Building Canada’s Next Gold Mining District

TMAC has a 100% interest in the 1,101 square kilometre (approximately 80 km by 20 km) Hope Bay Property located in Nunavut, Canada. The Hope Bay Property is a high-grade gold district with established Measured and Indicated Mineral Resources totaling approximately 5.17 million ounces of gold at an average grade of 7.4 g/t Au and Inferred Mineral Resources totaling approximately 2.13 million ounces of gold at an average grade of 6.1 g/t Au. Proven and Probable Mineral Reserves total approximately 3.54 million ounces of gold at an average grade of 6.5 g/t Au (estimates have an effective date of December 31, 2019. Mineral Resources are inclusive of those resources converted to Mineral Reserves).

Table 1: Hope Bay Measured, Indicated and Inferred Resources as of December 31, 2019

  Ore Tonnes Gold Grade  Gold Ounces
  (kt)   (g/t)  (koz)
 Doris  240 11.0 85
 Madrid North  - - -
 Suluk  -  -  -
 Madrid South  - -
 Boston 1,330 9.3 397
 Total  1,570 9.5 481
 Doris    1,726 9.0 499
 Madrid North  10,761 6.6 2,273
 Suluk 3,670  7.2  851 
 Madrid South  648 14.0 292
 Boston    3,441 7.0 776
 Total            20,246 7.2  4,691
 Measured and Indicated      
 Doris   1,966 9.2  584
 Madrid North  10,761 6.6  2,273
 Suluk  3,670 7.2  851 
 Madrid South 648 14.0 292
 Boston 4,771 7.6 1,173
 Total 21,816  7.4 5,173
 Doris 1,750 7.1 399
 Madrid North 1,113 5.3 190
 Suluk  4,339 5.7  792 
 Madrid South 662 7.1 152
 Boston 3,053 6.1 594
 Total 10,917 6.1 2,127


  1. CIM definitions were followed for the statement of Mineral Resources.
  2. Mineral Resources are inclusive of those resources converted to Mineral Reserves and are in-situ resources excluding stockpiles.
  3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  4. The Mineral Resources for each Individual deposit were defined utilizing a block cut-off grade of 3.5 g/t.
  5. All Mineral Resources are estimated using an average long-term gold price of US$1,500 per ounce and a C$/US$ exchange rate of 1.34.
  6. A 50 m crown pillar allowance was applied to Mineral Resources located below lakes where applicable.
  7. A minimum intercept width of 1.5 m was applied to the Mineral Resource modelling.
  8. Ore density was calculated using the geological block model density field.
  9. Numbers may not add due to rounding.

Table 2: Hope Bay Proven and Probable Mineral Reserves as of December 31, 2019

  Ore Tonnes Gold Grade   Gold Ounces
  (kt)    (g/t)   (koz)
 Stockpiles 99 4.1 13
 Total 99  4.1  13 
 Doris 1,194 8.4 321
 Madrid North UG 7,525 6.1 1,466
 Madrid North Naartok East Crown Pillar  212 5.7  39 
 Madrid North Subtotal  7,737 6.1  1,505 
 Suluk 3,703  5.8  695 
 Madrid South 842 9.1 245
 Boston 3,306 7.2 766
 Total 16,782 6.5 3,532
 Proven and Probable      
 Stockpiles 99 4.1  13
 Doris   1,194 8.4 321
 Madrid North UG  7,525  6.1  1,466
 Madrid North Naartok East Crown Pillar 212 5.7 39
 Madrid North Subtotal  7,737 6.1  1,505 
 Suluk  3,703 5.8  695 
 Madrid South 842 9.1 245
 Boston 3,306 7.2 766
 Total 16,881  6.5 3,545


  1. CIM definitions were followed for the statement of Mineral Reserves.
  2. The Mineral Reserves for each Individual deposit were defined utilizing the following cut-off grades:
    1. a.4.0 g/t gold for longhole stopes.
    2. b.3.0 g/t gold for incremental development ore required for mining.
    3. c.2.0 g/t gold for the Madrid North crown pillar surface mining.
  3. All Mineral Reserve are estimated using an average long-term gold price of US$1,325 per ounce and a CAD/USD exchange rate of 1.34.
  4. A 50-m crown pillar allowance was applied to Mineral Reserves located below lakes where applicable.
  5. Numbers may not add due to rounding.

In addition to the Hope Bay property, in 2013, TMAC acquired from Newmont a 100% interest in the original Elu claims, a greenstone belt to the east of the Hope Bay claims covering 31,259 hectares. The Elu greenstone belt is similar in age to the Hope Bay belt and has the potential to host both gold and base metal deposits. In June 2016, TMAC staked the extension of the Elu greenstone belt, comprising 37,214 hectares, thereby linking the Elu claims with the Hope Bay claims. The Elu claims now form a land package that comprises an area of 685 square kilometers and is approximately 80 kilometers by 10 kilometers in extent. The majority of the Elu claims are on Inuit-owned lands that are not included in the Inuit-owned surface access rights provided through the Framework Agreement. The Crown owns 100% of the Elu subsurface mineral claims.

Qualified Person 

The Mineral Resources for the Hope Bay property disclosed in the news release issued March 30, 2020 and reproduced above have been estimated by Mr. David King, P.Geo., Vice President, Exploration & Geoscience of TMAC. The Mineral Reserves for the Hope Bay property have been reviewed by Mr. Gilbert Lawson, P.Eng., Chief Operating Officer of TMAC. By virtue of their education and relevant experience Mr. King and Mr. Lawson are "Qualified Persons" for the purpose of National Instrument 43-101. 

Scientific and Technical Information

Information of a scientific or technical nature in respect of the Hope Bay property is based upon the Hope Bay Technical Report, as filed on TMAC’s profile at Scientific and technical information contained in this document was reviewed and approved by David King, P. Geo., Vice President, Exploration and Geoscience Projects, and Mr. Gilbert Lawson, P. Eng., Chief Operating Officer of TMAC.  Each of the individuals named is a “Qualified Persons” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.


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 partially 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 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 its 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 fund the completion of a pre-feasibility study in order to advance Hope Bay to production.
  • March 2015, TMAC signs landmark twenty-year 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 $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 of flow-through eligible money to drill the 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.
  • Second half of 2016, TMAC receives Amended Doris North Project Certificate and Amended Doris North Water Licence.
  • Poured first gold February 9, 2017.
  • Declared commercial production May 15, 2017, effective June 1, 2017.
  • July 2017, TMAC amends Senior Secured Term Facility to US$160 million and extends Facility out to July 2022.
  • November 2017, TMAC raises $53 million through a $30 million private placement with two significant shareholders and balance via a marketed offering.
  • December 2017, submitted final Environmental Impact Study to Nunavut Impact Review Board and Nunavut Water Board as part of process of obtaining production leases for Madrid and Boston.
  • June 2018, TMAC achieves a significant permitting milestone at Hope Bay with the Nunavut Impact Review Board’s recommendation to the Minister of Crown-Indigenous Relations and Northern Affairs that TMAC’s proposed Madrid-Boston Project proceed to production.
  • June 2018, provided an exploration update; highlights included 261.4 grams per tonne of gold over 7.1 meters at Doris North BTD Extension.
  • October 2018, completes public equity offering and concurrent private placement for aggregate gross proceeds of $90 million.
  • November 2018, TMAC makes important permitting step forward as minister accepts Nunavut Impact Review Board recommendation for a new Madrid-Boston project certificate. 
  • November 2018, provides an update on 2018 exploration activity; drilling continues to intersect high-grade gold over significant widths at both Doris and Madrid North. 
  • January 2019, Doris BTD drilling continues to return high-grade gold results and TMAC outlines 2019 exploration strategy. 
  • February 2019, TMAC reports updated Mineral Reserves and Mineral Resources estimate at December 31, 2018 forthe Hope Bay Property, Nunavut.
  • April 2019, Doris drilling continues to define continuity of the high-grade BTD Extension and a first quarter 2019 exploration update.
  • April 2019, amends Credit Agreement to eliminate next 12 months of principal payments.
  • March 2020, TMAC reports updated Mineral Reserves and Mineral Resources estimate at December 31, 2019 for the Hope Bay Property, Nunavut.


Stay Informed

Email Address: *
Mailing Lists *

Enter the code shown above.



Privacy Statement

TMAC Resources Inc.  (“TMAC”) values your privacy. This policy statement governs our practices with respect to the collection, use and disclosure of personal information on the Careers section of the TMAC web site.

Personal information is information that is personally identifiable to you and may include your name, e-mail address, phone number and mailing address, as the case may be. Personal information does not include the name, title or business address or telephone number of an employee of an organization. TMAC is not asking you to reveal any personal information while visiting our Careers site. On a voluntary basis, you may provide and disclose personal information to us in using the Careers section of this site.

TMAC will never disclose, sell or lease to any third party, any personal information that you provide on this site without your permission, unless required to do so by law.

When you submit a profile on the Careers section of this site you will become a registered user. By submitting your profile on the Careers section of this website you are consenting to TMAC’s collection and use of your personal information for the purpose of considering you for career opportunities with TMAC. You will be able to view, change and update the personal information that you have previously provided and disclosed at any time.

If you have previously provided us with personal information and wish to verify or remove your personal information, please contact us using the information provided at the end of this Privacy Policy.

TMAC treats your personal information as private, confidential information and strives to ensure that such information is protected at all times. TMAC is diligent in its efforts to protect your personal information, however as data transmission over the Internet is not secure, TMAC cannot guarantee that such information will not be lost, used unlawfully or modified in a fraudulent manner. Consequently, TMAC bears no liability for the use that may be made of the information by you or any third party.

TMAC reserves the right to change this Privacy Policy Statement as it deems necessary and without prior notice. Any changes made to this Privacy Policy Statement will be in compliance with privacy laws in effect in Canada and will be posted on this page.

External Links
This site may contain links that take you to third party websites. This Privacy Policy Statement does not extend to the data collection practices of third parties and TMAC does not assume any responsibility for the privacy practices, policies or actions of third parties. TMAC recommends reading such third party privacy policies to make an informed decision as to whether or not you wish to use these sites based on their privacy practices.

Contact Us
If you have any questions regarding TMAC’s Privacy Policy Statement or practices, please contact us by phone at 416-628-0216, or by e-mail at or in writing at TMAC Resources Inc. 181 University Avenue, Suite 300, P.O. Box 33, Toronto, Ontario, M5H 3M7

By providing and disclosing personal information on the Careers section of TMAC’s website I agree with this Privacy Policy. I certify that the statements and answers provided by me in this application form and any supporting documents are true and complete. I understand and agree that false information may disqualify me from employment, or after employment, result in disciplinary action, to the extent permitted under applicable law, up to and including termination.


Left Menu Script