Moray Gold Project – Overview
The 100% owned Moray Gold Project (“Moray”) is located approximately 49 km southeast of Timmins, Ontario, within the Zavitz Township of the Porcupine Mining Division and the Hincks Township of the Larder Lake Mining Division. The Moray Property comprises 14 contiguous mining claim units encompassing approximately 1,856 hectares (9 km x 4 km).
Moray is situated in the world-class Abitibi greenstone belt of northeastern Ontario with the Property having compelling drill intersections of gold mineralization that have never been followed up. It is accessible by highway and all-weather gravel logging roads south from Timmins or via Hwy 566 west from the town of Matachewan and is within trucking distance to multiple producing mines and mills.
The Young-Davidson Gold Mine, operated by Alamos Gold Inc. (“Alamos”), is located approximately 32 km southeast of Moray. First discovered in 1916, the mine produced one million ounces of gold from 1934 to 1957 from open pit and underground development. Commercial production resumed in 2012. The Young-Davidson Mine produced 195,000 ounces of gold in 2021 and Alamos has forecast 2022 gold production to be 185,000 to 200,000 ounces. As at December 31, 2021, the Young-Davidson Mine had NI 43-101 compliant Mineral Reserves of approximately 3.394 million ounces contained in 43.69 million tonnes at an average grade of 2.42 g/t Au at a gold price of US$1,250 per ounce and a cut-off grade of 1.5 g/t Au. The estimated Mineral Reserves and Mineral Resources are hosted in volcanic rocks and altered syenite.