Salinbas and Ardala Project

Salinbas and Ardala
Project

The Salinbaş Gold Project is located in north- eastern Turkey within the multi-million ounce Artvin Goldfield, which contains the “Hot Gold Corridor” comprising several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbaş. Au-Ag mineralisation at Salinbas lies immediately adjacent to the Ardala polyphase Au-Cu-Mo porphyry.

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commodities:

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2020 Resource:

SALINBAS:

8.4Mt @2.21g/t Au
598,000 oz Au

ARDALA:

66.4Mt @0.44 g/t Au + 0.2%Cu
939,000oz Au + 110,000 t Cu

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Scoping Study:

completed

Projected production:

50,000 oz Au /year

Total meters drilled:

23,900m
Further drilling underway

Resource Estimate

Classification   Grade Metal Content
 Tonnage (t) Au (g/t) Ag (g/t) Cu (ppm) Mo (ppm) Au (oz) Ag (oz) Cu (t) Mo (t)
Measured 868,000 2.32 15.3  -  - 65,000 428,000 - -
Indicated 2,421,000 1.83 19.0  -  - 142,000 1,478,000 - -
Inferred 71,536,000 0.58 2.7 1,656 65 1,331,000 6,009,000 110,000 4,300
Total 74,825,000 0.64 3.4 1,656 65 1,537,000 7,914,000 110,000 4,300

Resource Estimate table for Salinbas and Ardala (July 2020):
Note: Summary 2020 Salinbas Project JORC 2012 compliant Mineral Resource Estimate, based on 134 drill holes and extensive surface sampling (dated 29 July 2020). Reporting is based on a 0.5 g/t Au cut-off grade for the Salinbas mineralisation and 0.25 g/t Au for the Ardala mineralisation. Figures in the table may not sum precisely due to rounding.