TMAC Resources Inc.

TMAC Resources Inc.

January 27, 2015 09:17 ET

TMAC Resources Announces 4.4 Million Oz Au Measured and Indicated Resource (a 59% Increase) and a 1.3 Million Oz Au Inferred Resource at Hope Bay

TORONTO, ONTARIO--(Marketwired - Jan. 27, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TMAC Resources Inc. ("TMAC" or the "Company") is pleased to announce a significant increase of the Measured and Indicated ("M&I") Resources and the Inferred Resources at its 100% owned Hope Bay Property, Nunavut, Canada. The M&I resources now total 4.441 million ounces of gold ("oz Au") contained in 14.37 3 million tonnes, grading 9.6 g/t Au and the Inferred Resources total 1.319 million oz Au contained in 5.394 million tonnes, grading 7.6 g/t Au. This represents an increase of 59% or 1.65 million oz Au in the M&I category and an increase of 1.19 million ounces Au in the Inferred Resources category over the previous mineral resource estimate contained in TMAC's December 2013 Hope Bay Preliminary Economic Assessment ("PEA").

Terry MacGibbon, TMAC's Executive Chairman, stated, "I am very pleased and appreciative of the great work done by TMAC's exploration team during 2014. The confirmation of the continuity and the demonstration of the depth potential at Doris has potential to add significant value to the Company. The very high grade Doris "Hinge Zone" has always been targeted for high grade (21.7 g/t Au) start up mining at Hope Bay, but the addition of over 600,000 additional shallow, high grade resources at Doris could significantly add to mine life at Doris and the economics of the Hope Bay Project's Pre-feasibility Study expected at the end of Q1 2015. The new understanding of the geology and mineralization at Madrid North and the subsequent change in drill orientation could be a "game changer" for that deposit. In addition to adding over 750,000 high grade oz Au to the Madrid M&I Resource, this new understanding and approach has the potential to greatly further add to the Madrid gold resource base. I look forward to the TMAC exploration team, which consists of many of the former FNX Mining exploration team, to continue to use their unique and successful exploration approach in 2015 and for many years to come at the Hope Bay property."

The 2014 Exploration program, active from May through November, consisted of 67,817 metres of diamond drilling in 152 drillholes. The majority of the drilling was focused on infill and expansion drilling on the Doris Connector and Central zones, as well as the Madrid North Naartok zone. Results of the drilling program have been used to further refine the geological models and update the mineral resource estimates for the Doris, Madrid North and Madrid South Deposits. No drilling was conducted on the Boston Deposit and there have been no changes to its PEA resource estimate. The updated mineral resources estimate for the Hope Bay project is presented in Table 1.

Highlights of the 2014 exploration program include an increase of greater than 600,000 oz Au contained within the M&I Resource categories at Doris and greater than 750,000 oz Au contained within the M&I resource category at the Madrid North, representing 229% and 51% increases, respectively, from the resources in the PEA.

Catharine Farrow, TMAC's Chief Executive Officer stated, "We achieved two major accomplishments during the 2014 drill campaign. The first one dispels the concern that Doris, although extremely high grade, might not have continuity and might not be able to support a long mine life. The 2014 drill program confirmed the continuity of the gold mineralization at Doris and the predictive capability of our geological modelling. Although drilling to date has only tested the Doris trend to a few hundred metres, we can now show that the Doris potential has not been tested at depth. The very shallow Measured Resource at Doris of 443,000 tonnes grading 21.7 g/t Au is expected to provide exceptionally high grade ore for the first several years of mining at Hope Bay". Dr. Farrow added, "Secondly, the 2014 work program at Madrid North on the Naartok zone resulted in the development of a newly refined geological model for the gold mineralization at Naartok. This development facilitated a change in the orientation of the drilling at Naartok from north-south to east-west over the final three months of the drill program whereby we were able to understand, predict, and join the thick high grade gold zones known to exist at Naartok and to add significant gold ounces to the mineral resource. We are greatly encouraged by our success in upgrading the mineral resources during 2014 and now have confidence we will continue to be successful as we pursue the opportunity to increase deposit size along strike and at depth with future drilling at all three of our known deposits - Doris, Madrid and Boston."

Table 1: Hope Bay Mineral Resource Estimate (as of January 23, 2015)

Measured Indicated Measured and Indicated Inferred
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
Zone (kt) (Au g/t) (koz) (kt) (Au g/t) (koz) (kt) (Au g/t) (koz) (kt) (Au g/t) (koz)
Doris Hinge 443 21.7 309 108 14.0 48 550 20.2 358
Doris Connector/Central 1,562 9.4 472 1,562 9.4 472 246 7.4 59
Doris Connector Deep 150 7.1 34 150 7.1 34 340 7.1 77
Doris North Deep 32 6.3 6 32 6.3 6 194 7.4 46
Doris South Deep 234 8.6 65
Doris Total 443 21.7 309 1,852 9.4 561 2,295 11.8 870 1,014 7.6 247
Suluk South 500 6.1 98
Suluk East 437 6.1 85
Suluk West 1,760 7.9 444 1,760 7.9 444 1,247 6.9 275
Spur 31 5.1 5
Rand 419 6.6 89 419 6.6 89 127 6.0 24
Naartok 6,437 8.4 1,730 6,437 8.4 1,730 812 9.3 242
Madrid Total 8,616 8.2 2,263 8,616 8.2 2,263 3,155 7.2 730
Patch 14 359 17.7 204 359 17.7 204 182 6.8 40
Wolverine 212 11.5 78 212 11.5 78 238 10.7 82
Madrid South Total 571 15.4 282 571 15.4 282 420 9.0 122
Boston UG North 133 6.3 27 133 6.3 27 10 6.9 2
Boston UG B2 1,674 12.3 664 730 9.8 229 2,404 11.6 893 176 7.1 40
Boston UG B3/B4 102 7.9 26 252 9.9 80 354 9.3 106 619 8.9 178
Boston Total 1,776 12.1 690 1,115 9.4 336 2,891 11.0 1,026 805 8.5 220
Grand Total 2,219 14.0 999 12,154 8.8 3,442 14,373 9.6 4,441 5,394 7.6 1,319
Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources are estimated at a cut-off grade of 4.5 g/t Au with the exception of Boston which used a 5.0 g/t Au cut-off. Mineral Resources for Boston remain unchanged from the previous estimate (RPA Preliminary Economic Assessment 2013).
3. Mineral Resources are estimated using a long-term gold price of US$1400 per ounce, and a US$/C$ exchange rate of 1.12.
4. A minimum mining width of approximately 1.5 m was used.
5. A 50m crown pillar allowance was applied to resources located below lakes.
6. Numbers may not add due to rounding.

TMAC considers the 2014 exploration program a tremendous success on many fronts, including working with our contractors to complete the program in a sustainable, safe and cost effective manner. As a demonstration of the Company's ability to operate effectively in the Canadian Arctic environment, the drill program was completed under budget at a direct cost of $267 per metre and with all-in costs of $361 per metre, which is outstanding given the logistics and added costs associated with a helicopter and camp supported program in the remote Canadian Arctic. Upgrading the mineral resource classification was done at an all-in cost $8.63 per additional ounce of Au and 41.9 ounces of Au were added for every metre drilled.

The updated mineral resource estimate will provide the foundation for the mine planning and reserve estimate currently being completed as part of a Pre-feasibility Study (PFS) expected to be released at the end of Q1 2015. Although the main objective of the 2014 drilling was infill drilling and upgrading of the Inferred Resources, TMAC was also successful in adding additional Inferred Resources and replacing 74% of the Inferred Resource base. This demonstrates the expansion potential of the known deposits within the Hope Bay Belt and solidifies TMAC's confidence that the Hope Bay Belt will become a multi-generational mining complex.

Geology

The gold deposits at the Hope Bay Project are hosted within a large, 85 km long, 2.7 Ga, Archean aged greenstone belt. The Hope Bay Belt has high grade gold occurrences and deposits over its entire length, with Doris and Madrid in the north end of the belt and Boston in the south. The belt is bisected by the roughly N-S oriented Hope Bay Deformation Zone ("HB DZ") down its axis over a length of almost 80 km. Known gold mineralization tends to be hosted in trends along splays and lower order structures both on the east and west sides of the HBDZ. To date, all three of the known trends (Doris, Madrid and Boston) are open along strike and to depth and have generally only been explored to depths of several hundred metres.

At Doris known Au mineralization is focused along upright structures for a strike length of approximately 3 km. Gold-bearing quartz-carbonate veining is hosted by intense alteration and fabric development in mafic metavolcanic host rocks. The deposit is separated into upper and lower portions by the intrusion of the late (approximately 700 million year old) Doris diabase dyke, the upper portion being most intensely drilled and representing the bulk of the Measured and Indicated Resources at Doris.

The bulk of the drilling in the Madrid trend was in the Naartok deposit area, where the new geological model helped to define N-S oriented shoots. The Naartok deposit area is at the north end of the 6 km long, curvilinear Madrid Deformation Zone ("MDZ"). The Naartok gold mineralization is hosted in silicified and sulphide-bearing breccia intruded to the north of the MDZ. There the host breccias thicken locally as shoots oriented along N-S structures under a relatively homogenous variolitic mafic metavolcanic unit. Gold grade has a linear relationship with both sulphide content and intensity of silicification in the breccia.

Data Verification, Quality Assurance and Quality Control and Estimation Methodology

RPA Inc. ("RPA") has estimated the Hope Bay mineral resources using drill hole data available as of January 23, 2015. The quality assurance/quality control ("QA/QC") program for gold analyses included, blank and standard samples routinely inserted into the sample stream. Screen metallic fire assays were performed on samples returning higher than 10 g/t Au on fire assay with a gravimetric finish. Sample preparation and analyses were done using industry accepted practices at ALS Chemex in Yellowknife and Vancouver. RPA reviewed the QA/QC performed by TMAC and is of the opinion that the results are suitable to support mineral resource estimation.

Geological wireframes used to constrain estimates were generated in Datamine Studio 3 and Leapfrog Geo using traditional sectional interpretation and Leapfrog Geo's vein modeling tool. Assays were capped to various levels based on statistical analyses prior to compositing. Variography was performed using Snowden Supervisor prior to interpolation in order to assess grade continuity and anisotropy for each grade domain. Parent block sizes were selected considering the shape of the deposit, style of mineralization and envisaged selectivity during mining. Block models were sub-blocked to better represent wireframes volumes. Inverse Distance (ID) to the second and third power was used to inform block grades in Datamine Studio 3. Dynamic anisotropy was used to orient search ellipses along the trend of the mineralization.

CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) were followed during Mineral Resource Classification considering the density of drilling, the position of underground test mining and grade continuity. A minimum thickness criteria of approximately 1.5 metre was applied where required using either re-blocking or dilution to the minimum horizontal thickness prior to reporting Mineral Resources. Mineral Resources are reported at a breakeven cut-off of 4.5 g/t Au, with the exception of the Boston resource which uses a cut-off of 5 g/t Au and remains unchanged from the December 2013 Hope Bay PEA. The cut-off is estimated using a $1,400 per ounce gold price, an average operating cost of $208.5 per tonne and a metallurgical recovery of 92%.

No mineral reserves have been estimated to date.

Qualified Person

The mineral resources for the Hope Bay Project disclosed in this press release have been estimated by Mr. Sean Horan, P.Geo., an employee of RPA and independent of TMAC. By virtue of his education and relevant experience Mr. Horan is a "Qualified Person" for the purpose of National Instrument 43-101. Mr. Horan, P.Geo. has read and approved the contents of this press release as it pertains to the disclosed mineral resource estimate.

David M. King, M.Sc., P.Geo., TMAC's VP Exploration and Geoscience is the qualified person (QP) responsible for the Hope Bay exploration programme and for the other scientific and technical content of this release.

About TMAC

TMAC is a privately held mineral exploration and development focused company headed by Terry MacGibbon, founder of FNX Mining Company Inc. and co-founder and Chairman of Torex Gold Resources Inc. TMAC management has an exceptional track record of developing high grade, profitable underground mines. TMAC is advancing the Hope Bay Project in the Kitikmeot Region, Nunavut, Canada with a goal of production as a high-grade, underground gold mining region, beginning with Doris Mine.

Forward-Looking Statements

This press release is not an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. The securities referred to in this press release have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933 and applicable state securities laws.

This release contains "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws that are intended to be covered by the safe harbors created by those laws. "Forward-looking statements" or "forward-looking information" include statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, statements with respect to mineral resource estimates; targeting additional resources and expansion of deposits; the economic analyses contained in the preliminary economic assessment on the PEA; the Company's expectations, strategies and plans for the Hope Bay Project, including estimated completion dates for certain milestones, including completing a Pre-feasibility Study by March 31, 2015, successfully adding or upgrading resources, the successful development of new deposits and of future exploration; the timing and amount of future production; future financial or operating performance and condition of the Company and its business, operations and properties; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements, and involve known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including among other things assumptions about: favourable equity and debt capital markets; the ability to raise sufficient capital to advance the development of the Hope Bay Project and pursue planned exploration; future prices of gold and other metal prices; accuracy of any mineral resource estimates; the geology of the Hope Bay Project being as described in the PEA; the metallurgical characteristics of the deposit being suitable for the Gekko plant; the successful operation of the Gekko plant; production costs; accuracy of budgeted exploration and development costs and expenditures, including to complete development of the infrastructure at the Hope Bay Project; the price of other commodities such as fuel; future currency exchange rates and interest rates; favourable operating conditions; political and regulatory stability; receipt of governmental approvals and permits and all necessary third party financing on favourable terms; obtaining renewals for existing licences and permits and obtaining all other required licences and permits; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with the KIA and NTI and other local groups; and the Company's ability to operate in the harsh northern Canadian climate. The assumptions used to produce the mineral resource estimates and the preliminary economic assessment of the Hope Bay Project are detailed in the PEA, which is available on the Company's website. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual performance, achievements, actions, events, results or conditions to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Furthermore, such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: general business, economic, competitive, political, regulatory and social uncertainties; disruptions or changes in the credit or securities markets and fluctuations in prices for the Company's securities; a material decline in the price of gold; adverse variations in mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; damage to the Gekko plant in the course of transport or assembly; differences in size, grade, continuity, geometry or location of mineralization from that predicted by geological modeling; the speculative nature of mineral exploration and development, including the risk of diminishing quantities or grades of mineralization and the inherent riskiness of Inferred Resources; failure to renew existing licences and permits or obtain required licences and permits; changes in project parameters as development plans are refined; changes in labour costs or other costs of production; accidents, labour disputes and other risks of the mining industry, including but not limited to environmental risks and hazards, cave-ins, pitwall failures, flooding, rock bursts and other acts of God or natural disasters or unfavourable operating conditions and losses; political instability, hostilities, insurrection or acts of war or terrorism; adverse changes in government legislation and regulation; adverse fluctuations in commodity prices; failure to raise sufficient funding to meet development and exploration plans and budgets, satisfy contractual obligations and additional capital needs generally; changes or disruptions in financial markets and capital goods markets; increased infrastructure and/or operating costs; unanticipated reclamation costs; the Company's lack of operating history and no history of earnings; reliance on a finite number of properties; limits of insurance coverage and uninsurable risk; disputes over title to properties; environmental risks and hazards; limitations on the use of community water sources; failure to comply with laws and regulations or other regulatory requirements; the impact of competitive conditions in mineral exploration and mining business; the inability of the Company to retain its key management employees and shortages of skilled personnel and contractors; influence of third party stakeholders; risks of litigation; failures or deficiencies in the Company's system of internal controls; conflicts of interest; credit and/or liquidity risks; fluctuations in the value of Canadian and United States dollars relative to each other; and the risks involved in the exploration, development and mining business generally.
Although TMAC has attempted to identify important factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those described in forward-looking information, there may be other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended.

TMAC cautions that the foregoing list of important factors and assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, this forward-looking information. Forward-looking information contained herein is made as of the date of this document and TMAC disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

APPENDIX A
2014 Diamond Drilling Results
Table 1: Doris Connector-Central Zone 2014 Drilling Results
AREA BHID Easting Northing Elevation Dip Azimuth Inclusion FROM TO LENGTH
(m)
Au
g/t
Doris CC TM00069 433658.7 7558727.9 22 -54.3 88.0 112.94 117.00 4.06 3.58
Doris CC TM00069 Including 115.00 116.40 1.40 6.32
Doris CC TM00069 199.86 204.00 4.14 7.91
Doris CC TM00069 Including 202.10 204.00 1.90 11.87
Doris CC TM00070 433678.7 7558339.4 22 -63.7 88.0 132.03 133.74 1.71 21.64
Doris CC TM00070 151.05 152.12 1.07 13.85
Doris CC TM00070 156.56 163.21 6.65 3.86
Doris CC TM00070 Including 161.00 162.15 1.15 10.70
Doris CC TM00070 182.50 185.64 3.14 1.30
Doris CC TM00078 433658.7 7558727.9 22 -71.4 82.0 148.50 152.71 4.21 3.38
Doris CC TM00078 Including 150.34 152.71 2.37 4.73
Doris CC TM00079 433689.1 7558301.3 22 -63.5 87.0 86.33 90.88 4.55 4.98
Doris CC TM00079 113.57 117.82 4.25 7.56
Doris CC TM00079 Including 115.66 117.82 2.16 13.03
Doris CC TM00083 433689.1 7558301.3 22 -72.4 87.0 96.14 98.88 2.74 2.36
Doris CC TM00083 140.00 160.79 20.79 4.23
Doris CC TM00083 Including 141.10 145.60 4.50 9.94
Doris CC TM00083 179.27 180.77 1.50 3.29
Doris CC TM00084 433626.4 7558787.3 22 -65.9 80.0 48.52 49.50 0.98 4.24
Doris CC TM00084 164.63 166.37 1.74 2.17
Doris CC TM00086 433673.0 7558233.0 22 -72.2 87.0 126.81 127.38 0.57 4.66
Doris CC TM00087 433652.3 7558667.0 22 -67.7 80.0 152.46 154.77 2.31 6.54
Doris CC TM00087 242.58 245.10 2.52 16.00
Doris CC TM00087 249.43 250.43 1.00 6.13
Doris CC TM00091 433691.6 7558138.1 22 -66.4 87.0 116.00 117.50 1.50 4.66
Doris CC TM00091 123.50 125.00 1.50 6.11
Doris CC TM00091 175.82 176.94 1.12 4.06
Doris CC TM00091 198.50 206.69 8.19 1.98
Doris CC TM00092 433673.2 7558955.1 22 -68.3 80.0 61.36 62.65 1.29 2.29
Doris CC TM00092 206.46 210.40 3.94 5.74
Doris CC TM00092 223.90 234.85 10.95 5.11
Doris CC TM00092 Including 223.90 225.40 1.50 15.14
Doris CC TM00092 and 231.16 234.85 3.69 5.53
Doris CC TM00095 433652.3 7558667.0 22 -77.3 80.0 81.38 81.65 0.27 3.65
Doris CC TM00095 169.00 171.14 2.14 2.15
Doris CC TM00095 172.64 174.10 1.46 7.20
Doris CC TM00096 433673.6 7558233.2 22 -53.0 76.0 96.20 122.81 26.61 8.78
Doris CC TM00096 Including 103.89 122.81 18.92 11.60
Doris CC TM00096 128.30 129.80 1.50 66.20
Doris CC TM00097 433625.9 7558739.8 22 -73.6 90.0 207.52 208.52 1.00 51.63
Doris CC TM00100 433690.4 7558442.6 22 -72.2 87.0 117.84 119.37 1.53 11.49
Doris CC TM00100 172.70 174.40 1.70 13.40
Doris CC TM00100 180.13 185.28 5.15 7.39
Doris CC TM00102 433693.0 7558078.7 22 -57.8 87.0 95.83 97.33 1.50 4.45
Doris CC TM00102 118.70 120.85 2.15 7.97
Doris CC TM00103 433673.2 7558955.1 22 -60.0 88.0 No Significant Assays, abandoned due to deviation
Doris CC TM00103A 433673.2 7558955.1 22 -64.9 90.0 58.00 58.74 0.74 10.50
Doris CC TM00104 433690.7 7558403.4 22 -72.1 87.0 113.60 118.65 5.05 8.58
Doris CC TM00104 Including 114.31 117.79 3.48 11.86
Doris CC TM00104 166.58 167.84 1.26 24.80
Doris CC TM00104 171.72 172.80 1.08 8.99
Doris CC TM00107 433693.0 7558078.7 22 -70.5 87.0 141.22 145.33 4.11 2.05
Doris CC TM00107 180.93 183.10 2.17 10.39
Doris CC TM00107 194.00 196.65 2.65 54.40
Doris CC TM00108 433677.3 7558671.1 22 -52.0 80.0 83.66 85.17 1.51 24.90
Doris CC TM00110 433664.8 7558104.9 22 -64.5 78.9 155.30 156.76 1.46 4.69
Doris CC TM00110 225.97 226.62 0.65 4.90
Doris CC TM00111 433583.1 7558039.6 22 -67.2 82.0 276.95 277.45 0.50 2.82
Doris CC TM00112 433679.8 7558635.0 22 -66.2 82.0 35.95 36.50 0.55 3.23
Doris CC TM00112 99.00 100.14 1.14 13.36
Doris CC TM00112 188.66 191.35 2.69 10.49
Doris CC TM00114 433720.1 7558005.0 22 -66.7 82.0 54.50 56.00 1.50 0.87
Doris CC TM00114 196.08 196.46 0.38 0.63
Doris CC TM00116 433679.8 7558635.0 22 -75.7 82.0 125.08 137.90 12.82 5.90
Doris CC TM00116 Including 129.50 132.35 2.85 14.81
Doris CC TM00116 274.83 283.67 8.84 11.17
Doris CC TM00116 Including 279.56 283.67 4.11 18.38
Doris CC TM00117 433604.8 7558898.9 26 -61.0 94.0 49.00 50.13 1.13 6.39
Doris CC TM00117 149.00 152.00 3.00 6.48
Doris CC TM00122 433524.3 7558764.9 28 -55.4 80.0 267.60 268.20 0.60 2.34
Doris CC TM00123 433510.1 7558754.5 28 -64.2 95.0 No Significant Assays, Intersected diabase before target
Doris CC TM00127 433524.3 7558764.9 28 -57.2 111.0 268.65 269.62 0.97 5.71
Table 2: Doris North Deep Zone 2014 Drilling Results
AREA BHID Easting Northing Elevation Dip Azimuth Inclusion FROM TO LENGTH
(m)
Au
g/t
Doris North Deep TM00132 434125.3 7560120.3 17 -69.3 268.0 44.23 45.45 1.22 3.76
Doris North Deep TM00132 415.24 416.53 1.29 32.05
Doris North Deep TM00132 Including 416.00 416.28 0.28 138.00
Doris North Deep TM00137 433799.7 7560119.5 50 -72.6 145.5 439.47 439.83 0.36 57.40
Doris North Deep TM00137 615.50 616.00 0.50 5.40
Doris North Deep TM00144 433799.7 7560119.5 50 -68.2 145.5 439.11 440.00 0.89 2.85
Doris North Deep TM00149 433691.5 7560128.3 58 -65.9 93.0 No Significant Assays, abandoned due freezing
Doris North Deep TM00155 433691.5 7560128.3 58 -70.1 93.0 No Significant Assays
Doris North Deep TM00164 433692.0 7560188.0 55 -66.3 93.0 265.76 266.39 0.63 5.60
Doris North Deep TM00172 433730.0 7560219.0 51 -66.5 97.0 No Significant Assays, abandoned due freezing
Doris North Deep TM00174 433719.9 7560219.5 52 -67.2 97.0 511.70 515.10 3.40 2.28
Doris North Deep TM00174 577.54 579.00 1.46 6.83
Doris North Deep TM00187 433628.2 7559913.8 111 -72.8 93.5 494.49 495.04 0.55 5.36
Doris North Deep TM00193 433628.2 7559913.8 111 -62.3 93.5 No Significant Assays
Table 3: Doris Connector-Central Deep Zone 2014 Drilling Results
AREA BHID Easting Northing Elevation Dip Azimuth Inclusion FROM TO LENGTH
(m)
Au
g/t
Doris CC Deep TM00118 433297.0 7558988.0 35 -67.3 84.0 511.60 512.50 0.90 15.10
Doris CC Deep TM00118 536.75 538.75 2.00 14.38
Doris CC Deep TM00118 645.50 647.80 2.30 7.58
Doris CC Deep TM00120A 433378.5 7559227.0 57 -63.5 121.0 506.52 506.82 0.30 1.53
Doris CC Deep TM00125 574.00 585.47 11.47 12.27
Doris CC Deep TM00125 Including 581.56 585.47 3.91 25.51
Doris CC Deep TM00125 433297.0 7558988.0 35 -75.4 84.0 724.10 725.25 1.15 0.66
Doris CC Deep TM00130 433391.4 7558927.7 33 -69.1 85.5 468.50 471.26 2.76 3.59
Doris CC Deep TM00130 598.55 598.82 0.27 201.00
Doris CC Deep TM00130 607.27 611.50 4.23 18.47
Doris CC Deep TM00130 Including 610.16 611.50 1.34 52.90
Doris CC Deep TM00133 434133.8 7559252.2 23 -55.4 269.0 628.33 630.96 2.63 2.08
Doris CC Deep TM00133 853.10 854.87 1.77 17.79
Doris CC Deep TM00133 858.15 860.07 1.92 1.92
Doris CC Deep TM00138 433391.4 7558927.7 33 -63.1 85.5 438.56 440.73 2.17 6.49
Doris CC Deep TM00138 443.80 450.44 6.64 5.22
Doris CC Deep TM00142 433391.4 7558927.7 33 -74.8 85.5 462.50 462.89 0.39 10.55
Doris CC Deep TM00142 485.46 487.28 1.82 5.54
Doris CC Deep TM00143 434124.8 7559316.2 23 -54.6 274.0 502.72 504.06 1.34 3.93
Doris CC Deep TM00143 772.80 774.85 2.05 8.29
Doris CC Deep TM00143 785.57 786.06 0.49 3.57
Doris CC Deep TM00143 848.90 850.34 1.44 4.49
Doris CC Deep TM00147 433309.9 7559034.3 37 -67.1 84.0 509.49 515.10 5.61 4.21
Doris CC Deep TM00147 Including 512.74 515.10 2.36 8.43
Doris CC Deep TM00147 582.87 583.56 0.69 17.45
Doris CC Deep TM00152 434154.5 7559290.6 23 -56.0 293.0 820.07 820.90 0.83 1.88
Doris CC Deep TM00158 433309.9 7559034.3 37 -73.7 84.3 No Significant Assays
Doris CC Deep TM00159 433395.4 7558895.5 32 -77.4 110.0 512.68 513.31 0.63 16.85
Doris CC Deep TM00160 433310.8 7559053.5 39 -73.9 84.3 No Significant Assays
Doris CC Deep TM00163 433296.7 7559057.8 39 -74.1 84.3 563.40 564.60 1.20 4.14
Doris CC Deep TM00167 433275.5 7559062.2 39 -75.0 84.3 No Significant Assays
Doris CC Deep TM00170 433245.0 7559065.0 38 -76.5 84.5 624.95 627.90 2.95 10.28
Doris CC Deep TM00177 433175.0 7559077.0 39 -76.2 97.0 784.25 785.75 1.50 4.39
Doris CC Deep TM00183 433300.3 7558923.0 33 -76.0 78.0 358.06 358.63 0.57 2.72
Doris CC Deep TM00183 564.50 566.43 1.93 1.96
Doris CC Deep TM00183 580.50 582.00 1.50 2.96
Doris CC Deep TM00183 707.30 714.00 6.70 12.08
Doris CC Deep TM00185 433300.3 7558923.0 33 -80.6 78.0 No Significant Assays
Doris CC Deep TM00195 433239.0 7559237.0 54 -66.5 110.0 606.85 609.15 2.30 3.22
Doris CC Deep TM00201 433227.5 7559241.2 54 -70.7 110.0 478.41 478.92 0.51 14.50
Table 4: Madrid North Naartok Zone 2014 Drilling Results
AREA BHID Easting Northing Elevation Dip Azimuth Inclusion FROM TO LENGTH
(m)
Au
g/t
Naartok TM00109 433079.5 7551035.8 66 -70.0 90.0 No Significant Assays, abandoned due freezing
Naartok TM00113 433205.2 7550879.9 55 -72.7 170.0 No Significant Assays, abandoned due to deviation
Naartok TM00119 433079.5 7551035.8 66 -74.1 90.0 No Significant Assays
Naartok TM00124 433177.4 7550864.0 55 -77.1 95.0 440.57 441.80 1.23 2.22
Naartok TM00126 433192.6 7550652.9 45 -69.1 180.0 323.94 325.23 1.29 11.30
Naartok TM00126 335.36 336.26 0.90 24.20
Naartok TM00126 399.36 399.66 0.30 60.90
Naartok TM00131 433192.6 7550652.9 45 -66.3 180.0 257.00 259.21 2.21 75.20
Naartok TM00131 293.76 295.49 1.73 5.55
Naartok TM00131 380.00 380.42 0.42 85.10
Naartok TM00135 433109.4 7550949.1 62 -70.6 90.0 457.76 460.19 2.43 3.34
Naartok TM00135 519.56 524.24 4.68 9.55
Naartok TM00140a 433109.4 7550949.1 62 -67.7 90.0 482.10 483.15 1.05 4.31
Naartok TM00140a 487.61 488.56 0.95 4.67
Naartok TM00148 433115.4 7550890.3 61 -69.5 90.0 440.00 465.10 25.10 8.34
Naartok TM00148 Including 440.00 449.00 9.00 10.40
Naartok TM00148 And 452.00 458.60 6.60 12.21
Naartok TM00156 433115.4 7550890.3 61 -72.1 90.0 513.03 540.03 27.00 6.12
Naartok TM00156 Including 515.84 525.65 9.81 10.69
Naartok TM00157 433250.6 7551250.2 66 -64.9 90.0 333.87 349.13 15.26 1.90
Naartok TM00161 433114.7 7550909.8 61 -67.8 90.0 464.00 502.98 38.98 5.24
Naartok TM00161 Including 484.25 501.50 17.25 7.93
Naartok TM00168 433114.7 7550909.8 61 -72.6 90.0 457.65 517.84 60.19 5.78
Naartok TM00168 Including 482.40 517.30 34.90 8.12
Naartok TM00169 433077.0 7551049.3 65 -71.7 90.0 588.13 590.69 2.56 1.33
Naartok TM00171 433249.0 7551285.0 62 -74.6 90.0 395.30 403.30 8.00 1.06
Naartok TM00173 433098.0 7550987.0 64 -72.0 81.0 No Significant Assays
Naartok TM00175 433074.2 7550983.3 64 -69.6 81.0 516.52 569.40 52.88 7.39
Naartok TM00175 Including 516.52 521.10 4.58 24.06
Naartok TM00175 577.50 580.32 2.82 8.40
Naartok TM00175 596.11 599.15 3.04 11.80
Naartok TM00176 433249.0 7551285.0 62 -63.3 90.0 381.50 387.85 6.35 2.66
Naartok TM00178A 433154.0 7550617.0 48 -68.6 186.0 252.43 275.40 22.97 2.35
Naartok TM00178A Including 273.90 275.40 1.50 14.65
Naartok TM00179 433077.0 7551049.0 65 -64.9 90.0 496.44 514.75 18.31 4.38
Naartok TM00179 Including 496.84 502.15 5.31 6.38
Naartok TM00179 And 506.27 511.48 5.21 6.03
Naartok TM00180 433237.2 7551311.2 63 -72.5 90.0 389.00 399.11 10.11 0.78
Naartok TM00181 433078.4 7551099.5 66 -65.3 95.5 459.21 460.68 1.47 8.05
Naartok TM00181 475.14 493.12 17.98 14.63
Naartok TM00181 Including 481.63 485.12 3.49 56.19
Naartok TM00181 560.82 562.00 1.18 40.80
Naartok TM00182 105.60 106.40 0.80 17.30
Naartok TM00182 432987.0 7550604.9 60 -68.6 185.0 268.20 271.80 3.60 13.40
Naartok TM00184 433074.2 7550983.3 64 -60.7 81.0 455.00 476.00 21.00 3.83
Naartok TM00184 Including 468.72 474.50 5.78 9.79
Naartok TM00184 518.00 542.00 24.00 2.89
Naartok TM00184 Including 521.00 524.00 3.00 6.24
Naartok TM00186 433190.3 7551384.0 61 -62.4 95.0 401.50 412.40 10.90 0.59
Naartok TM00188 433129.7 7550746.0 52 -63.5 90.0 425.45 426.45 1.00 40.30
Naartok TM00189 433190.3 7551384.0 61 -72.9 95.0 454.16 461.00 6.84 2.93
Naartok TM00190 433058.0 7551101.0 67 -69.0 95.5 605.00 609.44 4.44 1.48
Naartok TM00191 433128.0 7550815.0 53 -71.4 89.0 468.00 471.90 3.90 2.91
Naartok TM00192 433129.7 7550746.0 52 -69.0 90.0 459.35 473.60 14.25 8.66
Naartok TM00194 433250.0 7551311.0 63 -64.8 90.0 346.79 360.25 13.46 5.88
Naartok TM00194 Including 346.79 348.84 2.05 8.54
Naartok TM00194 And 358.72 360.25 1.53 21.29
Naartok TM00196 433071.0 7550976.0 65 -72.3 90.0 No Significant Assays
Naartok TM00197A 433135.3 7550781.6 53 -65.1 90.0 406.19 410.65 4.46 5.23
Naartok TM00197A 438.39 468.50 30.11 7.81
Naartok TM00197A Including 449.32 465.55 16.23 12.08
Naartok TM00198 433155.5 7550937.5 59 -72.0 90.0 431.00 464.00 33.00 2.87
Naartok TM00198 Including 435.34 445.02 9.68 4.94
Naartok TM00198 Including 435.34 440.00 4.66 6.20
Naartok TM00199 433029.3 7550921.0 70 -69.2 90.0 633.50 639.50 6.00 4.51
Naartok TM00199 654.72 655.48 0.76 38.00
Naartok TM00200 433078.0 7551080.0 66 -72.4 90.0 604.76 608.23 3.47 2.47
Naartok TM00202 433136.6 7551012.0 63 -71.0 90.0 No Significant Assays, abandoned due freezing
Naartok TM00203 433147.6 7550965.0 61 -65.5 90.0 546.00 547.50 1.50 21.00
Naartok TM00204 433184.9 7550866.0 55 -71.9 90.0 382.80 420.50 37.70 8.09
Naartok TM00204 Including 410.00 420.50 10.50 16.89
Naartok TM00205 433127.5 7551069.0 64 -67.7 90.0 481.78 498.28 16.50 5.92
Naartok TM00205 Including 490.78 496.78 6.00 10.09
Naartok TM00206 433164.0 7550908.0 58 -66.9 90.0 426.65 472.10 45.45 7.44
Naartok TM00206 Including 442.75 464.80 22.05 10.58
Naartok TM00207 433135.4 7551023.1 63 -74.4 95.0 430.19 431.00 0.81 20.40
Naartok TM00207 476.00 479.00 3.00 9.83
Naartok TM00208 433118.8 7551117.7 66 -72.5 90.0 524.00 537.00 13.00 5.45
Naartok TM00208 Including 525.00 526.00 1.00 31.10
Naartok TM00208 587.00 590.00 3.00 7.10
Naartok TM00209 433184.9 7550866.0 55 -66.5 90.0 411.50 422.97 11.47 3.03
Table 5: Madrid South Patch14 Zone 2014 Drilling Results
AREA BHID Easting Northing Elevation Dip Azimuth Inclusion FROM TO LENGTH
(m)
Au
g/t
Patch 14 TM00064 435371.1 7546467.1 26 -59.9 90.0 44.61 46.00 1.39 6.21
Patch 14 TM00064 80.63 81.32 0.69 11.35
Patch 14 TM00067 435221.3 7546862.8 26 -57.6 90.0 72.60 74.05 1.45 1.92
Patch 14 TM00068 435345.1 7546467.3 26 -62.5 90.0 86.87 87.96 1.09 1.34
Patch 14 TM00071 435345.1 7546467.3 26 -76.5 90.0 105.85 107.34 1.49 4.41
Patch 14 TM00071 130.70 143.55 12.85 2.49
Patch 14 TM00071 Including 142.16 143.55 1.39 11.50
Patch 14 TM00073 435221.3 7546862.8 26 -65.9 88.0 186.08 187.23 1.15 2.35
Patch 14 TM00076 435350.4 7546396.8 26 -61.7 90.0 104.81 109.48 4.67 3.17
Patch 14 TM00076 Including 104.81 106.00 1.19 8.12
Patch 14 TM00081 435269.5 7546776.5 26 -65.5 79.3 257.00 263.68 6.68 1.60
Patch 14 TM00081 Including 258.10 260.90 2.80 2.44
Patch 14 TM00082 435350.4 7546396.8 26 -69.8 90.0 127.86 130.46 2.60 1.86
Patch 14 TM00115 435131.1 7546670.1 47 -68.7 90.0 408.51 415.96 7.45 18.89
Patch 14 TM00115 Including 409.35 410.27 0.92 122.00
Patch 14 TM00115 426.55 427.90 1.35 43.60
Patch 14 TM00121 435146.2 7546750.2 40 -79.8 90.0 No Significant Assays
Patch 14 TM00128 435096.3 7546638.8 50 -69.8 90.0 454.32 455.00 0.68 22.70
Patch 14 TM00129 435146.2 7546750.2 40 -73.8 90.0 379.70 381.70 2.00 0.37
Patch 14 TM00129 494.19 494.74 0.55 0.49
Patch 14 TM00134 435146.2 7546750.2 40 -69.1 90.0 380.73 382.23 1.50 1.35
Patch 14 TM00136 435096.3 7546638.8 50 -75.1 90.0 521.30 523.10 1.80 4.18
Patch 14 TM00136 529.43 530.93 1.50 1.64
Patch 14 TM00136 534.73 535.60 0.87 1.60
Patch 14 TM00139 435088.2 7546744.5 44 -73.0 91.5 464.63 465.15 0.52 10.90
Patch 14 TM00141 435140.8 7546689.9 45 -70.0 89.0 375.80 376.10 1.75 11.55
Patch 14 TM00141 384.05 387.86 3.81 2.55
Patch 14 TM00145 435077.3 7546671.1 49 -73.4 91.5 554.85 555.84 0.99 20.64
Patch 14 TM00145 570.14 572.35 2.21 7.21
Patch 14 TM00146 435129.3 7546600.5 49 -67.3 91.5 412.00 412.55 0.55 3.42
Patch 14 TM00150 435077.3 7546671.1 49 -64.9 91.5 416.57 418.69 2.12 7.83
Patch 14 TM00150 424.48 431.52 7.04 4.50
Patch 14 TM00151 435129.3 7546600.5 49 -73.8 91.5 No Significant Assays
Patch 14 TM00153 435010.0 7546725.0 48 -73.9 95.0 684.75 685.45 0.70 17.00
Patch 14 TM00154 435110.0 7546590.0 50 -74.5 93.0 507.87 509.46 1.59 2.94
Patch 14 TM00162 435010.0 7546725.0 48 -68.9 95.0 522.33 523.80 1.47 0.72
Table 6: Madrid South Wolverine Zone 2014 Drilling Results
AREA BHID Easting Northing Elevation Dip Azimuth Inclusion FROM TO LENGTH
(m)
Au
g/t
Wolverine TM00065 434710.4 7546512.0 32 -60.1 88.0 373.77 374.78 1.01 3.52
Wolverine TM00066 434776.4 7546377.9 32 -61.4 88.0 312.20 314.14 1.94 2.99
Wolverine TM00072 434776.4 7546377.9 32 -65.7 88.0 329.00 330.48 1.48 6.97
Wolverine TM00074 434710.4 7546512.0 32 -64.9 88.0 No Significant Assays
Wolverine TM00075 434710.4 7546512.0 32 -69.0 88.0 No Significant Assays, abandoned due to deviation
Wolverine TM00077 434710.4 7546512.0 32 -75.1 88.0 562.84 565.16 2.32 3.16
Wolverine TM00080 434776.4 7546377.9 32 -70.0 88.0 369.44 373.57 4.13 2.12
Wolverine TM00080 Including 372.20 372.84 0.64 5.13
Wolverine TM00085 434909.6 7546290.7 32 -57.7 90.0 137.00 138.49 1.49 16.61
Wolverine TM00088 434776.4 7546377.9 32 -75.1 90.0 No Significant Assays
Wolverine TM00089 434806.4 7546269.8 32 -60.4 90.0 261.40 262.40 1.00 4.58
Wolverine TM00090 434909.6 7546290.7 32 -69.7 90.0 165.00 165.80 0.80 13.00
Wolverine TM00090 169.15 173.80 4.65 12.87
Wolverine TM00090 Including 171.15 173.80 2.65 20.82
Wolverine TM00093 434941.4 7546226.0 32 -63.2 90.0 90.04 90.39 0.35 15.55
Wolverine TM00094 434776.4 7546377.9 32 -72.1 88.0 No Significant Assays, abandoned due to deviation
Wolverine TM00098 434710.0 7546330.0 32 -69.5 90.0
Wolverine TM00099 434806.4 7546269.8 32 -71.5 90.0 328.47 328.92 0.45 1.53
Wolverine TM00099 329.84 330.57 0.73 1.55
Wolverine TM00101 434941.4 7546226.0 32 -71.8 90.0 No Significant Assays
Wolverine TM00105 434799.9 7546410.5 32 -60.8 90.0 260.56 261.30 0.74 0.37
Wolverine TM00106 434806.4 7546269.8 32 -76.5 87.0 No Significant Assays

Contact Information

  • TMAC Resources Inc.
    Terry MacGibbon
    416-520-3516

    TMAC Resources Inc.
    Catharine Farrow
    416-628-0216