Rebirth of the Horne Mine - A Company Maker

31
TSXV: FPC | WWW.FALCORES.COM REDISCOVERING THE ROUYN-NORANDA MINING DISTRICT REBIRTH OF THE HORNE MINE – A COMPANY MAKER JANUARY 2016 WHERE 11 M OZS OF GOLD & 2.5 BN LBS OF COPPER WERE MINED HISTORICALLY

Transcript of Rebirth of the Horne Mine - A Company Maker

Page 1: Rebirth of the Horne Mine - A Company Maker

TSXV: FPC | WWW.FALCORES.COM | 1TSXV: FPC | WWW.FALCORES.COM

REDISCOVERING THE ROUYN-NORANDA MINING DISTRICT

REBIRTH OF THE HORNE MINE – A COMPANY MAKER

JANUARY 2016

WHERE 11 M OZS OF GOLD & 2.5 BN LBS OF COPPER WERE MINED HISTORICALLY

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Disclaimer

This presentation contains a review of the Company’s properties in Canada. Viewers are cautioned that the projects are at an early stage of exploration and that estimates and projections contained herein are based on limited and incomplete data. More work is required before the mineralization on the projects and their economic aspects can be confidentially modeled. Therefore, the work results and estimates herein may be considered to be generally indicative only of the nature and quality of the projects. No representation or prediction is intended as to the results of future work, nor can there be any promise that the estimates herein will be confirmed by future exploration or analysis, or that the projects will otherwise prove to be economic.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this presentation, which has been prepared by management. There can be no assurance that any of the assumptions in the resource estimates will be supported by a Pre-feasibility or Feasibility Study or that any forward looking event will come to pass. The data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment.

This presentation contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties. Past performance is no guarantee of future performance and all investors are urged to consult their investment professionals before making an investment decision. Investors are further cautioned that past performance is no guarantee of future performance

Forward-Looking Statements

Certain information included in this presentation constitutes forward-looking statements, including any information as to our projects, plans and future performance. All statements, other than statements of historical fact, are forward-looking statements. The words “expect”, “believe”, “anticipate”, “will”, “intend”, “estimate”, “forecast”, “budget”, “schedule” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements.

Such factors include, but are not limited to: changes to current estimates of mineral reserves and resources; labour availability; litigation; availability of and increased costs associated with contractors and exploration equipment; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits; contests over title to properties; uncertainty with the Company’s ability to secure capital to execute its business plans; changes in national and local government legislation in Canada; risk of loss due to sabotage and civil disturbances; risks arising from holding derivative instruments; and business opportunities that may be pursued by the company. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance.

The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Cautionary Note to U.S Investors Concerning Measured, Indicated and Inferred Resources

This presentation uses the terms “measured,” “indicated” and “inferred resources. We advise investors that while those terms are recognized and required by Canadian regulations,the United States Securities and Exchange commission does not recognize them. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility orother economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineralreserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

CAUTIONARY STATEMENT

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2.8 MILLION GOLD EQUIVALENT OUNCES OF INFERRED RESOURCES (43-101)*

ROUYN-NORANDA, QUEBEC

* SEE APRIL 17, 2014 FALCO PRESS RELEASE

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FALCO – A QUALITY CANADIAN GOLD DEVELOPER

INVESTMENT THESIS

ROBUST INITIAL ASSET IN HORNE 5

DESIRABLE & STRONG LAND POSITION IN

THE ABITIBI

EXPLORATION TARGETS TO DRIVE FURTHER

VALUE

GOOD CONSOLIDATION PROSPECTS

LOW POLITICAL RISKFLEXIBLE BALANCE

SHEET

EXPERIENCED MANAGEMENT WITH TECHNICAL EXPERTISE

STRONG SHAREHOLDER

BASE

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FALCO – A QUALITY CANADIAN GOLD DEVELOPER

WHY HORNE 5?

STRATEGIC ASSET: LARGE TONNAGE & SCALE, GOOD LOCATION

STRONG RESOURCE GROWTH & FUTURE UPSIDE

EXISTING INFRASTRUCTURE: SHAFT & OPENINGS FOR TAILINGS

CLEAR PERMITTING PROCESS IN QUEBEC

STRONG COMMUNITY ENGAGEMENT & EXISTING MINING CULTURE

GREAT OPPORTUNITY TO DRIVE INNOVATION & EFFICIENCIES

PROVEN, STRONG & EXPERIENCED MINE BUILDERS

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Capital Structure

Shareholder Registry

Osisko Gold Royalties 16.2%

Goodman & Company 7.5%

Raymond James 6.8%

Quebec Funds 5.7%

Pate Capital 3.7%

US Global 2.5%

Commodity Discovery Fund 1.1%

AgaNola AG 0.5%

Insiders (D&O) 3.8%

Shares Outstanding (basic) 109,983,907

Stock Options 9,910,439

Warrants 3,279,514

Shares Outstanding (fully diluted} 123,173,860

Cash (Sept 30, 2015) + FT Raise C$7.1 Million

CORPORATE SUMMARY – MINDFUL OF SHAREHOLDER DILUTION

A NEW DEVELOPMENT VEHICLE IN THE ABITIBI

Share Price Performance

0

400

800

1,200

1,600

2,000

2,400

2,800

$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

30-Jun-15 31-Aug-15 31-Oct-15 31-Dec-15

VO

LUM

E (IN 0

00

'S)PR

ICE

(C$

)

Closes $3.3mm FT Financing at $0.32

Closes $1.85mm Financing at $0.40

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LOW POLITICAL RISK – NEW MINES WILL BE BUILT IN QUEBEC

QUEBEC’S COMPETITIVE ADVANTAGE

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Larder Lake13 Moz Au

Kirkland Lake24 Moz Au

Timmins71 Moz Au

Rouyn-Noranda19 Moz Au

Malartic14 Moz Au

Bousquet21 Moz Au

Lennox Creek Fault Zone

Porcupine Destor Fault Zone

Cadillac Fault Zone

ONTARIO

QUEBEC

Rouyn-Noranda

Timiskaming Sediments

Cobalt Plate

Felsic Intrusive

Kap High

Mafic/Ultramafic Volcanics

Geology

Val d’Or14 Moz Au

Major gold mining camp

50 current and former gold and base metal mines in the Rouyn-Noranda camp

Rouyn-Noranda camp has produced 19 Moz of gold and 2.9 Blbs of copper, but underexplored for gold

0 25 50 75 100Kilometres

SOUTHERN ABITIBI GREENSTONE BELT

OVER 100 YEARS OF MINING HISTORY

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Initial production

End of Mining(2.5 Blbs Cu & 11.5 Moz Au)

Falco acquires properties(Sep 2012)

Discovery of Horne Mine

Digitization & compilation of Horne historical drill results

(Aug 2013)

NI 43-101 Horne 5 resource estimate

(Mar 2014)

1923 1927 1976 1985 2012 2013 2014

Remnant mining(102,000 oz Au)

HORNE PROJECT

40 YEARS LATER “The year 1923 will long be remembered in Canadian mining lore as the year of the rush to Rouyn”

Leslie Roberts, Noranda

2015 2016

Confirmation Drilling Program at

Horne 5

New resource update and initial preliminary economic assessment

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City of Rouyn-Noranda

Glencore Smelter

Horne Mine

Quemont Mine

Falco Surface Rights

Horne West

Horne project located in an Industrial Park

HORNE PROJECT

LOCATED NORTH OF THE CITY OF ROUYN-NORANDA

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Inferred resource estimate from historic drilling

Open at depth and along strike

Discovery costs of <$0.25/oz Au

1km strike length; 40-120m thick; 1,700m vertical extent

En echelon stacked tabular body; well defined metal zonation (gold, copper, zinc)

Extensively developed (1930s to 1960s)

4,386 drill holes at 15m spacing (305,000m)

40 working levels & 55km of underground development

HORNE PROJECT

2014 MAIDEN RESOURCE ESTIMATE

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ENV_B

ENV_C

ENV_D

Maiden resource of 2.8 Moz AuEq at 3.4 g/t

Opportunity to increase the resource: Conservative NSR & base metal payabilities Silver content not considered Lowering the NSR cut-off

Resource Class

Cut-off (NSR $C)

Tonnes(Millions)

AuEq(g/t)

Au(g/t)

Cu(%)

Zn(%)

Contained AuEq (Moz)

Contained Au (Moz)

Contained Cu (Mlbs)

Contained Zn (Mlbs)

Inferred

>50 67.6 2.48 1.8 0.17 0.72 5.4 4.0 261 1,073

>60 50.4 2.75 2.1 0.19 0.73 4.5 3.3 214 814

>70 35.9 3.07 2.3 0.21 0.72 3.5 2.7 168 573

>80 25.3 3.41 2.6 0.23 0.70 2.8 2.2 131 393

>90 17.9 3.77 3.0 0.26 0.69 2.2 1.7 102 272

>100 12.8 4.17 3.4 0.28 0.67 1.7 1.4 79 190

>110 9.5 4.57 3.7 0.30 0.66 1.4 1.1 63 138

Exchange Rate: CAD/USD = 1.05

HORNE PROJECT

2014 RESOURCE ESTIMATE – UPSIDE OPPORTUNITIES

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17,150m surface drill program 9 holes, 9 wedge holes Metallurgical testing Updated NI 43-101

Primary objectives of confirmation drilling: Upgrade resource category from Inferred to

Indicated Confirm metallurgical parameters (improve

payability) Confirm historic silver grades of >15 g/t

Targeted Results Increase tonnes by >30% Increase AuEq to >3.5 Moz

$3.7M cost;

N S

HORNE PROJECT – COMPLETED IN 2015

CONFIRMATORY DRILL PROGRAM – HORNE 52

30

0m

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HORNE PROJECT

HORNE 5 PRELIMINARY ECONOMIC ASSESMENT TEAM

Integrator & Mill Design Integrator for PEA Document Mill Design Economical Model Revision

Geology & Mining Engineering 43-101 Resource Report Block Model Mine Design Mine Operation Opex & Capex

Mine Infrastructures Headframe and Shaft Design UG Ore Handling Design UG Electricity

Geotechnics, Hydrogeology & TMF Geotechnical Review & Tests Hydro-geology Tailings Management Facilities

Environment & Surface Infrastructures Baseline Study and Environmental

Impact Legislation (MDDELCC & ACCE) Community & Social Impact

Luc Lessard, Eng.

Francois Vezina, Eng., MBA, Mine Development – Director, Osisko Mining Group Former Mine Manager Osisko and Agnico-Eagle; Technical Services Manager for Agnico-Eagle (LaRonde II, Pinos Altos, Kittilä)

Christian Laroche, Eng., Processing & Metallurgy – Director, Osisko Mining Group Metallurgical engineer with 15 years experience in plant design, engineering, feasibility, construction and commissioning

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HORNE PROJECT

HORNE 5 PEA STATUS & DEADLINES

• Resources model – InnovExplo• Mine planning – InnovExplo• Production and development sequence• Opex and Capex cost• Metallurgical process• Surface infrastructures

COMPLETED

• Data collection • Trade-off mine access • Mine infrastructures• Rock mechanics recommendation• Stope design – Golder• Infrastructures

IN PROGRESS

• Economic analysis (Q2)• Report (Q2)EXPECTED

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HORNE PROJECT

$100M+ OF EXISTING INFRASTRUCTURE

Phase 1: Rehabilitation of Quemont shaft, Dewatering to allow underground drilling

Phase 3: Switching from shaft to ramp

Phase 2: Deepening of Quemont shaft to 1.8 km

42% of accessible resources

51% of accessible resources

7% of accessible resources

1.3 km

1.8 km

2 km

Shaft Quémont 2

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COMPARABLE MINE ANALYSIS

SHAFT ALTERNATIVES

LaRonde (60m)

Westwood (85m)

Existing Shaft Dimension → 6.5m x 4.4m Skip → Loading capacity of 31 000 Kg Hoisting capacity → 10 000 tpd Ore + 2000 tpd Waste Production Hoist → Double Drum 21 feets ~8000hp

Horne 5 (86.5m)

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Goldex(Agnico-Eagle)

Young-Davidson(AuRico)

LaRonde(Agnico-Eagle)

Horne 5 **(Falco)

Resource Grade (g/t AuEq) 1.8 2.8 5.1 3.4

Mining Method Long hole Transverse long holeLongitudinal Retreat /

Transverse Open Stoping

Transverse long hole **

Depth (m) 800 - 1,500 750 - 1,500 2,000-3,000 600 - 2,300

Stope Size 15-38 x 30 x 50 20-25 x 20 x 30 5-25 x 15 x 30 38 x 15 x 15 **

Mining Rate 5,100 tpd 8,000 tpd * 7,200 tpd >10,000 tpd **Specific Gravity 2.8 2.69 3.3 3.45

Operating Cost/NSR $41/t * $53.50/t * $95/t Under review

Annual Production (koz) 71,000 * 200,000 * 230,000 * Under review

* Projected life-of-mine (LOM)

** Horne 5 tonnes and grades per 43-101 report; balance is conceptual

Horne 5 $80 NSR Cutoff in Maiden 43-101 Resource Estimate Under Review

Source: Company website and filings

COMPARABLE MINE ANALYSIS

HIGH MARGIN POTENTIAL

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Highly Prospective Land in a Top Jurisdiction

13 former mines on 740 km2 of Falco properties

Over 80 years of data archives

Great land package with several high potential green and brown field prospects

LAND PACKAGE

DOMINANT POSITION IN ESTABLISHED CAMP

Balmoral 700 km

Lake Shore Gold 182 km

Niogold 125 km

Eastmain Resources 125 km

Eagle Hill 124 km

St. Andrews Goldfields 120 km

Integra Gold 30 km

Falco Resources 740+ km

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Background

Previously Untested

Cu-Zn-Au property, located 25km northwest of Rouyn-Noranda

One of the most significant VMS properties in the Camp

Lithogeochemically similar to Horne Complex rocks

Falco identified near-surface conductors related to stratigraphy with the chemical characteristics of Horne Complex

Over 2km of laterally extensive exhalative sequence, akin to VMS systems

Several Zn-rich anomalies

Consistent with lateral placement to VMS mineralization

Distribution Map of High Probability “Horne Type” Samples

Rimo

Horne Complex

RIVIERE MOUILLEUSE (RIMO)

SIMILAR SIGNATURE TO HORNE

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Potential to increase Mineral Resources in the Horne Complex

11 gold targets within the shadow of the old mines

Identified potential Horne West extension at depth

Targeting 3 zones initially

HORNE 5 PLUS PROGRAM

ADDITIONAL TARGETS IN THE HORNE COMPLEX

2015

2016

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Horne West

Au g/t

Horne 5Deposit

HorneMine

Possible Extension

HORNE 5 PLUS PROGRAM

NEAR SURFACE TARGETS – QUEMONT EXTENSIONS

Quemont level plan 200 ±300m 100m

H5-15-08

H5-15-07

2.7 g/t Au, 13.0 g/t Ag, 0.1% Cu, 1.9 % Zn / 55.5m

4.5 g/t Au, 27.1 g/t Ag, 0.3% Cu, 11.9% Zn / 13.15m

(non continuous – stope)

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Horne West

HORNE 5 PLUS PROGRAM

NEAR SURFACE TARGETS – QUEMONT TARGET AREA

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FALCO – A QUALITY CANADIAN GOLD DEVELOPER

VALUE GAP – WHERE DOES HORNE 5 FIT?PRE-PRODUCTION ASSETS OVER 5 M OZS & CAPEX BELOW $1BN

Company Country Asset EV Resources EV / Resources CAPEX

(name) (US$mm) (mmoz Au) (US$/oz) (US$mm)

Pretium Canada Brucejack $743 20.1 $37 $747

TMAC Canada Hope Bay $283 5.9 $48 $175

Sabina Canada Back River $92 7.2 $13 $297

Kaminak Gold Canada Coffee $92 4.9 $19 $317

First Mining Finance Canada Springpole $80 8.1 $10 $438

Victoria Canada Eagle $28 6.4 $4 $411

Canadian Average $220 $22

Asanko Gold Ghana Asanko $321 9.4 $34 $295

Carpathian Gold Romania Rovina Valley $264 9.0 $29 $509

Gold Road Australia Yamarna $156 6.1 $26 $286

Continental Gold Colombia Buritica $123 9.0 $14 $390

True Gold Burkina Faso Karma $64 4.5 $14 $132

Belo Sun Brazil Volta Grande $52 6.9 $8 $298

Amara Cote d'Ivoire Yaoure $37 9.4 $4 $447

Midas Gold USA Stibnite $28 6.5 $4 $970

Lydian Armenia Amulsar $28 5.1 $6 $370

Orezone Gold Burkina Faso Bombore $18 5.1 $3 $250

Exeter Chile Caspiche $11 25.3 $0 $279

ROW Average $100 $13

FALCO RESOURCES CANADA HORNE 5 $16 2.8 $6

Note: Companies with market capitalizations below US$10mm or without a CAPEX figure were not included in the analysisSource: BMO Capital Markets, Company filings, Factset, SNL

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CORPORATE TIMELINE

First Half of 2017

• Full Feasibility Study

•Construction Decision

2016

• Significant Infill Drilling Program

• Initiate dewatering program

2nd

Quarter 2016

• Initial PreliminaryEconomicAssessment

November-December

2015

•Metallurgy Results

•New 43-101 Resource Estimate

Summer & Fall 2015

•5,000 meter program on RIMO

•7,800 meter program on Horne 5 plus

•Metallurgy

•Hydrology

•Geotechnical

•Environment

•Engage with community and all stakeholders

January to October

2015

•17,150 meters Confirmatory Drilling Program

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Sean Roosen, Chairman Chairman & CEO of Osisko Royalties

Mario Caron, Lead Director Mining executive with over 35 years of experience in

the mining industry

Luc Lessard, President & CEO, Director Former COO of Canadian Malartic Partnership Former COO and Senior Vice-President of Engineering

& Construction for Osisko Mining Former VPt of Engineering & Construction for Iamgold Former Executive Director of Engineering &

Construction for Cambior

Helene Cartier, Director Former VP Environment and Sustainable

Development at Osisko Mining Corporation

Jim Davidson, Director Co-Founder of Falco Resources Former CFO of Western Minerals Group

Claude Ferron, Director Former COO of Xstrata Copper Canada

Paul Henri-Girard, Director Former VP of Canadian Operations at Agnico Eagle

Luc Lessard, President & CEO, Director

Vincent Metcalfe, CFO Former mining investment banker

Claude Bernier, Exploration Manager Over 40 years of experience on various exploration projects

Claude Léveillée, Vice-President Community Relations & Human Resources Former Corporate Director, Human Resources/Organizational

Development at Agnico Eagle Mines

SENIOR LEADERSHIP TEAM

Board of Directors Officers

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Head Office

Falco Resources Ltd.

1100, avenue des

Canadiens-de-Montréal

Bureau 300

Montréal, QC H3B 2S2

Tél. : +1.514.905.3162

Toll Free : +1.888.915.2009

Courriel : [email protected]

Investor Inquiries

Vincent Metcalfe, CFO

Tel: +1.514.905.3162

Email: [email protected]

CONTACT US

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APPENDIX

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HORNE PROJECT

CONFIRMATORY DRILL PROGRAM – RESULTS

(0$NSR) 2015 Confirmation Drilling Results (Weighted average)

Hole_ID

From

(m)

To

(m)

Length

(m)

Au

(g/t)

Ag

(g/t)

Cu

(%)

Zn

(%)

Au_Eq_

With

Silver

(g/t)

Au_Eq_

Without

Silver

(g/t)

Au

(g/t)

Ag

(g/t)

Cu

(%)

Zn

(%)

Au_Eq_

Without

Silver

(g/t)

2015 vs

2014

%

H5-15-01 1,110 1,141 31.2 2.03 10.16 0.46 0.04 3.00 2.85 2.26 0.30 0.10 2.82 0.9%

H5-15-01-Atw 1,105 1,142 36.7 0.88 4.51 0.27 0.06 1.45 1.38 2.18 0.35 0.12 2.85 (51.5%)

H5-15-02 1,001 1,102 100.9 1.32 29.46 0.11 1.94 2.93 2.48 1.14 0.11 1.19 1.92 29.4%

H5-15-02-Atw 1,002 1,089 87.0 1.43 28.61 0.13 1.47 2.82 2.39 1.25 0.12 1.41 2.16 10.6%

H5-15-03B 1,248 1,365 116.7 0.50 15.51 0.06 1.00 1.34 1.11 0.79 0.06 0.67 1.23 (9.7%)

H5-15-03Dtw 1,255 1,390 134.4 0.55 15.44 0.08 1.10 1.46 1.23 0.82 0.06 0.70 1.28 (3.7%)

H5-15-04 1,302 1,327 25.5 0.73 10.27 0.13 0.71 1.45 1.30 0.81 0.11 1.11 1.55 (16.3%)

H5-15-04-Atw 1,290 1,320 30.3 0.95 11.05 0.14 1.79 2.26 2.09 0.83 0.12 1.13 1.61 30.1%

H5-15-06 1,189 1,243 54.5 1.36 16.16 0.26 0.73 2.43 2.19 1.84 0.29 0.31 2.50 (12.6%)

H5-15-06-Atw 1,189 1,247 57.5 1.72 22.50 0.32 0.99 3.11 2.77 1.89 0.28 0.28 2.51 10.2%

H5-15-05 1,803 1,896 92.6 1.96 16.14 0.12 0.57 2.71 2.47 2.31 16.08 0.13 0.53 2.81 (12.1%)

H5-15-05-Atw 1,800 1,853 53.0 2.49 15.17 0.14 0.70 3.30 3.08 2.16 11.71 0.11 0.40 2.56 20.4%

H5-15-08 1,441 1,550 108.9 2.20 14.16 0.30 0.32 3.10 2.88 1.88 0.24 0.39 2.49 16.0%

H5-15-08W 1,443 1,550 107.1 2.00 13.13 0.27 0.53 2.93 2.73 1.90 0.26 0.28 2.49 9.7%

H5-15-07-A 1,958 1,986 28.0 0.41 17.32 0.10 1.86 1.77 1.51 0.91 0.38 0.13 1.63 (6.8%)

H5-15-07-Btw 1,956 1,986 30.0 0.52 18.21 0.12 1.39 1.70 1.42 0.96 0.35 0.13 1.65 (13.6%)

H5-15-09-A 1,178 1,223 45.1 1.98 32.57 0.25 1.06 3.43 2.94 1.31 0.17 1.10 2.15 36.9%

H5-15-09-Btw 1,177 1,221 43.7 1.38 24.85 0.16 1.06 2.57 2.20 1.22 0.15 1.13 2.05 7.0%

Total 1183.1 1.40 18.12 0.18 0.95 2.45 2.18 1.46 14.49 0.17 0.65 2.09 4.3%

Weighted Average of 2014 Raw Assays

within a 15 m radius cylinder around DDH

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HORNE PROJECT

CONFIRMATORY DRILL PROGRAM – HORNE 5

H5

Long

itudi

nal v

iew

Look

ing

Nor

th1 800m

1 200m

600m

1 800m

1 200m

600m

H5-15-03B, 03Dtw

H5-15-01, 01Atw

H5-15-08, 8Atw

H5-15-02, 02Atw

H5-15-09A, 09Btw

ENV-A

ENV-D

H5-15-06, 06Atw

H5-15-07A,07Btw

H5-15-05, 05Atw (nc)

H5-15-04, 04Atw

1 800m

1 200m

600m

ENV-A

HG-B

HG-D

HG-C

HG-E

ENV-B

ENV-D

H5-15-03B, 03Dtw

H5-15-01, 01Atw

H5-15-08, 8Atw

H5-15-06, 06Atw

H5-15-07A,07Btw

H5-15-05, 05Atw (nc)

H5-15-04, 04Atw

HG-A

H5-15-02, 02Atw

H5-15-09A, 09Btw

30

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1110.4m

Mineralized Zones Hole H5-15-01

HORNE PROJECT

2015 DRILL PROGRAM – HORNE 5