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Doubleview Gold Corp. Regulatory Filings 2024

Sep 9, 2024

46538_rns_2024-09-09_4df894f5-9bce-4383-a4a6-b741e90d44f9.pdf

Regulatory Filings

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NI 43-101 Technical Report for the 2024 Mineral Resource Estimate on the Hat Project, Atlin Mining Division, British Columbia, Canada

Effective Date: July 17, 2024 Report Date: August 30, 2024

Prepared By: EGBC Permit to Practice Number 1001528 William J. Lewis, B.Sc., P.Geo. Chitrali Sarkar, M.Sc., P.Geo. EUR ING Andrew Carter BSc, CEng, MIMMM QMR, MSAIMM, SME

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DOUBLEVIEW GOLD CORP.

Suite 822, 470 Granville Street Vancouver, BC V6C 1V5 Tel: 1.604.678.9587

601 – 90 Eglinton Ave East, Toronto, Ontario, Canada M4P 2Y3 +1 416 362 5135 | www.micon-international.com

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Table of Contents

1.0
SUMMARY ............................................................................................................... 1
1.1
GENERAL ..................................................................................................................................... 1
1.2
PROPERTY LOCATION, DESCRIPTION AND OWNERSHIP ........................................................... 2
1.3
ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES AND INFRASTRUCTURE ....... 2
1.4
HISTORY ...................................................................................................................................... 3
1.5
GEOLOGICAL SETTING AND MINERALIZATION .......................................................................... 5
1.5.1
Regional Geology ............................................................................................................... 5
1.5.2
Property Geology ............................................................................................................... 5
1.5.3
Mineralization ..................................................................................................................... 5
1.6
EXPLORATION AND DRILLING PROGRAMS ................................................................................. 6
1.7
METALLURGICAL TEST WORK ..................................................................................................... 6
1.7.1
Metallurgical Test Work ..................................................................................................... 7
1.7.2
Initial Results of Gravity and Flotation Test Work............................................................. 7
1.7.3
Scandium ............................................................................................................................ 8
1.7.4
Metallurgical Recoveries .................................................................................................... 8
1.7.5
Conclusions ........................................................................................................................ 9
1.8
HAT DEPOSIT MINERAL RESOURCE ESTIMATE .......................................................................... 9
1.8.1
Methodology ...................................................................................................................... 9
1.8.2
Resource Database and Wireframing .............................................................................. 10
1.8.3
Capping Outliers, Compositing and Variography ........................................................... 11
1.8.4
Rock Density ..................................................................................................................... 11
1.8.5
Block Model and Grade Interpolation ............................................................................. 11
1.8.6
Mineral Resource Estimate .............................................................................................. 12
1.8.7
Mineral Resource Grade Sensitivity Analysis .................................................................. 13
1.8.8
Scandium Potential for the Hat Project .......................................................................... 16
1.9
CONCLUSIONS .......................................................................................................................... 16
1.9.1
Risks and Opportunities................................................................................................... 17
1.10
BUDGET AND FURTHER RECOMMENDATIONS ........................................................................ 18
1.10.1
Budget .............................................................................................................................. 18
1.10.2
Further Recommendations .............................................................................................. 19
2.0
INTRODUCTION ...................................................................................................... 22
2.1
TERMS OF REFERENCE ............................................................................................................. 22
2.2
DISCUSSIONS, MEETINGS, SITE VISITS AND QUALIFIED PERSONS ........................................ 23
2.3
SOURCES OF INFORMATION ..................................................................................................... 23
2.4
UNITS OF MEASUREMENT AND ABBREVIATIONS .................................................................... 24
2.5
PREVIOUS TECHNICAL REPORTS ............................................................................................. 26
3.0
RELIANCE ON OTHER EXPERTS ................................................................................. 27
4.0
PROPERTY DESCRIPTION AND LOCATION .................................................................. 28
4.1
GENERAL DESCRIPTION AND LOCATION ................................................................................. 28
4.2
LAND TENURE, AGREEMENTS, MINERAL RIGHTS AND OWNERSHIP ....................................... 29
4.2.1
Ownership and Property .................................................................................................. 29

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4.2.2
Mineral Tenures and Encumbrances ............................................................................... 29
4.3 PERMITTING AND ENVIRONMENTAL LIABILITIES .................................................................... 31
4.3.1
Work Permits .................................................................................................................... 31
4.3.2
First Nations ..................................................................................................................... 32
4.3.3
Archaeological Impact Assessment (AIA) ........................................................................ 33
4.3.4
Environmental Liabilities ................................................................................................. 34
4.4 ROYALTIES, BACK-IN-RIGHTS AND ENCUMBRANCES .............................................................. 34
4.5 MICON QP COMMENTS ............................................................................................................. 34
5.0 ACCESSIBIILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 35
5.1 ACCESSIBILITY .......................................................................................................................... 35
5.2 CLIMATE .................................................................................................................................... 36
5.3 PHYSIOGRAPHY ......................................................................................................................... 36
5.4 INFRASTRUCTURE AND LOCAL RESOURCES ........................................................................... 38
6.0 HISTORY ................................................................................................................ 40
6.1 EXPLORATION HISTORY OF THE HAT PROJECT ...................................................................... 40
6.1.1
1960s to 1970s Exploration Programs ............................................................................. 40
6.1.2
1980 to 2011 Exploration Programs ................................................................................ 41
6.2 MINERAL RESOURCE ESTIMATES ON THE HAT PROJECT ....................................................... 42
6.3 PRODUCTION HISTORY FOR THE HAT PROJECT ..................................................................... 42
7.0 GEOLOGICAL SETTING AND MINERALIZATION ............................................................ 43
7.1 REGIONAL GEOLOGY ................................................................................................................. 43
7.2 PROPERTY GEOLOGY ................................................................................................................ 43
7.3 MINERALIZATION ...................................................................................................................... 45
8.0 DEPOSIT TYPES ...................................................................................................... 46
8.1 GENERAL DISCUSSION.............................................................................................................. 46
8.2 ALKALIC PORPHYRY DEPOSITS ................................................................................................. 46
9.0 EXPLORATION ........................................................................................................ 48
9.1 DOUBLEVIEW EXPLORATION PROGRAMS ON THE HAT PROJECT .......................................... 48
10.0 DRILLING ............................................................................................................... 49
10.1 DRILLING PROGRAM ................................................................................................................. 49
10.2 MICON QP COMMENTS ............................................................................................................. 54
11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ..................................................... 55
11.1 INTRODUCTION ......................................................................................................................... 55
11.2 SAMPLE PREPARATION ............................................................................................................. 55
11.3 CORE STORAGE ......................................................................................................................... 56
11.4 ASSAY LABORATORIES AND SAMPLE ANALYSIS ....................................................................... 57
11.4.1
Assay Laboratories ........................................................................................................... 57
11.4.2
Assay Procedures ............................................................................................................. 57
11.5 QUALITY ASSURANCE/QUALITY CONTROL (QA/QC) ................................................................ 58
11.5.1
Blank Samples .................................................................................................................. 58

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11.5.2
Standard Samples ............................................................................................................ 59
11.5.3
Duplicate Samples ........................................................................................................... 59
11.6
HAT PROJECT QA/QC SAMPLING DETAILS ............................................................................... 59
11.6.1
Standard Samples ............................................................................................................ 60
11.6.2
Blank Samples .................................................................................................................. 64
11.6.3
Duplicate Samples ........................................................................................................... 73
11.7
MICON QP COMMENTS ............................................................................................................. 77
12.0
DATA VERIFICATION ................................................................................................ 79
12.1
GENERAL DISCUSSION.............................................................................................................. 79
12.2
2024 SITE VISIT .......................................................................................................................... 79
12.3
HAT PROJECT DATABASE DISCUSSION ................................................................................... 86
12.4
MICON QP COMMENTS ............................................................................................................. 86
13.0
MINERAL PROCESSING AND METALLURGICAL TESTING ............................................... 87
13.1
INTRODUCTION ......................................................................................................................... 87
13.2
METALLURGICAL TEST WORK ................................................................................................... 88
13.3
TEST SAMPLES HEAD ASSAYS .................................................................................................. 89
13.4
GRAVITY CONCENTRATION TESTS ........................................................................................... 90
13.5
PRELIMINARY FLOTATION TESTS ............................................................................................. 90
13.6
MINERALOGICAL INVESTIGATIONS .......................................................................................... 92
13.6.1
Cobalt Liberation ............................................................................................................. 93
13.6.2
Copper Losses .................................................................................................................. 93
13.7
SUPPLEMENTARY PGE ANALYSIS ............................................................................................. 93
13.8
INITIAL RESULTS OF GRAVITY AND FLOTATION TEST WORK .................................................. 94
13.9
DIRECT ROUGHER – CLEANER FLOTATION TEST ON HEAD COMPOSITE ................................ 94
13.10 SCANDIUM ................................................................................................................................. 96
13.11 METALLURGICAL RECOVERIES ................................................................................................. 98
13.12 CONCLUSIONS .......................................................................................................................... 98
14.0
MINERAL RESOURCE ESTIMATE ................................................................................ 99
14.1
INTRODUCTION ......................................................................................................................... 99
14.2
CIM RESOURCE DEFINITIONS AND CLASSIFICATIONS ............................................................. 99
14.3
CIM ESTIMATION OF MINERAL RESOURCES BEST PRACTICES GUIDELINES ........................ 101
14.4
METHODOLOGY....................................................................................................................... 101
14.5
RESOURCE DATABASE AND WIREFRAMING ........................................................................... 102
14.5.1
Database ......................................................................................................................... 102
14.5.2
Topography .................................................................................................................... 103
14.5.3
Mineralized Wireframe ................................................................................................... 103
14.6
CAPPING OUTLIERS, COMPOSITING AND VARIOGRAPHY ...................................................... 105
14.6.1
Capping Outlier Values .................................................................................................. 105
14.6.2
Compositing Capped Values .......................................................................................... 105
14.6.3
Variography .................................................................................................................... 109
14.7
ROCK DENSITY ........................................................................................................................ 113
14.8
BLOCK MODEL AND GRADE INTERPOLATION ........................................................................ 113
14.8.1
Block Model .................................................................................................................... 113

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14.8.2
Search Strategy and Interpolation ................................................................................ 113
14.9
BLOCK MODEL VALIDATION .................................................................................................... 115
14.9.1
Visual Inspection ............................................................................................................ 115
14.9.2
Statistical Comparisons ................................................................................................. 116
14.9.3
Swath Plots ..................................................................................................................... 116
14.10 MINERAL RESOURCE ESTIMATE ............................................................................................. 118
14.10.1
Reasonable Prospects for Economic Extraction ........................................................... 118
14.10.2
Mineral Resource Classification ..................................................................................... 118
14.10.3
Mineral Resource Estimate ............................................................................................ 119
14.10.4
Mineral Resource Estimate Grade Sensitivity Analysis ................................................. 119
14.11 RESPONSIBILITY FOR THE HAT PROJECT MINERAL RESOURCE ESTIMATE ......................... 119
14.12 FACTORS THAT COULD AFFECT THE MINERAL RESOURCE ESTIMATES ............................... 123
14.13 SCANDIUM POTENTIAL FOR THE HAT PROJECT .................................................................... 124
15.0
MINERAL RESERVE ESTIMATES ............................................................................... 125
16.0
MINING METHODS ................................................................................................ 125
17.0
RECOVERY METHODS ............................................................................................ 125
18.0
PROJECT INFRASTRUCTURE .................................................................................. 125
19.0
MARKET STUDIES AND CONTRACTS ........................................................................ 125
20.0
ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT .......... 125
21.0
CAPITAL AND OPERATING COSTS ............................................................................ 125
22.0
ECONOMIC ANALYSIS ............................................................................................ 125
23.0
ADJACENT PROPERTIES ........................................................................................ 126
23.1
GENERAL INFORMATION ......................................................................................................... 126
23.2
MICON QP COMMENTS ........................................................................................................... 127
24.0
OTHER RELEVANT DATA AND INFORMATION ............................................................ 128
25.0
INTERPRETATION AND CONCLUSIONS .................................................................... 129
25.1
GENERAL INFORMATION ......................................................................................................... 129
25.2
2024 HAT DEPOSIT MINERAL RESOURCE ESTIMATE ............................................................. 129
25.2.1
Methodology .................................................................................................................. 129
25.2.2
Resource Database and Wireframing ............................................................................ 130
25.2.3
Capping Outliers, Compositing and Variography ......................................................... 130
25.2.4
Rock Density ................................................................................................................... 131
25.2.5
Block Model and Grade Interpolation ........................................................................... 131
25.2.6
Mineral Resource Estimate ............................................................................................ 132
25.2.7
Mineral Resource Grade Sensitivity Analysis ................................................................ 133
25.2.8
Scandium Potential for the Hat Project ........................................................................ 136

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25.3 RISKS AND OPPORTUNITIES .................................................................................................. 136
25.4 CONCLUSIONS ........................................................................................................................ 137
26.0 RECOMMENDATIONS ............................................................................................ 139
26.1 EXPLORATION BUDGET AND OTHER EXPENDITURES ........................................................... 139
26.2 FURTHER RECOMMENDATIONS ............................................................................................. 139
27.0 DATE AND SIGNATURE PAGE .................................................................................. 142
28.0 REFERENCES ........................................................................................................ 143
28.1 GENERAL PUBLICATION AND REPORT REFERENCES ............................................................ 143
28.2 WEBSITE REFERENCES ........................................................................................................... 145
29.0 CERTIFICATES OF QUALIFIED PERSONS (AUTHORS) .................................................. 146
Appendices
APPENDIX 1: GlossaryofMining and Other Related Terms..........................................End of the report

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List of Tables

List of Tables
Table 1.1 Head Grade of Key Elements .................................................................................................. 7
Table 1.2 Hat Summary Gravity and Flotation Results – Indicated Grades and Recoveries ................ 7
Table 1.3 Hat Project Scandium Recovery Data .................................................................................... 8
Table 1.4 Preliminary Recovery Data ..................................................................................................... 8
Table 1.5 Economic Parameters used to Calculate the CuEq Cut-Off Grade ..................................... 12
Table 1.6 Hat Deposit MRE Based on a 0.2% CuEq Cut-Off ................................................................. 14
Table 1.7 Grade Sensitivity Analysis at Different Cu-Eq (%) Cut-Off Grades for Hat Project ............. 15
Table 1.8 Risks and Opportunities at the Hat Project ......................................................................... 17
Table 1.9 Hat Project, Recommended Budget for Further Work ........................................................ 18
Table 2.1 Qualified Persons, Areas of Responsibility and Site Visits................................................... 23
Table 2.2 List of Abbreviations ............................................................................................................. 24
Table 4.1 Summary of the Mineral Tenures which Comprise the Hat Project .................................... 29
Table 10.1 Hat Project Drilling Programs from 2013 to 2023. ............................................................... 49
Table 10.2 Compilation of Selected Significant Drill Hole Intercepts of Mineralization in the Lisle
Zone ....................................................................................................................................... 51
Table 10.3 Summary of Drill Holes and Core Length without Core Recovery Data .............................. 52
Table 10.4 Different Types of Down-Hole Survey During Drilling Years as of 2023 .............................. 53
Table 11.1 Drill Programs and the Number of QA/QC Samples on a Yearly Basis ................................ 60
Table 11.2 Summary of Standard Samples Used and Grades .............................................................. 60
Table 11.3 Type of Standard Sample based upon the Copper Grade of the Sample ........................... 61
Table 11.4 Summary of the Standard Samples Used by Year ............................................................... 61
Table 11.5 Summary of the Total Number of Failed Standard Samples for each Element ................. 62
Table 11.6 Failed Standard Samples in Each Batch Categorized by Element ...................................... 63
Table 11.7 Summary of the Average Analyses of the Blank Samples between 2013 and 2023 ........... 64

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Page Table 11.8 Percent of the Failed Samples According to the Average Detection Limit ......................... 65 Table 11.9 Summary of the Four Groups of Blank Samples that Failed ............................................... 72 Table 11.10 Percentage Error Ranges ...................................................................................................... 75 Table 11.11 The Percent of the Samples in the Different Error Ranges .................................................. 76 Table 12.1 2021 to 2023 Drill Hole Sample Pulps Selected for Re-Assay .............................................. 82 Table 12.2 Summary of the Details for the Selected Re-Assay Sample Pulps along with the Original and Re-Assay information for Cu, Au, Ag, Co and Sc. ........................................................... 84 Table 13.1 Head Grade of Key Elements ................................................................................................ 88 Table 13.2 Head Assays .......................................................................................................................... 89 Table 13.3 Flotation Test Conditions – Gravity Tails ............................................................................. 90 Table 13.4 Rougher Scavenger Flotation Results .................................................................................. 91 Table 13.5 Cleaner Flotation Results ..................................................................................................... 91 Table 13.6 PMA Analysis Summary ........................................................................................................ 92 Table 13.7 Hat Summary PGE Analyses – Indicated Grades and Recoveries ....................................... 93 Table 13.8 Hat Summary Gravity and Flotation Results – Indicated Grades and Recoveries .............. 94 Table 13.9 Hat Rougher-Cleaner Flotation Results – Indicated Grades and Recoveries ..................... 95 Table 13.10 Hat Scandium Recovery Data ............................................................................................... 96 Table 13.11 Preliminary Recovery Data ................................................................................................... 98 Table 14.1 Hat Project Database .......................................................................................................... 102 Table 14.2 Summary of the Basic Statistics for 2 m Composites ........................................................ 108 Table 14.3 Summary of Block Model Definition .................................................................................. 113 Table 14.4 Summary of Ordinary Kriging Parameters for All Elements for Hat Project ..................... 114 Table 14.5 Global Statistical Comparison Between 2 m Composite Grade and Block Estimated Grade .................................................................................................................................... 116 Table 14.6 Economic Parameters used to Calculate the CuEq Cut-Off grade .................................... 118 Table 14.7 Hat Deposit MRE Based on a 0.2% CuEq Cut-Off ............................................................... 120

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Page Table 14.8 Grade Sensitivity Analysis at Different Cu-Eq (%) Cut-Off Grades for Hat Project ........... 122 Table 25.1 Economic Parameters used to Calculate the CuEq Cut-Off Grade for the Hat Project .... 132 Table 25.2 Hat Deposit MRE Based on a 0.2% CuEq Cut-Off ............................................................... 134 Table 25.3 Grade Sensitivity Analysis at Different Cu-Eq (%) Cut-Off Grades for Hat Project ........... 135 Table 25.4 Risks and Opportunities at the Hat Project ....................................................................... 137 Table 26.1 Hat Project, Recommended Budget for Further Work ...................................................... 139

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List of Figures

List of Figures
Figure 4.1 Location Map for the Hat Project ......................................................................................... 28
Figure 4.2 Map of the Mineral Tenures which Comprise the Hat Project ............................................. 30
Figure 5.1 Discovery Helicopters Base in Atlin, BC ............................................................................... 35
Figure 5.2 Helicopter Pad at the Hat Project Camp Site ....................................................................... 36
Figure 5.3 Helicopter View of the Terrain North of the Hat Project ..................................................... 37
Figure 5.4 A View of the Hat Project Camp ............................................................................................ 39
Figure 5.5 ATV Path Connecting the Hat Camp to the Drill Sites ......................................................... 39
Figure 7.1 Hat Project Local Geological Map ........................................................................................ 44
Figure 8.1 Schematic Comparison between Source Rocks and Alteration Zoning Associated with
Calc-Alkalic and Alkalic Porphyry Deposits .......................................................................... 47
Figure 10.1 Map of the Drill Hole Collars for the Hat Project .................................................................. 50
Figure 10.2 Depth of Each Drill Hole Shown Graphically ........................................................................ 50
Figure 10.3 Graphical Illustration of the Change in the Core Recovery in Various Drill Holes .............. 53
Figure 11.1 View of a Portion of the Core Storage Area at the Hat camp ............................................... 56
Figure 11.2 Assay Changes in the Different Blanks for the Calculated Fixed Thresholds ..................... 67
Figure 11.3 Assay Changes in Six Main Elements and Second Standard Deviation Threshold ............. 69
Figure 11.4 Graphical Illustration of the Number of Duplicate Samples in each Drill Hole .................. 73
Figure 11.5 Scatter Diagrams for the Original Sample Assays versus the Duplicate Sample Assays.... 74
Figure 11.6 Pie Charts for the Error Percentage within Various Ranges ................................................ 75
Figure 11.7 Graphical Representation of the Percentages in Table 11.11 ............................................. 77
Figure 12.1 ATV Trail to Drill Sites with Wooden Boardwalks over Swampy Terrain ............................ 79
Figure 12.2 Overgrown Drill Collars for Holes H011 and H012 ............................................................... 80
Figure 12.3 A View of the Core Shack (right) and the Core Cutting Facilities (left) at the Hat Camp .... 80
Figure 12.4 Part of the Core Storage Area at the Hat Project Camp with Core Shack in Centre
Background ............................................................................................................................ 81

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Page Figure 12.5 Partial View of the Inside of the Hat Camp Core Shack ....................................................... 81 Figure 12.6 Drill Rig Set-Up on Drill Hole During July, 2024 Site Visit .................................................... 86 Figure 13.1 Polished Section of HAT HO-34-19 Sample Showing Dominant Chalcopyrite (cp) and Pyrite (py) Mineralisation with Associated Chlorite (ct) and Tremolite (tr) ......................... 87 Figure 13.2 Flotation Test Sequence ....................................................................................................... 89 Figure 13.3 Scandium Extraction and Precipitation Data ...................................................................... 97 Figure 13.4 Scandium Separation Precipitates ...................................................................................... 97 Figure 14.1 Plan and Orthogonal View (looking north-east) of Hat Drill Hole Database .................... 103 Figure 14.2 3D Perspective of the Interpreted Mineralized Zone of Hat Project ................................. 104 Figure 14.3 3D View of the Location of the Fault Planes in Hat Deposit .............................................. 104 Figure 14.4 Log Probability and Cumulative Metal Plot for Cu (g/t) Values within the Mineralized Zone ..................................................................................................................................... 105 Figure 14.5 Log Probability and Cumulative Metal Plot for Co (g/t) Values within the Mineralized Zone ..................................................................................................................................... 106 Figure 14.6 Log Probability and Cumulative Metal Plot for Au (g/t) Values within the Mineralized Zone ..................................................................................................................................... 106 Figure 14.7 Log Probability and Cumulative Metal Plot for Ag (g/t) Values within the Mineralized Zone ..................................................................................................................................... 107 Figure 14.8 Variography for Cu .............................................................................................................. 109 Figure 14.9 Variography for Co .............................................................................................................. 110 Figure 14.10 Variography for Au .............................................................................................................. 111 Figure 14.11 Variography for Ag .............................................................................................................. 112 Figure 14.12 A Typical North-South Section (Looking West) Showing the Comparison between Composite and Estimated Grades for CuEq% .................................................................... 115 Figure 14.13 Cu Swath Plot along Easting at 40 m Intervals .................................................................. 116 Figure 14.14 Cu Swath Plot along Northing at 40 m Intervals ................................................................ 117 Figure 14.15 Cu Swath Plot along Depth at 30 m Intervals .................................................................... 117

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Page Figure 14.16 Open Pit Plan View and Block Model ................................................................................. 121 Figure 14.17 Open Pit Section and Block Model ..................................................................................... 121 Figure 14.18 Open Pit Grade -Tonnage Curve for Hat Project ................................................................ 123

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1.0 SUMMARY

1.1 GENERAL

Doubleview Gold Corp. (Doubleview) has retained Micon International Limited (Micon) to conduct an independent mineral resource estimate (MRE) for the Hat Deposit Project (Hat Project or the Project) in the Province of British Columbia (BC), Canada, and to compile a Canadian National Instrument (NI) 43101 Technical Report disclosing the results of the MRE.

The MRE was completed by Micon, with input from the geological personnel of Doubleview. Micon’s Engineers and Geoscientists British Columbia (EGBC) Permit to Practice Number is 1001528.

William Lewis, P.Geo. and Chitrali Sarkar, P.Geo., who are independent of Doubleview and are Qualified Persons (QPs) within the meaning of NI 43-101, are responsible for the mineral resource estimate disclosed in this report.

A site visit was conducted from July 20 to July 23, 2024, by Mr. Lewis to independently verify the geology, mineralogy, drilling program results and the Quality Assurance/Quality Control (QA/QC) programs at the Hat Project.

In conducting the mineral resource estimate, Micon’s QPs used the following guidelines, published by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM):

  1. The CIM Definitions and Standards for Mineral Resources and Reserves, adopted by the CIM council on May 10, 2014.

  2. The CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by the CIM Council on November 29, 2019.

This report discloses technical information, the presentation of which requires the QPs to derive subtotals, totals and weighted averages that inherently involve a degree of rounding and, consequently, introduce a margin of error. Where these occur, the QPs do not consider them to be material.

The conclusions and recommendations of this report reflect the QP’s best independent judgment in light of the information available to them at the time of writing. Micon and the QPs reserve the right, but will not be obliged, to revise this report if additional information becomes known to them subsequent to the date of this report. Use of this report acknowledges acceptance of the foregoing conditions.

This report is intended to be used by Doubleview, subject to the terms and conditions of its agreement with Micon. That agreement permits Doubleview to file this report as a Technical Report on SEDAR (www.sedarplus.ca) pursuant to provincial securities legislation, or with the Securities and Exchange Commission (SEC) in the United States.

Neither Micon nor the individual QPs have, nor have they previously had, any material interest in Doubleview or related entities. The relationship with Doubleview is solely a professional association between the client and the independent consultants. This report is prepared in return for fees based

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upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report.

Micon and the QPs are pleased to acknowledge the helpful cooperation of Doubleview management, personnel and consulting field staff, all of whom made any and all data requested available and responded openly and helpfully to all questions, queries and requests for material.

This report supersedes and replaces all prior Technical Reports written for the Hat Project.

1.2 PROPERTY LOCATION, DESCRIPTION AND OWNERSHIP

The Hat Project is located in the Atlin Mining Division, BC, and is wholly owned by Doubleview. The Hat property is located north of Hatchau Lake, 95 km southwest of Dease Lake and 40 km north of Telegraph Creek.

The Hat property is comprised of 10 contiguous mineral tenures which total 5,214 hectares (ha). The centre of the mineral tenures is located at about 345211 East, 6453290 North of Zone 9 of the UTM grid or at 131º 35’ West and 58º 12’ North on the NTS map sheets 104J-012, -013, -022, -023.

Doubleview acquired the Hat Project in 2011, by signing an option agreement with the original owners. Following the signing of the option agreement, in 2011, 2013 and 2018, Doubleview staked additional claims adjacent to the original claims, using the online staking platform “Mineral Titles Online in BC” implemented by the province in 2005. The conditions of the option agreement were fulfilled in 2017, at which time ownership was transferred to Doubleview. The Hat property carries a 2% Net Smelter Return royalty (NSR), payable upon commencement of commercial production.

1.3 ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES AND INFRASTRUCTURE

Personnel and freight destined for the Hat property are usually transferred through Whitehorse in the Yukon Territories or Smithers/Terrace, BC, through Dease Lake, and are mobilized via a helicopter from a landing area called “Km6” on the Golden Bear Mine Road (also called Muddy Lake Road), which turns off the Telegraph Creek Road at about 81 km from Dease Lake.

Helicopters transfer all personnel and necessities from the landing area to the temporary camp located on the property. Apart from the temporary camp, which can house a small crew for one drill rig and supporting camp personnel, there are no amenities on the property. The temporary camp comprises several wooden structures, including a cookhouse, washhouse, bunkhouses, office, a first aid station and a core shack. Electric power is generated on site with a generator. Core processing facilities, including logging tables, a core photography table and core saws, are located close to the camp. Paths suitable for use by ATVs connect the camp and the drill sites. The helicopter is used for moving the drill to new sites and for transporting core. Personnel may be moved to a drill site via the helicopter, if the site is remote or difficult to access via ATV.

The Hat Project property is situated in northwestern British Columbia with a typical mountainous forest climate regime where temperatures vary between -25°C and 30°C. The district experiences short warm summers and cold winters, with occasional warm spells. Winter snowpack is normally in excess of one and one-half metres. Annual precipitation is about 300 mm. Exploration work can be conducted year-

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round, but is primarily conducted from April through November, due to the challenges faced when conducting winter programs.

The Hat property is located on the western side of the Interior Plateau physiographic province of the Canadian Cordillera, near the transition from the relatively subdued topography of the Interior to the rugged Coast Ranges. Elevations rise from 675 masl to about 1300 masl, with the southern parts of the mineral tenures featuring a steep slope from the valley to about 900 m. From this point to the northern elevations, the slopes are gentle and cover the majority of the Hat Project and the centre of recent exploration work.

Several small streams flow across the property and drain into Hatchau Lake and the Hackett River, and there are a few small ponds located on the property.

The Hat property is entirely forested, but with very little merchantable timber. The valley bottom is wooded with cottonwood, alder, birch and swamp spruce trees. The south facing slope is largely covered by poplar trees and spruce, whereas upper slopes have patchy growth of evergreens, both spruce and hemlock. Pine and fir are present but not abundant. Areas of poorly drained, swampy ground, some of which are underlain by permafrost, have thick and tangled growth of willow.

Northwestern BC lacks major infrastructure, due to a small population scattered in a few small towns. Dease Lake, a community of approximately 300, is located along Highway 37, about 95 km northeast of the Hat Project. The town has all main amenities, such as hotels, a general store, post office and a small hospital. The small community of Telegraph Creek has a population of about 100 and is located about 40 km to the southeast.

1.4 HISTORY

The earliest recorded mineral exploration activity in the Hat Project area was conducted in 1963 by an independent prospector from Ontario, who reported the discovery of strong gold values near the eastern side of the present Hat property.

In 1964, Newmont Mining Corp. (Newmont) located a large high intensity magnetic anomaly (by airborne methods) in the present Hat Project area, but not much else is known about the Newmont work.

From 1969 to 1970, Colorado Corporation (Colorado Corp.) owned the Pat claims, which represented the eastern portion of a group of claims known as the Go group or Skyline project and conducted the first comprehensive exploration program of note. Reconnaissance style soil geochemical samples were collected north of Hatchau Lake, following up on favourable bedrock mineralization in the Big Creek area. The results showed background and anomalous Cu values but no significant Pb, Zn or Mo assays. The showing along Big Creek, contained chalcopyrite and magnetite.

During the following year, Skyline Explorations Ltd. (Skyline) changed the claims into the OH claims and explored the area with reconnaissance style soil geochemical samples, collected just north and west of Hatchau Lake. Chalcopyrite mineralization near the diorite – volcanic contact, in the southwestern corner of the modern Hat Project, was observed. Some Cu-Mo soil anomalies were identified.

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In 1976, United Cambridge Mines Ltd. (United Cambridge) commenced prospecting, sampling, geological mapping and geochemical soil sampling programs in all parts of the Hackett River valley, including Big Creek. Several prominent areas of iron staining that had been explored in the early 1970s were re-examined. The adjacent Star property that was later explored by Prosper Mines Ltd.[1] (Prosper Mines) was discovered. The Hoey discovery area was hand-trenched and chip sampled. Management of United Cambridge subsequently was transferred from Vancouver to Calgary, and it undertook no further effective exploration work.

From 1978 to 1980, Utah Mines Ltd. (Utah Mines) staked the Ski claims. Over the years, extensive soil sampling programs, induced polarization and ground magnetics surveys, detailed geologic mapping and bulldozer trenching were conducted. Copper values of the soil samples in anomalous zones ranged from 300 to 3,000 ppm, with a maximum value of 0.5%. Due to depressed metal prices, Utah Mines dropped the claims.

In 1985, United Cambridge re-staked the claims under the name Moon claims. Again, programs of soil and rock sampling were conducted, with analyses not only of copper, but also gold, molybdenum, lead, zinc, silver, cobalt, arsenic and antimony. The following year, prospecting at the historic showings (‘E’ Gossan Creek, Hoey and “D” showings) resulted in soil or talus fine samples, silt samples and rock samples.

In 1987, airborne magnetic and VLF-EM surveys were flown. The magnetic survey showed a strong response over most of the northern half of the property. In the south, the quiet response was believed to probably reflect sedimentary rock. The VLF-EM was assumed to show geologic structures or sulphides. In 1988, further geochemical surveys were conducted to define drill targets. Trenching was proposed around the northern shore area of Hatchau Lake. The proposal for trenching in this area was rejected and a Heritage Resource Impact assessment was undertaken. The resulting report outlined areas of high, medium and low potential for archaeological sites. No new archaeological sites were recorded during the assessment, and all revisited sites were found to be in the same condition as in 1980, when they were first recorded.

In 1990, the Moon claims were re-staked for United Cambridge. Brief rock geochemical sampling and prospecting was carried out. The claims expired in 1992.

In 1994, Erik Ostensoe and Thomas E. Lisle, as co-owners, staked what is now known as the Hat Project. The claims carried the names Hat and Bob (numbered 1 through 4 respectively). In the following decades, the two prospected, sampled and mapped systematically from the two southern showings ‘Gossan’ and ‘Hoey’ towards the north. By 2008, the potential for a porphyry copper-gold deposit was recognized by the co-owners who had been trying to attract financing and other types of participation by mining companies. In 2011, Doubleview optioned the Hat claims from Ostensoe and Lisle. Besides the two co-owners, Dr. Bob Seraphim became a beneficiary of the option agreement.

1 Prosper Mines Ltd. changed its name to Proper Gold Corp., in 2012, as part of a strategic shift to focus more on gold exploration and development projects.

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1.5 GEOLOGICAL SETTING AND MINERALIZATION

1.5.1 Regional Geology

The Hat Project is located in the north flank of the Stikine Arch part of the Intermontane Physiographic Province of the Canadian Cordillera, close to the east side of the Coast Crystalline Intrusions of the Insular and Coastal Physiographic sub-Province. The so-called “Arch” is a structural feature imposed on regional geological terrain, also known as “Stikinia”, that comprises Triassic-Jurassic age volcanic, sedimentary and volcanoclastic formations. Granitic, mafic and ultramafic plutons occur throughout Stikinia, accompanied by Tertiary-age volcanic edifices. Regional geological features with geographic expressions include imbricated north-south oriented fault structures that can be traced over tens, even hundreds, of kilometres.

The Hat Project is located in a complex of volcanic and volcanoclastic rocks that have not been agedated but are believed to be members of the Upper Triassic-age Stuhini Group, a formation that, elsewhere in the district, is host to important porphyry-style and other significant mineral deposits, including the Red Chris, Schaft Creek and, likely, Seabridge’s KSM-Iron Cap-Mitchell and Kerr deposits and Pretium’s (now Newmont’s) Brucejack mine. Stuhini formation volcaniclastic bedded rocks of andesitic composition underlie the Hat property. Members include both air-fall and flow-type units and all are at least mildly affected by low grade regional metamorphism. Intrusive bodies include dioritic to gabbroic units of unknown distribution, and dark, andesitic to basaltic dykes that may be related to Tertiary volcanism in nearby areas.

The Hat Project is situated immediately south of, and in part, is underlain by, basaltic flows of the broad Level Mountain volcanic edifice.

1.5.2 Property Geology

Outcroppings on the property are sparse, with the best exposures being found in the margins of stream channels. Large areas of the property are covered by swamps and willow thickets, without rock exposures. Principal rock units are assigned to the Upper Triassic age Stuhini Group of very variable mixed tuffaceous and volcaniclastic units. The Stuhini Group is vaguely analogous to the Nicola and Takla Groups of rocks of similar age and composition that, elsewhere in British Columbia, are host to important copper and other mineral deposits.

The southeastern portion of the Hat property comprises brown and black, sandy textured, thin-to coarse-bedded argillite and wackes, whereas much of the remainder is tuffaceous to massive andesite. The greater part of diamond drilling has been directed to the Lisle zone discovery area, where chalcopyrite and pyrite mineralization occurs with magnetite in chloritized andesite and coarse-to medium-grained gabbro and in zones of transition from one rock type to the other. Fracturing is common and appears to be related to one or more strong northwest-trending fault structures.

1.5.3 Mineralization

The principal minerals of economic interest are chalcopyrite, pyrite and magnetite. All occur in both the tuffaceous meta-andesite formations and in gabbro. Gold values occur with copper in the apparent

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ratio of about 0.9 g/t gold to 1.0% copper. Free gold has not been observed. Chalcopyrite is brassy yellow, varies from very fine-textured to medium-coarse grained and may occur closely mixed with pyrite or, often, in centimetre wide and wider bands, without associated sulphides. A portion of the copper values are located by analysis in sheared dark andesite, in which sulphide (or other) metallic minerals are obscure. Pyrite distribution is erratic: sometimes as thick (up to 40 cm) bands of solid pyrite, and elsewhere as intergrowths with chalcopyrite. Magnetite similarly varies, from disseminations in weakly metamorphosed andesite to strong, almost solid, sections, measurable in tens of centimetres, in chloritized and/or epidotized andesite, and as a substantial component of gabbro.

Although gold and copper are the metals of principal interest, other metals, including silver, cobalt, scandium and platinum group metals, are also present. Doubleview has noted that scandium is present within the Hat deposit. However, at this time, scandium is only noted as a potential economic mineral, as it is believed that the scandium could be recovered using secondary processing methods, for which the metallurgical test work remains to be undertaken.

1.6 EXPLORATION AND DRILLING PROGRAMS

In 2011, on behalf of Doubleview, a program of MMI soil geochemical sampling was conducted. In 2013, a ground induced polarization (IP) survey was conducted, confirming the historic ground IP surveys by Utah Mines. In the same year, diamond drilling was started with 11 holes totalling 2,581.3 m being drilled. During the following years, until 2016, additional drilling programs took place. In 2018, Doubleview signed an option agreement with Hudbay Minerals Canada Ltd. (Hudbay). In 2018, Hudbay conducted ground IP, soil sampling, re-logged existing core and took quarter core samples. The ground IP resulted in a three-dimensional interpretation which helped guide the ensuing drill programs. In 2019, Hudbay terminated the option agreement with Doubleview. In every subsequent year, Doubleview has continued conduct drilling programs.

Most of the drilling at the Hat deposit has been directed to the so-called Lisle Zone where, in early 2014, a significant gold-copper alkalic porphyry-type discovery was announced. Follow-up drilling between 2014 to 2016 and 2019 to 2023 indicates that the Lisle Zone has approximate dimensions of 2.7 km in the east-west direction, and 1.7 km in the north-south direction. Thickness has not been reliably determined and nor has the general outline of the mineralization. Diamond drilling to date totals 31,271 metres in 71 drill holes.

1.7 METALLURGICAL TEST WORK

Doubleview commissioned Coffey Geotechnics Ltd. (Coffey Geotechnics), a Tetra Tech Company (Tetra Tech), to specify and direct quantitative mineralogical and metallurgical test work aimed at establishing the extractability of copper (Cu), cobalt (Co), gold and palladium (Pd) from mineralogical materials from the Hat Copper Porphyry, particularly the extractability of Co for its potential inclusion in the calculation of the Cu equivalent grade. The metallurgical test work program was conducted by Sepro Laboratories (formerly known as Met-Solve Laboratories Inc), Langley, BC under the direction of Tetra Tech.

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1.7.1 Metallurgical Test Work

Tetra Tech specified a preliminary batch flotation test work program, which was aimed at producing a high-gold, low-cobalt-copper concentrate and a low-gold, high-cobalt-pyrite concentrate. The test work also involved the selection of appropriate sample intervals from the drill core assay database provided by Doubleview and providing sample compositing instructions to the laboratory. Summary head grade information for the composite sample prepared for the test work is shown in Table 1.1.

Table 1.1 Head Grade of Key Elements

Cu(%) Co(g/t) Fe(%) STotal(%)
0.22 199 11.5 2.4
Key: % = percent, Fe = Iron, g/t
Table supplied by Tetra Tech.

The test work was conducted by Met-Solve Laboratories of Langley BC on a single composite sample and comprised:

  • Head assays.

  • Gravity concentration test.

  • Rougher flotation tests.

  • Cleaner flotation tests.

  • 1.7.2 Initial Results of Gravity and Flotation Test Work

The overall results of the initial test work program and metallurgical extraction characteristics are indicated in Table 1.2.

Table 1.2

Hat Summary Gravity and Flotation Results – Indicated Grades and Recoveries

Sample Metal Grade Grade Recovery (%) Recovery (%)
Gravity Tails Composite Gravity Tails Composite
Head Cu(%) 0.20 0.21 --- ---
Co(ppm) 132 131 --- ---
Au(g/t) 0.36 0.32 --- ---
GravityConcentrate Au(g/t) 11 --- 11 ---
Copper Concentrates Cu(%) 27 14 81 76
Co(ppm) 470 1,160 19 26
Au(g/t) 7 12 54 64
Pyrite Concentrate Cu(%) 0.1 0.1 5.0 6.0
Co(ppm) 2,620 2,530 49 48
Au(g/t) 3 3 21 23
The Combined Concentrates Cu(%) --- --- 86 82
Co(ppm) --- --- 68 74

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Sample Metal Grade Grade Recovery (%) Recovery (%)
Gravity Tails Composite Gravity Tails Composite
Au(g/t) --- --- 86 87

Table supplied by Tetra Tech.

1.7.3 Scandium

The initial test work and analysis also showed that geologic materials derived from the Hat Project contained scandium at elevated levels, above those normally associated with crustal rocks. Test work also showed that most of the scandium reported to the flotation tailings. Supplementary test work focused on the treatment of flotation tailings for the recovery of scandium into an intermediate product suitable as feedstock for a scandium recovery process.

Scandium was recovered from flotation tailings material by extraction in sulphate media at elevated temperatures, followed by removal of metals by stagewise precipitation as hydroxides or phosphates. Results for the most recent test RQ510 are shown in Table 1.3.

Table 1.3

Hat Project Scandium Recovery Data

Element H.G. (ppm) Recoveries Recoveries Metal
Balance
Stage 1 Stage 2 Stage 3 Stage 4
Sc 10.30 9.10% 0.00% 89.15% 9.71% 107.96%
Al 10,800 2.97% 0.00% 86.19% 13.81% 102.97%
Fe 24,750 94.34% 0.00% 5.20% 5.02% 100.00%

Table supplied by Tetra Tech.

1.7.4 Metallurgical Recoveries

The initial metallurgical test work showed that the recoveries indicated in Table 1.4 below can be achieved. Except for scandium, these are the recovery factors recommended for the purposes of calculating the copper equivalent grade. It is recommended that scandium values be excluded until such time as economic production of scandium trioxide or alternative product from Hat materials has been demonstrated.

Table 1.4 Preliminary Recovery Data

Element Overall Recovery (%)
Copper 84
Cobalt 78
Gold 89
Silver 68
Scandium 88*

*Estimated from initial precipitation data. Table supplied by Tetra Tech.

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1.7.5 Conclusions

The objectives of the preliminary metallurgical test work program were achieved, demonstrating the recoverability of cobalt and justifying the inclusion of cobalt in the calculation of copper equivalent grade.

The flotation test work was conducted under standard conditions, using conventional grinds and reagents. It should be possible to demonstrate improvement in selectivity, recovery and grade with further optimisation and development.

Recovery of scandium has the potential to add significant value. Test work to date has demonstrated that scandium can be separated into an intermediate product suitable as feed to a scandium recovery process. Future test work will focus on the recovery of scandium to a saleable product such as a carbonate, oxide or phosphate.

1.8 HAT DEPOSIT MINERAL RESOURCE ESTIMATE

The MRE contained in this Technical Report is the initial MRE for the Hat Project. The MRE was completed by Micon, with input from the geological personnel of Doubleview.

1.8.1 Methodology

The mineralized wireframe models for the Hat Project were prepared using LeapFrog GEO v.2023.2.1 (LeapFrog). Wireframe modelling included the construction of a single mineralized domain, constrained to the extents of the deposit-scale Cu-Au-Ag porphyry unit and capped by overburden, as found in the core-logging information. Geostatistical analyses were carried out using Datamine Snowden Supervisor v.8.15.0.3 (Supervisor). The estimation, block model and grade interpolation, were prepared using LeapFrog EDGE v.2023.2.1 (LeapFrog). Resource-level potentially mineable open pit shapes were created using Datamine Studio Maxi Pit 1.5.16 (Datamine).

The main steps in the methodology were as follows:

  • Compiling and validating the diamond drill hole databases used for mineral resource estimation. Calculation of the CuEq (in %) to be used as the basis for domaining the mineralized zone.

  • Interpretation of the mineralized domain, based on lithological and assay information.

  • Capping of outlier values and compositing the database, for the purpose of geostatistical analysis, and performing variography.

  • Generating the block model and grade interpolation.

  • Validating the criteria for mineral resource classification.

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  • Assessing the mineral resources with “reasonable prospects for eventual economic extraction” by selecting appropriate cut-off grades and producing a reasonable “resource-level” optimized pit-shell.

  • Generating a Mineral Resource Estimate statement.

  • Assessing and identifying the factors that could affect the mineral resource estimate.

1.8.2 Resource Database and Wireframing

1.8.2.1 Database

The database consists of 71 diamond drill holes, totalling 31,273.88 m of drill metreage and including 13,961 sample intervals. The database includes validated location, survey and assay results. Drill hole H048, which was drilled during 2022, was abandoned after 27 m and is not included in the Project database. Collar and survey information for 70 drill holes is available in the Project database. The database also includes lithological descriptions taken from drill core logs. However, valid down-hole survey information is missing from 34 drill holes. The database covers the strike length of the mineralized domain with variable drill hole coverage.

1.8.2.2 Topography

The Project topography was provided by Doubleview as a digital terrain model (DTM) in DXF format. The topography was used to clip the overburden zone and the mineralized wireframe (as applicable) to the surface.

1.8.2.3 Mineralized Wireframe

Micon’s QPs have outlined the mineralized domain using Leapfrog software. A preliminary CuEq cut-off grade of 0.1% was considered to construct the wireframe. Internal dilutions below 0.1% CuEq have been considered as the deposit is categorized as a polymetallic Cu, Co, Au and Ag porphyry. An overburden zone was identified at surface, using the lithological information available.

No significant oxidation zone could be identified, and the entire interpreted wireframe has been considered as a single mineralized domain.

Five fault planes have been identified by Doubleview’s geologists as passing through the mineralized zones for Hat Deposit. The planes are northwest oriented and dipping vertically below surface. There is some speculation that the faults might influence the disposition of the mineralization. However, there is insufficient structural information available at this time to confirm this speculation and, as a result, the faults have not been considered to have any influence in the current MRE.

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1.8.3 Capping Outliers, Compositing and Variography

1.8.3.1 Capping Outlier Values

The Cu, Co, Au and Ag raw assay values were analyzed to determine outlier values which could bias the estimation process. The outlier values were identified for all four elements using Supervisor software. Log probability and Cumulative Metal Plots have also been analyzed.

The capping grade used for Cu, Co, Au and Ag are 48,000 g/t, 1,135 g/t, 4.70 g/t and 15 g/t, respectively.

1.8.3.2 Compositing Capped Values

The intercepts within the identified mineralized zone were then composited to 2 m equal length intervals using capped Cu, Co, Au and Ag assays.

1.8.3.3 Variography

The spatial distribution of Cu, Co, Ag and Ag was evaluated through variographic analysis for the mineralized domain. Spherical variograms were modelled by Doubleview and were validated by Micon’s QPs, prior to using them as search criteria for the resource block model.

All variographic analyses and modelling were performed in Datamine Studio RM Software. Primary directions and orientations of the variograms were observed in the data and visually in 3D space. These orientations were then examined statistically within the zone, to ensure that they represented the best possible fit of the geology and grade continuity.

1.8.4 Rock Density

A total of 208 samples were collected by Doubleview for density measurement, covering 16 drill holes for the Hat Project. An average density of 2.9 gm/cm[3] has been considered for the mineralized zone. Although an overburden layer has been identified geologically, no density difference was considered between the overburden and mineralized zone at this time. Moreover, no significant oxidized zone exists for the mineralized area of Hat Project.

1.8.5 Block Model and Grade Interpolation

  • 1.8.5.1 Block Model

A block model was constructed to represent the volume and attributes of rock density and grade within the mineralized zones for the Hat Project.

1.8.5.2 Search Strategy and Interpolation

The set of search parameters derived from the variographic analysis were used to interpolate the capped composite grades within the mineralized zone. The interpolation was performed by Ordinary Kriging (OK) in Leapfrog Edge Software.

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All four elements, Cu, Co, Au and Ag, have been estimated individually within the block model. Three passes have been used to interpolate the Cu grades into the blocks contained within the mineralized zone. However, an additional pass (P4) has been used to interpolate Co, Au and Ag, in order to inform all the blocks with all four elements.

CuEq in % has been calculated using the formula noted below, for input (composites) and output (blocks).

CuEq in % = ([Ag grade_g/t] 240.68/31.1035 + [Au grade_ g/t] 1900.89/31.1035 + 0.0001 [Co grade_ g/t] 220.7822.0462 + 0.0001 [Cu grade_ g/t] 40.8422.0462) / (422.04620.84).

The resource block model was validated using a variety of methods, including visual inspection of the model grades and grade distributions, compared to the informing raw samples, statistical comparisons of informing composites to the model, and swath plots to compare the grade distribution along easting, northing and vertical directions.

1.8.6 Mineral Resource Estimate

1.8.6.1 Reasonable Prospects for Economic Extraction

The CIM Standards require that an estimated mineral resource must have reasonable prospects for eventual economic extraction. The mineral resource discussed herein has been constrained by reasonable mining shapes, using economic assumptions appropriate for an open pit mining scenario. The potential mining shapes are preliminary and conceptual in nature.

For the Hat Project, a pit-shell was optimized based on CuEq values calculated using a set of economic parameters, depending on the material and the mining method. The calculated economic cut-off grade of 0.14% CuEq is considered to meet the criterion of potentially economic extraction. However, Doubleview has used an open pit cut-off grade of 0.20% CuEq to report the initial base-case mineral resources in order to clearly demonstrate that the mineral resources meet the criterion for potential economic extraction.

Table 1.5 summarizes the economic parameters used to calculate the CuEq cut-off grade.

Table 1.5

Economic Parameters used to Calculate the CuEq Cut-Off Grade

Description Values
Au price US$/oz 1,900
Ag price US$/oz 24
Cu price U$/lb 4
Co price U$/lb 22
Au recovery 89.0%
Ag recovery 68.0%
Cu recovery 84.0%
Co recovery 78.0%

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Description Values
Mining Cost U$/t (OP) 2.5
Processing Cost U$/t 6
G&A Cost U$/t 2

1.8.6.2

Mineral Resource Classification

Micon’s QP have classified the mineral resource for Hat Project in the Indicated and Inferred categories. No measured resources are considered at this time, primarily due to:

  • A circular drilling pattern around each drill pad leading to an uneven distribution of sample points with depth.

  • Missing survey records for 39% of drill data.

  • No core recovery information for 22% of drill data.

Micon’s QPs have reviewed the distribution and continuity of the potentially economically extractable material for the current MRE. The QPs have initially identified the Indicated Resources as those blocks having a CuEq grade >= 0.14%, which are informed by samples within 85 m distance, estimated by at least three drill holes, having kriged efficiency >= 0.4 and those blocks estimated during P1 of the interpolation process. This was further refined visually in order to downgrade or upgrade those blocks that would otherwise have created a “Spotted Dog” effect.

1.8.6.3 Mineral Resource Estimate

The MRE for the Hat Project is summarized in Table 1.6. The MRE has an effective date of July 17, 2024. The QPs have classified the initial MRE as Indicated and Inferred mineral resources, based on data density, search ellipse criteria, interpolation parameters and other items discussed previously. The 2024 Hat MRE is considered to be a reasonable representation of the mineral resources for the Hat Project, based on the currently available data and geological knowledge.

1.8.7 Mineral Resource Grade Sensitivity Analysis

Table 1.7 shows the cut-off grade sensitivity analysis for CuEq for the Hat Project MRE. The reader should be cautioned that the figures provided in Table 1.3 should not be interpreted as a mineral resource statement. Micon’s QP have reviewed the MRE cut-off grades used in the sensitivity analysis, and it is the opinion of the QPs that they meet the test for reasonable prospects of eventual economic extraction at varying prices of metals and the other underlying parameters used to calculate the cut-off grade.

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Table 1.6 Hat Deposit MRE Based on a 0.2% CuEq Cut-Off

Average Grade Average Grade Average Grade Metal Content Metal Content
Open Pit
Model
Hat
Resource
Category
Tonnage CuEq Cu Co Au Ag CuEq Cu Co Au Ag
Mt % % % g/t g/t million lb million lb million lb thousand oz thousand oz
In Pit Indicated 150 0.408 0.221 0.008 0.19 0.42 1,353 733 28 929 2,045
Inferred 477 0.344 0.185 0.009 0.15 0.49 3,619 1,945 91 2,328 7,575

Notes:

  1. The effective date of the MRE is 17 July 2024.

  2. The Mineral Resource Estimate has been stated using a CuEq cut-off grade for comparison purposes with Doubleview’s previous statements. The CuEq value is primarily driven by the prices of associated minerals. Micon’s QPs recommend that future resource estimates are completed using an NSR calculation.

  3. William Lewis P.Geo., and Chitrali Sarkar M.Sc., P.Geo., of Micon are the QPs responsible for the MRE, as defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

  4. The mineral resources disclosed in this report were estimated using the CIM standards for mineral resource and reserve definitions and the CIM best practices guidelines for resource estimation.

  5. The mineral resources reported are contained within the boundaries of a pit-shell derived from the open pit optimizer, assuming surface mining methods with an overall slope angle of 45 degrees and with the original block model re-blocked to 20m x 20m x 20m. Mineralized blocks outside of the pit-shell are not considered to be part of the MRE.

  6. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

  7. Geological modelling and the MRE have been completed using Leapfrog Geo and Edge software.

  8. An open pit cut-off grade of 0.14% CuEq was calculated for the MRE, using a gold price of US$1,900/oz, a silver price of US$24/oz, a copper price of US$4/lb and a cobalt price of US$22/lb; mining cost US$2.5/t, processing cost US$6/t and G&A costs of US$2/t; gold recovery of 89%, silver recovery of 68%, copper recovery of 84% and cobalt recovery of 78%. However, to further fulfill the criterion for an MRE to meet the definition of potentially economic extraction, Doubleview has used an open pit cut-off grade of 0.20% CuEq to report the initial base-case mineral resources.

  9. EUR ING Andrew Carter B.Sc. CEng. MIMMM, MSAIMM SME of Coffey, Tetra Tech has reviewed the metallurgical test work and is the QP responsible for the metallurgical recoveries and processing costs.

  10. The MRE has been classified according to CIM definitions of Indicated and Inferred Resources. There are no Measured Resources, at this time. The Mineral Resource classification has been visually reviewed to eliminate any ‘Spotted Dog’ effect, commonly seen in computer-generated models.

  11. Ordinary Kriging (OK) interpolation was used with a single block size of 10m x 10m x 10m.

  12. The mineral resource results are presented in-situ within the optimized pit. Mineralized material outside the pit has not been considered as a part of the current MRE.

  13. The tonnes and metal contents are rounded to reflect that the numbers are an estimate and any discrepancies in the totals are due to the rounding effects.

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Table 1.7

Grade Sensitivity Analysis at Different Cu-Eq (%) Cut-Off Grades for Hat Project

Open Pit Model
Hat
Resource
Category
CuEq cut-off
grade
Cumulative
Tonnage
Weighted Average Value Cumulative Material Content
CuEq Cu Co Au Ag CuEq Cu Co Au Ag
% Mt % % % g/t g/t million lb million lb million lb thousand oz thousand oz
0.1 217.17 0.33 0.172 0.008 0.16 0.37 1,576 824 38 1,086 2,591
0.12 205.60 0.34 0.180 0.008 0.16 0.38 1,547 814 36 1,067 2,515
0.14 192.39 0.36 0.188 0.008 0.17 0.39 1,509 799 34 1,040 2,417
0.16 178.31 0.37 0.198 0.008 0.18 0.40 1,463 780 32 1,008 2,300
0.18 164.32 0.39 0.209 0.008 0.18 0.41 1,410 758 30 971 2,179
Indicated 0.2 150.49 0.41 0.221 0.008 0.19 0.42 1,353 733 28 929 2,045
In Pit 0.3 92.83 0.51 0.285 0.009 0.24 0.48 1,039 584 18 707 1,421
0.4 55.91 0.61 0.354 0.009 0.28 0.53 758 437 12 510 960
0.5 34.27 0.72 0.425 0.010 0.33 0.59 545 321 8 361 651
0.6 21.16 0.83 0.498 0.011 0.37 0.65 387 232 5 253 441
0.8 8.14 1.06 0.659 0.012 0.46 0.79 191 118 2 119 208
0.1 903.19 0.25 0.129 0.008 0.11 0.42 5,008 2,559 153 3,194 12,312
0.12 812.65 0.27 0.138 0.008 0.12 0.44 4,789 2,471 141 3,060 11,493
0.14 722.77 0.28 0.148 0.008 0.12 0.45 4,531 2,364 129 2,899 10,571
0.16 634.85 0.30 0.160 0.008 0.13 0.47 4,240 2,236 116 2,716 9,570
0.18 550.39 0.32 0.172 0.008 0.14 0.48 3,924 2,091 103 2,517 8,536
Inferred 0.2 477.38 0.34 0.185 0.009 0.15 0.49 3,619 1,945 91 2,328 7,575
0.3 223.56 0.46 0.254 0.010 0.21 0.52 2,252 1,251 47 1,477 3,762
0.4 111.17 0.57 0.323 0.010 0.26 0.52 1,403 792 25 940 1,872
0.5 59.97 0.68 0.389 0.011 0.32 0.52 902 514 15 612 1,011
0.6 33.98 0.79 0.452 0.012 0.37 0.53 590 339 9 404 582
0.8 11.16 1.01 0.584 0.013 0.48 0.56 247 144 3 172 202

Notes:

  1. The reported quantities and grade estimates at different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the mineral resource model to varying CuEq cut-off grades. Micon’s QP has reviewed the varying CuEq cut-off grades used in the sensitivity analysis, and it is the opinion of the QP that they meet the test for reasonable prospects of eventual economic extraction at the cut-off grades used.

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1.8.8 Scandium Potential for the Hat Project

There are a number of other secondary elements contained within the mineralized deposit located at the Hat Project that may, in time, prove to be potentially economic based upon the multi-element analysis conducted on the drill samples. However, insufficient metallurgical sampling and test work have been conducted on these specific elements, to determine whether or not they will eventually join the elements which comprise the current MRE. Although not all of these elements will be able to be recovered economically, it is believed that scandium will be able to be recovered economically through a “tank leaching” process.

Preliminary metallurgical test work for the Hat Project focused on producing a high-gold, low-cobaltcopper concentrate and a low-gold, high-cobalt-pyrite concentrate. Scandium is primarily associated with pyroxene and amphibole gangue minerals in the deposit and reports to flotation tails. Tests have demonstrated that scandium can be extracted from the tailings using sulphuric acid at an elevated temperature as a lixiviant. Test work has also shown that scandium can be separated into an intermediate scandium – aluminium product that can be processed further for the recovery of a scandium oxide product. Separation of scandium and aluminium will be the focus of the next phase of test work. The concept being developed is that the pyrite concentrate can be used as a source of acid for both cobalt and scandium recovery.

In order to determine the scandium potential for the Hat Project, the scandium assays were included in the block model without the application of recoveries or other factors, such as grade capping. However, the scandium potential for the Hat Project is confined to the resource blocks that meet a cut-off grade of 0.2% CuEq within the open pit shell that currently defines the extent of the MRE.

Based on the assumptions contained in the previous paragraph, the scandium potential for the Hat Project is estimated to be:

300 to 500 Mt at an average grade of 40 ppm (0.004%) Sc2O3.

It is emphasised that the scandium potential quantity and grade are conceptual in nature, and that, while scandium grades have been derived from the multi-element analysis conducted on the Hat Project drill core, there is no certainty that further metallurgical test work will determine that scandium can be recovered economically.

1.9 CONCLUSIONS

The initial mineral resource estimate has allowed Doubleview to demonstrate that the Hat Project has reasonable prospects for eventual economic extraction. Further exploration and metallurgical test work will be necessary to refine the extent and nature of economic mineralization.

While the current mineral resource estimate was completed using a copper equivalent cut-off grade which included copper, gold, cobalt and silver, Micon’s QPs consider that future mineral resource

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estimates should be conducted using a more robust NSR calculation to determine the reasonable prospects for eventual economic extraction.

Micon’s QPs have reviewed and validated the QA/QC conducted by Doubleview during the exploration programs which form the basis for the 2024 mineral resource estimate, as well as conducting the mineral resource estimate itself. It is the opinion of Micon’s QPs that the exploration programs and the mineral resource estimate itself have both been conducted according to industry best practices, as outlined by the CIM. Therefore, Micon’s QPs believe that the 2024 mineral resource estimate can be used as the basis for further exploration and development work on the Hat Project.

1.9.1 Risks and Opportunities

All mineral resource estimates have a degree of uncertainty or risk associated with them, due to technical, environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors, among others. All mineral resource estimates also present their own opportunities. Table 1.8 outlines some of the Hat Project risks, their potential impact and possible means of mitigation. Table 1.8 also outlines some of the Hat Project’s opportunities and potential benefits.

Table 1.8 Risks and Opportunities at the Hat Project

Risk Description and Potential Impact Possible Risk Mitigation
Local grade continuity
issues
Poor grade forecasting. Undertake further infill drilling to
establish continuity of mineralization.
Local density variability Misrepresentation of the in-situ tonnes,
which also affects the in-situ metal
content estimate.
It is recommended to develop a
procedure
of
collecting
density
measurements spatially throughout the
deposit at regular intervals in all
rock/alteration types and implement
their
use
in
future
mineralization
models.
Geologic Interpretation. If
the
geologic
interpretation
and
assumptions (geometry and continuity)
used are inaccurate, then there is a
potential lack ofgrade or continuity.
Continue infill drilling to upgrade
mineral inventory to at least the
Indicated category.
Metallurgical
recoveries
are based on limited test
work.
Recovery might be lower that which is
currently being assumed or vary with rock
type.
Conduct additional metallurgical tests
on all rock types.
Difficulty
in
attracting
experienced
professionals.
Technical work quality will be impacted
and/or delayed.
Refine
recruitment
and
retention
planning
and/or
make
use
of
consultants.
Conceptual mine plans
are based on limited
geotechnical test work.
Mining methods and dimensions selected
might be different from what is currently
being assumed.
Incorporate
more
comprehensive
geotechnical data from drilling.
Conduct
additional
geotechnical
assessment and analysis.

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Risk Description and Potential Impact Possible Risk Mitigation
Environmental or social
Issues
Mining
may
not
advance
due
to
environmental or social issues
Conduct meetings with all potential
stake
holders
throughout
the
exploration and advanced development
stages. Hire locals wheneverpossible
Opportunities Explanation Potential Benefit
Surface
exploration
drilling.
Potential improvement in
metallurgical recoveries.
Potential improvement in
mining assumptions.
Potential
additional
economic minerals
Potential to identify additional prospects
and resources.
Adding
resources
increases
the
economic value of the Project.
Additional metallurgical test work can be
performed to determine if recovery can be
improved through ore sorting, flotation or
cyanidation.
Lower capital and operating costs.
Geotechnical analysis may determine that
mining methods and dimensions can be
improved.
Improved mining productivity and lower
costs.
Scandium, as well as a few other minerals,
have the potential to be recovered
economically.
Further metallurgical test work to
determine if scandium or other minerals
can be recovered economically.

1.10 BUDGET AND FURTHER RECOMMENDATIONS

1.10.1 Budget

The work plan and budget presented in Table 1.9 summarize the estimated costs for completing further drilling and metallurgical test work on the Hat Project.

Table 1.9

Hat Project, Recommended Budget for Further Work

Item Description Total Cost
($Cdn)
DrillingPrograms Outside current resource(40,000 m) 20,000,000
In-fill drilling (40,000 m) 20,000,000
Continuation of Metallurgical Test Work Design of the test workprograms 150,000
Laboratorycosts 100,000
Other Items Environmental baseline studies, consultation and
permitting
200,000
Collection of detailed topographic data(LIDAR) 120,000
Ore sortingtechnical study 60,000
Update of the mineral resource estimate 70,000
Total Budget: 40,700,000

Table provided by Doubleview.

It is the opinion of the Micon QPs that all of the work noted in Table 1.9 is warranted. Micon and its QPs appreciate that the nature of the programs and expenditures may change as further studies are undertaken, and that the final expenditures and results may not be the same as originally proposed.

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The Micon QPs are of the opinion that Doubleview’s recommended work program and proposed expenditures are appropriate and well thought out. The Micon QPs believe that the proposed budget reasonably reflects the type and amount of the activities required to advance the Hat Project.

1.10.2 Further Recommendations

Based on the results of the MRE reported herein, Micon’s QPs recommend that Doubleview continues with exploration drilling and metallurgical test work at the Hat Project.

In summary, the following work programs are recommended.

  1. Exploration Recommendations

  2. a) Conduct drilling outside the current MRE in order to potentially expand the mineral resource estimate.

  3. b) Conduct further infill drilling to upgrade the inferred mineral resource classification to indicated.

  4. c) Conduct down-hole surveys on all drill holes as they are drilled. All drill holes should have down-hole surveys conducted on them to support any upgrade to the resource classifications.

  5. d) Complete an alteration model for the Hat deposit and where applicable, relog older drill holes.

  6. e) Complete a structural model for the Hat deposit, as there are a number of major crosscutting faults that need to be added to the next model, as they may change some of the interpretation parameters.

  7. f) Conduct a LIDAR topographic survey on the Hat property to be used as the basis for placement of infrastructure on the site.

  8. g) Increase the QA/QC control sample insertion rate to ensure that industry best practice standards are adhered to.

  9. h) Use one or more blank standards which are free of element concentrations for all economically relevant minerals/elements at the Project.

  10. i) Actively monitor assay sample certificates against the QA/QC data as soon as the certificates are received. This will identify any assay failures quickly, allowing corrective action to be undertaken and any procedural errors or other errors to be addressed without delay.

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  • j) Introduce check assaying to the QA/QC program, where Hat Project rejects and pulps from the primary assay laboratory are sent to a secondary assay laboratory to check or confirm the accuracy of the first assay.

  • Metallurgical Recommendations

  • a) Consider further flotation development and optimization test work. This would be particularly useful in support of a Preliminary Economic Assessment (PEA). The work would focus on liberation and grinding optimization, but inclusion of locked cycle testing would also be advantageous, as this can be used for preliminary process design.

  • b) Continue to focus on production of saleable concentrates and start considering potential markets, off-takers, and smelters for both copper and cobalt concentrates.

  • c) Track PGE (Pd) deportment during future test work and attempt to improve recovery to copper concentrate. Consider Inductively Coupled Plasma – Optical Emission Spectroscopy (ICP-OES) analysis for PGE as an alternative to INAA as turnaround time on analytical samples will likely be more rapid.

  • d) Consider potential hydrometallurgical processes for the recovery of cobalt in the event suitable markets for cobalt concentrates cannot be identified. In addition, continue to develop the scandium recovery process, as this is potentially a valuable by-product. Preliminary characterization tests on flotation products could be included as part of a PEA flotation test work program.

  • e) Undertake a comprehensive PEA level metallurgical test work program to optimize the recovery of Cu, Co, Au, Ag and PGE by flotation, including locked cycle test work, additional quantitative mineralogy on flotation products, as well as hydrometallurgical extraction and recovery of Co and Sc.

  • f) Further metallurgical test work is necessary to demonstrate that a commercially saleable scandium product can be achieved, as this will allow scandium to be added to the future mineral resource estimates.

  • g) Review various ore-sorting methods as a way of decreasing processing costs and enhancing the grade of the material being sent to a potential processing plant.

  • Environmental and Social Recommendations

  • a) Commencement of environmental baseline studies would be appropriate, with the studies including regular collection of climate related data, lithological characterization based on geochemical samples of rocks, as well as stream flow and water quality sampling.

  • b) Expansion of the current wildlife management plan to include flora and fauna, particularly caribou and mountain goats. In particular, the recording of any potential endangered flora

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and fauna needs to be undertaken. This is necessary if potential access corridors are going to be considered for roads or power line access to the Hat Project.

  • c) Social components of the environmental studies should continue to be maintained and expanded upon. This includes community engagements and consultations, as well as archaeological studies. In particular, potential trap lines and hunting areas of the local indigenous groups need to be discussed.

  • d) Consider undertaking further archeological studies, especially for those areas that would support road access or powerline access to the site.

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2.0 INTRODUCTION

2.1 TERMS OF REFERENCE

Doubleview Gold Corp. (Doubleview) has retained Micon International Limited (Micon) to conduct an independent mineral resource estimate (MRE) for the Hat Deposit Project (Hat Project or the Project) in the Province of British Columbia (BC), Canada, and to compile a Canadian National Instrument (NI) 43101 Technical Report disclosing the results of the MRE.

The MRE was completed by Micon with input from the geological personnel of Doubleview. Micon’s Engineers and Geoscientists British Columbia (EGBC) Permit to Practice Number is 1001528.

When conducting the mineral resource estimate, Micon’s QPs used the following guidelines, published by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM):

  1. The CIM Definitions and Standards for Mineral Resources and Reserves, adopted by the CIM council on May 10, 2014.

  2. The CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by the CIM Council on November 29, 2019.

This report discloses technical information, the presentation of which requires the QPs to derive subtotals, totals and weighted averages that inherently involve a degree of rounding and, consequently, introduce a margin of error. Where these occur, the QPs do not consider them to be material.

The conclusions and recommendations of this report reflect the QPs best independent judgment in light of the information available to them at the time of writing. Micon and the QPs reserve the right, but will not be obliged, to revise this report and conclusions if additional information becomes known to them subsequent to the date of this report. Use of this report acknowledges acceptance of the foregoing conditions.

This report is intended to be used by Doubleview subject to the terms and conditions of its agreement with Micon. That agreement permits Doubleview to file this report as a Technical Report on SEDAR (www.sedarplus.ca) pursuant to provincial securities legislation, or with the Securities and Exchange Commission (SEC) in the United States.

Neither Micon nor the individual QPs have, nor have they previously had, any material interest in Doubleview or related entities. The relationship with Doubleview is solely a professional association between the client and the independent consultants. This report is prepared in return for fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report.

Micon and the QPs are pleased to acknowledge the helpful cooperation of Doubleview management, personnel and consulting field staff, all of whom made any and all data requested available and responded openly and helpfully to all questions, queries and requests for material.

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This report supersedes and replaces all prior Technical Reports written for the Hat Project.

2.2 DISCUSSIONS, MEETINGS, SITE VISITS AND QUALIFIED PERSONS

A site visit was conducted from July 20 to July 23, 2024, by William Lewis of Micon, to independently verify the geology, mineralogy, drilling program results and the Quality Assurance/Quality Control (QA/QC) programs at the Hat Project.

Numerous Google Teams meetings were held between Micon and representatives of Doubleview to discuss the drilling layout, mineral resource parameters, the geological and block models, various aspects of the interpretation of the mineralization, metallurgical test work which has and will need to be conducted, mineralization classification, Quality Assurance/Quality Control and a number of other topics related to the mineral resource estimate.

The QPs responsible for the preparation of this report and their areas of responsibility and site visits are summarized in Table 2.1.

Table 2.1

Qualified Persons, Areas of Responsibility and Site Visits

Qualified Person Title and Company Area of Responsibility Site Visit
William J. Lewis, B.Sc.,
P.Geo.
Principal Geologist, Micon
International Limited
Sections 1 (except 1.7 and 1.8.1 to
1.8.5 and 1.10.2 Metallurgical
Recommendations), 2 to 12 (except
12.3), 14.1 to 14.3, 14.10 to 14.13 and
23 to 28 (except 25.2 to 25.2.5 and
26.2 Metallurgical Recommendations)
July 20, 2024 to
July 23, 2024
Chitrali Sarkar, M.Sc.,
P.Geo.
Senior Geologist, Micon
International Limited
Sections 1.8.1 to 1.8.5, 12.3 14.4 to
14.9,25.2 to 25.2.5
None
EUR ING Andrew Carter
B.Sc. CEng. MIMMM,
MSAIMM SME
Metallurgist, Tetra Tech,
Geo-Environment &
MiningServices
Sections 1.7, 1.10.2 Metallurgical
Recommendations, 13 and 26.2
Metallurgical Recommendations
None
NI 43-101 Sections not applicable to this report 15,16,17,18,19,20,21 and 22

2.3 SOURCES OF INFORMATION

Micon’s review of the Hat Project, has been based on published material researched by the QPs, as well as data, professional opinions and unpublished material submitted by the professional staff of Doubleview or its consultants. Much of these data came from reports prepared and provided by Doubleview. The reference sources for this report are identified in Section 28.0.

The descriptions of geology, mineralization and exploration used in this report are taken from reports prepared by various organizations and companies or their contracted consultants, as well as from various government and academic publications. The conclusions of this report use, in part, data available in published and unpublished reports supplied by the companies which have conducted exploration on the property, and information supplied by Doubleview. The information provided to

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Doubleview was supplied by reputable companies and the QPs have no reason to doubt its validity. Micon has used the information where it has been verified through its own review and discussions.

Some of the figures and tables for this report were reproduced or derived from reports on the property written by various individuals and/or supplied to the QPs by Doubleview. A number of the photographs were taken by Mr. Lewis during his July, 2024 site visit. In cases where photographs, figures or tables were supplied by other individuals or Doubleview, the source is referenced below that item. Figures or tables generated by Micon are generally unreferenced.

2.4 UNITS OF MEASUREMENT AND ABBREVIATIONS

All currency amounts are stated in Canadian dollars, unless otherwise stated. Quantities are generally stated in metric units, the standard Canadian and international practice, including metric tonnes (t) and kilograms (kg) for mass, kilometres (km) or metres (m) for distance, hectares (ha) for area, grams (g) and grams per metric tonne (g/t) for gold and silver grades (g/t Au, g/t Ag). Precious and base metal grades may be expressed in parts per million (ppm) or parts per billion (ppb) and their quantities may also be reported in troy ounces (ounces, oz) for precious metals and in pounds (lbs) for base metals, a common practice in the mining industry.

Table 2.2 provides a list of abbreviations that are used in this report. Appendix 1 contains a glossary of mining and other related terms that are used in this report.

Table 2.2 List of Abbreviations

Name Abbreviation
Archaeological Impact Assessments AIAs
Atomic Absorption Spectrometry AAS
Adsorption/desorption/reactivation ADR
ALS Minerals or ALS Geochemistry ALS
Australian Geostats PtyLtd Australian Geostats
Canadian Institute of Mining,Metallurgyand Petroleum CIM
Canadian National Instrument 43-101 NI 43-101
Canadian Securities Administrators CSA
Cavu EnergyMetals Corp. Cavu Energy
CDN Resource Laboratories Ltd. CDN Resource
Centimetre(s) cm
Chartered Professional(s) CP(s)
Cobalt Co
CoffeyGeotechnics Ltd. CoffeyGeotechnics
Colorado Corporation Colorado Corp.
Committee for Mineral Reserve International ReportingStandards CRIRSCO
Copper Cu
Copper equivalent CuEq
Cubic feetper second cfs
Degree(s),Degrees Celsius,Degrees Fahrenheit o,oC, oF

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Name Abbreviation
Deswik Stope Optimizer DSO
Digital elevation model DEM
DiscoveryHelicopters Ltd. DiscoveryHelicopters
Dissolved oxygen DO
Doubleview Capital Corp. Doubleview Capital
Doubleview Gold Corp. Doubleview
Electronic Data Gathering,Analysis and Retrieval EDGAR
Firesteel Resources Ltd. Firesteel Resources
Gramsper metric tonne g/t
Gold Au
Hectare(s) ha
Hour h
HudbayMinerals Canada Ltd. Hudbay
Identification(s) ID(s)
Inch(es) in
InductivelyCoupled Plasma – Emission Spectrometry ICP-ES
InductivelyCoupled Plasma Mass Spectroscopy ICP-MS
Internal rate of return IRR
International Electrotechnical Commission IEC
International Organization for Standardization ISO
Inverse Distance Squared ID2
Ion Exchange IX
Kilogram(s) kg
Kilometre(s) km
Krigingneighbourhood analyses KNA
LaboratoryEquipment Corporation LECO
Litre(s) L
London Metal Exchange) LME
Metre(s) m
Micon International Limited Micon
microns μm
Million(egmillion tonnes,million ounces,millionyears) M(Mt,Moz,Ma)
Milligram(s) mg
Millimetre(s) mm
Mineral resource estimate MRE
Nearest Neighbour NN
Netpresent value,at discount rate of 8%/y NPV,NPV8
Net smelter return NSR
Newcrest MiningLimited Newcrest
Newmont MiningCorp. Newmont
INAA INAA
North American Datum NAD
Not available/applicable n.a.
Notice of Intent NOI
Ordinarykriging OK
Ore Research and Exploration PtyLtd. OREAS

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Name Abbreviation
Ounces(troy)/ouncesperyear oz,oz/y
Palladium Pd
Particle Induced X-ray Emission PIXE
Particle Mineral Analyses PMA
Partsper billion, partper million ppb, ppm
Percent(age) %
Platinum GroupElements PGE
Pretivm Resources Inc.’s Pretivm or Pretium
Prosper Gold Corp. Prosper Gold
Prosper Mines Ltd. Prosper Mines
Qualified Person QP
QualityAssurance/QualityControl QA/QC
Reverse Circulation RC
Rhodium Rh
Scandium Sc
Silver Ag
Skyline Explorations Ltd. Skyline
Solvent Extraction SX
Specificgravity SG
Square kilometre(s) km2
Standard Reference Material(s) SRM(s)
System for Electronic Document Analysis and Retrieval SEDAR
Taiga Heritage Consulting Ltd. Taiga Heritage
Tetra Tech,Inc. Tetra Tech
Three-dimensional 3D
Tonne(metric),tonnesper day,tonnesper hour t,t/d,t/h
Tonne-kilometre t-km
Two-dimensional 2D
United Cambridge Mines Ltd. United Cambridge
United States Dollar(s) USD
Universal Transverse Mercator UTM
US Securities and Exchange Commission SEC
Utah Mines Ltd. Utah Mines
Very-Low-FrequencyElectromagnetic VLF-EM
Year y

2.5 PREVIOUS TECHNICAL REPORTS

There are no previous NI 43-101 Technical Reports on the Hat Project. However, there are a number of reports written for filing assessment work on the Hat Project with the BC Government. There are also a few metallurgical reports for the Hat Project. These reports are listed in the Section 28 of this Technical Report.

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3.0 RELIANCE ON OTHER EXPERTS

In this Technical Report, discussions in Sections 1.0 and 4.0 regarding royalties, permitting, taxation and environmental matters are based on material provided by Doubleview. The QPs and Micon are not qualified to comment on such matters and have relied on the representations and documentation provided by Doubleview for such discussions.

All data used in this report were originally provided by Doubleview. The QPs have reviewed and analyzed these data and have drawn their own conclusions therefrom.

The QPs and Micon offer no legal opinion as to the validity of the title to the mineral concessions claimed by Doubleview and have relied on information provided by Doubleview for the status of the mineral concessions.

Information related to royalties, permitting, taxation and environmental matters has been supplied by Doubleview through personal communication with the QPs.

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4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 GENERAL DESCRIPTION AND LOCATION

The Hat Project is located in northwestern British Columbia (BC), within the Atlin Mining Division. The property is located north of Hatchau Lake, 95 km southwest of Dease Lake and 40 km north of Telegraph Creek. Figure 4.1 shows the Hat Project location within Northwestern BC.

The centre of the mineral tenures is located approximately at 345211East, 6453290 North of Zone 9 of the UTM grid or at 131º 35’ West and 58º 12’ North on the NTS map sheets 104J-012, -013, -022, -023.

Figure 4.1 Location Map for the Hat Project

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Figure provided by Doubleview.

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4.2 LAND TENURE, AGREEMENTS, MINERAL RIGHTS AND OWNERSHIP

4.2.1 Ownership and Property

The Hat property is 100% owned by Doubleview and comprises 10 mineral tenures with a total area of 5,214 hectares. Table 4.1 is a summary of the mineral tenures that comprise the Hat Project. Figure 4.2 is a map showing the location of the mineral tenures.

Table 4.1

Summary of the Mineral Tenures which Comprise the Hat Project

Mineral Tenure
Number
Mineral Claim
Name
Owner Mineral
Claim
Issue Date
Mineral
Claim
Expiry Date
Area
(ha)
Annual Work
Requirement ($)
501290 Hat Doubleview 2005-01-12 2033-07-24 204.53 4,090.60
507814 Bob 2 2005-02-24 2033-07-24 255.74 5,114.80
511709 Hat 3 2005-04-26 2033-07-24 324.01 6,480.20
515549 Hat 4 2005-06-29 2033-07-24 187.59 3,751.80
515550 Bob 1 2005-06-29 2033-07-24 715.87 14,317.40
896518 TopHat Gold Corp. 2011-09-11 2033-07-24 204.51 4,090.20
1019552 Hat North 1 2013-05-16 2033-07-24 459.99 9,199.80
1019554 Hat North 21 2013-05-16 2033-07-24 664.19 13,283.80
1019557 Hat North 3 2013-05-16 2033-07-24 545.00 10,900.00
1057970 The Ostensoe 2018-01-26 2033-07-24 1,652.12 24,781.80
Total: 5,213.55 96,010.40

Table provided by Doubleview.

4.2.2 Mineral Tenures and Encumbrances

The original Hat mineral claims (501290, 507814, 511709, 515549, 515550) were staked by Erik Ostensoe and Thomas E. Lisle in 1993 and 1994 as Four Post Claims. With the implementation of the online platform Mineral Titles Online in BC, the claims were converted into the new system in 2005. In 2011, Doubleview acquired the original Hat clams by option agreement. Following the signing of the original option agreement, Doubleview staked additional online claims adjacent to the original claims. In 2017, the option agreement was fulfilled, and the claims were transferred to Doubleview. The Hat property carries a 2% Net Smelter Return royalty, effective upon commencement of Commercial production. The right of Doubleview to purchase 1% of the NSR for $1,500,000 on or before the 6th anniversary of the agreement has expired.

The Hat Project mineral claims are subject to provisions of the Mineral Tenure Act and the Mines Act of the province of British Columbia. Claims are administered by the Mineral Title Branch of the Ministry of Energy, Mines and Low Carbon Innovation (EMLI) and are subject to various requirements. Most exploration and development work, other than sampling, requires permitting as described in the Mines Acts of BC.

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Figure 4.2 Map of the Mineral Tenures which Comprise the Hat Project

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Figure provided by Doubleview.

Claim holders, in order to maintain their titles, are required annually to perform and record their work with the Mineral Title Branch. Eligible exploration and development work with a certain value equal to

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requirements as per the Mineral Tenure Act Regulation is recorded with the Mineral Titles Branch’s online registry and converted into time, extending the expiry date of each claim, with sufficient work keeping claims in good standing for a maximum of ten years. Exploration and development work must be registered within one year of that work being completed and must take place on the claim(s). Exploration and development work conducted on a claim may be applied to adjoining claims or any claims in a sequence of adjoining claims. To register exploration and developing work, a statement of work is filed online within the anniversary of the claim which states the value, and the time frame of the work performed. The value of exploration and development required to maintain a mineral claim for at least one year is:

  • a) $5 per hectare for each of the first and second anniversary years.

  • b) $10 per hectare for the third and fourth anniversary years.

  • c) $15 per hectare for the fifth and sixth anniversary years.

  • d) $20 per hectare for each subsequent anniversary year.

Instead of exploration and development work, the claim holder can make a payment to maintain the claim for a minimum of 6 months and a maximum of 12 months. The amount required to maintain the claim by payment is double the value of exploration and development cost.

4.3 PERMITTING AND ENVIRONMENTAL LIABILITIES

4.3.1 Work Permits

Mineral exploration work at the Hat Project is conducted in accordance with provisions of Mine Permit No. Mx-1-872 (“the permit”), a multi-year area-based permit, which is administered by and obtained from the Ministry of Energy, Mines and Low Carbon Innovation of British Columbia. This permit had first been issued in 2012 and has since been extended in time and exploration operations. The permitted area covers all of mineral tenures 501290, 507814 and large parts of mineral tenures 1019552, 896518, 515550, 515549 and 511709, as shown in Figure 4.2. This permit currently allows for 40-line km of geophysical ground surveys, 45 helicopter supported drill sites, 2.63 km of new exploration trails and the use of the existing temporary camp. Provisions include a plan for protection and reclamation of the surface of the land and watercourses affected by the exploration operations, to maintain the presence of a first aid attendant with Occupational First Aid Level 3 (with pertinent first aid equipment) during operations, an Emergency Response Plan and an Archaeological Chance Find Procedure. Doubleview conducted several archaeological surveys and filed Archaeological Impact Assessments with the Archaeological Branch of BC to fulfill a special condition of the permit (as of April 20, 2015) regarding new ground disturbances. All areas where drill sites are located at the Hat Project have been assessed and/or inspected by a professional archaeologist.

In addition, there is a Wildlife Management Plan in place to ensure that work can be conducted after October 31 and before July 16 of each year. The far southern portion of the Project’s permitted work area has the additional requirement for a Salmon Ecosystem Management Plan, produced by a

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qualified professional. This condition will be fulfilled prior to Doubleview conducting operations in that area.

The very southern portion of claim 515549 overlaps with the Indian Reserve Salmon Creek 3 and no work is allowed on the Reserve.

Any changes to the work program, trails, camp or other disturbances, other than those currently permitted, require the written permission of a Mines Inspector of the Ministry of Energy, Mines and Low Carbon Innovation of BC.

The permit is subject to a reclamation bond, held by the receiver general of BC, in the amount of CDN $167,050. The reclamation bond is either returned to the permit holder when the permit expires, and all work areas and trails have been properly reclaimed and inspected or the funds are used to undertake this reclamation work by a government appointed contractor. The current permit is valid until March 31, 2025 and a permit extension is in progress.

4.3.2 First Nations

Doubleview has taken all reasonable steps to ensure that proper title to the mineral tenures comprising the Hat property has been obtained and that all grants of such rights thereunder, if any, have been registered with the appropriate public offices. Despite the due diligence conducted by Doubleview, there is no guarantee that title to such mineral claims will not be challenged or impugned. Doubleview’s mineral property interests may be subject to prior unregistered agreements, transfers or aboriginal land claims and title may be affected by undetected defects.

Aboriginal rights may be claimed on Crown properties or other types of tenure with respect to which mining rights have been conferred. Doubleview is not aware of any aboriginal land claims having been asserted or any legal actions relating to native issues having been instituted with respect to any of the land which is covered by the Doubleview’s mineral properties.

The Hat Project is situated in an area that is unceded by two indigenous nations, the Tahltan First Nations and the Taku River Tlingit First Nation.

During Doubleview’s drill program in 2015, six uninvited persons of the Tahltan First Nations arrived via helicopter and caused a halt to the 2015 drill program. As a result of the interruption, Doubleview filed a Notice of Civil Claim in the Supreme Court of British Columbia to recover damages and obtain an injunction against the uninvited persons. Additionally, Doubleview brought an Application in the Supreme Court of British Columbia to obtain a pretrial injunction to prevent future interruption of the drill program. On May 24, 2016, Doubleview was successful in obtaining an injunction to prevent further interruption of the drill program from the Supreme Court of British Columbia. The injunction restrains the named persons of the Civil Claim, as well as any persons acting under the instruction of the named persons or anyone with knowledge of the injunction.

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In July, 2021, Doubleview entered into a Communications and Engagement agreement with the Tahltan Central Government. Doubleview is taking all responsibilities outlined within this agreement very seriously.

In 2011, the Taku River Tlingit and the Province of British Columbia signed the Atlin Taku Land Use Plan (Wóoshtin wudidaa). The Hat property is located in an “Area Specific Resource Management Zone”, called Hackett Camp Island, which “ allows industrial development but contain resource management direction to maintain the specific values for which the zone was identified ”. The very southern portion of the Hat Project, along the Hackett River, crosses a Salmon Ecosystem Management Area. The Hackett River is also a high value spring and fall Grizzly Bear habitat.

During the years that Doubleview has been conducting exploration work at the Hat Project, it has employed indigenous workers and dealt with indigenous-owned companies. Doubleview is doing its best to maintain communications with all stakeholders.

4.3.3 Archaeological Impact Assessment (AIA)

On July 23, 2024, Doubleview announced that the results of the field inspections and subsurface testing programs at the Hat Project had been filed with the Archaeology Branch, Ministry of Forests, where the review is in its final stages.

The Archaeological Impact Assessments (AIAs) were conducted by a team of archaeologists from Taiga Heritage Consulting Ltd., (Taiga Heritage) based in Grand Prairie, Alberta, under Section 12 Permits issued by the provincial Archaeology Branch, Ministry of Forests. The team consisted of permitted archaeologists with numerous years of experience working in the boreal forest regions.

The objectives of the assessment were to:

  • Identify any archaeological resources located within the Project area.

  • Assess potential impacts from proposed exploration work programs.

  • Provide management with recommendations based on the results of the permitted field work.

  • Recommend viable alternatives for managing unavoidable adverse impact.

For the last decade, Doubleview has been committed to conducting responsible work practices which include archaeological surveys and subsurface testing. As such, the following programs have taken place on the Hat Project:

  • 2014 in-field survey, reconnaissance traversing of the Lisle Zone, resulting in an Archaeological Overview Assessment (AOA) report.

  • 2023 mitigation excavation of archaeological site IbTv-04.

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  • 2018, 2020 in-field surveys and shovel testing of the Lisle Zone and additional drill target areas, resulting in an interim AIA for proposed drill sites, as well as an AIA report.

  • 2023 additional in-field survey and shovel testing of the Hat claims for proposed drill sites.

The last two programs comprised over 990 shovel tests over 180 areas of archaeological potential, as well as extensive traversing and helicopter flights over the Project. In total, only four sites were identified for protection under the Heritage Conservation Act (HCA) in the southern portions of the Hat Project. Three of the sites were represented by small lithic scatters (the sites are approximately 10 m in diameter), and one represented an isolated lithic find. These sites are now protected by a 50 m buffer zone. Such sites could represent evidence of either a hunting pattern in the uplands area or a travel corridor that follows the drainages in the uplands.

The results of field surveys and testing concluded that no heritage conservation concerns exist for the currently proposed drilling sites at the Hat Project. However, Doubleview does have a “Chance Find Procedure” in place for any work conducted at the Hat Project. The “Chance Find Procedure” outlines the measures to be taken in the event that an archaeological artifact is located, as follows; 1) the immediate stoppage of work at the find spot and 2) the reporting of such to the BC Archaeology Branch for direction on how to proceed. Additionally, Doubleview is committed to continued dialogue with First Nations regarding Traditional Land Use knowledge and further guidance by the Archaeological Branch.

Currently, two reports have been submitted to the Archaeology Branch – Ministry of Forests for review under permits 2022-470 and 2022-471.

4.3.4 Environmental Liabilities

There has been no prior mining at the Hat Project. To the best of the Micon QP’s knowledge, there are no mining or exploration-related environmental liabilities.

4.4 ROYALTIES, BACK-IN-RIGHTS AND ENCUMBRANCES

The Hat Project carries a 2% Net Smelter Royalty upon commencement of commercial production. Other than as described herein, the Micon QPs are not aware of any other royalties, back-in rights or encumbrances on the Hat Project.

4.5 MICON QP COMMENTS

Micon and the QPs are not aware of any significant factors or risks, other than those discussed in this Technical Report, that may affect access, title or the right or ability to perform work on the property by Doubleview. It is Micon’s and the QPs’ understanding that further permitting and environmental studies will be required, if further exploration, test mining and economic studies demonstrate that the mineralization is sufficient to host a mining operation.

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5.0 ACCESSIBIILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 ACCESSIBILITY

The Hat Project is accessed either through Whitehorse, in the Yukon Territories, or Smithers/Terrace, B.C., and then through Dease Lake in Northern B.C. There are flights on a daily basis to Whitehorse from Vancouver and other destinations in Canada. Smithers and Terrace can be accessed from Vancouver on daily flights. During the 2024 Micon site visit, the Project was accessed through Whitehorse and then a 2.5-hour drive south to Atlin B.C., where the Hat Project camp was accessed via a helicopter flight, using a local company, Discovery Helicopters Ltd. (Discovery Helicopters). Figure 5.1 shows the Discovery Helicopters base in Atlin on the return trip from the Hat Project site visit.

Figure 5.1 Discovery Helicopters Base in Atlin, BC

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Micon Site Visit.

From Dease Lake, personnel and freight are mobilized via helicopter from a landing area called “Km 6” on the Golden Bear Mine Road (also called Muddy Lake Road), which turns off the Telegraph Creek Road at about 81 km from Dease Lake. The Golden Bear Mine Road leads to a now closed gold mine which is situated 40 km northwest of the Hat property. Helicopters transfer all personnel and necessities from the landing area to the temporary camp located on the Hat Property. Figure 5.2 is a view of the helicopter pad at the Hat Project camp site.

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Figure 5.2 Helicopter Pad at the Hat Project Camp Site

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Micon Site Visit.

5.2 CLIMATE

The Hat property is situated in northwestern British Columbia, in a typical mountainous forest climate and temperatures varying between -25°C and 30°C. The district experiences short warm summers and cold winters, with occasional warm spells. Winter snowpack is normally in excess of one and one-half metres. Annual precipitation is about 300 mm. Exploration work, including drilling, may be conducted from April through November and, with challenges throughout the winter.

5.3 PHYSIOGRAPHY

The Hat property is located at the west side of the Interior Plateau physiographic province of the Canadian Cordillera, near the transition from the relatively subdued topography of the Interior to the rugged Coast Ranges. Elevations rise from 675 masl to about 1300 masl in the southern portions of the mineral tenures which features a steep slope from the valley to about 900 m. From this point to the north elevation, the slopes are gentle. This covers the majority of the Project area and has been the centre of recent exploration work.

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The Hat mineral property is situated on the north side of Hatchau Lake and the Hackett River. Several small streams flow across the property which drain into the Hatchau Lake and Hackett River. A few small ponds are present on the property.

The Hat property is wholly forested, but with very little merchantable timber. The valley bottom is wooded with cottonwood, alder, birch and swamp spruce trees; the south facing slope is largely covered by poplar trees and spruce, whereas upper slopes have patchy growth of evergreens, both spruce and hemlock. Pine and fir are present but not abundant. Areas of poorly drained, swampy ground, some of which are underlain by permafrost, have thick and tangled growth of willow.

Wildlife, including moose and black bear and fur-bearing animals, principally beaver, otter, and martin, are present but not abundant.

Figure 5.3 is a helicopter view of the terrain north of the Hat Project, taken on the return trip to Atlin, during the 2024 Micon site visit.

Figure 5.3 Helicopter View of the Terrain North of the Hat Project

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Micon Site Visit.

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5.4 INFRASTRUCTURE AND LOCAL RESOURCES

Northwestern BC is deficient in infrastructure, due to a small population scattered in a few small towns. Dease Lake, a community of approximately 300, is located along Highway 37, and about 95 km northeast of the Hat Project. The town has all the main amenities, such as hotels, a general store, post office, a small hospital, etc. The small community of Telegraph Creek has a population of about 100 people and is located about 40 km to the southeast.

Personnel and freight destined for the Hat property usually pass via Whitehorse, Yukon, or Smithers/Terrace, BC, through Dease Lake and are mobilized via helicopter from a landing area called “Km6” on the Golden Bear Mine Road (also called Muddy Lake Road), which turns off the Telegraph Creek Road at about 81 km from Dease Lake. The Golden Bear Mine Road leads to a now closed gold mine which is situated 40 km northwest of the property. Helicopters transfer all personnel and necessities from the landing area to the temporary camp located on the Hat Property. Apart from the temporary camp (Figure 5.4), which can house a small drill crew for one drill rig and supporting camp personnel, there are no amenities on the property. The temporary camp comprises several wooden structures, including a cookery, washhouse, bunkhouses, office, first aid and, a small distance away, a core shack. Electric power is generated on site with a generator. Core processing facilities, including logging tables, core photography table and core saws, are located close to the camp. Paths suitable for use by ATVs connect the camp and drill sites (Figure 5.5). The helicopter is used for moving the drill, core and personnel to a new site.

The sufficiency of space for mining operations, and the sufficient availability of water have not been determined. However, the actual size of the mineral claims is such that there should be sufficient space on the claims to place the infrastructure necessary for a mining operation. While there should be sufficient water sources in the area to support a mining operation, this needs further investigation due to the salmon spawning grounds in the surrounding rivers and streams.

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Figure 5.4 A View of the Hat Project Camp

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Figure 5.5 ATV Path Connecting the Hat Camp to the Drill Sites

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6.0 HISTORY

6.1 EXPLORATION HISTORY OF THE HAT PROJECT

6.1.1 1960s to 1970s Exploration Programs

Although some prospecting is said to have taken place in the 1930s, the earliest recorded mineral exploration activity in the Hat Project area was conducted in 1963 by an independent prospector from Ontario, John Hoey. Mr. Hoey worked in the Hatchau Lake valley and reported the discovery of strong gold values near the east side of the present Hat property, including grab samples with as much as one ounce per ton gold, taken in the valley of Big Creek near the east side of the present Hat Project. Mr. Hoey was “grubstaked[2] ” by a group of Eastern Canadian mining companies that hired Dr. Robert, “Doctor Bob”, Seraphim to act as their contact person.

In 1964, Newmont Mining Corp. (Newmont) located a large high intensity magnetic anomaly, using airborne methods, in the present Hat Project area.

From 1969 to 1970, Colorado Corporation (Colorado Corp.) owned the Pat claims, which represented the eastern part of a group of claims known as “Go” group or Skyline project, in the area, and conducted the first comprehensive exploration program of note. A total of 432 reconnaissance style soil geochemical samples were collected in the area of upper Big Creek, north of Hatchau Lake, following up on favourable bedrock mineralization in the Big Creek area. The results showed a background of approximately 100 ppm copper values, anomalous values of 300 to 3,000 ppm copper and no significant lead, zinc, or molybdenum assays. The four inches to 2 foot showing along Big Creek, contained chalcopyrite and or magnetite and samples returned up to 0.3 oz/t gold, 0.29 oz/t silver, 4.7% copper.

During the following year, Skyline Explorations Ltd. (Skyline) changed the claims into the “OH” claims and explored the area with a total of 293 reconnaissance style soil geochemical samples, collected just north and west of Hatchau Lake. Chalcopyrite mineralization near the diorite – volcanic contact, in the southwest corner of the modern Hat concession, was observed. Some copper-molybdenum soil anomalies were identified.

In 1976, United Cambridge Mines Ltd. (United Cambridge), a junior Vancouver Exchange company, with “Doctor Bob” as its consulting geological engineer and Thomas E. Lisle as field geologist, commenced prospecting, sampling, geological mapping and geochemical soil sampling programs in all parts of the Hackett River valley, including Big Creek. Several prominent areas of iron staining that had been explored in the early 1970s by prospectors and both junior and senior mining companies, at least two of which had been tested by drilling methods, including “Copper Creek” and “Polar Creek”, were re-

2 Grubstake is an amount of material, provisions, or money supplied to an enterprise (originally a prospector for ore) in return for a share in the resulting profits.

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examined. The adjacent Star property that was later explored by Prosper Mines Ltd.[3] (Prosper Mines) was discovered. The Hoey discovery area was hand-trenched and chip sampled. Management of United Cambridge was subsequently transferred from Vancouver to Calgary, and it did not mount any further effective exploration work.

From 1978 to 1980, Utah Mines Ltd. (Utah Mines) took to the area and staked the Ski claims. Over the years, extensive soil sampling programs (over 1,300 samples), induced polarization and ground magnetics surveys (along 122-line km), detailed geologic mapping and about 200 m of bulldozer trenching were conducted. Copper values of the soil samples in anomalous zones ranged from 300 to 3,000 ppm, with a maximum value of 0.5%. Not all of the collected data was filed with the BC Ministry of Energy, Mines and Petroleum Resources, but the later Hat Project vendor, Thomas E. Lisle, was able to obtain access to most of the above quoted data and mapping, which continues to be utilized in guiding the exploration efforts. Due to depressed metal prices, Utah Mines dropped the claims.

6.1.2 1980 to 2011 Exploration Programs

Re-staking took place in 1985 for United Cambridge under the name Moon claims. Again, programs of soil and rock sampling were conducted. This time, analyses comprised not only copper, but also gold, molybdenum, lead, zinc, silver, cobalt, arsenic and antimony. Most notable was a soil sample high of 2% copper and 6,600 ppb gold, taken at the so called Hoey showing northeast of Hatchau Lake. The following year, prospecting at the historic showings (‘E’ Gossan Creek, Hoey and “D” showings) resulted in 165 soil or talus fine samples, 1 silt sample and 34 rock samples. The highest Au values were again sampled at Hoey Prospect, with 1.7 ppm Au in soil and 1.96 ppm Au over 0.5m rock chip sample. The correlation between Au and Cu was observed in many samples. The highest copper value of the program was also found at the Hoey, with 4.8% Cu. The resulting assessment reports of the 2 years of work were authored by Thomas E. Lisle.

In 1987, 202.1 km airborne magnetic and Very-Low-Frequency Electromagnetic (VLF-EM) Surveys were flown. The magnetic survey showed a strong response over most of the northern half of the property, from 400 gammas to 4,500 gammas. In the south, the quiet response was believed to probably reflect sedimentary rock. The VLF-EM was assumed to show geologic structures or sulphides. In 1988, further geochemical surveys were conducted to define drill targets. Trenching was proposed around the northern shore area of Hatchau Lake. The BC Ministry of Energy, Mines and Petroleum Resources rejected the proposal for trenching in this area and a Heritage Resource Impact assessment of the Hackett River and Moon claims area was requested by BC Tourism, Recreation and the Culture’s Resource Management Branch. The resulting report by L. Ham produced a map which outlined areas of high, medium and low potential for archaeological sites. The high is found along the Hackett River, on both sides – north and south side – along the valley, as well as on the north side of the valley from Hatchau Lake eastward along Kennicott Lake. Medium potential is found northwest of the Moon claims. The study included a helicopter overview and foot survey with shovel and trowel testing. No new

3 Prosper Mines Ltd. changed its name to Proper Gold Corp., in 2012, as part of a strategic shift to focus more on gold exploration and development projects.

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archaeological sites were recorded during the assessment. All revisited sites were found to be in the same condition as in 1980 when they were recorded.

In 1990, the Moon claims were re-staked for United Cambridge. Brief rock geochemical sampling and prospecting were carried out. 17 rock and 2 soil samples were taken and analyzed for gold, silver and copper. Gold values of up to 0.087 oz/t and 0.8% copper were recorded from float samples collected above Big Creek. East of Hoey, a sample of 7.05% Cu and 0.072 Au was obtained. The claims expired in 1992.

In 1994, Erik Ostensoe and Thomas (‘Tom’) E. Lisle, as co-owners, staked what is now known as the Hat Project. The claims carried the names Hat and Bob (numbered 1 through 4, respectively). In the following decades, the two geologists prospected, sampled and mapped systematically from the two southern showings ‘Gossan’ and ‘Hoey’ towards the north. Using their own money and some funding from the Prospectors Assistance Program of the BC Ministry of Energy Mines and Petroleum Resources, Lisle and Ostensoe worked in regular intervals at the Hat Project and filed their findings and results with the Ministry, to keep the claims in good standing. During these years of revisiting and researching the Project, both geologists developed a deep and detailed understanding of the geology, and hypotheses of the geological potential were developed. In 1996, conclusions of their work include the note of a potential significant mineralization discovery east of the “Hatchau Lake Stock”, “will likely occur in large epithermal systems.” By 2008, the potential for a porphyry copper-gold deposit was recognized by the co-owners who had been trying to attract financing and other types of participation by mining companies. In 2011, Doubleview Capital Corp., (Doubleview Capital) a newly-formed junior mineral exploration company, optioned the Hat claims from Ostensoe and Lisle. Besides the two co-owners, Dr. Bob Seraphim became a beneficiary of the option agreement.

6.2 MINERAL RESOURCE ESTIMATES ON THE HAT PROJECT

No historical mineral resource or reserve estimates are known for the Hat Project.

6.3 PRODUCTION HISTORY FOR THE HAT PROJECT

No historical mining has been conducted at the Hat Project.

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7.0 GEOLOGICAL SETTING AND MINERALIZATION

7.1 REGIONAL GEOLOGY

The Hat Project is located in the north flank of the Stikine Arch part of the Intermontane Physiographic Province of the Canadian Cordillera, close to the east side of the Coast Crystalline Intrusions of the Insular and Coastal Physiographic sub-Province. The so-called “Arch” is a structural feature imposed on regional geological terrain, also known as “Stikinia”, that comprises Triassic-Jurassic age volcanic, sedimentary and volcanoclastic formations. Granitic, mafic and ultramafic plutons occur throughout Stikinia, accompanied by Tertiary-age volcanic edifices. Regional geological features with geographic expressions include imbricated north-south oriented fault structures that can be traced over tens, even hundreds, of kilometres.

The Hat Project is located in a complex of volcanic and volcanoclastic rocks that have not been agedated but are believed to be members of the Upper Triassic-age Stuhini Group, a formation that, elsewhere in the district, is host to important porphyry-style and other significant mineral deposits, including Red Chris, Schaft Creek and, likely, Seabridge’s KSM-Iron Cap-Mitchell and Kerr deposits and Pretivm Resources Inc.’s (Pretivm now Newmont’s) Brucejack. Stuhini formation. Volcaniclastic bedded rocks of andesitic composition underlie the Hat Property. Rock members of the Stuhini formation include both air-fall and flow-type units with all at least mildly affected by low grade regional metamorphism. Intrusive bodies include dioritic to gabbroic units of unknown distribution, and dark, andesitic to basaltic dykes that may be related to Tertiary volcanism in nearby areas.

The Project is situated immediately south of, and in part is underlain by, basaltic flows of the broad Level Mountain volcanic edifice.

7.2 PROPERTY GEOLOGY

The Hat Property has been prospected and mapped. Outcroppings are sparse, with best exposures being found in the margins of stream channels, but large areas are swamps and willow thickets, without rock exposures. Principal rock units are assigned to the Upper Triassic age Stuhini Group of very variable mixed tuffaceous and volcaniclastic units. The Stuhini Group is vaguely analogous to the Nicola and Takla Groups of rocks of similar age and composition that, elsewhere in British Columbia, are host to important copper and other mineral deposits. Anderson (1993) reported that, “At least five facies of the Stuhini Group are distinguished in the Iskut River area by age, abundance and composition of the volcanic rocks (e.g., bimodal vs. mafic and intermediate composition), and nature of the intercalated marine strata (e.g., limestone vs. medium- to fine-grained siliciclastic rocks). Coarse-grained clinopyroxene (salite)-phyric flows and tuff make up the mafic volcanic rocks; sparsely feldspar-phyric dacitic crystal-lithic tuff is typical of the felsic volcanic rocks”.

The southeastern part of the Hat property comprises brown and black, sandy textured, thin- to coarsebedded argillite and wackes, whereas much of the remainder is tuffaceous to massive andesite. The greater part of diamond drilling has been focused on the Lisle zone discovery area, where chalcopyrite and pyrite mineralization occur with magnetite in chloritized andesite and coarse- to medium-grained

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gabbro and in zones of transition from one rock type to the other. Fracturing is common and appears to be related to one or more strong northwest-trending fault structures.

Figure 7.1 is a geological map of the Hat property.

Figure 7.1 Hat Project Local Geological Map

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Figure provided by Doubleview.

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7.3 MINERALIZATION

The principal minerals of economic interest are chalcopyrite, pyrite and magnetite. All occur in both the tuffaceous meta-andesite formations and in gabbro. Gold values occur with copper in the apparent ratio of about 0.9 g/t gold to 1.0% copper. Free gold has not been observed. Chalcopyrite is brassy yellow, varies from very fine-textured to medium-coarse grained and may occur closely mixed with pyrite or, often, in centimetre wide and wider bands, without associated sulphides. A portion of the copper values are located by analysis in sheared dark andesite in which sulphide (or other) metallic minerals are obscure. Pyrite distribution is erratic: sometimes as thick (up to 40 cm) bands of solid pyrite, and elsewhere as intergrowths with chalcopyrite. Magnetite similarly varies, from disseminations in weakly metamorphosed andesite to strong, almost solid, sections, measurable in 10s of centimetres, in chloritized and/or epidotized andesite, and as a substantial component of gabbro.

Although gold and copper are the metals of principal interest, other metals, including silver, cobalt, scandium and platinum group metals, also are present. The current mineral resource estimate is based on a copper equivalent (CuEq) estimation, comprised of copper, gold, silver and cobalt.

Doubleview has noted that scandium is present within the Hat deposit. However, at this time, scandium is only noted as a potential economic mineral, as it is believed that the scandium will be recovered using secondary processing methods for which metallurgical test work remains to be undertaken.

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8.0 DEPOSIT TYPES

8.1 GENERAL DISCUSSION

Classification of the Hat property remains uncertain as it only vaguely corresponds to the ever-changing definition of a “porphyry”. Observations suggest that the Hat deposit has similar lithological and alteration characteristics to those found at silica-undersaturated alkalic and sub-alkalic porphyry copper-gold systems in BC (e.g. Mount Polley, Galore Creek, Lorraine). Mineralization appears to be strongly structurally controlled, as evidenced by intermittent fracturing of the core with lengths ranging from 0.5 m to 20 m. Local brecciation (hydraulic and magmatic-hydrothermal breccia) also appears to control the copper mineralization. Hypogene copper mineralization (mainly chalcopyrite) is associated with zones of intense pink-orange potassic alteration (k-feldspar + magnetite).

Mitchinson, D.E., et al (2022) noted that British Columbia has two predominant types of porphyry deposits, calc-alkalic and alkalic, with the designations based upon the lithogeochemical character of the deposit’s host or source intrusive rocks. It was also noted that, while calc-alkalic porphyry deposits are common throughout the world in volcano-magmatic arcs, alkalic porphyry deposits are known to occur in only four regions. The distribution limited to British Columbia, New South Wales in Australia, the Philippines and Greece is generally attributed to the unique subduction settings in which these deposits form. While the distribution of alkalic porphyrys is limited, in those instances in which they meet the criteria to be mined, they are generally lucrative because, in addition to copper, they typically have elevated gold and platinum group elements.

8.2 ALKALIC PORPHYRY DEPOSITS

Alkalic porphyry copper–gold deposits have the following features that distinguish them from the more common calc-alkalic porphyry deposits (as summarized by Bissig and Cooke, 2014):

  • Copper–gold mineralization is spatially and genetically associated with multiple pulses of volumetrically restricted, but compositionally varied, alkaline porphyry intrusions.

  • In the core of alkalic porphyry deposits, alteration assemblages include calcic and calc-potassic assemblages.

  • Calc-potassic alteration can be surrounded by potassic alteration that typically contains abundant biotite and magnetite in basaltic host rocks.

  • Outward from the potassic zone, both inner and outer propylitic assemblages can be found.

  • Albite-rich sodic alteration can characterize the shallow part of the system.

  • Alkalic porphyry deposits, in general, are characterized by a relative scarcity of phyllic (sericitic) alteration, and an almost total lack of clay alteration.

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  • The obvious alteration footprint of alkalic porphyries is also considerably smaller than that in their calc-alkalic cousins, commonly not extending more than 500 m laterally outward from the mineralizing intrusions.

  • Mineralization is typically hosted by the potassic and/or calc-potassic alteration zones, and potassic alteration is typically spatially more extensive than copper–gold mineralization.

  • Sulphides in alkalic porphyry deposits are typically zoned from bornite-rich cores to bornite + chalcopyrite and then pyrite + chalcopyrite zones, with an outer barren zone where pyrite is the dominant sulphide. Overall, the sulphide content, especially pyrite, is low compared to calcalkalic porphyry deposits.

  • Sulphides may occur as breccia cements, disseminated, or in veins together with gangue minerals.

  • Quartz gangue is restricted to alkalic porphyry deposits related to silica-saturated magmatism.

Figure 8.1 is a schematic comparison between source rocks and alteration zoning associated with calcalkalic and alkalic porphyry deposits (Mitchinson, D.E., et al 2022).

Figure 8.1

Schematic Comparison between Source Rocks and Alteration Zoning Associated with Calc-Alkalic and Alkalic Porphyry Deposits

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Figure from (Mitchinson, D.E., Fournier, D., Hart, C.J.R., Astic, T., Cowan, D.C., and Lee, R.G. Geoscience BC Report 2022-07).

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9.0 EXPLORATION

9.1 DOUBLEVIEW EXPLORATION PROGRAMS ON THE HAT PROJECT

In 2011, on behalf of Doubleview, 479 MMI soil geochemical samples were taken. In 2013, 15 line-km of ground induced polarization (‘IP’) survey were conducted confirming the historic ground IP surveys by Utah Mines. In the same year, diamond drilling was started. 11 holes totaling 2,581.3 m were drilled. In each of the following years, until 2016, additional diamond drilling took place. In 2018, Doubleview signed an option agreement with Hudbay Minerals Canada Ltd. (Hudbay) and, in 2018, Hudbay conducted 35 line-km of ground IP, took 433 soil samples, re-logged existing core and took 101 quarter core samples. The ground IP resulted in a three-dimensional interpretation which helped in guiding the ensuing drill programs. In 2019, Hudbay terminated the option agreement with Doubleview. Thereafter, in every subsequent year, Doubleview has continued to expand the known deposit by diamond drilling programs.

Most of the drilling at the Hat Project has been directed to the so-called “Lisle Zone” where, in early 2014, a significant gold-copper alkalic porphyry-type discovery was announced. The discovery drill hole, H008, (37.25 m with 0.39% copper and 0.258 ppm gold), was positioned on the basis of the interpretation of moderately strong chargeability readings, coupled with strong magnetic readings. Soil geochemical determinations for copper were moderately elevated relative to the general area, but nearby areas were not completely sampled due to ground conditions of deep muskeg. A historic Utah Mines bulldozer trench is located 50 metres south of the collar of drill hole H008. The inaugural drill holes at the Hat Project were drilled at soil sampled zones with high copper values but these holes didn’t return the expected mineralization. Follow-up drilling in 2014 to 2016 and 2019 to 2023 showed that the Lisle Zone has dimensions of at least 2.7 km in the east-west direction, and 1.7 km north-south. Thickness has not been reliably determined, nor has the general outline of the mineralization. Diamond drilling to date totals 31,274 metres in 71 drill holes.

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10.0 DRILLING

10.1 DRILLING PROGRAM

Drilling completed up to November, 2023 includes a total of 71 drill holes and 31,274 metres of core. Three drill holes were not sampled and are ignored in the database, H010, H044 and H048. Exploration drilling was designed to test defined geophysical anomalies and the 3D model of the deposit, based on the historical drill hole data. All drilling at the Hat Project is NQ diamond drilling, and almost 30% of the drill holes were drilled in 2023. Table 10.1 summarizes the yearly drilling from 2013 to 2023. Figure 10.1 is a map of the location of drill collars for the Hat Project.

Table 10.1

Hat Project Drilling Programs from 2013 to 2023.

Year Number of Drill Holes Total Drill Length (m)
2013 11 2,725.5
2014 12 5,124.69
2015 2 552.5
2016 5 2,345.32
2017 - -
2018 - -
2019 4 1,842.7
2020 3 2,249.11
2021 4 2,476.3
2022* 10 3,460.31
2023 20 10,497.45
Total: 71 31,273.88

*Note: Drill Hole H048 was abandoned after 27 m and the other 9 holes in the program were completed. Table supplied by Doubleview, June, 2024.

Prior to 2023, collars and azimuths of drill holes were surveyed by handheld GPS and compass, respectively, but the referenced drone photos were used to locate the collar and azimuth of drilling during 2023.

Figure 10.1 is a plan view of the Hat Project, illustrating the location and density of drill holes. All drill holes at the Hat Project were drilled using NQ (47.6 mm core diameter) rods and rigging. The resulting core from each drill hole has been geologically logged for lithology, structure, alteration, intrusions (dykes) and mineralization.

The maximum and minimum depth of the holes drilled thus far is 972.3 m (DDH036) and 21.6 m (DDH010), respectively. Figure 10.2 shows the depth of each drilled holes. The average dip of the 71 drilled holes is -64.5° and numerous azimuths were deployed.

Table 10.2 is a compilation of selected significant drill intercepts of mineralization in the Lisle Zone.

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Figure 10.1 Map of the Drill Hole Collars for the Hat Project

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Figure supplied by Doubleview, June, 2024.

Figure 10.2 Depth of Each Drill Hole Shown Graphically

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Figure supplied by Doubleview, June, 2024.

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Table 10.2

Compilation of Selected Significant Drill Hole Intercepts of Mineralization in the Lisle Zone

Drill Hole Mineralized Interval Mineralized Interval Mineralized Interval Average Assays over the Core Length Average Assays over the Core Length Average Assays over the Core Length Average Assays over the Core Length Average Assays over the Core Length
From (m) To (m) Core Length* (m) Ag (g/t) Au (g/t) Co (g/t) Cu (%) Sc (g/t)
D008 44 400.7 356.7 0.38 0.18 83.3 0.15 30.5
H009 8.2 70.4 62.2 2.7 0.66 106.5 0.29 27.1
H011 15 407.1 392.1 0.7 0.2 91.9 0.24 27.5
H012 151.0 434.0 283.0 0.25 0.21 89.0 0.18 25.9
H013 70.0 320.0 350.0 0.36 0.09 74.3 0.13 25.3
H016 45.7 416.5 370.8 0.32 0.11 77.7 0.14 31.7
H017 221.0 442.4 221.4 0.44 0.24 92.4 0.28 25.9
H018 9.1 314.0 304.9 0.33 0.16 66.2 0.13 28.4
H019 6.1 434.8 428.7 0.25 0.1 53.5 0.12 24.4
H022 45.5 463.8 418.3 0.37 0.25 88.5 0.25 30.3
H023 56.7 470 413.3 0.5 0.22 89.1 0.25 29.1
H026 4.6 804.1 799.5 0.34 0.09 53.5 0.12 29.2
H027 7.6 369.1 361.5 0.32 0.21 71.5 0.21 27.5
H028 99.6 427.4 327.8 0.64 0.1 58.4 0.15 29.7
H031 53.9 526.6 472.7 0.34 0.14 74.6 0.21 29.6
H033 38.4 243.3 204.9 0.9 0.13 63.6 0.14 29.8
H034 9.0 672.9 663.9 0.45 0.18 79.3 0.26 26.2
H035 9 495 486 0.4 0.12 58.6 0.16 27.7
H036 38.6 914.4 875.8 0.32 0.12 47.4 0.15 28.7
H038 6.1 446.4 440.3 0.47 0.08 69.6 0.11 31.9
H039 321.3 468.0 146.7 0.37 0.15 75.1 0.14 30.5
H040 193.4 470.7 277.3 0.78 0.08 87.0 0.15 28.2
H041 66.0 551 485 0.22 0.1 58.4 0.13 30.3
H043 29.8 281.0 251.2 0.37 0.07 73.3 0.13 30.4
H045 28.0 487.0 459.0 0.49 0.09 87.4 0.15 29.5
H046 44.0 359.1 315.1 0.53 0.10 108.8 0.16 23.8
H047 7.6 351.2 343.6 0.55 0.11 73.9 0.12 30.0
H049 42.8 50.0 7.2 1.04 0.02 774.0 0.16 16.2
H050 64.2 342.3 278.1 0.85 0.11 143.9 0.21 29.0
H051 107.9 152.7 44.8 1.78 0.27 221.4 0.51 24.9
H052 183.0 523.8 340.8 0.36 0.24 132.4 0.27 31.6
H053 156.0 204.6 48.6 0.68 0.15 399.4 0.29 28.7
H054 186.0 469.2 283.2 0.49 0.24 102.2 0.23 26.8
H056 189.0 216.0 27.0 0.67 0.11 74.8 0.2 31.3
H057 84.0 124.7 40.7 0.3 0.31 139.1 0.08 35.6
H058 519.3 645.0 125.8 0.78 0.22 82.7 0.49 33.0
H059 294.0 336.1 42.1 0.46 0.49 105.4 0.08 36.1
H060 217 218 1 0.8 1.00 1365.0 0.81 28.1
H061 170 171 1 1.17 1.66 620.0 0.47 15.2
H062 63 64 1 27.8 4.01 284.0 4.42 16.2

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Drill Hole Mineralized Interval Mineralized Interval Mineralized Interval Average Assays over the Core Length Average Assays over the Core Length Average Assays over the Core Length Average Assays over the Core Length Average Assays over the Core Length
From (m) To (m) Core Length* (m) Ag (g/t) Au (g/t) Co (g/t) Cu (%) Sc (g/t)
H063 302 303 1 1.37 18.4 2330.0 1.87 4.8
H064 43.5 257.2 213.7 0.25 0.21 7.5 0.07 34.6
H065 54.0 158.4 104.4 0.84 0.25 64.6 0.19 31.9
H066 407.0 504.0 97.0 1.32 0.11 159.5 0.44 22.3
H067 9.0 366.0 357.0 0.33 0.33 128.5 0.21 30.7
H068 488.0 591.0 103.0 0.71 0.2 84.6 0.38 35.3
H069 159.0 412.0 253.0 0.45 0.14 68.8 0.21 22.2
H070 58.0 191.4 133.4 0.49 0.31 93.4 0.2 23.8
H071 298.0 380.0 82.0 0.49 0.18 82.0 0.29 25.1

Figure supplied by Doubleview, June, 2024.

*Note: Due to the drilling direction of the holes the true width if the mineralization is open to interpretation outside a block model.

Core recovery was systematically recorded from the commencement of coring to end of the hole, by reconciling against driller’s depth blocks in each core box. Core recoveries are typically between 90% and 100%, with isolated zones of lower recovery. Table 10.3 identifies the drill holes with no core recovery data.

Table 10.3

Summary of Drill Holes and Core Length without Core Recovery Data

Drill Hole Numbers Number of Drill Holes Total Drilling Length (m)
H003 1 141.7
H006 to H013 8 2,607.74
H017 to H022 6 2,578.06
H30 1 150.87
Total: 16 5,478.37

Table supplied by Doubleview, June, 2024.

The average of the measured core recoveries for each hole is between 90% to 100% (except in H023 and H057 to H060 that are between 80 to 85%), including zones of lower recovery associated with fault zones. Core loss is marked in the core box by the drillers at the time of drilling or by the geologists while logging. Figure 10.3 graphically illustrates the changes in the core recovery in various drill holes.

Three types of down-hole survey methods have been utilized at the Hat Project since 2013.

  • REFLEX EZ-TRAC™

  • Acid Test

  • Gyro

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As of the end of the 2023 drilling program, a total of 39% of the drill core had not been down-hole surveyed and these are summarized by year in Table 10.4.

Figure 10.3 Graphical Illustration of the Change in the Core Recovery in Various Drill Holes

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Figure supplied by Doubleview, June, 2024.

Table 10.4

Different Types of Down-Hole Survey During Drilling Years as of 2023

Survey Method Year Number of Drill
Holes by Year
Total Drilling Length
Affected (m) by Year
Percentage (%) of
Total Drilling
Acid Tests 2014 8 3,267.58 10%
Total: 8 3,267.58 10%
Reflex-EZ-TracTM 2013 4 1,399.20 4%
2016 1 953.00 3%
2019 3 1,731.70 6%
Total: 8 4,083.90 13%
Gyro 2020 2 1,754.11 6%
2021 4 2,476.30 8%
2022 2 1,019.00 3%
2023 12 6,553.95 21%
Total: 20 11,803.36 38%
Missing Survey Records 2013 7 1,326.3 4%
2014 4 1,857.11 6%
2015 2 552.5 2%
2016 4 1392.32 4%
2019 1 111.00 0.4%
2020 1 495.00 2%
2022 7 2,441.13 8%
2023 8 3,943.50 13%
Total: 34 12,119.04 39%

Table supplied by Doubleview, June, 2024.

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10.2 MICON QP COMMENTS

Micon’s QPs have reviewed the Doubleview drilling programs and have noted the following:

  • 1) The drill holes have not been primarily drilled on a grid pattern but, rather, on a circular pattern which is sub-optimal for drilling coverage. This pattern may benefit Doubleview by not needing to permit a greater number of drill platforms but is sub-optimal for extending semihomogeneous drill coverage throughout the deposit for the purpose of estimating a mineral resource. It also hampers the classification of the mineral resources as it leads to seemingly increasing classifications close to surface but decreasing classifications as the drill holes move away from one another.

  • 2) The high percentage of drill holes which are missing survey records (39%), along with the acid tests taken to measure the dip but not the bearing in 2014, is one of the principal reasons for not classifying any mineral resources as measured, at this time.

  • 3) Sixteen drill holes have no core recovery data. However, unless these drill holes have been lost and are not available, a relog of these holes should allow for a reasonable estimate of the core recovery to be made. While Micon’s QPs believe that the core recovery for these holes should fall within the core recovery parameters exhibited by the other drill holes, the lack of recovery data for 22% of the drill holes is one more reason for not classifying measured resources, at this time.

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11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY

11.1 INTRODUCTION

Doubleview has undertaken the preparation and handling of drill samples with best practices in mind and has continued to refine its practices as the Hat Project has developed and funds were available. There is currently a written core logging and sampling procedure in place to ensure that quality assurance and quality control (QA/QC) are maintained.

The sample preparation, analysis and security discussed in this section cover the drill programs from 2013 to 2023.

11.2 SAMPLE PREPARATION

At the time of drilling, the core is placed in sequence by the driller into wooden core boxes which are 1.10 m in length and fit 4 rows of NQ diamond drill core. The driller marks each box with the number of the drill hole, the box number for the drill hole and the from – to – core interval information. Wooden blocks are placed after every run (3 m) and marked with the depth in metres. An aluminum tag is placed on the right side of the core box, which is marked with the drill hole number, box number, and from – to – core interval that is stored in the box.

Doubleview began drilling at the Hat Project in 2013 and some of the early drill holes, H006 to H011, were included in the current MRE. During 2013, core logging occurred at the drill site. The core was logged using handwritten logs and the core was sampled using a core splitter, with half the core returned to the core box and the other half sent for assaying. However, it should be noted that only selected samples were sent for analysis. The remaining core (and half sampled core) remained in the core boxes which were closed with a fitted sheet of plywood and stored in stacks at the drill site.

From the 2014 drilling program, and up to the present day, the drill core has been primarily transported to the core shack located near the Hat camp. The core is logged and photographed in the core shack. Since 2022, the core logging information has been directly typed into a standardized and customized excel logging file. During the core logging process, the geologist marks the sample intervals with a sample tag, based on his/her observations, which is stapled to the box. The sample tag includes the drill hole number, from – to – information for the sample, any QA/QC information related to the control samples (blanks, duplicates or standards) that are added to the sample stream and other important information regarding the sample. The sample information is entered in the drill logging file, in addition to geological information, the location of the drill hole, azimuth, dip, depth and any other relevant information.

For sampling, the drill core is cut in equal halves along the sample length, using a core saw, which is equipped with a diamond drill blade. One half of the drill core is placed in a poly-ethylene sample bag together with the corresponding sample tag; the bag is closed with a zip tie. Samples are placed in a rice bag (to a maximum of 15 – 20 kg per rice bag) which is also closed with a zip tie. The rice bags are labelled with the name of the company, the name of the receiving laboratory, and a bag identifier, which includes the drill hole number and the running bag number. Once the rice bags are ready, the

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information related to the sample numbers, weight, bag number, and date of shipment from the camp, as well as the helicopter load, is recorded in a file. The file is shared with Doubleview’s head office, where the assay laboratory sample request form is prepared. The sample request form is then shared with the receiving laboratory.

When a sample shipment is flown out of the camp, the bags are counted and, at any point where there is a change in the transportation vehicle, the bags are counted and signed for again. Finally, upon receipt of the rice bags in the receiving laboratory, the bags are opened, and all the samples are checked and recorded in the work order. Any discrepancies or issues are reported to Doubleview’s head office by the receiving laboratory and any issues are investigated immediately.

The other half of the drill core is placed back in the core box as either a witness sample or for potential future use in further studies, if needed.

11.3 CORE STORAGE

The remaining half drill core is stored in boxes located near the core shack at the Hat camp, in what is commonly called “the core yard”. The core boxes are assembled on racks or in laydown areas by drill hole. Figure 11.1 is a view of a portion of the core storage area at the Hat camp.

Figure 11.1 View of a Portion of the Core Storage Area at the Hat camp

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Photograph dated October, 2023, courtesy of Farshad Shirvani.

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11.4 ASSAY LABORATORIES AND SAMPLE ANALYSIS

11.4.1 Assay Laboratories

The following is a listing of the independent commercial assay laboratories that have been used for the analysis of the drill core samples.

  • a) 2013 – all samples were prepared in the preparation laboratories of Bureau Veritas Commodities Canada in Smithers and Whitehorse and final analysis took place in Vancouver, BC (formerly ACME Labs).

  • b) 2014 – samples H011 to H015 were analyzed at ALS Minerals in North Vancouver, BC. The 2014 drill core samples were prepared in the preparation laboratories of Bureau Veritas Commodities Canada in Smithers or Whitehorse and final analysis took place in Vancouver, BC (formerly ACME Labs). Check assays were analyzed at ALS Minerals in North Vancouver, BC.

  • c) 2015 and 2016 – drill core samples were sent to MSA LABS (formerly MS Analytical) in Langley, BC, for preparation and analysis.

  • d) 2019 and 2020 – drill core samples, including drill hole H034, were prepared at MSA LAB’s preparation laboratory in Terrace and then sent to Langley, BC for analysis.

  • e) 2020 – from H035, drill core samples were prepared and analyzed at Bureau Veritas Commodities Canada in Vancouver, BC.

  • f) 2021 – drill core samples were prepared at the Bureau Veritas Commodities Canada preparation laboratory in Whitehorse and then sent for analysis to Vancouver, BC

  • g) 2022 and 2023 – drill core samples were prepared and analyzed at ALS Minerals in North Vancouver, BC.

All assay laboratories, as well as their predecessors, have been ISO Certified as follows:

  • ALS Limited (ALS Vancouver), ISO/IEC 17025:2017

  • Bureau Veritas Commodities Canada Ltd. (Vancouver), ISO/IEC 17025:2017, (formerly ACME Labs)

  • MSA LABS INC., ISO/IEC Standard 17025:2017, (formerly MS Analytical)

11.4.2 Assay Procedures

For the drill core sample preparation, samples were crushed and split and a 250 or 500 gram portion was then pulverized to 85% passing a 200 mesh screen.

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During 2013: a 0.5 gram portion was digested in hot aqua regia, followed by determination of 24 elements by induced coupled plasma ignition and an emission spectrometry (ICP-ES) finish. Gold values were obtained using 30 gram samples, by fire assay methods with an atomic absorption finish. Certain core samples were also processed using a four-acid digestion, followed by ICP-ES determination for 35 other elements.

In 2014, gold assays were determined using fire assay with an atomic absorption (AA) finish. The other 45 elements used a four acid digestion, followed by induced coupled plasma/emission spectrometry (ICP-ES) determination for the finish. Samples with high grade copper content (greater than the ICP upper detection limit of 10,000 ppm) were analyzed by aqua regia and multi-acid digestion, with a AAS analysis.

In 2015, 2016, 2019 and parts of 2020, drill core samples were analyzed for gold by fire assay with an AAS finish, while the other 33 elements were determined using a 4-acid with ICP-AES finish, which also applied to high grade samples.

The remaining drill core of 2020, as well as drill core from 2021, was analyzed using fire assay analysis with an ICP finish. The 45 other elements were analyzed using four acid digestion, followed by induced ICP-MS determination. Samples with high grade copper content (greater than the ICP upper detection limit of 10,000 ppm) were analyzed by 4-acid digestion with ICP-ES finish.

Since 2022, all drill core sample assays have been determined using fire assay with ICP finish. All elements of the platinum group, and the other 48 elements underwent 4-acid ICP-MS assays. Over detection limit copper samples were in addition analyzed by 4-acid ICP-AES.

11.5 QUALITY ASSURANCE/QUALITY CONTROL (QA/QC)

The QA/QC process is designed to ensure the accuracy and reliability of the assay results by identifying and allowing for the prompt correction of potential sources of error or bias in the sampling and analyzing procedures. The QA/QC process helps in providing a high level of confidence to the sampling and assaying results.

In addition to the sample/rock handling guidelines developed by Doubleview to minimize contamination at the exploration site, the use of QA/QC samples assists in increasing the confidence and the validity of sample data at the laboratory level.

During the sample logging process, after approximately every 20 core samples, one of the three types of QA/QC samples (blank, standard or duplicate) is inserted into in the sampling sequence. The location of QA/QC samples is not fixed at 20 core samples and may change due to the geology and at the discretion of the geologist.

11.5.1 Blank Samples

Blank samples are samples which contain only extremely low levels of the mineral being assayed, or, ideally, no minerals. These samples assist in determining if contamination is occurring at the

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laboratory. Blank samples are recorded in the database and copies of the blank sample tags are attached to the core box in the sequential sampling sequence.

11.5.2 Standard Samples

Standards are generally samples that are purchased from a specialized laboratory, which have a known grade for the specific elements to be assayed. They can be comprised of high, low or median grades for the specific element which is being analyzed. The purpose of including standards into the sample sequence is to test for calibration errors at the laboratory level and QA/QC reports. The usual procedure is to use different standards with varying grades that best represent the expected grades in the samples being tested. A standard which is returned with a value outside the accepted range (given by the standard source laboratory) could indicate poor homogenization of the sample during the preparation stage, or a calibration error of the equipment/personnel handling the samples. Standard samples are recorded in the database and copies of the sample tags are attached to the core box.

11.5.3 Duplicate Samples

There are two types of duplicate samples employed as part of the QA/QC sampling procedures.

  • 1) Core duplicates are a secondary core splits which generally result in two quarter core samples of similar grade, rather than the normal half core sample. If the core duplicates differ in grade by a large amount, it could indicate contamination, improper sampling procedures, or highlighting a potential nugget effect.

  • 2) Laboratory duplicates are internal testing in the laboratory to provide a second assay for a given sample. Laboratory duplicates are listed in the assay certificates. The sample assay results should be similar and if the laboratory duplicates display a large variance, it may indicate mixing, procedure or calibration errors.

Duplicate samples are recorded in the database and copies of the core duplicate sample tags are attached to the core box.

11.6 HAT PROJECT QA/QC SAMPLING DETAILS

For the years 2013 to 2023, the total percentage of QA/QC samples accounts for 4.9% of the total drill core samples. However, the percentage varies for the different drill programs, with a range from 3.0% to 9.6% on a yearly basis. Table 11.1 summarizes the 2013 to 2023 drill programs and number of QA/QC samples on a yearly basis.

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Table 11.1

Drill Programs and the Number of QA/QC Samples on a Yearly Basis

Year Drilling
(m)
Number of Core
Samples
QA/QC Sample Numbers QA/QC Sample Numbers QA/QC Sample Numbers QA/QC Sample
Percentage
Blank Standard Duplicate
2013 2,725.5 925 8 24 10 4.5%
2014 5,124.69 2,439 6 15 59 3.3%
2015 552.5 200 1 5 3 4.5%
2016 2,345.32 905 5 26 6 4.1%
2017 --- --- --- --- --- ---
2018 --- --- --- --- --- ---
2019 1,842.7 851 0 43 10 6.2%
2020 2,249.11 945 0 28 0 3.0%
2021 2,476.3 1,025 37 37 24 9.6%
2022 3,460.31 1,714 28 32 25 5.0%
2023 10,497.45 4,957 83 91 77 5.1%
Total: 31,273.88 13,961 168 301 214 4.9%

Table supplied by Doubleview, July, 2024.

11.6.1 Standard Samples

The standard reference material used during the drilling programs were mostly purchased from CDN Resource Laboratories Ltd. (CDN Resource Laboratories), but early drill program standards were originally purchased from WCM Minerals. Table 11.2 summarizes the number of each standard used and its analysis for Cu, Au and Ag. These samples can be categorized, based on the amount of Cu%, into three groups of low, medium and high copper percent:

  • Low Copper content: Cu% less than 0.40%

  • Medium Copper content: Cu% between 0.40% to 0.60%

  • High Copper content: Cu% more than 0.60%

126 samples 69 samples 106 samples

Table 11.2

Summary of Standard Samples Used and Grades

Standard Provider Certified Standard Number of
Samples Used
Assays Assays
Cu % Au (ppm) Ag (ppm)
CDN
Resource
Laboratories
CDN-ME-1812 56 0.99 7.86 97.00
CDN-ME-1414 51 0.22 0.28 18.20
CDN-ME-1311 47 0.47 0.84 44.90
CDN-CM-32 26 0.23 --- 1.40
CDN-CM-47 25 0.72 1.13 69.00
WCM Minerals CU 165 24 0.31 1.42 31.00
CU 189 20 0.90 0.84 13.00

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Standard Provider Certified Standard Number of
Samples Used
**Assays ** **Assays **
Cu % Au (ppm) Ag (ppm)
CDN
Resource
Laboratories
CDN-CM-40 18 0.56 1.31 18.00
CDN-CM-33 17 0.35 --- 2.30
CND-CM-30 5 0.73 1.30 15.90
CND-CM-24 5 0.37 0.52 4.10
WCM Minerals CU 193 4 0.54 0.48 3.00
CU 187 3 0.38 0.51 12.02

Table supplied by Doubleview, July, 2024.

Table 11.3 summarizes the type of standard sample, based upon the copper grade of the sample.

Table 11.3

Type of Standard Sample based upon the Copper Grade of the Sample

Sample Group Certified Standard Number of Samples Used Cu %
Low Grade CDN-ME-1414 51 0.22
CDN-CM-32 26 0.23
CU 165 24 0.31
CDN-CM-33 17 0.35
CND-CM-24 5 0.37
CU 187 3 0.38
Medium Grade CDN-ME-1311 47 0.47
CU 193 4 0.54
CDN-CM-40 18 0.56
High Grade CDN-CM-47 25 0.72
CND-CM-30 5 0.73
CU 189 20 0.90
CDN-ME-1812 56 0.99

Table supplied by Doubleview, July, 2024.

Four types of standard samples (produced by WCM Minerals) were used from 2013 to 2016, and these were replaced by CND Resource Laboratories standards after 2016 (Table 11.4).

Table 11.4 Summary of the Standard Samples Used by Year

Certified
Standard
2013 2014 2015 2016 2019 2020 2021 2022 2023 Total
CDN-CM-32 --- --- --- --- --- --- --- --- 26 26
CDN-CM-33 --- --- --- --- --- --- --- --- 17 17
CDN-CM-40 --- --- --- --- --- --- --- --- 18 18
CDN-CM-47 --- --- --- --- --- --- --- --- 25 25
CDN-ME-1311 --- --- --- 2 16 9 12 5 3 47

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Certified
Standard
2013 2014 2015 2016 2019 2020 2021 2022 2023 Total
CDN-ME-1414 --- --- --- 4 14 11 11 11 --- 51
CDN-ME-1812 --- --- --- 3 13 8 14 16 2 56
CND-CM-24 4 1 --- --- --- --- --- --- --- 5
CND-CM-30 3 2 --- --- --- --- --- --- --- 5
CU 165 11 6 3 4 --- --- --- --- --- 24
CU 187 --- --- --- 3 --- --- --- --- --- 3
CU 189 6 6 2 6 --- --- --- --- --- 20
CU 193 --- --- --- 4 --- --- --- --- --- 4
Total: 24 15 5 26 43 28 37 32 91 301

Table supplied by Doubleview, July, 2024.

Copper, gold, silver and molybdenum assays for the standard reference material were monitored for bias and precision. Standards met the QA/QC requirements if the assayed values were within 3 times the standard deviations (‘3 x St.D.’) of the mean calculated standard value, as stated in the reference material certifications. Failure to meet this requirement resulted in a failed standard. Table 11.5 summarizes the total number of failed standard samples for each element.

Table 11.5 Summary of the Total Number of Failed Standard Samples for each Element

Number of Failed Samplesper Element Number of Failed Samplesper Element Number of Failed Samplesper Element Number of Failed Samplesper Element
Certified Standard Number of Samples Ag Cu Mo Au
CDN-CM-32 26 0 1 0 N/A
CDN-CM-33 17 0 1 0 N/A
CDN-CM-40 18 0 4 1 1
CDN-CM-47 25 0 2 0 0
CDN-ME-1311 47 3 0 N/A 0
CDN-ME-1414 51 1 1 N/A 0
CDN-ME-1812 56 3 1 N/A 0
CDN-CM-24 5 2 0 N/A 0
CDN-CM-30 5 0 0 0 0
CU 165 24 2 0 4 2
CU 187 3 0 0 0 0
CU 189 20 0 0 1 0
CU 193 4 0 0 0 0
Total Samples: 301 11 10 6 3
Failed % 3.7% 3.3% 4.2% 1.2%

Table supplied by Doubleview, July, 2024.

Table 11.5 summarizes the maximum percent of failed samples for each element (4.2%) and the minimum (1.2%). The list of failed standard samples shows that there are just two batches with more than 1 failed standard samples:

  • Batch SMI15000014 for Ag and Mo in H023 (2 samples each).

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  • Batch VA23207268 for Cu in H057 and H058 (2 samples).

The other batches have a maximum of 1 failed standard sample each, and the precision of the analysis is considered acceptable.

Table 11.6 summarizes the failed standard samples in each batch categorized by element.

Table 11.6

Failed Standard Samples in Each Batch Categorized by Element

Diamond
Drill Hole
Sample Tag Certificate
Number
Failed (Ag) Failed (Cu) Failed (Mo) Failed (Au)
H002 2642511 MA0110-MAR16 1
H023 2620301 SMI15000014 1
H023 2620329 SMI15000014 1
H009 2642714 SMI15000016 1
H045 C0049520 VA22276624 1
H045 C0049740 VA22276625 1
H062 H655930 VA23258497 1
H035 B0029231 VAN20002021 1
H035 B0029291 VAN20002513 1
H039 3824360 WHI21000721 1
H040 3824660 WHI21000723 1 1
H051 3850580 VA23007779 1
H052 C0050610 VA23170677 1
H054 C0051740 VA23173454 1
H055 C0051870 VA23189941 1
H056 C0052140 VA23200765 1
H057 C0052280 VA23207268 1 1
H058 C0052380 VA23207268 1
H060 C0053077 VA23251332 1
H061 H655700 VA23258497 1
H036 B0029501 VAN20002562 1
H006 2326825 SMI13000048 1
H011 2327294 SMI13000441 1
H023 2620264 SMI15000014 1
H023 2620278 SMI15000014 1
H057 C0052280 VA23207268 1 1
H028 127600 YVR1710129 1
H024 2642819 MA0110-MAR16 1
H049 C0051400 VA23173434 1
H059 C0053010 VA23251332 1
H035 B0029381 VAN20002331 1
H036 B0029531 VAN20002563 1
H036 B0029771 VAN21000057 1
H039 3824301 WHI21000721 1

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Diamond
Drill Hole
Sample Tag Certificate
Number
Failed (Ag) Failed (Cu) Failed (Mo) Failed (Au)
H040 3824660 WHI21000723 1 1
H026 127060 YVR1610183 1

Table supplied by Doubleview, July, 2024.

11.6.2 Blank Samples

Blank samples were inserted into the sampling stream with one blank sample for every 60 consecutive core samples. A total of 168 blank samples were inserted into the drilling program sampling stream from 2013 to 2023. Since 2013, the blank samples have consisted of a variety of non-mineralized materials as follows:

  • CDN-BL-10 a commercial blank sample available from CDN Resource Laboratories.

  • Rock-V.

  • Industrial Dolomite (different brands).

  • Industrial sand.

Table 11.7 is a summary of the average analyses of the blank samples between 2013 and 2023, based on the analysis of 168 samples. CDN-BL-10 was considered appropriate for Au (<0.01ppm), Pt (<0.01ppm) and Pd (<0.01ppm).

Table 11.7

Summary of the Average Analyses of the Blank Samples between 2013 and 2023

Blank
Sample
Number
of
Samples
Years
Sample
Used
Au
(ppm)
Ag
(ppm)
Co
(ppm)
Cu
(ppm)
Mo
(ppm)
Sc
(ppm)
CDN-BL-10 7 2013 to
2014
Minimum 0.003 0.067 3.600 3.600 0.400 6.000
Maximum 0.014 1.000 13.700 56.900 6.667 14.000
Mean 0.005 0.233 11.857 46.129 5.310 12.167
Rock-V 13 2013 to
2016
Minimum 0.003 0.067 3.000 6.000 0.300 7.000
Maximum 0.014 0.667 6.667 22.000 6.667 8.000
Mean 0.005 0.297 4.182 11.359 1.618 7.083
Dolomite 146 2021 to
2023
Minimum 0.001 0.007 0.400 2.100 0.050 0.300
Maximum 0.070 0.310 4.500 152.200 1.340 1.500
Mean 0.003 0.140 1.147 12.621 0.408 0.604
Sand 2 2023 Minimum 0.001 0.030 6.000 12.700 0.290 5.800
Maximum 0.001 0.040 6.900 14.000 0.410 6.600
Mean 0.001 0.035 6.450 13.350 0.350 6.200

Table supplied by Doubleview, July, 2024.

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Various methodologies are employed to assess sample contamination on-site. The average detection limit across all samples is calculated and then multiplied by a predetermined constant (multiplier) to establish a threshold. The statistic parameters for each element are considered to select the best multiplier. The formula for the threshold is as follows:

1) Threshold = Long Term Average of Detection Limit (‘DL’) x Constant Number.

Table 11.8 provides a summary of the average detection limit, the multiplier for each element, the calculated fixed threshold, and the percentage of failed samples for each element. Figure 11.2 illustrates the graphical representation depicting the variations in the primary elements for the blank samples alongside the established fixed threshold.

  • 2) Threshold = Mean of assay + (2 x St.D.)

Irrespective of the outcomes detailed in the preceding section, an alternate methodology has been employed to analyze contamination. This decision was prompted by the utilization of a number of diverse types of blanks and the considerable variations observed in the reported detection limit by laboratories.

Table 11.8 Percent of the Failed Samples According to the Average Detection Limit

Fixed Threshold Percentage of Failed
Samples(%)
Average of DL in Au 0.002 0.008 4.2
Multiplier 5
Average of DL in Ag 0.064 0.322 1.2
Multiplier 5
Average of DL in Cu 0.386 19.286 15.5
Multiplier 5
Average of DL in Co 0.186 3.726 13.1
Multiplier 5
Average of DL in Mo 0.233 1.165 7.7
Multiplier 5
Average of DL in Sc 0.471 2.354 12.5
Multiplier 5

Table supplied by Doubleview, July, 2024.

Regardless of the outcomes detailed in the preceding section (maximum of 15.5% for failed samples), a different method was considered to analyze sample contamination. This is due to the usage of a number of different types of blank samples with different matrixes and the different types of sample analyses at different laboratories over the years. This resulted in a range of minimum detection limits for the six elements as follows:

  • Au: 0.001 to 0.005 ppm.

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  • Ag: 0.01 to 0.5 ppm.

  • Cu: 0.1 to 10 ppm.

  • Co: 0.1 to 1 ppm.

  • Mo: 0.05 to 10 ppm.

  • Sc: 0.1 to 2 ppm.

The goal of this method is to make it possible to use the industrial blanks in the analysis of the contamination, similar to those produced by the laboratories and have a certificate like CDN-BL-10. To accomplish this, with the exception of Au in CDN-BL-10 which is equal to 0.01 ppm (according to its certificate), the average of each element in 4 groups of blanks, including CDN-BL-10, Dolomite, Rock-V and sand are calculated and listed in Table 11.7. Subsequently, the calculated average of each element is added to twice the standard deviation of the element. Figure 11.3 provides the graphical illustrations of the fluctuations in the assay of each element within four groups of blanks.

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Figure 11.2 Assay Changes in the Different Blanks for the Calculated Fixed Thresholds

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Figure supplied by Doubleview, July, 2024.

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Figure supplied by Doubleview, July, 2024.

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Figure supplied by Doubleview, July, 2024.

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Figure supplied by Doubleview, July, 2024.

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Figure supplied by Doubleview, July, 2024.

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Figure supplied by Doubleview, July, 2024.

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Figure 11.3 Assay Changes in Six Main Elements and Second Standard Deviation Threshold

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Figure supplied by Doubleview, July, 2024.

Table 11.9 summarizes the review on the blank samples according to “two standard deviations + mean” as the fixed threshold. Two samples (namely 3824961 and C0051360) were excluded from the dolomite blank samples, due to their greater deviation, in order to eliminate their effect in potentially increasing the standard deviation. Consequently, these two samples are classified as failed samples.

Table 11.9 Summary of the Four Groups of Blank Samples that Failed

Description Percentage of Failed Samples Percentage of Failed Samples Percentage of Failed Samples Percentage of Failed Samples
Blank Sample CDN-BL-10 Dolomite Rock-V Sand
Number of Samples 7 144 13 2
Au 14.3% 4.9% 7.7% 0.0%
Ag 14.3% 0.7% 7.7% 0.0%
Co 0.0% 4.2% 7.7% 0.0%
Cu 0.0% 4.9% 7.7% 0.0%
Mo 0.0% 3.5% 7.7% 0.0%
Sc 0.0% 5.6% 7.7% 0.0%

Table supplied by Doubleview, July, 2024.

Overall, the observed increase in metal content within the blank samples appears to be correlated with the brands industrial materials employed. Consequently, it is recommended to consistently utilize a single brand of material throughout the extent of the drilling program or, at the very least, throughout each individual year. If Doubleview is not using a commercial blank sample, then enough samples should be obtained for Doubleview to send several samples of the material to a number of independent commercial assay laboratories, in order to compile an average grade for the elements noted in Table 11.9. Ideally, all of the elements should exhibit appropriately low values for the elements of interest, but it would not be uncommon for some of the material to exhibit minor contaminants, irrespective of the industrial brand utilized.

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11.6.3 Duplicate Samples

Duplicate samples which are intended to assess the precision of the analysis were systematically inserted into the sampling sequence at intervals of 60 consecutive core samples. The duplicates were obtained by quartering the half-core samples during the core cutting process. Due to the inherent characteristics of the mineralized veins present in the core, it is anticipated that the analytical results obtained from two quarter-core samples may exhibit some variance.

A total of 214 duplicate samples were collected during the drilling programs between 2013 and 2023. The graphical representation (Figure 11.4) illustrates the depth of the drill holes along with the corresponding number of samples obtained from each hole. However, Doubleview did not consistently implement duplicate sampling until 2021, and consequently, a number of drill holes lack duplicate samples.

Figure 11.4 Graphical Illustration of the Number of Duplicate Samples in each Drill Hole

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Figure supplied by Doubleview, July, 2024.

Figure 11.5 depicts the comparison between the duplicate and original assay results for six elements (Cu, Ag, Au, Co, Mo, Sc). The smallest variations between the analyses of the two duplicate samples are observed in Sc, while the most significant disparities are observed in Ag.

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Figure 11.5 Scatter Diagrams for the Original Sample Assays versus the Duplicate Sample Assays

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Figure supplied by Doubleview, July, 2024.
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The percent of the error in duplicate samples was measured by using the Howarth-Thompson method for error analysis. Figure 11.6 illustrates the percent of the samples with similar error percentages within various ranges summarized in Table 11.10.

Table 11.10 Percentage Error Ranges

Percentage Error Range +/-00% - 10% +/-10% - 20% +/-20% - 30% +/-30% - 50% +/-50% - 75% +/-75% - 100%

Table supplied by Doubleview, July, 2024.

Figure 11.6 Pie Charts for the Error Percentage within Various Ranges

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Figure supplied by Doubleview, July, 2024.

The assay results for the duplicate samples have met the QA/QC requirements for assaying within an acceptable limit of +/- 20%. Table 11.11 shows the percentage of the samples in each of the error ranges. A total of 99% of the samples passed the requirement for Sc. This is likely due to the nature of the scandium mineralization in the rocks at the Hat deposit. Similarly, 94% of the duplicate samples passed the requirement for Co.

For the other elements, an average of 73% passed the requirement that is considered normal, given the genesis of the mineralization of these elements at the Hat porphyry deposit.

Table 11.11 The Percent of the Samples in the Different Error Ranges

Error Range Percentage of Samples Percentage of Samples
Au Ag Cu Co Mo Sc
+/-00% - 10% 53% 55% 60% 78% 55% 97%
+/-10% - 20% 21% 14% 17% 16% 18% 2%
+/-20% - 30% 12% 12% 8% 4% 9% 0%
+/-30% - 50% 11% 12% 13% 1% 15% 0%
+/-50% - 75% 3% 7% 1% 0% 3% 0%
+/-75% - 100% 0% 0% 0% 0% 0% 0%
Total: 100% 100% 100% 100% 100% 100%
+/-00% - 20% 73% 69% 77% 94% 73% 99%
+/-20% - 100% 27% 31% 23% 6% 27% 1%

Table supplied by Doubleview, July, 2024.

Figure 11.7 is a graphical representation of the numbers contained in Table 11.11.

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Figure 11.7 Graphical Representation of the Percentages in Table 11.11

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Figure supplied by Doubleview, July, 2024.

11.7 MICON QP COMMENTS

Micon’s QP has reviewed Doubleview’s sample preparation, analysis and security program, as well as the QA/QC program. In general, the sample preparation, analysis and security program follow the CIM Mineral Exploration Practices Guidelines and, as a result, the data obtained from the drilling programs can be used as the basis of a mineral resource estimate.

Micon’s QP has also reviewed Doubleview’s QA/QC procedures which have been implemented during the drilling programs at the Hat Project. While Micon’s QP believes that the QA/QC program is sufficient for the assays to be used as the basis of a mineral resource estimate, given the results discussed in this section, a number of areas could be improved upon, as follows:

  • Increase the QA/QC control sample insertion rate to ensure that industry best practice standards are adhered to.

  • Use a blank standard which is free of element concentrations for all economically relevant minerals/elements at the Project.

  • Incorporate check assays into the QA/QC program, where Hat Project rejects and pulps from the primary assay laboratory are sent to a secondary assay laboratory to check or confirm that the first assay laboratory is adequately preparing and assaying the samples from the Hat Project.

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  • Actively monitor assay sample certificates against the QA/QC data, as soon as the certificates are received. This will catch any assay failures quickly, allowing corrective action to be undertaken and any procedural errors or other errors to be addressed without delay.

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12.0 DATA VERIFICATION

12.1 GENERAL DISCUSSION

This section outlines the steps undertaken by the Micon QPs to verify the data contained within the mineral resource database, as well as commenting on the site inspection of the Hat Project.

Discussions with Doubleview personnel regarding the Hat Project began in April, 2024, with discussions related to the geology, mineralization, deposit type, parameters for the resource model and potential dates for the site visit. Further discussions were held regarding the variography, mineralization model, block modelling, parameters used for the cut-off grade, and the classification of resources, throughout the period in which the MRE was being developed.

12.2 2024 SITE VISIT

The 2024 site visit was conducted between July 20 and July 23, with July 22 being spent on site. For the site visit, the Hat property was accessed via a helicopter flight from Atlin, BC. William Lewis conducted the site visit, accompanied by Reza Hamedi, a geologist with Doubleview. The purpose of the site visit was to independently verify the exploration, drilling and the QA/QC programs undertaken at the Hat Project since 2013.

During the site visit, a number of old drill sites were visited, as well as the current drill site, although, on the day of the site visit, the drill was not operating. Access to the drill sites from the Hat Project camp is provided via ATV trails cut through the underbrush and the use of wooden boardwalks where the trail crosses swampy ground (Figure 12.1).

Figure 12.2 shows the old overgrown collars for drill holes H011 and H012.

Figure 12.1

ATV Trail to Drill Sites with Wooden Boardwalks over Swampy Terrain

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Micon site visit.

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Figure 12.2 Overgrown Drill Collars for Holes H011 and H012

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Micon site visit.

Figure 12.3 shows the core shack (right) and the core cutting facilities (left) at the Hat camp. Figure 12.4 shows some of the stacked core storage areas at the Hat camp.

Figure 12.3 A View of the Core Shack (right) and the Core Cutting Facilities (left) at the Hat Camp

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Micon site visit, photograph supplied by Doubleview.

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Figure 12.4 Part of the Core Storage Area at the Hat Project Camp with Core Shack in Centre Background

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Micon site visit.

Figure 12.5 is a partial view of the inside of the core shack, illustrating the core logging racks along one side of the core shack.

Figure 12.5 Partial View of the Inside of the Hat Camp Core Shack

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2024 Micon site visit.

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Since there is very little mineralized outcrop exposed on the Hat Project, Micon’s QP selected a number of drill hole sample pulps for re-assay, as summarized in Table 12.1.

Table 12.1

2021 to 2023 Drill Hole Sample Pulps Selected for Re-Assay

Drill Hole ID Sample Tag
Number
Original Assay Laboratory
Certificate Number
Original Date Assays
Finalized
H036 B0029515 VAN20002563 09-Nov-20
H036 B0029532 VAN20002563 09-Nov-20
H036 B0029556 VAN20002563 09-Nov-20
H037 B0029867 VAN20002769 30-Nov-20
H037 B0029922 VAN20002769 30-Nov-20
H037 A0009626 VAN20002964 30-Dec-20
H038 3824023 WHI21000718 08-Dec-21
H038 3824044 WHI21000718 08-Dec-21
H039 3824242 WHI21000721 21-Dec-21
H039 3824306 WHI21000721 21-Dec-21
H039 3824445 WHI21000722 09-Dec-21
H039 3824468 WHI21000722 09-Dec-21
H040 3824491 WHI21000722 09-Dec-21
H040 3824561 WHI21000722 09-Dec-21
H040 3824592 WHI21000722 09-Dec-21
H040 3824644 WHI2100723 09-Dec-21
H041 3824876 WHI21000724 09-Dec-21
H041 3824912 WHI21000724 09-Dec-21
H043 3850290 VA22178507 - Finalized 01-Jul-22
H058 C0052447 VA23207269 2023-08-23
H058 C0052473 VA23207269 2023-08-23
H058 C0052621 VA23216894 2023-08-29
H059 C0052766 VA23216895 2023-09-05
H059 C0052801 VA23216895 2023-09-05
H060 C0053076 VA23251332 2023-11-04
H060 C0053078 VA23251332 2023-11-04
H061 H655516 VA23251338 2023-10-02
H061 H655523 VA23251338 2023-10-02
H061 H655524 VA23251338 2023-10-02
H062 H655808 VA23277831 2023-10-30
H062 H655951 VA23258497 2023-10-20
H063 H650609 VA23300638 2023-12-09
H063 H650618 VA23300638 2023-12-09
H063 H650625 VA23300638 2023-12-09
H063 H650680 VA23300638 2023-12-09
H064 H650767 VA23300640 2023-12-02
H064 H650774 VA23300640 2023-12-02
H065 H655019 VA23308011 2023-12-13

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Drill Hole ID Sample Tag
Number
Original Assay Laboratory
Certificate Number
Original Date Assays
Finalized
H065 H655022 VA23308011 2023-12-13
H066 H655209 VA23308011 2023-12-13
H066 H655215 VA23308011 2023-12-13
H067 H656054 VA23330023 2024-01-09
H067 H656072 VA23330023 2024-01-09
H067 H656215 VA23341914 2024-01-09
H068 H656351 VA23331400 2023-12-22
H068 H656386 VA23331400 2023-12-22
H068 H651157 VA23341700 2024-01-04
H068 H651167 VA23341700 2024-01-04
H069 H651221 VA23341700 2024-01-04
H069 H651228 VA23341700 2024-01-04
H069 H651407 VA23341703 2024-01-11
H070 H651515 VA23341703 2024-01-11
H070 H651582 VA23341704 2024-01-16
H071 H651766 VA23341704 2024-01-16
H071 H651787 VA23341704 2024-01-16
H071 H651802 VA23341704 2024-01-16
H071 H651901 VA23341709 2024-01-10
H071 H651907 VA23341709 2024-01-10
H071 H651959 VA23341709 2024-01-10

2024 Micon.

Table 12.2 summarizes the details for the selected re-assay sample pulps, along with the original and re-assay information for Cu, Au, Ag, Co and Sc. These samples were resubmitted to the same two laboratories that conducted the original assays (Bureau Veritas and ALS). Both Bureau Veritas and ALS conduct independent assaying for the mineral industry on a world-wide basis.

A review of the original assays versus the re-assay data indicates there is very little variation or bias in the data. Therefore, Micon’s QPs consider that the original assay data can be used as the basis for a mineral resource estimate.

Doubleview is continuing to conduct exploration and infill drilling, at this time. Figure 12.6 shows the drill rig set up and ready to start drilling during the July, 2024 site visit.

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Table 12.2

Summary of the Details for the Selected Re-Assay Sample Pulps along with the Original and Re-Assay information for Cu, Au, Ag, Co and Sc.

Assay Laboratory Drill Hole
ID
Drill Hole Sample Interval Drill Hole Sample Interval Drill Hole Sample Interval
Original Sample Assays Micon Pulp Samples Re-Assay
From (m) To (m) Assay Interval (m) Sample Tag Number Au (ppm) Ag (ppm) Co (ppm) Cu (ppm) Sc (ppm) Au (ppm) Ag (ppm) Co (ppm) Cu (ppm) Cu (%) Sc (ppm)
Bureau Veritas H036 231.15 234.15 3 B0029515 0.155 0.3 122.2 1,371.1 22 0.165 0.3 115.1 1,423.3 23
H036 271.3 274.3 3 B0029532 0.031 <0.1 34.8 385.9 15 0.031 <0.1 32.6 365.4 14
H036 329 330 1 B0029556 1.538 4.6 198.6 27,110 10 1.389 4.2 183.8 >10,000 9
H037 16 19 3 B0029867 0.009 <0.1 44.5 14.4 41 0.005 <0.1 45.1 12.7 39
H037 155.45 157.6 2.15 B0029922 0.007 <0.1 25.6 86.2 18 0.006 0.1 26.3 93.9 20
H037 655.4 656.6 1.2 A0009626 0.231 0.4 69.1 3,625.3 20 0.247 0.5 70.9 3,699.8 20
H038 70 72 2 3824023 0.019 <0.1 70.9 37.2 37 0.024 <0.1 68.3 34.6 37
H038 123.83 125 1.17 3824044 0.01 <0.1 34 88.3 41 0.007 <0.1 32.6 93.6 41
H039 107.8 108.3 0.5 3824242 0.008 <0.1 31.1 18 27 0.005 <0.1 29.1 15.1 27
H039 261.2 264.2 3 3824306 0.069 0.1 38 808.9 26 0.080 0.1 35.3 788.5 25
H039 550 551 1 3824445 0.849 2.1 1005.7 12,300 32 0.858 2.0 952.9 >10,000 32
H039 607 609.3 2.3 3824468 0.004 <0.1 12.8 13.3 33 <0.002 <0.1 11.6 17.5 32
H040 55.9 57 1.1 3824491 1.184 2.6 51.5 5,381.2 36 1,262 2.2 50.7 5,387.9 37
H040 223.3 226.2 2.9 3824561 0.044 0.4 37.3 696.1 24 0.034 0.4 34.6 682.0 24
H040 292 293 1 3824592 0.287 6.6 503.3 6,121.1 25 0.272 6.2 492.9 6,235.6 25
H040 403.2 404.2 1 3824644 1.178 9.4 494.5 22,860 17 1.177 8.0 507.8 >10,000 16
H041 243.5 246.5 3 3824876 0.027 <0.1 40 231.5 28 0.028 <0.1 40.8 246.5 29
H041 314.7 317.7 3 3824912 0.008 <0.1 19.1 96.4 15 0.006 <0.1 18.8 94.1 16
ALS H043 160 161 1 3850290 0.543 6.33 622 22,200 13.6 0.565 7.25 609 >10,000 2.24 15.0
H058 314.5 315.5 1 C0052447 0.08 0.08 126.5 669 51.8 0.099 0.09 119.5 671 50.9
H058 359 360 1 C0052473 0.395 1.02 93 5,320 25.5 0.413 0.90 86.3 5,140 24.6
H058 577 578 1 C0052621 0.582 1.54 479 10,500 29.3 0.535 1.65 47.4 >10,000 1.050 31.6
H059 54 57 3 C0052766 0.242 0.46 52.7 820 44.6 0.207 0.42 54.2 770 43.6
H059 118 119.6 1.6 C0052801 0.324 0.32 90.1 1,105 38.1 0.634 0.27 99.1 1,070 39.0
H060 74.7 76 1.3 C0053076 1.875 3.51 201 5,470 32.6 1.700 2.89 205 5,680 31.4
H060 76 77 1 C0053078 1.82 1.39 1095 1,965 16.7 2.38 1.37 1,185 2,180 18.8
H061 48.4 51 2.6 H655516 0.016 0.05 64 119.5 42.4 0.22 0.05 66.9 128.0 50.5
H061 64.25 66 1.75 H655523 0.604 0.59 95.8 1,780 32.2 0.587 0.82 101.5 1,755 36.9
H061 66 69 3 H655524 0.303 0.18 138 258 32.6 0.318 0.18 136.0 240 37.9
H062 129 130 1 H655808 0.746 0.61 106.5 2,030 46.5 0.696 0.64 106.0 2,150 44.1
H062 324 327 3 H655951 0.329 0.06 32 252 20 0.248 0.04 31.6 256 1,680
H063 141 142.5 1.5 H650609 0.341 0.12 78.3 316 22.5 0.346 0.13 80.8 323 21.8
H063 162 165 3.0 H650618 0.866 3.16 1030 7,560 9.4 0.924 2.83 1,055 7,410 10.6
H063 177 179 2.0 H650625 0.845 1.62 578 4,960 16.4 0.917 1.52 583 4,850 16.4
H063 302 303 1.0 H650680 18.4 1.37 2,330 18,700 4.8 >10.0 1.30 2,410 >10,000 1.890 4.7
H064 45.35 48 2.65 H650767 0.492 0.31 39.8 503 34.6 0.530 0.29 40.4 509 31.4
H064 55 56 1.0 H650774 6.78 2.37 168.5 4,010 38.4 6.76 2.35 159.5 3,750 36.8
H065 54 55 1.0 H655019 2.61 8.7 77.2 16,050 27.9 2.64 7.71 74.3 >10,000 1.645 25.3
H065 56 57 1.0 H655022 7.46 19.65 146 33,800 21.4 7.36 19.30 139.0 >10,000 3.44 18.8

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Assay Laboratory Drill Hole
ID
Drill Hole Sample Interval Drill Hole Sample Interval Drill Hole Sample Interval
Original Sample Assays Micon Pulp Samples Re-Assay
From (m) To (m) Assay Interval (m) Sample Tag Number Au (ppm) Ag (ppm) Co (ppm) Cu (ppm) Sc (ppm) Au (ppm) Ag (ppm) Co (ppm) Cu (ppm) Cu (%) Sc (ppm)
H066 29.6 30.65 1.05 H655209 0.025 0.09 45 117.5 37.1 0.026 0.12 53.9 162.5 38.2
H066 45 47.6 2.6 H655215 0.013 0.18 68.3 526 48.5 0.015 0.18 65.4 550 44.8
H067 18 19.7 1.7 H656054 0.011 0.18 40 195 47.6 0.012 0.14 40.7 190.5 42.7
H067 60 63 3.0 H656072 0.004 0.05 17.4 85.6 20.6 0.005 0.02 18.9 82.1 23.5
H067 300 301 1.0 H656215 15.05 6.68 1,410 133,500 1.5 15.40 5.85 1,385 >10,000 13.10 1.9
H068 12 15 3.0 H656351 0.008 0.15 34.9 196.5 34.1 0.009 0.15 39.7 190.0 36.7
H068 99.6 101.35 1.75 H656386 0.005 0.08 31.5 77 25 0.008 0.04 36.0 72.4 26.2
H068 550 551 1 H651157 1.095 1.7 92.8 7,900 31.3 0.934 1.82 97.2 8,340 31.8
H068 563 564 1 H651167 0.808 8.48 435 57,600 11.8 0.823 8.33 442 >10,000 5.85 12.6
H069 55.9 58 2.1 H651221 0.021 0.16 47.3 187 27.7 0.022 0.18 44.1 206 30.1
H069 74 75 1 H651228 0.05 1.02 91.3 1,125 24.4 0.050 1.03 97.4 1,165 28.6
H069 374.95 375.95 1 H651407 0.103 0.15 41.3 1,160 23 0.102 0.14 39.4 1,175 19.9
H070 42 45 3 H651515 0.06 0.11 26 181.5 17.6 0.063 0.13 28.2 196.0 18.3
H070 159 162 3 H651582 0.04 0.08 35 275 16.2 0.031 0.10 35.2 268 15.9
H071 46 48 2 H651766 0.011 0.11 30.1 149.5 22.9 0.011 0.12 30.2 155.5 22.5
H071 102 105 3 H651787 0.039 2.35 61.2 1,595 35.9 0.052 2.21 59.3 1,585 38.2
H071 132 135 3 H651802 0.148 0.09 46.9 209 30.5 0.057 0.10 47.7 209 32.2
H071 302 303 1 H651901 <0.001 0.78 196 3,490 27 0.436 0.83 200 3,710 25.6
H071 308 309 1 H651907 0.364 0.67 113 4,200 26.9 0.385 0.75 113.0 4,410 24.9
H071 396 398 2 H651959 0.032 0.09 26.2 446 20.4 0.030 0.12 26.6 483 20.2

2024 Micon.

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Figure 12.6 Drill Rig Set-Up on Drill Hole During July, 2024 Site Visit

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Micon site visit, photograph supplied by Doubleview.

12.3 HAT PROJECT DATABASE DISCUSSION

The Hat Project database was provided by Doubleview. The master database contains collar, survey, interval information regarding assays, alteration and lithology. Drilling completed up to November, 2023, is part of the Project database used for the 2024 Hat MRE. The database includes a total of 71 drill holes and 31,273.88 metres of core. Three drill holes were not sampled and are ignored in database i.e. H010, H044 and H048.

The master database also contains basic information about magnetic and geotechnical data derived from the drill holes.

12.4 MICON QP COMMENTS

Micon’s QPs have conducted a review of the exploration and drilling programs undertaken since 2013, including Doubleview’s QA/QC program and database. Based on their review, Micon’s QPs consider that the database generated for the Hat Project is adequate for use as the basis of a mineral resource estimate. The database is also sufficiently reliable to be used as the basis for further work and to conduct further economic studies.

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13.0 MINERAL PROCESSING AND METALLURGICAL TESTING

13.1 INTRODUCTION

The Hat Project is situated in the Triassic Stikinia Terrane of North-Western BC, Canada, which hosts multiple alkalic copper-gold (Cu-Au) porphyry deposits. Based on core logging interpretations, the HAT deposit has the lithological and alteration features of a silica-undersaturated alkalic Cu-Au porphyry system. This type of mineral deposit is found throughout the western cordillera of North and South America. Historical mineralogical investigations on samples of mineralogical material from the HAT deposit (Read P.B. 1979, 2014, McLeod J.A. 2014 and Payne J.G. 2021) suggested that the mineralogy was indicative of a moderate temperature replacement type deposit and possibly skarn related. Samples showed that strong brecciation of the host rock was followed by episodes of chalcopyritepyrite mineralization. Alteration minerals associated with chalcopyrite and pyrite included chlorite, epidote and tremolite, with minor calcite. The presence of disseminated chalcopyrite in strongly altered diorite in multiple samples suggested that the heat source for the deposit might be a deeperseated intrusive body characteristic of a porphyry system.

Figure 13.1 is a view of a polished section of HAT HO-34-19 sample showing dominant chalcopyrite and pyrite mineralization, with associated chlorite and tremolite.

Figure 13.1 Polished Section of HAT HO-34-19 Sample Showing Dominant Chalcopyrite (cp) and Pyrite (py) Mineralisation with Associated Chlorite (ct) and Tremolite (tr)

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Figure supplied by Tetra Tech.

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Doubleview commissioned Coffey Geotechnics Ltd. (Coffey Geotechnics), a Tetra Tech Company (Tetra Tech), to specify and direct quantitative mineralogical and metallurgical test work aimed at establishing the extractability of copper (Cu), cobalt (Co), gold (Au) and palladium (Pd) from the Hat Copper Porphyry, particularly the extractability of Co for its potential inclusion in the calculation of the Cu equivalent grade. The metallurgical test work program was conducted by Sepro Laboratories (formerly known as Met-Solve Laboratories Inc), Langley, BC under the direction of Tetra Tech.

13.2 METALLURGICAL TEST WORK

Tetra Tech specified a preliminary batch flotation test work program, which was detailed in a technical memorandum of 20 January, 2021, titled “Cobalt Flotation – Metallurgical Test Work Procedure” (782SWIN03511AA-MEM-001A). The test work was aimed at producing a high-gold, low-cobalt-copper concentrate and a low-gold, high-cobalt-pyrite concentrate. The test work also involved the selection of appropriate sample intervals from the drill core assay database provided by Doubleview and providing sample compositing instructions to the laboratory. Summary head grade information for the composite sample prepared for the test work is shown in Table 13.1.

Table 13.1

Head Grade of Key Elements

Cu(%) Co(g/t) Fe(%) STotal(%)
0.22 199 11.5 2.4
Key:% = percent, Fe = Iron, g/t = grams per tonne, S = Sulphur.
Table supplied by Tetra Tech.

Met-Solve Laboratories completed the specified test work program between January and April, 2021. The primary test work reference document is the Met-Solve report, “Doubleview Gold Corp, Metallurgical Test work Report for the Hat Project”, dated 18 June 2021.

The test work was conducted on a single composite sample and comprised:

  • Head assays.

  • Gravity concentration test.

  • Rougher flotation tests.

  • Cleaner flotation tests.

Quantitative microscopy investigations had indicated the presence of relatively coarse gold in association with pyrite, so it was decided to assess the effectiveness of gravity recovery for gold, before commencing the flotation test work.

The test work sample was prepared by crushing and grinding and then splitting into two sub-samples. The first sub-sample was assigned as “Gravity “and the second was assigned “Flotation”. The gravity sample was processed by gravity concentration, with the intention of recovering any coarse gold. The gravity tails and the “Flotation” sample were subjected to the same flotation sequence, illustrated in

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Figure 13.2, to produce a high-gold, low-cobalt-copper concentrate and a high-cobalt, low-gold-pyrite concentrate. Full details of the procedure were provided in the earlier technical memorandum.

Figure 13.2 Flotation Test Sequence

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----- Start of picture text -----

Figure supplied by Tetra Tech.
----- End of picture text -----

13.3 TEST SAMPLES HEAD ASSAYS

The head samples were analyzed by conventional acid digestion methods followed by Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) providing the standard suite of 36 elements. Fire assay was used to determine 4 PGE (platinum group elements) + Au, with Laboratory Equipment Corporation (LECO) combustion analysis for sulphur. A summary of the head assays is provided in Table 13.2.

The assay data for the key elements (Cu, Co, S and Fe) presented in Table 13.2 are comparable to the head grades for the composite sample as calculated from the geological data base (Table 13.1).

Table 13.2 Head Assays

Ag Al As Ba Be Bi Ca Cd Co Cr Cu Fe Au
ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm
2.9 6.71 10.5 595 <05 -- 5.1 <0.5 136.5 193 1,958.5 11.6 0.37

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Ga K La Li Mg Mn Mo Na Ni P Pb Pt Sb
ppm % ppm ppm % ppm ppm % ppm ppm ppm ppm ppm
20 1.39 11 <10 4.29 2,289.5
6
1.32 89 899.5 <2 0.01 13
Sc Sr Th Ti Tl V W Zn Zr S S S Pd
ppm ppm ppm % Ppm ppm ppm ppm ppm % % % ppm
29.5 201.5 <8 0.39 <10 247.5 -- 116 26.5 2.06 0.05 2.01 <0.01

Key: < = less than, Ag = silver, Al = aluminium, As = arsenic, Ba = barium, Be = beryllium, Bi = bismuth, Ca = calcium, Cd = cadmium, Cr = chromium, Ga = gallium, K = potassium, La = lanthanum, Li = lithium, Mg = magnesium, Mn = manganese, Mo = molybdenum, Na = sodium, Ni = nickel, P = phosphorous, Pb = lead, ppm = parts per million, Pt = platinum, Sb = antimony, Sc = scandium, Sr = strontium, Th = thorium, Ti = titanium, Tl = thallium, V = vanadium, W = tungsten, Zn = zinc, Zr = zirconium. Table supplied by Tetra Tech.

13.4 GRAVITY CONCENTRATION TESTS

Met-Solve completed a single gravity concentration test on the HAT composite sample. The objective of the test was to understand the amenability of gold to gravity concentration, with the intention of producing a gold concentrate on a sample ground to a characteristic particle size of P80 = 75 microns (µm).

The test work indicated that 10.9% of the gold could be recovered to a gravity concentrate product with a grade of 10.8 g/t Au, at a concentration ratio of 250:1. The tails from the gravity concentration tests were then used as the feed for a rougher flotation test.

13.5 PRELIMINARY FLOTATION TESTS

Met-Solve completed rougher and scavenger flotation tests on both a composite head sample and on the gravity tails. The concentrate products were then subjected to multiple stages of cleaning with interstage concentrate regrind, according to the prescribed procedure (Figure 13.2). The flotation test work conditions for both test sequences are summarized in Table 13.3.

Table 13.3

Flotation Test Conditions – Gravity Tails

Circuit **Stage ** Grind P80 (µm) **pH ** Reagents
Cu Rougher 75 10.5 - 11 Lime, NaCN, SIPX, MIBC, M-3477
Cleaner 35 - 50 11
Co - Pyrite Rougher 75 35 - 50 6.5 H2SO4, CuSO4, PAX, M-3477, MIBC
Cleaner 6.5

Key: CuSO4 = copper sulphate, H2SO4 = sulphuric acid, MIBC = Methyl Isobutyl Carbamate, NaCN = Sodium Cyanide, PAX = Potassium Amyl Xanthate, SIPX = Sodium Iso-propyl Xanthate. Table supplied by Tetra Tech.

Summary flotation test work results are shown in Table 13.4 and Table 13.5.

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Table 13.4 Rougher Scavenger Flotation Results

Elements Grade Recovery (%) Recovery (%)
Gravity + Flotation Flotation Gravity + Flotation Flotation
Head Cu(%) 0.2 0.21 --- ---
Co(ppm) 132 131 --- ---
Au(g/t) 0.36 0.32 --- ---
GravityConcentrate Au(g/t) 10.7 ‘--- 10.8 ‘---
Copper Concentrate Cu(%) 1.33 0.8 81.3 76.1
Co(ppm) 226.1 172.9 19.1 26.3
Au(g/t) 1.75 1.03 54.3 63.6
Pyrite Concentrate Cu(%) 0.19 0.29 4.7 5.5
Co(ppm) 1,404.5 1,605 48.6 47.6
Au(g/t) 1.63 1.87 20.7 22.5
Tails Cu(%) 0.03 0.05 14.0 15.8
Co(ppm) 0.48 40 32.3 22.3
Au(g/t) 0.05 0.05 14.2 11.3

Table supplied by Tetra Tech.

Table 13.5 Cleaner Flotation Results

Elements Grade Recovery (%) Recovery (%)
Gravity + Flotation Flotation Gravity + Flotation Flotation
Copper Concentrate Cu(%) 27.3 13.8 7.8 60.6
Co(ppm) 470 1160 0.2 8.1
Au(g/t) 6.91 12.18 1 34.5
Pyrite Concentrate Cu(%) 0.14 0.13 0.1 0.7
Co(ppm) 2,620 2,530 1.9 23.6
Au(g/t) 2.47 2.66 0.6 10.1

Table supplied by Tetra Tech.

The results presented in Table 13.4 demonstrate that it is possible to produce a high-gold, low-cobaltcopper concentrate and a high-cobalt, low-gold-pyrite concentrate from both sequences of tests, gravity and flotation, as well as direct flotation. The results also demonstrate that gravity gold recovery is relatively low and has little effect on the overall gold recovery, as the tails Au grade is the same for both sequences of test at 0.05 g/t.

The results in Table 13.5 indicate that a saleable copper concentrate and a high cobalt pyrite concentrate can be produced by subsequent cleaner flotation steps. Although the cleaner recoveries are not high, it is important to note that this test work program was conducted with the objective of demonstrating the recoverability of Cu and Co into separate concentrates. The test work was conducted under standard, as opposed to fully optimized conditions which will be determined as part of future test work programs. Further mineralogical quantitative evaluation of minerals by scanning

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electron microscopy (QEMSCAN) investigations of the flotation tails will improve the understanding of the liberation characteristics of both Cu and Co minerals. In addition, future optimization work will aim to improve the selectivity, grades, and recoveries of the economic minerals.

13.6 MINERALOGICAL INVESTIGATIONS

Mineralogical analyses by QEMSCAN Particle Mineral Analyses (PMA), along with a specific mineral search (SMS) for cobalt bearing minerals, was completed by ALS metallurgy. The QEMSCAN analysis was completed on two flotation tailing samples.

  • Rougher Scavenger Tailings.

  • Cu 1st Cleaner Tailings.

The results from the PMA analyses are summarized in Table 13.6.

Table 13.6 PMA Analysis Summary

Mineral Content - % Content - %
Cu 1stCleaner Tailings Rougher Scavenger Tailings
Copper Sulphides 0.33 0.12
Cobalt Minerals 0.02 <0.01
Pyrite 1.69 0.12
Amphibole/Pyroxene 31.90 32.90
Chlorite 24.70 21.20
Feldspars 22.20 26.00
Calcium Carbonates 4.00 4.00
Iron Oxides 3.60 3.60
Quartz 2.70 1.30
Epidote 2.50 4.00
Titanium Minerals 1.40 1.40
Biotite/Phlogopite 1.30 1.80
Muscovite 0.90 1.60
Apatite 0.60 0.50
Others 2.30 1.30
Total 100 100

Table supplied by Tetra Tech.

ALS test work has indicated that both samples:

  • Comprise non-sulphide gangue minerals, the most predominant being amphibole / pyroxene, chlorite and feldspars.

  • Copper was contained within copper sulphide minerals, primarily chalcopyrite, with trace amounts of bornite, chalcocite and covellite.

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  • Cobalt was associated primarily within two forms in the sample:

  • Within cobalt sulphide minerals.

  • Within the mineral structure of pyrite.

13.6.1 Cobalt Liberation

It was reported that approximately 22% of the cobalt minerals in the rougher scavenger tailings and approximately 45% of the cobalt minerals in the 1st cleaner tailings were liberated at a particle size of finer than 14 microns (μm).

13.6.2 Copper Losses

It was reported that the copper losses in the rougher scavenger tailings were primarily in the form of coarser binaries with non-sulphide gangue (accounting for 47% of the Cu) and ultrafine (<13 μm) liberated copper sulphide particles (accounting for 42% of the Cu).

The copper losses in the 1st cleaner tailings were primarily in the form of coarser binaries, with nonsulphide gangue (accounting for 30% of the Cu) and ultrafine liberated copper sulphide particles of (about 53% of the Cu).

13.7 SUPPLEMENTARY PGE ANALYSIS

Palladium (Pd) is commonly associated with copper porphyry mineralization and drill hole intercepts have indicated the presence of Pd at low levels. During flotation, the Pd will distribute amongst the various products and a proportion will end up in concentrates, which may represent an additional credit. Consequently, it was decided to check the Pd content of test work samples. The method employed was nickel sulphide fusion, followed by neutron activation analysis (INAA). This method is extremely sensitive and can detect relative atomic abundance of many elements at background levels associated with crustal rocks. The drawback is that fusion samples can remain radioactive for years. There are alternatives, such as ICP-AES and Particle Induced X-ray Emission (PIXE), and these procedures can be considered for future studies. Results for all six PGE analyses are shown in Table 13.7.

Table 13.7

Hat Summary PGE Analyses – Indicated Grades and Recoveries

XN100-Head PGE Element Assays (ppb) PGE Element Assays (ppb) PGE Element Assays (ppb) PGE Element Assays (ppb)
Os Ir Ru Rh Pt Pd
Head Sample <2 0.6 5 0.8 --- 12
XN301- Cleaner Flotation on Head Composite Sample
Products
Co-Pyr 2ndCleaner Concentrate <2 3.0 <5 3.9 6 22
Co- Pyr Scavenger Tails <2 1.9 <5 3.2 6 9

Key: Ir = iridium, Os = osmium, ppb = parts per billion, Rh = rhodium, Ru = ruthenium. Table supplied by Tetra Tech.

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The results show that Pd and Rhodium (Rh) are concentrated in the copper concentrate, although the level of concentration is limited. The inclusion of Pd recovery in future flotation optimization studies is something that might be considered. PGE represents a potential credit as these elements are recovered to anode slimes in the copper refinery.

13.8 INITIAL RESULTS OF GRAVITY AND FLOTATION TEST WORK

The overall results of the initial test work program and metallurgical extraction characteristics are indicated in Table 13.8.

Table 13.8

Hat Summary Gravity and Flotation Results – Indicated Grades and Recoveries

Sample Metal Grade Grade Recovery (%) Recovery (%)
Gravity Tails Composite Gravity Tails Composite
Head Cu(%) 0.20 0.21 --- ---
Co(ppm) 132 131 --- ---
Au(g/t) 0.36 0.32 --- ---
GravityConcentrate Au(g/t) 11 --- 11 ---
Copper Concentrates Cu(%) 27 14 81 76
Co(ppm) 470 1,160 19 26
Au(g/t) 7 12 54 64
Pyrite Concentrate Cu(%) 0.1 0.1 5.0 6.0
Co(ppm) 2,620 2,530 49 48
Au(g/t) 3 3 21 23
The Combined Concentrates Cu(%) --- --- 86 82
Co(ppm) --- --- 68 74
Au(g/t) --- --- 86 87

Table supplied by Tetra Tech.

13.9 DIRECT ROUGHER – CLEANER FLOTATION TEST ON HEAD COMPOSITE

Owing to the limited benefits of gravity separation, a rougher-cleaner flotation test was conducted on the head composite sample, to compare with the performance as achieved on the gravity tailings sample. To improve the recovery of Cu and Co to the respective Cu and Co concentrates, the cleaner flotation procedure was adjusted by increasing the SIPX from 5 g/t to 25 g/t and adding 10 g/t AERO 3477 to the Cu/Au circuit. In each cleaner stage of the Co/Pyr circuit, approximately 50 g/t of CuSO4 was added to activate the pyrite. The results of this test are shown in Table 13.9.

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Table 13.9

Hat Rougher-Cleaner Flotation Results – Indicated Grades and Recoveries

Product Weight
%
Assays, %, g/t1, ppm2 Distribution %
Au1 Ag1 Cu Co2 Fe S Au Ag Cu Co Fe S
Cu 2nd Clnr Conc 0.9 12.18 68.0 13.8 1,160.0 28.6 29.2 34.5 29.8 60.6 8.1 2.3 13.9
Cu 2ndClnr Tails 3.6 0.81 8.0 0.42 150.0 12.6 1.8 9.0 13.7 7.1 4.1 3.9 3.3
Cu 1st Clnr Conc. 4.5 3.12 20.2 3.15 355.5 15.8 7.3 43.5 43.6 67.7 12.2 6.1 17.2
Cu 1stClnr Tails 15.5 0.42 <1 0.11 120.0 11.8 1.1 20.2 7.4 8.4 14.1 15.8 8.6
Cu Rghr Conc. 20.0 1.03 5.3 0.80 172.9 12.7 2.5 63.6 51.0 76.1 26.3 21.9 25.8
Co-Pyr 2nd Clnr Conc. 1.2 2.66 10.0 0.13 2,530.0 45.9 54.5 10.1 5.9 0.7 23.6 4.9 34.7
Co-Pyr 2ndClnr Tails 1.0 2.19 8.0 0.38 1,790.0 35.0 37.8 6.6 3.7 1.8 13.3 2.9 19.2
Co-Pyr 1st Clnr Conc. 2.2 2.45 9.1 0.24 2,201.7 41.1 47.1 16.7 9.6 2.5 36.9 7.8 53.9
Co-Pyr 1stClnr Tails 1.7 1.11 6.0 0.37 830.0 21.0 14.3 5.8 4.9 3.0 10.7 3.1 12.6
Co-Pyr Rghr Conc. 3.9 1.87 7.8 0.29 1,605.0 32.3 32.8 22.5 14.5 5.5 47.6 10.9 66.5
Co-Pyr Scavenger Con 3.0 0.27 2.0 0.19 170.0 12.6 1.5 2.5 2.8 2.6 3.8 3.2 2.4
Co-Pyr Scavenger Tails 73.2 0.05 <1 0.05 40.0 10.1 0.1 11.3 31.6 15.8 22.3 64.0 5.3
Calculated Head 100.0 0.32 2.1 0.21 131.3 11.6 1.92 100 100 100 100 100 100
Assayed Head 0.37 2.3 0.20 136.3 11.7 1.96

Table supplied by Tetra Tech.

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Doubleview Gold Corp.

13.10 SCANDIUM

The initial test work and analysis also showed that geologic materials derived from the Hat Project contained scandium at elevated levels, above that normally associated with crustal rocks. The test work also showed that most of the scandium reported to the flotation tailings. Test work carried out in October, 2023 focused on the treatment of flotation tailings for the recovery of scandium into an intermediate product suitable as feedstock for a scandium recovery process.

Scandium was recovered from flotation tailings material by extraction in sulphate media at elevated temperatures, followed by removal of metals by stagewise precipitation as hydroxides or phosphates. Results for the most recent test RQ510 are shown in Table 13.10.

Table 13.10 Hat Scandium Recovery Data

Element H.G. (ppm) Recoveries Recoveries Metal
Balance
Stage 1 Stage 2 Stage 3 Stage 4
Sc 10.30 9.10% 0.00% 89.15% 9.71% 107.96%
Al 10,800 2.97% 0.00% 86.19% 13.81% 102.97%
Fe 24,750 94.34% 0.00% 5.20% 5.02% 100.00%

Table supplied by Tetra Tech.

The test work has demonstrated that 94% of the iron can be rejected as a primary precipitate product and that scandium and aluminium can be recovered into a secondary phosphate precipitate. Total scandium recovery into secondary products was greater than 90%. Metals accountability was generally good with Sc 108%, Al 103%, and Fe 100%. Figure 13.3 graphically illustrates the Sc recovery through RQ510 sequential metal precipitation. Figure 13.4 shows the distribution of the primary metals to the various products.

After recovery of scandium to a secondary precipitate and to recover scandium to a final product such as an oxide, the precipitate must be redissolved in acid media, typically sulphate or chloride. The scandium can then be separated by either ion exchange (IX) or solvent extraction (SX). The scandium is then recovered from the strip solution of IX or SX by precipitation as a salt, such as a hydroxide or carbonate. The hydroxide or carbonate is then converted to the oxide by calcination.

Industry experience indicates that scandium IX recoveries are typically in the range of 90% to 99%, with precipitation efficiencies between 95% and 99%. It is proposed that recoveries of 98% be used in each case as the basis of overall recovery. The overall scandium recovery is then 91.6% x 98% x 98% = 88%. This compares with the more conservative estimate of 56% based on the earlier work.

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Figure 13.3 Scandium Extraction and Precipitation Data

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HAT Project Sc Recovery
RQ510 Sequential Metals Precipitation
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0% Solution
Stage 1 Stage 2 Stage 3 Stage 4
Sc Al Fe
Metals Recover (M %)
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Figure supplied by Tetra Tech.

Figure 13.4 Scandium Separation Precipitates

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Figure supplied by Tetra Tech.

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13.11 METALLURGICAL RECOVERIES

The initial metallurgical test work has shown that the recoveries shown in Table 13.11 below can be achieved (refer also Table 13.9). Except for scandium, these are the recovery factors recommended for the purposes of calculating the copper equivalent grade. It is recommended that scandium values be excluded until such time as production of scandium trioxide or an alternative product from Hat materials has been demonstrated.

Table 13.11 Preliminary Recovery Data

Element Overall Recovery (%)
Copper 84
Cobalt 78
Gold 89
Silver 68
Scandium 88*

*Estimated from initial precipitation data.

Table supplied by Tetra Tech.

13.12 CONCLUSIONS

The objectives of the metallurgical test work program were achieved, demonstrating the recoverability of cobalt. Cobalt values can now be included in the calculation of copper equivalent grade. It may also be possible, with further work, to include PGE, specifically Pd, in the calculation with further work.

The flotation test work has been conducted under standard conditions, using conventional grinds and reagents. It should be possible to demonstrate improvement in selectivity, recovery and grade with further optimisation and development.

From a project development, capital and operating cost, environmental and permitting perspective, it is always preferable to produce concentrates for sale to a smelter. Sale of copper concentrates should not present any difficulty. Sale of a cobalt concentrate may be more difficult, ideally to a smelter that is short of iron and sulphur units. Perhaps a Ni/Cu/PGE smelter in the Sudbury area or an overseas smelter may represent potential off-takers.

If the resource is sufficiently large and potentially long lived, more technologically complex extraction processes, including pyrometallurgical and hydrometallurgical treatment of concentrates, can be considered. Recovery of scandium from flotation tails is a realistic prospect, as an intermediate product suitable as feed to a scandium recovery process has already been produced.

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14.0 MINERAL RESOURCE ESTIMATE

14.1 INTRODUCTION

The MRE contained in this section the initial MRE for the Hat Project. The MRE was completed independently by Micon with input from the geological personnel of Doubleview. Micon’s Engineers and Geoscientists British Columbia (EGBC) Permit to Practice Number is 1001528.

William Lewis, P.Geo., and Chitrali Sarkar, P.Geo., who are independent of Doubleview and are Qualified Persons (QPs) within the meaning of NI 43-101, are responsible for the mineral resource estimate disclosed in this report.

This report discloses technical information, the presentation of which requires the QPs to derive subtotals, totals and weighted averages that inherently involve a degree of rounding and, consequently, introduce a margin of error. Where these occur, the QPs do not consider them to be material.

14.2 CIM RESOURCE DEFINITIONS AND CLASSIFICATIONS

All resources and reserves presented in a Technical Report must follow the current CIM Definitions and Standards for mineral resources and reserves or a similar standard, such as the Australasian JORC Code. The latest edition of the CIM Definitions and Standards was adopted by the CIM council on May 10, 2014, and includes the following resource definitions:

“Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource.”

“A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction.”

“The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.”

“Material of economic interest refers to diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals.”

“The term Mineral Resource covers mineralization and natural material of intrinsic economic interest which has been identified and estimated through exploration and sampling and within which Mineral Reserves may subsequently be defined by the consideration and application of Modifying Factors.”

“Inferred Mineral Resource”

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“An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.”

“An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.”

“An Inferred Mineral Resource is based on limited information and sampling gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes. Inferred Mineral Resources must not be included in the economic analysis, production schedules, or estimated mine life in publicly disclosed Pre-Feasibility or Feasibility Studies, or in the Life-of-mine plans and cash flow models of developed mines. Inferred Mineral Resources can only be used in economic studies as provided under NI 43-101.”

“Indicated Mineral Resource”

“An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.”

“Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation.”

“An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.”

“Mineralization may be classified as an Indicated Mineral Resource by the Qualified Person when the nature, quality, quantity and distribution of data are such as to allow confident interpretation of the geological framework and to reasonably assume the continuity of mineralization. The Qualified Person must recognize the importance of the Indicated Mineral Resource category to the advancement of the feasibility of the project. An Indicated Mineral Resource estimate is of sufficient quality to support a Pre-Feasibility Study which can serve as the basis for major development decisions.”

“Measured Mineral Resource”

“A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit.”

“Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation.

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A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.”

“Mineralization or other natural material of economic interest may be classified as a Measured Mineral Resource by the Qualified Person when the nature, quality, quantity and distribution of data are such that the tonnage and grade or quality of the mineralization can be estimated to within close limits and that variation from the estimate would not significantly affect potential economic viability of the deposit. This category requires a high level of confidence in, and understanding of, the geology and controls of the mineral deposit.”

14.3 CIM ESTIMATION OF MINERAL RESOURCES BEST PRACTICES GUIDELINES

When undertaking the mineral resource estimate for the Hat Project, Micon’s QPs have used the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines which were adopted by the CIM Council on November 29, 2019.

14.4 METHODOLOGY

The 2024 Hat MRE discussed herein covers the Hat deposit. The Project area for the deposit covers a length of approximately 2 km in north-south direction, 1.75 km in east-west direction and down to a vertical depth of approximately 1 km below surface.

The mineralized wireframe models for the Hat Project were prepared using LeapFrog GEO v.2023.2.1 (LeapFrog). Wireframe modelling included the construction of a single mineralized domain, constrained to the extents of the deposit-scale Cu-Au-Ag porphyry unit and capped by overburden, as found in the core-logging information. Geostatistical analyses were carried out using Datamine Snowden Supervisor v.8.15.0.3 (Supervisor). The estimation, block model and grade interpolation were prepared using LeapFrog EDGE v.2023.2.1 (LeapFrog). Resource-level potentially mineable open pit shapes were created using Datamine Studio Maxi Pit 1.5.16 (Datamine).

The main steps in the methodology were as follows:

  • Compiling and validating the diamond drill hole database used for mineral resource estimation. Calculating the CuEq (in %) to be used as a basis for domaining the mineralized zone.

  • Interpretation of the mineralized domain, based on lithological and assay information.

  • Capping outlier values and compositing the database, for the purpose of geostatistical analysis and performing variography.

  • Generating the block model and grade interpolation.

  • Validating the criteria for mineral resource classification.

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  • Assessing the mineral resources with “reasonable prospects for eventual economic extraction” by selecting appropriate cut-off grades and a producing a reasonable “resource-level” optimized pit-shell.

  • Generating a Mineral Resource Estimate statement.

  • Assessing and identifying the factors that could affect the mineral resource estimate.

14.5 RESOURCE DATABASE AND WIREFRAMING

The close-out date for the Hat deposit 2024 MRE database is November, 2023. The database was provided by Doubleview and was verified by Micon’s QP, prior to use for geological modelling and resource estimation purposes.

14.5.1 Database

The database consists of 71 diamond drill holes, totalling 31,273.88 m of drilling and including 13,961 sample intervals. The database includes validated location, survey and assay results. Hole H048, which was drilled during 2022, was abandoned after 27 m and is ignored in the Project database. There is collar and survey information present for 70 drill holes in the Project database. All assay values referred in this section are in g/t (unless mentioned otherwise) and can interchangeably be used as ppm. The database also includes lithological descriptions taken from drill core logs. However, valid down-hole survey information is missing from 34 drill holes. The database covers the strike length of the mineralized domain, with variable drill hole coverage. Table 14.1 summarizes the types and amount of data in the database and the portion of the data used for the mineral resource estimate. Figure 14.1 shows the Plan View (left) and Orthogonal View looking north-east (right) of the Hat Drill Hole Database.

Table 14.1 Hat Project Database

**Data Type ** In Database Used For the 2024 MRE
Drill Collar 71 65
AssaySamples 13,961 13,287
Core Metreage(m) 31,273.88 29,559.39

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Figure 14.1 Plan and Orthogonal View (looking north-east) of Hat Drill Hole Database

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N
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14.5.2 Topography

The Project topography was provided by Doubleview as a digital terrain model (DTM) in DXF format. The topography was used to clip the overburden zone and the mineralized wireframe (as applicable) to the surface.

14.5.3 Mineralized Wireframe

Micon’s QPs have identified the mineralized domain using Leapfrog software. A preliminary CuEq cutoff grade of 0.1% was considered in constructing the wireframe. Internal dilutions below 0.1% CuEq have been considered, as the deposit is categorized as a polymetallic Cu, Co, Au and Ag porphyry. An overburden zone was identified at surface with the help of lithological information available. Figure 14.2 shows the 3D perspective view of the geological interpretation of the database.

No significant oxidation zone could be identified, so the entire interpreted wireframe has been considered as a single mineralized domain at this time.

Five fault planes have been identified by Doubleview’s geologists as passing through the mineralized zone for Hat Deposit. The planes are northwest oriented and dipping vertically below surface. Figure 14.3 shows the location of those planes in 3D. There is some speculation that the faults might influence the disposition of mineralization. However, there is insufficient structural information available at this moment to confirm this speculation and, as a result, the faults have not been considered to have any influence in the current MRE.

Micon’s QPs suggest performing a detailed structural study to understand whether any displacement of mineralization has occurred along the fault zones and incorporating this information into future MREs.

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Figure 14.2 3D Perspective of the Interpreted Mineralized Zone of Hat Project

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N
OVERBURDEN
MINERALIZED ZONE
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Figure 14.3 3D View of the Location of the Fault Planes in Hat Deposit

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N
TOPOGRAPHY
MINERALIZED ZONE
FAULT
PLANES
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14.6 CAPPING OUTLIERS, COMPOSITING AND VARIOGRAPHY

14.6.1 Capping Outlier Values

The Cu, Co, Au and Ag raw assay values were analyzed to identify the outliers which would have an effect of biasing the overall estimation process. The outlier values were identified for all four elements, using Supervisor software. Log probability and Cumulative Metal Plots have been analyzed for this exercise. Figure 14.4 to Figure 14.7 depict the plots for Cu, Co, Au and Ag assay and the individual raw statistics within the mineralized zone.

The different capping grades used for Cu, Co, Au and Ag are 48,000 g/t, 1,135 g/t, 4.70 g/t and 15 g/t, respectively.

14.6.2 Compositing Capped Values

The intercepts within the identified mineralized zone were then composited to 2 m equal length intervals, using capped Cu, Co, Au and Ag assays. Table 14.2 provides the comparison between raw data, capped uncomposited data and capped composited data within the mineralized zone.

Figure 14.4 Log Probability and Cumulative Metal Plot for Cu (g/t) Values within the Mineralized Zone

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Figure 14.5 Log Probability and Cumulative Metal Plot for Co (g/t) Values within the Mineralized Zone

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Figure 14.6 Log Probability and Cumulative Metal Plot for Au (g/t) Values within the Mineralized Zone

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Figure 14.7 Log Probability and Cumulative Metal Plot for Ag (g/t) Values within the Mineralized Zone

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Table 14.2 Summary of the Basic Statistics for 2 m Composites

Description Elements Mean
(g/t)
Standard
Deviation
Coefficient
of
Variation
Variance Minimum
(g/t)
Lower
Quartile
(g/t)
Median
(g/t)
Upper
Quartile
(g/t)
Maximum
(g/t)
Raw Data Cu 1,142.59 3,056.78 2.68 9343928 3.33 170.00 399.50 1,055.00 1,33,500.00
Co 65.70 94.94 1.44 9013.40 1.10 32.80 45.00 67.00 2,600.00
Au 0.10 0.37 3.53 0.13 0.00 0.01 0.04 0.09 18.95
Ag 0.35 1.02 2.92 1.04 0.01 0.05 0.16 0.33 45.90
Capped
Uncomposited
Data
Cu 1,126.78 2,651.61 2.35 7031025 3.33 170.00 399.50 1,055.00 48,000.00
Co 64.96 82.46 1.27 6800 1.10 32.80 45.00 67.00 1,135.00
Au 0.10 0.27 2.66 0.07 0.00 0.01 0.04 0.09 4.70
Ag 0.34 0.80 2.36 0.65 0.01 0.05 0.16 0.33 15.00
Capped
Composited
Data
Cu 1,126.91 2,328.10 2.07 5420038 3.33 186.43 434.26 1,135.00 48,000.00
Co 64.96 72.03 1.11 5188 2.00 33.70 46.24 69.80 1,135.00
Au 0.10 0.23 2.31 0.05 0.00 0.02 0.04 0.09 4.70
Ag 0.34 0.71 2.08 0.50 0.01 0.06 0.17 0.33 15.00

Doubleview Gold Corp.

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14.6.3 Variography

The spatial distribution of Cu, Co, Ag and Ag was evaluated through variographic analysis for the mineralized domain. Spherical variograms were modelled by Doubleview and were validated by Micon’s QPs, prior to using them as search criteria for resource block model. The modelled variograms are presented in Figure 14.8, Figure 14.9, Figure 14.10 and Figure 14.11 for Cu, Co, Au and Ag, respectively.

All variogram analyses and modelling were performed in Datamine Studio RM Software. Primary directions and orientations of the variograms were observed in the data and visually in 3D space. These orientations were then examined statistically, within the mineralized zone, to ensure that they represented the best possible fit of the geology and grade continuity.

Figure 14.8 Variography for Cu

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X: N110, 50
Y: N20, 0
Z: N290, 40
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Figure 14.9 Variography for Co

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X: N0, 30
Y: N90, 0
Z: N180, 60
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Figure 14.10 Variography for Au

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X: N140, 50
Y: N50, 0
Z: N320, 40
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Figure 14.11 Variography for Ag

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X: N140, 0
Y: N50, 0
Z: N0, 90
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14.7 ROCK DENSITY

A total of 208 samples have been collected for density measurement, covering 16 drill holes, for Hat Project. Doubleview has provided the density database to Micon. An average density of 2.9 gm/cm[3] has been considered for the mineralized zone. Although an overburden layer has been identified geologically, no density difference was considered between the overburden and mineralized zone at this time. Moreover, no significant oxidized zone exists for the mineralized area of the Hat Project.

14.8 BLOCK MODEL AND GRADE INTERPOLATION

14.8.1 Block Model

A block model was constructed to represent the volume and attributes of rock density and grade within the mineralized zones for the Hat Project. A summary of the block model definition is presented in Table 14.3.

Table 14.3 Summary of Block Model Definition

Description Value
Number of blocks: 234 × 235 × 143 = 7,863,570
Base point: 346500, 6453100, 1190
Block size: (m) 10, 10, 10
Leapfrog Rotation: null
Azimuth:
Dip:
Pitch:
Boundary size: 2340, 2350, 1430
Minimum X: 346500
Minimum Y: 6453100
Minimum Z: -240
Maximum X: 348840
Maximum Y: 6455450
Maximum Z: 1190

14.8.2 Search Strategy and Interpolation

The search parameters derived from the variographic analysis were used to interpolate the capped composite grades within the mineralized zone. The search strategy has been primarily provided by Doubleview and Micon’s QP has executed the interpolation by using the Ordinary Kriging (OK) method in Leapfrog Edge Software. The kriging parameters for all elements are presented in Table 14.4.

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Table 14.4 Summary of Ordinary Kriging Parameters for All Elements for Hat Project

Pass Numeric
Values* (in g/t)
Ellipsoid Ranges (m) Ellipsoid Ranges (m) Ellipsoid Ranges (m) Ellipsoid Directions Ellipsoid Directions Ellipsoid Directions Number of Samples Number of Samples Drill Hole Limit
Maximum Intermediate Minimum Dip Dip Azi. Pitch Minimum Maximum Max Samples per
Hole
P1 Ag_cap 51 53 46 0 0 50 11 25 5
Au_cap 63 97 80 50 140 90 11 25 5
Co_cap 33 66 17 30 180 0 11 25 5
Cu_cap 170 145 95 50 110 90 11 25 5
P2 Ag_cap 77 80 70 0 0 50 10 20 5
Au_cap 95 144 120 50 140 90 10 20 5
Co_cap 50 100 25 30 180 0 10 20 5
Cu_cap 257 215 140 50 110 90 10 20 5
P3 Ag_cap 115 41 105 0 0 50 5 15 5
Au_cap 142 41 180 50 140 90 5 15 5
Co_cap 75 150 37 30 180 0 5 15 5
Cu_cap 385 325 212 50 110 90 5 15 5
P4 Ag_cap 300 300 300 0 0 50 5 15 5
Au_cap 300 300 300 50 140 90 5 15 5
Co_cap 300 300 300 30 180 0 5 15 5

*Note: _cap refers to capped composited value.

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Doubleview Gold Corp.

All four elements, Cu, Co, Au and Ag, have been estimated individually within the block model. Three passes have been used to interpolate the Cu grades into the blocks contained within the mineralized zone. However, an additional pass (P4) has been used to interpolate Co, Au and Ag, in order to inform all blocks with all four elements.

CuEq in % has been calculated using the formula noted below, for input (composites) and output (blocks).

CuEq in % = ([Ag grade_g/t] 240.68/31.1035 + [Au grade g/t] 1900.89/31.1035 + 0.0001 [Co grade_ g/t] 220.7822.0462 + 0.0001 [Cu grade_ g/t] 40.8422.0462) / (422.04620.84)._

14.9 BLOCK MODEL VALIDATION

The resource block model was validated using a variety of methods, including visual inspection of the model grades and grade distributions compared to the informing raw samples, statistical comparisons of informing composites to the model and swath plots to compare the grade distribution along easting, northing and vertical directions.

14.9.1 Visual Inspection

The block model was validated using visual comparison of the composite values and the block model values. Different sectional views were considered for this validation for each element individually and for the calculated CuEq %. An example section is presented in Figure 14.12.

Figure 14.12

A Typical North-South Section (Looking West) Showing the Comparison between Composite and Estimated Grades for CuEq%

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N
S
OVERBURDEN
MINERALIZED ZONE BOUNDARY
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14.9.2 Statistical Comparisons

Ordinary kriging (OK), Inverse Distance Cubed (ID[3] ) and Nearest Neighbour (NN) interpolations were performed to check for local and global bias in the models. All comparisons show reasonable agreement between the input data and the output estimates for the entire block model. Table 14.5 summarizes the global statistical comparison between the 2 m composite grade and block estimated grade.

Table 14.5

Global Statistical Comparison Between 2 m Composite Grade and Block Estimated Grade

Element 2 m Composites 2 m Composites Block Model Block Model Block Model
Sample
Count
Mean
(g/t)
Block
Count
Estimated Mean
(g/t) using OK
Estimated Mean
(g/t) using ID3
Estimated Mean
(g/t) using NN
Cu 1,126.91 937.45 949.62 952.51
Co 64.96 57.03 57.32 60.79
Au 13,152 0.10 1,002,256 0.08 0.08 0.08
Ag 0.34 0.35 0.35 0.33

14.9.3 Swath Plots

Micon’s QPs have also performed model validation by using swath plots for each element in all the directions. The plots for Cu (as example) are presented in easting, northing and vertical directions in Figure 14.13, Figure 14.14 and Figure 14.15, respectively. The three different methods of interpolation follow a similar trend and the differences in the values are within reasonable limits.

Figure 14.13 Cu Swath Plot along Easting at 40 m Intervals

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Block Grade (NN)
Block Grade (ID [3] )
Block Grade (OK)
Block Count
2m Composite grade
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Figure 14.14 Cu Swath Plot along Northing at 40 m Intervals

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Block Grade (NN)
Block Grade (ID [3] )
Block Grade (OK)
Block Count
2m Composite grade
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Figure 14.15 Cu Swath Plot along Depth at 30 m Intervals

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Block Grade (NN)
Block Grade (ID3)
Block Grade (OK)
Block Count
2m Composite grade
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14.10 MINERAL RESOURCE ESTIMATE

14.10.1 Reasonable Prospects for Economic Extraction

The CIM Standards require that an estimated mineral resource must have reasonable prospects for eventual economic extraction. The mineral resource discussed herein has been constrained by reasonable mining shapes, using economic assumptions appropriate for an open pit mining scenario. The potential mining shapes are preliminary and conceptual in nature.

For the Hat Project, a pit-shell was optimized, based on CuEq values calculated using a set of economic parameters, depending on the material and mining method. The calculated economic cut-off grade of 0.14% CuEq met the definition of potential eventual economic extraction. However, Doubleview has used an open pit cut-off grade of 0.20% CuEq to report the initial base-case mineral resources, as this better demonstrated potential eventual economic extraction.

Table 14.6 summarizes the economic parameters used to calculate the CuEq cut-off grade.

Table 14.6

Economic Parameters used to Calculate the CuEq Cut-Off grade

Description Values
Au price US$/oz 1,900
Ag price US$/oz 24
Cu price U$/lb 4
Co price U$/lb 22
Au recovery 89.0%
Ag recovery 68.0%
Cu recovery 84.0%
Co recovery 78.0%
Mining Cost U$/t (OP) 2.5
Processing Cost U$/t 6
G&A Cost U$/t 2

The metal prices and operating costs were provided by Doubleview and approved by Micon’s QPs as being appropriate to be used for the current MRE. No underground resource has been estimated at this time.

14.10.2 Mineral Resource Classification

Micon’s QP has classified the mineral resources for the Hat Project in the Indicated and Inferred categories. No measured resources are included at this time, primarily due to the following reasons:

  • A circular drilling pattern around each drill pad leading to an uneven distribution of sample points.

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  • Missing survey records for 39% of the drill data.

  • No core recovery information for 22% of drill data.

Micon’s QPs have reviewed the distribution and continuity of the potentially economically extractable material for the current MRE. Micon’s QPs have also initially identified the Indicated Resources as those blocks having a CuEq grade >= 0.14%, which are informed by samples within 85 m distance, estimated by at least 3 drill holes, having a kriged efficiency >= 0.4 and those blocks estimated during Pass 1 of the interpolation process. This was further refined visually, in order to downgrade or upgrade those blocks that would otherwise have created a “Spotted Dog” effect.

14.10.3 Mineral Resource Estimate

The MRE for the Hat Project is summarized in Table 14.7. The MRE has an effective date of July 17, 2024. The QPs have classified the initial MRE as Indicated and Inferred mineral resources, based on data density, search ellipse criteria and interpolation parameters, as discussed above. The 2024 Hat MRE is considered to be a reasonable representation of the mineral resources for the Hat Project, based on the currently available data and geological knowledge. Figure 14.16 and Figure 14.17 depict the Plan and Sectional views respectively, for the optimized open pit-shell and the block model for the Hat Project.

14.10.4 Mineral Resource Estimate Grade Sensitivity Analysis

Table 14.8 shows the cut-off grade sensitivity analysis for CuEq for the 2024 Hat MRE. The reader should be cautioned that the figures provided in Table 14.8 should not be interpreted as a mineral resource statement. Figure 14.18 shows the graphical representation of the relationship between different CuEq cut-off grades and tonnages for the deposit. Micon’s QP has reviewed the MRE cut-off grades used in the sensitivity analysis and it is the opinion of the QP that they meet the test for reasonable prospects of eventual economic extraction at varying metal prices or other underlying parameters used to calculate the cut-off grade.

14.11 RESPONSIBILITY FOR THE HAT PROJECT MINERAL RESOURCE ESTIMATE

The geologic and resource modelling for the Hat deposit has been completed by William J. Lewis, P.Geo., and Chitrali Sarkar, M.Sc., P.Geo., of Micon using Leapfrog Geo and Edge software. Mr. Lewis and Ms. Chitrali Sarkar are the QPs responsible for the 2024 MRE as defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

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Table 14.7

Hat Deposit MRE Based on a 0.2% CuEq Cut-Off

Open Pit
Model Hat
Resource
Category
Tonnage Average Grade Average Grade Average Grade Average Grade Metal Content Metal Content
CuEq Cu Co Au Ag CuEq Cu Co Au Ag
Mt % % % g/t g/t million lb million lb million lb thousand oz thousand oz
In Pit Indicated 150 0.408 0.221 0.008 0.19 0.42 1,353 733 28 929 2,045
Inferred 477 0.344 0.185 0.009 0.15 0.49 3,619 1,945 91 2,328 7,575

Notes:

  1. The effective date of the MRE is 17 July 2024.

  2. The Mineral Resource Estimate has been stated using a CuEq cut-off grade for comparison purposes with Doubleview’s previous statements. The CuEq value is primarily driven by the prices of associated minerals. Micon’s QPs recommend that future resource estimates are completed using an NSR calculation.

  3. William Lewis P.Geo., and Chitrali Sarkar M.Sc., P.Geo., of Micon are the QPs responsible for the MRE, as defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

  4. The mineral resources disclosed in this report were estimated using the CIM standards for mineral resource and reserve definitions and the CIM best practices guidelines for resource estimation.

  5. The mineral resources reported are contained within the boundaries of a pit-shell derived from the open pit optimizer, assuming surface mining methods with an overall slope angle of 45 degrees and with the original block model re-blocked to 20m x 20m x 20m. Mineralized blocks outside of the pit-shell are not considered to be part of the MRE.

  6. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

  7. Geological modelling and the MRE have been completed using Leapfrog Geo and Edge software.

  8. An open pit cut-off grade of 0.14% CuEq was calculated for the MRE, using a gold price of US$1,900/oz, a silver price of US$24/oz, a copper price of US$4/lb and a cobalt price of US$22/lb; mining cost US$2.5/t, processing cost US$6/t and G&A costs of US$2/t; gold recovery of 89%, silver recovery of 68%, copper recovery of 84% and cobalt recovery of 78%. However, to further fulfill the criterion for an MRE to meet the definition of potentially economic extraction, Doubleview has used an open pit cut-off grade of 0.20% CuEq to report the initial base-case mineral resources.

  9. EUR ING Andrew Carter B.Sc. CEng. MIMMM, MSAIMM SME of Coffey, Tetra Tech has reviewed the metallurgical test work and is the QP responsible for the metallurgical recoveries and processing costs.

  10. The MRE has been classified according to CIM definitions of Indicated and Inferred Resources. There are no Measured Resources, at this time. The Mineral Resource classification has been visually reviewed to eliminate any ‘Spotted Dog’ effect, commonly seen in computer-generated models.

  11. Ordinary Kriging (OK) interpolation was used with a single block size of 10m x 10m x 10m.

  12. The mineral resource results are presented in-situ within the optimized pit. Mineralized material outside the pit has not been considered as a part of the current MRE.

  13. The tonnes and metal contents are rounded to reflect that the numbers are an estimate and any discrepancies in the totals are due to the rounding effects.

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Figure 14.16 Open Pit Plan View and Block Model

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BLOCKS OUTSIDE
PIT-SHELL
BOUNDARY
PIT-SHELL BOUNDARY
AT 700 MSL
BLOCKS INSIDE PIT-
SHELL BOUNDARY INDICATED RESOURCE
BOUNDARY
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Figure 14.17 Open Pit Section and Block Model

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S N
INDICATED RESOURCE
BOUNDARY
BLOCKS OUTSIDE
PIT-SHELL OPTIMIZED PIT-SHELL
BOUNDARY
BLOCKS INSIDE
PIT-SHELL
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Table 14.8 Grade Sensitivity Analysis at Different Cu-Eq (%) Cut-Off Grades for Hat Project

Open Pit
Model Hat
Resource
Category
CuEq cut-off
grade
Cumulative
Tonnage
Weighted Average Value Cumulative Material Content
CuEq Cu Co Au Ag CuEq Cu Co Au Ag
% Mt % % % g/t g/t million lb million lb million lb thousand oz thousand oz
0.1 217.17 0.33 0.172 0.008 0.16 0.37 1,576 824 38 1,086 2,591
0.12 205.60 0.34 0.180 0.008 0.16 0.38 1,547 814 36 1,067 2,515
0.14 192.39 0.36 0.188 0.008 0.17 0.39 1,509 799 34 1,040 2,417
0.16 178.31 0.37 0.198 0.008 0.18 0.40 1,463 780 32 1,008 2,300
0.18 164.32 0.39 0.209 0.008 0.18 0.41 1,410 758 30 971 2,179
Indicated 0.2 150.49 0.41 0.221 0.008 0.19 0.42 1,353 733 28 929 2,045
In Pit 0.3 92.83 0.51 0.285 0.009 0.24 0.48 1,039 584 18 707 1,421
0.4 55.91 0.61 0.354 0.009 0.28 0.53 758 437 12 510 960
0.5 34.27 0.72 0.425 0.010 0.33 0.59 545 321 8 361 651
0.6 21.16 0.83 0.498 0.011 0.37 0.65 387 232 5 253 441
0.8 8.14 1.06 0.659 0.012 0.46 0.79 191 118 2 119 208
0.1 903.19 0.25 0.129 0.008 0.11 0.42 5,008 2,559 153 3,194 12,312
0.12 812.65 0.27 0.138 0.008 0.12 0.44 4,789 2,471 141 3,060 11,493
0.14 722.77 0.28 0.148 0.008 0.12 0.45 4,531 2,364 129 2,899 10,571
0.16 634.85 0.30 0.160 0.008 0.13 0.47 4,240 2,236 116 2,716 9,570
0.18 550.39 0.32 0.172 0.008 0.14 0.48 3,924 2,091 103 2,517 8,536
Inferred 0.2 477.38 0.34 0.185 0.009 0.15 0.49 3,619 1,945 91 2,328 7,575
0.3 223.56 0.46 0.254 0.010 0.21 0.52 2,252 1,251 47 1,477 3,762
0.4 111.17 0.57 0.323 0.010 0.26 0.52 1,403 792 25 940 1,872
0.5 59.97 0.68 0.389 0.011 0.32 0.52 902 514 15 612 1,011
0.6 33.98 0.79 0.452 0.012 0.37 0.53 590 339 9 404 582
0.8 11.16 1.01 0.584 0.013 0.48 0.56 247 144 3 172 202

Notes:

  1. The reported quantities and grade estimates at different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the mineral resource model to varying CuEq cut-off grades. Micon’s QP has reviewed the varying CuEq cut-off grades used in the sensitivity analysis, and it is the opinion of the QP that they meet the test for reasonable prospects of eventual economic extraction at the cut-off grades used.

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Figure 14.18 Open Pit Grade -Tonnage Curve for Hat Project

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14.12 FACTORS THAT COULD AFFECT THE MINERAL RESOURCE ESTIMATES

All estimation models have a degree of uncertainty associated with them, due to the assumptions used in their development. These uncertainties lead to risks in the relative accuracy of the models. In the development of the 2024 MRE model for the Hat Project, Micon’s team members have used industry best practice guidelines and have reasonably mitigated much of the potential risks.

It is the QP’s opinion that the factors set out below could affect the mineral resource estimate.

  • The geological interpretations and assumptions used to generate the estimation domain.

  • Mineralization and geologic geometry and continuity of the mineralized zones.

  • Estimates of mineralization and grade continuity.

  • The grade interpolation methods and estimation parameter assumptions.

  • The confidence assumptions and methods used in the mineral resource classification.

  • The density and the methods used in the estimation of density.

  • Metal price and other economic assumptions used in the cut-off grade determination.

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  • Input and design parameter assumptions that pertain to the open pit mining constraints.

  • Assumptions as to the continued ability to access the test mine site, retain mineral and surface rights titles, maintain the operation within environmental and other regulatory permits, and maintain the social license to operate.

  • No environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors are known to the QPs that would materially affect the estimation of Mineral Resources, other that those discussed in this report.

14.13 SCANDIUM POTENTIAL FOR THE HAT PROJECT

There are a number of other secondary elements contained within the mineralized deposit located at the Hat Project that may, in time, prove to be potentially economic based upon the multi-element analysis conducted on the drill samples. However, insufficient metallurgical sampling and test work have been conducted on these specific elements to determine whether they will eventually join the elements which comprise the current MRE. In particular, it is believed that scandium may be able to be recovered economically through a “tank leaching” process.

Preliminary metallurgical test work for the Hat Project has focused on producing a high-gold, lowcobalt-copper concentrate and a low-gold, high-cobalt-pyrite concentrate. Scandium is primarily associated with pyroxene and amphibole gangue minerals in the deposit and reports to flotation tails. Tests have demonstrated that scandium can be extracted from the tailings using sulphuric acid at an elevated temperature as a lixiviant. Test work has also shown that scandium can be separated into an intermediate scandium – aluminium product that can be processed further for the recovery of a scandium oxide product. Separation of scandium and aluminium will be the focus of the next phase of test work. The concept being considered is that the pyrite concentrate can be developed as a source of acid for both cobalt and scandium recovery.

In order to determine the scandium potential for the Hat Project, the scandium assays were included in the block model without the application of recoveries or other factors, such as grade capping, being applied. However, the scandium potential for the Hat Project is confined to the resource blocks that meet a cut-off grade of 0.2% CuEq within the open pit shell that currently defines the extent of the MRE. Any blocks that did not meet the 0.2% CuEq within the pit shell that defines the extent of the MRE were not considered to contain recoverable scandium. All mineralized blocks outside the pit shell were also not considered when developing the scandium potential for the Hat Project.

Based on the assumptions contained in the previous paragraph, the scandium potential for the Hat Project is estimated to be:

300 to 500 Mt at an average grade of 40 ppm (0.004%) Sc2O3.

It is emphasised that the scandium potential quantity and grade are conceptual in nature and that, while scandium grades have been derived from the multi-element analysis conducted on the Hat Project drill core, there is no certainty that further metallurgical test work will determine that scandium can be recovered economically.

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TECHNICAL REPORT SECTIONS NOT REQUIRED

The following sections which form part of the NI 43-101 reporting requirements for advanced projects or properties are not relevant to the current Technical Report.

15.0 MINERAL RESERVE ESTIMATES

16.0 MINING METHODS

17.0 RECOVERY METHODS

18.0 PROJECT INFRASTRUCTURE

19.0 MARKET STUDIES AND CONTRACTS

20.0 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT

21.0 CAPITAL AND OPERATING COSTS

22.0 ECONOMIC ANALYSIS

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23.0 ADJACENT PROPERTIES

23.1 GENERAL INFORMATION

The Hat Project is located in Stikinia terrane in northwestern British Columbia and is one of a large number of mines, former mines, prospects and significant mineral occurrences in that terrain. However, on a local scale, there is only one adjacent neighbour to the west and one to the south-east. The area to the south of the Hat claims which used to belong to the Grizzly claims, is a temporary “No Registration Reserve” with a review date of December 01, 2024, as per the BC Mineral Titles Online website.

The south-eastern claims belong to Robert Weicker. In 2018, a small program of sampling and prospecting was conducted which resulted in anomalous copper and zinc values, as filed in an assessment report with the BC Ministry of Energy, Mines and Low Carbon Innovation.

The adjacent westerly claims have been explored over the past 65 years which resulting in what’s now called the Star project. From 1958 to 1973, the area was explored by Skyline in conjunction with several joint venture partners. 6 drill holes totaling 1,050m of drilling were drilled on the Copper Creek mineral occurrence. The Pyrrhotite Creek occurrence was drilled by 9 holes, totaling 1,097 m, as noted in later assessment reports. From 1976 to the late 1980s, United Cambridge conducted extensive exploration work in the area, leading to the discovery of the present Star porphyry copper-gold deposit, located 15 km west of the Hat deposit, by T. E. Lisle, a prospector-geologist employed by United Cambridge, in 1978. Various other explorers worked in the area conducting geochemical and geophysical surveys as well as geological mapping. Firesteel Resources Ltd. (Firesteel Resources) optioned the claims from 3 co-owners in 2003. Starting the same year until 2007, Firesteel Resources conducted geochemical surveys, 600 m of trenching in various areas of the project and drilled more than 4,000 m. In 2011, several short localized drill holes utilizing a small backpack drill were drilled, resulting in (19 samples) as well as mapping, geochemical sampling and prospecting were conducted.

In 2013, the property was optioned by Prosper Gold a junior exploration company that, in 2014, conducted airborne magnetic and radiometric surveys, mapping, geochemical surveys and 7,750 m of diamond drilling in 24 drill holes, as filed in assessment reports with the BC Ministry of Energy, Mines and Low Carbon Innovation. Prosper Gold still holds 51% of the claims while the co-owner of 49% now is Cavu Energy Metals Corp. (Cavu Energy)

The Star deposit is an intermediate calc-alkaline to alkali porphyry deposit with multiple mineralizing intrusive phases that form a steep dipping pipe-like structure (source: notes to accompany a presentation to MEG Short Course, 9/12/2014).

The Star prospect drill holes “…intersected highly altered, strongly veined and pervasively mineralized (pyrite, chalcopyrite and magnetite) medium grained hornblende monzonite and andesite.” Host rocks were “…considered to be Late Triassic in age (218Ma) ...” and “…correlated with the Late Triassic Stuhini Group” (source: Prosper Gold News Release, 18/09/2013”.

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23.2 MICON QP COMMENTS

Micon has not verified the information regarding the mineral deposits and showings described above that are outside the immediate area of the Hat deposit or the property held by Doubleview. The information contained in this section of the report, which was provided by Doubleview, is not necessarily indicative of the mineralization at the Hat deposit.

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24.0 OTHER RELEVANT DATA AND INFORMATION

Other than the information already contained in this Technical Report, there are no other relevant data or information related to the scope of this report for the Hat Project.

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25.0 INTERPRETATION AND CONCLUSIONS

25.1 GENERAL INFORMATION

This Technical Report outlines the exploration programs and QA/QC programs conducted by Doubleview on the Hat Project and uses the information gathered through exploration and metallurgical test work programs as the basis for the initial mineral resource estimate on the Hat Project.

25.2 2024 HAT DEPOSIT MINERAL RESOURCE ESTIMATE

The MRE contained in this Technical Report is the initial MRE for the Hat Project. The MRE was completed by Micon, with input from the geological personnel of Doubleview.

25.2.1 Methodology

The mineralized wireframe models for the Hat Project were prepared using LeapFrog GEO v.2023.2.1 (LeapFrog). Wireframe modelling included the construction of a single mineralized domain, constrained to the extents of the deposit-scale Cu-Au-Ag porphyry unit and capped by overburden, as found in the core-logging information. Geostatistical analyses were carried out using Datamine Snowden Supervisor v.8.15.0.3 (Supervisor). The estimation, block model and grade interpolation, were prepared using LeapFrog EDGE v.2023.2.1 (LeapFrog). Resource-level potentially mineable open pit shapes were created using Datamine Studio Maxi Pit 1.5.16 (Datamine).

The main steps in the methodology were as follows:

  • Compiling and validating the diamond drill hole databases used for mineral resource estimation. Calculation of the CuEq (in %) to be used as the basis for domaining the mineralized zone.

  • Interpretation of the mineralized domain, based on lithological and assay information.

  • Capping of outlier values and compositing the database, for the purpose of geostatistical analysis, and performing variography.

  • Generating the block model and grade interpolation.

  • Validating the criteria for mineral resource classification.

  • Assessing the mineral resources with “reasonable prospects for eventual economic extraction” by selecting appropriate cut-off grades and producing a reasonable “resource-level” optimized pit-shell.

  • Generating a Mineral Resource Estimate statement.

  • Assessing and identifying the factors that could affect the mineral resource estimate.

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25.2.2 Resource Database and Wireframing

25.2.2.1 Database

The database consists of 71 diamond drill holes, totalling 31,273.88 m of drill metreage and including 13,961 sample intervals. The database includes validated location, survey and assay results. Drill hole H048 which was drilled during 2022, was abandoned after 27 m and is not included in the Project database. Collar and survey information for 70 drill holes is available in the Project database. The database also includes lithological descriptions taken from drill core logs. However, valid down-hole survey information is missing from 34 drill holes. The database covers the strike length of the mineralized domain with variable drill hole coverage

25.2.2.2 Topography

The Project topography was provided by Doubleview as a digital terrain model (DTM) in DXF format. The topography was used to clip the overburden zone and the mineralized wireframe (as applicable) to the surface.

25.2.2.3 Mineralized Wireframe

Micon’s QPs have outlined the mineralized domain using Leapfrog software. A preliminary CuEq cut-off grade of 0.1% was considered to construct the wireframe. Internal dilutions below 0.1% CuEq have been considered as the deposit is categorized as a polymetallic Cu, Co, Au and Ag porphyry. An overburden zone was identified at surface, using the lithological information available.

No significant oxidation zone could be identified, so the whole interpreted wireframe has been considered as a single mineralized domain at this time.

Five fault planes have been identified by Doubleview’s geologists which are passing through the mineralized zone for Hat Deposit. The planes are northwest oriented and dipping vertically below surface. There is some speculation that the faults might influence the disposition of mineralization. However, there is insufficient structural information available at this moment to confirm this speculation and, as a result, the faults have not been considered to have any influence in the current MRE.

25.2.3 Capping Outliers, Compositing and Variography

25.2.3.1 Capping Outlier Values

The Cu, Co, Au and Ag raw assay values were analyzed to determine outlier values which could bias the estimation process. The outlier values were identified for all four elements using Supervisor software. Log probability and Cumulative Metal Plots have also been analyzed.

The capping grade used for Cu, Co, Au and Ag are 48,000 g/t, 1,135 g/t, 4.70 g/t and 15 g/t, respectively.

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25.2.3.2 Compositing Capped Values

The intercepts within the identified mineralized zone were then composited to 2 m equal length intervals, using capped Cu, Co, Au and Ag assays.

25.2.3.3 Variography

The spatial distribution of Cu, Co, Ag and Ag was evaluated through variographic analysis for the mineralized domain. Spherical variograms were modelled by Doubleview and were validated by Micon’s QPs prior using them as search criteria for the resource block model.

All variographic analyses and modelling were performed in Datamine Studio RM Software. Primary directions and orientations of the variograms were observed in the data and visually in 3D space. These orientations were then examined statistically within the zone, to ensure that they represented the best possible fit of the geology and grade continuity.

25.2.4 Rock Density

A total of 208 samples were collected by Doubleview for density measurement, covering 16 drill holes for Hat Project. An average density of 2.9 gm/cm[3] has been considered for the mineralized zone. Although an overburden layer has been identified geologically, no density difference was considered between the overburden and mineralized zone at this time. Moreover, no significant oxidized zone exists for the mineralized area of Hat Project.

25.2.5 Block Model and Grade Interpolation

25.2.5.1 Block Model

A block model was constructed to represent the volume and attributes of rock density and grade within the mineralized zones for the Hat Project.

25.2.5.2 Search Strategy and Interpolation

The set of search parameters derived from the variographic analysis were used to interpolate the capped composite grades within the mineralized zone. The interpolation was performed by using Ordinary Kriging (OK) in Leapfrog Edge Software.

All four elements, Cu, Co, Au and Ag, have been estimated individually within the block model. Three passes have been used to interpolate the Cu grades into the blocks contained within the mineralized zone. However, an additional pass (P4) has been used to interpolate Co, Au and Ag, in order to inform all the blocks with all four elements.

CuEq in % has been calculated using the formula noted below, for input (composites) and output (blocks).

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CuEq in % = ([Ag grade_g/t] 240.68/31.1035 + [Au grade_ g/t] 1900.89/31.1035 + 0.0001 [Co grade_ g/t] 220.7822.0462 + 0.0001 [Cu grade_ g/t] 40.8422.0462) / (422.04620.84).

The resource block model was validated using a variety of methods, including visual inspection of the model grades and grade distributions, compared to the informing raw samples, statistical comparisons of informing composites to the model, and swath plots to compare the grade distribution along easting, northing and vertical directions.

25.2.6 Mineral Resource Estimate

25.2.6.1 Reasonable Prospects for Economic Extraction

The CIM Standards require that an estimated mineral resource must have reasonable prospects for eventual economic extraction. The mineral resource discussed herein has been constrained by reasonable mining shapes, using economic assumptions appropriate for an open pit mining scenario. The potential mining shapes are preliminary and conceptual in nature.

For Hat Project a pit-shell was optimized based on CuEq values calculated using a set of economic parameters, depending on the material and the mining method. The calculated economic cut-off grade of 0.14% CuEq is considered to meet the criterion of potentially economic extraction. However, Doubleview has used an open pit cut-off grade of 0.20% CuEq to report the initial base-case mineral resources to clearly demonstrate that the mineral resources meet the criterion of potentially economic extraction.

Table 25.1 summarizes the economic parameters used to calculate the CuEq cut-off grade.

Table 25.1 Economic Parameters used to Calculate the CuEq Cut-Off Grade for the Hat Project

Description Values
Au price US$/oz 1,900
Ag price US$/oz 24
Cu price U$/lb 4
Co price U$/lb 22
Au recovery 89.0%
Ag recovery 68.0%
Cu recovery 84.0%
Co recovery 78.0%
Mining Cost U$/t (OP) 2.5
Processing Cost U$/t 6
G&A Cost U$/t 2

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25.2.6.2 Mineral Resource Classification

Micon’s QPs have classified the mineral resource for Hat Project in the Indicated and Inferred categories. No measured resources are considered at this time, primarily due to:

  • A circular drilling pattern around each drill pad leading to an uneven distribution of sample points with depth.

  • Missing survey records for 39% of drill data.

  • No core recovery information for 22% of drill data.

Micon’s QPs have reviewed the distribution and continuity of the potentially economically extractable material for the current MRE. The QPs have initially identified the Indicated Resources as those blocks having CuEq grade >= 0.14%, which are informed by samples within 85 m distance, estimated by at least three drill holes, having kriged efficiency >= 0.4 and those blocks estimated during P1 of the interpolation process. This was further refined visually in order to downgrade or upgrade those blocks that would otherwise have created a “Spotted Dog” effect.

25.2.6.3 Mineral Resource Estimate

The MRE for the Hat Project is summarized in Table 25.2. The MRE has an effective date of July 17, 2024. The QPs have classified the initial MRE as Indicated and Inferred mineral resources, based on data density, search ellipse criteria, interpolation parameters and other items discussed previously. The 2024 Hat MRE is considered to be a reasonable representation of the mineral resources for the Hat Project, based on the currently available data and geological knowledge.

25.2.7 Mineral Resource Grade Sensitivity Analysis

Table 25.3 shows the cut-off grade sensitivity analysis for CuEq for the Hat Project MRE. The reader should be cautioned that the figures provided in Table 25.3 should not be interpreted as a mineral resource statement. Micon’s QP have reviewed the MRE cut-off grades used in the sensitivity analysis, and it is the opinion of the QPs that they meet the test for reasonable prospects of eventual economic extraction at varying prices of metals and the other underlying parameters used to calculate the cut-off grade.

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Table 25.2

Hat Deposit MRE Based on a 0.2% CuEq Cut-Off

Open Pit
Model Hat
Resource
Category
Tonnage Average Grade Average Grade Average Grade Average Grade Metal Content Metal Content
CuEq Cu Co Au Ag CuEq Cu Co Au Ag
Mt % % % g/t g/t million lb million lb million lb thousand oz thousand oz
In Pit Indicated 150 0.408 0.221 0.008 0.19 0.42 1,353 733 28 929 2,045
Inferred 477 0.344 0.185 0.009 0.15 0.49 3,619 1,945 91 2,328 7,575

Notes:

  1. The effective date of the MRE is 17 July 2024.

  2. The Mineral Resource Estimate has been stated using a CuEq cut-off grade for comparison purposes with Doubleview’s previous statements. The CuEq value is primarily driven by the prices of associated minerals. Micon’s QPs recommend that future resource estimates are completed using an NSR calculation.

  3. William Lewis P.Geo., and Chitrali Sarkar M.Sc., P.Geo., of Micon are the QPs responsible for the MRE, as defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

  4. The mineral resources disclosed in this report were estimated using the CIM standards for mineral resource and reserve definitions and the CIM best practices guidelines for resource estimation.

  5. The mineral resources reported are contained within the boundaries of a pit-shell derived from the open pit optimizer, assuming surface mining methods with an overall slope angle of 45 degrees and with the original block model re-blocked to 20m x 20m x 20m. Mineralized blocks outside of the pit-shell are not considered to be part of the MRE.

  6. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

  7. Geological modelling and the MRE have been completed using Leapfrog Geo and Edge software.

  8. An open pit cut-off grade of 0.14% CuEq was calculated for the MRE, using a gold price of US$1,900/oz, a silver price of US$24/oz, a copper price of US$4/lb and a cobalt price of US$22/lb; mining cost US$2.5/t, processing cost US$6/t and G&A costs of US$2/t; gold recovery of 89%, silver recovery of 68%, copper recovery of 84% and cobalt recovery of 78%. However, to further fulfill the criterion for an MRE to meet the definition of potentially economic extraction, Doubleview has used an open pit cut-off grade of 0.20% CuEq to report the initial base-case mineral resources.

  9. EUR ING Andrew Carter B.Sc. CEng. MIMMM, MSAIMM SME of Coffey, Tetra Tech has reviewed the metallurgical test work and is the QP responsible for the metallurgical recoveries and processing costs.

  10. The MRE has been classified according to CIM definitions of Indicated and Inferred Resources. There are no Measured Resources, at this time. The Mineral Resource classification has been visually reviewed to eliminate any ‘Spotted Dog’ effect, commonly seen in computer-generated models.

  11. Ordinary Kriging (OK) interpolation was used with a single block size of 10m x 10m x 10m.

  12. The mineral resource results are presented in-situ within the optimized pit. Mineralized material outside the pit has not been considered as a part of the current MRE.

  13. The tonnes and metal contents are rounded to reflect that the numbers are an estimate and any discrepancies in the totals are due to the rounding effects.

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Table 25.3

Grade Sensitivity Analysis at Different Cu-Eq (%) Cut-Off Grades for Hat Project

Open Pit
Model Hat
Resource
Category
CuEq Cut-
off grade
Cumulative
Tonnage
Weighted Average Value Cumulative Material Content
CuEq Cu Co Au Ag CuEq Cu Co Au Ag
% Mt % % % g/t g/t million lb million lb million lb thousand oz thousand oz
0.1 217.17 0.33 0.172 0.008 0.16 0.37 1,576 824 38 1,086 2,591
0.12 205.60 0.34 0.180 0.008 0.16 0.38 1,547 814 36 1,067 2,515
0.14 192.39 0.36 0.188 0.008 0.17 0.39 1,509 799 34 1,040 2,417
0.16 178.31 0.37 0.198 0.008 0.18 0.40 1,463 780 32 1,008 2,300
0.18 164.32 0.39 0.209 0.008 0.18 0.41 1,410 758 30 971 2,179
Indicated 0.2 150.49 0.41 0.221 0.008 0.19 0.42 1,353 733 28 929 2,045
In Pit 0.3 92.83 0.51 0.285 0.009 0.24 0.48 1,039 584 18 707 1,421
0.4 55.91 0.61 0.354 0.009 0.28 0.53 758 437 12 510 960
0.5 34.27 0.72 0.425 0.010 0.33 0.59 545 321 8 361 651
0.6 21.16 0.83 0.498 0.011 0.37 0.65 387 232 5 253 441
0.8 8.14 1.06 0.659 0.012 0.46 0.79 191 118 2 119 208
0.1 903.19 0.25 0.129 0.008 0.11 0.42 5,008 2,559 153 3,194 12,312
0.12 812.65 0.27 0.138 0.008 0.12 0.44 4,789 2,471 141 3,060 11,493
0.14 722.77 0.28 0.148 0.008 0.12 0.45 4,531 2,364 129 2,899 10,571
0.16 634.85 0.30 0.160 0.008 0.13 0.47 4,240 2,236 116 2,716 9,570
0.18 550.39 0.32 0.172 0.008 0.14 0.48 3,924 2,091 103 2,517 8,536
Inferred 0.2 477.38 0.34 0.185 0.009 0.15 0.49 3,619 1,945 91 2,328 7,575
0.3 223.56 0.46 0.254 0.010 0.21 0.52 2,252 1,251 47 1,477 3,762
0.4 111.17 0.57 0.323 0.010 0.26 0.52 1,403 792 25 940 1,872
0.5 59.97 0.68 0.389 0.011 0.32 0.52 902 514 15 612 1,011
0.6 33.98 0.79 0.452 0.012 0.37 0.53 590 339 9 404 582
0.8 11.16 1.01 0.584 0.013 0.48 0.56 247 144 3 172 202

Notes:

  1. The reported quantities and grade estimates at different cut-off grades are presented for the sole purpose of demonstrating the sensitivity of the mineral resource model to varying CuEq cut-off grades. Micon’s QP has reviewed the varying CuEq cut-off grades used in the sensitivity analysis, and it is the opinion of the QP that they meet the test for reasonable prospects of eventual economic extraction at the cut-off grades used.

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25.2.8 Scandium Potential for the Hat Project

There are a number of other secondary elements contained within the mineralized deposit located at the Hat Project that may, in time, prove to be potentially economic based upon the multi-element analysis conducted on the drill samples. However, insufficient metallurgical sampling and test work have been conducted on these specific elements, to determine whether they will eventually join the elements which comprise the current MRE. Although not all of these elements will be able to be recovered economically, it is believed that scandium will be able to be recovered economically through a “tank leaching” process.

Preliminary metallurgical test work for the Hat Project focused on producing a high-gold, low-cobaltcopper concentrate and a low-gold, high-cobalt-pyrite concentrate. Scandium is primarily associated with pyroxene and amphibole gangue minerals in the deposit and reports to flotation tails. Tests have demonstrated that scandium can be extracted from the tailings using sulphuric acid at an elevated temperature as a lixiviant. Test work has also shown that scandium can be separated into an intermediate scandium – aluminium product that can be processed further for the recovery of a scandium oxide product. Separation of scandium and aluminium will be the focus of the next phase of test work. The concept being developed is that the pyrite concentrate can be used as a source of acid for both cobalt and scandium recovery.

In order to determine the scandium potential for the Hat Project, the scandium assays were included in the block model without the application of recoveries or other factors, such as grade capping. However, the scandium potential for the Hat Project is confined to the resource blocks that meet a cut-off grade of 0.2% CuEq within the open pit shell that currently defines the extent of the MRE.

Based on the assumptions contained in the previous paragraph the scandium potential for the Hat Project is estimated to be:

300 to 500 Mt at an average grade of 40 ppm (0.004%) Sc2O3.

It is emphasised that the scandium potential quantity and grade are conceptual in nature and that, while scandium grades have been derived from the multi-element analysis conducted on the Hat Project drill core, there is no certainty that further metallurgical test work will determine that scandium can be recovered economically.

25.3 RISKS AND OPPORTUNITIES

All mineral resource estimates have a degree of uncertainty or risk associated with them due to technical, environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors, among others. All mineral resource estimates also present their own opportunities. Table 25.4 outlines some of the Hat Project risks, their potential impact and possible means of mitigation. Table 25.4 also outlines some of the Hat Projects opportunities and potential benefits.

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Table 25.4 Risks and Opportunities at the Hat Project

Risk Description and Potential Impact Possible Risk Mitigation
Local grade continuity
issues
Poor grade forecasting. Undertake further infill drilling to
establish continuity of mineralization.
Local density variability Misrepresentation of the in-situ tonnes,
which also affects the in-situ metal
content estimate.
It is recommended to develop a
procedure
of
collecting
density
measurements spatially throughout the
deposit at regular intervals in all
rock/alteration types and implement
their
use
in
future
mineralization
models.
Geologic Interpretation. If
the
geologic
interpretation
and
assumptions (geometry and continuity)
used are inaccurate, then there is a
potential lack ofgrade or continuity.
Continue infill drilling to upgrade
mineral inventory to at least the
Indicated category.
Metallurgical
recoveries
are based on limited test
work.
Recovery might be lower than that which
is currently being assumed or vary with
rock type.
Conduct additional metallurgical tests
on all rock types.
Difficulty
in
attracting
experienced
professionals.
Technical work quality will be impacted
and/or delayed.
Refine
recruitment
and
retention
planning
and/or
make
use
of
consultants.
Conceptual mine plans
are based on limited
geotechnical test work.
Mining methods and dimensions selected
might be different from what is currently
being assumed.
Incorporate
more
comprehensive
geotechnical data from drilling.
Conduct
additional
geotechnical
assessment and analysis.
Environmental or social
Issues
Mining
may
not
advance
due
to
environmental or social issues
Conduct meetings with all potential
stake
holders
throughout
the
exploration and advanced development
stages. Hire locals wheneverpossible
Opportunities Explanation Potential Benefit
Surface
exploration
drilling.
Potential to identify additional prospects
and resources.
Adding
resources
increases
the
economic value of the Project.
Potential improvement in
metallurgical recoveries.
Additional metallurgical test work can be
performed to determine if recovery can be
improved through ore sorting, flotation or
cyanidation.
Lower capital and operating costs.
Potential improvement in
mining assumptions.
Geotechnical analysis may determine that
mining methods and dimensions can be
improved.
Improved mining productivity and lower
costs.
Potential
additional
economic minerals
Scandium, as well as other minerals, has
the
potential
to
be
recovered
economically.
Further metallurgical test work to
determine if scandium or other minerals
can be recovered economically.

25.4 CONCLUSIONS

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The initial mineral resource estimate has allowed Doubleview to demonstrate that the Hat Project has reasonable prospects for eventual economic extraction. Further exploration and metallurgical test work will be necessary to refine the extent and nature of economic mineralization.

While the current mineral resource estimate was completed using a copper equivalent cut-off grade which included copper, gold, cobalt and silver, Micon’s QPs consider that future mineral resource estimates should be conducted using a more robust NSR calculation to determine the reasonable prospects for eventual economic extraction.

Micon’s QPs have reviewed and validated the QA/QC conducted by Doubleview during the exploration programs which form the basis for the 2024 mineral resource estimate, as well as conducting the mineral resource estimate itself. It is Micon’s QPs opinion that the exploration programs and the mineral resource estimate itself have both been conducted according to industry best practices as outlined by the CIM. Therefore, Micon’s QPs believe that the 2024 mineral resource estimate can be used as the basis for further exploration and development work on the Hat Project.

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26.0 RECOMMENDATIONS

26.1 EXPLORATION BUDGET AND OTHER EXPENDITURES

The work plan and budget presented in Table 26.1 summarizes the estimated costs for completing further drilling and metallurgical test work on the Hat Project.

Table 26.1

Hat Project, Recommended Budget for Further Work

Item Description Total Cost
($Cdn)
Drilling Programs Outside current resource(40,000 m) 20,000,000
In-fill drilling (40,000 m) 20,000,000
Continuation of Metallurgical
Test Work
Design of the test workprograms 150,000
Laboratorycosts 100,000
Other Items Environmental baseline studies,consultation andpermitting 200,000
Collection of detailed topographic data(LIDAR) 120,000
Ore sortingtechnical study 60,000
Update of the mineral resource estimate 70,000
Total Budget: 40,700,000

Table provided by Doubleview.

It is the opinion of the Micon QPs that all of the work noted in Table 26.1 is warranted. Micon and its QPs appreciate that the nature of the programs and expenditures may change as further studies are undertaken, and that the final expenditures and results may not be the same as originally proposed.

The Micon QPs are of the opinion that Doubleview’s recommended work program and proposed expenditures are appropriate and well thought out. The Micon QPs believe that the proposed budget reasonably reflects the type and amount of the activities required to advance the Hat Project.

26.2 FURTHER RECOMMENDATIONS

Based on the results of the MRE reported herein Micon’s QPs recommend that Doubleview continues with exploration drilling and metallurgical test work at the Hat deposit.

In summary, the following work programs are recommended.

  1. Exploration Recommendations

  2. a) Conduct drilling outside the current MRE in order potentially to expand the mineral resource estimate.

  3. b) Conduct further infill drilling to upgrade the inferred mineral resource classification to indicated.

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  • c) Conduct downhole surveys on all drill holes, as they are drilled. All drill holes should have down-hole surveys conducted on them to support any upgrade to the resource classifications.

  • d) Complete an alteration model for the Hat deposit and, where applicable, relog older drill holes.

  • e) Complete a structural model for the Hat deposit as there are a number of major crosscutting faults that need to be added to the next model, as they may change some of the interpretation parameters.

  • f) Conduct a LIDAR topographic survey on the Hat property to be used as the basis for placement of infrastructure on the site.

  • g) Increase the QA/QC control sample insertion rate to ensure that industry best practice standards are adhered to.

  • h) Use one or more blank standards which are free of element concentrations for all economically relevant minerals/elements at the Project.

  • i) Actively monitor assay sample certificates against the QA/QC data as soon as the certificates are received. This will identify any assay failures quickly, allowing corrective action to be undertaken and any procedural errors or other errors to be addressed without delay.

  • j) Introduce check assaying to the QA/QC program where Hat Project rejects and pulps from the primary assay laboratory are sent to a secondary assay laboratory to check or confirm the accuracy of the first assay.

  • Metallurgical Recommendations

  • a) Consider further flotation development and optimization test work. This would be particularly useful in support of a Preliminary Economic Assessment (PEA). The work would focus on liberation and grinding optimization, but inclusion of locked cycle testing would also be advantageous, as this can be used for preliminary process design.

  • b) Continue to focus on production of saleable concentrates and start considering potential markets, off-takers, and smelters for both copper and cobalt concentrates.

  • c) Track PGE (Pd) deportment during future test work and attempt to improve recovery to copper concentrate. Consider Inductively Coupled Plasma – Optical Emission Spectroscopy (ICP-OES) analysis for PGE as an alternative to INAA as turnaround time on analytical samples will likely be more rapid.

  • d) Consider potential hydrometallurgical processes for the recovery of cobalt in the event suitable markets for cobalt concentrates cannot be identified. In addition, continue to

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develop the scandium recovery process, as this is potentially a valuable by-product. Preliminary characterization tests on flotation products could be included as part of a PEA flotation test work program.

  • e) Undertake a comprehensive PEA level metallurgical test work program to optimize the recovery of Cu, Co, Au, Ag and PGE by flotation including locked cycle test work, additional quantitative mineralogy on flotation products, as well as hydrometallurgical extraction and recovery of Co and Sc.

  • f) Further metallurgical test work is necessary to demonstrate that a commercially saleable scandium product can be achieved, as this will allow scandium to be added to the future mineral resource estimates.

  • g) Review various ore-sorting methods as a way of decreasing processing costs and enhancing the grade of the material being sent to a potential processing plant.

  • Environmental and Social Recommendations

  • a) Commencement of environmental baseline studies would be appropriate, with the studies including regular collection of climate related data, lithological characterization based on geochemical samples of rocks as well as streamflow and water quality sampling.

  • b) Expansion of the current wildlife management plan to include flora and fauna, particularly caribou and mountain goats. In particular, the recording of any potential endangered flora and fauna needs to be undertaken. This necessary if potential access corridors are going to be considered for roads or power line access to the Hat Project.

  • c) Social components of the environmental studies should continue to be maintained and expanded upon. This includes community engagements and consultations, as well as archaeological studies. In particular potential trap lines and hunting areas of the local indigenous groups need to be discussed.

  • d) Consider undertaking further archeological studies, especially for those areas that would support road access or power line access to the site.

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27.0 DATE AND SIGNATURE PAGE

The independent Qualified Persons for this report are as follows:

MICON INTERNATIONAL LIMITED (EGBC Permit to Practice Number 1001528)

“William J. Lewis” {signed and sealed as of the report date}

William J. Lewis, B.Sc., P.Geo. Principal Geologist

Report Date August 30, 2024. Effective Date: July 17, 2024.

“Chitrali Sarkar” {signed as of the report date}

Chitrali Sarkar, M.Sc., P.Geo. Senior Geologist

Report Date August 30, 2024. Effective Date: July 17, 2024.

COFFEY GEOTECHNICS LTD, A TETRA TECH COMPANY

“Andrew Carter” {signed and sealed as of the report date}

EUR ING Andrew Carter B.Sc. CEng. MIMMM, MSAIMM SME Metallurgist

Report Date August 30, 2024. Effective Date: July 17, 2024.

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28.0 REFERENCES

28.1 GENERAL PUBLICATION AND REPORT REFERENCES

Abzalov, M., (2011), Sampling Errors and Control of Assay Data Quality in Exploration and Mining Geology: in Applications and Experiences of Quality Control, Prof. Ognyan Ivanov (Ed.).

Atled Exploration Management Ltd., (1971), Report on the Geochemistry of the OH Mineral Claims, BC Assessment Report 03296.

Banks, Paul, (2015), An Update on harmonization of 2014 CIM Definition Standards, CIM Magazine, Vol. 10, No. 3, May,2015, pp 44 to 46. 41p.

Banks, Paul, (2015), Implementation of 2014 CIM Definition Standards, CIM Magazine, Vol. 10, No. 5, August,2015, pp 32 to 34.

Carter, A., (2024), Hat Project, Preliminary Report on Cost Calculations for Scandium Production., Technical Memo by Tetra Tech for Doubleview, 6 p.

Carter, A., (2023), Scandium Recoveries and Metal Prices to be used in Calculation of Copper Equivalent, Technical Memo by Tetra Tech for Doubleview, 3 p.

CIM Council, (2019), CIM Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines, 74 p.

CIM Council, (2018), CIM Mineral Exploration Best Practices Guidelines, 16 p.

CIM Council, (2014), CIM Definition Standards for Mineral Resources and Mineral Reserves, 9 p.

Harris, P., (2024), Metal Equivalents: A Hot Sticky Mess, Mining Journal 27, March 2024.

Kwiecien, G., and Somogyi-Csizmazia, J., (2024), Archaeological Investigation of IbTv-04 within the Hat Claims Area, Hatchau Lake, N.W. British Columbia, Prepared by Taiga Heritage Consulting Ltd. For Doubleview Gold Corp., 66 p.

Kwiecien, G., and Somogyi-Csizmazia, J., (2024), Archaeological Impact Assessment of the Hat Claims Area, Hatchau Lake, N.W. British Columbia, Prepared by Taiga Heritage Consulting Ltd. For Doubleview Gold Corp., 95 p.

Lisle, T. E., and Ostensoe, E. A., (2008). Report on a soil geochemical survey Hat claims, BC Assessment Report 30372.

Lisle, T. E., (1985), Assessment report on Moon 1 to 4 claims, BC Assessment Report 13939.

McLeod, J.A., (2014), Microscopic Report (4 Sections) for Terracad Geosciences Services Ltd., 3 p.

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Mitchinson, D.E., Fournier, D., Hart, C.J.R., Astic, T., Cowan, D.C., and Lee, R.G, (2022), Identification of New Porphyry Potential Under Cover in British Columbia, Geoscience BC Central Interior Copper-Gold Research Project Geoscience BC* Report 2022-07, MDRU Publication 457, 100 p.

Natural Resources Canada CANMET-MMSL CCRMP, (Un-dated), Assessment of Laboratory Performance with CCRMP Certified Reference Materials

No Author, (2021), Samples: HO-27: 416.4 m, HO-34-19: Box 126, Box 125A, Box 125B, Thin Section Study, 28 p.

Ostensoe, E., and Woodworth, A., (2020), Technical Report of the 2019 Drilling at Hat Project, Sheslay District, Atlin M.D. Northwestern British Colombia, 323 p.

Ostensoe, E., and Woodworth, A., (2018), Technical Report of the 2016 Drilling at Hat Project, Sheslay District, Atlin M.D. Northwestern British Colombia, 200 p.

Ostensoe, E., (2016), Technical Report of Drilling Hat Project, 95 km Southwest of Dease Lake, Liard M.D. B.C., 576 p.

Payie, G., (2012), Technical Report Hat Property, Sheslay Area, North of Telegraph Creek, Atlin Mining Division. Northwestern British Colombia, Canada, 49 p.

P. H. Sevensma Consultants Ltd., (1970). Pat Claims, "GO" Group - Skyline Project, Geochemical Reconnaissance 1969 – 1970, BC Assessment Report 02554.

Read, P.B., (December, 1979/Revised June, 2014), Petrography of Utah Mines Ltd. Samples 79SNR-47 to 79SNR-364a, 15 p.

Read, P.B., (June, 2014), Petrography Report on Four Samples, Hat Property, Sheslay Valley, West of Telegraph Creek, Northwestern B.C., 6 p.

Schmidt, A., (1978), Linecutting and geochemical surveys on Ski property, BC Assessment Report 06835.

Tajadod, J., and Kwok, D., (2021), Doubleview Gold Corp. Metallurgical Testwork Report for Hat Project, report by Met-Solve Laboratories Inc., 116 p.

Thompson, M. & Howarth, R., (1978), A new approach to the estimation of analytical precision. Journal of Geochemical Exploration, Vol.9, No.1, p.23-30, ISSN 0375-6742.

Vyselaar, J., (1979), Combined linecutting, geochemical and geophysical report, BC Assessment Report 07482.

Wells, K., (2019), 2018 Exploration Program (Ground IP, Soil Geochemistry and Core re-logging) on the Hat Property, Dease Lake, British Colombia, report by Hudbay Minerals Canada Ltd. 765 p.

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28.2 WEBSITE REFERENCES

BC Mineral Titles Online, Mineral Titles Online - Province of British Columbia (gov.bc.ca)

Doubleview Gold Corp., https://www.doubleview.ca.

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29.0 CERTIFICATES OF QUALIFIED PERSONS (AUTHORS)

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CERTIFICATE OF AUTHOR William J. Lewis, P.Geo.

As the co-author of this report for Doubleview Gold Corp. entitled “NI 43-101 Technical Report for the 2024 Mineral Resource Estimate on the Hat Project, Atlin Mining Division, British Columbia, Canada” dated August 30, 2024, with an effective date of July 17, 2024, I, William J. Lewis, do hereby certify that:

  1. I am employed as a Principal Geologist by, and carried out this assignment for, Micon International Limited, Suite -

601, 90 Eglinton Avenue East, Toronto, Ontario M4P 2Y3, tel. (416) 362-5135, e-mail wlewis@micon international.com.

  1. I hold the following academic qualifications:

  2. B.Sc. (Geology) University of British Columbia

  3. I am a registered Professional Geoscientist with the Association of Professional Engineers and Geoscientists of Manitoba (membership # 20480); as well, I am a member in good standing of several other technical associations and societies, including:

  4. Association of Professional Engineers and Geoscientists of British Columbia (Membership # 20333).

  5. Association of Professional Engineers, Geologists and Geophysicists of the Northwest Territories (Membership # 1450).

  6. Professional Association of Geoscientists of Ontario (Membership # 1522).

  7. I have worked as a geologist in the minerals industry for over 35 years.

  8. I am familiar with NI 43-101 and, by reason of education, experience and professional registration, I fulfill the requirements of a Qualified Person as defined in NI 43-101. My work experience includes 4 years as an exploration geologist looking for gold and base metal deposits, more than 11 years as a mine geologist in underground mines and 20 years as a surficial geologist and consulting geologist on precious and base metals and industrial minerals.

  9. I have read NI 43-101 and this Technical Report has been prepared in compliance with the instrument.

  10. I have visited the Hat Project for one day between July 20 and July 23, 2024.

  11. This is the first Technical Report I have co-authored for the mineral property that is the subject of this Technical Report.

  12. I am independent of Doubleview Gold Corp. and its subsidiaries according to the definition described in NI 43-101 and the Companion Policy 43-101 CP.

  13. I am responsible for Sections 1 (except 1.7 and 1.8.1 to 1.8.5 and 1.10.2 Metallurgical Recommendations), 2 to 12 (except 12.3), 14.1 to 14.3, 14.10 to 14.13 and 23 to 28 (except 25.2 to 25.2.5 and 26.2 Metallurgical Recommendations) of this Technical Report with Sections 15 through 22 not applicable to this Technical Report.

  14. As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make this technical report not misleading.

Report Dated this 30 day of August, 2024 with an effective date of July 17, 2024.

“William J. Lewis” {signed and sealed as of the report date}

William J. Lewis, B.Sc., P.Geo. Principal Geologist, Micon International Limited

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CERTIFICATE OF AUTHOR Chitrali Sarkar, P.Geo.

As the co-author of this report for Doubleview Gold Corp. entitled “NI 43-101 Technical Report for the 2024 Mineral Resource Estimate on the Hat Project, Atlin Mining Division, British Columbia, Canada” dated August 30, 2024, with an effective date of July 17, 2024, I, Chitrali Sarkar, do hereby certify that:

  1. I am employed as a Senior Geologist by Micon International Limited, Suite 601, 90 Eglinton Avenue East, Toronto, Ontario M4P 2Y3, tel. (416) 362-5135, e-mail [email protected].

  2. I hold a Master’s Degree in Applied Geology from Indian School of Mines (IIT), India, 2012.

  3. I am a Registered Professional Geoscientist of Ontario (membership # 3584) and am also a member in good standing of the Canadian Institute of Mining, Metallurgy and Petroleum.

  4. I am familiar with NI 43-101 and by reason of education, experience and professional registration, fulfil the requirements of a Qualified Person as defined in NI 43-101. My work experience includes more than 10 years in the metal mining industry, including approx. 5 years as an exploration and production geologist in open pit and underground mines and more than 4 years as a resource geologist.

  5. I have read NI 43-101 and this Technical Report has been prepared in compliance with the instrument.

  6. I have not visited the Hat Project.

  7. This is the first Technical Report I have co-authored for the mineral property that is the subject of this Technical Report.

  8. As of the date of this certificate to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make this report not misleading.

  9. I am independent of Doubleview Gold Corp. and its subsidiaries according to the definition described in NI 43-101 and the Companion Policy 43-101 CP.

  10. I am responsible for the preparation of Sections 1.8.1 to 1.8.5, 12.3 14.4 to 14.9, 25.2 to 25.2.5 of this Technical Report with Sections 15 through 22 not applicable to this Technical Report.

Report Dated this 30[th] day of August, 2024 with an effective date of July 17, 2024.

“Chitrali Sarkar” {signed as of the report date}

Chitrali Sarkar, P.Geo. Senior Geologist, Micon International Limited

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CERTIFICATE OF AUTHOR

EUR ING Andrew Carter BSc, CEng, MIMMM QMR, MSAIMM, SME.

I, EUR ING Andrew Carter BSc, CEng, MIMMM QMR, MSAIMM, SME., certify that:

  • I am Head of Mining UK & Ireland, for Tetra Tech Ltd, with a business address at 3 Sovereign Square, Sovereign Street, Leeds, LS1 4ER, United Kingdom.

  • This certificate applies to the Technical Report entitled ‘NI 43-101 Technical Report for the 2024 Mineral Resource Estimate on the Hat Project, Atlin Mining Division, British Columbia, Canada” dated August 30, 2024, with an effective date of July 17, 2024 (the Report).

  • I am a graduate of The University of Leeds, UK, with a B.Sc. in Minerals Processing in 1980.

  • I am registrant of FEANI (European Federation of National Engineering Associations c2920GB), a Chartered Engineer and registrant of the Engineering Council (UK) #378467, a member of the IMMM (Institute of Materials Minerals & Mining #46421) qualified for Minerals Reporting, a member of the SME (Society for Mining, Metallurgy and Exploration #4112502), and a member of the SAIMM (South African Institute of Mining and Metallurgy #19580).

  • I have practiced my profession in the mining industry continuously since graduation. My relevant experience includes over 43 years in base and precious metal extractive practice including the extraction, hydrometallurgy and pyrometallurgy of gold, silver, platinum group elements, copper, nickel, cobalt, lead, zinc, iron, manganese, vanadium, titanium, uranium and lithium.

  • I have read the definition of “Qualified Person” set out in “ National Instrument 43-101 Standards of Disclosure for Mineral Projects ” and certify that by virtue of my education, affiliation with a professional association and past relevant work experience, I fulfill the requirements to be a “Qualified Person”.

  • I am independent of the issuer, Doubleview Gold Corp.

  • I am responsible for Sections 1.7, 1.10.2 Metallurgical Recommendations, 13 and 26.2 Metallurgical Recommendations of the Report and accept professional responsibility for these sections.

  • I have had no previous involvement with Doubleview Gold Corp.

  • I have not made a site inspection of the Hat Project.

  • As of the effective date of the Report, to the best of my knowledge and belief, the portions of the Report for which I am responsible contain all scientific and technical information that is required to be disclosed such that the portions of the Report for which I am responsible are not misleading.

Dated this 30[th] day of August, 2024, in Salisbury, Wiltshire, United Kingdom.

“Andrew Carter” {signed as of the report date}

EUR ING Andrew Carter BSc, CEng, MIMMM QMR, MSAIMM, SME.

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APPENDIX 1

GLOSSARY OF MINING AND OTHER RELATED TERMS

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The following is a glossary of general mining terms that may be used in this Technical Report.

A

  • Ag Symbol for the element silver.

  • Assay A chemical test performed on a sample of ores or minerals to determine the amount of valuable metals contained.

  • Au Symbol for the element gold.

B

  • Base metal Any non-precious metal (e.g. copper, lead, zinc, nickel, etc.).

  • Bulk mining Any large-scale, mechanized method of mining involving many thousands of tonnes of ore being brought to surface per day.

  • Bulk sample A large sample of mineralized rock, frequently hundreds of tonnes, selected in such a manner as to be representative of the potential orebody being sampled. The sample is usually used to determine metallurgical characteristics.

  • Bullion Precious metal formed into bars or ingots.

  • By-product A secondary metal or mineral product recovered in the milling process.

C

  • Channel sample A sample composed of pieces of vein or mineral deposit that have been cut out of a small trench or channel, usually about 10 cm wide and 2 cm deep.

  • Chip sample A method of sampling a rock exposure whereby a regular series of small chips of rock is broken off along a line across the face.

  • CIM Standards CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council from time to time. The most recent update adopted by the CIM Council is effective as of May 10, 2014.

  • CIM The Canadian Institute of Mining, Metallurgy and Petroleum.

  • Concentrate A fine, powdery product of the milling process containing a high percentage of valuable metal.

  • Contact A geological term used to describe the line or plane along which two different rock formations or rock types meet.

  • Copper Equivalent CuEq means the percentage of marketable metals or minerals contained in mineralized material, determined by converting all other metals other than copper to equivalent copper on the basis of a market price for such metals at a given time.

  • Core The long cylindrical piece of rock, about an inch in diameter, brought to surface by diamond drilling.

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  • Core sample One or several pieces of whole or split parts of core selected as a sample for analysis or assay.

  • Cross-cut A horizontal opening driven from a shaft and (or near) right angles to the strike of a vein or other orebody. The term is also used to signify that a drill hole is crossing the mineralization at or near right angles to it.

  • Cu Symbol for the element copper.

  • Cut-off grade The lowest grade of mineralized rock that qualifies as ore grade in a given deposit, and is also used as the lowest grade below which the mineralized rock currently cannot be profitably exploited. Cut-off grades vary between deposits depending upon the amenability of ore to gold extraction and upon costs of production.

D

  • Deposit An informal term for an accumulation of mineralization or other valuable earth material of any origin.

Development drilling

  • Drilling to establish accurate estimates of mineral resources or reserves usually in an operating mine or advanced project.

  • Dilution Rock that is, by necessity, removed along with the ore in the mining process, subsequently lowering the grade of the ore.

  • Dip The angle at which a vein, structure or rock bed is inclined from the horizontal as measured at right angles to the strike.

  • Doubleview

  • Doubleview Gold Corp., including, unless the context otherwise requires, the Company's subsidiaries.

  • Doré A semi refined alloy containing sufficient precious metal to make recovery profitable. Crude precious metal bars, ingots or comparable masses produced at a mine which are then sold or shipped to a refinery for further processing.

E

Epithermal Hydrothermal mineral deposit formed within one kilometre of the earth’s surface, in the temperature range of 50 to 200°C.

Epithermal deposit

  • A mineral deposit consisting of veins and replacement bodies, usually in volcanic or sedimentary rocks, containing precious metals or, more rarely, base metals.

  • Exploration Prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore.

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F

Face The end of a drift, cross-cut or stope in which work is taking place. Fault A break in the Earth's crust caused by tectonic forces which have moved the rock on one side with respect to the other.

  • Fold Any bending or wrinkling of rock strata.

  • Footwall The rock on the underside of a vein or mineralized structure or deposit.

  • Fracture A break in the rock, the opening of which allows mineral-bearing solutions to enter. A "cross-fracture" is a minor break extending at more-or-less right angles to the direction of the principal fractures.

G

  • g/t Abbreviation for gram(s) per metric tonne.

  • g/t Abbreviation for gram(s) per tonne.

  • Grade Term used to indicate the concentration of an economically desirable mineral or element in its host rock as a function of its relative mass. With gold, this term may be expressed as grams per tonne (g/t) or ounces per tonne (opt).

  • Gram One gram is equal to 0.0321507 troy ounces.

H

  • Hanging wall The rock on the upper side of a vein or mineral deposit.

  • High grade Rich mineralization or ore. As a verb, it refers to selective mining of the best ore in a deposit.

  • Host rock The rock surrounding an ore deposit.

  • Hydrothermal Processes associated with heated or superheated water, especially mineralization or alteration.

I

Indicated Mineral Resource

  • An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

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Inferred Mineral Resource

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.”

Intrusive A body of igneous rock formed by the consolidation of magma intruded into other

K

  • km Abbreviation for kilometre(s). One kilometre is equal to 0.62 miles.

L

Leaching The separation, selective removal or dissolving-out of soluble constituents from a rock or ore body by the natural actions of percolating solutions.

Level The horizontal openings on a working horizon in a mine; it is customary to work mines from a shaft, establishing levels at regular intervals, generally about 50 m or more apart.

M

  • m

Abbreviation for metre(s). One metre is equal to 3.28 feet.

Measured Mineral Resource

  • A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

Metallurgy The science and art of separating metals and metallic minerals from their ores by mechanical and chemical processes.

Metamorphic Affected by physical, chemical, and structural processes imposed by depth in the earth’s crust.

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Mill A plant in which ore is treated and metals are recovered or prepared for smelting; also a revolving drum used for the grinding of ores in preparation for treatment.

Mine An excavation beneath the surface of the ground from which mineral matter of value is extracted.

  • Mineral A naturally occurring homogeneous substance having definite physical properties and chemical composition and, if formed under favourable conditions, a definite crystal form.

Mineral Concession

That portion of public mineral lands which a party has staked or marked out in accordance with federal or state mining laws to acquire the right to explore for and exploit the minerals under the surface.

  • Mineralization The process or processes by which mineral or minerals are introduced into a rock, resulting in a valuable or potentially valuable deposit.

Mineral Resource

  • A Mineral Resource is a concentration or occurrence of solid material of

  • economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource. The term mineral resource used in this report is a Canadian mining term as defined in accordance with NI 43-101 – Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the CIM), Standards on Mineral Resource and Mineral Reserves Definitions and guidelines adopted by the CIM Council on December 11, 2005, updated as of November 27, 2010 and more recently updated as of May 10, 2014(the CIM Standards).

N

Net Smelter Return

A payment made by a producer of metals based on the value of the gross metal production from the property, less deduction of certain limited costs including smelting, refining, transportation and insurance costs.

NI 43-101

National Instrument 43-101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and

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guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada. This includes foreign-owned mining entities who trade on stock exchanges overseen by the Canadian Securities Administrators (CSA), even if they only trade on Over the Counter (OTC) derivatives or other instrumented securities. The NI 43-101 rules and guidelines were updated as of June 30, 2011.

O

  • Open Pit/Cut A form of mining operation designed to extract minerals that lie near the surface. Waste or overburden is first removed, and the mineral is broken and loaded for processing. The mining of metalliferous ores by surface-mining methods is commonly designated as open-pit mining as distinguished from strip mining of coal and the quarrying of other non-metallic materials, such as limestone and building stone.

  • Outcrop An exposure of rock or mineral deposit that can be seen on surface that is, not covered by soil or water.

  • Oxidation A chemical reaction caused by exposure to oxygen that result in a change in the chemical composition of a mineral.

  • Ounce A measure of weight in gold and other precious metals, correctly troy ounces, which weigh 31.2 grams as distinct from an imperial ounce which weigh 28.4 grams.

  • oz

  • Abbreviation for ounce.

P

  • Plant A building or group of buildings in which a process or function is carried out; at a mine site it will include warehouses, hoisting equipment, compressors, maintenance shops, offices and the mill or concentrator.

  • Pyrite A common, pale-bronze or brass-yellow, mineral composed of iron and sulphur. Pyrite has a brilliant metallic luster and has been mistaken for gold. Pyrite is the most wide-spread and abundant of the sulphide minerals and occurs in all kinds of rocks.

Q

  • Qualified Person Conforms to that definition under NI 43-101 for an individual: (a) to be an engineer or geoscientist with a university degree, or equivalent accreditation, in an area of geoscience, or engineering, related to mineral exploration or mining; (b) has at least five years' experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these, that is relevant to his or her professional degree or area of practice; (c) to have experience relevant to the subject matter of the mineral project and the technical report; (d) is in good standing with a professional association; and (e) in the case of a professional association in a foreign jurisdiction, has a membership designation that (i) requires attainment of a

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position of responsibility in their profession that requires the exercise of independent judgement; and (ii) requires (A.) a favourable confidential peer evaluation of the individual’s character, professional judgement, experience, and ethical fitness; or (B.) a recommendation for membership by at least two peers, and demonstrated prominence or expertise in the field of mineral exploration or mining.

R

  • Reclamation The restoration of a site after mining or exploration activity is completed.

S

Shoot A concentration of mineral values; that part of a vein or zone carrying values of ore grade.

Strike The direction, or bearing from true north, of a vein or rock formation measure on a horizontal surface.

Stringer A narrow vein or irregular filament of a mineral or minerals traversing a rock mass. Sulphides A group of minerals which contains sulphur and other metallic elements such as copper and zinc. Gold and silver are usually associated with sulphide enrichment in mineral deposits.

T

Tonne A metric ton of 1,000 kilograms (2,205 pounds).

V

Vein A fissure, fault or crack in a rock filled by minerals that have travelled upwards from some deep source.

W

Wall rocks Rock units on either side of an orebody. The hanging wall and footwall rocks of a mineral deposit or orebody.

Waste Unmineralized, or sometimes mineralized, rock that is not minable at a profit.

Working(s) May be a shaft, quarry, level, open-cut, open pit, or stope etc. Usually noted in the plural.

Z

  • Zone An area of distinct mineralization.

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