In 2015, Gold Candle acquired the Kerr-Addison Property and carried out initial exploration that successfully demonstrated significant gold mineralization remained at the abandoned mine site.

Drill programs conducted in 2017, 2018, 2021, 2022, and 2023 primarily targeted the unmined halo of gold peripheral to the historical underground workings. If one was to draw a line around the area where gold mineralization is found in the periphery of the historical underground workings, it would be like a halo of gold mineralization.

Drilling results have outlined a significant gold deposit and identified areas where there could be additional discoveries on the Property.

Additional infill drilling (which is verifying the continuity of mineralization in an ore deposit between existing holes), and economic, engineering, social and environmental evaluations to determine the economic potential of the deposit are ongoing. Geological and geophysical surveys and drilling are underway on other exploration targets.

The exploration timeline below provides further detail about the exploration activities that took place from 2015 to 2023.

Past Underground Production (1938-1996)

Underground mine produced for ~60 years – Produced ≈11 Moz at 10 g/t gold

Recognizing an Opportunity and Unlocking Value (2015)

  • Recognized an opportunity for a sizeable gold resource and acquired the project in 2015.

Defining a Compelling Project (2015-2019)

  • Resolved all legal, bankruptcy, environmental and land issues, which had previously presented a barrier to other companies.
  • Consolidated the surface and mineral rights – 100% owned and patented.

Increasing Value through the Drill Bit and Beyond (2019-2023)

  • Additional drilling to add ounces within pit, lower strip ratio, and enhance project economics.
  • Updated pit constraint resource in 2023 showcasing grade increasing at depth and through resource conversion drilling.
  • Advancing engineering and environmental studies to support project development towards a Preliminary Economic Assessment.

Growing at depth and through regional catalysts (2024 +)

  • 30,000m drill program targeting expansion of the resource at depth, adding UG mining to the initial open pit scenario.
  • Initial targets aiming at proximal resource growth and high-grade repetition of the historic Kerr-Addison lenses.
  • Expansion drilling on the 2023 regional gold and high-grade nickel discoveries, leveraging the prospective land package to increase value.