Fenn-Gib

Overview

The Fenn-Gib project comprises ~4,800ha, of which more than 75% is unexplored. The project is a part of the extensive and prolific Abitibi Gold Belt. Fenn-Gib is located in Canada’s leading gold mining district, next to Highway 101 and substantial local water resources.

Location

The project is located in Guibord and Munro Townships in northeast Ontario, 80km east of Timmins. As a part of the prolific Timmins gold camp, Fenn-Gib is situated in Canada’s leading gold mining district. More than 80Moz of gold has been produced over the past 100 years.

Geology and Mineralization

Fenn-Gib is located in the southern portion of the Abitibi Sub-province, which is part of the Superior Province of the Canadian Shield. The province is principally composed of volcanic and sedimentary assemblages that have been metamorphosed to greenschist facies and intruded by late tectonic plutons of tonalite and trondhjemite affinity. The property is underlain by the dominantly volcanic Kidd-Munro Assemblage to the north and the dominantly sedimentary Hoyle Assemblage to the south.

Of the several styles of gold mineralization in the property area, the most common consists of quartz-carbonate veins, stringers and breccias hosted within intensely altered volcanic rocks and granitoid instructions. A second style is gold associated with intensely altered sediments with variable fine crystalline pyrite. A third style of gold mineralization is associated with alternation, shearing and sulphides.

Drill Plan & Section Maps

Drill Plan Map & Sections

Interim Resource Estimate

Class	Tonnes	Au(g/t)	Au(oz)
Indicated	113,687,000	0.93	3,383,000
Inferred	5,724,000	0.85	157,000

Notes:

Effective date of this updated mineral resource estimate is April 6, 2023.
All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under NI 43-101. Mineral Resource Statement prepared by Tim Maunula, P. Geo, T Maunula & Associates Consulting Ltd. in accordance with NI 43-101.
Mineral Resources reported demonstrate reasonable prospect of eventual economic extraction, as required under NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing and other relevant issues.
Mineral Resources are reported at a cut-off grade of 0.40 g/t Au for an open-pit mining scenario. Cut-off grades are based on a price of US$1,765/oz gold, and a number of operating cost and recovery assumptions, including a reasonable contingency factor. Metallurgical recoveries of 94% were used. Densities were assigned based on physical measurements.
Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate.
The quantity and grade of reported Inferred Resources are uncertain in nature and there has not been sufficient work to define these Inferred Resources as Indicated or Measured Resources. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
Tonnages and ounces in the tables are rounded to the nearest thousand and hundred, respectively. Numbers may not total due to rounding.

Source: Maunula, 2023

Technical Reports

2023 NI 43-101 Report (17 MB)

Acquisition History

1990: Asset discovered by Pangea Goldfields
1994-1999: 86,000m of drilling completed
2000: Acquired by Barrick in takeover of Pangea Goldfields
2011: Maiden NI43-101 compliant resource released based on historical drilling
2011: Lake Shore Gold purchased Fenn-Gib from Barrick for C$60M
2016: Acquired by Tahoe Resources in takeover of Lake Shore Gold
2017: Tahoe Resources completes 37,000m drill program
2019: Acquired by Pan American Silver in takeover of Tahoe Resources
2020: Acquired by Mayfair Gold