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PAN MINE

Fully permitted and operating open-pit, heap-leach mine in Nevada.

The Pan Mine is a Carlin-style, open-pit, heap-leach mine in east-central Nevada, approximately 28 km southeast of the town of Eureka, on the prolific Battle-Mountain – Eureka gold trend.

Fiore’s predecessor company GRP Minerals purchased the mine out of bankruptcy in 2016 for approximately US$5 million, and immediately began a program to correct the operational issues that had impacted the mine under the previous owners. These corrective measures included:

  • A 15,400-metre program of infill drilling to better define the geology, and increase confidence in the mineral resources and reserves
  • Commissioning SRK to carry out a new Feasibility Study and Resource and Reserve Estimate based on the new drilling, as well as information gained during previous mining operations at Pan.
  • Rehabilitation of the existing leach pad to correct the previous low-permeability issues that had existed under the previous operator
  • Opening the North Pit and instituting a blending strategy with rocky and clay-rich ore to ensure that permeability problems do not re-occur
  • Improved grade control sampling procedures
  • Commissioning of the onsite grade control assay laboratory
  • Assigning a geologist to oversee grade control and provide geological controls on mining
  • Improved operating procedures on the leach pad and at the ADR plant

An updated Reserve and Resource Estimate was published in July 2017 by SRK Consulting (U.S.), Inc., incorporating the 15,400 m of additional drilling carried out in 2016 by GRP.

Pan Mine Mineral Resource Estimate

CategoryTonnes
(000s)
Grade
(g/t)
Contained Metal
(Au oz)
Measured8,1840.62159,000
Indicated19,0910.45275,000
Measured + Indicated27,2750.48434,000
Inferred5,1440.4572,000

NI 43-101 Technical Report for the Pan Mine, White Pine County, Nevada, June, 2017. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resource will be converted into a Mineral Reserve. Pit-constrained resource based on US$1350/oz gold, cutoff grade of 0.17g/t gold for North & Central zones, 0.14 g/t gold for South zone, North and Central area recoveries of 62% for Au and a Southern area recovery of 85% for Au, a mining cost of US$2.20/t, an ore processing and G&A cost of US$3.91/t, and a pit slope of 50 degrees in the North and 45 degrees in the South and Central Areas;. Numbers in the table have been converted to metric units and may not sum due to rounding.

Pan Project Mineral Reserve Estimate as of March 16, 2017

ClassificationTonnes
(000s)
Grade
(g/t)
Contained Metal
(Au oz)
Waste
kt
Strip Ratio
(waste/ore)
Proven6,7400.62137,000
Probable12,2640.45182,000
Proven + Probable19,0040.51318,00025,4841.34

Source: SRK, 2017, NI 43-101 Technical Report for the Pan Mine, White Pine County, Nevada, June, 2017
• Reserves stated in the table above are contained within an engineered pit design following the US$1,200/oz Au sales price Lerchs-Grossman pit
• Reserves for South Pan and South Satellite Pits are based upon a minimum 0.14 g/t Au Internal CoG, using a US$1,200/oz-Au sales price and a Au Recovery of 85%, an Au Sales cost of US$3.48/oz, Ore and Waste Mining Cost = US$2.34/t, Processing and G&A Cost = US$4.19/t and a 4% Net Smelter Royalty (NSR)
• Reserves for North Pan, Red Hill and Central Pan are based upon a minimum 0.21 g/t Au Internal CoG, using a US$1,200/oz-Au sales price and a Au Recovery of 62%, an Au Sales cost of US$3.48/oz, Ore and Waste Mining Cost = US$2.34/t, Processing and G&A Cost = US$34.19/t and a 4% NSR
• Mineral Reserves stated above are contained within and are not additional to the Mineral Resource. Numbers in the table have been converted to metric units and may not sum due to rounding

NI 43-101 Technical Report
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