Local and Property Geology
Geology in the Project area is dominated by Middle to Late Paleozoic stratigraphy overlain by minor Tertiary-aged volcanic units. Quaternary-aged detrital deposits are limited to drainage channels. Consequently, there is good bedrock exposure in most of the Project area.

Significant Mineralized Zones
Pan has three main mineralized zones; North, Central, and South. Gold mineralization spatially follows the Devils Gate Limestone – Pilot Shale contact in all three and is also controlled by steeplydipping faults that trend north-south and secondarily by west-northwest (WNW) open fold axes. North Pan is dominated by: 1) near-vertical pipes and bodies of silicified solution breccia localized at the Pilot Shale–Devils Gate Limestone contact adjacent to the BFZ, and 2) stratiform-like modestly dipping breccia bodies and zones west of the BFZ focused near the locally folded Pilot Shale–Devils Gate contact. Central and South Pan have more argillic alteration than silicic. Mineralization in Central Pan is at the Pilot–Devils Gate contact and secondarily controlled by WNW trending open folds, and likely other subtle structures which have not been clearly identified. These open folds were not recognized from exploration drilling, and have only become apparent after exposure in the pit walls. Their significance in controlling mineralization is also subtle but has been confirmed by examination of blast hole assays. South Pan mineralization occurs in two zones: 1) a wide, clay-altered, near-vertical solution breccia zone along the west side of the BFZ, and 2) a stratigraphically-controlled zone east of the Branham Fault along the Pilot–Devils Gate contact. This zone dips northeast at about 55°.

The newly identified stratiform mineralization in the Banshee area, west of North Pan, is currently interpreted to represent the opposite limb ‘mirror image’ of the South Pan stratigraphicallycontrolled zone.

Mineral Deposit
The Pan gold deposits are Carlin-style, which are epithermal in origin, comprised of disseminated gold hosted in sedimentary rock units. Gold particles occur as micron to submicron size disseminations. Visible or coarse gold is not common in this type of deposit, and has not been observed at Pan. Controls on mineralization in Carlin-style systems and at the Pan Project include both structure and stratigraphy.

Geological Model
Gold mineralization is generally distributed along high-angle faults, and in a more tabular fashion subparallel to stratigraphy. Solution breccias developed in association with faults at the Pan Project serve as the primary host for gold mineralization, and have internal anisotropy that follows relic bedding orientation. Additional mineralization is hosted in favorable stratigraphy, such as the lower Pilot Shale and the upper siltier portions of the Devils Gate Limestone. More subtle mineralization controls occur as the axial traces of open folds, both anticlines and synclines trending obliquely (most commonly WNW) to the BFZ.

Currently, conventional open pit mining methods are implemented at Pan. A contract miner is conducting the mining activities. Ore and waste are drilled and blasted, then loaded into CAT 777 haul trucks with CAT 992 wheel loaders. The loading and haulage fleet is supported by track dozers, motor graders, and water trucks. Waste is hauled to waste rock storage facilities near each pit. Ore is hauled and placed directly at the crusher feed stockpile and overflow ore is placed directly on the heap leach pad. The ore placed at the crusher feed stockpile is rehandled into the crusher with one CAT 988 wheel loader operated by GRP. The crushed ore is then rehandled from the crushed ore stockpile into CAT 777 haul trucks with CAT 992 wheel loaders and placed on the heap leach pad.

The Pan Mine uses a mining contractor for all mining activities with the exception of crushing the ore and placement of ore into the crusher. The Pan Mine owns, operates, and maintains all other equipment on the site.

Ore production is planned at a nominal rate of 14,000 t/d, equivalent to 5.1 Mt/y with an expected 5- year mine life. Mining is planned on a 7 day per week schedule on a double 12-hour shift per day Monday through Thursday and single 12-hour day shift Friday through Sunday 365 days per annum. Peak ore and waste production is estimated at 50,000 t/d. The average LOM stripping ratio is 1.70:1 waste-to-ore, using a 0.003 oz/ton internal cut-off for the argillic sitewide and unaltered material in the south and a 0.004 oz/ton internal cut-off on silicic material site wide and unaltered material in the north. The change in CoG from one material to the next is a result of the metallurgical recovery testing, which showed the argillic and unaltered material to have an expected average recovery of 80% with the more silicified material having an expected recovery of 60%

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Pan was started up as a ROM leach and did not include the crushing and agglomeration circuit. ROM leaching of the South Pan ores proved problematic due to solution percolation problems resulting from material compaction attributable to the heap building techniques initially practiced and the high clay content of the ore mined and placed on the leach pad. This was centered on the lack of sufficient rock within the heap to offset solution flow issues caused by the clays at Pan. The culmination of these effects severely limited solution flow through the heaps to about 25% of design. Some months after the operations commenced the practice of mixing ROM rock into the ore that was stacked onto the heaps (capping and fluffing) was instituted. This resulted in improved solution flow through the heap and an improvement in the rate of gold recovery at Pan.

After acquiring the project in May of 2016, Fiore completed rehabilitation of the heap for continued ROM leaching by thoroughly bl ........