Most of the new holes announced today are from drilling in the Saddle Zone, located between the existing Main Pit and planned West Pit locations, which has been underexplored and has no Mineral Reserves and only limited Mineral Resources.
We are also having success intersecting high-grade mineralization near the bottom of the Mineral Resource pit shell in the Saddle Zone, which highlights the potential to add significant new open-pit, and possibly underground, Mineral Resources.
“When we issued the new technical report for Detour Lake at the end of March, we described it as an important milestone for the project that included expanded production, low unit costs, a long mine life and attractive economics.
14.76 gpt over 2.0 m from hole DLM-20-79B, 1.34 gpt over 40.0 m, 0.71 gpt over 81.6 m and 0.86 gpt over 37.2 m from hole DLM-21-098A; 0.94 gpt over 56.2 m and 0.99 gpt 18.1 m from hole DLM-20-085A and 1.42 gpt over 19.9 m and 0.73 gpt over 15.0 m from hole DLM-21-106 which targeted the DMT between 100 and 200 m below surface.
Results from all new holes in this area are considered extremely encouraging as they continue to confirm the presence of a broad corridor of mineralization extending between the Main Pit and Mineral Reserve in the planned West Pit with the overall style of mineralization and gold tenor being very similar to that found in existing Mineral Reserves.
Significant results from the drilling include: 2.94 gpt over 51.9 m, including 29.37 gpt over 4.0 m, 1.41 gpt over 47.2 m and 0.92 gpt over 46.2 from DLM-21-122; 2.37 gpt over 36.0 m, 2.58 gpt over 10.0m and 095 gpt over 30.7 m from hole DLMa-21-102A.
Based on assay results and other observations obtained from the program to date, the outlook for the project continues to look encouraging with there being evidence of a broad and continuous corridor of mineralization extending from the Main Pit through the Saddle Zone to the planned West Pit and to a depth of at least 800 m below surface.
The Company’s exploration programs at Detour Lake are conducted under the supervision of Eric Kallio, P.Geo., Senior Vice President, Exploration.
The Company has implemented a quality assurance and control standards and coarse blank material are inserted every 20 samples.
Sample preparation includes crushing drill core up to 80% passing 2 mm, riffle splitting 500 grams and pulverizing to 95% passing 105 µm followed by both scheduled and specifically requested silica sand cleaning.
The production profile of the Company is anchored by three high-quality operations, including the Macassa Mine and Detour Lake Mine, both located in Northern Ontario, and the Fosterville Mine located in the state of Victoria, Australia.
These forward-looking statements include, but are not limited to, statements with respect to planned the exploration program at the Detour Lake Mine, costs and expenditures, the ability to potentially expand Mineral Reserves, changes in Mineral Resources and conversion of Mineral Resources to proven and probable reserves, the ability to expand the current pit design of the mine, the new mine plan and anticipated timing of the updated technical report with respect to the Detour Lake Mine and the anticipated benefits thereon, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
Important factors that could cause actual results to differ materially from the Company’s expectations include, among others, risks related to international operations, risks related to obtaining the permits required to carry out planned exploration or development work, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold, as well as those factors discussed in the section entitled “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2019 and other disclosures of “Risk Factors” by the Company and its predecessors, available on SEDAR.
Investors are cautioned that information contained in this Annual Information Form may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations of the SEC thereunder.