Jim's Mining Letter - February 12, 2025

Dakota Gold (DC RR6.F) announced that its S-K 1300 initial assessment has outlined a resource focused on heap leachable material at the Richmond Hill Oxide Heap Leach Gold Project in South Dakota that will provide a pathway to near term production. The 3.65 million ounce measured and indicated heap leachable resource will inform the initial assessment with cash flow, which will outline a potential at surface heap leach operation similar to Coeur Mining's profitable Wharf Mine located 5 kilometres to the south of Richmond Hill. Additionally, the assessment has identified a heap leachable inferred resource of 2.61 million ounces. Mineralization is shallow with portions of the resource exposed at or near surface. The heap leachable resource remains open to the north and in the southeast area of Richmond Hill. Both areas are currently in the process of being permitted for 2025 drilling with the goal of expanding the resource with material amenable to heap leaching. Additionally, drilling is planned to begin converting resource to reserves and gathering additional metallurgical data. The assessment has also identified significant milled resources and outlines a combined heap leach and milled M&I resource of 4.64 million ounces and combined heap leach and milled inferred resource of 5.06 million ounces. The additional milled material provides long-term optionality for the project. Barrick Gold (GOLD ABX.TSX ABR.DE) has agreed to extend the option period for the Richmond Hill option and the Homestake option agreements until December 31, 2028 in return for additional annual payments of $170,000 and $340,000 respectively. The first of these payments are due March 1, 2026. Per Dr. Robert Quartermain, President, and CEO of Dakota Gold, the heap leachable resource is transformational…more

Goliath Resources (GOT.V GOTRF B4IF.F) reported gold intercepts of 12.03 grams per tonne gold equivalent (11.84 grams per tonne gold and 15.61 grams per tonne silver) over 10.00 meters, including 19.91 grams per tonne gold equivalent (19.62 grams per tonne gold and 25.61 grams per tonne silver) over 6.00 meters plus a second separate interval assaying 8.59 grams per tonne gold equivalent (8.35 grams per tonne gold and 20.74 grams per tonne silver) over 5.00 meters, including 14.26 grams per tonne gold equivalent (13.87 grams per tonne gold and 34.10 grams per tonne gold) over 3.00 metres, both from a high-grade gold intrusive feeder dyke that remains open at Surebet on its 100% controlled Golddigger Property, Golden Triangle, B.C. This interval indicates close proximity to a large feeder source at depth believed to be a Reduced Intrusion Related Gold system. In addition, initial assays compiled/modeled for 5 additional drill holes from the 2024 drill program intersected gold grades up to 11.66 grams per tonne gold equivalent (11.13 grams per tonne gold and 17.82 grams per tonne silver) over 5.97 meters in the shear hosted veins at Surebet, demonstrating minable widths and grades plus continuity and predictability of this large, expanding gold discovery that remains wide open both laterally and to depth with what is said to be tremendous untapped discovery potential remaining.

McFarlane Lake Mining (MLM.NE MLMLF) announced additional results of recent diamond drilling conducted at its 100% owned past producing McMillan Gold Mine located 70 kilometres west of Sudbury, Ontario. The mine was a past producer of gold and is located within 3 kilometres from major highways and power lines. Geologically, it is in the Huronian Gold Belt, an area of the province that has been consistently identified as a top gold and polymetallic exploration opportunity, highlighted in the Ontario Geological Survey's Recommendation for Exploration between 2010 and 2025. Hole MLMM-25-04 was drilled approximately 50 metres below and 20 metres west of hole MLMM-08-05W1 to test a borehole electromagnetic anomaly. Assay results returned 2.0 grams per tonne gold over 51.6 metres, including 3.1 grams per tonne gold over 21.15 metres. The wide zone of mineralization also included three higher-grade intervals of 5.5 grams per tonne gold over 7.55 metres, 5.5 grams per tonne gold over 2.8 metres, and 4.8 grams per tonne gold over 4.4 metres. Previously announced drill hole MLMM-08-05W1 returned 2.7 grams per tonne gold over 31.35 metres including 5.6 grams per tonne gold over 13 metres that contained a higher-grade zone of 10.7 grams per tonne gold over 5 metres. Hole MLMM-08-05W1 and hole MLMM-25-04 are said to have discovered a wide zone of gold mineralization hosted in quartz sulphide stockwork that is open along strike and at depth. Based on drill and geophysical data from this recent drill program, the company believes the main zone of the ore body is dipping steeply to the north and plunging in an eastern direction. Assays compilation, interpretation and modeling are currently underway for an additional 83 holes and will be announced shortly.

Calibre Mining (CXB.TSX CXBMF WCLA.F) announced additional discovery diamond drill results from its expanded 100,000 metre drill program at the Valentine Gold Mine located in Newfoundland & Labrador, Canada. Previous drilling highlighted the considerable prospectivity to the southwest of the Leprechaun Pit at the Frank Zone; new drill results reveal shallow, broad zones of continuous mineralization, expanding the volume of high-grade gold intercepts to surface. These results align with previously released high-grade trenching and grab sample data. The results discussed are well outside of known mineral resources. Intercepts Include 3.08 grams per tonne gold over 48.2 metres, 1.62 grams per tonne gold over 44.6 metres, 1.94 grams per tonne gold over 36.4 metres and 3.47 grams per tonne gold over 12.6 metres. The new discovery Frank Zone is traced over 1 kilometre along strike and 500 metres deep. High-grade gold mineralization now reaches the surface. The intercepts, which include notable grades over significant widths, extend the known mineralization for over 1 km along strike and to depths of approximately 500 metres…more

New Found Gold (NFG.V NFGC 5QG.F) announced the results from five diamond drill holes completed as part of a step-out program at the Dropkick Zone. Dropkick is located at the recently acquired Kingsway property that now forms the most northern extent of the Queensway Project and is on trend with discoveries made further south along the Appleton Fault Zone. New Found's 100%-owned Queensway Project comprises a 1,756 km2 area, accessible via the Trans-Canada Highway, 15 kilometres west of Gander, Newfoundland and Labrador. Intervals of 89.5 grams per tonne gold over 5.85 metres in NFGC-24-2197 and 26.2 grams per tonne gold over 16.15 metres in NFGC-24-2193, spaced 25 metres apart, were intersected in a step-out program that has expanded the historic Dropkick Zone 75 metres along strike to the southwest. The Dropkick Zone is the most northern gold discovery found to date along the highly prospective AFZ. It is located 11 kilometres northeast of the primary discovery area that includes zones such as Keats, Iceberg and Keats West, indicating that the gold mineral system spans a considerable distance to the north. Situated on the west side of the AFZ, and trending parallel to it, the Dropkick Zone now spans a strike length of 535 metres. Gold mineralization starts at surface, extends to 200 metres vertical depth, and exhibits characteristics similar to the primary discovery area consisting of free coarse gold contained in fault-fill quartz veins hosted by an interbedded sequence of siltstones and sandstones. These results are the first received from an initial phase of drilling with more results expected in the coming weeks.

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