The Elder Mine and the Tagami Property

The Elder mine and the Tagami property are 100% owned by Abcourt. This mine is located 10 km northwest of the mining community of Rouyn-Noranda in Quebec. The properties include 36 contiguous claims, one mining concession and two mining leases. Royalties varying between 2% and 3% of net smelter revenue are payable on different parts of the properties.



The surface layout includes an office, service building, hoist room and shaft headframe. The project is serviced to a depth of 794 meters (2,606 feet) by two shafts and 16 levels. All necessary mining hardware and facilities are in place.

From 1984 to 1989, approximately $23 million was spent on these properties by the Company, in joint venture with Ressource Aunore Inc – Nova Beaucage Mines Limited. Buildings and surface facilities were put in place and mining equipment was purchased. The mine was dewatered, 4,268 meters (14,000 feet) of old galleries were rehabilitated, the shaft was deepened by 15 meters (50 feet), new recipes were established at the upper levels of the No 2 shaft, i.e. at the 4th, 5th and 6th levels, a system of ore passes and waste passes with loading pockets was installed, 142 surface and 75 underground diamond drill holes were drilled, approximately 2,134 meters (7,000 feet) of new drifts were excavated, ventilation shafts were drilled and some production sites were started. A bulk sample of 13,200 tonnes of gold mineralization was mined grading 6.16 g/t. Following a fall in the price of gold, the work was stopped and almost all the mining equipment was sold, except the most important elements such as the winch, the compressors and the electrical network.

From 1995 to 2013, several surface drilling programs were carried out and the results obtained were used for the revision of the 43-101 resources in 2012 by Jean-Pierre Bérubé, geological engineer and a qualified person within the meaning of Regulation 43-101 . Based on these resources, a Preliminary Economic Study (P.E.A.) was completed in 2012 to determine if further exploration and evaluation work was required to augment the resources or to proceed with exploration and evaluation work. underground. This study, prepared under NI 43-101 by Roche, Groupe-Conseil Ltée and independent advisors, confirmed that sufficient resources were available and exploration and evaluation work continued.

Commercial operation at the Elder mine began on January 1, 2016. On August 1, 2022 operations ceased. The mine is currently under care and maintenance mode. For the results obtained since the start of commercial operation, please consult the Company’s financial and management reports, filed on SEDAR and in the Investors section.



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