225-m strike length of the Ramp Area for the remainder of the 1.5-km strike length are tabulated as follows.
| Reconciled Resources Outside Ramp Model | |||
|---|---|---|---|
| Classification | Tonnes | Grade (g/t) | Oz Au |
| Indicated Resources | 274,000 | 1.21 | 10,700 |
| Measured Resources | 9,876,000 | 0.75 | 238,100 |
| Measured and Indicated Resources | 10,150,000 | 0.76 | 248,800 |
| Inferred Resources | 15,600,000 | 0.63 | 316,000 |
The following table summarizes these two resource estimates.
| Total Resources: Ramp Area Model and Reconciled Resources Outside Ramp Model | ||||
|---|---|---|---|---|
| Classification | Location | Tonnes | Gold (g/t) | Oz Au |
| Measured Resources | Ramp | 481,000 | 3.40 | 52,600 |
| Measured Resources | Outside Ramp | 274,000 | 1.21 | 10,700 |
| Total Measured Resources | 755,000 | 2.61 | 63,300 | |
| Indicated Resources | Ramp | 2,624,000 | 2.17 | 183,400 |
| Indicated Resources | Outside Ramp | 9,876,000 | 0.75 | 238,100 |
| Total Indicated Resources | 12,500,000 | 1.05 | 421,500 | |
| Total Measured and Indicated Resources | 13,255,000 | 1.13 | 484,800 | |
| Inferred Resources Outside | Ramp | 15,600,000 | 0.63 | 316,000 |
The mineral resource estimates also included an additional conceptual target of 103,500 oz Au, as described below. Please note that the conceptual target tonnes are not additional tonnes to the Indicated Resources.
| Conceptual Target | Tonnes | Gold (g/t) | Oz Au |
| Conceptual target increase in grade of Indicated Resources | 2,624,000 | 1.23 | 103,500 |
