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Sulliden Mining Capital Inc.
Summary
| Project: | Troilus Mine | |
|---|---|---|
| Deposit: | Troilus Mine | |
| Location: | Canada | |
| Commodities: | Gold-Copper | |
| Date: | 5/25/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 25-5-2016: Sulliden Mining Capital Inc. announces a Resource Estimation report for its Troilus Mine deposit at the Troilus Mine project. Updated mineral resource estimate for Troilus Mine. Roscoe Postle Associates Inc. (RPA) was retained by Sulliden Minin | |
| Resources: | (Resource): 44.0Mt @ 1.27g/t Au, 0.120% Cu (Ind.) and 18.7Mt @ 1.03g/t Au, 0.084% Cu project total | |
| CP/QP: | [Resources]: Luke Evans, Tudorel Ciuculescu (Roscoe Postle Associates Inc.) | |
| ABSTRACT: | Roscoe Postle Associates Inc. (RPA) was retained by Sulliden Mining Capital Inc. (Sulliden) to prepare an independent Technical Report on the Troilus Gold-Copper Mine, located in northwestern Quebec, Canada. The purpose of this report is to support updated open pit and underground Mineral Resource estimates for the mine. This Technical Report conforms to NI 43-101 Standards of Disclosure for Mineral Projects. RPA visited the property on June 17, 2014 and on several occasions in 2002 and 2003 to prepare new resource models while the mine was operating. Sulliden is a Canadian mining company focused on the acquisition and development of mining projects in the Americas, in addition to identifying opportunities for active investments. On May 2, 2016, a wholly-owned subsidiary of Sulliden entered into a two year option agreement (the Agreement) with First Quantum Minerals Ltd. (First Quantum) to purchase a 100% interest in the Troilus Mine. First Quantum had acquired the Troilus Mine as part of the Inmet Mining Corporation (Inmet) takeover in March 2013. To exercise the option under the Agreement, a minimum of C$1,000,000 must be spent on engineering and technical studies to evaluate the economic viability of the project during the two year option period. Upon signing, an initial cash payment of C$100,000 was made to First Quantum. An additional cash payment of C$100,000 will be made to First Quantum on the first anniversary of the Agreement, and a final cash payment of C$100,000 will be made on the date of exercise of the option. Additionally, a variable Net Smelter Royalty (NSR) of 1.5% or 2.5%, depending on the gold price being more or less than $1,250/oz during the two year period, will be granted to First Quantum. Sulliden has entered into a second option agreement with a private company that provides the private company with the option to purchase 40% of the project in the event Sulliden exercises its option with First Quantum. | |
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