For more information, please see Kinross’ 2020 year-end Financial Statements, MD&A and results news release
Kinross Gold Corporation
25 York Street, 17th Floor
Toronto, ON Canada M5J 2V5
p. 1 Kinross provides update on development projects and full-year 2020 exploration results
For more information,
please see Kinross’ 2020 year-end
Financial Statements, MD&A
and results news release
at www.kinross.com
NEWS RELEASE
Kinross provides update on development projects and full-year 2020
exploration results
Mineral reserves increase 5.7 million gold oz., or 23% year-over-year, to 30 million gold oz.
Kupol and Paracatu extend mine life by one year and Chirano by three years
Toronto, Ontario – February 10, 202 1 – Kinross Gold Corporation (TSX:K; NYSE:KGC) (“Kinross” or the
“Company”) today provided updates on its development projects, exploration program and its estimated mineral
reserves and resources.
(This news release contains forward -looking information about expected financial and operating performance of the Company. All mineral reserves and mineral
resources, as well as mine life disclosures, are estimates. All dollar amounts are expressed in U.S. dollars, unless otherwise noted )
Development projects:
Tasiast 24k: Project advancing on schedule and on budget with Tasiast expected to increase throughput to
21,000 t/d by year-end 2021 and to 24,000 t/d by mid-2023.
Udinsk: Drilling and study work are progressing well. The pre-feasibility study has now commenced and is
expected to be completed in Q4 2021; added 259 Au koz. to estimated measured and indicated resources and
94 Au koz. to inferred resources.
La Coipa Restart: Pre-stripping started on schedule in early January 2021 and first production remain s on-
track for mid-2022; added 103 Au koz. and 3,266 Ag koz. to mineral reserve estimates as a result of mine plan
optimization.
Lobo-Marte: Feasibility study is on-track for completion in Q4 2021.
Fort Knox Gilmore: First gold ounces were produced from the new heap leach pad in January 2021 a nd
construction was completed on schedule and under budget.
Peak: Commenced drilling program and studies for permitting after acquiring 70% of synerg istic, Fort Knox
“bolt-on” project in September 2020.
Exploration and Mineral Reserves and Resources1 update:
Kinross added 5.7 million Au oz. to proven and probable mineral reserves in 2020 , a 2 3% year -over-year
increase, to 30.0 million Au oz. mainly due to net additions of 6.4 million Au oz. at Lobo-Marte, 446 Au koz. at
Chirano and 103 Au koz. at La Coipa, while maintaining a $1,200 per ounce gold price assumption.
Due to successful exploration and mine optimization programs, Kupol and Paracatu extended mine life by one
year to 2025 and 2032 respectively, and Chirano extended mine life by three years to 2025 , with further
opportunities for additional mine life extensions.
In 2021, Kinross expects to ramp up its global exploration program with a focus in Russia and Chirano, and will
continue to prioritize opportunities within the footprint of existing mines in its global portfolio for mineral resource
and reserve additions.
CEO commentary
J. Paul Rollinson, President and CEO, made the following comments in relation to Kinross’ development projects:
“In 2020, we made excellent progress advancing our high -quality and diversified project pipeline and added 5.7
million gold ounces to our mineral reserve estimates after depletion. We extended mine life at Chirano by three
years, and by one year at Kupol an d Paracatu, and we continue to focus on opportunities for further mine life
extensions. Our successful track record in project development, mine plan optimization and exploration underpin s
our robust production profile, which is expected to grow by 20% over the next three years.
“The Tasiast 24k and La Coipa projects, which are currently under construction, remain on schedule and are
proceeding well. First gold was produced from the Fort Knox Gi lmore project’s new heap leach pad , while s tudy
and development work at Lobo-Marte, Udinsk and Peak advanced well. We are looking forward to significant project
milestones in 2021 and are ramping up our exploration efforts as we continue to strengthen our global portfolio.”
1 See also Kinross’ Annual Mineral Reserve and Mineral Resource Statement, estimated as at December 31, 2020, and explanatory notes starting at page 17.
Kinross Gold Corporation
25 York Street 17th Floor
Toronto, ON, Canada M5J 2V5
p. 2 Kinross provides update on development projects and full-year 2020 exploration results
Development projects
Tasiast 24k project
The Tasiast 24k project remains on budget and on schedule with Tasiast expected to increase throughput capacity
to 21,000 t/d by the end of 2021, and then to 24,000 t/d by mid -2023. Th e project is now approximately 60%
complete, with mechanical work on the processing plant and construction of the power plant both proceeding well.
Chulbatkan - Udinsk project
In 2020, drilling at the Chulbatkan license was focused within the Udinsk resource pit – the first project the Company
expects to develop on the Chulbatkan license – with a total of more than 60,000 metres of infill drilling completed.
The drilling program supported advancement of the Udinsk pre -feasibility study (PFS) and confirmed the layout of
the Udinsk deposit within the larger Chulbatkan area. As a result of 2020 optimization and engineering work using
a $1,600 per ounce gold price , approximately 259 Au koz. were added to measured and indicated resources and
94 Au koz. to inferred resources in 2020.
The Udinsk PFS commenced in partnership with a global EPCM firm with in-country experience and is expected to
be completed in Q4 2021. The PFS will focus on an initial three-stage crush heap leach process flow and potential
early works related to infrastructure, with the goal of fast-tracking construction. Kinross is targeting a declaration of
mineral reserves at year-end following the expected completion of the PFS . The Company is also studying the
viability of a power line connecting the project into the regional grid. First production at Udinsk is anticipated to occur
in 2025.
On the larger Chulbatkan license, s urface exploration activities such as soil geochemical sampling , induced
polarization and magnetic and gravity geophysical surveys were carried out during 2020. These programs resulted
in encouraging results which confirmed known targets and led to the discovery of new target areas, with new
anomalies identified near the Udinsk resource pit to the northeast and southwest . As a result, t he 2021 drilling
program will prioritize the soil and geophysics anomalies as part of the first phase of the drill ing program and is
planned to be subsequently drilled for strike and depth extensions.
Kinross also acquired the land package surrounding the Chulb atkan license in 2020, which increased the total
Chulbatkan license area from 120 km2 to approximately 450 km2 (see page 13, Appendix A: Figure 1 for Chulbatkan
map). The Company is planning to commence greenfields exploration activities in 2021 in these new areas.
La Coipa Restart and Lobo-Marte
The La Coipa Restart project is progressing well, with pre -stripping starting in early January 2021 as scheduled,
and first production remaining on-track for mid-2022. Camp refurbishments were completed in December 2020 and
fleet refurbishments are more than half complete. The mobilization of the project management team and of the first
major contractors for plant refurbishments have started on schedule.
Kinross added approximately 103 Au koz. and 3,266 Ag koz. in estimated mineral reserves at La Coipa primarily
as a result of optimization of the Phase 7 mine plan . The Company also added a pproximately 206 Au koz. and
1,702 Ag koz. in estimated measured and indicated resources, mainly as a result of the change in gold price
assumption for resources. Kinross continues to study opportunities to incorporate adjacent deposits with existing
mineral reserves and resources into the La Coipa mine plan and potentially extend mine life.
At the Lobo-Marte project, the feasibility study continues to advance on schedule and is expected to be completed
in Q4 2021. The Company is targeting production at Lobo -Marte to commence in 2 027 following permitting and
after the completion of mining at La Coipa, with construction potentially starting in 2025. Kinross continues to believe
that Lobo-Marte has the potential to be a long-life, cornerstone asset with attractive costs.
Kinross Gold Corporation
25 York Street 17th Floor
Toronto, ON, Canada M5J 2V5
p. 3 Kinross provides update on development projects and full-year 2020 exploration results
Alaska projects
At the Fort Knox Gilmore project, the first gold ounces from the new Barnes Creek heap leach pad were poured
in January 2021 . Infrastructure and processing facilities for the project were completed on schedule and under
budget, and the project was fully transferred to the Operations team.
Kinross made good progress advancing the Peak project after acquiring a 70% interest at the end of September
2020. A metallurgical and geotechnical drilling program has commenced, along with engineering and environmental
studies for permitting. A close working relationship has also been established with the local Upper Tanana
Athabascan Village of Tetlin. A scoping study is expected to be completed in Q2 2021 and a feasibility study is
expected to be completed by the end of 2022, with a target for first production in 2024.
2020 Mineral Reserves and Mineral Resources update
(See also the Company’s detailed Annual Mineral Reserve and Mineral Resource Statement e stimated as at December 31, 2020 and explanatory notes starting at
page 17.)
In preparing the Company’s 2020 year -end mineral reserve and mineral resource estimates as of December 31,
2020, Kinross has maintained its gold price assumption of $1,200 per ounce for mineral reserves.
Given the sustained strong performance of the gold price over the past several years, and to better represent the
strong potential of Kinross’ portfolio of drilled mineral inventories, Kinross has increased its gold price assumption
for mineral resources t o $1,6 00 per ounce 2 from $1,400 per ounce. This change in gold price assumption is
expected to have additional impacts on mineral resource estimates going forward as Kinross starts to tailor more
of its pit shell plans to a $1,600 per ounce price assumption by conducting further exploration drilling, engineering
and mine plan optimization studies across its global portfolio.
Kinross continues to prioritize quality high-margin, low-cost ounces in its portfolio, and maintained its fully -loaded
costing methodology.
Kinross Gold Mineral Reserve and Mineral Resource estimates1,3
2019
(Au koz)
Acquisitions
(Au koz)
Depletion
(Au koz)
Exploration
(Au koz)
Engineering
(Au koz)
2020
(Au koz)
Proven and
Probable
Reserves
24,327 - (3,059) 706 8,011 29,988
Measured and
Indicated
Resources
35,508 846 (39) 1,905 (5,785) 32,438
Inferred
Resources 5,866 81 (54) 1,080 2,006 8,980
Proven and Probable Mineral Reserves
Kinross’ total proven and probable gold reserve estimate increased by 23% to 30.0 million Au oz. at year-end 2020
compared with 24.3 million Au oz. at year -end 2019. The significant net year-over-year increase of 5.7 million Au
oz. after depletion was mainly due to additions in Chile at the Lobo -Marte and La Coipa projects, and at Chirano,
which extended mine life by three years to 2025. Additions to estimated mineral reserves at Kupol and Paracatu
2 The mineral resource estimates for the Gil deposit at Fort Knox and Peak project assume a $1,400 per ounce gold price, with Peak’s estimates
based on the 2018 preliminary economic assessment. Gil includes 533 Au koz. in estimated measured and indicated resources and 63 Au koz.
in estimated inferred resources. Peak includes 846 Au koz. in estimated measured and indicated resources and 81 Au koz. in estimated inferred
resources (Kinross’ 70% share).
3 Rounding of values to the 000s may result in apparent discrepancies.
Kinross Gold Corporation
25 York Street 17th Floor
Toronto, ON, Canada M5J 2V5
p. 4 Kinross provides update on development projects and full-year 2020 exploration results
largely offset depletion and extended mine life by one year at both mines. Highlights of the Company’s net estimated
mineral reserve additions include:
6.4 million Au oz. addition at Lobo-Marte after the project PFS was completed in July 2020
446 Au koz. net addition at Chirano after depletion as a result of exploration and mine plan optimization
success, extending mine life to 2025
103 Au koz. addition at La Coipa mainly due to optimization of the mine plan
At Kupol, an addition of 345 Au koz. to mineral reserves was mainly the result of exploration success, which largely
offset depletion and extended mine life by one year to 2025. At Paracatu, an addition of 911 Au koz. to mineral
reserves before depletion was a result of mine plan optimization and additional engineering that extended mine life
one year to 2032 at the long-life, cornerstone asset.
Kinross’ total proven and probable silver reserve estimate in creased to 59.2 million Ag oz. at year -end 2020,
compared with 55.7 million Ag oz. at year -end 2019. The increase was mainly due to a 3.3 million Ag oz. reserv e
addition at La Coipa. Kupol also added 4.0 million Ag oz. during the year, more than offs etting depletion of 3.4
million Ag oz. Silver price assumption for estimated reserves remained at $17 per ounce.
Measured and Indicated Mineral Resources
Kinross’ total estimated measured and indicated gold resources at year -end 2020 were 3 2.4 million Au oz.
compared with 35.5 million Au oz. at year -end 2019. The decrease was mainly due to conversions of mineral
resources to mineral reserves at Lobo-Marte and Paracatu, partly offset by the addition of the Peak project.
The Company’s change in gold price assumption to $1,600 per ounce from $1,400 per ounce in estimating its
mineral resources, along with optimized resource pits, contributed to year-over-year increases at Maricunga, Round
Mountain, Fort Knox, La Coipa and Chulbatkan. The acquisition of Peak also contributed to indicated resource
additions.
Kinross’ total estimated measured and indicated silver resources incre ased by 4.3 million Ag oz. to 39.2 million Ag
oz. at year -end 2020, mainly as a result of the acquisition of the Peak project, and additions at La Coipa. Silver
price assumption for estimated resources remained at $20 per ounce.
Inferred Mineral Resources
Kinross’ total estimated infer red gold resources at year -end 2020 increased 53% to 9.0 million Au oz. from 5.9
million Au oz. at year -end 2019. The 3.1 million Au oz. net increase was primarily due to the change in the gold
price assumption and exploration success, which resulted in increases at Maricunga, Round Mountain, Fort Knox,
Paracatu, Chulbatkan and the Curlew Basin exploration project at Kettle River. Engineering changes at Paracatu,
Maricunga, Fort Knox and Chulbatkan also contributed to the overall increase in estimated inf erred resources.
Exploration update
The Company’s exploration efforts continued to focus within the footprint of existing mines during 2020, with a total
of more than 135,000 metres of drilling completed for brownfields projects. While the coronavirus pandemic affected
surface drilling at Kupol, underground drilling was not impacted and returned strong results. Drilling programs at
Chirano and at the Company’s Americas sites were not materially impacted by COVID-19. Highlights of the 2020
brownfields exploration program include significant results at Kupol and Chirano, which contributed to the extension
of mine life for one year to 2025 at Kupol, and three years to 2025 at Chirano , with opportunities for further mine
life extensions at both operations.
Exploration efforts and engineering optimization added a total of approximately 8.7 million Au oz. in estimated
mineral reserves before depletion in 2020.
Kupol-Dvoinoye: A total of 409 Au koz. were added to estimated mineral reserves which largely offset
depletion. Drilling, which tested targets at depth, and at the South and North extensions of the Kupol main vein
system, yielded positive results. Drill intercepts continue to confirm h igh-grade, narrow-vein mineralization
Kinross Gold Corporation
25 York Street 17th Floor
Toronto, ON, Canada M5J 2V5
p. 5 Kinross provides update on development projects and full-year 2020 exploration results
extending northwards and at depth below the Kupol mine workings (see page 13, Appendix A: Figure 2 for
Kupol long section). As a result of continued exploration success at Kupol and engineering optimization work
at Dvo inoye, scheduled mill production at Kupol has been extended by another year to 2025 , with further
opportunities for additional extensions.
The regional exploration program planned around the Kupol and Dvoinoye KSP (Kupol Synergy Zone of
Influence project) areas was impacted by COVID -19 during the year. The majority of the KSP program, which
is targeting the 130 km radius around Kupol based on an economic trucking distance to the mill, was deferred
to 2021 (see page 13, Appendix A: Figure 3 for KSP map).
Chirano: Near-mine exploration activities, which included 52,600 metres of drilling in 2020, continued to focus
on resource conversion and mine life extension. Exploration and engineering success added 660 Au koz. to its
mineral reserve estimates before depletion, which resulted in a three -year mine life extension to 2025, with
opportunities for further extensions (see page 13, Appendix A: Figure 4 for long section of Chirano).
For 2021, the exploration budget (brownfields and greenfields) was increased to $120 million compared with $90
million in 2020. The increase is largely due to programs that will follow up on 2020’s exploration success and the
acquisition of advanced exploration properties such as the 1,214 km 2 Kayenmyvaam license in Russia, which is
largely within the KSP, and the Peak development project in Alaska.
Kupol-Dvoinoye: Kinross expects to spend up to $24 million in 2021 to explore targets within the KSP,
including the promising Kayenmyvaam license and the Kavralyanskaya license, which the Company received
permits to explore in 2020. These targets, together with deferred work on numerous prospective tenements in
the KSP, will continue to be a focus for 2021 (see page 13, Appendix A: Figure 3 for KSP map).
Kupol Minex: During 2020, near-mine exploration activities identified the southern extension of the Vtoriy target
and the main Kupol strike. Surface drilling intersected high grades from both Vtoriy and the Kupol trend, which
could potentially be a significant extension of f the Kupol strike that is untested to the south. The Company is
expected to continue studying the North Extension of the Kupol vein system beyond the Northeast Extension
into Zone 42, where drilling continued to intercept narrow, high-grade veins (see page 13, Appendix A: Figure
2 for Kupol long section).
Chirano: The Company is increasing exploration spending at Chirano to $12 million in 2021 to drill depth
extensions at Obra, Akwaaba, Suraw and Tano. The budget includes the construction of an exploration decline
to drill the northerly plu nge extensions of the Obra high grade shoot from underground. In addition to the
underground drilling program, plans include continuing to explore for open pit mining material near the Mamnao
open pit operation. The Company is targeting conversion of a significant portion of estimated mineral resources
to mineral reserves in 2021 and 2022 from Obra, Akwaaba, Suraw, Tano and Mamnao (see page 13, Appendix
A: Figure 4 for long section of Chirano).
Bald Mountain: Kinross expects to spend $6.5 million at Bald Mountain in 2021 with an increased focus on
drill testing targets identified in 2020 to explore for both intrusive -related and sediment -hosted type deposits
that can be potentially converted to mineral resources in subsequent years. Near-mine targets in the North area
of Bald Mountain – such as Duke, Galaxy, Bida and Royale – are expected to be explored during 2021.
Round Mountain: A large portion of the $6 million budget allocated for Round Mountain in 2021 is expected to
focus on drilling the Phase X deposit. One part of the program plans to continue defining the narrow structurally
controlled high-grade vein at the upper portions of Phase X that was identified in 2020. In addition, drill ing is
expected to test along-strike and down -dip extents of the mineralized structures with the goal of delineating
high-grade material for potential underground mining.
Fort Knox: Kinross is budgeting $5.5 million at Fort Knox, with the goal of converting mineral resources to
mineral reserves at Gil-Sourdough and to continue to explore the western extension of Gilmore. The Company
also expects to explore the newly -acquired Peak property to advance drill targets near the vicinity of the
expected Peak pit area.
Kinross Gold Corporation
25 York Street 17th Floor
Toronto, ON, Canada M5J 2V5
p. 6 Kinross provides update on development projects and full-year 2020 exploration results
A more detailed summary of the 2020 highlights is presented below. Additional details may be found in the
Appendices.
“Appendix A” provides illustrations, captions, and accompanying explanatory notes, and “Appendix B” provides
complete drilling results and drill hole location data corresponding to the values below.
Appendix A: Refer to page 13 of this news release.
Appendix B: Full drill results https://www.kinross.com/exploration-drill-results-Appendix-B-Q4-YE-2020
Kupol - Dvoinoye
The Kupol M inex exploration program, along with Dvoinoye exploration, successfully added 409 Au koz. to
estimated mineral reserves in 2020, largely replacing depletion for the second consecutive year and adding one
year of mine life at Kupol to 2025. This addition is the largest at Kupol since 2014, with major portions delineated
from the Kupol Deeps and the North Extension of the Kupol main vein. Additions wer e also realized from Zone 37
West, Moroshka South and Providence.
Six underground and two surface drill rigs continue to operate at Kupol with the goal of delineating inferred resources
and upgrading mineral resources to reserves. Significant results received from late 2020 drilling have delineated
substantial mineralization that was previously unrecognized at the southern extension of the Kupol ore body, which
the Company expects to continue exploring in 2021 from both surface and underground (see page 13, Appendix A:
Figure 2 for Kupol long section).
The 2020 regional exploration program within the KSP area was impacted by the COVID-19 pandemic, and most
of the exploration planned in 2020 was deferred to 2021 . Notwithstanding this impact, a total of 33,200 metres of
drilling was completed during 2020, with activities also focused on preparation s for 2021, including the logistical
coordination of remote camps for both the Kavralyanskaya and Kayenmyvaam project areas. These two areas are
expected to be the priority for the KSP exploration drilling program this year , with the initial exploration program at
Kayenmyvaam expected to focus on target generation from geochemical and geophysical mapping activities (see
page 13, Appendix A: Figure 3 for KSP map).
Kupol Mining Licence and Kupol West Property significant down-hole drill intercepts
Hole ID From To Interval
(m)
Au
(g/t)
Ag
(g/t)
KP20-1613 90.6 91 0.4 1,000.0 2,000.0
KP20-1613 89.6 90.6 1.0 290.9 2,000.0
KP20-1620 131.6 132.6 1.0 30.8 366.3
KP20-1621 140.7 141.1 0.4 30.3 175.6
KP20-1620 134.2 134.9 0.7 16.9 419.8
KP20-1621 144.1 145.1 1.0 10.4 51.2
KP20-1620 132.6 133.2 0.6 12.1 157.1
For full drill results and explanatory notes, see Appendix B.
Kupol Mineral Reserve and Mineral Resource estimates – GOLD1,3
2019
(Au koz)
Depletion
(Au koz)
Exploration &
Engineering
(Au koz)
2020
(Au koz)
Proven and Probable
Reserves 1,353 (383) 345 1,314
Measured and
Indicated Resources 496 - 5 500
Inferred Resources 489 - (217) 272
Kinross Gold Corporation
25 York Street 17th Floor
Toronto, ON, Canada M5J 2V5
p. 7 Kinross provides update on development projects and full-year 2020 exploration results
Dvoinoye Mineral Reserve and Mineral Resource estimates – GOLD1,3
2019
(Au koz)
Depletion
(Au koz)
Exploration &
Engineering
(Au koz)
2020
(Au koz)
Proven and Probable
Reserves 336 (178) 64 223
Measured and
Indicated Resources 15 - 4 20
Inferred Resources 43 - 3 45
Chirano
The 2020 n ear-mine exploration activities at Chirano continued to focus on resource conversion s and mine life
extension (see page 13, Appendix A: Figure 3 for long section of Chirano) . A total of 52,500 metres of drilling was
completed in 2020 resulting in a net reserve increase of 4 46 Au koz. after depletion and a three -year mine life
extension to 2025. In addition, the Company is targeting a significant portion of estimated mineral resources for
potential conversion to mineral reserves in 2021 and 2022 from Obra, Akwaaba, Suraw, Tano and Mamnao.
In 2020, drilling at Obra continued to demonstrate the potential for underground mining and the continuity of a high-
grade shoot that was first encountered in 2019. As a result of these encouraging results, Kinross plans to construct
an exploration decline in 2021 in order to drill the northerly plunge extensions of the high -grade shoot from
underground.
The 2020 Akwaaba drilling program focused on testing the potential of further resource extension s beneath the
current base of mineral reserves and probe up -plunge to test for continuity in the Akwaaba upper hanging wall
shoot. Results confirmed and added to mineral reserves four mining levels in areas 100 metres belo w the 2019
mineral reserve depth, with mineralized extensions to the south within favourable lithologies.
A new near-surface mineralized structure was also identified to the immediate west and parallel to the Mamnao pit
over a strike length of approximately 350 metres. The drilling and mapping has demonstrated near oxide surface
potential with indications for future expansions of multiple sub -parallel structures and possible mineral reserve
additions.
Chirano Mineral Reserve and Mineral Resource estimates 1,3
2019
(Au koz)
Depletion
(Au koz)
Exploration &
Engineering
(Au koz)
2020
(Au koz)
Proven and Probable
Reserves 528 (215) 660 974
Measured and
Indicated Resources 924 (7) (288) 628
Inferred Resources 443 - (67) 376
Kinross Gold Corporation
25 York Street 17th Floor
Toronto, ON, Canada M5J 2V5
p. 8 Kinross provides update on development projects and full-year 2020 exploration results
Chirano significant down-hole drill intercepts
Hole ID From To Interval
(m)
True Width
(m)
Au
(g/t)
CHRC2844D 528.0 566.5 38.5 31.5 3.2
including 543.5 566.5 23.0 18.8 4.5
CHRC2911D 442.0 503.7 61.7 42.5 1.9
including 463.6 471.0 7.5 5.2 4.1
CHRC2913D 407.4 449.6 42.2 34.0 2.8
including 411.4 438.0 26.7 21.5 3.3
CHRC2886D 631.6 642.9 11.3 10.0 9.8
including 631.6 637.0 5.4 4.8 15.6
CHRC2927D 550.8 587.0 36.3 27.5 2.8
including 557.9 561.0 3.1 2.2 9.6
CHDD2929UG 203.8 216.9 13.1 9.50 7.6
For full drill results and explanatory notes, see Appendix B.
Bald Mountain
Exploration activities focused on near-mine and generative targets in 2020 and a total of approximately 19,700
metres of drilling was completed . At year -end, approximately 50% of depleted reserves were replaced through
exploration and engineering optimization work. Drilling focused in the North area where encouraging drill results
were received in the area between Duke and Duke South, (17.9 metres @ 1.4 g/t Au). At Bida, thick sections of
mineralized rock were intersected in four holes to the east of the resource (82 metres @ 0.4g/t Au).
Generative exploration drill-tested 14 target areas along with fieldwork on an additional five targets to define future
drilling. Encouraging results at Wino (57 metres @ 0.31 g/t Au and 27 metres @ 0.34 g/t Au) were received in zones
of intrusive-related mineralization in the southern portion of the Numbers deposit in the North area. At West Mooney,
drilling intercepted gold-bearing silicified breccia hosted in volcanic rocks. The program for 2021 plans to continue
exploring these generative targets in the North area.
Bald Mountain significant down-hole drill intercepts
Hole ID From To Interval
(m)
Au
(g/t)
RB20-002 169.2 182.9 13.7 5.4
WR20-013 21.3 48.8 27.4 2.1
WP20-020 83.8 109.7 25.9 1.9
B20-008 91.4 167.6 76.2 0.6
WP20-021 56.4 94.5 38.1 1.1
BD20-009 128.0 210.6 82.6 0.4
B20-010 184.4 253.0 68.6 0.4
B20-007 114.3 181.4 67.1 0.4
GXD20-002 83.1 106.7 23.6 1.2
RBD19-019 111.0 132.4 21.5 1.2
For full drill results and explanatory notes, see Appendix B.