Acquisition Opportunity - Clavos Gold Property Operating Gold Mine & Exploration Project in Ontario

Receiver is currently updating the NI 43-101 Mineral Resource Estimate with results from recent surface and underground drilling.


Fully-permitted, quality asset that is on track to near-term commercial production with a toll-milling contract in place.


Located on private land, in a mining-friendly jurisdiction within a supportive community.

Substantial upside potential. 2,000 high-grade drill intercepts outside the current Clavos model.


Located in Timmins, one of Canada’s most prolific and active gold camps.
The deposit is comprised of 69 patented and leased claims and 14 unpatented claims covering 2,540 hectares.
Briefly in production between 2005 and 2007 and between 2017 and 2018.
Commenced underground mining and stock-piling of ore in 2017.
7-year, life-of-mine toll-milling agreement in place with a nearby mill (~10 km away). Between
October 2017 and May 2018, milled 33,963 tonnes of ore and development material at an average
grade of 2.35 grams per tonne of gold (“g/t”) as part of bulk sample mining, yielding 2,164 oz of
gold. Average recoveries were approximately 85%.
Fully permitted for up to 700 tonnes per day of production.
Over $70 million invested in infrastructure by previous operators, including 7 km of underground
development, power to site, surface ventilation system and water management system.
Historic National Instrument 43-101 (“NI 43-101”) Mineral Resource Estimate dated October 12,
2012 and Preliminary Economic Assessment (“PEA”) dated April 12, 2013. Critical Mineral Resource
Estimate update is near completion, adding approximately 2,400 historical and recent drill-hole
composites (vs 800 composites in the previous estimate) from additional drilling.
Over 2,000 high-grade drill intercepts remain outside the current mineral resource model
suggesting the potential for near-term growth of the estimated mineral resource.
In July 2018, Clavos was placed on care and maintenance in light of the Company’s current
financial situation (discussed on next page). The Receiver is in process of changing the project’s
status to “temporary suspension” under the Mining Act.

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