55 North Mining Inc. Announces Updated Resource Estimate in conjunction with April 20, 2021 start of trading
55 North Mining Inc. Announces Updated Resource Estimate
in conjunction with April 20, 2021 start of trading
Toronto, Ontario - April 19, 2021 - 55 North Mining Inc. (“55 North” or the “Company”) is
pleased to report an updated NI 43-101 compliant resource estimate on its high grade Last Hope
Gold Project in Lynn Lake Manitoba. The update to the resource estimate was a requirement for
the upcoming listing of its common shares ("Common Shares") on the Canadian Securities
Exchange (“CSE”) under the symbol "FFF".
Resource Estimate Updated for Gold Price and Costs, Not for New Drilling
The Company notes that the updated resource estimate does not reflect any new drilling, but was
prepared to reflect: 1) a recent (February 2021) site visit by the Technical Report authors, P&E
Mining Consultants Inc., and, 2) using an updated gold price and costs used to calculate the cut-
off grade for the resource estimate. With regards to the latter, a higher gold price was used (US$
1,550/oz versus the previous $1,225/oz) representing the approximate 2 year trailing average
price as at December 31, 2020. This was partially offset by the effect of a higher mining cost (C$
90/tonne versus the previous C$ 80/tonne) resulting in a cut -off grade of 1.8 g/t (versus the
previous 2.0 g/t). The resulting updated resource estimate is as follows:
MINERAL RESOURCE ESTIMATE AT 1.8 G/T AU CUT-OFF (1-5)
Classification Tonnes (k) Au g/t Au oz
Indicated 213 5.53 37,966
Inferred 1,107 5.17 184,120
1) Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant issues.
2) 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.
3) The Mineral Resources in this Technical Report were 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 the CIM Council.
4) The Mineral Resource Estimate is based on 219 drill holes of which 15 holes were drilled in 2012
and 204 holes were historical diamond drill holes. The core from this historical drilling remains
intact at the Property and was partially re-assayed in 2012.
5) The underground Mineral Resource grade blocks were quantified above the 1.8 g/t Au cut-off and
had exhibited continuity and reasonable potential for extraction by cut and fill and longhole mining
methods.
New Drilling Underway: New Resource Estimate expected later in 2021
There are currently 2 diamond drill rigs operating on the Last Hope Gold Project resource area.
The goal is to infill, upgrade and extend the current resource estimate. Drill results will be
released in the coming weeks as drill results are received, compiled, and analyzed. A new
resource estimate, reflecting this new data, is expected to be completed before the end of 2021.
Increase to Indicated and Inferred Resources
As shown in the following table, Indicated resources increased to 38,000 ounces from 37,000
ounces, and Inferred resources increased to 184,100 ounces from 182,000 ounces.
Table 1: Mineral Resource at Last Hope using 1.8 g/t and 2.0 g/t cut-off
1.8 G/T AU CUT-OFF
(February 2021)
2.0 G/T AU CUT-OFF
(September 2017)
Classification Tonnes (k) Au g/t Au oz Tonnes (k) Au g/t Au oz
Indicated 213 5.53 37,966 201 5.75 37,242
Inferred 1,107 5.17 184,120 1,067,000 5.29 181,712
Sensitivity to Gold cut-off grades
The Au cut-off sensitivities to the Mineral Resource Estimate are demonstrated in the following
table:
Table 2: Mineral Resource Estimate Sensitivity
MINERAL RESOURCE ESTIMATE SENSITIVITY
Category Cut-off Au
(g/t) Tonnes Au
(g/t)
Au
(oz)
Indicated
5.0 85,422 9.07 24,922
4.5 98,884 8.48 26,960
4.0 113,377 7.93 28,924
3.5 131,547 7.36 31,108
3.0 154,060 6.75 33,458
2.8 164,300 6.51 34,409
2.6 172,029 6.34 35,077
2.4 180,717 6.16 35,780
2.2 190,608 5.96 36,510
2.0 201,445 5.75 37,242
1.8 213,352 5.53 37,966
MINERAL RESOURCE ESTIMATE SENSITIVITY
Category Cut-off Au
(g/t) Tonnes Au
(g/t)
Au
(oz)
Inferred
5.0 402,657 7.96 103,055
4.5 552,402 7.10 126,014
4.0 711,350 6.45 147,477
3.5 801,836 6.14 158,361
3.0 872,977 5.91 165,812
2.8 914,920 5.77 169,694
2.6 971,184 5.59 174,596
2.4 1,002,087 5.50 177,081
2.2 1,034,244 5.40 179,467
2.0 1,067,488 5.29 181,712
1.8 1,106,787 5.17 184,120
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Peter
Karelse, VP Exploration and a Qualified Person as defined under National Instrument 43-101. Mr.
Karelse consents to the publication of this announcement by 55 North Mining Inc. Mr. Karelse
certifies that this announcement fairly and accurately represents the information for which he is
responsible.
About 55 North Mining Inc.
55 North Mining Inc. is an exploration and development company advancing its high-grade Last
Hope Gold Project located in Manitoba, Canada.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mr. Bruce Reid
Chief Executive Officer, Director
55 North Mining Inc.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of 55 North contains statements that constitute “forward-looking statements.”
Such forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause the Company’s actual results, performance or achievements, or
developments in the industry to differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking statements.