Resource estimate highlights:
• Indicated resource estimate of 150 million tonnes (Mt) and inferred resource estimate of 477 Mt at 0.2% copper equivalent ("CuEq") cut-off grade; or
• Indicated resource estimate of 1.353 billion pounds (Blb) of CuEq at 0.408% CuEq, which includes 733 Mlb of copper, 28 Mlb of cobalt, 929 thousand ounces of gold and 2 million ounces of silver.
• Inferred resource estimate of 3.619 Blb of CuEq at 0.344% CuEq, which includes 1.945 Blb of copper, 91 Mlb of cobalt, 2.328 million ounces of gold and 7.575 million ounces of silver.
• Scandium potential for the Hat Deposit is estimated to be 300 to 500 million tonnes at an average grade of 40 ppm (0.004%) Sc2O3.
Farshad Shirvani, president & CEO of Doubleview Gold Corp commented, "Year by year, the size of the deposit was increased by very targeted drilling, bringing it to a footprint of about 1.5km x 1.38km. I appreciate my technical and management team in this endeavor. We've discovered numerous additional elements within the Hat deposit that will soon be unveiled, each further showcasing the deposit's uniqueness and enhancing the resource."
Summary of MRE for Hat Deposit:
Table 1: Hat Deposit MRE with a 0.2% CuEq cut-off (being the basecase scenario to be set forth in the Technical Report)
| Open Pit Model Hat | Resource Category | Tonnage | Average Grade | Metal Content | ||||||||
| CuEq | Cu | Co | Au | Ag | CuEq | Cu | Co | Au | Ag | |||
| Mt | % | % | % | g/t | g/t | million lb | million lb | million lb | thousand oz | thousand oz | ||
| In Pit | Indicated | 150 | 0.408 | 0.221 | 0.008 | 0.19 | 0.42 | 1,353 | 733 | 28 | 929 | 2,045 |
| Inferred | 477 | 0.344 | 0.185 | 0.009 | 0.15 | 0.49 | 3,619 | 1,945 | 91 | 2,328 | 7,575 | |
Parameters used to calculate cut-off grade:
Au price US$/oz: 1,900; Ag price US$/oz: 24; Cu price US$/lb: 4; Co price US$/lb: 22; Au recovery: 89.0%; Ag recovery: 68.0%; Cu recovery: 84.0%; Co recovery: 78.0%; Mining cost US$/t (OP): 2.5; Processing Cost US$/t: 6; G&A Cost US$/t: 2
Copper Equivalent Calculation
CuEq in % = ([Ag grade_ppm] *24*0.68/31.1035 + [Au grade_ppm] *1900*.89/31.1035 + 0.0001* [Co grade_ppm] *22*0.78*22.0462 + 0.0001* [Cu grade_ppm] *4*0.84*22.0462)/(4*22.0462*0.84). Scandium is not part of the copper equivalent calculation.
MRE Table Notes:
1. The effective date of the (MRE) is 17 July 2024.
2. The Mineral Resource Estimate has been stated using CuEq cut-off grade for comparison purposes with Doubleview's previous statements. The CuEq value is primarily driven by the prices of associated minerals. Micon International Limited's ("Micon") QPs recommend that future resource estimates are completed using a NSR calculation.
3. Mr. William Lewis P.Geo., and Ms. Chitrali Sarkar M.Sc., P.Geo., of Micon are the QPs responsible for MRE as defined in Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and are responsible for the 2024 MRE.
4. The mineral resources disclosed in this news release were estimated using the CIM standards for mineral resource and reserve definitions and the CIM best practices guidelines for resource estimation.
5. The mineral resources reported are within the boundaries of a pitshell derived from the open pit optimizer, assuming surface mining methods with an overall slope angle of 45 degrees and the original block model was re-blocked to 20m x 20m x 20m. Mineralized blocks outside of the pitshell are not considered to be part of the MRE.
6. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
7. Geological modelling and the MRE have been completed using Leapfrog Geo and Edge software.
8. An open pit cut-off grade of 0.14% CuEq was calculated for the MRE using a gold price of US$1,900/oz, a silver price of US$24/oz, a copper price of US$4/lb and a cobalt price of US$22/lb; mining cost US$2.5/t, processing cost US$6/t and G&A costs of US$2/t; gold recovery of 89%, silver recovery of 68%, copper recovery of 84% and cobalt recovery of 78%. However, to further fulfill the criteria for an MRE to meet the definition of potentially economic extraction, Doubleview has used an open pit cut-off grade of 0.20% CuEq to report the initial basecase mineral resources.
9. EUR ING Andrew Carter B.Sc. CEng. MIMMM, MSAIMM SME of Coffey, Tetra Tech has reviewed the metallurgical test work and is the QP responsible for the metallurgical recoveries and processing costs.
10. The MRE has been classified according to CIM definitions of Indicated and Inferred Resources. There are no Measured Resources, at this time. The Mineral Resource classification has been visually reviewed to eliminate any 'Spotted Dog' effect, commonly seen in computer-generated models.
11. Ordinary Kriging (OK) interpolation method was used with a single block size of 10m x 10m x 10m.
12. The mineral resource results are presented in-situ within the optimized pit. Mineralized material outside the pit has not been considered as a part of the current MRE. Calculations used metric units (metres, tonnes, g/t).
13. The tonnes and metal contents are rounded to reflect that the numbers are an estimate and any discrepancies in the totals are due to the rounding effects.
14. MRE is concluded using up to drillhole H071 at the Hat deposit.
Sensitivity Analysis:
Table 2: Sensitivity Analysis on Grade inside the Hat Deposit Pit
| OP model | Category | CuEq cut-off grade | Cumulative Tonnage | Weighted Average Value | Cumulative Material Content | ||||||||
| CuEq | Cu | Co | Au | Ag | CuEq | Cu | Co | Au | Ag | ||||
| % | Million Tonnes | % | % | % | g/t | g/t | million lb | million lb | million lb | thousand oz | thousand oz | ||
| In Pit | Indicated | 0.1 | 217.17 | 0.33 | 0.172 | 0.008 | 0.16 | 0.37 | 1576 | 824 | 38 | 1086 | 2591 |
| 0.12 | 205.60 | 0.34 | 0.180 | 0.008 | 0.16 | 0.38 | 1547 | 814 | 36 | 1067 | 2515 | ||
| 0.14 | 192.39 | 0.36 | 0.188 | 0.008 | 0.17 | 0.39 | 1509 | 799 | 34 | 1040 | 2417 | ||
| 0.16 | 178.31 | 0.37 | 0.198 | 0.008 | 0.18 | 0.40 | 1463 | 780 | 32 | 1008 | 2300 | ||
| 0.18 | 164.32 | 0.39 | 0.209 | 0.008 | 0.18 | 0.41 | 1410 | 758 | 30 | 971 | 2179 | ||
| 0.2 | 150.49 | 0.41 | 0.221 | 0.008 | 0.19 | 0.42 | 1353 | 733 | 28 | 929 | 2045 | ||
| 0.3 | 92.83 | 0.51 | 0.285 | 0.009 | 0.24 | 0.48 | 1039 | 584 | 18 | 707 | 1421 | ||
| 0.4 | 55.91 | 0.61 | 0.354 | 0.009 | 0.28 | 0.53 | 758 | 437 | 12 | 510 | 960 | ||
| 0.5 | 34.27 | 0.72 | 0.425 | 0.010 | 0.33 | 0.59 | 545 | 321 | 8 | 361 | 651 | ||
| 0.6 | 21.16 | 0.83 | 0.498 | 0.011 | 0.37 | 0.65 | 387 | 232 | 5 | 253 | 441 | ||
| 0.8 | 8.14 | 1.06 | 0.659 | 0.012 | 0.46 | 0.79 | 191 | 118 | 2 | 119 | 208 | ||
| Inferred | 0.1 | 903.19 | 0.25 | 0.129 | 0.008 | 0.11 | 0.42 | 5008 | 2559 | 153 | 3194 | 12312 | |
| 0.12 | 812.65 | 0.27 | 0.138 | 0.008 | 0.12 | 0.44 | 4789 | 2471 | 141 | 3060 | 11493 | ||
| 0.14 | 722.77 | 0.28 | 0.148 | 0.008 | 0.12 | 0.45 | 4531 | 2364 | 129 | 2899 | 10571 | ||
| 0.16 | 634.85 | 0.30 | 0.160 | 0.008 | 0.13 | 0.47 | 4240 | 2236 | 116 | 2716 | 9570 | ||
| 0.18 | 550.39 | 0.32 | 0.172 | 0.008 | 0.14 | 0.48 | 3924 | 2091 | 103 | 2517 | 8536 | ||
| 0.2 | 477.38 | 0.34 | 0.185 | 0.009 | 0.15 | 0.49 | 3619 | 1945 | 91 | 2328 | 7575 | ||
| 0.3 | 223.56 | 0.46 | 0.254 | 0.010 | 0.21 | 0.52 | 2252 | 1251 | 47 | 1477 | 3762 | ||
| 0.4 | 111.17 | 0.57 | 0.323 | 0.010 | 0.26 | 0.52 | 1403 | 792 | 25 | 940 | 1872 | ||
| 0.5 | 59.97 | 0.68 | 0.389 | 0.011 | 0.32 | 0.52 | 902 | 514 | 15 | 612 | 1011 | ||
| 0.6 | 33.98 | 0.79 | 0.452 | 0.012 | 0.37 | 0.53 | 590 | 339 | 9 | 404 | 582 | ||
| 0.8 | 11.16 | 1.01 | 0.584 | 0.013 | 0.48 | 0.56 | 247 | 144 | 3 | 172 | 202 | ||
Notes:
1) The parameters used for the resource estimate determined that the cut-off grade for the Hat deposit was 0.14% CuEq for the MRE. However, to further fulfill the criteria for an MRE to meet the definition of potentially economic extraction, Doubleview has used an open pit highlighted cut-off grade of 0.20% CuEq to report the initial basecase mineral resources.
2) The reported quantities and grade estimates at different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the mineral resource model to varying CuEq cut-off grades. Micon's QP has reviewed the varying CuEq cut-off grades used in the sensitivity analysis, and it is the opinion of the QP that they meet the test for reasonable prospects of eventual economic extraction given the potential variability of the parameters used to determine the cut-off grades.
Scandium Potential for Hat Project
Scandium potential for the Hat Deposit is estimated to be 300 to 500 million tonnes at an average grade of 40 ppm (0.004%) Sc2O3. The scandium potential is confined solely to the resource blocks that meet a cut-off grade of 0.2% CuEq within the open pit shell that defines the extent of the MRE. Any mineralized blocks outside the pitshell were not considered to be part of the scandium potential.
** Scandium Potential:
1. The scandium potential is confined to the resource blocks that meet a cut-off grade of 0.2% CuEq within the open pit shell that defines the extent of the MRE.
2. Preliminary Metallurgical test work focused on producing a high-gold, low-cobalt copper concentrate and a low-gold, high-cobalt pyrite concentrate. Scandium is primarily associated with pyroxene and amphibole gangue minerals and reports to flotation tails. Tests have demonstrated that scandium can be extracted from tailings using sulphuric acid at elevated temperature as a lixiviant. Test work has also shown that scandium can be separated into an intermediate scandium - aluminium product that can be processed further for the recovery of a scandium oxide product. Separation of scandium and aluminum is the focus of the next phase of test work. The concept being developed is that the pyrite concentrate can be developed as a source of acid for both cobalt and scandium recovery.
Figure 1: Open Pit Plan and Block Model
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8003/217674_01b4af5e5469d851_001full.jpg
Figure 2: Open Pit Section and Block Model
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8003/217674_01b4af5e5469d851_002full.jpg
The Hat Deposit
The Hat Claims property consists of ten mineral tenures covering 5,200 hectares located north of the Golden Bear mine road in northwest BC. For additional information please visit www.doubleview.ca.
The MRE was prepared by Micon in accordance with CIM Definition Standards on Mineral Resources and Reserves. A Technical Report in support of the MRE will be filed on SEDAR+ (www.sedarplus.ca) within 45 days.
William J. Lewis P.Geo., and Chitrali Sarkar M.Sc., P.Geo., of Micon are the QPs for the MRE and have reviewed and approved the technical disclosure relating to the MRE contained in this news release. Both Mr. Lewis and Ms. Sarkar are independent of Doubleview.
EUR ING Andrew Carter B.Sc. CEng. MIMMM QMR, MSAIMM SME of Tetra Tech, Geo-Environment & Mining Services is Doubleview's Qualified Person with respect to the HAT Project Metallurgical Studies as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the technical contents of this news release. He is independent of Doubleview.
About Doubleview Gold Corp
Doubleview Gold Corp, a mineral resource exploration and development company, is based in Vancouver, British Columbia, Canada, and is publicly traded on the TSX-Venture Exchange (TSXV: DBG) (OTCQB: DBLVF) (FSE: A1W038) (FSE: 1D4). Doubleview identifies, acquires and finances precious and base metal exploration projects in North America, particularly in British Columbia. Doubleview increases shareholder value through acquisition and exploration of quality gold, copper, cobalt, scandium and silver, collectively critical minerals, properties and the application of advanced state-of-the-art exploration methods. The Company's portfolio of strategic properties provides diversification and mitigates investment risks.
On behalf of the Board of Directors,
Farshad Shirvani, President & Chief Executive Officer
For further information please contact:
Doubleview Gold Corp
Vancouver, BC Farshad Shirvani
President & CEO
Institutional Line: (604) 607-5470
T: (604) 678-9587
E: corporate@doubleview.ca
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the Mineral Resource Estimate and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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source: First Phosphate Corp.
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