The Cariboo Gold Project shares many characteristics with an orogenic gold deposit model.This class of deposit is typified by deformed and metamorphosed mid-crustal blocks and major structures, inherent products of orogenesis. Orogenic gold deposits span the entire breadth of the province of British Columbia, occurring predominantly within two main belts. The westerly belt is associated with accreted pericratonic terranes linked to Late Cretaceous to Paleocene movement on crustal-scale dextral strike-slip fault systems along the western margin of the Stikine terrane, and eastern Coast Belt (e.g., Bralorne-Pioneer, Atlin, Cassiar). The easterly belt is crudely cospatial with the Jurassic to Cretaceous accretion of the Intermontane terranes and autochthonous strata of the ancestral North American (e.g., Cariboo, Sheep Creek) (Allan, 2017). Orogenic deposits have significant economic importance, as they are known to host auriferous mineralization as high-grade vein deposits, low-grade bulk-tonnage lode deposits, and are intimately linked with substantial placer accumulations (Goldfarb et al., 2001; 2005).

Gold-bearing veins and replacement-style mineral deposits in the Cariboo Gold Project are interrelated but can be subdivided into five principal types:

1. Fault-fill shear veins in fractured early-phase quartz lenses within carbonaceous mud and siltrich, foliation sub-parallel (northwest-southeast trending) shear zones (BC Vein-style);
2. Sub-vertica ........

The Project consists of three main zones (Cow, Shaft, and Valley) with two smaller satellite zones (Lowhee & Mosquito). The rate of exploitation of each deposit will change over time, while the overall steady state production rate is 8,000 tpd. In 2024, production will begin at 2,000 tpd for 2.5 years and will ramp up to 8,000 tpd (pending permitting) in 2027 for 9.5 years.

The selected mining method is long hole with longitudinal retreat. Primary materials handling fleet will comprise of 10 tonne (t) scooptram Load Haul Dump (“LHD”) and 50 t haul trucks.

Pre-production of the underground workings is set to begin in 2023 with 2,000 tpd achieved in Q4 2024 and full production of 8,000 tpd at the Mine Site Complex in Q1 2027. Underground mine life
is set to last until 2035.

The long hole mining method was primarily selected due to the sub vertical geometry of mineralized vein corridors and the relatively lower cost. This method involves driving two drifts longitudinally along the mineralized vein corridors to define a stope. The top access serves as a drilling platform while the bottom access allows for mucking of drilled then blasted material. Once empty, these stopes are then backfilled with either pastefill or cemented rockfill. Stopes are mined retreating towards the access. This method allows for simultaneous mining of stopes along different vein corridors as well as along the same corridor if a pillar exists between active levels.< ........

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The Cariboo Gold Project (CGP) will ramp up tonnage in two phases: Phase I, starting with a 2,000 tonnes per day (“tpd”) mineral sorting and leaching flowsheet, followed by Phase II, an 8,000 tpd mineral sorting, flotation, and leaching flowsheet.

In CGP Phase I, the mineralized material will be processed in two stages at two sites. The Bonanza Ledge Site located at the current Bonanza Ledge Mine, and the Quesnel River Mill located 116 kilometres (“km”) from the Bonanza Ledge Site.

For the initial throughput of 2,000 tpd, a pre-concentrator, including mobile crushing and mineral sorting, will be built at the Bonanza Ledge Site. The use of the Bonanza Ledge Site will reduce the overall operation and transportation costs. The crushing operation will be a mobile unit, operated by a sub-contractor, and the crushed product will be processed in a mineral sorting circuit. The concentrate from the sorted concentrate will be trucked to the QR Mill for further comminution, ........