1911 Gold Intersects Significant Grades at L10 Zone, Including 10.73 g/t Au over 8.90 m

Michael (0:16)

In 11 Gold is executing a district-scale strategy at its True North Complex in Manitoba, feeding satellite deposits into one centralized permitted mill. The company just drilled eight holes at its L10 Zone, confirming a high-grade link to a larger 710-711 Zone, including 50.61 grams per ton gold over 1.6 meters.

This drilling is outside of the 2024 mineral resource at True North. 1911 Gold is a restart. The company's mill is already running intermittently. Full operations are targeted by year-end pending crusher delivery. CEO Shaun Heinrichs, Shaun, welcome to Mining Stock Daily.

Shaun Heinrichs (0:54)

Hi, Michael. Thanks for bringing me back on. Good to be here.

Michael (0:58)

Let's start with those drill results. The headline was linking L10 with the larger 710-711 Zone at depth. Explain the significance.

Shaun Heinrichs (1:07)

Sure. Look, the significance actually ends up being multiple on this. The most important part about it really is the linking of two of the higher grade zone areas within our current mineral resource estimate, that being our 2024 one. So what we found now and part of the way this particular news release was focused was in and around, not just the grade or the results, which were great on their own in terms of width and grade, but also what they told us. We had had three holes in the May news release, which specifically pointed to a possible connection of the 710-711, which is our five and a half gram per tonne resource discovered off of level 26 And the L10 resource was just about 5.1 grams per tonne. I put myself on the spot there, sitting off of level 16

And the fact that these two might link. And then we went and drilled a number of other holes, and all of which seem to confirm this link. And now our resource modelers, Carlos and Aldo are working hard at putting shapes around these to be incorporated in our updated global resource estimate coming later in the year.

So this really opens up a big opportunity for us there. L10, just on its own, is really part of, and 710 actually, is part of that first couple of years of production. So the fact that the resource is held up to the drilling is a great message. The fact that the grade is consistent is a great message. And now more importantly, it looks like we've got a link. So this creates an opportunity to be mining that whole area up and down ramp. So coming up from 26, which is the best way to mine, according to Eric. And also coming down now off of level 26 or level 16 And this is all again, part of that near term mine plan. So a win for us on multiple fronts. I'm excited to see these updated in that resource. I think you're also going to see a large component of this in that higher confidence resource, the M&I aspect of our resource. You'll get growth, you'll get quality, and you'll get an area that we're getting into right now.

Michael (3:19)

Can you say anything yet in terms of sequencing and then also into this high grade? Is it something that you could see bringing forward or is it still just given its location? Is it something that's out further in the restart?

Shaun Heinrichs (3:33)

These were always contemplated as part of our first three to four years of production and then even thereafter, I mean, 710-711 itself is a very large zone. So it stays in the mine plan for most of the 11 years projected in the PEA. And now we're obviously we're adding to it. So it's going to be present in our mine plan quite quickly.

And the reason why it's there early is also because when we built the PEA, we wanted to focus on ultimately on profitability, which meant prioritizing areas based on development access, but also the quality of the resource. So anything that was higher grade would move up in the mine plan already. So this was already part of our strategy. Now it's just been confirmed by these drill results. And when you look at the sequencing, will be our focus really over the next six to eight months is on those test mining areas. L10 is in fact one of those test mining targets already. So it's there. And in 710-711 was our next, our third mine crew is going to that area. So by middle of next year, we'll be into that 710-711 Zone area coming up from level 26

Michael (4:47)

Let's talk about deadlines and for that wireframing and that global MRE. So you've got three rigs running now, fourth is coming online, I guess for level 26, rehab, assay pending results. What's it caught off right now you're looking at in terms of actually getting the drill data into that global MRE?