Metals Update 08/12/2020

Magna Gold drills 1.3 m of 302.73 g/t AgEq at La Pima

Magna Gold Corp. has released results from drilling activities on its 100-per-cent-owned La Pima property located in Mojave/Sonora Megashear, 24 kilometres northwest of Magna’s San Francisco gold mine. La Pima is an early-stage silver target with an excellent surface target of historical mine workings and outcrops. Magna completed a geophysical survey on the property in September and results were positive.

Highlights:

Completed nine-hole phase 1 core drill program successfully targeting new IP (intellectual property) data on historical silver mines and outlying anomalies.

                                     DRILL RESULTS
    
Hole No.           From        To    Interval       AgEq        Ag        Pb          Zn
                    (m)       (m)         (m)      (g/t)     (g/t)     (ppm)       (ppm)

MP-20-001         73.45     92.20       18.75      18.40     17.58     83.18      142.37
MP-20-002         28.80     52.40       23.60      45.67     41.49    848.61      366.81
including         31.50     32.80        1.30     302.73    297.16    892.00      690.00
MP-20-003         39.00     61.50       22.50      21.40     18.34    590.02      293.89
MP-20-005         37.15      51.8       14.65      93.38     91.20    221.48      376.44
including         39.45     45.00        5.55     193.31    189.99    199.83      687.05
MP-20-006         59.50     79.90       20.40      37.38     34.62    172.00      567.39
including         60.50     63.50        3.00     134.09    127.00    281.00     1591.33
MP-20-007         32.70     43.90       11.20      25.82     25.21     44.49      120.90
MP-20-008         15.40     28.40       13.00      10.48     10.20     47.41       31.15
MP-20-008         49.60     60.90       11.30      47.54     47.19     65.51       33.88
including         55.15     56.60        1.45     246.40    246.14      8.00       60.70

Notes:
(1) AgEq g/t grade calculation using $20/ounce silver, 92 cents/pound lead and $1.01/lb 
zinc.                
(2) One troy ounce (to) is equal to 31.1035 grams and one tonne is equal to 2,204.62 
pounds.
(3) Intervals are not true thickness.

Drill program successfully targets high-grade silver, lead and zinc mineralization, second phase 2 drill program planned to test vertical zoning (deeper targets) as well as additional zones of surface alteration.

Magna completed a phase 1 diamond drill program on the project totalling 1,719 metres in nine core holes. The target is a high-grade silver in replacement deposits hosted in sedimentary rocks. La Pima is in the heart of the Sonora Megashear, which is host to a number gold and silver mines.

La Pima target

The target at La Pima is limestone ridges approximately 2.5 kilometres long with varying surface thicknesses from 40 to 10 metres. The Pima mine, West and North targets were the focus of drilling to test the continuity of this mineralization at depth. In the Pima mine target, the mineralized limestones have a thickness of 40 to 60 metres wide and a known depth of 70 metres and a length of at least 150 metres near the main intersection of the northwest and northeast structures, leaving the exploration potential open at depth and laterally.

IP (induced polarization) geophysics data collected by Zonge in August confirm surface sampling and mapping work on the property. Below is a section that shows the west target as a combined CSAMT and CRIP anomalous response suggesting a covered body with elevated apparent resistivity and a moderate to strong polarization response.

Phase 2 drill program

Magna is planning a 2,000-metre follow-up drill program to test additional areas of alteration and to test the assays received at depth. Drill holes 10, 12, 13 and 15 are planned to have deeper tests and six new targets will be drilled: one in the west target, two in the Au-Ag target and three at the Pima mine target, south zone.

These alteration zones are altered limestone with stockwork veins and breccia that contain anomalous assays of silver and zinc. The alteration zones contain barite and siderite along with pervasive silicification. The planned drilling has been designed to cut the predominant veins at depth. La Pima should have a vertical metal zoning component and that is the primary reason for the phase 2 drilling.

President and chief executive officer Arturo Bonillas stated: “Magna is encouraged by these drill results and a second round of drilling is currently being planned to commence the first quarter of 2021. Magna continues to advance the San Francisco mine to full production.”

Quality assurance/quality control program

Quality assurance/quality control consists of the regular insertion of duplicates, blanks and certified reference standards into the sample stream. Check samples will be submitted to an umpire laboratory at the end of the drilling program. Samples are kept in a secure facility and transferred to SGS Labs in Hermosillo, Mexico, in sealed containers on a weekly basis from the drill site by company personnel. Personnel handling samples are using company-approved protocols for all phases of chip logging, sample delineation, sample layout and storage. SGS is ISO (International Organization for Standardization) 9001 certified. SGS has a standard operating procedure for all aspects of sample drop-off, drying and preparation, digestion, instrument analysis, quality control assurance, and computerized data reporting.

Brixton Metals drills three m of 647 g/t Ag at Langis

Brixton Metals Corp. has released initial drill results from its fall/winter exploration program on the Langis mine project located in the Cobalt camp of Ontario. The company has received assays for the first 17 holes totalling 1,624 metres of NQ-size core. Approximately 6,000 metres of the 20,000 m planned fall/winter drilling campaign have been completed. Drill holes follow a fan-type array with depths ranging from 52.5 m to 148.4 m across the main trend.

Highlights:

Hole LM20-93 intercepted three mineralized intervals near surface, including:
- Six m of 193 grams per tonne silver from 2.6 m, including three m of 351 g/t Ag, including one m of 990 g/t Ag;
- Four m of 127 g/t Ag from 17.6 m, including two m of 238 g/t Ag;
- Three m of 647 g/t Ag from 32.6 m, including one m of 1,845 g/t Ag.
LM20-96 returned seven m of 222.9 g/t Ag, including four m of 360 g/t Ag and one m of 692 g/t Ag.
LM20-102 intercepted four m of 333 g/t Ag, including one m of 904 g/t Ag and 0.2 per cent cobalt.

Chairman and chief executive officer of Brixton Gary R. Thompson stated: “It is encouraging to see the high-grade silver and cobalt mineralization over meaningful intervals above the historic workings. Based on the current gold/silver ratio of 75:1, the lower interval in hole LM20-93 of three m of 647 g/t Ag is equivalent to 8.6 g/t Au. Drilling is ongoing as we work toward a maiden resource at Langis.”

These drilling results continue to support the existence of new, shallow, high-grade silver-cobalt mineralization around the shaft 3 area. Historical drilling around the shaft 3 area is very limited and mostly underground. Silver-cobalt mineralization was first drilled by the company in 2018 and has continued to bring encouraging results from subsequent drilling campaigns. “Defining and adding a new silver-cobalt zone could significantly increase the Langis silver resource potential,” said Antonio Celis, senior geologist and qualified person for Brixton Metals.

                LANGIS FALL 2020 DRILLING HIGHLIGHTS NEAR SHAFT 3

Hole ID           From       To        Interval             Ag         Co          Ag
                   (m)      (m)             (m)          (g/t)        (%)     (g/t*m)

LM-20-91           1.4      7.4             6.0           76.1                  456.7
including          2.4      3.4             1.0          177.0        0.6       177.0
including          5.4      6.4             1.0          183.0                  183.0
LM-20-91          14.4     19.4             5.0          122.6                  612.9
including         17.4     18.4             1.0          200.0                  200.0
LM-20-92           1.5      7.5             6.0          167.4                1,004.5
including          5.5      6.5             1.0          778.0                  778.0
LM-20-92          15.5     21.5             6.0           62.2                  373.4
including         18.5     20.5             2.0          138.5                  277.0
LM-20-93           2.6      8.6             6.0          193.6                1,161.5
including          2.6      3.6             1.0           71.6        1.2        71.6
including          5.6      8.6             3.0          351.0                1,053.0
including          6.6      7.6             1.0          990.0        0.1       990.0
LM-20-93          17.6     21.6             4.0          127.0                  507.9
including         18.6     20.6             2.0          238.0                  476.0
LM-20-93          32.6     35.6             3.0          647.0                1,941.0
including         32.6     33.6             1.0        1,845.0                1,845.0
LM-20-94           3.7      8.7             5.0          115.4                  577.0
including          6.7      7.7             1.0          342.0                  342.0
LM-20-95           4.0     10.0             6.0           74.0                  443.8
including          5.0      6.0             1.0          132.0        0.4       132.0
LM-20-96           5.0     12.0             7.0          222.9                1,560.3
including          7.0     11.0             4.0          360.2                1,440.8
including          7.0      8.0             1.0          692.0                  692.0
including         10.0     11.0             1.0          596.0                  596.0
LM-20-97           7.3      8.3             1.1           18.4        0.7        19.3
LM-20-98           9.4     10.4             1.0           21.5        0.9        21.5
LM-20-100         15.2     16.2             1.0           49.3        0.5        49.3
LM-20-101         18.3     19.3             1.0          298.0                  298.0
LM-20-102          2.0      6.0             4.0          333.0                1,332.0
including          3.0      4.0             1.0          247.0                  247.0
including          4.0      5.0             1.0          904.0        0.2       904.0
LM-20-103          6.0      8.0             2.0          372.0                  744.0
including          6.0      7.0             1.0          597.0                  597.0
LM-20-104          3.4      4.4             1.0           13.8        0.3        13.8
LM-20-104          7.4      8.4             1.0          397.0        0.1       397.0
LM-20-105          4.7      5.7             1.0           15.2        1.0        15.2
LM-20-105          7.7      9.7             2.0           36.4                   72.8
LM-20-106          8.8     10.8             2.0          118.9                  237.8
including          9.7     10.8             1.1          170.0        0.2       187.0
LM-20-107          6.0      7.0             1.0            7.0        0.3         7.0

Intervals represent drilled lengths and the true widths of the silver and cobalt 
mineralization have not been determined at this time. Results are weighted average 
grades.

Quality assurance and quality control

Diamond drill holes were drilled to depth NQ size. Samples were collected using one m average sample length. Three quality control samples (one blank, one standard and one duplicate) were inserted into each batch of 20 samples. The drill core was sawn, with half put in batches, sealed and shipped by the company geologists to ALS minerals preparation lab in Sudbury, Ont. ALS minerals laboratories are registered to ISO (International Organization for Standardization) 9001:2008 and ISO 17025 accreditations for laboratory procedures. Blank, duplicate and certified reference materials were inserted into the sample stream. All elements were analyzed by aqua regia digest with ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish. Silver overlimits were analyzed by fire assay with gravimetric finish. Base metal overlimits were analyzed with aqua regia digest and AES finish. A copy of the QA/QC protocols can be viewed at the company’s website.

Fiore Gold pegs Pan at 427,400 oz Au M+I

Fiore Gold Ltd. has provided an updated resource and reserve estimate for its Pan open-pit mine in White Pine county, Nevada.

Highlights:

dot Updated Proven and Probable mineral reserves of 24.0 million tons at a gold grade of 0.012 troy ounces per short ton (“oz/st”) or 0.41 grams per tonne (“g/t”) containing 290,500 ounces of gold (Table 1)

dot The updated mineral reserve estimate represents a 6% increase in contained gold ounces and fully replaces reserves mined since the last reserve update in September 2018

dot Updated Measured and Indicated mineral resources of 31.1 million tons at a gold grade of 0.014 oz/st (0.47 g/t) containing 427,400 ounces of gold (Table 2)

dot The updated mineral resource estimate is 99% of the resource estimate (effective February 10, 2017) at Fiore Gold’s inception

dot An updated Life of Mine (“LOM”) plan based on the updated reserve estimate extends the mine life at Pan by two years into 2025 at a mining rate of 14,000 tons per day of ore while maintaining a low life of mine strip ratio of 1.66:1

Tim Warman, Fiore’s CEO commented, “Fiore’s exploration team has once again added reserves and extended the mine life at the Pan Mine well into 2025. Our understanding of the geology and controls on mineralization at Pan has improved tremendously over the past three years and the team was able to successfully target new areas of mineralization particularly around the North Pit, as well as identifying potential new areas such as the Mustang target. The next program of resource and reserve expansion drilling is already underway at Pan, aimed at defining the resources that should see Pan continuing to operate for many years to come.”

The updated reserve and resource estimates continue to support our strategy of replacing ounces at the Pan Mine by methodically and prudently investing internal cash flow to extend the mine life. At Fiore Gold’s inception, the Pan Mine Proven and Probable mineral reserves and Measured and Indicated resources (effective February 10 and March 16, 2017 respectively) were 318,000 ounces and 430,000 ounces, respectively. Despite approximately three years of mining depletion, the updated 2020 Proven and Probable reserves and Measured and Indicated resources are 290,500 ounces (91% of original reserve) and 427,400 ounces (99% of original resource), respectively. The reserve and resource replacement has been achieved while spending approximately $1.5 million on exploration annually over the past three years. Importantly, we have achieved these results without diluting shareholders through additional equity raises or taking on corporate debt since the formation of the Company in 2017. We believe this disciplined approach distinguishes us from many of our peers.

The goal of the recent drilling program and related reserve and resource update was primarily to convert Inferred ounces to reserve ounces. Pan Mine Proven and Probable mineral reserves now represent 77% of the Measured and Indicated resources, as compared to 61% of the last reserve update in September 2018. Future drilling programs will aim to replenish the Inferred category, particularly with newly identified targets like Mustang which to date are not included in any resource category. We believe our history of conversion and improved understanding of the geology bode well for our ability to convert Inferred resources going forward.

A Technical Report with the details of the updated resource and reserve estimate will be filed on SEDAR under the Company’s profile within 45 days of the date of this news release.

Reserve and Resource Update

Table 1. Pan Mine Reserve Statement (effective June 30, 2020)
 Reserve                              Tons              Grade                             Grade              Contained
                                     (000s)             (oz/st)                            (g/t)                Gold
                                                                                                              (Au koz)
 Proven                                       11,426                0.014                  0.47                158.3

 Probable                                     12,031                0.011                  0.38                  132.2

 Proven + Probable                            23,457                0.012                  0.42                  290.5

 Probable Leach Pad Inventory                                                                                     26
 (recoverable)

Total Proven and Probable 317

dot Reserves stated in the table above are contained within an engineered pit design following the US$1,575/oz Au sales price Lerchs-Grossmann pit. Date of topography is June 30, 2020;

dot In the table above and subsequent text, the abbreviation “st” denotes US short tons;

dot Mineral Reserves are stated in terms of delivered tons and grade before process recovery. The exception is leach pad inventory, which is stated in terms of recoverable Au ounces;

dot Allowances for external dilution are applied.

dot Costs used include an ore mining cost of US$2.09/st, a waste mining cost of $1.97/st, an ore processing and G&A cost of US$3.13/st;

dot Reserves for Argillic (soft) ore are based upon a minimum 0.003 oz/st Au internal cut off grade (“CoG”), using a US$1,575/oz Au sales price and a Au Recovery of 80%;

dot Reserves for Silicic (hard) ore are based upon a minimum 0.004 oz/st Au Internal CoG, using a US$1,575/oz Au sales price and a Au Recovery of 60%;

dot Mineral Reserves stated above are contained within and are not additional to the Mineral Resource, the exception being stockpile and leach pad inventory; and,

dot Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

Gold prices have increased significantly from the $1,250/oz level used in the previous reserve update in 2018 and we have reflected this increase in the $1,575/oz gold price used in the 2020 reserve update. Using a higher gold price naturally pulled in some areas of lower grade ore which in turn resulted in a lower average grade for the reserve estimate than in the previous 2018 reserve estimate. The grade reduction is not expected to materially impact run-rate production in fiscal 2021.

Table 2. Pan Mine Resource Statement (effective June 30, 2020)
 Resource                     Tons/               Grade                                   Grade          Contained Gold
 (incl. reserve)              (000s)              (oz/st)                                  (g/t)                (Au koz)

 Measured                              11,416                     0.015                    0.53                     175

 Indicated                             19,714                     0.013                    0.44                     252

 Measured +                            31,130                     0.014                    0.47                     427
 Indicated
 Inferred                               3,726                     0.016                    0.56                      61

dot Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves;

dot In the table above and subsequent text, the abbreviation “st” denotes US short tons;

dot Resources stated as contained within a constrained pit shell; pit optimization was based on an assumed gold price of US$1,700/oz, Silicic (hard) ore recoveries of 60% for Au and an Argillic (soft) ore recovery of 80% for Au, an ore mining cost of US$2.09/st, a waste mining cost of $1.97/st, an ore processing and G&A cost of US$3.13/st, and pit slopes between 45-50 degrees;

dot Resources are reported using an internal gold cut off grade of 0.003 oz/st Au for blocks flagged as Argillic altered or as unaltered

and a cutoff of 0.004 oz/st Au for blocks flagged as Silicic altered.; and, dot Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

The updated Pan Mineral Resource Estimate (“MRE”) estimate was carried out by APEX Geoscience Ltd. (“APEX”) as part of an updated Feasibility Study led by SRK Consulting (U.S.) Inc. (“SRK”), the same firm who completed the February 2017 Pan Mine Feasibility Study.

The difference in resource grade vs reserve grade is a result of dilution incorporated in the engineered pit design that constrains the reserve estimate.

Gold mineralization at Pan occurs in near-vertical pipes and bodies of silicified solution breccia localized at the Pilot Shale-Devils Gate Limestone contact adjacent to the Branham Fault, or in stratiform-like breccia bodies and zones that run parallel or sub-parallel to the folded Pilot Shale Devils Gate contact.

The drillhole database used to calculated the resource and reserve estimates is comprised of 1,452 exploration drillholes completed from 1978 to 2016 by previous operators (totaling 380,081 ft) and 267 holes completed from 2018 to 2020 by Fiore Gold (totaling 107,460 feet), yielding a total of 95,181 sample/interval entries.

The MRE was calculated using a block model size of 20 ft (X) by 20 ft (Y) by 20 ft (Z). APEX estimated the gold grade for each block using Ordinary Kriging with locally varying anisotropy to ensure grade continuity in various directions is reproduced in the block model. The block model was partially diluted by estimating a waste grade for the portions of the outer blocks overlapping the edge of the estimation domain boundaries using composites within a transition zone along the outer edge of the mineralized estimation domains. The waste grade was then proportionately combined with the estimated grade for the portion of the block within the mineralized domain to obtain a final grade for each overlapping block. The partially diluted block model was utilized for resource pit optimization. The MRE is reported as undiluted and only includes blocks or portions of blocks within the estimation domains.

Details regarding the methodology used to calculate the MRE and the reserve estimate will be documented in a Technical Report which will be filed on SEDAR and available on the Company’s website within 45 days.

Technical Disclosure

The scientific and technical information relating to Fiore Gold’s properties contained in this press release was approved by J. Ross MacLean, Fiore Gold’s Chief Operating Officer and a “Qualified Person” under National Instrument 43-101, except for the information relating to the Pan Mine reserve and resource updates.

Michael B. Dufresne, M.Sc., P.Geol., P.Geo., President and Senior Principal of APEX Geoscience Ltd. and a ‘Qualified Person’ for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators (“NI 43-101”) has approved the disclosure of the scientific and technical information regarding the Pan Mine Resource update in this news release.

Justin Smith, P.E. Mining BSc., SME-RM, a Senior with SRK Consulting (U.S.) Inc. and a ‘Qualified Person’ for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators (“NI 43-101”) has approved the disclosure of the scientific and technical information regarding the Pan Mine Reserve update in this news release.

A description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at the Pan Mine, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known legal, political or other relevant factors relating to the potential development of the mineral resources or mineral reserves, will be included in the report titled “NI 43-101 Updated Technical Report on the Pan Gold Mine, White Pine County, Nevada”, with an effective date of June 30, 2020, which is being prepared by Michael Dufresne,, P.Geol., P.Geo., Justin Smith, P.E., RM-SME., Deepak Malhotra, RM-SME, Valerie Sawyer, RM- SME, Fredy Henriquez, MSc., RM-SME, and Michael Iannacchione, P.E..

Orea gets Montagne positive ruling by reporting judge

Orea Mining Corp. has received a positive opinion by a reporting judge announcing that the French government’s deemed non-renewal of the Montagne d’Or mining concession is not valid. A final ruling is expected by the Administrative Court of Cayenne, French Guiana, on December 24, 2020.

American Manganese begins Wenden stockpile project

American Manganese Inc. has begun the Wenden stockpile project, awarded by the United States Defense Logistics Agency. The project was awarded to perform work on the United States Government’s manganese ore stockpile located near Wenden, Arizona and confirm the viability of efficient electrolytic manganese metal (EMM) production using the Company’s patented manganese process.

Fiore Gold Reports Two Year Mine Life Extension at Its Pan Mine, Nevada

VANCOUVER, BC / ACCESSWIRE / December 8, 2020 / FIORE GOLD LTD. (TSXV:F)(OTCQB:FIOGF) (“Fiore” or the “Company”) is pleased to announce an updated resource and reserve estimate for its Pan open pit mine in White Pine County, Nevada.

Highlights:

Updated Proven and Probable mineral reserves of 24.0 million tons at a gold grade of 0.012 troy ounces per short ton (“oz/st”) or 0.41 grams per tonne (“g/t”) containing 290,500 ounces of gold (Table 1)
The updated mineral reserve estimate represents a 6% increase in contained gold ounces and fully replaces reserves mined since the last reserve update in September 2018
Updated Measured and Indicated mineral resources of 31.1 million tons at a gold grade of 0.014 oz/st (0.47 g/t) containing 427,400 ounces of gold (Table 2)
The updated mineral resource estimate is 99% of the resource estimate (effective February 10, 2017) at Fiore Gold’s inception
An updated Life of Mine (“LOM”) plan based on the updated reserve estimate extends the mine life at Pan by two years into 2025 at a mining rate of 14,000 tons per day of ore while maintaining a low life of mine strip ratio of 1.66:1

A Technical Report with the details of the updated resource and reserve estimate will be filed on SEDAR under the Company’s profile within 45 days of the date of this news release.

Reserve and Resource Update

Table 1. Pan Mine Reserve Statement (effective June 30, 2020)

Reserve	Tons (000s)	Grade (oz/st)	Grade (g/t)	Contained Gold (Au koz)
Proven	11,426	0.014	0.47	158.3
Probable	12,031	0.011	0.38	132.2
Proven + Probable	23,457	0.012	0.42	290.5
Probable Leach Pad Inventory (recoverable)				26
Total Proven and Probable				317

Reserves stated in the table above are contained within an engineered pit design following the US$1,575/oz Au sales price Lerchs-Grossmann pit. Date of topography is June 30, 2020;
In the table above and subsequent text, the abbreviation “st” denotes US short tons;
Mineral Reserves are stated in terms of delivered tons and grade before process recovery. The exception is leach pad inventory, which is stated in terms of recoverable Au ounces;
Allowances for external dilution are applied.
Costs used include an ore mining cost of US$2.09/st, a waste mining cost of $1.97/st, an ore processing and G&A cost of US$3.13/st;
Reserves for Argillic (soft) ore are based upon a minimum 0.003 oz/st Au internal cut off grade (“CoG”), using a US$1,575/oz Au sales price and a Au Recovery of 80%;
Reserves for Silicic (hard) ore are based upon a minimum 0.004 oz/st Au Internal CoG, using a US$1,575/oz Au sales price and a Au Recovery of 60%;
Mineral Reserves stated above are contained within and are not additional to the Mineral Resource, the exception being stockpile and leach pad inventory; and,
Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

Table 2. Pan Mine Resource Statement (effective June 30, 2020)

Resource (incl. reserve)	Tons/ (000s)	Grade (oz/st)	Grade (g/t)	Contained Gold (Au koz)
Measured	11,416	0.015	0.53	175
Indicated	19,714	0.013	0.44	252
Measured + Indicated	31,130	0.014	0.47	427
Inferred	3,726	0.016	0.56	61

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves;
In the table above and subsequent text, the abbreviation “st” denotes US short tons;
Resources stated as contained within a constrained pit shell; pit optimization was based on an assumed gold price of US$1,700/oz, Silicic (hard) ore recoveries of 60% for Au and an Argillic (soft) ore recovery of 80% for Au, an ore mining cost of US$2.09/st, a waste mining cost of $1.97/st, an ore processing and G&A cost of US$3.13/st, and pit slopes between 45-50 degrees;
Resources are reported using an internal gold cut off grade of 0.003 oz/st Au for blocks flagged as Argillic altered or as unaltered and a cutoff of 0.004 oz/st Au for blocks flagged as Silicic altered.; and,
Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.

The difference in resource grade vs reserve grade is a result of dilution incorporated in the engineered pit design that constrains the reserve estimate.

Technical Disclosure

A description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at the Pan Mine, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known legal, political or other relevant factors relating to the potential development of the mineral resources or mineral reserves, will be included in the report titled “NI 43-101 Updated Technical Report on the Pan Gold Mine, White Pine County, Nevada”, with an effective date of June 30, 2020, which is being prepared by Michael Dufresne,, P.Geol., P.Geo., Justin Smith, P.E., RM-SME., Deepak Malhotra, RM-SME, Valerie Sawyer, RM-SME, Fredy Henriquez, MSc., RM-SME, and Michael Iannacchione, P.E..

MARBURG

Metals Update 08/12/2020

Magna Gold drills 1.3 m of 302.73 g/t AgEq at La Pima

Brixton Metals drills three m of 647 g/t Ag at Langis

Fiore Gold pegs Pan at 427,400 oz Au M+I

Orea gets Montagne positive ruling by reporting judge

American Manganese begins Wenden stockpile project

Fiore Gold Reports Two Year Mine Life Extension at Its Pan Mine, Nevada

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