With ongoing drilling, and each successive Resource Estimate, the Company's understanding of the Borden Gold Zone is improving and it is now recognized that the higher-grade core zone is an integral part of the mineralization and one of its most important aspects. At a 0.5 g/t Au cut-off, the Resource contains a significant deposit of greater than 1.0 g/t average gold grades. Although sensitivity tables are provided for both Constrained and Global sensitivity to the Resources, it is important to note that due to overall increasing grades any comparison to previous Resource Estimates should also consider average grades at each Au cut-off.
Updated Resource Estimate (Pit Constrained)
The Updated Resource Estimate was constrained in a preliminary Whittle open-pit optimized shell to a maximum depth of approximately 475m. For the purpose of this News Release, the Resource Estimate is reported at a cut-off grade of 0.5 g/t Au. The 0.5 g/t cut-off was chosen to better represent the higher-grade core to the mineralized zone and to provide continuity for the upcoming Preliminary Economic Assessment ("PEA"), which will be based on the Resource at a 0.5 g/t Au cut-off.
The following sensitivity table presents the Resource Estimate for mineralization falling within the preliminary optimized pit shell, assuming a gold price of US$1,200/oz and a metallurgical recovery of 92%.
An image of the Pit-Constrained Resource is available on the Company's website at http://www.probemines.com/s/Borden_Lake.asp?ReportID=565388.
Pit-Constrained Indicated Mineral Resource Estimate Sensitivity Table (1,2,3,4,5)----------------------------------------------------------------------------Cut-Off Cumulative Average CumulativeAu Tonnage (1,2) Au Grade Au oz (1,2)(g/t) (000's) (g/t) (000's)----------------------------------------------------------------------------1.5 14,452 2.34 1,086----------------------------------------------------------------------------1.3 20,744 2.05 1,368----------------------------------------------------------------------------1.0 37,600 1.64 1,982----------------------------------------------------------------------------0.9 46,418 1.51 2,250----------------------------------------------------------------------------0.8 57,826 1.38 2,561----------------------------------------------------------------------------0.7 72,616 1.25 2,917----------------------------------------------------------------------------0.6 91,123 1.13 3,303----------------------------------------------------------------------------0.5 112,844 1.02 3,686---------------------------------------------------------------------------- Pit-Constrained Inferred Mineral Resource Estimate Sensitivity Table (1,2,3,4,5)----------------------------------------------------------------------------Cut-Off Cumulative Average CumulativeAu Tonnage (1,2) Au Grade Au oz (1,2)(g/t) (000's) (g/t) (000's)----------------------------------------------------------------------------1.5 2,545 2.61 214----------------------------------------------------------------------------1.3 3,553 2.27 259----------------------------------------------------------------------------1.0 6,351 1.77 361----------------------------------------------------------------------------0.9 7,761 1.62 404----------------------------------------------------------------------------0.8 9,603 1.47 454----------------------------------------------------------------------------0.7 11,781 1.34 506----------------------------------------------------------------------------0.6 14,510 1.21 563----------------------------------------------------------------------------0.5 18,036 1.08 625----------------------------------------------------------------------------1. Tonnes and Au ounces have been rounded to the nearest thousand2. Figures/numbers for resource tonnes and ounces may not sum due torounding3. In the pit optimization, the following parameters were utilized: - Gold price US$1,200/oz - Exchange rate US$0.95= CDN$1.00 - Mining cost $1.65/tonne - Process cost $8.00/tonne - Process Recovery 92% - G&A cost $1.00/tonne - Pit Slopes 50 degrees4. An over-all grade capping of 20 g/t Au and a range restriction of 60 m togrades of 8g/t or higher was implemented on composite samples prior toestimation.5. Variable bulk Densities of between 2.36 and 3.90 t/m3 were used.
