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OTCMKTS: MRQRF
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Monique

Property Description

The Monique property consists of one mining lease and 22 mining claims covering an area of 5.5 km2 located 25 km east of Val-d’Or, in the province of Quebec. The property is located approximately 50 km from the Corporation’s Camflo Mill.

Probe Metals Inc. may earn a 60% interest in the Monique property by spending an aggregate of $2,000,000 on exploration before January 2021.

Ressource Estimate (August 2019)

Notes:

  • 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, market or other relevant issues. The quantity and grade of reported inferred Resources are uncertain in nature and there has not been sufficient work to define these inferred resources as indicated or measured resources.
  • The database used for this mineral estimate includes drill results obtained from historical to the recent 2019 drill program.
  • Mineral resources are reported at a cut-off grade of 0.5 g/t Au for the pit-constrained and 1.95 g/t Au for the underground scenarios. These cut-offs were calculated at a gold price of US$1,350 with an exchange rate of 1.33 US$/C$ per troy ounce.
  • The pit-constrained resources were based on the following parameters: mining cost 3$/t, processing + G&A costs $21.50/t, transport cost to the central processing facility based on distance on existing roads @ $0.15/t.km, Au recovery 95%, pit slopes 55 degrees.
  • The geological interpretation of the deposits was based on lithologies and the observation that mineralized domains occur either within or proximal to sub-vertical diorite dykes or as low dipping quartz tourmaline vein sets.
  • The mineral resources presented here were estimated with a block size of 5m X 5m X 5m for the pit-constrained and a block size of 3m X 3m X 3m for underground.
  • The blocks were interpolated from equal length composites calculated from the mineralized intervals. Prior to compositing, high-grade gold assays were capped to 100 Au g/t applied on 3-meter composites for the pit-constrained and 1.5-meter composites for the underground.
  • The mineral estimation was completed using the inverse distance to the square methodology utilizing three passes for New Beliveau, North and Highway. All other deposits were estimated using inverse distance to the square methodology utilizing two passes. For each pass, search ellipsoids followed the geological interpretation trends.
  • The mineral resources have been classified under the guidelines of the CIM Standards on mineral resources and reserves, definitions and guidelines prepared by the CIM Standing Committee on reserve definitions and adopted by CIM Council (2014), and procedures for classifying the reported mineral resources were undertaken within the context of the Canadian Securities Administrators NI 43-101.
  • In order to accurately estimate the resources, underground voids (shaft, ramp and drifts) and pits were subtracted from the mineralized bodies modeled prior to pit optimization.
  • Tonnage estimates are based on rock densities of 2.8 tonnes per cubic metre for all the zone except the Monique Zone where 2.85 was used. Results are presented undiluted and in situ.
  • This mineral resource estimate is dated August 28, 2019 and the effective date for the drillhole database used to produce this updated mineral resource estimate is June 7, 2019. Tonnages and ounces in the tables are rounded to nearest hundred. Numbers may not total due to rounding.