TMAC has a 100% interest in the 1,101 square kilometre (approximately 80 km by 20 km) Hope Bay Project located in Nunavut, Canada. The Hope Bay Project is a high-grade gold deposit with established Measured and Indicated Mineral Resources totaling approximately 4.5 million ounces of gold at an average grade of 9.2 g/t Au and Inferred Mineral Resources totaling approximately 1.4 million ounces of gold at an average grade of 7.4 g/t Au, and with recently established Proven and Probable Mineral Reserves totaling approximately 3.5 million ounces of gold at an average grade of 7.7 g/t Au (such estimates having an effective date of March 31, 2015).
|Mineral Reserves and Resources ||Tonnes||Grade || Contained Metal|
| || (Mt) || (g/t Au) || (koz Au)|
| Proven|| 1.3 || 11.0 || 461|
| Probable|| 12.9|| 7.4 || 3,046|
| Total Proven & Probable Reserves|| 14.2|| 7.7 ||3,507|
| Measured ||1.1 ||15.1 ||510 |
| Indicated ||14.1|| 8.8||4,001|
| Total Measured & Indicated Resources(1) ||15.2|| 9.2|| 4,511|
| || || || |
| Inferred || 6.0 || 7.4 || 1,429|
(1) Measured and Indicated Resources shown inclusive of Proven and Probable Reserves.
Scientific and Technical Information
Information of a scientific or technical nature in respect of the Hope Bay Project is based upon the pre-feasibility study and technical report for the Hope Bay Project (the “Hope Bay Technical Report”) dated May 28, 2015 entitled “Technical Report On The Hope Bay Project, Nunavut, Canada”, which has an effective date of March 31, 2015 and was prepared by Graham G. Clow, P.Eng., Normand L. Lecuyer, P.Eng., Sean Horan, P.Geo., and Holger Krutzelmann, P.Eng., all of Roscoe Postle Associates Inc., Derek Chubb, P.Eng., of ERM Consultants Canada Inc., Maritz Rykaart, Ph.D., P.Eng., of SRK Consulting (Canada) Inc., and Timothy Hughes, FAusIMM, of Gekko Systems Pty Ltd., who are independent “qualified persons” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).
Scientific and technical information contained on this website was reviewed and approved by David King, P.Geo., the Vice President, Exploration and Geoscience of TMAC, and Paul Christman, P.Eng., the Manager of Mining of TMAC, each of whom is a “Qualified Person” as defined by NI 43-101.
The history of Hope Bay and TMAC's role in Hope Bay is summarized below.
- Between 1988 and 1999, BHP Billiton discovered and drilled the Doris, Boston and Madrid Deposits, and completed initial underground development of Boston.
- Miramar Mining acquired the property in 1999 and expanded the mineralized zones, published initial resource figures and planned further development.
- Newmont Mining acquired the property in 2007 and subsequently upgraded the infrastructure including air strips, fuel storage, camps, ports, a nearly completed processing plant in South Africa and underground Doris development until placing the project in care and maintenance in 2011.
- December 2012, Newmont signed a Letter of Intent with TMAC and a definitive sale of agreement on January 25, 2013.
- March 2013, TMAC privately raised $50 million ($35 million of equity through private investors and a $15 million loan available from Newmont).
- TMAC reopened Hope Bay on March 22, 2013 and conducted exploration and environmental programs in 2013.
- The Preliminary Economic Assessment (“PEA”) for Hope Bay was completed in December 2013 by Roscoe Postle Associates (“RPA”).
- May 2014, TMAC privately raised $77.8 million to fund the 2014 program.
- Hope Bay activity in 2014 was primarily dedicated to exploration drilling and environmental monitoring.
- December 2014 and January 2015, TMAC privately raised $44.0 million to further advance Hope Bay along the path to production and fund the completion of a pre-feasibility study.
- March 2015, TMAC signs landmark land tenure agreements with the Kitikmeot Inuit Association and Nunavut Tunngavik Inc.
- May 2015, TMAC publishes robust pre-feasibility study on the Hope Bay Gold Project.
- July 2015, TMAC completes Initial Public Offering of C$135.0 million. Begins trading on the Toronto Stock Exchange.
- July 2015, TMAC enters into US$120.0 Million Senior Secured Term Facility to provide balance of funding needed to advance Hope Bay Project to production.
- March 2016, TMAC publicly raises $9.0 million to drill on the highly prospective Naartok/Madrid North deposit.
- June 2016, TMAC intercepts high-grade gold mineralization below current reserves at the Doris Mine, raises $60.0 million to advance exploration and development below the diabase dyke at Doris Mine.
- August 2016, TMAC takes delivery of components of processing plant fabricated in Australia by Gekko Systems.
- September 2016, TMAC receives Amended Doris North Project Certificate.
- November 2016, TMAC identifies significant near-surface gold mineralization outside of current mineral resources at Naartok.
- December 2016, TMAC receives Amended Doris North Water Licence.