Lac Pelletier

Lac Pelletier Gold Project

The Lac Pelletier gold project is located in Rouyn Noranda, Quebec in the heart of the Abitibi greenstone belt. The 443 hectare property consists of 16 mineral claims and 1 mining lease and lies 2 kilometres north of the Cadillac Larder Lake fault. The property hosts shear zone-hosted quartz-vein gold deposits and is located adjacent to the historic Stadacona mine which produced 2.8 Mt of ore grading 5.4 gpt Au to a depth of 1,200m. Previous operators at Lac Pelletier developed over 3,000m of decline and underground workings and completed 3 bulk sampling programs with gold recoveries averaging 96%.

Quick Facts

Stage: Exploration
Location: Rouyn Noranda, Quebec, Canada
Type: Underground
Metals: Gold, silver, nickel, copper, platinum, palladium
Ownership: 100%
Land Holdings: 443 hectares

2022 Mineral Resource Estimate of the Lac Pelletier Gold Deposit (effective date of May 10, 2022).

Lac Pelletier
Gold Deposit
Cut-off Grade
(gpt Au)
Metric Tonnes Grade
(gpt Au)
Troy ounces
(oz Au)
Total Ounces

Total Measured

UG (LH) 2.01 1,000 2.41 100 5,300
UG (C&F) 2.60 40,300 4.03 5,200

Total Indicated

UG (LH) 2.01 15,700 3.50 1,800 84,100
UG (C&F) 2.60 624,200 4.10 82,300

Total Inferred

UG (LH) 2.01 302,700 4.44 43,200 137,600
UG (C&F) 2.60 796,300 3.69 94,400

Notes to the 2022 MRE

  • The effective date of the 2022 MRE is May 10, 2022.
  • The independent and qualified persons for the 2022 MRE are Vincent Nadeau-Benoit, P. Geo., Martin Perron, P. Eng. and Simon Boudreau, P.Eng. all from InnovExplo Inc.
  • The 2022 MRE follows the CIM Standards.
  • These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. The results are presented undiluted and are considered to have reasonable prospects of economic viability.
  • The estimate encompasses 19 mineralized lenses in two (2) zones (Zone 3 and Zone 4) using the grade of the adjacent material when assayed or a value of zero when not assayed. Dilution zones encompassing all mineralized zones were created to better reflect the internal dilution within the constraining shapes.
  • High-grade capping supported by statistical analysis was done on raw assay data before compositing and established on a per-zone basis varying from 25 to 50 gpt Au for mineralized zones and 5 to 10 gpt Au for the dilution zones. Composites (1.5-m) were calculated within the zones using the grade of the adjacent material when assayed or a value of zero when not assayed.
  • The estimate was completed using a sub-block model in Leapfrog Edge 2021.2.4. A 5m x 5m x 5m parent block size was used.
  • Grade interpolation was obtained by Inverse Distance Squared (ID2 )using hard boundaries. Dynamic anisotropy was used for the interpolation of all mineralized lenses.
  • A density value of 2.826 g/cm3 was assigned all mineralized zones.
  • The mineral resource estimate is classified as Measured, Indicated and Inferred. The Inferred category is defined with a minimum of two (2) drill holes within the areas where the drill spacing is less than 50 m and shows reasonable geological and grade continuity. The Indicated mineral resource category is defined with a minimum of three (3) drill holes within the areas where the drill spacing is less than 25 m and shows reasonable geological and grade continuity.  Measured mineral resources were classified as Mineral Resources present within 10 m of an underground opening within a mineralized zone. Clipping boundaries were used to refine classification based on those criteria.
  • The 2022 MRE is locally constrained within Deswik Stope Optimizer shapes using a minimal mining width of 1.8 m for LH and 3.6 m for C&F. It is reported at a rounded cut-off grade of 2.01 gpt Au using the LH method, and 2.60 gpt Au, using the C&F method. The cut-off grades were calculated using the following parameters: mining cost = C$60/t to C$100.00/t; transport to process cost = C$15.00/t; processing cost = C$45.00/t; G&A = C$15.00/t; refining costs = C$5.00/oz; selling costs = C$22.00/oz; gold price = US$1,700.00/oz; USD:CAD exchange rate = 1.30; and mill recovery = 96.0%. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
  • The number of metric tonnes was rounded to the nearest hundred, following the recommendations in NI 43-101 and any discrepancies in the totals are due to rounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348) rounded to the nearest hundred.
  • The independent and qualified persons for the 2022 MRE are not aware of any known environmental, permitting, legal, political, title-related, taxation, socio-political, or marketing issues that could materially affect the Mineral Resource Estimate.

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