Alternative Names: Näädänmaa, Näädänmalmi, Kauniinhaudanmalmi, Kauniinhaudansuo, Laiva Occurence type: deposit

Transcription

1 Mineral Deposit Report Page 1 OF Laivakangas Alternative Names: Näädänmaa, Näädänmalmi, Kauniinhaudanmalmi, Kauniinhaudansuo, Laiva Occurence type: deposit Commodity Rank Total Total production Total resource Importance measure 1 20,94 t 2,42 t 18,52 t Medium sized deposit silver 3 0,13 t 0,13 t 0 t Occurrence Easting EUREF: ,259 Easting YKJ: Northing EUREF: ,341 Northing YKJ: Discovery year: 1980 Discovered by: Outokumpu Oy Province: Laivakangas (Au, Cu) References: 1, 2, 6, 7, 11, 28, 29, 30 Mineral deposit type Group: Metallogenic deposit Main type: Magmatic hydrothermal Comments: Metal zoning (Au-As, Au-Cu, and Au-Mo-W zones) suggest an granitoid intrusion-related (non-skarn) deposit type. References: 5, 8, 9, 10, 11, 12 Group: Metallogenic deposit Main type: Orogenic (metamorphic hydrothermal) Comments: Loellingite is surrounded by a arsenopyrite rim: the deposit is formed at temperatures where loellingite is stable, although arsenopyrite thermometry only gives 370 C. Features described in indicate an orogenic "mesothermal" mineralisation formed under amphibolite-facies PT conditions. References: 5, 8, 9, 10, 11, 12 Dimension Expression: exposed Area (ha): Form: discordant Dip azim: 155 Shape: Dip: 85 Length (m): 50 Plunge azim: Width (m): 5 Plunge dip: Thickness (m): Orientation method: Depth (m): 60 Holder history Current holder: Nordic Gold Inc. Years:

2 Mineral Deposit Report Page 2 OF Holding type: Mining permit Previous holders: Company Years Holding type Comments Nordic Mines Marknad AB Mining concession (old law) Nordic Mines AB Claim (old law) Endomines Oy Claim (old law) Outokumpu Oy Claim (old law) 2

3 Mineral Deposit Report Page 3 OF EXPLORATION ACTIVITY Nordic Mines AB Years Activity type Geologist Exploration result Ref core drilling Peter Finnäs 3, 15, 16 Core drilling (reconnaissance drilling): total 13 km by 14 Aug Intersections HoleID From-To Length 1m 92ppm Endomines Oy Years Activity type Geologist Exploration result Ref core drilling Jaakko Liikanen 1, 2, 30 Intersections HoleID From-To Length 13,4m 24,2ppm HoleID From-To Length 1,9m 3,3ppm Years Activity type Geologist Exploration result Ref regional geophysics key geological features Low-altitude airborne magnetic, electromagnetic and radiometric survey Outokumpu Oy Years Activity type Geologist Exploration result Ref core drilling Esa Sandberg 5, 8, diamond-drill holes, total 6200 m in the area. Drilling in profiles, information from two profiles where each hole is about m apart and the distance between profiles is 25 m. Intersections HoleID From-To Length 4m 2,9ppm HoleID 3

4 Mineral Deposit Report Page 4 OF From-To Length 14,8m 1,9ppm detailed geochemistry Esa Sandberg 9 A distinct stream sediment Au, As and Sb anomaly, and Au and As anomaly in till detailed geophysics Esa Sandberg 5, 8, 9, 11, 28, 29, detailed geology Esa Sandberg 5, 8, 9, 11, 28, 29, 30 Nordic Mines AB Years Activity type Geologist Exploration result Ref mining pilot Peter Finnäs 3, 15, 16, 17, 20, 21 feasibility study Peter Finnäs 3, 15, 16, 17, 20, 21 Figures Secondary anomaly: 4

5 Mineral Deposit Report Page 5 OF RESOURCES AND RESERVES Most recent Resource Firesteel Resources Inc NI Measured mineral resource t 1,132 ppm 0,4 ppm Indicated mineral resource t 1,248 ppm 0,4 ppm Inferred mineral resource t 1,531 ppm 0,4 ppm Measured, indicated and inferred mineral resource t 1,444 ppm 0,4 ppm Previous calculations Resource Nordic Mines AB 2016 JORC code 25, 26 Comments: Indicated mineral resource t 1,13 ppm 0,3 ppm Comments: The calculation of the mineral resource was based on an assumed fiveyear price of 1,225 per tr.oz (USD 1,400 per tr.oz). Inferred mineral resource t 1,64 ppm 0,3 ppm Comments: The calculation of the mineral resource was based on an assumed fiveyear price of 1,225 per tr.oz (USD 1,400 per tr.oz). Indicated and inferred mineral resource t 1,208 ppm 0,3 ppm Resource Nordic Mines AB 2015 JORC code 18 Comments: 1 January Indicated mineral resource 15,97 Mt 5

6 Mineral Deposit Report Page 6 OF ,52 ppm 0,6 ppm Inferred mineral resource 3,22 Mt 2,08 ppm 0,6 ppm Indicated and inferred mineral resource 19,19 Mt 1,614 ppm 0,6 ppm Resource Nordic Mines AB 2015 JORC code Comments: The mineral resource reported is calculated based on blocks of 4x4x5 meters, and is according to JORC core 2012 Inferred mineral resource 3,22 Mt 0,6 ppm Reserve Nordic Mines AB 2015 JORC code 18 Comments: 1 January 2015 Mineral reserve included in mineral resource. Probable ore reserves 9,367 Mt 1,19 ppm 0,6 ppm Comments: Proven + Probale, however the row for proven shows only dash lines Resource Nordic Mines AB 2013 JORC code 24 Indicated mineral resource 15,422 Mt 1,49 ppm 0,6 ppm Inferred mineral resource 3,156 Mt 2,28 ppm 0,6 ppm Indicated and inferred mineral resource 18,578 Mt 1,624 ppm Resource Nordic Mines AB 2012 JORC code Measured mineral resource 0,4 Mt 1,87 ppm 0,8 ppm Indicated mineral resource 7,41 Mt 1,93 ppm 0,8 ppm Inferred mineral resource 2,11 Mt 2,07 ppm Measured, indicated and inferred mineral resource 9,92 Mt 1,957 ppm 6

7 Mineral Deposit Report Page 7 OF Reserve Nordic Mines AB 2012 JORC code 23 Proved ore reserves 6,411 Mt 1,57 ppm 0,5 ppm Probable ore reserves 8,781 Mt 1,6 ppm 0,5 ppm Proved and probable ore reserves 15,192 Mt 1,587 ppm Resource Nordic Mines AB 2011 JORC code 14 Measured, indicated and inferred mineral resource 7,974 Mt 1,76 ppm 0,8 ppm Reserve Nordic Mines AB 2011 JORC code 14 Proved and probable ore reserves 12,9 Mt 1,85 ppm 0,5 ppm Resource Nordic Mines AB Measured mineral resource 2,94 Mt 2,12 ppm Indicated mineral resource 7,53 Mt 2,36 ppm Inferred mineral resource 4,11 Mt 2,35 ppm 5,27 Mt 0,63 ppm Comments: Total low grade Resource Nordic Mines AB Measured mineral resource 0,75 Mt 2,09 ppm Indicated mineral resource 9,53 Mt 2,34 ppm 7

8 Mineral Deposit Report Page 8 OF Inferred mineral resource 1,5 Mt 2,4 ppm 4,5 Mt 0,6 ppm Resource Nordic Mines AB Measured mineral resource 0,75 Mt 2,09 ppm Indicated mineral resource 6,28 Mt 2,41 ppm Inferred mineral resource 2,81 Mt 2,2 ppm 3,2 Mt 0,6 ppm Resource Nordic Mines AB Indicated and inferred mineral resource 3,1 Mt 2,6 ppm Resource Endomines Oy Indicated mineral resource 0,3 Mt 3,3 ppm 2 ppm Inferred mineral resource 0,2 Mt 5 ppm 2 ppm Resource Outokumpu Oy 1988 Non-compliant resource 10 estimate 0,7 Mt 4 ppm 8

9 Mineral Deposit Report Page 9 OF MINING Laiva Alternative Names: Laivakangas Easting EUREF: ,259 Northing EUREF: ,341 Status: Operating Previous status: Operating intermittently Operating years: Years in production: 7 Total ore mined: t References: 31 Total production: Product silver Product measure 2415,34 kg 125,6 kg Other materials: Material type waste from mineral metalliferous excavation Material measure t Mining activity: Year Ore mined Ore processed t t open-pit mining t t open-pit mining t t open-pit mining t t open-pit mining t 0 t open-pit mining t 5600 t test mining Activity type Production Other material 116,5 kg 223 kg silver 15,6 kg 1122 kg silver 55 kg 932 kg silver 55 kg 21,84 kg waste from mineral metalliferous excavation t waste from mineral metalliferous excavation t waste from mineral metalliferous excavation t waste from mineral metalliferous excavation t waste from mineral metalliferous excavation t waste from mineral metalliferous excavation 5000 t 9

10 Mineral Deposit Report Page 10 OF Figures 10

11 Mineral Deposit Report Page 11 OF GEOLOGY Host rock: Quartz diorite, Quartz vein, Mafic volcanic rock Wall rock: Granite Quartz diorite (Host rock) Rock type: Host rock Proportion: major Grain size: Color: References: 3, 8, 9, 11, 27, 30 Comments: The deposit is in a late-orogenic(?) quartz diorite and mafic metavolcanic rock. The number of lodes reported is 18; they are m long, on average 2.4 m wide. Main lodes are the larger Laivakangas N and the smaller Laivakangas S which appear to join together. Metamorphic description: Ore minerals: Mineral Proportion Mineral texture Arsenopyrite major Bismuth minor Chalcopyrite minor Cubanite minor Gold minor Gold occurs as native inclusions in quartz and other silicates (34% of all ), and arsenopyrite and loellingite (64%; grain size 1-40 µm), minor (2%) is in maldonite and as inclusions in chalcopyrite; most of is in the quartz veins. Fineness 95% Au, 1.7% Ag (avg.) Hedleyite minor Löllingite major Maldonite minor Marcasite minor Molybdenite minor Pyrite minor Pyrrhotite minor Sphalerite minor Other minerals: Mineral Proportion Mineral texture Biotite present Diopside present Epidote present Alteration product K-Feldspar present Plagioclase present Quartz present Scheelite present Type: Facies: Degree: Relation to mineralization: Regional amphibolite medium metamorphic facies metamorphic grade Comments: Plagioclase-hornblende-quartz-biotite ± K feldspar, titanite. Min P- Max P (kbar) MIn T- Max T ( C) 11

12 Mineral Deposit Report Page 12 OF Geological age: Geological era: Paleoproterozoic ( Ma) Max age - Minage Inferred age (Ma): Age of mineralization: (Ma): N Quartz vein (Host rock) Rock type: Host rock Proportion: minor Grain size: Color: References: 8, 11, 27, 28 Comments: Auriferous arsenopyrite-quartz veins which have a dip of to the ENE Mafic volcanic rock (Host rock) Rock type: Host rock Proportion: major Grain size: Color: References: 8, 9, 11, 27, 30 Comments: The deposit is in a late-orogenic(?) quartz diorite and mafic metavolcanic rock. Metamorphic description: Type: Facies: Degree: Relation to mineralization: Regional amphibolite medium metamorphic facies metamorphic grade Comments: Plagioclase-hornblende-biotite ± quartz, K feldspar, titanite, epidote, ilmenite. Geological age: Min P- Max P (kbar) MIn T- Max T ( C) Geological era: Paleoproterozoic ( Ma) Max age - Minage Inferred age (Ma): Age of mineralization: (Ma): N Granite (Wall rock) Rock type: Wall rock Proportion: minor Grain size: Color: References: 8, 9, 11, 27 Metamorphic description: Type: Facies: Degree: Relation to mineralization: Min P- Max P (kbar) MIn T- Max T ( C) 12

13 Mineral Deposit Report Page 13 OF Regional amphibolite metamorphic facies medium metamorphic grade Geological age: Geological era: Paleoproterozoic ( Ma) Max age - Minage Inferred age (Ma): Age of mineralization: (Ma): N Figures Outcrop photo: 13

14 Mineral Deposit Report Page 14 OF Local geology: 14

15 Mineral Deposit Report Page 15 OF Structure: 15

16 Mineral Deposit Report Page 16 OF Local geology: 16

17 Mineral Deposit Report Page 17 OF Vein: 17

18 Mineral Deposit Report Page 18 OF Vein: 18

19 Mineral Deposit Report Page 19 OF Ore outcrop: 19

20 Mineral Deposit Report Page 20 OF Outcrop photo: 20

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22 Mineral Deposit Report Page 22 OF Regional geology: 22

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25 Mineral Deposit Report Page 25 OF REFERENCES 1. Endomines Oy on 09/12/ Endomines Oy in 12/12/ Finnäs, P Personal communication in 14 August Firesteel Resources Inc Firesteel Resources Inc. Releases NI Resource Estimate for the Laiva Gold Project, Raahe Finland _resource_estimate_fot_the_Laiva project.pdf 5. Korkalo, T Kaivoslain 19 pyk. mukainen tutkimustyöselostus: Raahen kaupunki: Pirttihaudankangas, Siljanneva, Pirttivaara, Kauniinhaudansuo. Outokumpu Oy, Report 080/2441, 2432/TTK/91. 3 p. (in Finnish) 6. Korsman, K. (ed.) & Glebovitsky, V. (ed.) Raahe-Ladoga Zone structure-lithology, metamorphism and metallogeny: a Finnish-Russian cooperation project Map 2: Metamorphism of the Raahe-Ladoga Zone 1: Korsman, K., Koistinen, T., Kohonen, J., Wennerström, M., Ekdahl, E., Honkamo, M., Idman, H. & Pekkala, Y. (eds.) Suomen kallioperäkartta - Berggrundskarta över Finland - Bedrock map of Finland 1: Mäkelä, M. & Sandberg, E Raahen Laivakankaan kultaesiintymä. The occurrence at Laivakangas, Raahe. Geologi. 37, Mäkelä, M., Sandberg, E. & Rantala, O Geochemical exploration of -bearing veins associated with granitoids in western Finland. In: D. R. MacDonald & K. A. Mills (eds) Prospecting in Areas of Glaciated Terrain : Papers presented at the Eighth International Symposium on Prospecting in Areas of Glaciated Terrain, Halifax, Nova Scotia, August 28 - September 3, 1988: Canadian Institute of Mining and Metallurgy Mäkelä, M., Sandberg, E. & Rantala, O Proterozoic, -bearing vein occurrences associated with the granitoids in western Finland. In: A. D. T. Goode et al. (comp.) Bicentennial Gold 88, Melbourne, Victoria, May 16-20, 1988: Extended abstracts. Poster programme. 1. Geological Society of Australia. Abstracts Series 23, Mäkelä, M Raahen Laivakankaan kvartsi-arseenikiisukultaesiintymä. Unpublished MSc thesis. University of Turku. 105 p. (in Finnish) 12. Nilsson, M. & Finnäs, O Written communication, 28 November Nordic Gold Nordic Gold Provides Production Update Nordic Mines Ab, Press Release 9 August Nordic Mines Ab Press release 05/06/

26 Mineral Deposit Report Page 26 OF Nordic Mines Ab /03/ Nordic Mines Ab Pressmeddelande 08/03/ p. (in Swedish) 18. Nordic Mines AB Press releas 26 February Nordic Mines AB Year-end report January - December Nordic Mines Pressmeddelande den 13 november (in Swedish) 21. Nordic Mines Pressmeddelande den 4 juli (in Swedish) 22. Nordic Mines Pressmeddelande den 27 februari (in Swedish) 23. Nordic Mines Annual report Nordic Mines Annual report Nordic Mines Nordic Mines reports an updated Mineral Resource based on a sorting process Nordic Mines Annual Report Nurmi, P. A., Lestinen, P. & Niskavaara, H Geochemical characteristics of mesothermal deposits in the Fennoscandian Shield, and a comparison with selected Canadian and Australian deposits., Bulletin p Parkkinen, J Ilomantsin Hoskon ja Raahen Laivakangas: mineraalivarantoarvioiden menetelmätarkistus Endomines Oy:lle. English summary: The Hosko prospect at Ilomantsi and the Laivakangas occurrence at Raahe: technical revision of evaluations for Endomines Oy., Report CM10/-99/1. 19 p Parkkinen, J Laivakankaan kulta-aihe. Mineraalivarantoarvion tarkistus. Geological Survey of Finland, Report C/M19/2441/2000/1. 7 p Parkkinen, J Quality control of mineral resource estimates: Laivakangas, Hosko, Kuivisto E, Other, Osikonmäki, Pirilä, Housuvaara, Pahkalampi., Report. 27 p. 26

27 Mineral Deposit Report Page 27 OF Puustinen, K Suomen malmikaivokset vuosina , Report M10.1/-95/1. 96 p. (in Finnish) 27