Larder Project, Ontario, Canada
Gatling Exploration’s Larder Gold Project hosts three high-grade gold deposits along the Cadillac-Larder Lake Break, 35 km east of Kirkland Lake. The project is 100% controlled by Gatling and is comprised of patented and unpatented claims, leases and mining licenses of occupation within the McVittie and McGarry Townships. The 3,370-hectare project area is positioned 7 km west of the Kerr Addison Mine, which produced 11 million ounces of gold. All parts of the Larder property are accessible by truck or all-terrain vehicles on non-serviced roads and trails.
The Bear deposit hosts a historic estimate* (2011, P+E Mining) of 3,750,000 tonnes at 5.7 g/t (683,000 oz) (inferred). The Cheminis Deposit contains a historic estimate* (2011, P+E Mining) of indicated of 335,000 tonnes at 4.1 g/t (43,800 oz) and inferred of 1,391,000 tonnes at 5.2 g/t (233,400 oz). Please refer to cautionary information above regarding historic estimates. The Larder Gold Project straddles approximately 9 km strike length of the Cadillac/Larder break.
Central to the Larder Project Gold Property is the Cheminis deposit (the "Cheminis Mine"), which includes a vertical shaft to a depth of 1,085 feet with six levels, of which the deepest is at 1,035 feet. Intermittent past production from the Cheminis Mine has totaled approximately 260,000 tons at a recovered grade of approximately 0.104 ounces Au/ton.
Goldfields entered into an option in 2012 to earn a 60% interest in the Larder Gold Project by spending $40 million in exploration and development. After one year of work ($6 million / 59 diamond drill holes), Goldfields pulled exploration activities world wide, and terminated their option in 2015. The 59 holes have not been added to the current geological model or historical mineral resource estimates.
2011 Total Resource Estimate @ 2.5 g/t Au Cut-Off Utilizing Gold Price of US$1,207/oz*
Disclosure of Historical Estimates*:
The Larder Project contains a historical resource estimate completed in August 15, 2011 by P&E Mining Consultants titled “43-101 Technical Report and Updated Resource Estimates on the Larder Project Property, Larder Lake, Ontario for Bear Lake Gold Ltd.” Gatling considers this resource estimate to be historical; it has not independently verified them, and therefore they should no longer be relied upon. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Gatling is not treating the historical estimate as current mineral resources.