NI 43-101 Updated Technical Report Pan Gold Project White Pine County, Nevada
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NI 43-101 Updated Technical Report Pan Gold Project White Pine County, Nevada Effective Date: June 30, 2017 Report Date: July 7, 2017 Report Prepared for And GRP Minerals Corp. Fiore Exploration Ltd 8310 South Valley Highway Suite 3123, Suite 180 595 Burrard Street Englewood, Colorado 80112 Vancouver, BC V7X 1J1 Report Prepared by SRK Consulting (U.S.), Inc. 5250 Neil Road, Suite 300 Reno, NV 89502 SRK Project Number: 493800.050 Signed by Qualified Persons: J. B. Pennington, M.Sc., C.P.G. Kent Hartley, P.E. Justin Smith, P.E., RM-SME. Deepak Malhotra, RM-SME Valerie Sawyer, RM-SME Brooke J. Miller, M.Sc., C.P.G. Reviewed by: John Tinucci, PhD, PE SRK Consulting (U.S.), Inc. NI 43-101 Updated Technical Report – Pan Project, NV Page ii Table of Contents 1 Summary ....................................................................................................................... 1 1.1 Property Description and Ownership .................................................................................................. 1 1.2 Geology and Mineralization ................................................................................................................ 2 1.3 Status of Exploration, Development and Operations .......................................................................... 3 1.3.1 Status of Operations and Development .................................................................................. 3 1.3.2 Restarting Pan and Achieving Commercial Production .......................................................... 3 1.3.3 New Mine Operating Team and Staff ...................................................................................... 4 1.3.4 Operational Changes .............................................................................................................. 4 1.3.5 Capital Investment ................................................................................................................... 7 1.3.6 Status of Exploration ............................................................................................................... 7 1.4 Mineral Processing and Metallurgical Testing .................................................................................... 8 1.5 Mineral Resource Estimate ................................................................................................................. 8 1.6 Mineral Reserve Estimate ................................................................................................................. 10 1.7 Mining Methods ................................................................................................................................. 11 1.8 Recovery Methods ............................................................................................................................ 12 1.9 Project Infrastructure ......................................................................................................................... 13 1.10 Environmental Studies and Permitting .............................................................................................. 13 1.11 Capital and Operating Costs ............................................................................................................. 14 1.11.1 Capital Cost Summary .......................................................................................................... 14 1.11.2 Operating Cost Summary ...................................................................................................... 14 1.12 Economic Analysis ............................................................................................................................ 15 1.13 Conclusions and Recommendations ................................................................................................ 16 2 Introduction ................................................................................................................ 18 2.1 Terms of Reference and Purpose of the Report ............................................................................... 18 2.2 Qualifications of Consultants (SRK) .................................................................................................. 18 2.3 Details of Inspection .......................................................................................................................... 19 2.4 Sources of Information ...................................................................................................................... 19 2.5 Effective Date .................................................................................................................................... 19 2.6 Units of Measure ............................................................................................................................... 20 3 Reliance on Other Experts ........................................................................................ 21 4 Property Description and Location .......................................................................... 22 4.1 Property Location .............................................................................................................................. 22 4.2 Mineral Titles ..................................................................................................................................... 23 4.2.1 Nature and Extent of Issuer’s Interest ................................................................................... 24 4.3 Royalties, Agreements and Encumbrances ...................................................................................... 24 JP/MLM PanProject_NI43-101_493800-050_Rev16_TmP.docx July 2017 SRK Consulting (U.S.), Inc. NI 43-101 Updated Technical Report – Pan Project, NV Page iii 4.4 Environmental Liabilities and Permitting ........................................................................................... 25 4.4.1 Environmental Liabilities ........................................................................................................ 25 4.4.2 Required Permits and Status ................................................................................................ 25 4.5 Other Significant Factors and Risks .................................................................................................. 27 5 Accessibility, Climate, Local Resources, Infrastructure and Physiography ........ 28 5.1 Topography, Elevation and Vegetation ............................................................................................. 28 5.2 Accessibility and Transportation to the Property .............................................................................. 28 5.3 Climate and Length of Operating Season ......................................................................................... 28 5.4 Sufficiency of Surface Rights ............................................................................................................ 28 5.5 Infrastructure Availability and Sources .............................................................................................. 28 6 History ......................................................................................................................... 31 6.1 Prior Ownership and Ownership Changes ........................................................................................ 31 6.2 Exploration and Development Results of Previous Owners ............................................................. 31 6.3 Historical Mineral Resource and Reserve Estimates ........................................................................ 33 6.3.1 Echo Bay ............................................................................................................................... 33 6.3.2 Alta Bay Joint Venture ........................................................................................................... 34 6.3.3 Latitude Minerals Corporation ............................................................................................... 35 6.3.4 Castleworth Ventures ............................................................................................................ 36 6.3.5 Midway 2011 ......................................................................................................................... 37 6.3.6 Midway 2015 ......................................................................................................................... 38 6.4 Historical Production ......................................................................................................................... 39 7 Geological Setting and Mineralization ..................................................................... 40 7.1 Regional Geology .............................................................................................................................. 40 7.2 Local and Property Geology ............................................................................................................. 42 7.2.1 Lithology and Stratigraphy ..................................................................................................... 42 7.2.2 Alteration ............................................................................................................................... 46 7.2.3 Structure ................................................................................................................................ 47 7.3 Significant Mineralized Zones ..........................................................................................................