Project Highlights

Location

Situated within a productive belt of current and past producing mines hosting 257Moz Ag + 27Moz Au.

Geology

The Toquima caldera complex is one of the most highly endowed Au-Ag districts in the USA. The 30km wide zone of nested calderas include five ore deposits hosting 24Moz Au and +89Moz Ag.

Mineral Resource

Subject of an October 2020 NI 43-101 mineral resource estimate of 33.5 million Ag-equivalent ounces.

The mineral resource estimate used 300 g/t Ag and 2.5 g/t Au top cuts and metal prices of US$21.09/oz for silver and US$1,657/oz for gold.

NI 43-101 Inferred Resource Estimate

Cut off Million
Tonnes
Ag Eq
g/t
Ag
g/t
Au
g/t
Silver
oz
Gold
oz
Silver Eq
oz
Pit constained
20g/t Ag Eq
31,820 32 21 0.23 21,838,000 239,000 32,856,000
Underground
100g/t Ag Eq
0.158 124 112 0.26 567,000 1,000 628,000

Mosher & Smith (Oct 2020)

  1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  2. Mineral resources are stated in terms of silver equivalency, Ag Eq, which combines capped silver and gold composite grades. USD21.09/ounce was used for silver and USD1,657/ounce for gold. Recoveries of 77% silver and 45% gold estimated from test work commissioned by Centennial Mining and undertaken by Hazen Research, Inc in 1985.
  3. Grade cutoff for pit constrained Inferred Resources is 20g/t Ag Eq and for Underground Inferred Resources is 100g/t Ag Eq.
  4. Mineral Resource tonnage and grades are reported as undiluted.
  5. Mineral Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.
  6. This Mineral Resource was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
  7. This Mineral Resource Estimate was prepared under the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators by Mr. Gregory Z. Mosher, P.Geo., M.Sc. and Mr. David S. Smith, P.Geo., M.S. and has an effective date of October 12, 2020.

Corcoran Silver Project Technical Report

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Prospectivity

Excellent expansion potential with high grade targets analogous to nearby world-class deposits including Kinross (TSX:K) Round Mountain Gold-Silver Mine.

Tenement

328 contiguous mineral claims 6460 acres covering resource expansion and exploration targets

Exploration Program

Mapping, sampling and drill pad preparation to commence June 2021; Resource and extensional drilling from August 2021.

Metallurgy

Initial test work shows high amenability to leaching with silver recoveries in excess of 90%.

Infrastructure

Ready, available and moderate terrain.

Nevada is the World’s #1 mining jurisdiction.

Fraser Institute 2020 Annual Survey of Mining Companie

Corcoran Development Milestones

01

Expand landholding via additional claim staking. Compile historic data, confirm resource model and complete maiden NI 43-101 mineral resource estimate.

02

Define environmental requirements and initiate baseline studies – cultural, biological and environmental. Permitting for phases one and two drill programs.

03

Expand and upgrade mineralization with infill, expansion and exploration drilling. Evaluate along-trend targets and anomalies.

04

Mineral resource upgrade and testwork aimed to establish and publish a NI 43-101 Preliminary Economic Assessment.

05

Ongoing resource drilling, mineral processing and metallurgical testwork, environmental, biological and cultural studies.

06

Undertake Prefeasibility studies to cover both open cut and underground mining as well as leaching and flotation processing scenarios.