Cape Ray Gold Project

The Project is in the south-western area of Newfoundland, Canada. The Project is about 25 km northeast of the coastal town of Port aux Basques and is located on the Cape Ray shear, one of the most prospective, yet under explored gold regions in North America. The Company is the largest holder of ground along the Cape Ray shear, with approximately 120km of continuous strike along the shear.  The Company’s tenement boundary is located approximately 50km along strike from Marathon Gold’s (MOZ.TSX) 4.2Moz Valentine Lake Gold Project.

The Projects hosts a current resource of approximately 840koz at 2g/t, with 96% of the resource less than 200m from surface.  The Project is supported by excellent  existing infrastructure including roads (15km from site), water, skilled workforce (drive in drive out) as well as workforce as well as World class, low cost grid power access (6c/KwH).

The Company released a positive Scoping Study in 2020 proposed a 1.2 Mtpa standalone mining and processing operation, the Scoping Study has demonstrated potentially strong financial metrics for the Cape Ray Gold Project.  The preliminary economics indicate the Project has positive financial metrics over an initial mine life of 7 years with capital payback during the first 1.75 years of the Project’s life