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Projects

Carmacks

Mineral Resources

The following table of mineral resources is related to exploration drilling in fall of 2015.

NI 43-101 Mineral Resource Estimate (March 10, 2016)

Zone Resource domain Class Tonnage (t) Total Cu (%) Acid-soluble Cu (%) Au (g/t) Ag (g/t) Sulphide Cu (%)
1,4, 7 and 7A Oxide Mineral Resource2 Measured 4,031,000 1.10 0.90 0.588 5.666 0.20
Indicated 7,949,000 1.04 0.83 0.391 4.039 0.20
ME+IN 11,980,000 1.07 0.86 0.456 4.578 0.21
Inferred 90,000 0.73 0.53 0.128 1.809 0.20
Sulphide Mineral Resource2 Measured 695,000 0.80 0.02 0.261 2.542 0.77
Indicated 3,645,000 0.74 0.03 0.205 2.296 0.71
ME+IN 4,340,000 0.75 0.03 0.221 2.369 0.73
Inferred 4,031,000 0.71 0.01 0.179 1.900 0.70
12 Oxide Mineral Resource1 Measured 522,427 0.50 0.37 0.097 2.446 0.13
Indicated 316,845 0.54 0.40 0.092 2.671 0.14
ME+IN 839,273 0.51 0.38 0.095 2.531 0.14
Inferred 36,156 0.55 0.40 0.106 3.716 0.16
Sulphide Mineral Resource2 Measured 177,629 0.49 0.12 0.074 2.299 0.37
Indicated 638,943 0.69 0.08 0.105 2.866 0.63
ME+IN 816,572 0.65 0.09 0.098 2.743 0.57
Inferred 263,008 0.52 0.06 0.076 1.883 0.46
13 Oxide Mineral Resource1 Measured 1,500,935 0.44 0.35 0.123 1.542 0.09
Indicated 315,081 0.38 0.30 0.120 1.311 0.08
ME+IN 1,816,016 0.43 0.34 0.122 1.502 0.09
Inferred 413,481 0.28 0.23 0.107 1.308 0.05
Transition Mineral Resource1 Measured 285,673 0.48 0.23 0.126 1.731 0.28
Indicated 358,543 0.70 0.30 0.161 2.286 0.41
ME+IN 644,216 0.60 0.27 0.145 2.040 0.35
Inferred 106,083 0.52 0.24 0.115 1.762 0.28
Sulphide Mineral Resource2 Measured 485,129 0.46 0.04 0.111 1.485 0.43
Indicated 1,803,693 0.57 0.04 0.126 1.891 0.55
ME+IN 2,288,822 0.55 0.04 0.123 1.805 0.53
Inferred 3,551,989 0.50 0.04 0.115 1.695 0.48
2000S Oxide Mineral Resource1 Measured 144,005 0.74 0.55 0.299 3.697 0.17
Indicated 266,873 0.60 0.46 0.191 2.853 0.13
ME+IN 410,878 0.64 0.49 0.229 3.148 0.14
Inferred 266,894 0.57 0.34 0.139 2.655 0.24
Sulphide Mineral Resource2 Measured 23,572 0.75 0.40 0.306 4.100 0.35
Indicated 599,286 0.73 0.11 0.183 3.445 0.62
ME+IN 622,857 0.73 0.12 0.188 3.470 0.61
Inferred 560,839 0.88 0.07 0.199 4.618 0.85
Total Mineral Resource for zones 1, 4, 7, 7A, 12, 13 and 2000S Oxide and Transition resources Measured 6,484,040 0.86 0.69 0.414 4.235 0.17
Indicated 9,206,343 0.97 0.77 0.357 3.796 0.20
ME+IN 15,690,383 0.94 0.74 0.379 3.971 0.20
Inferred 912,614 0.45 0.30 0.119 1.900 0.15
Sulphide Mineral resources Measured 1,381,329 0.64 0.05 0.185 2.166 0.59
Indicated 6,686,922 0.69 0.04 0.172 2.344 0.65
ME+IN 8,068,252 0.68 0.05 0.178 2.332 0.65
Inferred 8,406,835 0.63 0.03 0.150 1.994 0.61

Notes:

1. calculated at a 0.15% acid-soluble copper cut-off

2. calculated at a 0.25% total copper cut-off

For full disclosure relating the mineral resource prepared by Dr. Gilles Arseneau, P.Geo., see "Independent Technical Report on the Carmacks Copper Project, Yukon, Canada", filed on www.sedar.com on March 10th 2016, with an effective date of January 25th 2016. These mineral resources will be included in the pending report of the new Oct 12, 2016 economic evaluation, and the new PEA will supersede the March 2014 Technical Report filed on SEDAR.

The estimate of Mineral Resources conforms to the Canadian Institute of Metallurgy (CIM) Mineral Resource and Mineral Reserve definitions referred to in the National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects.