Eagle Gold Project Yukon

V I C T OR
R IA G OLD CORP.
C
E A G L E G OLD FE AS
A IB I L I T Y S TUD Y
NI
N 43-101 FEASIIBILITY STUDY TECHNICAL
REPORT FOR THEE EAGLEE GOLD PROJECCT,
YUKON TERRITORRY, CANNADA
Qualified
Q Perssons Company
Gord
G Doerksen, P P.Eng. JDS Energy & Mining Inc.
d for:
Prepared Dino
D Pilotto, P.Enng. JDS Energy & Mining Inc.
Kelly
K McLeod, P. Eng, JDS Energy & Mining Inc.
Allan
A Moran, R.G Geol., CPG Allan V. Morann Consulting LLC
C
Carl
C Defilippi, RM M SME Kappes, Cassiday & Associate es
Ravindra
R K. Sharrma, MAusIMM, RM SME Independent CConsultant
Frank
F Daviess, RRM SME Independent CConsultant
VICTORIA GOLD
G CORP. Neil
N Brazier, P.Enng. W.N. Brazier A
Associates Inc.
534-1055 Dunsmuir Streeet Farhad
F Riahi, P.E
Eng, Allnorth Consuultants Ltd.
Vancouveer, BC V7X 1K88 Rui
R Adanjo, P.Enng. Allnorth Consuultants Ltd.
Effective Da
ate: September 12, 2016 Michael
M Levy, P.EE. SRK Consultinng (US)i
Inc.
Troy
T Meyer, P.E. Dowl Engineerring Inc.
EFFECTIVEE DATE: SEPTEMBER 12, 20166
Jaay Collins, P.Enng. Merit Consultants Ltd.
REPORT DATE: OCTOBERR 26, 2016
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NOTICE
JDS Ene ergy & Mining, Inc. prrepared this National I nstrument 4 43-101 Tech hnical Repo ort, in
accordannce with Form
m 43-101F1, for Victoria Gold
G Corp. TThe quality off informationn, conclusionss and
estimates
s contained herein
h is bas
sed on: (i) infformation avvailable at the
e time of pre eparation; (ii)) data
supplied by outside sources, and (iii) the assu
umptions, con nditions, andd qualification
ns set forth in this
report.
Victoria Gold
G Corp. filed this Techhnical Reporrt with the C
Canadian Seccurities Regu ulatory Autho
orities
pursuant to provincia al securities legislation. Except for the purpose es legislated under provvincial
s law, any oth
securities her use of thiis report by any
a third partty is at that p
party’s sole rissk.
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ate: September 12, 2016 ii
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Conte
ents
Contentts........................................................................................................................ iii
Tables and
a Figure es........................................................................................................ x
1 Executive Summary y ...................................................................................... 1-1
1.1 Introduction.................................................................................................................................... 1-1
1.2 Project Desc cription ........................................................................................................................ 1-1
1.3 Property Des scription and Ownership ............................................................................................ 1-2
1.4 Geology & Mineralization
M .............................................................................................................. 1-4
1.5 History, Exploration and Drilling D .................................................................................................... 1-5
1.6 Metallurgical and Mineral Processing Test T Results ..................................................................... 1-7
1.7 Mineral Reso ource Estimattes ......................................................................................................... 1-9
1.8 Mineral Rese erve Estimate e ........................................................................................................... 1-11
1.9 Mining .......................................................................................................................................... 1-12
1.9.1 Open Pit Min ne Plan and Phasing P ................................................................................................ 1-12
1.9.2 Mine Schedu ule and Opera ations ................................................................................................... 1-14
1.9.3 Waste Mana agement .................................................................................................................... 1-16
1.10 Recovery Me ethods ...................................................................................................................... 1-16
1.10.1 Ore Crushing g, Handling and Stockpiling g .................................................................................... 1-17
1.10.2 Heap Leach Pad ......................................................................................................................... 1-17
1.10.3 Processing Plant
P ......................................................................................................................... 1-18
1.10.4 Gold Recove ery............................................................................................................................. 1-19
1.11 Infrastructure e ............................................................................................................................... 1-20
1.12 Project Exec cution Plan ................................................................................................................ 1-20
1.13 Environmentt and Permitting ........................................................................................................ 1-21
1.14 First Nations s’ Consideratio ons ...................................................................................................... 1-22
1.15 Capital Cost Estimates ................................................................................................................ 1-23
1.16 Operating Co ost Estimates s ........................................................................................................... 1-24
1.17 Economic An nalysis ...................................................................................................................... 1-25
1.17.1 Results ........................................................................................................................................ 1-25
1.17.2 Timing of Re evenues and Working W Capiital .................................................................................. 1-25
1.17.3 Sensitivities ................................................................................................................................. 1-25
1.18 Conclusions ................................................................................................................................. 1-26
2 Introduction ................................................................................................... 2-1
2.1 Basis of Feasibility Study .............................................................................................................. 2-1
2.2 Scope of Wo ork and Respo onsibilities ............................................................................................. 2-1
2.3 Qualified Perrson Respons sibilities and Site S Inspectio ons .............................................................. 2-3
2.4 nformation .................................................................................................................. 2-4
Sources of In
2.5 Units, Curren
ncy and Roun nding ...................................................................................................... 2-4
3 Reliance on
o Other Experts
E ........................................................................... 3-1
4 Property Description
D n and Loca ation ........ ..................................................... 4-1
4.1 Location ......................................................................................................................................... 4-1
4.2 Mineral Tenu ure .............................................................................................................................. 4-2
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4.3 Mining Rights............................................................................................................................... 4-14

4.4 ements ..................................................................................................................... 4-15
Project Agree
4.5 Environmenttal Liabilities and a Considerrations ............................................................................ 4-15
4.6 Property Risks ............................................................................................................................. 4-15
5 Accessibility, Climate, Local Resources,
R , Infrastruc
cture & Physiography 5-1
5.1 Accessibility ................................................................................................................................... 5-1
5.2 Local Resources and Infra astructure .............................................................................................. 5-1
5.3 Climate .......................................................................................................................................... 5-1
5.4 Physiography................................................................................................................................. 5-2
6 History ............................................................................................................ 6-1
6.1 Management and Owners ship ........................................................................................................ 6-1
6.2 Exploration History
H ........................................................................................................................ 6-1
6.3 Production History
H ......................................................................................................................... 6-3
7 Geologica
al Setting and
a Minera
alization ... ..................................................... 7-1
7.1 Geological Setting
S ......................................................................................................................... 7-1
7.2 Regional Geology .......................................................................................................................... 7-1
7.3 Property Geo ology .......................................................................................................................... 7-2
7.3.1 Eagle Zone .................................................................................................................................... 7-4
7.3.2 Olive Zone ..................................................................................................................................... 7-5
7.4 on ................................................................................................................................ 7-5
Mineralizatio
8 Deposit Ty
ypes................................................................................................ 8-1
8.1 Geological Model
M .......................................................................................................................... 8-2
9 Exploratio
on .................................................................................................... 9-1
9.1 Previous Expploration ..................................................................................................................... 9-1
9.2 d Exploration............................................................................................................... 9-1
Victoria Gold
10 Drilling .......................................................................................................... 10-1
10.1 mary ......................................................................................................................... 10-5
Drilling Summ
11 Sample Prreparation, Analyses
s and Secu
urity ............................................ 11-1
11.1 Sample Prep paration and Security
S ............................................................................................... 11-1
11.2 Analytical Prrocedures ................................................................................................................. 11-3
11.3 Quality Assurance and Qu uality Control Procedures................................................................... 11-4
11.4 2012-2016 QA/QC
Q Resultts ......................................................................................................... 11-5
12 Data Veriffication .......................................................................................... 12-1
12.1 Verifications by Previous WorkersW .............................................................................................. 12-1
12.2 Verifications by the Autho ors of this Tec chnical Reportt ............................................................... 12-1
12.2.1 Database Ve erifications ................................................................................................................ 12-2
12.2.2 Quality Assurance/Quality y Control Verification .......................................................................... 12-3
12.2.3 Bulk Density Verification ............................................................................................................. 12-3
12.2.4 RC Versus Core
C Assays Verification....
V ....................................................................................... 12-4
12.2.5 Oxidation Suurface Verifica ation ..................................................................................................... 12-6
12.2.6 Summary ................................................................................................................................... 12-10
13 Mineral Prrocessing and Metalllurgical Te
esting ......................................... 13-1
13.1 Eagle Gold Project
P Metallurgical Test Programs
P Chrronology................................................... 13-1
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13.1.1 Pre-2012 Me etallurgical Teest Work ............................................................................................... 13-1

13.1.2 KCA 2012 – Small Column Variability Testing T ........................................................................... 13-2
13.1.3 KCA 2013 – Environmental Test Work ...................................................................................... 13-9
13.1.4 McClelland 2014
2 – Master Composites s Test Work .................................................................. 13-11
13.1.5 Run-of-Mine and Primary Crushed Only Recovery.................................................................. 13-15
13.1.6 Summary of Eagle Gold Test T Results ....................................................................................... 13-17
13.2 Olive Metallu
urgical Test Programs
P Chro onology........................................................................ 13-19
13.2.1 KCA – July 2014..............
2 .......................................................................................................... 13-19
13.2.2 KCA – Febru uary 2015 ............................................................................................................... 13-22
13.2.3 KCA – June 2015 ...................................................................................................................... 13-25
13.2.4 Summary of Olive Test WorkW Results to o Date ......................................................................... 13-30
14 Mineral Re
esource Es
stimates ...................................................................... 14-1
14.1 Eagle Zone - Drill Hole Da atabase................................................................................................ 14-2
14.2 Eagle Zone - Exploratory Data Analysis s .................................................................................... 14-3
14.3 Eagle Zone - Compositing g........................................................................................................... 14-8
14.4 Eagle Zone - Geological Model M ................................................................................................. 14-10
14.5 Eagle Zone - Block Model ......................................................................................................... 14-16
14.6 Eagle Zone - Bulk Density y......................................................................................................... 14-20
14.7 Eagle Zone - Variogram Analysis A and Modelling
M ..................................................................... 14-20
14.8 Eagle Zone - Estimation Method M and Mineral
M Resou urce Classifica ation .................................. 14-26
14.9 Eagle Zone - Model Valida ation .................................................................................................. 14-35
14.10 Eagle Zone - Mineral Res source Statem ment .............................................................................. 14-43
14.11 Eagle Zone - Mineral Res source Sensitiivity .............................................................................. 14-45
14.12 Olive Zone - Drill Hole Da atabase............................................................................................... 14-49
14.13 Olive Zone - Exploratory Data D Analysis s ................................................................................... 14-50
14.14 Olive Zone - Compositing.......................................................................................................... 14-52
14.15 Olive Zone - Geological Model M .................................................................................................. 14-53
14.16 Olive Zone- Block
B Model ........................................................................................................... 14-53
14.17 Olive Zone - Bulk Density.......................................................................................................... 14-54
14.18 gram Analysis and Modelling ............................................................................... 14-55
Zone - Variog
14.19 Olive Zone - Estimation Method M and Mineral Resou rce Classifica ation ................................... 14-58
14.20 Olive Zone - Model Valida ation ................................................................................................... 14-60
14.21 Olive Zone - Mineral Reso ource Statement ............................................................................... 14-62
14.22 Olive Zone - Mineral Reso ource Sensitiv vity ............................................................................... 14-63
14.23 Summary Co onclusions .............................................................................................................. 14-66
14.23.1 Eagle Zonne ............................................................................................................................ 14-66
14.23.2 Olive Zonee ............................................................................................................................. 14-66
15 Mineral Re
eserve Esttimates ......................................................................... 15-1
15.1 Open Pit Min neral Reserve e ........................................................................................................... 15-2
15.1.1 Open Pit Min neral Reserve e Basis of Estimate ............................................................................. 15-2
15.1.2 Mining Metho od and Mining g Costs ................................................................................................ 15-2
15.1.3 Dilution ........................................................................................................................................ 15-2
15.1.4 Geotechnica al Consideratio ons ...................................................................................................... 15-3
15.1.5 Lerchs-Gross sman Optimiz zation................................................................................................... 15-3
15.1.6 Cut-Off Grad de and Resou urce Classifica ation Criteria .................................................................. 15-5
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15.1.7 Mine Design ................................................................................................................................ 15-6

15.1.8 Open Pit Min
neral Reserve es Estimate Statement........................................................................ 15-6
16 Mining Me
ethods ........................................................................................... 16-1
16.1 Introduction.................................................................................................................................. 16-1
16.2 Open Pit Minning ........................................................................................................................... 16-1
16.2.1 Mine Design Methodology y and Design Criteria.......................................................................... 16-1
16.2.2 Open Pit Opttimization and d Sensitivity Analysis
A ......................................................................... 16-2
16.2.3 Open Pit Des sign Parametters ...................................................................................................... 16-4
16.2.4 Open Pit Des signs ........................................................................................................................ 16-5
16.2.5 Comparison of Final Pit Design D and Op ptimized Pit S Shells ........................................................ 16-3
16.2.6 Waste Materrials........................................................................................................................... 16-3
16.2.7 Open Pit Pha ase Design ............................................................................................................... 16-4
16.2.8 Mine Produc ction Schedule e .......................................................................................................... 16-6
16.2.9 Mine Equipm ment Selection n ........................................................................................................ 16-16
16.2.10 Mine Equipment Requirements ............................................................................................. 16-18
16.2.11 Mine Personnel and Orrganization Sttructure ........................................................................ 16-20
16.3 Pit Slope Geeotechnical An nalysis and Recommendat
R tions ....................................................... 16-22
16.3.1 Slope Stability Analyses ............................................................................................................ 16-22
16.3.2 Pit Slope Geeotechnical De esign Criteria .................................................................................... 16-23
16.3.3 Recommend dations for Additional Geote echnical Wor k............................................................. 16-25
16.4 Waste Rock Storage Area a Geotechnica al Analysis an nd Recomme endations ............................ 16-25
16.4.1 Foundation Conditions
C .............................................................................................................. 16-26
16.4.2 Geotechnica al Design ................................................................................................................. 16-26
16.4.3 Recommend dations for Additional Geote echnical Wor k............................................................. 16-27
17 Process Description
D n/Recovery
y Methods ................................................... 17-1
17.1 Process Des sign Criteria .............................................................................................................. 17-5
17.2 Process Des scription .................................................................................................................... 17-9
17.2.1 Primary Crusshing......................................................................................................................... 17-9
17.2.2 Secondary Crushing
C and Screening ........................................................................................... 17-9
17.2.3 shing and Scrreening ................................................................................................ 17-9
Tertiary Crus
17.2.4 Heap Leach Pad ....................................................................................................................... 17-10
17.2.5 Ore Stackingg Plan ..................................................................................................................... 17-14
17.2.6 Leaching and d Solution De elivery................................................................................................. 17-16
17.2.7 Process Plannt ............................................................................................................................ 17-23
17.2.8 Carbon Adso orption .................................................................................................................... 17-23
17.2.9 a Gold Refining ................................................................................................... 17-23
Desorption and
17.2.10 Reagents ............................................................................................................................... 17-24
17.2.11 Laboratoryy ............................................................................................................................. 17-25
17.3 Gold Production Model.............................................................................................................. 17-25
17.4 Gold Model Development
D .......................................................................................................... 17-25
17.4.1 Metallurgical Test Work ............................................................................................................. 17-25
17.4.2 Gold Production Schedule e ........................................................................................................ 17-27
17.4.3 Gold Model ................................................................................................................................ 17-27
18 Project Inffrastructurre and Serv
vices ........ ................................................... 18-1
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18.1 General Site Arrangement .......................................................................................................... 18-1

18.2 Roads .......................................................................................................................................... 18-4
18.2.1 Access Road d ............................................................................................................................... 18-4
18.2.2 Site Roads ................................................................................................................................... 18-6
18.3 Buildings and d Structures ............................................................................................................. 18-7
18.3.1 Diesel Storag ge ............................................................................................................................. 18-7
18.3.2 Propane Storage ......................................................................................................................... 18-7
18.3.3 Explosives Storage
S ..................................................................................................................... 18-7
18.3.4 Pre-Engineered Buildings s ........................................................................................................... 18-7
18.3.5 Modular Buildings ........................................................................................................................ 18-8
18.3.6 Hybrid Buildings .......................................................................................................................... 18-8
18.4 Power .......................................................................................................................................... 18-8
18.4.1 Utility Powerr Supply .................................................................................................................... 18-8
18.4.2 Project Trans smission Line e ........................................................................................................... 18-9
18.4.3 Eagle Gold MainM Substation...................................................................................................... 18-10
18.4.4 Diesel Generation ..................................................................................................................... 18-11
18.4.5 Site Power Distribution
D .............................................................................................................. 18-12
18.4.6 Annual Site WideW Power Demands
D ........................................................................................... 18-12
18.5 Water ......................................................................................................................................... 18-13
18.5.1 Water Supply y ............................................................................................................................. 18-13
18.5.2 Water Manag gement ................................................................................................................... 18-13
18.5.3 Storage Ponds........................................................................................................................... 18-15
18.5.4 Water Treatm ment ....................................................................................................................... 18-15
18.5.5 Mine Water Treatment
T Plaant (MWTP) ....................................................................................... 18-16
18.6 Process Con ntrol and Instrrumentation ........................................................................................ 18-17
18.6.1 Overview ................................................................................................................................... 18-17
18.6.2 Communicattion ......................................................................................................................... 18-17
18.7 Mobile Support Equipmen nt ........................................................................................................ 18-18
18.8 Manpower.................................................................................................................................. 18-20
19 Market Stu
udies and Contracts.................................................................... 19-1
19.1 Market Studies ............................................................................................................................ 19-1
19.2 nd Royalties .............................................................................................................. 19-1
Contracts an
19.3 Metal Prices................................................................................................................................. 19-1
20 Environmental Studies, Permitting and S
Social or C
Community
y Impact ... 20-1
20.1 Environmenttal Assessment and Permittting ............................................................................... 20-1
20.1.1 Overview ..................................................................................................................................... 20-1
20.1.2 Completed Environmenta
E l Assessmentt ..................................................................................... 20-1
20.1.3 Quartz Minin ng License ................................................................................................................ 20-2
20.1.4 Type A Wate er Use Licens se ......................................................................................................... 20-2
20.1.5 Additional En nvironmental Assessment and Permittin ng ............................................................. 20-2
20.1.6 Additional Fe ederal and Te erritorial Perm mits, Licenses and Authorizzations ................................. 20-3
20.2 Environmenttal and Socio--economic Ba aseline Studie es.............................................................. 20-5
20.2.1 Climate ........................................................................................................................................ 20-5
20.2.2 Surficial Geo ology and Soils ......................................................................................................... 20-6
20.2.3 Hydrology .................................................................................................................................... 20-7
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20.2.4 Surface Wate er Quality and d Aquatic Bio ota ................................................................................... 20-8
20.2.5 Groundwaterr................................................................................................................................ 20-8
20.2.6 Groundwaterr Quality ................................................................................................................. 20-10
20.2.7 Fisheries .................................................................................................................................... 20-10
20.2.8 Wildlife ....................................................................................................................................... 20-11
20.2.9 Vegetation ................................................................................................................................. 20-11
20.2.10 Social Env vironment ............................................................................................................... 20-12
21 Capital Co
ost Estimate ................................................................................. 21-1
21.1 Introduction.................................................................................................................................. 21-1
21.1.1 Summary ..................................................................................................................................... 21-1
21.1.2 Project Direcct Costs .................................................................................................................... 21-6
21.1.3 ect Costs ................................................................................................................ 21-12
Project Indire
21.1.4 Owner’s Cos sts ........................................................................................................................... 21-14
21.1.5 Contingency .............................................................................................................................. 21-14
21.1.6 Sustaining and Closure ............................................................................................................. 21-16
22 Operating
g Cost Estim
mate ............................................................................ 22-1
22.1 Operating Co ost Summary............................................................................................................ 22-1
22.2 Operations Labour
L ...................................................................................................................... 22-4
22.3 Mine Operating Cost Estim mate .................................................................................................... 22-4
22.4 Open Pit Min ne Operating Costs .................................................................................................. 22-4
22.4.1 Basis of Estimate ........................................................................................................................ 22-5
22.4.2 Drill and Blas
st Operating CostC ..................................................................................................... 22-8
22.4.3 Load and Ha aul Operating Cost.................................................................................................... 22-8
22.4.4 Mine Genera al Operating CostC ................................................................................................... 22-10
22.4.5 Mine Mainten nance Operatting Cost............................................................................................ 22-10
22.4.6 Technical Se ervices Opera ating Cost ........................................................................................... 22-11
22.5 Processing Operating
O Cos st Estimate ........................................................................................ 22-11
22.5.1 Process Labour ......................................................................................................................... 22-12
22.5.2 F ......................................................................................................................... 22-13
Power and Fuel
22.5.3 Maintenance e and Operating Consumab bles.............................................................................. 22-13
22.6 General and Administratio on Operating Cost Estimatte ............................................................ 22-15
23 Economic
c Analysis ..................................................................................... 23-1
23.1 Assumptions s ................................................................................................................................ 23-1
23.2 Revenues & NSR Parame eters .................................................................................................... 23-2
23.3 Timing of Re evenues and Working W Capiital .................................................................................. 23-3
23.4 Taxes........................................................................................................................................... 23-4
23.5 Third Party Royalties
R ................................................................................................................... 23-4
23.6 Results ........................................................................................................................................ 23-5
23.7 Sensitivities ................................................................................................................................. 23-7
24 Adjacent Properties
P .................................................................................... 24-1
25 Other Rele
evant Data
a and Information ..... ................................................... 25-1
25.1 Project Execcution Plan ................................................................................................................ 25-1
25.1.1 Introduction.................................................................................................................................. 25-1
25.1.2 Health, Safetty, Environme ental and Sec curity .............................................................................. 25-3
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25.1.3 Execution Sttrategy ...................................................................................................................... 25-4

25.1.4 Construction Labour Requ uirement .............................................................................................. 25-7
25.1.5 Construction Camp ..................................................................................................................... 25-7
25.1.6 Housekeepinng and Hazarrdous Waste Management M ................................................................ 25-7
25.1.7 Construction Equipment .............................................................................................................. 25-8
25.1.8 Communicattion ........................................................................................................................... 25-8
25.1.9 Construction Power ..................................................................................................................... 25-8
25.1.10 Commissio oning ........................................................................................................................ 25-8
25.1.11 Construction Methods ............................................................................................................. 25-9
25.1.12 Construction Managem ment (CM) Res sponsibilities ................................................................ 25-10
25.1.13 Construction Equipmen nt Supply Philosophy ........................................................................ 25-13
25.1.14 eam Responsibilities ............................................................................................... 25-14
Project Te
26 Interpretations and Conclusio
C ns ............ ................................................... 26-1
26.1 Risks ............................................................................................................................................ 26-1
26.2 Opportunities s ............................................................................................................................... 26-3
27 Recomme endations ...................................................................................... 27-1
28 Referencees ................................................................................................... 28-1
29 Units of Measure,
M Ab bbreviations and Acronyms...................................... 29-1
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Table
es and Figures
s
Table 1.1: Summary off Annual Exploration Progrrams – Eagle Zone ......................................................... 1-6
Table 1.2: Summary off Annual Exploration Progrrams – Olive Z Zone .......................................................... 1-7
Table 1.3: Summary off Gold Recove ery by Ore Ty ype ................................................................................... 1-8
Table 1.4: Summary off Reagent Co onsumption Es stimate............................................................................. 1-8
Table 1.5: Constrained d Eagle Minerral Resource Estimate* (incclusive of Min neral Reserve es) .................. 1-10
Table 1.6: Mineral Res serve Estimate e by Deposit ......................
. ................................................................. 1-11
Table 1.7: Mineral Res serve Estimate e per Ore Typ pe .................................................................................. 1-11
Table 1.8: Eagle and Olive O COGs by Ore Type .......................................................................................... 1-12
Table 1.9: Summary off LOM Produc ction Schedulle by Year ...................................................................... 1-15
Table 1.10
0: Throughpu ut and Gold Recovery
R ............................................................................................... 1-19
Table 1.11: Summary of o Capital Cos st Estimate .......................................................................................... 1-24
Table 1.12
2: Summary of o Operating Cost C Estimate e (excluding C Costs capitaliized in Pre-Prroduction) ...... 1-24
3: Economic Results .................................................................................................................... 1-25
Table 1.13
Table 1.14
4: Sensitivitie es Analyses .............................................................................................................. 1-26
Table 2.1: Qualified Pe erson Respon nsibilities ................................................................................................ 2-3
Table 4.1: Mineral Tenure Informatio on .......................................................................................................... 4-3
Table 10.1: Project Drilling by Year - Eagle ................................................................................................ 10-5
Table 11.1: Standard Reference
R Ma aterial Statistic cs .................................................................................. 11-4
Table 12.1: Frequency y of Quality Co ontrol Sample es ................................................................................... 12-3
Table 12.2
2: Bulk Densiity Data Used d for the Reso ource Estimattion – by Rockk Type ................................. 12-4
Table 13.1: Master Composite of A, B, C, E Core e ..................................................................................... 13-2
Table 13.2
2: Bottle Roll Leach Test Summary S Res sults ............................................................................... 13-3
Table 13.3
3: Bottle Roll Leach Test Summary S by OreO Type – G Gold ........................................................... 13-4
Table 13.4
4: Summary of o Compacted d Permeability y Tests .......................................................................... 13-4
Table 13.5
5: Column Le each Test Res sults by Ore Type T at 100% % Passing 9.5 mm - Gold .......................... 13-7
Table 13.6
6: Column Le each Test Res sults by Ore Type T ............................................................................... 13-8
Table 13.7
7: Summary of o Environmental Composite Generatio n .............................................................. 13-9
Table 13.8
8: Summary of o Column Le each Tests.......................................................................................... 13-10
Table 13.9
9: Gold Head d Assay Results ...................................................................................................... 13-12
Table 13.10: Load Permeability Tes st Results – Sample 1 ....................................................................... 13-13
Table 13.11: Load Permeability Tes st Results – Sample 2 ....................................................................... 13-13
Table 13.12: Column Leach L Test Re esults ................................................................................................. 13-14
Table 13.13: Estimated d ROM Recov veries by Size e Fraction..................................................................... 13-16
Table 13.14: Estimated d Primary Cru ushed Only Recoveries by Size Fraction n ........................................ 13-17
Table 13.15: Summary y of Bottle Roll Leach Test Results on O Oxide Compossites after 96 hours .......... 13-20
Table 13.16: Summary y of Bottle Roll Leach Test Results on S Sulphide Com mposites after 96 Hours ..... 13-21
Table 13.17: Column Leach L Test Work
W Summary y Metal Extracctions and Ch hemical Conssumptions ..... 13-24
Table 13.18: Percent Slump S and Fin nal Apparent Bulk Density ................................................................ 13-25
Table 13.19: Summary y of Bottle Roll Leach Test Results - Go ld ........................................................... 13-26
Table 13.2
20: Column Leach L Test Work
W Summary y Metal Extracctions and Ch hemical Conssumptions ..... 13-28
Table 13.2
21: Percent Slump S and Fin nal Apparent Bulk Density ................................................................ 13-29
Table 14.1: Comparativ ve Statistics of o Gold betwe een Capped a and Uncapped 2.5 m Composites within n the
Grade Shell ................................................................................................................................................. 14-9
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Table 14.22: Lithologic/O Oxidation/Alte eration Modell Types......................................................................... 14-13

Table 14.33: Block Model Parameters ........................................................................................................ 14-17
Table 14.44: Block Model Fields ................................................................................................................. 14-19
Table 14.55: Bulk Densiity by Rock Ty ype .................................................................................................... 14-20
Table 14.66: Variogram Parameters ........................................................................................................... 14-22
Table 14.77: Search Parameters ................................................................................................................ 14-30
Table 14.88: Datamine Estimation
E Paarameter File .................................................................................... 14-32
Table 14.99: Search Parameters – Measured M and Indicated Cla assifications ........................................... 14-32
Table 14.10: ID2 vs Kriging Comparrison – Average Au grade ................................................................ 14-39
Table 14.11: Eagle Zon ne Current In-Pit Mineral Resources R at 0.15 g/t Au c ut-off grade ....................... 14-45
Table 14.12: Eagle Zon ne Grade Ton nnage Sensitiivity Data for Measured + Indicated Ressources at va arious
COGs ......................................................................................................................................................... 14-46
Table 14.13: Eagle In-P Pit Mineral Re esource Brea akdown by Me etallurgical Tyype and Classsification at a 0.15
g/t Au Cutt-Off ............................................................................................................................................ 14-48
Table 14.14: Au g/t Co omparative Sta atistics ............................................................................................... 14-52
Table 14.15: Rock/Lithologic Codes s ......................................................................................................... 14-53
Table 14.16: Oxidation n Codes .................................................................................................................. 14-53
Table 14.17: Block Model Spatial Characteristics s ................................................................................... 14-53
Table 14.18: Block Model Fields & Applicable A Reeport sectionss.............................................................. 14-54
Table 14.19: Bulk Dens sity by Rock & Oxidation Code C ............................................................................. 14-55
Table 14.220: Kriging Pa arameters .............................................................................................................. 14-58
Table 14.221: Search Neighbourhood d Strategy Au u g/t .............................................................................. 14-58
Table 14.222: Confidenc ce Classificattion..................................................................................................... 14-59
Table 14.223: Inverse to o the Distance e Squared (ID D2) vs Ordina ary Kriging (OK) Compariso on ................ 14-60
Table 14.224: Measured d, Indicated and a Inferred Mineral M Resou urces for Olive e Zone ............................... 14-62
Table 14.225: Olive Zon ne Grade Tonnage Sensitiv vity Data for M Measured + In ndicated Ressources at varrious
COGs ......................................................................................................................................................... 14-63
Table 14.226: Olive In-P Pit Mineral Re esource Break kdown by Rocck and Oxida ation Type and d Classificatio on at
a 0.40 g/t Cut-Off....................................................................................................................................... 14-65
Table 15.1: Summary of o Mineral Re eserves................................................................................................. 15-2
Table 15.22: Mine Plann ning Optimiza ation Input Pa arameters* ...................................................................... 15-4
Table 15.33: Marginal COGs C by Depo osit and Mate erial Type ....................................................................... 15-5
Table 15.44: Pit Design Parameters ............................................................................................................. 15-6
Table 15.55: Eagle Gold d Open Pit Mineral Reserve Estimate ..................................................................... 15-6
Table 15.66: Eagle Gold d Mineral Res serves by Typ pe ................................................................................... 15-7
Table 16.1: Pit Optimiz zation Results s – Eagle and d Olive ............................................................................ 16-4
Table 16.22: Eagle Gold d Project Road Design Critteria ............................................................................... 16-4
Table 16.33: In-Pit Haulage Road De esign Parame eters ................................................................................ 16-5
Table 16.44: Open Pit Dimensions
D ............................................................................................................... 16-5
Table 16.55: Material in Optimized Shell versus Fiinal Pit Desig ns ............................................................ 16-3
Table 16.66: Open Pit Waste W Rock Summary
S .............................................................................................. 16-4
Table 16.77: LOM Produ uction Schedule – Eagle Gold G Depositss ................................................................ 16-8
Table 16.88: Annual Wa aste Allocation ns by Destina ation (in millio ons of cubic m metres) ............................... 16-16
Table 16.99: Open Pit Mine M Primary Equipment Requirements ................................................................ 16-19
Table 16.10: Annual Pe ersonnel Req quirements ......................................................................................... 16-21
Table 16.11: Recomme ended Pit Slo ope Design Pa arameters .................................................................... 16-24
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Table 17.1: Process De esign Criteria a ........................................................................................................... 17-6

Table 17.2
2: Total Annu ual Tonnage and a Volumes (m3) ............................................................................. 17-15
Table 17.3
3: Recovery by b Rock Type e ......................................................................................................... 17-26
Table 17.4
4: Year 7 – Quarter
Q 2 Wee eks 1 and 2 ........................................................................................ 17-28
Table 17.5
5: Cell Param meters Examp ple ...................................................................................................... 17-29
Table 17.6
6: Gold Reco overy Summary ....................................................................................................... 17-30
Table 18.1: Estimated Energy Cons sumption ............................................................................................ 18-13
Table 18.2
2: Site Suppo ort Equipmentt ......................................................................................................... 18-19
Table 18.3
3: Facilities Operation
O & Maintenance
M Manpower
M .................................................................... 18-20
Table 19.1: NSR Assumptions Used d in the Econo omic Analysiss ............................................................... 19-1
Table 19.2
2: Metal Price e and Exchan nge Rate used d in the Econo omic Analysiss .......................................... 19-3
Table 20.1: List of Releevant Federal and Territoriial Acts, Regu ulations and G Guidelines ........................... 20-3
Table 21.1 Summary of o Pre-Produc ction Capital Cost C Estimate e ................................................................ 21-2
Table 21.2
2: Exchange Rates used fo or the Eagle Gold G Project FS ............................................................ 21-3
3: Labour Rates.......................................................................................................................... 21-11
Table 21.3
Table 21.4
4: Contingenc cy ........................................................................................................................... 21-15
5: Sustaining and Closure Capital Estim
Table 21.5 mate ............................................................................. 21-16
Table 22.1: Breakdown n of Estimated d Operating Costs C .............................................................................. 22-2
Table 22.2
2: Main OPEX X Component Assumptions .................................................................................... 22-2
Table 22.3
3: Annual Op perating Cost by Area ............................................................................................... 22-3
Table 22.4
4: Summary of o Personnel ............................................................................................................ 22-4
Table 22.5
5: Open Pit Operating
O Cos st Estimate – by Activity ..................................................................... 22-5
Table 22.6
6: Open Pit Operating
O Cos st Estimate – by Category .................................................................. 22-5
Table 22.7
7: Open Pit Labour
L Rates ............................................................................................................ 22-6
Table 22.8
8: Open Pit Consumable
C Cost
C Detail ........................................................................................... 22-7
9: Drill and Blast Cost .................................................................................................................. 22-8
Table 22.9
Table 22.10: Load and Haul Cost ............................................................................................................... 22-9
Table 22.11: Mine Gen neral Cost ............................................................................................................... 22-10
Table 22.12: Mine Maintenance Cos st ....................................................................................................... 22-10
Table 22.13: Technical Services Co ost ...................................................................................................... 22-11
Table 22.14: LOM Proc cessing Operrating Cost Es stimates by A Activity ..................................................... 22-11
Table 22.15: Process Labour
L Comp plement and Rates R ............................................................................ 22-12
Table 22.16: Maintenance and Operating Consumables ........................................................................ 22-13
Table 22.17: Reagent Consumption
C n Costs ............................................................................................... 22-14
Table 22.18: Summary y of G&A Costs ....................................................................................................... 22-15
Table 23.1: LOM Plan Summary ................................................................................................................. 23-1
Table 23.2
2: NSR Assumptions used d in the Econo omic Analysiss ................................................................ 23-2
Table 23.3
3: Summary of o Eagle Proje ect Economic c Results ........................................................................ 23-6
Table 23.4
4: Pre-Tax NP PV 5% Sensitiv vity Results .......................................................................................... 23-7
Table 23.5
5: After-Tax NPV
N 5% Sensitivity Results .......................................... ............................................ 23-7
6: Gold Price Sensitivity ............................................................................................................... 23-8
Table 23.6
Table 23.7
7: F/X Rate Sensitivity
S .................................................................................................................. 23-9
Table 23.8
8: Discount Rate
R Sensitivitty Test Results on NPV...................................................................... 23-9
Table 23.9
9: Cash Flow w Model ................................................................................................................... 23-10
Table 26.1 Main Projec ct Risks .................................................................................................................... 26-2
Table 26.2
2: Identified Project
P Opporrtunities ................................................................................................ 26-3
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Figure 1.1
1: Property Lo ocation Map ................................................................................................................ 1-3
2: Eagle Gold Project Site Plan .................................................................................................... 1-13
Figure 1.2
1: Eagle Gold Project Loca
Figure 4.1 ation ....................................................................................................... 4-1
Figure 4.2
2: Mineral Ten nure Map .................................................................................................................. 4-14
Figure 5.1
1: Typical Lan ndscape in the e Project Area a ...................................................................................... 5-3
1: Existing Sitte Conditions .............................................................................................................. 6-4
Figure 6.1
Figure 7.1
1: Regional Geology
G Settin ng ........................................................................................................... 7-2
Figure 7.2
2: Dublin Gulc ch Property Geology
G .................................................................................................. 7-3
Figure 7.3
3: Box-Whiske er Plot for Olive - Au-Ag-Bi-Mo-Fe-S ........................................................................ 7-7
Figure 7.4
4: Box-Whiske er Plot for Olive - As-Ba ............................................................................................. 7-7
Figure 7.5
5: Box-Whiske er Plot for Olive - Cu-Pb-Sb-W-Zn ............................................................................ 7-8
Figure 7.6
6: Eagle Simp plified Geology Plan Map ........................................................................................... 7-9
7: Eagle Drill Holes and Mineralized Sha
Figure 7.7 ape - Perspecctive View .................................................. 7-9
8: Eagle Geology and Drill Hole Assays, Representa tive Cross-Se
Figure 7.8 ection - View to NE............. 7-10
9: Eagle Geology and Drill Hole Assays, Long-Sectio
Figure 7.9 on - View to N NW ....................................... 7-10
Figure 7.1
10: Olive Geo ology - Perspe ective View Lo ooking NE...................................................................... 7-11
Figure 7.1
11: Olive Drill Holes, Minerralization Sha ape, and Interrpreted Structtures - Perspe ective View
Looking down
d to the NE .............................................................................................................................. 7-11
Figure 7.1
12: Olive Geo ology and Drill Holes Assay ys, Representtative Cross-S Section - Loo oking NE ......... 7-12
Figure 7.1
13: Olive Geo ology and Drill holes Assay ys, Long-Secttion - Looking NW .................................... 7-12
Figure 10.1: Plan Map Showing the Distribution of o Drilling for tthe Eagle Zon ne ........................................ 10-3
Figure 11.1: Eagle Sam mple Preparation and Anallytical Flowch hart............................................................ 11-2
Figure 12.1: CF plot off RC versus Core C Au Assay ys – All Data (to August 20 011) ..................................... 12-5
Figure 12.2: Photograp ph of Outcrop p - Oxidized Sheeted Quarttz Veins in Re elatively Fresh Granodioritte . 12-
7
Figure 12.3: Eagle Cro oss-Section 45 59992E (50m m thick) Showiing Oxidation Codes and Interpreted
Oxidation Surface (Ora ange) ........................................................................................................................ 12-8
Figure 12.4: Olive Zone e Cross-Section facing N6 68E - Oxide su urfaces ..................................................... 12-9
Figure 13.1: Small Column Leach Curves C .................................................................................................. 13-6
Figure 13.2: Gold Extra actions by Ind dividual Size Fractions
F ..................................................................... 13-15
Figure 13.3: Gold Extra action vs. Cru ush Size ............................................................................................. 13-22
Figure 14.1: Eagle Zon ne Drill Hole Locations
L 3 ................................................................................... 14-3
in 3D
Figure 14.2: Plan Map of Interpreted d Geological/S Structural Do omains for ED DA......................................... 14-4
Figure 14.3: Plan Map of Interpreted d Geological/S Structural Do omains for ED DA......................................... 14-5
Figure 14.4: CF Plot off Au Grade fo or Capping An nalysis ............................................................................ 14-7
Figure 14.5: Histogram m of Sampled Holes File Inttervals greate er than 0.1 g/tt Au ..................................... 14-8
Figure 14.6: Histogram m of Au g/t Co omposite File ......................
. ............................................................... 14-10
Figure 14.7: Digitized Sectional
S Poly ygons (Strings) ................................................................................. 14-11
Figure 14.8: 3D Minera alized Wirefra ame Solid ........................................................................................... 14-12
Figure 14.9: Oxide, Ov verburden surrface and Mettasediment W Wireframe ................................................ 14-13
Figure 14.10: Different Blocks based d on Lithologic/Oxidation/A Alteration Mod del Types .......................... 14-14
Figure 14.11: Comparison of Compo osites and Blo ocks for Indiccator Estimation of Sericite e Alteration ... 14-15
Figure 14.12: Kriging Neighbourhoo
N od Analysis on n Different Blo ock Sizes ............................................... 14-16
Figure 14.13: Block Mo odel North-So outh Section, Looking Eastt, Illustrating Z ZONE Field, D DTM, Mineralized
Shell Outlline and Pit Outline
O ..................................................................................................................... 14-18
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Figure 14.14: The Variance Contours Fans in the e Horizontal P Plane to Identtify the Strike of the
ation ............................................................................................................................................ 14-21
Mineraliza
Figure 14.15: Variogram – Downholle ....................................................................................................... 14-23
Figure 14.16: Variogram – Direction n 1 ...................................................................................................... 14-24
Figure 14.19: KNA on Search S Distance .................................................................................................... 14-28
Figure 14.20: KNA on Minimum and d Maximum Number N of Sam mples used in n Search in R Relation to the e
Selected 10 X10 X 5 m Block Size ........................................................................................................... 14-29
Figure 14.21: KNA on Block Discrettization ............................................................................................... 14-31
Figure 14.22: Measure ed Blocks in 3D 3 ....................................................................................................... 14-33
Figure 14.23: Indicated d blocks in 3D D ......................................................................................................... 14-33
Figure 14.24: Measure ed and Indicatted Blocks in 3D ............................................................................... 14-34
Figure 14.25: Inferred blocks in 3D ........................................................................................................... 14-34
Figure 14.26: Histogram of the Com mposite File ........................................................................................ 14-35
Figure 14.27:Histogram m of Block Mo odel estimated d by Ordinaryy Kriging ................................................. 14-36
Figure 14.28: Histogram on Regress sion Slope ......................................................................................... 14-38
Figure 14.29: Histogram on Regress sion Kriging Variance
V ....................................................................... 14-39
Figure 14.30: Histogram of Block Model Estimate ed by Inverse e Distance ............................................... 14-40
Figure 14.31: Trend Plot X on Au g//t ........................................................................................................ 14-41
Figure 14.32: Trend Plot Y on Au g//t ........................................................................................................ 14-42
Figure 14.33: Trend Plot Z on Au g/t......................................................................................................... 14-43
Figure 14.34: Cross-Se ection with a Gold G Price off US$1,700 R Resource Pit a and Blocks Co oded by Reso ource
Classifica
ation (Measure ed in Red, Ind dicated in Gre een and Infer red in Blue). ........................................... 14-44
Figure 14.35: Grade To onnage Curve es for the Eag gle Deposit – Measured + Indicated Re esources ....... 14-47
Figure 14.36: CF Plot of o Au Grades, Trench and DH .............................................................................. 14-50
Figure 14.37: Olive 3D Mineralized Wireframe So olid - Perspecctive View ............................................... 14-51
Figure 14.38: Olive Fre equency Plot for Au in Mine eralized Shel l ............................................................. 14-52
Figure 14.39: Variogram Fan diagra ams .................................................................................................... 14-56
Figure 14.40: Anisotrop pic Variograp phy...................................................................................................... 14-57
Figure 14.41: Isotropic Variogram ............................................................................................................. 14-57
Figure 14.42: Kriging Neighbourhoo
N od Analysis Minimum M and M Maximum Number of Samples ............. 14-59
Figure 14.43: Easting and a Northing Swath Diagra ams .............................................................................. 14-61
Figure 14.44: Grade To onnage Curve es for the Oliv ve Zone – Me easured + Ind dicated Resou urces ............ 14-64
Figure 16.1: Eagle Pit Design ..................................................................................................................... 16-1
Figure 16.2: Olive Pit Design
D ...................................................................................................................... 16-2
Figure 16.3: Open Pit Summary
S ................................................................................................................. 16-5
Figure 16.4: Total Phas se Ore and Waste W Tonnag ges, Gold Gra ade, Strip Rattio......................................... 16-1
Figure 16.5: Mine Ore Tonnages an nd Recovered d Gold ............................................................................. 16-2
Figure 16.6: Stockpile Balance ................................................................................................................... 16-3
Figure 16.7: Annual Ma ap Year -1 ................................................................................................................ 16-5
Figure 16.8: Eagle Dep posit Annual Map M Year 1.......................................................................................... 16-6
Figure 16.9: Eagle Dep posit Annual Map M Year 2.......................................................................................... 16-7
Figure 16.10: Eagle De eposit Annuall Map Year 3 ...................................................................................... 16-8
Figure 16.11: Eagle De eposit Annuall Map Year 5 ...................................................................................... 16-9
Figure 16.12: Eagle De eposit Annuall Map Year 7 .................................................................................... 16-10
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Figure 16.13: Eagle De eposit Annuall Map Year 9 .................................................................................... 16-11

Figure 16.14: Olive Deposit Annual Map Year 9....................................................................................... 16-12
Figure 16.15: Eagle De eposit Annuall Map Year 11 1 – End of Mi ne Life ................................................... 16-13
Figure 16.16: Olive Deposit Annual Map Year 11 – End of Min ne Life .................................................... 16-14
Figure 16.17: Pit Slopee Design Reco ommendation ns ................................................................................. 16-24
Figure 17.1: Process Flowsheet
F ................................................................................................................. 17-3
Figure 17.2: Process Plant
P Layout .............................................................................................................. 17-4
H .......................................................................................................................... 17-11
Figure 17.3: Primary HLP
Figure 17.4: Secondary y HLP ..................................................................................................................... 17-12
P ........................................................................................................................ 17-16
Figure 17.5: Stacking Plan
Figure 17.6: HLP Cross-Section ............................................................................................................... 17-19
Figure 17.7: Leachate Solution Colle ection System m .................................................................................. 17-20
Figure 17.8: LDRS Dettail .......................................................................................................................... 17-22
Figure 17.9: Master Leeach Profile ............................................................................................................. 17-26
Figure 18.1: Project Inffrastructure .............................................................................................................. 18-3
Figure 18.2: Project Acccess Road .............................................................................................................. 18-5
Figure 18.3: Yukon Ele ectricity Grid (Map
( by YEC) ..................................................................................... 18-9
Figure 19.1: Historical Gold Price ............................................................................................................... 19-2
Figure 19.2: Monthly Average
A US$:C C$ Foreign ExchangeE Ratte – Bank of C Canada ................................ 19-2
Figure 23.1: Annual annd Cumulative e Payable Go old Production n................................................................ 23-3
Figure 23.2: Annual annd Cumulative e After-Tax Ca ash Flows ...................................................................... 23-5
Figure 23.3: After-Tax NPV 5% Sens sitivity ................................................................................................... 23-8
Figure 25.1: PEP Sche edule ......................................................................................................................... 25-6
Figure 25.2: Construction Managem ment Organiza ation Chart ................................................................... 25-15
Effective Da
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1 Executi
E ve Sum
mmary
1.1 Introduct
I tion
JDS Energy & Mining g Inc. (JDS) was
w commis ssioned by VVictoria Gold Corporation (Victoria Go old) to
lead and compile a Feasibility
F Sttudy (FS) and Technical Report for tthe Eagle Go old project (EEagle
Gold or project),
p an ad
dvanced exp ploration gold
d project ownned by Victorria Gold. The
e project is located
in the Ma
ayo Mining District
D of Cenntral Yukon Territory,
T appproximately 4
45 km north of the comm munity
of Mayo. The FS was completed by b the following independ dent authors:
 Merit Consultants Internationa
al Inc. (Merit);
 Kappes, Cassiday
y & Associate
es (KCA);
 SRK Consulting (U
US) Inc. (SR
RK);
 DOW
WL Engineerin
ng (DOWL);
 Allan V. Moran Co
onsulting LLC
C (Allan Mora
an);
 Allnorrth Consultan
nts Ltd. (Allno
orth); and
 JDS Energy
E ning Inc. (JDS).
& Min
This report presents s the results of the FS S using thee guidance of the Can
nadian Secu urities
Administrrators’ Natio
onal Instrume
ent (NI) 43-1
101 and Foorm 43-101FF1 and Cana
adian Institu
ute of
Mining (C
CIM) guidance on Resourrce and Rese erve Estimatio
on.
1.2 Project
P Descriptio
D on
The Eagle and Olive deposits, sittuated within Victoria Golld’s Dublin G Gulch propertty, are plannned to
be mined d using open pit (OP) metthods. The Eagle
E depositt will provide 116 million ttonnes (Mt) oof ore
while the Olive depos sit will provid
de 7 Mt for a total of 1233 Mt. Waste m mining will tootal 116 Mt ffor an
overall 0.95:1 strip ratio. Productio on throughpuut will be an average of 1 12.5 million ttonnes per annum
3,700 tonnes
(Mt/a) (33 s per day (t/d)) of ore overr a 10-year mmine life, excluding the raamp-up period d.
Gold will be extracted
d from ore into a solutionn by a heap lleaching process using tw wo heap leaaching
pads (HL LPs) – a prim
mary and a secondary.
s Heap
H leach feeed will conssist of crushe
ed ore (108 Mt at
0.73 g/t Au)
A conveyed d to the HLPs as well as run-of-mine (ROM), un-ccrushed (15 M Mt @ 0.27 g/t Au)
ore, which will be hau
uled directly to
t the primarry HLP for leaaching. Both crushed and d ROM ore wwill be
stacked on
o the primarry HLP, while e only crushe
ed ore will be
e placed on thhe secondaryy HLP.
Two HLPPs, the primary and secon
ndary pads, will
w be used to extract go old from ore iinto solution.. Both
crushed and
a ROM ore will be stac cked on the primary pad , while only crushed ore will be place ed on
the secon
ndary pad.
Crushed ore will be fed through a three-sta age crushing plant to prroduce an 80
0% passing (P80)
6.5 mm product.
p ROMM ore will byp
pass the crus
shing plant.
Gold will be leached with cyanide ption-regeneration
e solution and recovered by an adsorrption-desorp
(ADR) caarbon plant.
Effective Da
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A total of 1,884 koz off gold will be recovered over

o a 10-yea
ar mine life frrom 70.8% ovverall recove
ery.
1.3 Property
P Descripttion and Ownersh
O ip
The Eagle Gold proje ect is situated approximaately 350 km north of the
e Yukon capital of Whitehorse
(Figure 1.1). The cen ntre of the project
p is at approximate
ely 64°01’300”N latitude a
and 135°49’’30”W
longitude or Universaal Transverse Mercator (UTM) Coorrdinates 7,10 00,060N / 45 59,680E, Zo
one 8,
North Am merican Dattum (NAD) 83. Access to the pro oject from MMayo is via a the Silver Trail
(Highway y 11), then onto
o the Souuth McQuestten and Hag ggart Creek Roads that terminate a at the
existing 100-person
1 all-season
a camp, owned byb Victoria Goold.
The proje
ect is situated
d within the Dublin
D Gulchh property, w
which is a con
ntiguous blocck of 1,914 q
quartz
claims, 10 quartz leasses, and one e federal cro e under the control of Victoria
own grant all of which are
Gold’s whholly owned, directly held
d subsidiary StrataGold
S C
Corporation (S
StrataGold). The Dublin GGulch
property is rectangulaar in shape and extends s approxima tely 26 km iin an east-w
west directionn and
13 km in a north-southh direction co
overing an agggregate are
ea of approxim
mately 35,0000 hectares ((ha).
A propertty location map is provide

ed in Figure 1.1.
1
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Figure 1.1: Property Location

L Map
p
Effective Da
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1 2016 1-3
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1.4 Geology
G & Minera
alization
The geollogical settin
ng of the Du ublin Gulch property (Ea agle Gold project) is un nderlain by u
upper
Proterozooic to lower Paleozoic
P cla
astic sedimentary rocks tthat have unndergone reggional deform
mation
including Cretaceous s age thrustt faulting an nd subseque ent granitoid
d intrusions. Mineralization is
associateed with granitic intrusive bodies, here described as the Eagle Zone and d Olive Zonee gold
deposits, which are hosted prim marily in gran
nodioritic roccks. The goold deposits occur within the
Tombston ne Gold Beltt, located in the
t eastern portion of the e Tintina Go
old Province, which also hosts
the Breweery Creek deeposit and oth her gold occu
urrences in t he Yukon.
The prop perty is locaated on the northern limmb of the M McQuesten A Antiform and d is underla
ain by
Proterozooic to Lower Cambrian-ag ge Hyland Group metase ediments andd the Dublin Gulch intrusion, a
granodiorritic stock. The
T Dublin Gulch
G Stock is comprised
d of four intrrusive rock p
phases, the most
significan
nt of which iss Granodiorite. The stoc
ck has been dated at ap pproximately 93 Mega annum
(Ma).
The meta
asediments are
a the product of green nschist-gradee regional me
etamorphism
m. Proximal tto the
Dublin Gulch
G Stock
k, these metasedimen
m nts have u undergone metasomatissm and co ontact
metamorp
phism. A hornfelsic
h th
hermal halo o surrounds the stock and within n the halo, the
metasediments have been altered
d to schist, marble and skkarn
The Eagle and Olive zones
z belong
g to the RIRG educed Intrussion-Related Gold System
GS class (Re ms) of
mineral deposits.
d
The Eaglle Zone goldd occurrencee is localized
d at the narrrowest expossed portion of the stockk. The
Eagle Zo
one mineralization is co omprised of sub-parallel extensiona al quartz veiins that are best
developed within the Granodiorite
G .
Sulphidess account foor less than 5% of vein material

m andd occur in thhe centre, on
n the margin n, and
disseminaated throughhout the veins. The mo ost common sulphide m minerals are pyrrhotite, p pyrite,
arsenopyyrite, chalcop
pyrite, sphale
erite, bismuthhinite, molyb
bdenite and g galena. Seco
ondary potasssium
feldspar is the dominaant mineral in alteration envelopes.
e S
Sericite-carbo
onate is geneerally restrictted to
narrow veein selvedgees, although alteration zones of this tyype also occcur with no o
obvious relatiion to
veins. Gold mineralization also occurs with hin the meta asedimentaryy rock packkage immed diately
adjacent to the Granoodiorite.
The Eagle Zone is the principal concentration of mineralizzation within the propertyy. The Eagle Zone
ar in plan and is approxim
is irregula mately 1,600 0 m long (easst-west) and 600 m wide e north-south
h. The
Eagle Zo one is near-v vertical and has been tra aced for abo out 500 m b below surface e. Current d
drilling
indicates that the mineralization is relatively continuous along this le ength and iss open in se everal
directionss, including at
a depth. Min neralization occurs
o as eleemental goldd, both as isolated grainss and
most com mmonly in as ssociation with arsenopy yrite, and lesss commonlyy with pyrite and chalcop pyrite.
The sulph hide content in the veins is typically less than 5% %, and is lesss than 0.5% within the deeposit
overall, with
w 1 to 4% carbonate
c (ca
alcite) presen
nt.
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ate: September 12,
1 2016 1-4
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The Olive
e Zone gold d occurrencee is localized
d at the con ntact zone o
on the northw west flank oof the
Granodio
orite intrusive
e, and locaated 2.5 km m northeastt of the Ea agle Zone. Olive measures
approxim
mately 20 to 80
8 m in widtth, 900 m in length, and has been d drilled to appproximately 175 to
250 m in depth. Over 97% of the gold
g mineraliz
zation in the Olive Zone iis hosted in G
Granodiorite..
Compare ed to Eagle, the

t Olive min neralization is more asso nd quartz-sulphide
ociated with ssulphides an
veining in
n an interpretted shear-zone setting. An
A oxidation zzone and a ttransition zon
ne, from nearr total
oxidation to only sulphides, have been defined d. Veins cann be only sulp
phides or sulphides with white
quartz. Pyrite plus arssenopyrite (o
or arsenical pyrite)
p and q
quartz-pyrite veins are co
ommon, withiin the
overall NE
E trending zoone of mineraalization.
1.5 History,
H Explorati
E on and Drilling
D
Exploratio
on drilling forr intrusive-ho
osted gold mineralization
m n began in the early 1990 0's, and conttinued
sporadicaally by severral owners th hrough 2004, including th hrough Strata aGold. Victo oria Gold acqquired
StrataGold in 2009, and
a continued d explorationn drilling on tthe property.. Since the 2 2012 Wardrop FS,
the majoority of Victooria Gold's exploration
e work
w has bee en in-fill drillling at the Eagle Zone, and
exploratio
on efforts inccluding trenching, geophy ysical surveyys and drillinng at the Olivve Zone. Posst the
2012 Wardrop FS res source estima ate, Victoria Gold conduccted a targete ed in-fill drilling program in the
winter of 2011-2012, consisting of o core and RC R drilling off an additional 130 drill h holes in the EEagle
Zone. Th he purpose of the targe eted in-fill drilling progra am was to better defin ne Measured d and
Indicated Mineral Res sources.
The Olivee Zone had been

b explored prior to Vic ctoria Gold's ownership, w
with initial drrilling in 1992
2, and
sporadic follow-up driilling for a total of 19 holees by 2007. Victoria Goldd conducted additional d drilling
es in 2010-20
of 58 hole 012, in-fill driilling of 61 ho
oles in 2014, and an additional 89 drill holes in 2016.
The additional drillingg allows the Olive Zone to now be d defined as a Mineral Ressource. Additional
on work cond
exploratio ducted at thee Olive Zone included 17 shallow tren nches in 20144 and 29 trennches
in 2016, to expose and sample oxidized
o sulp
phide minera alization and help define the surface trace
and extennsions to min neralization. As well, a prrogram of Intternet protoccol (IP)-Resisstivity geophyysical
surveys was
w conductted over the core area of o the Olive Z Zone in 2015 5. The resultts of the pro
ogram
conclude there is a good correlatiion of IP cha argeability hig
ghs with the modelled zo one of anomalous
gold mineeralization in drilling, and a direct asso
ociation of th e gold with in
ncreased sullphide contennt.
A summa ary of explorration drilling

g and trench
hing, for whi ch sample a
analyses havve been useed for
Mineral Resource
R esttimation, aree presented below for th e Eagle Zon
ne in Table 1.1 and the Olive
Zone in Table
T 1.2.
Effective Da
ate: September 12,
1 2016 1-5
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Table 1.1: Summary of

o Annual Ex
xploration Prrograms – Ea
agle Zone
Company Year
Y Number of Ho
oles Metrres Drilled Type
Canada Tu
ungsten 1977 65 1
11,315 DDH
Queenstak
ke Resources 1986 4 705 DDH
Can Pro 1989 4 653 DDH
Ivanhoe Go
oldfields 1991 16 2,410 DDH
Amax Gold
d Inc. 1992 13 1,943 DDH
Amax Gold
d Inc. 1993 56 7,729 RC
Amax Gold
d Inc. 1993 10 1,476 DDH
Ivanhoe Go
oldfields 1993 10 2,078 RD
First Dynas
sty Mines 1995 40 8,354 RC
First Dynas
sty Mines 1995 25 4,946 DDH
New Millen
nnium Mining 1996 21 4.114 DDH
New Millen
nnium Mining 1996 37 5,271 RC
New Millen
nnium Mining 1996 19 189 Auger
New Millen
nnium Mining 1996 33 797 Water
StrataGold 2005 34 8,105 DDH
Victoria Go
old 2009 10 5,122 DDH
Victoria Go
old 2009 4 1,321 Geotech
h
Victoria Go
old 2010 20 3,592 DDH
Victoria Go
old 2010 5 1,341 Geotech
h
Victoria Go
old 2011 3 616 Geotech
h
Victoria Go
old 2011
1-2012 33 4,337 RC
Victoria Go
old 2011
1-2012 58 1
17,538 DDH
TOTAL 565 104,180
Source: Wardrop 2012 FS
S, updated in 2016
2 from drill hole database
Effective Da
ate: September 12,
1 2016 1-6
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Table 1.2: Summary of

o Annual Ex
xploration Prrograms – Ollive Zone
Number
N of Mettres
Company Year Type
Holles/Trenches Drilled/T
Trenched
Prior owne
ers 1991, 1992
2 7 95
59 RC and DD
DH
Prior owne
ers 2007 5 86
68 DDH
Prior owne
ers 1989,2009
9 10 70
07 Trenchess
Victoria Go
old 2010 19 4,1
144 DDH
Victoria Go
old 2011 24 4,4
486 DDH
Victoria Go
old 2011 4 30
00 RC
Victoria Go
old 2012 11 2,9
997 DDH
Victoria Go
old 2014 61 8,5
594 DDH
Victoria Go
old 2014 10 1,0
027 Geotech
Victoria Go
old 2014 17 88
85 Trenchess
Victoria Go
old 2016 89 12,546 DDH
Victoria Go
old 2016 34 1,0
025 Trenchess
TOTAL DR
RILLING 230 35,921
TOTAL TR
RENCHES 61 2,6
671
Source: Wardrop 2012 FS
S, updated in 2016
2 from drill hole database
1.6 Metallurg
M gical and Mineral Processin
P ng Test R
Results
Extensivee metallurgical testing programs, including c olumn leach h, bottle rooll leach, g gravity
concentra ation and flo
otation tests, were cond ducted on vvarious comp posites from
m the Eagle Gold
project. Comminution
C , compacted permeability y, cyanide ne
eutralization a
and humidityy cell studies were
also performed. A limmited numbe er of bottle ro
oll leach andd column lea ach tests weere conducte ed on
composites from the Olive
O projectt. The results
s from these test programms indicate th
hat heap lea aching
e processing
is a viable g method.
Two meta allurgical testing program
ms were cond ducted on th e Eagle Gold
d project: on
ne before and
d one
after the
e 2012 Warrdrop FS. The T results from the ppost-2012 sttudy program m confirmedd the
metallurg
gical criteria presented
p in the 2012 Wa ardrop FS.
Leach da ata on the Eaagle Gold prooject composites crushed with a high-pressure grin nding roll and
d with
conventioonal cone cruushers were compiled at several crush h sizes. The results from the column leach
test programs indicatte that gold recovery is sensitive
s to ccrush size a
and ore type, and, to a lesser
extent, crrush type. Ov
verall gold recoveries ranged from 68 to 79% at a P80 crush sizze of 6.4 mm.
Leach daata on Olivee oxide, transition and sulphide commposites, cru
ushed with cconventional cone
crushers to approximaately 6.4 mm
m, were also compiled.
c Go
old recoveries ranged from
m 54 to 68%
%.
Column le
each tests were
w ed on Eagle composites at freezing cconditions, an
conducte nd the test re
esults
were commpared to am
mbient tempeerature colum
mn leach tessts. These te ests yielded similar results as
those con
nduced at am
mbient tempe
eratures, but with general ly lower sodium cyanide consumption ns.
Effective Da
ate: September 12,
1 2016 1-7
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The colum mn leach tes st results shoow that crushhing to a P80 size of 6.4 mmm with convventional crushers
will lead to the field recoveries
r byy ore type fo
or both Eaglee and Olive, as summarized in Table e 1.3.
The calcu ulated gold recoveries
r in
nclude 3% an nd 2% point deductions for estimate ed field recovveries
from labooratory data, for Eagle and Olive, resp pectively. Oveerall gold reccoveries are dependent o on the
distributio
on of ore type
es as shown in Table 1.3.
The results of the tes
st programs indicate low
w reagent reqquirements aand moderatte leach timees for
both Eagle and Olive. Projected re
eagent requirrements and leach times are presente
ed in Table 1.4.
Table 1.3
3: Summary of
o Gold Reco
overy by Ore Type
Field Gold Recoverry

(%)
Eagle Olive
Weathered
d Granodiorite 79
O
Oxide 66
Fresh to Weakly
W Altered Granodiorite
G 73
Seretic, Ch
hloritic, Carbonate Altered
68 Tra
ansition 55
Granodioritte
Weathered d Metasedimen nts 73 Su
ulphide 53
Unaltered Metasediments
M s 68
Source: KCA 2016
Table 1.4
4: Summary of
o Reagent Consumption
C n Estimate
R
Reagent Requirements
(kg/t)
Descriptio
on
NaC
CN Lime Cement
Eagle - Ov
verall 0.35
5 1.0 2.0*
Olive - Oxide 0.46
6 4.0
Olive - Transition 0.24
4 4.0
Olive - Sulp
phide 0.25
5 4.0
*Only used
d in the first yea
ar of each HLP
P
Source: KC
CA 2016
Estimated d gold recoveries for Eaggle for ROM, and coarse crush sizes were estima ated from thee size
fraction data
d from column leach teest results on
n finer crushe
ed composites. ROM sizze distribution n was
estimated d from a commbination of data
d from ann operating m
mine with sim milar geologiccal characterristics
and crush her simulatio
on software. The
T primary crushed ore e size distribu
ution was esstimated base ed on
results fro
om crusher simulation
s software.
No tests have been conducted
c onn coarse com
mposites fromm Eagle, and
d additional te
esting is required.
Due to thhe limited daata, the estim
mated recoveries for thee ROM and primary (coa arse) crushed ore
were presented as ra anges. These e ranges are
e 50 to 55% for ROM orre, and 55 to o 60% for prrimary
(coarse) crushed ore e. Lime and sodium cyan nide requirem
ments were estimated to o be 1.0 kg//t and
0.35 kg/t, respectively
y, for both th
he ROM and primary crusshed ore options. Maxim mum leach tim me of
150 days was estimatted to be the same for bo oth.
Effective Da
ate: September 12,
1 2016 1-8
V I C T OR
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1.7 Mineral
M Resource
R Estimate
es
This 20166 FS update includes an update to the e Mineral Re esource estim mate (MRE) ffor the Eagle
e Gold
deposit, here
h called th
he Eagle zon
ne, as previoously describbed in the Wa ardrop 2012 FS, and an initial
MRE for the Olive Zo one gold mine
eralization, a satellite de posit that is located apprroximately 2.5 km
northeastt of the Eaglee Zone.
The MRE E has been classified

c as “Measured”,, "Indicated" and "Inferre
ed" according
g to the Canadian
Institute of Mining and Metallurggy (CIM) "CIM Standard ds on Minerral Resource es and Rese erves:
ns and Guide
Definition elines" (May 2014).
2
A geolog gical model was used for each deposit, co onsisting of lithology (GGranodiorite and
metasediments), a mineralized
m shhape defined d from drill h
hole gold assays, and oxxidation surffaces.
Classical statistical an
nd geostatisttical evaluatio
ons were do ne, and data a for both Ea
agle and Olivve drill
hole and trench assay ys were commposited to 2.5 m. A blocck size of 10 m x 10 m x 5 m was use ed for
each depposit with sta andard block k modelling methods
m in Datamine so oftware. Krig
ging was use ed for
grade esttimation, and d data validattions were co
ompleted.
The currrent Eagle Mineral

M Resources are reported ass in-pit reso
ources at a cut-off grad
de of
0.15 g/t Au.
A
The curre ent Olive in-p

pit Mineral Reesources aree reported att a cut-off gra
ade of 0.40 g
g/t Au. The ccut-off
is supporrted by the saame parametters as for Ea agle, but with
h lower recovveries. The O
Olive cut-off g
grade
was selec cted to provide higher grrade materiall for the proje
ect. Olive ha
as a completee assay data abase
for silver, whereas Ea agle does nott; thus Olive has silver rep
ported as ann associated e
element.
Mineral Resources
R for the Eagle Zone
Z ve Zone are stated in Tab
and Oliv ble 1.5.
Effective Da
ate: September 12,
1 2016 1-9
V I C T OR
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Table 1.5
5: Constraine
ed Eagle Mineral Resourc
ce Estimate** (inclusive o
of Mineral Re
eserves)
In-Situ Gold
G In-Sittu Silver Contain
ned
Quantity Co
ontained Gold
d
Classificattion Grade e G
Grade Silverr
(Mt) (koz)
(g/t) ((g/t) (koz))
Eagle (0.15 g/t Au cut-off)
Measured 29.4 0.81 na 761 na
Indicated 151.3 0.59 na 2,870 na
Combined
d 180.7 0.63 na 3,631 na
Inferred 17.4 0.49 na 276 na
Olive (0.40
0 g/t Au cut-offf)
Measured 2.0 1.19 2
2.31 75 146
Indicated 7.5 1.05 2
2.06 254 498
Combined
d 9.5 1.08 2
2.11 329 645
Inferred 7.3 0.89 1
1.70 210 402
Source: Qu
ualified Persons F. Daviess, R.
R Sharma, and
d A. Moran; 20
016
*Notes:
1. CIM definnitions were followed for Mine eral Resources
2. Mineral Resources
R are estimated at a cut-off of 0.15 g/t Au for Eagle and 0.40 g/tt for Olive
3. Gold price used for this estimate was US$1,700/oz
4. High-gradde caps were applied
a as per the
t text of this report
5. Specific gravity
g was esttimated for eac ch block based on measureme ents taken from m core specime ens
6. Resource es are In-pit res sources as deffined by pit para ameters described in the textt of this report
7. Mineral Resources
R are not Mineral Re eserves and do o not have dem monstrated econ nomic viability.
There is no certainty tha at all or any part of the Minera al Resources e estimated will b be converted in nto
Mineral Reserves.
R The estimate of Min neral Resource es may be matterially affected d by environme ental,
permitting
g, legal, title, ta
axation, socio-ppolitical, marke eting, or other rrelevant issues
8. The quan ntity and grade of reported Infferred Resourcces in this estim mation are unce ertain in nature
e and
there hass been insufficient exploration n to define thesse Inferred Ressources as an Indicated or
Measured d Mineral Reso ource and it is uncertain
u if furtther explorationn will result in u
upgrading them m to
an Indica
ated or Measure ed Mineral Res source categorry
Effective Da
ate: September 12,
1 2016 1-10
V I C T OR
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1.8 Mineral
M Reserve
R Estimate
E
The mine
eral reserve for the properrty is based on
o the minera
al resource e
estimate for E
Eagle and Olive.
The Mine eral Reservees were deve eloped by ex o determine the optimum
xamining eacch deposit to m and
practical mining meth hod. Cut-off grades
g (COGGs) were the
en determine ed based on appropriate mine
design crriteria and th
he adopted mining
m method. A shoveel and truck open pit mining method d was
selected for
f the variouus deposits.
The estim
mated Prove en and Prob
bable Minera
al Reserves total 123 M
Mt at 0.67 g
g/t Au, conta
aining
2,663 koz
z Au (Table 1.6
1 and Table
e 1.7).
Table 1.6
6: Mineral Reserve Estima
ate by Depos
sit
Ore Diluted Gold Grade Contained Go

old
Area Classification
C
(Mt) (g/t)) (koz)
Proven 27 0.80
0 685
Eagle Probable 90 0.62
2 1,778
Total 116 0.66
6 2,463
Proven 2 1.02
2 58
Olive Probable 5 0.93
3 142
Total 7 0.95
5 200
Eagle + Ollive Total 123 0.67
7 2,663
Note: Mine
eral Reserves are
a included witthin Mineral Re
esources
Source: JD
DS (2016)
Table 1.7
7: Mineral Reserve Estima
ate per Ore Type
T
Ore Diluted Gold Grade Contained Go

old
Type Area
(Mt) (g/t)) (koz)
Eagle 101 0.72
2 2,330
Crushed Ore
O Olive 7 0.95
5 200
Total 108 0.73
3 2,530
Eagle 15 0.27
7 133
ROM Ore Olive
Total 15 0.27
7 133
Crushed + ROM Total 123 0.67
7 2,663
Note: Mine
eral Reserves are
esources
Source: JD
DS (2016)
The COG
Gs for Eagle and
a Olive by ore type are
e listed in Tab
ble 1.8.
Effective Da
ate: September 12,
1 2016 1-11
V I C T OR
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Table 1.8
8: Eagle and Olive
O COGs by Ore Type
e
Area/Type
e Material Cut-off G
Grade (g/t Au)
Oxide Granodiorite
e 0.19
Altere
ed Granodiorite
e 0.21
Eagle Crus
sh Unalte
ered Granodioriite 0.22
Oxide Medasedimen
nts 0.21
Unaltere
ed Medasedime
ents 0.22
Oxide 0.24
Olive Crush Mixed 0.29
Sulphide 0.30
Eagle ROM
M All 0.23
Source: JD
DS (2016)
The mine eral reserve estimations

e take
t into consideration on n-site operatting costs (m
mining, processsing,
site serviices, freight, general and d administraation), geotecchnical analyysis for open pit wall anngles,
metallurg
gical recoveries, and sellin ng costs. In addition, the Mineral Resserves incorp porate allowa
ances
for mining
g recovery an nd dilution, and
a overall ec conomic viab bility.
1.9 Mining
M
The Eagle and Olive deposits are e planned to be mined ussing OP meth hods, and will operate ass drill,
ovel and hau
blast, sho ul operations with a comb bined nomina al rate of 33,,700 t/d ore and a mine life of
10 years.. Mining of th
he deposit iss planned to produce a to otal of 123 MMt of the heaap leach feed d and
116 Mt ofo waste (at a 0.95:1 ove erall strip rattio). Ore to be crushed will be haule ed to the prrimary
crusher lo
ocated towarrds the north h-east side of
o the Eagle p pit. ROM ore e will be hauuled directly tto the
primary HLP.
H ROM material
m will on
nly come from m the Eagle pit.
1.9.1 Open
O Pit Mine Plan an
nd Phasing
g
The propposed overall site layout for f the projec ct, including the open pitts at Eagle a
and Olive, va
arious
waste rocck facilities, the
t heap lea ach facilities (both primaryy and seconndary pads), and the plan nt site
location is
s illustrated in Figure 1.2..
The mine ocess for the deposits commenced
e design pro c with the deevelopment of open pit mine
planning optimization input param
meters. These e parameterss included esstimates of mmetal price, m
mining
dilution, process
p reco
overy, off-sitte refining co
osts, geotecchnical consttraints (pit sslope angles) and
royalties.
Effective Da
ate: September 12,
1 2016 1-12
N
W E
S
Paper Size: 863.6mm x 558.8mm
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File: C:\Users\jbaxter\Desktop\1000-Drawings - Eagle Gold\1011-Civil\01-Production\16VA0008-000-1011-Production
B 16/10/19 ISSUED FOR FEASIBILITY UPDATE JLC NV

A 16/10/04 ISSUED FOR FEASIBILITY UPDATE JLC NV
REV YY/MM/DD DESCRIPTION DRWN APVD
CLIENT:
CLIENT NO: # DRWN: JLC DATE: 16/10/19

PROJECT NO: 16VA0008 DSGN: SK/JLC DATE: 16/10/19
DRAWING SIZE: 22 X 34 CHKD: NV DATE: 16/10/19
SCALE: 1:10,000 APVD: SK DATE: 16/10/19
PROJECT:
EAGLE GOLD
FEASIBILITY
STUDY
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User: Jessica Currie
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OPERATIONAL
|
Date: 2016/10/19
DWG NO: REV:

16VA0008-000-1011-002 B
V I C T OR
R IA G OLD CORP.
C
The curreent life of miine (LOM) plan focuses on achieving g consistent heap leach production rates,
mining off higher value
e material ea
arly in the pro
oduction scheedule, as well as balancin
ng grade and
d strip
ratios. Pit optimizatio
ons and ana alyses were conducted to determin ne the optim mal mining sshells.
Detailed pit and phas se designs were
w then geenerated for Eagle and Olive and m mine planning
g and
schedulinng was condu ucted on thesse detailed pit
p designs.
1.9.2 Mine
M Sched
dule and Operations
The varioous pit designns for the pro

oject depositt were divideed into phasees (or pushba acks) for the mine
plan deveelopment in order
o to prov
vide flexibility
y in the scheddule, maximiize value, red
duce pre-stripping
requireme ents in the early
e years, and
a maintain n the crush hheap leach at full producttion capacityy. The
project de
eposits are most
m economical when op pen pit phasees at Eagle a
are mined con ncurrently.
The open n pits at Eag gle and Olivee are projectted to provid
de the heap leach facilitie es at a combined
nominal rate
r of 33,700 0 t/d ore ove
er a of 10-yea
ar period (exccluding the in
nitial constru
uction period)). The
open pit mining is en nvisioned to be undertake en by the OOwner. Annua al mine prod duction of oree and
waste is profiled
p to peeak at 30 Mt//a, with a LO
OM waste to o ore stripping ratio of 0.955:1. Given thaat the
secondarry and tertiary y crushers and HLP will only
o be opera ated between April and D December off each
year, stoc
ckpiles will be e used when n necessary for
f stockpilin g of ore from
m the open piit. The handling of
the ore from
f the crusher to the HLPs is inc cluded in the
e open pit sccheduling an nd operatingg cost
estimation. Table 1.9 summarizes s the LOM material
m movvement by ye ear for both the mine an nd the
heap leacch facilities.
Effective Da
ate: September 12,
1 2016 1-14
V
VICTORIA G O LD CORP.
E
EAGLE G OLD FEASIBILITY STUDY
T
Table 1.9: Summ
mary of LOM Pro
oduction Schedu
ule by Year
D
Description Unit Total
T Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11
C
Crushed Ore Mt 107.8 0.0 8.8 11.0 10.9 10.9 10.9 11.0 11.0 10.9 10.9 11.0 0.5
C
Crushed Gold Grad
de g/t 0.73
0 0.49 0.75
0 0.81 0.77 0.78 0.80 0.71 0.62 0.61 0.62 0.83 0.75
C
Crushed Contained
d Gold koz 2,530 0 212
2 287 272 275 282 251 218 213 218 291 12
R
ROM Ore Mt 15.1
1 0.0 1.1 1.6 1.5 0.4 1.4 1.7 2.2 1.8 2.5 0.8 0.0
R
ROM Gold Grade g/t 0.27
0 0.29 0.27
0 0.28 0.27 0.28 0.27 0.27 0.28 0.27 0.27 0.28 0.00
R
ROM Contained Go
old koz 133
1 0 10 15 13 3 12 15 20 16 22 7 0
W
Waste Mt 116.3 2.1 6.9 14.1 12.1 15.3 10.0 7.7 7.8 9.3 16.3 14.5 0.2
T
Total Ore Mt 122.9 0.0 9.9 12.6 12.5 11.3 12.3 12.7 13.2 12.8 13.5 11.7 0.5
T
Total Gold Grade g/t 0.67
0 0.42 0.70
0 0.74 0.71 0.77 0.74 0.65 0.56 0.56 0.55 0.79 0.75
T
Total Contained Gold
G koz 2,663 0 222
2 301 285 279 294 266 238 229 240 298 12
S
Strip Ratio w:o 0.95
0 83.49 0.70
0 1.12 0.97 1.35 0.81 0.61 0.59 0.73 1.21 1.23 0.47
T
Total Material Mt 239.2 2.1 16.8
1 26.7 24.6 26.6 22.4 20.4 21.0 22.1 29.8 26.2 0.7
T
Total Mined Kt/d 7.6 45.9
4 73.0 67.4 73.0 61.3 55.9 57.4 60.4 81.6 71.8 3.9
H
Heap Leach Sched
dule
T
Total Recovered Gold
G koz 1,884 0 142 208 213 213 210 192 166 160 162 184 35
S
Source: JDS (2016)
E
Effective Date: Septe
ember 12, 2016 1-15
V I C T OR
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Mining will begin in Year

Y -1 at Ea
agle pit to pro
ovide waste rock for consstruction and
d allow for acccess
roads to be built. Lea
achate proces ssing will com
mmence in QQ2 Year 1 an nd ramps up p to full produ
uction
in Year 2.
2 Open pit mining will focus
f on thee various Ea
agle pit phasses with the smaller Olivve pit
coming innto productio
on in Year 9.9 Open pit mining
m and lo
oading of the heap leacch facilities w will be
completed in Q1 of Ye ear 11.
se a fleet comprising 22 m3 front sho
Open pit mining operrations will us ovels, 12 m3 front-end loa
aders
and 144 t haul trucks
s. This fleet will be suppplemented byy drills, grade
ers, and tracck and rubbeer tire
dozers. A 10 m benc ch height was s selected fo
or mining in ore and wasste with overrall 20 m effeective
bench heeights based on a double--bench final wall
w configura ation.
1.9.3 Waste
W Mana
agement
In order to minimize haul distances, Eagle waste

w rock w
will be hauleed to one oof two waste e rock
storage areas
a immediiately to the south
s and no
orth of the op
pen pit. Olive waste rock w
will be hauled
d to a
waste rocck storage area
a immedia ately south-w
west of the oopen pit. Totaal waste maaterial producced is
116 Mt.
1.10 Recovery
R y Methods
Two heap p leach pads
s (HLP), the primary
p and secondary
s pa ads, will be d
developed too extract gold
d from
ore into solution.
s The secondary pad
p will be deeveloped in ttime to receivve ore in Yea
ar 7 of operaations.
Both crusshed and RO OM ore will be
e stacked on the primary pad, while o only crushed ore will be pplaced
on the seecondary padd.
Crushed ore will be fed
f through a three-stage e crushing p lant to produ
uce an 80% passing (P80) 6.5
uct. ROM ore
mm produ e will bypass
s the crushing
g plant.
Gold will be leached with cyanide solution anda recovereed by an AD DR carbon pllant. The pro
ocess
flowsheett and design criteria are based
b on a heap leach prrocessing ratte of:
 11 M dry tonnes per annum (Mt/a) of crushed ore w
with a LOM old feed grade of
M average go
g and a recovery of 70.9
0.73 g/t 9; and
 1.5 Mt/a age) of ROM ore at a grade of 0.27 g//t and 55% gold recoveryy.
M (on avera
The proc w be located near th

cess plant will he primary H HLP to min nimize pump ping and pip peline
requireme
ents for both pregnant an
nd barren solutions during
g the first sevven years of operation.
The HLPs will underg go year-round leaching with
w the stackking of ore o occurring 275
5 days per annum
e stacking ratte will be app
(d/a). The proximately 45,500
4 t/d (crrushed plus R
ROM ore).
Effective Da
ate: September 12,
1 2016 1-16
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1.10.1 Ore
O Crushin
ng, Handling and Sto
ockpiling
1.10.1.1 Crush
hed Ore
Ore abov ve 0.35 g/t from
f the Eag
gle pit will be sent to a three-stage crushing pla ant. The crushing
circuit will consist of one
o 375 kW primary
p gyrattory crusher,, one 933 kWW secondary cone crushe er and
three, parallel 933 kW W tertiary con
ne crushers. Crushing pla ant feed mateerial, with a m
maximum top p size
of 1,000 mm, will be e trucked fro
om the open n pits and d dumped direcctly into the primary gyrratory
crusher ata a planned d throughputt of approximately 30,00 00 t/d. The primary cru usher will op
perate
365 d/a, while
w the seccondary and tertiary crusshers will onl y operate 27
75 d/a when ore is stacke ed on
the HLPs s.
From Q2 through Q4 of each year, stockpiled s ccrushed ore e will be rreclaimed vvia a
loader/hoopper/convey yor system to o the second dary crusherr. Crushed o ore reclaimin
ng will be do one at
490 tonne es per hour (t/h), and coombined with h the primaryy crusher discharge, at a rate of 1,50 00 t/h,
for a tota
al feed rate of
o 1,990 t/h, or 39,800 t/d d, to the seccondary and tertiary crusshing circuitss. The
tertiary prroduct, scree
en undersize at P80 of 6.55 mm, will fee ed a series o
of conveyorss and grassho opper
conveyorrs to a radial stacker on the HLP. Lime L and cem ment will be
e added to th he tertiary sccreen
discharge e conveyor for
f pH contro ol and agglomeration. Ag gglomerationn takes placee for all Olivve ore
and durinng the first ye
ear of stackin
ng on the prim
mary and seccondary HLP Ps.
1.10.1.1.1 ROM Ore
e
ROM ore e (less than 0.35 g/t but above the cut-off
c grade of 0.22 g/t) will be sentt directly from
m the
Eagle pitt to the prim
mary HLP during the stacking montths, and to the ore sto ockpile during g the
stockpilin
ng months (January to March). The ROM R ore willl be reclaime
ed from the stockpile, ussing a
loader annd trucks, and
d taken to th
he primary HL LP. The ROM M ore will bee segregated from the cru ushed
ore, but will
w be placed d within the overall
o primarry HLP.
1.10.1.1.2 Stockpilin
ng
An ore stockpile
s are
ea with a ca
apacity of appproximately 3.0 Mt will be establisshed to allow w the
stockpilin
ng of ore on a temporary basis during the coldest w
winter monthhs (Q1 of eacch year). Cru
ushed
ore stockkpiled during the winter months will be placed o on the stockppile after passsing throug
gh the
primary crusher
c only. ROM ore will also be sta
acked on the stockpile durring Q1.
1.10.2 Heap
H Leach
h Pad
The prop posed primarry HLP will accommodate approxima ately 77 Mt of ore and is planned to be
located approximately y 1.2 km nortth of the Eag
gle Zone oreb
body, in the A
Ann Gulch vaalley. The ba
ase of
the prima ary HLP is planned to be located at an elevation oof 880 metrees above seaa level (masl)), and
at full height, the prim
mary HLP willl extend up Ann
A Gulch to o an elevation
n of approxim
mately 1,2255 masl
at the topp of the plann
ned ore stack
k.
The prop posed secon ndary HLP will
w commen nce in Year 7 and will accommoda ate the remaaining
estimatedd 46 Mt of orre (with expaansion potential), and is pplanned to b
be located ap pproximately 3 km
east of th
he Eagle Zon ne orebody near
n the Olive
e Zone pit. T
The base of tthe secondarry HLP is pla anned
to be locaated in the upper
u portion
n of the basinn at an eleva
ation of 1,30
00 masl, and at full heigh ht, the
secondarry HLP will ex xtend to an elevation
e of approximatel
a ly 1,470 massl at the top o
of the planne
ed ore
stack.
Effective Da
ate: September 12,
1 2016 1-17
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The prim mary and se econdary HLPs will ea ach comprisse a numbe er of eleme ents: a con nfining
embankm ment to providde stability to
o the base off the HLP an
nd a sump for operationall in-situ stora
age of
process solution,
s a lin
ned storage area for the ore to be lea ached, pump ping wells for the extraction of
solution, a lined evennts pond to contain
c excesss solution in
n extreme evvents, upstre
eam surface water
interceptoor ditches, an
nd leak detection, recove ery and mon itoring system
ms to ensure e the containnment
of solution.
The HLP will be irriga ated with a barren
b cyanidde-caustic so
olution fed frrom the proccess plant thrrough
pipelines and drip em mitters incorp
porated in thee HLP. The barren soluttion will perccolate throug gh the
HLP and dissolve gold producing g a gold-bearring “pregnan nt” solution. The pregnant solution w will be
pumped fromf the HLP
P at a nomin 070 m3/h to tthe carbon a
nal rate of 2,0 adsorption cirrcuit. The flowrate
of barren solution is based
b on a 90-day
9 leach cycle assum ming an application rate o of 10 l/h/m2 aand a
lift height of 10 m.
1.10.3 Processing
P g Plant
The preg gnant solutioon will enter the ADR plantp throughh the carbonn adsorption n circuit, whiich is
planned to consist of o two trains of five ca ascading-flow
w carbon co olumns. The e barren so olution
dischargeed from the final carbon n column will be pumpe ed to the b
barren solutio on tank. Cyyanide
solution, liquid caustic
c and anti-sccalant will be
e added to th
he barren sollution to maintain the req
quired
pH and cy yanide conce entrations forr leaching.
Loaded carbon
c will be
e extracted frrom the first carbon adsoorption colummn at a rate o of 8 t/d and w
will be
acid wash
hed prior to advancing
a to the desorption circuit forr gold recove
ery in the strip
p vessel.
The pregnant solution n from the strrip vessel willl flow to the electrowinnin
ng circuit. Att the conclusion of
the strip cycle,
c the strripped carbo
on will be the
ermally regen nerated in the carbon rea activation kiln
n and
then returrned to the carbon
c colum
mns.
Gold will be plated onnto steel wool cathodes in
n the electrow
winning cells. The gold-be
earing sludge
e and
ol will be dried
steel woo d, mixed with
h fluxes and then smeltedd to produce gold doré.
Effective Da
ate: September 12,
1 2016 1-18
V I C T OR
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1.10.4 Gold
G Recov
very
A summa
ary of the thro
oughput and gold recoverry for each o
ore type are p
presented in Table 1.10.
Table 1.10: Throughp
put and Gold Recovery
Units T
Total
Eagle Crus
shed Ore
Total Throu
ughput Mt 101
Gold Recovered From He
eap Leach koz 1
1,697
Gold Recovery % 72.9
Eagle ROM
M Ore
Total Throu
ughput Mt 15
Gold Recovered From HL
L koz 73
Gold Reco
overy % 55.0
Olive Ore
Total Throu
ughput Mt 7
L koz 113
Gold Reco
overy % 56.8
Total Reco
overy
Total Throu
ughput Mt 123
L koz 1
1,884
Gold Recovery % 70.8
Source: JD
DS (2016)
A gold production model was deveeloped to preedict the gold

d production from the hea ap leach operation
and is ba
ased on a combination off metallurgica
al testing datta, the mine production sschedule, the
e HLP
constructtion sequenc
ce (or stacking plan), annd the leach ing (irrigatio
on) plan for tthe application of
barren so
olution.
The gold production model
m uses cells
c that are approximate ely 300,000 t or a little ovver a week’s worth
ng. For each cell, a weigh
of stackin hted average e head grade e and recoverry based on the rock type e was
calculated
d to determin
ne the gold recovered
r ovver time. Eacch year, overr the 9-month stacking pe eriod,
36 cells are
a loaded. Barren
B solutio
on is added too the active ccells 365 d/a
a.
With an application
a ra m2 the ultima
ate of 10 l/h/m per cell was calculated ovver time usin
ate recovery p ng the
column le
each test work. The gold recovery wa as calculated for each rocck type to pro
oduce an aveerage
recovery of solution per
p tonne of ore versus days of leacch. At 90 dayys, the gold recoverable e from
each cell is approxima
ately 90% co omplete.
During thhe winter, when ore staccking onto the
t HLPs is stopped, th
he barren so
olution will sttill be
applied to
o the HLP, an
nd gold recov
very from ore
e will continu
ue.
During innitial leaching
g of the primmary and sec condary padss, there will be an in-pro ocess invento ory of
recoverab ble gold builtt up. The inv
ventory of reccoverable go old will be fro
om the recovverable gold in the
ore in the
e heaps that has not bee en leached to o completion n, and is conntained in solution inventtories,
carbon, and
a in the ele ectrowinning//refining circu
uit that has noot yet been p
processed into doré.
Effective Da
ate: September 12,
1 2016 1-19
V I C T OR
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Gold inve entory in soluution, carbon

n and the ele
ectrowinning//refining circu
uit will ultima
ately be recovvered
in the fina
al year of leaching.
Solution will
w continue e to be added
d in Year 7 for
f the prima ary pad and in Year 11 ffor the secondary
pad, to alllow the last ore
o stacked to
t be leachedd to completiion.
1.11 Infrastruc
I cture
The proje
ect is currenttly accessible
e year-round
d by road from e of Mayo, Y
m the village YT. To suppo
ort the
additional constructio
on and operation traffic, 23 km of tthe Haggart Creek site access road will
receive minor
m upgrade es.
New site ancillary fac cilities will inc
clude a camp expansion , truck shelte er, fuel depo
ot, explosive plant
and storaage and watter managem ment facilities
s. Existing s tructures inccluding the 1100-person ccamp,
administrration buildinng and ware ehouse will be
b used forr the perman nent operation. Victoria Gold
recently purchased
p a second 110 0-person cam mp close to ssite, and it wa as assumed this camp w will be
moved too site prior to construction.
Electric power
p will be
e sourced frrom the Yuk kon Energy C Corp. grid via a new 44 4 km long, 669 kV
transmisssion line as well
w as an on n-site substattion and distrribution. Diessel-powered generators w
will be
used for emergency
e power
p back-u
up.
Mining an
nd processin
ng facilities to
o be constru
ucted are the
e crushing pllant, the ADR
R plant, an a
assay
lab, a mine
m water treatment
t pla
ant (MWTP)), HLPs, wa aste rock sttorage area (WRSAs), water
managemment structures, and haul roads.
The existting placer ta
ailings in the
e Dublin Creeek Valley an
nd waste rocck from mine e pre-strippinng will
provide all
a the aggreg gate needed for the projeect. A concre te batch plan
nt will be mo
obilized to the
e site.
A temporrary crushing g plant will be
b used for the
t productio
on of concrete aggregate es and HLP over-
liner.
1.12 Project
P Execution
E n Plan
The proje ect has a 15-month con nstruction pe
eriod compri sed of 12 mmonths of Y Year -1 and three
months of o Year 1, whhen the open pit will be op
perational an
nd ore stockp
piled, while th
he secondaryy and
tertiary crrushing plantts are comple
eted and commmissioned.
In Q1 of Year
Y -1, eng
gineering and
d procuremen nt will begin.. Long lead items may ha
ave to be ord
dered
in Year -2
2, depending on availabiliity at the time
e.
Camp exxpansion, early mobilization and eartthworks will begin in Q2 2 of Year -1,, with the prrimary
focus of establishing g the start of the prim mary HLP b before Q4, when weatther will become
able for linerr and over-lin
unfavoura ner placemennt. All construuction work wwill be comp
plete by the e
end of
Q4 of Yeear -1, with the exceptio on of the se
econdary an nd tertiary crushing plannts, which w will be
complete by the end ofo Q1 of Year 1, when the e first stackin
ng of the prim
mary HLP beg gins.
The perm manent truck shop will be deferred unttil Year 1, an
nd the secon
ndary HLP an
nd Olive pit w
will be
built in Ye
ears 6 and 9 respectively
y.
Effective Da
ate: September 12,
1 2016 1-20
V I C T OR
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1.13 Environm
E ment and Permittin
ng
The Eaglle Gold proje
ect has beenn assessed under the Y Yukon Enviro
onmental and
d Socio-econ
nomic
Assessment Act (YESAA) and cu urrently hold
ds a Quartz Mining Licennse (QML) a
and a Waterr Use
nstruct, opera
License (WUL) to con ate and close
e the project.
As discussed in Sec ction 1.5, the project arrea has an extensive exxploration history involvving a
number ofo prior operaators, some of whom had d undertaken n the collection of baselin
ne environmental,
socio-eco
onomic, land use, and he eritage data. In 2007, Stra ataGold (a now wholly ow wned-directlyy held
subsidiary
y of Victoria Gold) re-initiated the collection of en
nvironmental baseline datta, which inccludes
the disciplines of climate, wate er quality, hy ydrology, hyydrogeology,, aquatic biota, wildlife,, and
vegetation. Fieldwork k to charactterize climattic, hydrolog gical, hydroggeological, a
and water q quality
conditions is ongoing..
Victoria Gold
G and prior operators
s have also characterize d local and regional lan
nd use and ssocio-
economic c conditions, First Natio
ons land usse and actiivities, and archaeological and heritage
resourcess.
Prior to construction
c or
o operationa al activities ta
aking place, mining proje ects in the Yukon are req quired
to underg go an asses ssment of po otential projeect effects ppursuant to Y YESAA. The e YESAA pro ocess
mandates s that an appplicant descrribe the scop pe of the projject, the exissting environm
mental and ssocio-
economic c setting, po otential environmental and a socio-ecconomic effe ects of the project, and d the
measures s that will be
e instituted by the applica ant to mitigatte those effeects. The appplicant also hhas a
statutory obligation too consult anyy First Nation n or resident of any comm munity residing in the terrritory
in which the project will be loca ated or migh ht have sign nificant environmental o or socio-econ nomic
effects.
This duty
y to consult the
t parties must
m be completed to the e satisfactionn of the Yukon Environmmental
and Socioo-economic Assessment
A Board (YES SAB), based upon their cconsideration n of any subm
mitted
material and
a discussio ons with the parties, befo
ore the forma l review of a project may commence.
The YESAA review process resultts in a recom mmendation b AB to federal, territorial orr First
by the YESA
Nation goovernments or agencies that will reg gulate or perrmit the prop
posed activityy for measurres to
reduce, control
c or elim
minate projec ct effects. Th
hese governm ments or age
encies, referrred to as Deccision
Bodies, will
w then decide whether to accept, re eject, or varyy the YESABB’s recomme endation in a final
Decision Document. Upon receip pt of positive final Decisio on Documennts by the DDecision Bodiies, a
project may
m then proc ceed to the lic
censing phas se.
Mining prrojects in the e Yukon requuire permits and approva als issued pu
ursuant to va
arious federa
al and
territorial legislation. The major regulatory
r approvals tha
at must be rreceived for a mining project
during the licensing phase
p are ge
enerally a QML, under S Section 135 of the Yukon n’s Quartz MMining
Act, and a WUL, unde er Sections 6 (1) and 7 (1) of the Wate
ers Act (Yuko
on).
The Eagle Gold proje ect has succe essfully comppleted the YE
ESAA enviroonmental assessment ressulting
in a posittive final Dec
cision Docum ment in 2013. Victoria Gol d subsequenntly applied ffor and receivved a
QML and d a Type A WULW for the co
onstruction, operation
o and
d closure of the project.
Effective Da
ate: September 12,
1 2016 1-21
V I C T OR
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Collective
ely the QML and WUL currently allow for:
 The extraction
n of 92 Mt of ore from the Eagle open pit;
 The construction of the An
nn Gulch HLP
P;
 The developmment of two WRSAs
W imme
ediately adjaccent to the piit for the perm
manent stora
age of
132 Mt of was
ste rock;
 The construction and operration of crus
shing and con
nveying infra
astructure;
 The construction and operration of an ADR
A plant;
 The developm
ment of site haul roads; an
nd,
 The constructtion and operration of all water
w manage
ement infrasstructure requ
uired for mine
e and
waste
w water treatment and
a for the extraction a
and/or conve eyance of w water requireed for
processing.
Victoria Gold
G is able to begin the construction
n of the abovve facilities a
and undertakke the assocciated
activities immediately y upon pos sting a bond d, providing issued for constructio on drawings,, and
satisfyingg other minorr requirementts.
Project co
omponents not
n currently included in the QML or WUL include e the Olive p
pit and secondary
HLP. Botth will need to
t undergo a review purrsuant to YES SAA and an n amendment to each liccense.
Victoria Gold
G has esttimated perm
mitting of thes
se additiona l elements ccan be comp pleted within three
years.
The secoondary HLP is not require
ed until Year 7 of operati ons and the Olive pit hass been scheduled
for develo
opment in Ye
ear 8 of opeerations. This
s provides su
ufficient time to permit bo
oth the secondary
pad and the Olive pit, well in advance of intended devellopment, to ensure no in nterruption risk of
ns.
operation
1.14 First
F Natiions’ Con
nsideratio
ons
The proje
ect is located hin the Tradittional Territo ry of the Firsst Nation of N
d entirely with Na-Cho Nyäkk Dun
(FNNND)). The statuto ory requireme ent to consult on the proje ect and to saatisfy previouus, and any fu
uture,
assessme ents of the project
p underr the YESAA A, essentiallyy involves the e FNNND. T To ensure tha at the
FNNND, and the com mmunity of Mayo, have an opportun nity for input at all key stages of project
ment, Victoria
developm a Gold has made
m it a prio
ority to conduuct early and ongoing con nsultation witth the
FNNND, and the com mmunity of Mayo,
M to ensuure opportun nities for inpuut from both parties at aall key
stages off project deve
elopment.
On Octob ber 17, 2011, Victoria Gold

G and the e FNNND siigned a com mprehensive Cooperation n and
Benefits Agreement (CBA).
( The CBA
C replace ed an earlierr Exploration n Cooperation Agreemen nt and
o the Eagle Gold mine development
applies to d and exploraation activitie
es conducted
d by Victoria Gold
anywhere e in the FNNN
ND Traditional Territory south
s of the W
Wernecke Mo ountains.
Effective Da
ate: September 12,
1 2016 1-22
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The objec
ctives of the CBA are to:
 Prommote effective and efficient communica ation between

n Victoria Goold and the F
FNNND in ord
der to
fosterr the develoopment of a cooperative e and respecctful relation
nship and FNNNND suppo ort of
Victorria Gold’s ex
xploration activities on the
e project;
 Providde business and employ yment opporrtunities, relaated to the pproject, to the
e FNNND an
nd its
citizens and busin
nesses in ord
der to promotte their econoomic self-reliance;
 Estabblish a role fo monitoring of the project a
or the FNNND in the enviironmental m and the prom
motion
of env
vironmental stewardship;
s
 Set out
o financial provisions
p to enable the FNNND
F to p articipate in the opportun
nities and be
enefits
ed to the project; and
relate
 blish a forum for Victoria Gold and the
Estab e FNNND to discuss mattters related to the projecct and
resolv
ve issues rela
ated to the im
mplementatio
on of the CBA
A.
1.15 Capital
C Cost
C Estim
mates
The capittal costs for the
t mine, proocess plant, power
p line an
nd infrastructture for the E
Eagle Gold project
has been n prepared in n accordancee with standard industry practices fo
or this level oof study, and
d to a
level of definition and intended acc
curacy of ±15
5%.
There are
e four main parts
p of the cost
c estimate
e: direct costss, indirect co
osts, continge
ency and Ow
wner’s
costs. Ow
wner’s costs were
w estimatted separately by Victoria
a Gold with ssupport from JDS.
The initial capital costt estimate is $370M and the

t sustaining g cost estima
ate is $183M
M for a total of
$553M ex xpressed in Canadian
C dollars with no escalation (QQ3-2016). Ta axes are not included in tthe
mate. The capital cost sum
cost estim mmary and distribution
d iss shown in Taable 1.11.
Effective Da
ate: September 12,
1 2016 1-23
V I C T OR
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Table 1.11: Summary

y of Capital Cost
C Estimate
e
Sustaining/
Pre--Production Total
Capital Co
osts Clossure
(M$) (M$)
(M
M$)
Mining & Pre-Production
P Development 35 46
6 80
Site Generral 18 10
0 28
Process 101 0 101
Ancillaries 22 30
0 53
Power Sup
pply & Distribution 15 1 16
Water Man
nagement 6 15
5 21
Heap Leac
ch 56 82
2 138
Owner's Co
osts 9 0 9
Indirect Co
osts 73 0
0* 73
Subtotal 334 18
83 518
Contingenc
cy (10.5%) 35 - 35
Total Capiital Costs 370 18
83 553
*Sustaining
g capital indirec
ct costs are inc
cluded in directt costs for each
h area.
Source: Meerit 2016
The closu
ure cost of $3
35M net of sa
alvage value was estimatted and is no
ot included in
n Table 1.11.
1.16 Operating
O g Cost Es
stimates
The operrating cost estimate (OPE EX) is basedd on a comb bination of exxperience, re
eference pro
ojects,
first princ
ciple calculations, budgeta
ary quotes an
nd factors ass appropriate
e for a FS.
The total LOM costs are
a summariz
zed in Table 1.12.
Table 1.12: Summary
y of Operating
g Cost Estim
mate (excludiing Costs ca
apitalized in P
Pre-Productiion)
Unit Cost Unit Cos

st LOM Cost
Area
($/t leacched) ((US$/payable oz Au) (M$)
Mining* 4.19
9 214 515
g
Processing 4.93
3 252 606
G&A 1.42
2 73 175
Total 10.544 539 1,295
*Average LOM
L open pit mining
m cost amounts to $2.17//t mined (exclu
uding pre-produ
uction tonnes) a
at a 0.95 strip ratio.
Source: JD
DS (2016)
Effective Da
ate: September 12,
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V I C T OR
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1.17 Economi
E c Analysis
An econo omic model was develop ped to reflec
ct projected a
annual cash flows and ssensitivities o
of the
project. All
A costs, meetal prices and
a economic results are e reported in
n Canadian dollars (C$ or $)
unless sta
ated otherwis
se.
Pre-tax estimates
e off project va
alues were prepared fo r comparativve purposess, while afte er-tax
estimates
s were develo oped to apprroximate the true investmment value. Itt must be notted, howeverr, that
tax estim
mates involve e many com mplex variab bles that ca
an only be accurately calculated d during
operation
ns and, as su
uch, the after--tax results are
a only apprroximations.
1.17.1 Results
R
The parameters used in the econo a the resul ts are shown

omic model and n in Table 1.1
13.
Table 1.13: Economic
c Results
Parameterr Unit Value

Au Price US$/oz 1,250
Exchange Rate US$
$:C$ 0.78
M
M$ 714
After-Tax Free
F Cash Flow
w
Avg M$/yr 71
Pre-Tax NP
PV5% M
M$ 778
Pre-Tax IR
RR % 37.1
Pre-Tax Pa
ayback Y
Yrs 2.6
After-Tax NPV
N 5% M
M$ 509
After-Tax IRR % 29.5
After-Tax Payback
P Y
Yrs 2.8
Note: NPVV = Net Presentt Value
IRR = Interrnal Rate of Re
eturn
Source: JD
DS (2016)
1.17.2 Timing
T of Revenues
R and
a Workin
ng Capital
Working capital has been considered in the economic an nalysis based on the asssumption tha at the
ow positive in
project will be cash flo n Q2 of Yearr 1. It accoun
nts for the eq uivalent of exxpected operating
costs for Q1 of Yearr 1, sustainin ng capital in
ncurred in Q 1 of Year 1 and parts a and consum mables
y for Q2 of Ye
inventory ear 1. Working capital ammounts to $2 27M. The wo orking capital is recuperatted in
two insta
allments: $24 4M in Q2 off Year 1, an nd the rema aining $3M d during the last year of heap
productio
on in Year 11.
1.17.3 Sensitivitie
S s
Sensitivityy analyses were

w perform
med using goold price, FX
X Rate, headd grade, cap
pital cost esttimate
(CAPEX), and opera ating cost es stimate (OP
PEX) as variiables. The value of ea ach variable e was
changed plus and minus m 15% inndependently
y, while all other variab
bles were he
eld constant. The
results off the sensitiviity analyses are
a shown inn Table 1.14.
Effective Da
ate: September 12,
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V I C T OR
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Table 1.14: Sensitivities Analyses

s
Pre-tax NPV
V5% (M$) After-tax N
NPV5% (M$)
Variable -15% 0% 15%% -15%% 0%% 15
5%
Varianc
ce Variance Varian
nce Variance Varia
ance Variance
Metal Price
e 425 778 1131
1 287
7 50
08 72
28
FX Rate 1190 778 474
4 764
4 50
08 31
18
Head Grad
de 428 778 1128
8 289
9 50
08 72
26
OPEX 930 778 626
6 603
3 50
08 41
14
CAPEX 859 778 697
7 590
0 50
08 42
27
Source: JD
DS (2016)
1.18 Conclusi
C ons
The FS summarized
s in this technical report co
ontains adeqquate detail a
and information to suppo
ort the
positive economic
e ou
utcome show wn for the project.
p Stan
ndard industtry practicess, equipmentt and
design methods were used.
The Eagle Gold proje
ect contains a substantial resource th at can be miined by open
n pit methodss and
recovered
d with heap leach processing.
Based onn the assump ptions used for
f this prelim
minary evaluuation, the prroject is econnomic and should
proceed to
t the detaile
ed engineerinng stage and
d ultimately cconstruction. Engineering g and constru
uction
costs are included in the
t CAPEX.
Initiatives
s which may further
f enhan
nce project economics
e in clude:
 Year‐‐round stacking;
 Continued near-m ocus on the Potato Hills Trend, which
mine explorattion with a fo h hosts the O
Olive,
Sham
mrock and oth
her targets;
 Conv version of Infe
erred Mineraal Resources
s to Indicated
d Mineral Re
esources, parrticularly at d
depth,
to inc
crease reservve potential and
a decrease e waste;
 Further refinemen
nt of water ma
anagement and
a water tre
eatment to re
educe costs; and
 Used mobile and stationary eq
quipment.
The mos st significant potential ris

sks associatted with the e, operating and capitall cost
e project are
escalation
n, permitting
g and environmental com mpliance, unfforeseen sch hedule delayys, ability to raise
financing, gold price and
a exchang ge rate. Thes
se risks are ccommon to mmost mining projects, ma any of
which cann be mitigate
ed with adequuate engineeering, plannin
ng and pro-acctive manageement.
Effective Da
ate: September 12,
1 2016 1-26
V I C T OR
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C
2 Introduc
ction
2.1 Basis
B of Feasibilitty Study
This FS report
r was coompiled by JDS
J for Victo
oria Gold. Th
his technical report summ marizes the reesults
of the FS
S and was prrepared to su
upport the Ca
anadian Seccurities Admin nistrators’ Na
ational Instru
ument
43-101 annd Form 43-101F1.
2.2 Scope
S off Work an
nd Responsibilities
s
This repo
ort summarize es the work carried
c out by each comp
pany is listed
d below, and combined, m
makes
up the tottal project sc
cope.
JDS Energy & Mining Inc. (JDS)) scope of wo
ork included:
 FS prroject manag
gement;
 Comp
pilation of the
t report, including data and infformation provided by other conssulting
comp
panies;
 on and mine planning;
Reserve estimatio
 Development of a conceptu
ual flowsheet, specifica
ations and selection o
of leach pro
ocess
equip
pment;
 Ore crushing
c and handling;
 ADR process plan
nt;
 Desig on of on-site infrastructurre;
gn and locatio
 onmental permitting and community relations
Enviro r ew;
revie
 Water manageme
ent review;
 Minin
ng CAPEX an
nd all OPEX estimation;
e
 aration of a fiinancial model to enable economic evvaluation; and
Prepa
 Interp
pretation of re
esults and re
ecommendatiions to impro
ove value and
d reduce riskks.
Merit Consultants In
nternational
 EX estimation
CAPE n; and
 Project Execution Plan.
nsulting (U.S
SRK Con S.) Inc. (SRK
K) scope of work
w included
d:
 Geote
echnical asse
essment and
d design of op
pen pits; and
d
 Geote
echnical asse
essment of ground
g condittions for wasste rock stora
age areas.
Effective Da
ate: September 12,
1 2016 2-1
V I C T OR
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C
Allan V. Moran
M Cons
sulting scope
e of work inc
cluded:
 Project setting, his
story and geo
ology descrip
ption.
a K. Sharma scope of wo
Ravindra ork included:
 Eagle
e mineral resource estima
ate.
Frank Da
aviess scope
e of work included:
 ource estimate.
Olive mineral reso
Kappes, Cassiday & Associates

s (KCA) scop
pe of work inccluded:
 ementation an
Imple nd supervisio
on of the mettallurgical tessting program
m;
 Estab
blishment of gold
g recovery
y values bas
sed on metalllurgical testin
ng results.
DOWL Engineering (DOWL)

( scope of work in
ncluded:
 gn and construction methodology of th
Desig he heap leacch facilities an
nd event pon
nds.
Allnorth Consultants
s Ltd. Ltd. (A
Allnorth) sco
ope of work i ncluded:
 nfrastructure
Site in e engineering
g;
 ssing facility; and
Detailed engineerring of proces
 Final alignment an
nd design of site access road.
r
W.M. Bra
azier Associates Inc. (Brazier) scope
e of work inccluded
 Poweer supply, in
ncluding trannsmission lin
ne, main su
ubstation and
d back-up g
generation p
power
engin
neering and capital
c cost estimation.
e
Effective Da
ate: September 12,
1 2016 2-2
V I C T OR
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2.3 Qualified
Q Person Respons
R ibilities a
and Site IInspectio
ons
The Qua alified Perso
ons (QPs) preparing
p th
his report arre specialistts in the fields of geo ology,
exploratio
on, Mineral Resource anda mineral reserve esttimation and d classification, geotechhnical,
environm
mental, permittting, metallu
urgical testing, mineral p rocessing, p
processing deesign, capita
al and
operating
g cost estimation, and minneral econom mics.
None of the QPs or any associa ates employeed in the pre eparation of this report h has any beneeficial
n Victoria Go
interest in old and neither are they y insiders, asssociates, orr affiliates. T
The results o
of this
report are
e not depend dent upon anny prior agree
ements conccerning the cconclusions to o be reached
d, nor
are there any undiscloosed understtandings con ncerning any future business dealingss between Victoria
Gold and d the QPs. The QPs are a being pa aid a fee fo or their workk in accorda ance with no ormal
professional consultin
ng practice.
The follow
wing individu uals, by virtue of their ed
ducation, exp perience and d professionaal association
n, are
considereed QPs as defined
d in th
he NI 43-101 1, and are m members in good standing of appropriate
professional institution
ns. The QPs are respons sible for speccific sections as follows in Table 2.1.
Table 2.1: Qualified Person
P Respo
onsibilities
Qualified Person
P Company R
Report Sections of Responsibility
1, 2, 3, 4, 5, 6,188.5, 18.6, 18.7,, 18.8,
Gord Doerksen, P.Eng. JDS Energy
E & Minin
ng Inc.
9, 20, 22, 23, 2
19 24, 26, 27, 28 aand 29
Jay Collins
s, P.Eng. Merit
M Consultan
nts 2
21, 25
Allan Moraan, P. Geo. Allan V. Moran Consullting LLC 7, 8, 9,, 10, 11, 12
Dino Pilotto
o, P.Eng. JDS Energy
E & Minin
ng Inc. 15, 16 (exccept 16.3, 16.4)
17 (except 17.2 2.4 and 17.2.6.3 to
Kelly McLe
eod, P. Eng. JDS Energy
E & Minin
ng Inc.
17
7.2.6.6)
Troy Meyer, P.E. DO
OWL Engineerring 17.2.4 and 17 7.2.6.3 to 17.2.6.6
Michael Le evy, P.E. SRK Consulting
C (U.SS.) Inc. 16.3., 16.4
Rui Adanjo o, P.Eng. Allno
orth Consultantts Ltd. 18.4..5, 18.4.6
Farhad Ria ahi, P.Eng. Allno
orth Consultantts Ltd. 18.1, 18.2, 18.3
Carl Defilip
ppi, RM SME Kappes, Cassiday & Asssociates 13
Ravindra K.K Sharma, MAusIMM, RM SM
ME Independent 14.1-14.1 11 and 14.23
Frank Daviiess, RM SME Independent 14.112-14.23
Neil Brazieer, P.Eng. W.N. Brazier Assocciates 18.4.1, 18.4.2 2, 18.4.3 & 18.4 4.4
QP visits to the Eagle

e Gold properrty were cond
ducted as folllows:
 Gordo on Doerksen
n, Dino Pilotto
o, Allan Moraan, Farhad R Riahi, and Michael Levy visited the project
site on
o May 26, 20
016. Allan Mo sited the site on Septemb
oran also vis ber 22 and 23
3, 2011.
 Jay Collins
C visited s on August 22 and 23
d the project site 3, 2011.
 Neil Brazier
B d the project site from Ma
visited ay 25 to 27, 2
2016.
 Troy Meyer visited
d the site from er 15 to 17, 2 016.
m Septembe
 Kelly McLeod, Carl Defilippi, Ravindra Sharma,
S Fran
nk Daviess, Rui Adanjo
o did not vissit the
projec
ct site and re
elied on the other
o ation.
QPs forr their informa
Effective Da
ate: September 12,
1 2016 2-3
V I C T OR
R IA G OLD CORP.
C
2.4 Sources
S of Inform
mation
The sources of informmation include data and reports
r suppplied by Victo
oria Gold perrsonnel as wwell as
documen nts cited throoughout the report and referenced in Section 2 28. In particcular, backgrround
project in
nformation was
w taken dirrectly from the
t most reccent technica
al report enttitled “Eagle Gold
Project Feasibility
F Stu
udy” prepare
ed by Wardro op Engineeriing Inc. (Wardrop 2012),, with an effeective
date of April 18, 2012.
2.5 Units,
U Cu
urrency and Round
ding
Unless ottherwise spe
ecified or notted, the units metric. Every effort
s used in thiis technical rreport are m
has been
n made to cleearly displayy the approprriate units be
eing used thrroughout thiss technical re
eport.
Currency
y is in Canadian dollars (C
C$ or $) unlesss otherwise stated.
This repo
ort includes technical
t info
ormation thatt required su
ubsequent ca alculations to
o derive subttotals,
totals and weighted averages. SuchS calcula
ations inhereently involve
e a degree of rounding g and
conseque ently introduc
ce a margin of error. Whhere these occcur, the QP Ps do not con nsider them to be
material.
Effective Da
ate: September 12,
1 2016 2-4
V I C T OR
R IA G OLD CORP.
C
3 Relianc
R e on Otther Ex
xperts
The QPs opinions co ontained here
ein are based
d on informa ation provided by Victoria
a Gold and o
others
throughouut the course of the study.
s The QPs have taken reaso onable measures to co onfirm
informatio
on provided by
b others and
d take responsibility for th
he informatio
on.
Non-QP specialists
s re
elied upon forr specific adv
vice are:
 Wenttworth Taylorr, CPA for tax
xation guidan
nce;
 Victorria Gold for environment,
e permitting and
a water trea
atment guida
ance;
 Brad Thrall of Access Consulting providded oversigh
ht and review
w of metallu
urgical test work,
hing, HLP, the
crush e ADR proce
ess and gold recovery mo
odel.
The QPs used their experience to o determine iff the informa

ation from pre
evious reportts was suitab
ble for
inclusion in this technical report an
nd adjusted information thhat required amending.
Effective Da
ate: September 12,
1 2016 3-1
V I C T OR
R IA G OLD CORP.
C
4 Propert
P ty Desc
cription and Lo
ocation
n
4.1 Location
L
The Eagle Gold projeect is located
d in central Yukon,
Y in the
e Traditional Territory of the FNNND D, and
within the
e Stewart River sub-basiin of the Yukkon River W Watershed. The majority o of the projecct lies
within the
e Dublin Gulch Watershed. Dublin Gulch
G is a ssecond orderr stream tha at is a tributaary to
Haggart Creek,
C which
h flows to thee South McQ Questen Rive er. Elevation
ns in the vicinity of the project
range from about 7300 to 1,525 meetres above sea
s level (ma asl).
The centrre of the projject is at app
proximately 64°01’30”N
6 la
atitude and 135°49’30”W longitude or UTM
Coordinates 7,100,06 60N / 459,680 0E, Zone 8, North
N Americcan Datum (NNAD) 83.
A project location map
p is provided in Figure 4.1.
Figure 4.1: Eagle Gold Project Lo
ocation
Source: Vic
ctoria Gold (20
016)
Effective Da
ate: September 12,
1 2016 4-1
V I C T OR
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C
4.2 Mineral
M Tenure
T
The projeect is situatedd within the Dublin Gulchh property w hich is a con
ntiguous blocck of 1,914 q quartz
claims, 10 quartz leas ses, and one e federal crow
wn grant. All of the Dublin
n Gulch mineeral titles are
e held
aGold Corpo
by Strata oration, a wh holly owned-directly heldd subsidiary of Victoria Gold. The D Dublin
Gulch prooperty is recttangular in sh
hape and is approximatel
a y 35,000 ha..
In 1996, the claims which
w host a portion of thhe Eagle depposit, as it h had been deffined at that time,
were surv veyed by a Canada
C Land ds surveyor to ensure th at full title w
was held overr the depositt. The
claims that were to host the main n HLP for thee 1996 minee plan were a also surveye
ed. These suurveys
were com mpleted and satisfactorily
y registered and the booundaries of those claim ms are consid dered
definitive.
In 2013, the claims that host the Eagle depo osit as it wass then define
ed, the two p proposed WR RSAs
immediattely north an nd south of the
t Eagle deeposit, and tthe proposed d phase one e area of the e Ann
Gulch HLLP were surv veyed by a Canada
C Landds Surveyor tto define theeir boundaries and ensure e that
no gaps in the claims s exist. As a result of this
s process, twwo additionaal claims werre staked to cover
minor errrors in historiic staking. Th
hese surveys s have defineed the bound daries of the
e additional cclaims
and the surveyed
s claims cover the e current Eag
gle open pit, the refined W
WRSAs to th he north and south
of the Eagle open pit, and phase one o area of th he Ann Gulc h HLP.
The mine eral rights heeld by Victoria Gold include all minerrals and the right to enter on and use
e and
occupy the surface of the claim ms for the operation the e mine. Mine eral claims in Yukon ca an be
maintaineed in good sttanding by pe erforming approved explo oration work, or making ppayments in lieu of
work, of $100
$ per claim per year.
A list of the claims, le
eases and grrant that com
mprise the Du
ublin Gulch p
property are provided in T
Table
4.1 and are
a shown in Figure 4.2.
Effective Da
ate: September 12,
1 2016 4-2
V I C T OR
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Table 4.1: Mineral Ten

nure Informa
ation
Regulation Type Claim Name Grant Number Exp

piry Date NTS Map Sh
heet
Claim 1-Jan-02
2 YB
B65585, YB6558
86 1-M
Mar-24 106D04
Claim 3-Jan YB65587 16--Jan-24 106D04
Claim 4-Jan YB65588 16--Jan-29 106D04
A17729 - YA1773
YA 35,
Claim Bob 1 -7, 52
2, 86 1-M
Mar-26 106D04
A17780, YA4301 4
YA
A17802 - YA1780
YA 09,
Claim Dave 1 - 8, 17,
1 18 1-M
Mar-26 106D04
A17818, YA1781 9
YA
YA
A17814 - YA1781 7,
Dave 13 - 16, 25, 27,
Lease YA
A42970, YA429722, 31--Jan-36 106D04
28
YA42973
Claim Dave 26
6 YA42971 1-O
Oct-24 106D04
A42974, YA42975
YA 5,
Claim Dave 29, 30
0, 31 1-M
Mar-26 106D04
YA43015
YA
A14986 - YA1499
98,
DG 43 - 55, 82,
8 83, YA
A43044, YA430455,
Claim Mar-26
1-M 106D04
85, 100 - 103
1 YA
A43046, YA43061
1-
YA43064
Claim Dub 1 - 3 YC
C11075 - YC1107
77 1-M
Mar-26 106D04
Claim Dub 1000 - 1017 YC
C38297 - YC3831
14 1-M
Mar-23 106D03, 106D
D04
C38315 - YC3832
23 1-M
Mar-24 1064D04
C38324 - YC3832
26 1-M
Mar-23 106D04
Claim Dub 103, 104
1 YC
C11177, YC1117
78 1-M
Mar-28 106D04
Claim Dub 103
30 YC38327 1-M
Mar-24 106D04
C38328 - YC3833
30 1-M
Mar-23 106D04
C38331 - YC3834
42 1-M
Mar-24 106D04
C38343 - YC3836
60 1-M
Mar-23 106D03, 106D
D04
Claim Dub 105
5 YC11179 1-M
Mar-29 106D04
Claim Dub 106
6 YC11180 1-M
Mar-24 106D04
C38361 - YC3840
00 1-M
Mar-24 106D04
C11181 - YC1118
85 1-M
Mar-29 106D04
C11085 - YC1109
90 1-M
Mar-25 106D04
Claim Dub 110
04 YC38401 1-M
Mar-25 106D04
Claim Dub 110
05 YC38402 1-M
Mar-24 106D04
C38403 - YC3841
14 1-M
Mar-25 106D04
C38415 - YC3842
24 1-M
Mar-24 106D04
Claim Dub 112
2 YC11186 1-M
Mar-25 106D04
C38425 - YC3844
43 1-M
Mar-23 106D03, 106D
D04
C11187 - YC1120
03 1-M
Mar-29 106D04
Claim Dub 1147, 1148
1 YC
C38444, YC3844
45 1-M
Mar-24 106D04
1 YC
C38446, YC3844
47 1-M
Mar-23 106D04
Claim Dub 115
51 YC38448 1-M
Mar-24 106D04
Claim Dub 115
52 YC38449 1-M
Mar-23 106D04
Claim Dub 115
53 YC38450 1-M
Mar-24 106D04
Claim Dub 115
54 YC38451 1-M
Mar-23 106D04
Effective Da
ate: September 12,
1 2016 4-3
V I C T OR
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heet
Claim Dub 115
55 YC38452 1-M
Mar-24 106D04
1 YC
C38453, YC3845
54 1-M
Mar-23 106D04
Claim Dub 115
58 YC38455 1-M
Mar-24 106D04
Claim Dub 115
59 YC38456 1-M
Mar-23 106D04
Claim Dub 116
60 YC38457 1-M
Mar-24 106D04
Claim Dub 116
61 YC38458 1-M
Mar-23 106D04
C38459 - YC3848
87 1-M
Mar-24 106D04
Claim Dub 119
91 YC38488 1-M
Mar-25 106D04
Claim Dub 119
92 YC38489 1-M
Mar-24 106D04
Claim Dub 119
93 YC38490 1-M
Mar-25 106D04
Claim Dub 119
94 YC38491 1-M
Mar-24 106D04
Claim Dub 119
95 YC38492 1-M
Mar-25 106D04
Claim Dub 119
96 YC38493 1-M
Mar-24 106D04
C38494 - YC3849
96 1-M
Mar-25 106D04
C38497 - YC3850
06 1-M
Mar-24 106D04
C38507 - YC3852
26 1-M
Mar-23 106D03, 106D
D04
C38527 - YC3859
90 1-M
Mar-24 106D04
Claim Dub 129
94 YC38591 1-M
Mar-23 106D04
Claim Dub 129
95 YC38592 1-M
Mar-24 106D04
Claim Dub 129
96 YC38593 1-M
Mar-23 106D04
Claim Dub 129
97 YC38594 1-M
Mar-24 106D04
Claim Dub 129
98 YC38595 1-M
Mar-23 106D04
Claim Dub 129
99 YC38596 1-M
Mar-24 106D04
C11204 - YC1120
09 1-M
Mar-27 106d04
Claim Dub 130
00 YC38597 1-M
Mar-23 106D04
Claim Dub 130
01 YC38598 1-M
Mar-24 106D04
Claim Dub 130
02 YC38599 1-M
Mar-23 106D04
Claim Dub 130
03 YC38600 1-M
Mar-24 106D04
Claim Dub 130
04 YC38601 1-M
Mar-23 106D04
Claim Dub 130
05 YC38602 1-M
Mar-25 106D04
C38603 - YC3860
07 1-M
Mar-24 106D04
Claim Dub 1311 YC38608 1-M
Mar-25 106D04
Mar-24 106D04
Mar-26 106D04
1 YC
C38611, YC3861 2 1-M
Mar-24 106D04
Mar-23 106D04
Mar-24 106D04
Mar-23 106D04
C38616 - YC3861
18 1-M
Mar-24 106D04
Claim Dub 132
22 YC38619 1-M
Mar-23 106D04
Effective Da
ate: September 12,
1 2016 4-4
V I C T OR
R IA G OLD CORP.
C

heet
Claim Dub 132
23 YC38620 1-M
Mar-24 106D04
Claim Dub 132
24 YC38621 1-M
Mar-23 106D04
1 YC
C38622, YC3862
23 1-M
Mar-24 106D04, 116A
A01
Claim Dub 132
27 YC38624 1-M
Mar-23 116A01
YC38625 - YC3864
41,
Dub 1328 - 1344,
Claim C39876, YC3864 2,
YC 1-M
Mar-24 106D04
1345, 1346, 1347
YC38643
1 YC
C38644, YC3864
45 1-M
Mar-25 106D04
C38646 - YC3865
55 1-M
Mar-24 106D04
Claim Dub 136, 137
1 YC
C11210, YC1121 1 1-M
Mar-24 106D04
C38656 - YC3865
59 1-M
Mar-23 106D04, 116A
A01
1 YC
C38660, YC3866
61 1-M
Mar-24 106D04
1 YC
C38662, YC3866
63 1-M
Mar-25 106D04
C38664 - YC3866
67 1-M
Mar-26 106D04
C38668 - YC3869
91 1-M
Mar-24 106D04
C11212 - YC1121
15 1-M
Mar-26 106D04
C38692 - YC3869
95 1-M
Mar-23 106D04, 116A
A01
C38969 - YC3869
99 1-M
Mar-24 106D04
C38700 - YC3871
15 1-M
Mar-26 106D04
Claim Dub 142
2 YC11216 1-M
Mar-25 106D04
C38716 - YC3871
19 1-M
Mar-24 106D04
C38720 - YC3873
33 1-M
Mar-26 106D04
C11217 - YC1122
26 1-M
Mar-29 106D04
Claim Dub 143
38 YC38734 1-M
Mar-24 106D04
Claim Dub 143
39 YC38735 1-M
Mar-26 106D04
C38736 - YC3873
39 1-M
Mar-24 106D04
C38740 - YC3875
53 1-M
Mar-26 106D04
C38754 - YC3875
59 1-M
Mar-24 106D04
Claim Dub 146
64 YC38760 1-M
Mar-26 106D04
Claim Dub 146
65 YC38761 1-M
Mar-24 106D04
Claim Dub 146
66 YC38762 1-M
Mar-26 106D04
Claim Dub 146
67 YC38763 1-M
Mar-24 106D04
Claim Dub 146
68 YC38764 1-M
Mar-26 106D04
Claim Dub 146
69 YC38765 1-M
Mar-24 106D04
Claim Dub 147
70 YC38766 1-M
Mar-26 106D04
Claim Dub 147
71 YC38767 1-M
Mar-24 106D04
Claim Dub 147
72 YC38768 1-M
Mar-26 106D04
Claim Dub 147
73 YC38769 1-M
Mar-24 106D04
Claim Dub 147
74 YC38770 1-M
Mar-26 106D04
C38771 - YC3879
95 1-M
Mar-24 106D04, 116A
A01
Claim Dub 150
00 YC38795 1-M
Mar-23 116A01
Claim Dub 150
01 YC38796 1-M
Mar-24 116A01
Effective Da
ate: September 12,
1 2016 4-5
V I C T OR
R IA G OLD CORP.
C

heet
Claim Dub 150
02 YC38797 1-M
Mar-23 116A01
Claim Dub 150
03 YC38798 1-M
Mar-24 116A01
C38799 - YC3880
08 1-M
Mar-26 106D04
C38809 - YC3882
25 1-M
Mar-24 106D04, 116A
A01
C11227 - YC1123
33 1-M
Mar-26 106D04
C38826 - YC3883
30 1-M
Mar-26 106D04
Claim Dub 153
35 YC38831 1-M
Mar-24 106D04
C38832 - YC3883
34 1-M
Mar-26 106D04
Claim Dub 153
39 YC38835 1-M
Mar-24 106D04
Claim Dub 154
40 YC38836 1-M
Mar-26 106D04
C38837 - YC3887
77 1-M
Mar-24 106D04, 116A
A01
Claim Dub 158
82 YC38878 1-M
Mar-26 106D04
Claim Dub 158
83 YC38879 1-M
Mar-24 106D04
C38880 - YC3985
56 1-M
Mar-23 106D04
C39857 - YC3987
75 1-M
Mar-24 106D04, 105M
M13
Claim Dub 160
0 YC11234 1-M
Mar-28 106D04
C39860 - YC3986
65 1-M
Mar-24 105M13
C42226 - YC4223
36 1-M
Mar-24 105M13
C11235 - YC1123
39 1-M
Mar-29 106D04, 105M
M13
C11240 - YC1124
44 1-M
Mar-27 105M13
C11091 - YC1109
94 1-M
Mar-24 106D04
C11245 - YC1125
54 1-M
Mar-26 105M13
C11255 - YC1126
63 1-M
Mar-29 105M13
Claim Dub 190
0 YC11264 1-M
Mar-26 105M13
Claim Dub 191
1 YC11265 1-M
Mar-29 105M13
Claim Dub 192
2 YC11266 1-M
Mar-24 105M13
C11267 - YC1127
71 1-M
Mar-26 106D04, 105M
M13
Claim Dub 198
8 YC11272 1-M
Mar-29 105M13
Claim Dub 199 - 207 YC11273
Y - 11281
1 1-M
Mar-26 106D04, 105M
M13
Claim Dub 208
8 YC11282 1-M
Mar-25 106D04
C11283 - YC1129
90 1-M
Mar-29 106D04
Mar-29 106D04
Claim Dub 217
7 YC11291 1-M
Mar-26 106D04
Claim Dub 218
8 YC11292 1-M
Mar-27 106D04
Claim Dub 219
9 YC11293 1-M
Mar-26 106D04
Claim Dub 22
2 YC11096 1-M
Mar-25 106D04
C11297 - YC1129
96 1-M
Mar-27 106D04
Claim Dub 223
3 YC11297 1-M
Mar-26 106D04
Claim Dub 224
4 YC11298 1-M
Mar-27 106D04
Claim Dub 225
5 YC11299 1-M
Mar-26 106D04
Effective Da
ate: September 12,
1 2016 4-6
V I C T OR
R IA G OLD CORP.
C

heet
Claim Dub 226
6 YC11300 1-M
Mar-27 106D04
C11301 - YC1130
03 1-M
Mar-24 106D04
Claim Dub 23
3 YC11097 1-M
Mar-29 106D04
C11304 - YC1130
06 1-M
Mar-26 106D04
C11307 - YC1131
14 1-M
Mar-29 106D04
Claim Dub 24
4 YC11098 1-M
Mar-24 106D04
C11315 - YC1133
31 1-M
Mar-27 106D04
Claim Dub 25
5 YC11099 1-M
Mar-29 106D04
Claim Dub 258
8 YC11332 1-M
Mar-26 106D04
Claim Dub 259, 260
2 YC
C11333, YC1133
34 1-M
Mar-27 106D04
Claim Dub 26
6 YC11100 1-M
Mar-24 106D04
Claim Dub 261
1 YC11335 1-M
Mar-28 106D04
C11336 - YC1134
40 1-M
Mar-25 106D04
C11341 - YC1134
46 1-M
Mar-26 106D04
Claim Dub 27
7 YC11101 1-M
Mar-26 106D04
C11347 - YC1135
53 1-M
Mar-27 106D04
Claim Dub 28
8 YC11102 1-M
Mar-24 106D04
Claim Dub 280
0 YC11354 1-M
Mar-25 106D04
C11355 - YC1136
62 1-M
Mar-26 106D04
Claim Dub 289
9 YC11363 1-M
Mar-27 106D04
Claim Dub 29
9 YC11103 1-M
Mar-29 106D04
Claim Dub 290
0 YC11364 1-M
Mar-26 106D04
Claim Dub 291
1 YC11365 1-M
Mar-27 106D04
Claim Dub 292, 293
2 YC
C11366, YC1136
67 1-M
Mar-26 106D04
Claim Dub 294, 295
2 YC
C11368, YC1136
69 1-M
Mar-25 106D04
Claim Dub 296
6 YC11370 1-M
Mar-26 106D04
C11371 - YC1137
73 1-M
Mar-27 106D04
Claim Dub 30
0 YC11104 1-M
Mar-24 106D04
C11374 - YC1137
79 1-M
Mar-26 106D04
Claim Dub 306
6 YC11380 1-M
Mar-28 106D04
C11381 - YC1138
84 1-M
Mar-26 106D04
Mar-28 106D04
Claim Dub 311
1 YC11385 1-M
Mar-25 106D04
Claim Dub 312
2 YC11386 1-M
Mar-26 106D04
C11387 - YC1139
98 1-M
Mar-25 106D04
Claim Dub 32
2 YC11106 1-M
Mar-24 106D04
C11399 - YC1140
01 1-M
Mar-26 106D04
Claim Dub 328
8 YC11402 1-M
Mar-25 106D04
Claim Dub 329
9 YC11403 1-M
Mar-26 106D04
Claim Dub 33
3 YC11107 1-M
Mar-29 106D04
Effective Da
ate: September 12,
1 2016 4-7
V I C T OR
R IA G OLD CORP.
C

heet
C11404 - YC1141
12 1-M
Mar-27 106D04
Claim Dub 339
9 YC11413 1-M
Mar-28 106D04
Claim Dub 34
4 YC11108 1-M
Mar-24 106D04
Claim Dub 340
0 YC11414 1-M
Mar-27 106D04
Claim Dub 341
1 YC11415 1-M
Mar-29 106D04
Claim Dub 342
2 YC11416 1-M
Mar-26 106D04
Claim Dub 343
3 YC11417 1-M
Mar-28 106D04
Claim Dub 344
4 YC11418 1-M
Mar-26 106D04
Claim Dub 345
5 YC11419 1-M
Mar-28 106D04
Claim Dub 346
6 YC11420 1-M
Mar-26 106D04
Claim Dub 347
7 YC11421 1-M
Mar-28 106D04
Claim Dub 348
8 YC11422 1-M
Mar-26 106D04
Claim Dub 349
9 YC11423 1-M
Mar-28 106D04
Claim Dub 35
5 YC11109 1-M
Mar-28 106D04
Claim Dub 350
0 YC11424 1-M
Mar-25 106D04
Claim Dub 351
1 YC11425 1-M
Mar-28 106D04
Claim Dub 352
2 YC11426 1-M
Mar-26 106D04
Claim Dub 353
3 YC11427 1-M
Mar-29 106D04
Claim Dub 354
4 YC11428 1-M
Mar-26 106D04
Claim Dub 355
5 YC11429 1-M
Mar-29 106D04
Claim Dub 356
6 YC11430 1-M
Mar-25 106D04
C11431 - YC1143
33 1-M
Mar-26 106D04
Claim Dub 36
6 YC11110 1-M
Mar-26 106D04
Claim Dub 360
0 YC11434 1-M
Mar-25 106D04
C11435 - YC1143
38 1-M
Mar-26 106D04
C11439 - YC1144
42 1-M
Mar-27 106D04
C11443 - YC1144
46 1-M
Mar-25 106D04
Claim Dub 37
7 YC11111 1-M
Mar-24 106D04
Claim Dub 373, 374
3 YC
C11447, YC1144
48 1-M
Mar-26 106D04
Claim Dub 375, 376
3 YC
C11449, YC1145
50 1-M
Mar-29 106D04
C11451 - YC1145
58 1-M
Mar-28 106D04
Claim Dub 38
8 YC11112 1-M
Mar-26 106D04
C11459 - YC1146
64 1-M
Mar-29 106D04
Claim Dub 39
9 YC11113 1-M
Mar-24 106D04
C11465 - YC1147
70 1-M
Mar-26 106D04
Claim Dub 397
7 YC11471 1-M
Mar-27 106D04
Claim Dub 398
8 YC11472 1-M
Mar-26 106D04
Claim Dub 399, 400
4 YC
C11473, YC1147
74 1-M
Mar-27 106D04
Mar-25 106D04
Claim Dub 40
0 YC11114 1-M
Mar-26 106D04
Effective Da
ate: September 12,
1 2016 4-8
V I C T OR
R IA G OLD CORP.
C

heet
Claim Dub 401
1 YC11475 1-M
Mar-26 106D04
Claim Dub 402
2 YC11476 1-M
Mar-25 106D04
Claim Dub 403
3 YC11477 1-M
Mar-26 106D04
Claim Dub 404
4 YC11478 1-M
Mar-25 106D04
Claim Dub 405
5 YC11479 1-M
Mar-26 106D04
Claim Dub 406
6 YC11480 1-M
Mar-25 106D04
Claim Dub 407
7 YC11481 1-M
Mar-26 106D04
Claim Dub 408
8 YC11482 1-M
Mar-25 106D04
Claim Dub 409
9 YC11483 1-M
Mar-28 106D04
Mar-24 106D04
Claim Dub 410
0 YC11484 1-M
Mar-29 106D04
Claim Dub 411
1 YC11485 1-M
Mar-27 106D04
Claim Dub 412
2 YC11486 1-M
Mar-29 106D04
Claim Dub 413
3 YC11487 1-M
Mar-27 106D04
Claim Dub 414
4 YC11488 1-M
Mar-28 106D04
Claim Dub 415
5 YC11489 1-M
Mar-27 106D04
Claim Dub 416
6 YC11490 1-M
Mar-28 106D04
Claim Dub 417
7 YC11491 1-M
Mar-27 106D04
Claim Dub 418
8 YC11492 1-M
Mar-28 106D04
Claim Dub 419
9 YC11493 1-M
Mar-27 106D04
Claim Dub 42
2 YC11116 1-M
Mar-27 106D04
Claim Dub 420
0 YC11494 1-M
Mar-29 106D04
Claim Dub 421
1 YC11495 1-M
Mar-27 106D04
Claim Dub 422
2 YC11496 1-M
Mar-25 106D04
Claim Dub 423
3 YC11497 1-M
Mar-28 106D04
Claim Dub 424
4 YC11498 1-M
Mar-29 106D04
Claim Dub 425
5 YC11499 1-M
Mar-24 106D04
Claim Dub 426
6 YC11500 1-M
Mar-28 106D04
Claim Dub 427
7 YC11501 1-M
Mar-24 106D04
Claim Dub 428
8 YC11502 1-M
Mar-27 106D04
Claim Dub 429
9 YC11503 1-M
Mar-24 106D04
Claim Dub 43, 44
4 YC
C11117, YC1111 8 1-M
Mar-24 106D04
Claim Dub 430
0 YC11504 1-M
Mar-27 106D04
Claim Dub 431
1 YC11505 1-M
Mar-24 106D04
C1150 - YC1151 0 1-M
Mar-27 106D04
C11511 - YC1151
14 1-M
Mar-28 106D04
C11515 - YC1152
23 1-M
Mar-24 106D04
Claim Dub 45
5 YC11119 1-M
Mar-29 106D04
Claim Dub 450
0 YC11524 1-M
Mar-27 106D04
Claim Dub 451
1 YC11525 1-M
Mar-26 106D04
Effective Da
ate: September 12,
1 2016 4-9
V I C T OR
R IA G OLD CORP.
C

heet
Claim Dub 452, 453
4 YC
C11526, YC1152
27 1-M
Mar-27 106D04
Claim Dub 454
4 YC11528 1-M
Mar-28 106D04
Claim Dub 455
5 YC11529 1-M
Mar-27 106D04
Claim Dub 456
6 YC11530 1-M
Mar-28 106D04
C11531 - YC1155
53 1-M
Mar-24 106D04
Claim Dub 46
6 YC11120 1-M
Mar-24 106D04
Claim Dub 47
7 YC11121 1-M
Mar-29 106D04
Claim Dub 48
8 YC11122 1-M
Mar-24 106D04
YC11554, YC32478
8-
Claim Dub 480 - 484 Mar-26
1-M 106D04
YC32481
C32482 - YC3248
89 1-M
Mar-24 105M13
Claim Dub 49
9 YC11123 1-M
Mar-27 106D04
Claim Dub 493
3 YC32490 1-M
Mar-25 105M13
C32491 -YC3249
93 1-M
Mar-24 105M13
C32494 - YC3251
13 1-M
Mar-26 105M13
Claim Dub 5 - 8 YC
C11079 - YC1108
82 1-M
Mar-24 106D04
Claim Dub 50
0 YC11124 1-M
Mar-24 106D04
Mar-27 106D04
Claim Dub 517
7 YC32514 1-M
Mar-25 105M13
C32515 - YC3254
41 1-M
Mar-26 105M13
Claim Dub 52
2 YC11126 1-M
Mar-24 106D04
C11127 - YC1113
30 1-M
Mar-27 106D04
C32542 - YC3254
45 1-M
Mar-24 105M13
C32564 - YC3257
78 1-M
Mar-26 105M13
C11131 - YC1114
40 1-M
Mar-29 106D04
C32579 - YC3258
84 1-M
Mar-24 105M13
Claim Dub 588
8 YC32585 1-M
Mar-23 105M13
Claim Dub 589
9 YC32586 1-M
Mar-24 105M13
Claim Dub 590
0 YC32587 1-M
Mar-23 105M13
Claim Dub 591
1 YC32588 1-M
Mar-24 105M13
C32589 - YC3260
00 1-M
Mar-23 106D04, 105M
M13
C32601 - YC3265
59 1-M
Mar-24 106D04, 105M
M13
C32660 - YC3267
75 1-M
Mar-23 105M13, 105M
M14
Claim Dub 67, 68
6 YC
C11141, YC1114
42 1-M
Mar-28 106D04
C32676 - YC3267
79 1-M
Mar-24 105M13
YC32680 - YC3270
00, 106D04, 105M
M13,
Claim Dub 683 - 779 1-M
Mar-23
C38001 - YC3807
YC 76 105M14
Claim Dub 69
9 YC11143 1-M
Mar-29 106D04
Claim Dub 70
0 YC11144 1-M
Mar-28 106D04
Mar-29 106D04
Claim Dub 72
2 YC11146 1-M
Mar-28 106D04
C11147 - YC1115
52 1-M
Mar-24 106D04
Effective Da
ate: September 12,
1 2016 4-10
V I C T OR
R IA G OLD CORP.
C

heet
Claim Dub 780
0 YC38077 1-M
Mar-24 106D04
Claim Dub 781
1 YC38078 1-M
Mar-23 106D04
Claim Dub 782
2 YC38079 1-M
Mar-24 106D04
Claim Dub 783, 784
7 YC
C38080, YC3808
81 1-M
Mar-26 106D03
C38082 - YC3809
98 1-M
Mar-24 106D03, 106D
D04
Claim Dub 79
9 YC11153 1-M
Mar-29 106D04
Claim Dub 80
0 YC11154 1-M
Mar-24 106D04
C38099 - YC3813
39 1-M
Mar-23 106D03, 106D
D04
C11155 - YC1115
59 1-M
Mar-29 106D04
C38140 - YC3817
76 1-M
Mar-24 106D04
Claim Dub 86
6 YC11160 1-M
Mar-27 106D04
Claim Dub 87
7 YC11161 1-M
Mar-29 106D04
Claim Dub 88
8 YC11162 1-M
Mar-27 106D04
Claim Dub 880, 881
8 YC
C38177, YC3817
78 1-M
Mar-23 106D04
Claim Dub 882
2 YC38179 1-M
Mar-24 106D04
Claim Dub 883
3 YC38180 1-M
Mar-23 106D04
Claim Dub 884, 885
8 YC
C38181, YC3818
82 1-M
Mar-24 106D04
Claim Dub 886
6 YC38183 1-M
Mar-23 106D04
C38184 - YC3820
04 1-M
Mar-24 106D04
Claim Dub 89
9 YC11163 1-M
Mar-29 106D04
Claim Dub 9, 10 YC
C11083, YC1108
84 1-M
Mar-26 106D04
Claim Dub 90
0 YC11164 1-M
Mar-27 106D04
C38205 - YC3822
24 1-M
Mar-23 106D03, 106D
D04
Mar-29 106D04
Claim Dub 92
2 YC11166 1-M
Mar-27 106D04
C38225 - YC3825
50 1-M
Mar-24 106D03, 106D
D04
Claim Dub 93 - 102
1 YC
C11167 - YC1117
76 1-M
Mar-29 106D04
C38251 - YC3826
66 1-M
Mar-23 106D03, 106D
D04
Claim Dub 970
0 YC38267 1-M
Mar-24 106D04
Claim Dub 971
1 YC38268 1-M
Mar-23 106D04
C38269 - YC3827
72 1-M
Mar-24 106D04
C38273 - YC3827
76 1-M
Mar-23 106D04
Claim Dub 980
0 YC38277 1-M
Mar-24 106D04
Claim Dub 981
1 YC38278 1-M
Mar-23 106D04
C38279 - YC3829
96 1-M
Mar-24 106D04
Claim Dub Fr. 16
620 YE55727 11--Feb-17 106D04
Claim Fiji 1 YA63884 1-M
Mar-26 106D04
Claim Fiji 2 YB03409 1-M
Mar-26 106D04
Mar-26 106D04
Mar-26 106D04
Effective Da
ate: September 12,
1 2016 4-11
V I C T OR
R IA G OLD CORP.
C

heet
Mar-26 106D04
YC10918 - YC1092
23,
Claim Hla Hla 1 - 6, 7 - 14 1-M
Mar-21 106D04
C10828 - YC1083
YC 35
Claim Jeff 116
6 YC39877 1-M
Mar-24 106D04
YB
B03408, YA4298 1,
Claim Jeff 117, 118
8, 120 Mar-26
1-M 106D04
YA42983
YA
A17842, YA17843 3,
Jeff 17, 18, 33,
3 34,
Claim YA
A17858, YA17859 9, 1-M
Mar-26 106D04
113 - 115
42976 - YA1429 78
YA4
Claim Len 1, 2 YC
C02730, YC0273
31 15--May-30 106D04
Claim Len 10
0 YA30530 15--May-26 106D04
Claim Len 11 YC02736 15--May-31 106D04
Claim Len 12
2 YC02737 15--May-30 106D04
Claim Len 13, 14
1 YC
C02738, YC0273
39 15--May-29 106D04
Claim Len 15 - 18 YC
C02740 - YC0274
43 15--May-28 106D04
Claim Len 19, 20
2 YC
C02744, YC0274
45 15--May-25 106D04
Claim Len 21 - 23
2 YC
C02746 - YC0274
48 1-M
Mar-24 106D04
Claim Len 24
4 YA30544 15--May-26 106D04
Claim Len 25
5 YC02749 1-M
Mar-24 106D04
Claim Len 26
6 YA30546 15--May-29 106D04
Claim Len 27
7 YC02750 1-M
Mar-24 106D04
Claim Len 28
8 YA30548 15--May-30 106D04
Claim Len 29
9 YC02751 1-M
Mar-24 106D04
Claim Len 3 YC02732 1-M
Mar-24 106D04
Claim Len 30
0 YA30550 15--May-30 106D04
Mar-24 106D04
Claim Len 32
2 YC02753 1-M
Mar-24 106D04
Claim Len 4 YA30524 15--May-30 106D04
Mar-24 106D04
Claim Len 6 YA30526 15--May-30 106D04
Mar-24 106D04
Claim Len 8 YA30528 15--May-29 106D04
Mar-24 106D04
Claim Lynx 1 - 18 YC
C10463 - YC1048
80 1-M
Mar-24 105M13
Claim Lynx 19
9 YC10481 16--Jan-30 105M13
C10482 - YC1048
85 1-M
Mar-24 105M13
Claim Lynx 24
4 YC10486 16--Jan-24 105M13
Claim Lynx 25
5 YC10487 1-M
Mar-24 105M13
Claim Lynx 26
6 YC10488 16--Jan-24 105M13
Claim Lynx 27
7 YC10489 1-M
Mar-24 105M13
Claim Lynx 28
8 YC10490 16--Jan-24 105M13
C10491 - YC1049
94 1-M
Mar-24 105M13
Claim Lynx 33
3 YC10495 16--Jan-24 105M13
Effective Da
ate: September 12,
1 2016 4-12
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heet
C10496 - YC1051
18 1-M
Mar-24 105M13
Claim Lynx 57
7 YC11555 1-M
Mar-24 106D04
YA
A14896 - YA1490
07,
Mar 1 - 12, 14
4 - 22, YA
A14909 - YA1491 7,
Claim Mar-26
1-M 106D04
24, 31, 33 - 40 YA
A14919, YA429844,
YA
A43101 - YA4310
08
Claim Mary 1 - 8 YA
A63876 - YA6388
83 1-M
Mar-26 106D04
Claim Neera 1, 2 YC
C10822, YC1082
23 1-M
Mar-21 106D04
Grant Olive Crown Grant GR1054 N/A 106D04
A01393 - YA0140
YA 00,
R & D 1 - 8, 10,
1 12,
Claim YA
A01402, YA014044, Mar-26
1-M 106D04
14 - 166
YA
A01406 - YA0140
08
YA
A01401, YA014033,
Lease R & D No. 9, 11, 13 31--Jan-36 106D04
YA01405
Claim Roni 1 - 14
1 YB
B64630 - YB6464
43 1-M
Mar-26 106D04
YA
A17930 - YA1793
39,
YA
A17952, YA17954
4-
YA
A17959, YA17966
6-
YA
A17970, YA30072
2-
Smoky 1 - 10,, 23, 25 YA
A30075, YA179733,
- 30, 37 - 41, 44
4 - 47, YA
A17974, YA30076
6-
48, 49, 51 - 54,
5 56, YA
A30079, YA179777,
Claim 58, 62 - 65, 66
6 - 71, YA
A17979, YA30080
0- Mar-26
1-M 106D04
74 - 77, 78, 80,
8 83 - YA
A30083, YA17983
3-
45, 91 - 100, 107 - YA
A17988, YA30084
4-
109 YA
A30087, YA1799 1,
YA
A17993, YA43120
0-
YA
A43122, YA43128
8-
YA
A43137, YA43144
4-
YA43146
Claim Smoky Fr.. 55 YE55726 6-D
Dec-16 106D04
Tin Dome 1 - 4, 5 - YC02842 - YC0284
45,
Claim 1-M
Mar-24 106D04
12 YC
C02848 - YC0285
55
YB18934 - YB1893
39,
West 167 - 17
72, 174,
Claim B18941, YB18949
YB 9, Mar-26
1-M 106D04, 105M
M13
182, 1844
YB18951
Source: Vic
ctoria Gold (20
016)
Effective Da
ate: September 12,
1 2016 4-13
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Figure 4.2
2: Mineral Te
enure Map
Source: Vic
ctoria Gold (20
016)
4.3 Mining
M Rights
The primary legislatio
on governingg mining in Yukon
Y is the Quartz Minin
ng Act (QMA
A) and the Q
Quartz
Mining Land
L Use Re egulations. The
T regulato
ory body ch harged with overseeing the QMA is the
Departmeent of Energyy, Mines and Resources (EMR).
(
Ownership of quartz claims
c uant to the QMA carries tthe right to surface accesss and use fo
pursu or the
on of minerrals containe
exploitatio ed within th
he claims. A claim hold der must ho owever makke an
applicatioon to the Minnister of EMR
R to engage in developm ment or production activitties and mayy only
conduct these
t activities in accordance with the terms a nd condition ns of a licen
nse issued b by the
Minister. The license issued by the Minister is a Quartz Miining License e which speccifies the durration,
activities, and claims, among other matters, that
t a licenssee and claim m holder muust adhere to o and
operate within.
w
Effective Da
ate: September 12,
1 2016 4-14
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The perm
mitting require
ed for the pro
oject is discus
ssed further in Section 20
0.
4.4 Project
P Agreemen
A nts
The Dubllin Gulch pro
operty is sub
bject to three
e underlying agreements, two of whicch are materrial to
the Eagle
e Gold projec
ct.
The Eagle deposit falls entirely within
w claims that are subbject to a royyalty historica
ally known aas the
Mar Gold d Zone Roya alty. This roy
yalty requires
s minimum a annual royallty paymentss of $20,000 0 or a
productio
on royalty of 2%
2 of the grross returns received
r fromm the sale off all metals pproduced from
m the
claims to a maximum of $1,000,00 00 after which the royalty reverts to 1%
% with no en nd price.
A portion e deposit falls within a claim
n of the Olive c that is subject to th
he Queenstaake Mar Tungsten
Royalty. This royalty is a 1% nett smelter return royalty ppayable onlyy upon the ccommenceme ent of
on.
productio
Other thaan the two ro
oyalties descrribed above, the project is free and cclear of any liens or third party
interests.
4.5 Environm
E mental Lia
abilities and
a Cons
sideration
ns
Exploratioon activities within the Dublin Gulch property are conducted uunder a Classs IV Mining Land
Use App proval (LQ00 0303) granteed by EMR under the Q QMA and th he Quartz M Mining Land
d Use
Regulatioons. LQ0030 03 authorizess Victoria Go
old to conduuct exploration activities and operatte the
existing 100
1 person camp facility.
The scoppe of exploraation activities on the Dublin Gulch p roperty has included the e construction
n and
use of a trail networrk, drilling pads,
p trenche
es, and the camp. All o of these feaatures will re
equire
reclamation to the satisfaction of EMR prior too the expiratiion of LQ003303 or any ssubsequent p permit
n or replacem
extension ment. EMR required
r Victtoria Gold po
ost a financia
al bond upon the issuan nce of
LQ00303 3 in the amou unt of $149,0000 to cover the reclamattion of these
e features in the event thaat the
company y is unable for any reason to completee the work.
The scop pe of explora
ation activitie
es undertakeen on the Du ublin Gulch property and d the reclam
mation
required forf this work
k is considere ed industry standard
s for an advancedd stage proje ect and, base
ed on
the financ cial bond helld by EMR and
a Yukon Government, d do not prese
ent a significa
ant environm
mental
liability.
4.6 Property
P Risks
There aree no known factors that may materia
ally affect acccess, title orr the right or ability to pe
erform
any of the
e activities co
ontemplated herein.
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5 Access
A ibility, Climate
e, Loca
al Resources,
Infrastru
ucture & Phys siograp
phy
5.1 Accessib
A bility
The projeect has year--round 90 kmm long accesss road conn necting to the
e communityy of Mayo, Y Yukon.
The prop perty is accessed from Mayo
M by the Silver Trail (Highway 11 1) onto the SSouth McQuesten
Road (SM MR) and then n the Haggarrt Creek Roaad (HCR) whiich terminate es at the projject site. Tog
gether
the SMR and the HC CR comprise e a 45 km rooad divided b by the Southh McQuesten River. Botth are
ads, regulate
public roa ed under the Yukon Highw ways Act; hoowever, the SSMR is only m maintained d during
the summ mer by the Yuukon Govern nment Deparrtment of Hig ghways and P Public Workss (HPW), whe ereas
the HCR is considered d a “public unmaintained”” road.
Victoria Gold
G conductts snow clea
aring activitie
es on both th
he SMR and HCR on an as needed basis
and gene eral maintena
ance on the HCR
H under thhe authority o
of permits grranted by HP
PW.
5.2 Local
L Res
sources and Infra
astructure
e
Mayo has s a populatio
on of approximately 450 and
a offers acccommodatio on, fuel, a nu
ursing station
n, and
earthmov ving contractors. The Yukon Governm ment mainta ains a 1,400 m gravel airstrip, suitabble for
charter flights, about 3 km north of Mayo. Thhe project is about 45 km
m straight-lin
ne distance n north-
northeastt of Mayo. Thhere are no scheduled air services to
o Mayo. Mosst major servvices and sup pplies
are availa
able in White
ehorse.
Electrical transmissionn lines from a hydroelectric facility ne
ear Mayo exte
end to the villages of Elsa
a and
Keno Cityy, about 25 km southeas st of the Dubblin Gulch prroperty. The existing 100
0-person cam mp on
the propeerty is currenttly served by
y on-site gene
erators.
A broader range of seervices is ava
ailable in Whitehorse, Yukkon, located about six ho
ours by road tto the
south of the project. Whitehorse has a population of 25,6 690 (Yukon Bureau of S Statistics) and
d has
regularly scheduled air service to Vancouver,
V Edmonton,
E C
Calgary, and Fairbanks.
oximately 665
The property is appro 5 km by all-w
weather high
hway from the deep sea and barge p
port of
Skagwayy, Alaska.
5.3 Climate
C
Central Yukon
Y has a northern coontinental cliimate. The m
mean annua al temperaturre for the arrea is
approxim
mately -3°C, with
w an annua al range of 63.5°C. Januaary is the coldest month, July the warrmest.
Annual precipitation ranges
r from 375
3 to 600 mm,m about ha alf of which ffalls as snow
w. The projecct will
eration year ro
be in ope ound.
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5.4 Physiogr
P raphy
The topog graphy of thee property area is charactterized by ro lling hills and
d plateaus ra
anging in elevvation
from approximately 800 masl to a local maxim mum of 1,65 50 masl at th he summit off Potato Hillss, and
are drained by deeply y-incised cre
eeks and can nyons. The g ground surfa ace is covere
ed by residua al soil
enmeer. Outc
and felse crops are rarre, comprising generally lless than two o percent of the surface area,
and are liimited to ridg
ge tops and creek
c walls.
Lower ele evations are vegetated with
w black sprruce, willow, alder and m moss, and hig
gher elevations by
subalpinee vegetation. Patchy pe ermafrost occcurs on norrth-facing slo
opes (Figure
e 5.1). Theree are
sufficient surface righ
hts held by Victoria
V Gold by virtue of the claims, leases and p
permits desccribed
herein forr mining operrations conte
emplated in th
he FS.
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Figure 5.1: Typical La

andscape in the Project Area
A
1 - From Eagle Zone look king North-Wesst to camp and confluence of Dublin Gulch a
and Haggart Creek
2 - From ab bove the Eagle
e Zone looking north to camp and Ann Gulchh
3 - View off Haggart Creek road crossing
g approximately 3 km south o
of camp lookingg North-West
Source: Vic
ctoria Gold (20
016)
Effective Da
ate: September 12,
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6 History
H
6.1 Managem
M ment and Ownersh
hip
In 1977, Queenstake e Resources s Ltd. stakedd the Mar c laims in the e Ray Gulch area to cover a
tungsten bearing ska arn. This prooperty was optioned to CanTung, w ored for gold
which explo d and
tungsten during 1977 7 – 1986 whiich led to the
e discovery of the Eagle e Zone 3 km southwest o of the
ungsten occu
original tu urrences. In 1991,
1 the pro
operty was accquired by Ivvanhoe Goldffields.
In 1994, First
F Dynastyy Mines Ltd. acquired the
e property thrrough its acq
quisition of Ivvanhoe Goldffields,
and subs sequently forrmed New Millennium
M Mining
M Ltd., aand transferrred Dublin G Gulch to the
e new
entity. In June 2002, First
F Dynasty
y changed its
s name to Steerlite Gold Limited.
In Octob ber 2004, SttrataGold Corporation purchased
p th
he Dublin G
Gulch and C Clear Creek gold
propertiess from Sterlitte. In June 2009,
2 through
h a Plan of A
Arrangementt, StrataGold
d was acquire
ed by
Victoria Gold.
G
6.2 Explorati
E on History
Queenstaake focused their explora
ation activities
s on an area
a historically known as Mar Tungsten (now
Wolf Tunngsten) north
h-east of the Eagle Zone and com mpleted a sm mall geological mappingg and
sampling program. When
W CanTunng assumed control of th hese claims, and additionnal claims located
near the Eagle
E Zone from
f anotherr prospector, they retainedd Bema to m manage the pprogram.
Bema co onducted firs st phase geological map pping which included an outcrop ssampling pro ogram
delineatin
ng the stratiggraphic conttrols of the tungsten
t min
neralization. This was fo ollowed up wwith a
trenching
g program to o expose be edrock in areas of sha allow to mod derate overbburden thickkness.
CanTung g also conduc cted geophysical survey programs th hat were late er supplemennted with VLF-EM
surveys focused on th he tungsten skarns.
s Subssequently, Be
ema and Can nTung completed an exte ensive
diamond drilling progrram on the Mar
M Tungsten n Zone and bbranched out to include trrenching alon
ng the
regional gold
g fault-vein system. After
A completing follow-up
p drilling proggrams on thee tungsten ta
arget,
CanTung g returned the e Mar Tungstten Zone and d adjacent goold claims to Queenstakee.
When Ivaanhoe Goldfields acquired the properrty, they carrried out explo oration work based on a “Fort
Knox-typee” intrusive-h
hosted gold exploration model.
m Ivanhhoe Goldfield
ds continued exploratory work
on the Ea
agle Zone via a drilling, trennching, soil sampling,
s geo
ophysical su
urveys, baseline environm
mental
monitorin
ng, as well ass mineralogic cal and metallurgical stud ies.
First Dyn
nasty Mines Ltd. subsequ
uently underrtook further exploration work on the
e Eagle Zone e and
through the newly formed New Miillennium Min
ning Ltd. enggaged Mineraal Resource Developmen nt Inc.
(MRDI) tot produce a FS complleted in 199 97. Due to declining co ommodity prrices, little fu
urther
exploratio
on work was undertakeen on the Eagle
E Zone until the accquisition of the properrty by
StrataGold Corporatio
on.
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In 2006, Wardrop Engineering

E Inc. (Wardrrop) produc ed a NI 43 3-101 resouurce estimatte for
StrataGold consistingg of an Indic
cated Resourrce totalling 66.5 Mt grading 0.92 g//t and an Infferred
Resourcee totalling 14
4.4 Mt grading 0.80 g/t based on h istoric drilling g and Strata
aGold‘s 2005 5 drill
campaignn. StrataGoldd conducted further
f drilling on Eagle ffrom 2006 – 2008 and W Wardrop comp pleted
an updatted NI 43-10 01 Mineral Resource
R esstimate on th he Eagle Zoone Deposit in January 2009
adding 37
7% to the Ind dicated Reso
ource for a to otal of 2.69 M
Moz of gold a
averaging 0.849 g/t gold. This
Mineral Resource
R esstimate inco
orporated 13 3,057.65 m of drilling ffrom 2006 – 2008 into o the
previously
y-stated reso
ource estimate.
In 2008, StrataGold commissione
c ed SRK to coomplete a Prreliminary Asssessment fo
or tungsten o
on the
Mar Tung gsten depossit (now Wollf Tungsten). SRK estim
mated an Ind dicated Resoource of 12.7 Mt
grading 0.31%
0 WO3 and an Inferred Resource of 1.3 Mt ggrading 0.30% WO3, an 11 year mine life,
15.5% IR
RR and NPV of o $24M at an 8% discount rate.
In June 2009,
2 after Victoria
V Gold
d acquired SttrataGold, fuurther explora
ation on the Eagle Zonee was
conducted and Victorria Gold com mmissioned a Pre-Feasib ility Study byy Scott Wilsoon Roscoe PPostle
Associatees. Work in 2009 focuse ed on gatherring further iinformation o
on the Eaglee Zone by ddrilling
deep exp ploration holees and it was s found that mineralizatio
on extends too considerab
ble depths be
eyond
the pit bo
ottom models s at that time..
Further field
f work around Olive and Shamrock, two ta argets identiffied within tthe Dublin G
Gulch
property by previou us operators s, identified a continu
uous, structu
urally contro olled corrido
or of
mineralization, collecttively called the
t ‘Potato Hills
H Trend’.
In 2010, Victoria
V Goldd completed additional
a ex
xploration andd geotechniccal drilling on
n Eagle to quantify
alteration
n, to verify th
he absence of mineralizzation (conde emnation ho oles), for exploration, an nd for
geotechn nical, engineering and environmenta
e al purposes. Data from the 2010 d drill program
m was
incorporaated into a May 2011 NI 43-101 compliant
c uppdate to pre evious resou urce and reserve
estimatess in advance of a FS.
In 2011, 78 holes we ere drilled on Eagle to quuantify alterattion, for exploration, and
d for geotech
hnical,
engineeriing and envirronmental pu urposes. In February
F 20112, Victoria GGold announ nced the resu
ults of
a NI 43-101 complian nt FS for the project com
mpleted by W Wardrop Engineering Inc.,, Tetra Tech, with
an effective date of Ap
pril 18, 2012.
he 2012 and 2013 field seasons,
During th s add
ditional holess were drilled
d for explora
ation, to veriffy the
absence of mineralizaation (conde
emnation holes), and for geotechnica al engineerin
ng investigatiion to
support detailed
d engin
neering.
In 2014, exploration drilling
d and trrenching focused on the Olive Zone with the com mpletion of 68 drill
holes for exploration, metallurgica al testing, an
nd geotechn ical purpose es. Material ffrom this pro
ogram
was used d to establishh the heap le
each recoveriies and kinettic results in 2015. Victorria Gold conttinued
drilling on
n the Olive and subsequ uently the Shamrock zon nes in 2016 to support the integration of
satellite zones
z into futture mine pla
ans for the Ea
agle Gold pro
oject.
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6.3 Productio
P on Historry
No materrial hard rock production has occurre ed on the prroject site hoowever the DDublin Gulch area
has a richh history of both
b placer and
a hard roc ck exploratio n and small scale/placerr mining sincce the
late 18000s. Dublin Gulch
G is a watercourse
w that discharrges to Hagg gart Creek wwhich is a major
tributary of
o the South McQuesten n River. Explo oration and placer mining began on Haggart Cre eek in
1895. Ha aggart Creek and its tribu utaries near Dublin Gulch h were prosppected and m mined by mu ultiple
claim own ners using reelatively smaall operations s (pick and sshovel and smmall placer w
workings) until the
late 19300s when larg ger mechaniz zed equipme ent was brou ught to the aarea (Mayo Historical So ociety
1999). Mining in the Dublin
D Gulchh area was suspended
s in
n the early 19940s during World War III and
restarted shortly afterr the war‘s end.
e Mining operations
o o
on Haggart C Creek from 1953 – 1958 used
heavy duty equipment including draglines. It was w determine ed that muchh of the area
a was mined out in
a few yea ars for larger-scale placeer operations s, and smalle er scale prosspecting and
d mining resumed
for the neext several decades
d (Maayo Historica al Society 19999). Since 1978 when documentatiion of
placer mining produc ction was in nitiated, apprroximately 1 10,000 ouncces of place er gold has been
recovered d from the Duublin Gulch area
a until min
ning ceased in the mid-19 990s.
Dublin Gu ulch, Eagle Creek,
C and Haggart
H Creekk have been subject to exxtensive placcer mining. T
There
is little ev
vidence of ac ctive reclama
ation being carried
c out o
on the placerr mined areaas and as a result
the lowerr Dublin Gulc ch valley botttoms and the upper reacches of the H Haggart Creek valley bottoms
are comp prised of expposed and erroding valley
y walls, large
e piles of unvvegetated pla
acer depositss and
partially filled in sedim
ment ponds.
Figure 6.1 depicts the
e existing co
onditions inclu
uding the 10
00-person ca
amp and histo
oric placer m
mining
areas.
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Figure 6.1: Existing Site

S Conditions
Open
n Pit Location
n
Haggart Creek
Ann
A Gulch Hea ap Leach
Facility
F Locatio
on
Dublin Gulch
Existting Camp
Source: Vic
ctoria Gold (20
016)
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ate: September 12,
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A IB I L I T Y S T U D Y
7 Geolog
G gical Se
etting an
nd Mine
eralizattion
7.1 Geologic
cal Settin
ng
The geological setting of the Dublin Gulch pro operty (Eagle
e Gold projecct) is one of u
upper Protero
ozoic
to lower Paleozoic clastic
c sedimentary rocks s that have u
undergone re egional deformation inclu uding
Cretaceoous age thru ust faulting and
a subsequ uent granitoid
d intrusions. Mineralization is assocciated
with granitic intrusive
e bodies, he ere described d as the Eaagle Zone an nd Olive Zon ne gold depoosits,
which are hosted prim marily in gran
nodioritic rocks.
7.2 Regional Geology

y
The prop perty is locate
ed in the norrth-central pa
art of the Selwwyn Basin, wwhich is a fau
ult- controlled
d epi-
cratonic basin. The stratigraphy
s of
o this Basinn is divisible into four pre
edominantly cclastic litholo
ogical
units. Frrom younges st to oldest thhey include; the Lower S Schist, Keno o Hill Quartziite, Upper Scchist,
and Hyla and Group (fformerly the Grit Unit). Th he Lower Scchist is of proobable Meso ozoic age and d the
Upper Schist and Ke eno Hill Quartzite are of Paleozoic a ge (Devonia an-Mississipppian). The Hyyland
Group is s of Proterozzoic to Lowe er Cambrian age. These units have been juxtapo osed by late erally-
extensive e, northward-directed thru usting that oc
ccurred in eaarly Cretaceoous time.
There arre three princ
cipal thrust sheets
s in the region know wn as the Da
awson Thrusst, the Tombsstone
Thrust, and
a the Robe ert Service Thrust,
T respeectively. The Robert Servvice Thrust iis proximal to
o the
property area and is inferred to have
h superim
mposed the P Proterozoic–
–Cambrian ag ge Hyland GGroup
upon thee Mississippia
an-age Keno o Hill Quartzitte (Figure 7.1
1).
Four pha ases of deforrmation have e been docum mented. Onlyy the first two
o resulted in the generation of
penetratiive structures. Thrusting during the first phase reesulted in thee widespread d developme ent of
foliation that was sub bsequently deeformed by gentle,
g region
nal-scale foldding during tthe second p
phase
of deformmation. Seve eral east-wes
st trending, west-plungin
w g anticlines in the Dublin n Gulch area
a are
attributedd to this seco
ond deformattional event.
During th
he mid-to-latte Cretaceou
us period, the
ere were thrree granitoid intrusion evvents: the Se
elwyn
Suite (b
between 104 4 and 98 Ma),
M the Tom mbstone Su ite (between n 94 and 9 92 Ma), and d the
McQuesten Suite (64 ( Ma). The
T Selwyn and Tomb bstone intrussive eventss were prob bably
synchronnous with the
e second reggional folding
g event. Intru
usives are co
ommonly em mplaced within the
Hyland Group,
G and leess commonlly within the Upper Schistt.
Cretaceo
ous-age defformation an nd intrusion are possi bly related to north-no ortheast dire
ected
subduction and relatted arc-trenc
ch magmatissm of the occeanic Farallo
on Plate ben
neath contin
nental
merica.
North Am
ate: September 12, 2016

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A IB I L I T Y S T U D Y
Figure 7.1: Regional Geology Settting
Source: Wardop
W (2012)
Numerou us mineral deposits in the district are

e associated with the Cre etaceous-age ed intrusivess and
they aree generally vein,
v shear, and skarn re elated. Gold
d, silver, lead
d, zinc and tungsten are e the
principal elements off economic interest. The Tombstone Suite formss part of the Tombstone Gold
Belt, which is the ea astern part of the Tintina
a Gold Provinnce. The Tombstone Suite is the primary
source of
o intrusion-ho osted gold de
eposits in Yu
ukon. The weestern portionn of the Tintina Gold Provvince
has been n dextrally displaced appproximately 450 km by the e Tintina Fauult and conta
ains gold dep posits
that inclu
ude Fort Kno ox, Pogo annd Donlin Crreek in Alaskka. In Yukon n, Brewery C Creek and D Dublin
Gulch occcur within th
he Tombstone e Gold Belt.
7.3 Property
y Geology
y
The property is loca ated on the northern lim
mb of the MMcQuesten A Antiform andd is underlaiin by
zoic to Lower Cambrian-age Hyland Group
Proteroz G metase
ediments andd the Dublin G
Gulch intrusion, a
granodio
oritic stock. The
T stock haas been datted at appro
oximately 93 Ma, and iss assigned to o the
Tombstoone Plutonic Suite
S (Figure
e 7.2).

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Figure 7.2
2: Dublin Gu
ulch Property
y Geology
Source: Wardrop (2012)
The Hyland Group is comprised of o interbedded quartzite aand phyllite. T

The quartzitee is variably gritty,
micaceou us, and mass sive. The phy yllite is comp
posed of musscovite- sericcite and chlo
orite. Limesto
one is
a relatively minor cons
stituent of this stratigraph
hic sequence
e.
The Dublin Gulch anticline, locate
ed midway beetween Dubliin Gulch andd Lynx Creekk to the south
h, has
e metasedim
folded the ments about ana axis that trends
t at an azimuth of 0
070° and plunnges gently tto the
west-soutthwest.
The meta asediments are
a the product of green nschist-grade e regional me etamorphism
m. Proximal tto the
Dublin Gulch Stock, they
t have unndergone me etasomatism m and contacct metamorph hism. A hornnfelsic
thermal halo
h surroundds the stock and within the
t halo, the coarse classtic compone ents of the Hyland
Group ha ave been alttered to qua artz-biotite sc
chist; the arrgillaceous ccomponents to sericite-biotite-
chlorite schist
s and the carbonates to marble,, wollastonite e-quartz skarn and pyroxxenite skarn. The
halo extends from 80 to 200 m outtward from th he intrusive.
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The Dubllin Gulch Stoock is comprrised of four phases, thee most signifficant of whicch is granodiorite.
Quartz diorite, quartz
z monzonite,, leucogranitte and aplite
e comprise yyounger intru usive phasess that
edominantly as
occur pre a dikes andd sills and cu
ut both the grranodiorite and surrounding country rrocks.
The stock has intrudded the Hylaand Group metasedimen
m nts near their contact wiith the unde erlying
Upper Scchist.
The granodiorite stock is elongate
e, measuring approximate ely 5 km in le
ength and tre
ends 070°. It has a
maximum m width of ap
pproximately 2 km. The lo ong axis of tthe stock is ccoincident w
with the axis o
of the
interprete
ed Dublin Gu
ulch anticline. Sheet-like sills of grano
odiorite extennd from the stock and cu ut the
metasedimentary straata at low anggles.
The intru
usive-metase ediment contact dips sha allowly to steeeply to the
e north and northwest on the
northern side of the in
ntrusive, and steeply to th
he north or ssouth along itts southern m
margin. No cchilled
margin is apparent at the contact.
At least foour periods of
o faulting ha
ave been doc cumented in the Dublin G Gulch area inncluding low-angle
thrusting and bedding g-plane faults
s and norma al faults with north, north
heast, northwwest, and ea asterly
trends. North-trending
N g faults are inferred to haave displaceed portions oof the Dublin Gulch Stockk and
one of the ese is interpreted to form
m the eastern n boundary o of the Eagle ZZone. No ap pparent fault offset
to minera alization has been noted. The northea ast and eastterly trending
g structural d
directions are
e sub-
parallel to
o mineralization trends an nd are likely in
i part pre-mmineral structu
ures.
7.3.1 Eagle
E Zone
The Eagle Zone gold occurrence is localized at a the narrow

west exposed d portion of tthe stock, ne
ear its
known we estern limit. The intrusive
e-metasedim
ment contact is sharp butt irregular an
nd varies bettween
steep atttitudes that crosscut metasedimenttary foliation n, to shallow
w southwestt dips parallel to
foliation.
The Eagle Zone is co omprised of sub-parallel
s extensional
e q
quartz veins tthat are bestt developed w
within
the granoodiorite prox
ximal to both h the hanginng wall and footwall intruusive-metase ediment conntacts.
Veining is
s apparentlyy best develo oped on the hanging walll contact, bu ut this may bbe more app parent
than real as more drillling has take
en place on th
he hanging wwall side.
Veins are
e typically composed of white
w or grey quartz with subordinate potassium fe eldspar and strike
at azimutths of 060° to
o 085°. They typically dip 60° south to o vertical, and range in w
width from 1 m
mm to
more than n 10 cm. Conntacts are typpically sharp. Vein densitties range froom less than 1/m to moree than
15/m, and d average 3 to 5/m. The greatest concentration o of veins appears to coinccide with botth the
narrowesst constriction
n as well as the
t local apex x of the intru sion.
Sulphidess account forr less than fiv
ve percent of
o vein materrial and occur in the centrre, on the ma
argin,
and disse
eminated throughout the veins. The most m commoon sulphide m
minerals are pyrrhotite, ppyrite,
arsenopyyrite, chalcopyrite, sphalerite, bismuthinite, molybd
denite and ga
alena.
Secondarry potassium m feldspar is the dominannt mineral in aalteration en
nvelopes. Sericite-carbonate is
generally
y restricted to
o narrow veinn selveges, although alterration zones of this type a
also occur with no
obvious relation
r to veins.
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Vein form
mation can bee attributed to
t contrasts in
i cohesion a
and tensile sstrength betw
ween the intrrusion
and the enclosing
e meetasediments s. Embayments and narrrow portions of the stockk represent sstress
shadows that constiitute favoura able areas for rheologiical failure leading to the formatio on of
nal quartz veins.
extension
Protrusions in the sto
ock created favourable
f arreas for the developmennt of extensio onal shear-veeining
djacent counttry rocks. Go
in the ad old mineraliz
zation also o occurs hosted d within the metasedime entary
rock packkage immediately adjace ent to the gra
anodiorite. TThis mineralizzation repressents a portiion of
the Minerral Resource.
7.3.2 Olive
O Zone
The Olivee Zone gold d occurrence e is localized

d at the con
ntact zone o on the northwwest flank o of the
granodiorrite intrusive.. The intrusiv
ve-metasedim ment contactt is sharp and steep to ne
early vertical, and
has a gen
neral northea ast trend.
Olive is defined
d by su
ulphide and quartz-sulphide+carbona ate veining at various orie entations (pa
arallel
to conjuggate) to the general
g northheast mineralized trend, p
possibly indiccative of vein
n formation w
within
dilational zones or connjugate fractures between two or morre shear plannes.
Sericitic alteration
a and
d sulphide mineralization
m n are more p ronounced th han at Eagle
e, and oxidattion is
less well developed. Moderate
M to strong
s sericittic alteration is present th
hroughout the
e Olive Zone.
n varies as well
Oxidation w from local zones of tottal oxidation at surface to o un-oxidized
d sulphide-be
earing
granodiorrite at depth. A transition zone from near
n total oxiidation to only sulphides has been deefined
based on n core-logged oxidation codes. Mixed oxides-sullphides are present at ssurface in sh hallow
trenches. Veins can beb comprised d of exclusive
ely sulphidess or, more commonly, sulp phides assocciated
with white
e quartz.
Over 97%
% of the gold mineraliza
ation in the Olive
O Zone iss hosted in granodiorite just south o
of the
stock-metasedimentary rock conta
act, with very
y minor metassediment-hoosted mineralization.
7.4 Mineraliz
M zation
The Eagle Zone is thee principal cooncentration of mineralizzation within tthe property. Within the EEagle
Zone, gold occurs in extensional quartz veins s that are mo ost abundant on the han nging and foootwall
owest portion
contacts of the narro n of the Dub blin Gulch grranodiorite n near its know wn western llimits.
Subordinate quantities of gold d mineraliza ation occur in quartz veins with hin the adjacent
metasediments. Veins s strike at az
zimuths of 0660° to 85°, suub-parallel to
o the intrusivve contact an
nd are
commonly fractured by
b repeated movement
m alo
ong the hostt fractures.
The Eagle Zone is irrregular in pla an and is appproximately 1 1,600 m longg (east-west)) and 600 m wide
uth. The Eag
north-sou gle Zone is near-vertical
n and has bee en traced forr about 500 m below surface.
Current drilling
d indicattes that the mineralizatio
m n is relativelyy continuouss along this le
ength and is open
in several directions, including
i to depth.
d
Mineralization occurs as elementa
al gold, both as isolated grains and m
most commo
only in assocciation
d less commo
with arsenopyrite, and only with pyrrite and chalccopyrite.
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The sulphhide content in the veins is typically le

ess than 5%
%; and, is lesss than 0.5% within the deeposit
overall, with
w 1 to 4% carbonate
c (c
calcite) preseent as a buffe
er, acid gene
eration from tthe ore and w
waste
rock is no
ot expected to
o be an issuee (Stantec 20 011).
In descennding abund dance, the principal sulphides presennt are pyrrho
otite, pyrite, arsenopyrite
e and
chalcopyrrite. Minor sp
phalerite, gallena and mo
olybdenite are
e also prese
ent. Scorodite e and limonitte are
common weathering products.
p
The Olivee Zone is a narrow elo ongated zone e sub-paralleel to the inttrusive-metassediment contact;
located approximately
a y 2.5 km no ortheast of thhe Eagle Zo one. Olive mmeasures app proximately 20 to
80 m in width,
w 900 m in length, and has be een drilled to
o approxima ately 175 to 250 m in d depth.
Compare ed to Eagle, the
t Olive min neralization is more assoociated with ssulphides annd quartz-sulphide
veining in
n an interpre
eted shear-zzone setting;; with veinin g having an n orientation at angles tto the
general northeast
n min
neralized tren
nd.
The Olivee Zone differss from Eaglee is some res spects. Olivee has more sulphide mine eralization ass both
disseminaated pyrite with
w moderate to strong sercitic alte eration, and sulphide and quartz-sulphide
veins, and is more tigghtly structurally controlle
ed along the granodiorite--metasedime ent contact. PPyrite
plus arsenopyrite (or arsenical
a pyrrite) and quartz-pyrite vei ns to severaal centimetress in width have an
average strike trend of azimuth 120°,
1 and dip
ps of 60° to 80° south, w within the ovverall NE trending
zone of mineralizatio on. Vein den nsities vary significantly;
s however, trrench expossures and asssays
indicate that
t good grade mineraliization typica ally hosts mu ultiple centim
metre wide ssulphide vein ns, on
metre orr less spacings, within areas of moderate
m to strong sericcitic alteratio
on with 3 to o 5%
disseminaated sulphide es. The mos st commons sulphides no oted are pyritte, arsenopyyrite, with min nor to
trace ammounts of spahlerite, cha alcopyrite, gaalena, bismu uthinite, and molybdenite e. Olive also o has
higher lev
vels of silver than Eagle.
Multi-elem
ment geoche
emistry for Olive, based on over 17,30
00 analyses, shows the fo
ollowing:
 A goo
od Au-Ag-As correlation; with Au corre
elation coeffi cients of 0.50 with Ag, an
nd 0.42 with As;
 A stro
ong Au-Bi correlation coe
efficient of 0.7
74;
 A stro
ong Ag-Bi-Cu
u-Fe correlation;
 Overaall levels of associated elements
e at Olive are re latively low, as shown in
n the box-wh
hisker
plots of Figures 7.3 to 7.5. Similar mullti-element a associations at perhaps lower levelss are
indica
ated at Eaglee, based on a less comple
ete databasee.
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Figure 7.3
3: Box-Whisker Plot for Olive
O - Au-Ag
g-Bi-Mo-Fe-S
S
Source: AV
VMC (2016)
Figure 7.4
O - As-Ba
a
Source: AV
VMC (2016)
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Figure 7.5
O - Cu-Pb
b-Sb-W-Zn
Source: AV
VMC (2016)
Several other
o mineralized showinggs occur with
hin the propeerty. Most of tthese are related to the D
Dublin
Gulch graanodiorite an
nd are in part characteristic of RIRG GS deposits (see Section n 8) similar tto the
Eagle Gold deposit. Others arre more ch haracteristic of later structurally-hosted overprrinting
mineralization. The Wolf
W (formerrly Mar) tun
ngsten depossit is locate ed approxima ately 3 km east-
northeastt of the Eaggle Zone. Sc cheelite occu
urs in a calcc-silicate ska
arn in metassedimentary rocks
adjacent to the Dublin
n Gulch grano odiorite.
A number of gold-bea aring quartz-s
sulphide vein ns occur arou
und the marg gins of the Du ublin Gulch S
Stock.
These veeins are narro
ow (centimetrre-scale), steeeply dipping
g and genera ally strike at a
about 070°. S
Silver-
quartz-su
ulphide veinss also occurr. These disttal veins are e infrequent relative to the sheeted d vein
system within
w the Dubblin Gulch Stock and due to their sma all size, they a
are not a significant part o
of the
Mineral Resource,
R witth the excepttion of the Olive Zone.
Placer go
old mining in the Dublin Gulch
G area beegan in 18955 and approximately 110,0 000 oz have been
reportedly
y recovered to date. Plaacer gold is still being a
actively mineed, particularrly in the Ha
aggart
Creek are
ea. Current placer
p gold prroduction from these opeerations is un
nknown.
Figures 7.6
7 through 7.13 show rep
presentative images for E
Eagle and Oliive.
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Figure 7.6
6: Eagle Sim
mplified Geolo
ogy Plan Map
Source: AV
VMC (2016)
Figure 7.7
7: Eagle Drill Holes and Mineralized
M Shape
S - Pers
spective View
w
Source: AV
VMC (2016)
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Figure 7.8
8: Eagle Geo
ology and Drrill Hole Assa
ays, Represe
entative Cros
ss-Section - V
View to NE
Source: AV
VMC (2016)
Figure 7.9
9: Eagle Geo
ology and Drrill Hole Assa
ays, Long-Se
ection - View
w to NW
Source: AV
VMC (2016)
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Figure 7.10: Olive Geology - Perspective View

w Looking NE
E
Source: AV
VMC (2016)
Figure 7.11: Olive Drill Holes, Min

neralization Shape,
S and In
nterpreted S
Structures - P
Perspective V
View
Looking down
d to the NE
Source: AV
VMC (2016)
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Figure 7.12: Olive Geology and Drill Holes Assays, Repres

sentative Crross-Section - Looking NE
Source: AV
VMC (2016)
Figure 7.13: Olive Geology and Drill holes Ass

says, Long-S
Section - Loo
oking NW
Source: AV
VMC (2016)
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8 Deposit
D t Types
s
The Dublin Gulch intrusion is part of the mid-C Cretaceous T Tombstone In ntrusive Suite
e of Alaska-Y
Yukon
granitoidss, and the Eagle
E Zone belongs to the RIRGS S class (Red duced Intrussion-Related Gold
Systems)) of mineral deposits. Gold G mineralization in thhe Dublin G Gulch intrusion shows sstrong
similaritie
es to the Forrt Knox depoosit in Alaskaa, including tthe presence e of sheeted quartz veinss and
elevated levels of bismuth, arseniic, tellurium, and tungste en. The veinss in the Eagle Zone conssist of
early qua artz-scheelite
e with varie
ed occurrenc ces of pyrrh hotite, pyrite
e and arsen nopyrite, and
d are
associate ed with K-felddspar and minor albite allteration envvelopes. Thesse are overp printed by sericite-
carbonate e and occas sional chlorite alteration
n. The meta asediments m marginal to the intrusionn are
mineralized as well, but
b the bulk ofo the gold is hosted with in the intrusive. The Dub blin Gulch Sto
ock is
an elonga ate body tren nding 070°, with
w surface dimensions of approxima ately 6 x 2 km. Exploratio
on for
additional gold deposits is ongoing g with excelle
ent potential for further discoveries.
The Dubllin Gulch intrrusion is com mposed of mainly
m biotite hornblende granodiorite. Minor phasses of
diorite an
nd granite occcur within the
e intrusion. The
T overall lo ow sulphide ccontent of the rock, comm monly
less than 0.5%, and th he presence of carbonate e (Calcite 1 tto 4%) makee the rock non n-acid generrating.
In a report prepared byb SRK for Stantec
S in Ap
pril 2011 (SR RK, 2010: Geeological Cha aracterization
n and
Water Qu uality Predic
ctions Eagle Gold Projec ct), SRK stattes that acidd rock draina age (ARD) iis not
anticipate
ed for the pro
oject.
RIRGS’ class
c of mineral deposits are
a deposits that are:
 Metalluminous su
ubalkalic intrrusions of in
ntermediate to felsic co
omposition tthat lie nea
ar the
bound
dary between nd magnetite series;
n ilmenite an
 ciated with carbonic hydrrothermal fluids;
Assoc
 A meetal assemblage that va ariably comb
bines gold w
with elevated
d bismuth, tungsten, arssenic,
molyb
bdenum, tellu
urium, and an
ntimony as well
w as low cooncentrationss of base me
etals;
 Assoc
ciated with co
ommonly we
eak hydrotherrmal alteratio
on that is are
eally restricted
d;
 In a te
ectonic settin
ng well inboa
ard of inferred ent plate boundaries; and
d or recognizzed converge
 Locatted in magma
atic province
es best or form
merly known n and/or tin deposits.
n for tungsten
The RIRG GS class off gold depos sits was dev

veloped baseed on studie es of gold a
and other mineral
deposits hosted in gra
anitoids in the
e Yukon and Alaska (Harrt, C. R., 200
07)
Additiona
ally:
 RIRGGS deposits are best dev veloped in in
ntrusions tha
at were emplaced into ancient contin
nental
margins behind accretionary nal orogens and subdu
y or collision d magmatic arcs.
uction-related
erred host sttrata include reducing basinal mioge
Prefe eoclinal sediimentary or metasedimeentary
rocks
s;
 Thermmal gradientss surroundin erature-dependent
ng cooling plutons are stteep and ressult in tempe
conceentric metal zones that develop outw ward from p
pluton marginns for distan
nces up to a few
kilometres or just beyond the thermal
t halo;;
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 Skarn
ns and replaccements are generally pluton-proxima al with an inccrease in strructural contrrol on
more distal minera
alization. The
ere is also crrustal-scale vvertical zonattion with epizzonal occurre
ences
ng at shallow
formin wer levels;
 The most
m distinctiive style of gold
g mineraliz
zation in RIR
RGS depositss is sheeted arrays of pa arallel,
low sulphide, sing gle-stage qua at are found over widths of tens to hu
artz veins tha undreds of mmetres
and are
a preferentially located in the cupola a of the pluto
on. These ve
eins are unlikke multidirecttional,
interc
connected sto ockworks characteristic ofo porphyry ssystems or aantithetic tenssional vein a
arrays
typica
al of orogenic c deposits;
 Minerralized plutoons have characteristic
c cs that ind dicate the likelihood o of generatioon of
hydroothermal fluid
ds, high volatile contentts, fluid exs olution, rapid fractionation and zonation,
includ
ding the pres
sence of porp phyritic textures, aplite an
nd pegmatite e dikes, quarrtz and tourm maline
veins, greisen alte
eration, miarolitic cavities
s and unidire
ectional solidiification textu
ures, prefera
ably in
pluton
n apices;
 RIRGGS deposits are
a associate ed with felsic
c, ilmenite-se
eries plutons that lack maagnetite, havve low
magn netic suscepttibilities and aeromagnetic response, and have fe erric-ferrous rratios of lesss than
0.3. These
T types of plutons area uncomm mon in arc a nd fore-arc settings whe ere orogenicc gold
depossits are mostt common; an nd
 Intrus
sion-related deposits
d are coeval with their
t associatted, causativve pluton.
8.1 Geologic
G cal Model
The Eagle Zone geolo ogical model is simply de
escribed as a zone of min neralization containing she
eeted
quartz veeinlets and post-veining
p fracturing
f ho
osting gold m mineralizationn, located neear the apexx of a
granodiorritic stock, and
a mostly within
w the sttock. As the e gold minerralization is generally bu ut not
directly related
r to quartz veining, the geological mode elling for resource estim mation has been
constructted based on n the mineralization rathe
er than the ve eining. A minneralized sha
ape, based oon the
gold graddes in drill holes, has been constructed d to confine tthe resource
e estimation.
The Olivee Zone geolo ogical model is that of a structural zo one on the fllank of the g granodiorite sstock,
hosted essentially
e enntirely in grranodiorite, sub-parallel
s to the intru
usive metase ediments contact.
Detailed structural
s conntrols that de
efine the mineralization arre interpreted
d, but not dirrectly defined
d, and
do not offfset mineralization. Similar to Eagle, the mineralizzation for ressource estimmation purposses is
confined by a mineralized shape based
b on gold
d grades in ddrill holes.
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9 Explora
E ation
9.1 Previous
P Explorattion
Prior to Victoria
V Gold''s involvement with the property,
p num
merous drillin
ng campaignss were conducted
on the property as described
d in Section 6 - History. Exxploration drilling for intru
usive-hosted
d gold
mineralization began in the early 1990's,
1 and continued
c spo
oradically byy several ownners through 2004
with the work
w of Strata
aGold. Victorria Gold acqu
uired StrataG
Gold in 2009.
The majo ority of Victorria Gold's exp
ploration worrk since the 2
2012 Wardro
op FS has beeen in-fill drilling at
the Eagle e Zone, and d explorationn efforts inc
cluding trencching, geoph
hysical surve
eys and diamond
drilling at the Olive Zoone.
9.2 Victoria
V Gold
G Exploration
Victoria Gold
G completed a FS on n the Eagle Zone
Z in 20122 (Wardrop, 2012). Postt the FS reso ource
estimate of late 2011, Victoria Go old conducted
d a targeted in-fill drilling program of an additiona
al 130
s in the Eagle Zone, for the
drill holes t purpose of better deffinition of Me easured and Indicated Mineral
Resource es. The drillin
ng program was
w conducte ed in the wintter of 2011-2 2012.
The Olive
e Zone had been
b explored prior to Vicctoria Gold's ownership, w with initial drrilling in 1992
2, and
sporadic follow-up driilling for a total of 19 hole
es by 2007. Victoria Gold d conducted additional d drilling
of 58 holes in 2010-2
2012, and in--fill drilling in 2014 with 6 61 holes andd 2016 with 8 89 drill holess. The
ne is defined as a Mineral Resource fo
Olive Zon or the first tim
me in this FS
S update repo ort.
Additiona al exploration
n work condu ucted at the Olive Zone iincluded 17 shallow trenches in 2014 4 and
29 trench hes in 2016 tot expose an nd sample ox xidized sulphhide mineraliization and a
assist definitiion of
the surfa ace trace an nd extension ns to minera alization. Ass well, a prrogram of th hird IP-Resisstivity
geophysical surveys was conductted over the core area o of the Olive Z
Zone in 2014 4, which shoows a
good corrrelation of IP chargeabilityy highs with the modelled d zone of anoomalous goldd mineralizattion in
drilling, a direct assoc
ciation of the gold with inc
creased sulpphide contentt. Trenching, sampling an nd IP-
Resistivityy surveys arre a useful exploration
e to
ool to define gold mineraalization at O
Olive and posssible
extension ns to the norttheast.
As the maajority of worrk on the Eag
gle and Olive
e zones was drilling, the d
details of tha
at exploration work
are discussed in Secttion 10 of this
s report
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10 Drilling
D
Previous project drillin
ng has been n accomplished by severa al different ccompanies, frrom 1977 thrrough
2009, when Victoria Gold
G became e Owner of th he property, as indicated in Table 10.1. Discussio ons of
the previious drilling are included in prior NI N 43-101 te echnical reports issued by Victoria Gold
(StrataGo old) as listed
d in Section 27.0. A substantial amo ount, 91 hole es for 21,875
5 m, of additional
drilling was
w completeed by Victorria Gold in late 2011 an nd 2012, aftter completio on of the Mineral
Resource e estimation in the 2012 FS. This drrilling has be een incorporrated into an n updated Mineral
Resource e estimate for this FS repoort, as descrribed in Secti on 14 of thiss report.
Victoria Gold
G conductted a consid derable amouunt of diamo nd drilling on
n the Olive Z
Zone in 20144 and
2016, 16 60 holes tota alling 22,167
7 m and 41 trenches to otalling 1,910
0 m. The re esulting data
a was
sufficient for the initial Mineral Ressource estim
mation for the
e Olive Zone, as describe
ed in Section 14 of
this reporrt.
Drilling was
w conducteed for the in--fill and the definition
d or mineral dep
posit boundaries, metallurgical
samples, and geotech
hnical informaation.
Since 2012, core drilling was don ne by Kluane Drilling, N ew Age Drilling Solutionns, of Whitehhorse,
Yukon, and LynCorp Drilling Serv vices Inc. of Smithers, BCC. RC drilling was conduucted by Middnight
Sun Drilling Inc. of Whitehorse, Yukon. Ho oles were su urveyed by a downhole e instrument from
REFLEX,, as soon as s the hole waas stable, annd with no in
nterference ffrom casing, at 75 m inte
ervals
thereafterr, and at the bottom of the
e hole.
Core was marily as HQ core size. Core
s drilled prim C was tran
nsferred from m the core tu
ube into boxes by
the drill crew
c who ma arked the end
d of each run
n with a woo
oden marker.. Hole depth was measurred in
imperial units
u (feet) and
a subsequuently converted into me
etric units (m metres) on th
he depth markers.
Core was s transported d by the drilling company from the ddrill site to th
he core logg
ging facility th
hat is
located inn the camp complex.
Core was s laid out forr logging insiide the core shed and th hen measure ed for rock quality design
nation
(RQD), reecovery and permanent (aluminum) labels were then affixed to the core boxes. Core e was
then washed and marrked for sampling. Most sampless were e 1.5 m in lenngth but did not exceed 2 m in
length annd were sho orter if litholo
ogical contaccts or signifiicant variatio
ons in sulphhide content were
present. In
I general, thhe entire leng gth of the hole was samp led.
Core logg ging observa ations were recorded on n paper and subsequently transferre ed to a commputer
database e. Significantt observation ns include rock
r type, wweathering, a alteration, fo
oliation angle
e and
intensity, fracture anggle and inten nsity as well as descriptio ons of any ve eins present. Several typ pes of
n (oxidation, silicification,
alteration s n) were quan
sericitization ntified from zzero to five w
with zero equuating
to no alte
eration and fiv
ve representing complete e alteration. T
There is no uunique conve ention with re
espect
to fracture
e intensity although the attempt
a was made
m among g those logginng to apply thhe same criteeria.
When log gging was coomplete, sam
mple tags weere affixed to
o the core bo
ox at the start of each sa
ample
interval. Each
E samplee tag was co
omprised of three pieces: one for the core box, one for the saample
bag into which
w the sam
mple was pla
aced, and the
e third which remains in tthe sample book.
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Given the
e variable orrientation of mineralized quartz veinss, the relationship between sample le ength
and thick
kness of mineralization is s also variab
ble. Howeverr, given that the sampling g was contin
nuous
and the mineralizatio on is a bulk target, the variability
v of this relation
nship is not considered to be
detrimenttal to the obje
ectives of the
e sampling program.
In additio
on to the proocedures des ve, which perrtain to all holes drilled ssince 2012, those
scribed abov
holes driilled for geo otechnical te esting were logged by Mining Pluss or BGC Engineering Inc.,
geotechn nical specialis
sts, for a rang
ge of parame
eters relating
g primarily to pit design.
Core drilling recoverries are gen nerally +90% %, and low recovery inttervals are aaddressed inn the
resource estimation process
p of the explorato ory data anaalysis (EDA).. Several PQ
Q size core holes
were drilled for the pu
urpose of mettallurgical sa
ample collectiions.
RC drillinng was part of the in-fill program at Eagle, as ddetailed inve
estigations off RC versuss core
drilling sh
how no partic
cular bias in the
t RC assay ys over core..
Drilling was
w done as angle holes
s across the e primary strrike orientatioon of the mmineralization. The
drilling methods, and sample hand
ding procedu ures are in lin
ne with indusstry norms, an
nd are accep ptable
methods for defining the
t gold mineeralization att the Eagle a nd Olives Zoones.
Core was s sawn in haalf by diamon nd saw; one half was ba agged for asssaying and the other half was
kept for reference. Th
he sample to be analyzed d was put in a plastic bag g that contain
ned another small
zip-lock ty
ype bag with
h a sample ta ag and a piece of plastic flagging bea aring the sam
mple numberr. The
sample number
n was also
a written on
o the outsidde of the bagg. Each bag was then clo osed by cable ties
and comb bined with others to fill woven
w plasticc “rice bags”” for shipping
g. Each rice bag was lab belled
with the numbers
n of the
t samples it contained. The rice ba ags were exxpedited by a contract sh hipper
who picked up the sa amples in ca amp and delivered them to the assig gned laboratoory in Whitehorse
and Vanc couver. Standdard chain-off-custody forrms were use ed for the shipping processs.
The boxe es with the ha
alf-core are stored
s out of doors on covvered racks or cross-piled on pallets in the
central co
ore storage fa
acility.
Holes we ere generallyy sampled in their entirety y, unless reccovery was particularly p
poor in any ssingle
drilled in
nterval, or the recovere ed material was consid dered highlyy unlikely to
o be significcantly
mineralized. Figure 10.1
1 shows the locations s all drill ho les for the E
Eagle Zone, and Figure 10.2
shows the e location of all drill holes
s for the Olive
e Zone.
The authhor concludes the drilling
g methods used
u by Victo oria Gold sin nce 2012 arre consistentt with
industry standard
s drilling procedures, consisteent with prevvious drilling campaigns, and are suffficient
to augment the previous drill holeh databasse for the intended pu urposes of in-fill explorration,
gical samples
metallurg s and geotechhnical inform
mation.
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Figure 10
0.1: Plan Map
p Showing th
he Distributio
on of Drilling
g for the Eagle Zone
Source: AV
VMC (2016)
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ate: September 12,
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Figure 10
0.2: Plan Map
p Showing th
he Distributio
on of Drilling
g for the Oliv
ve Zone
Source: AV
VMC (2016)
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ate: September 12,
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10.1 Drilling
D Summary
S
Table 10.1: Project Drrilling by Yea
ar - Eagle
Company Year Num

mber of Holes Metres
s Drilled Type
Canada Tu
ungsten 1977 65 11,315 DDH
Queenstak
ke
1986 4 70
05 DDH
Resources
s
Can Pro 1989 4 65
53 DDH
Ivanhoe Go
oldfields 1991 16 2,4
410 DDH
Amax Gold
d Inc. 1992 13 1,9
943 DDH
Amax Gold
d Inc. 1993 56 7,7
729 RC
Amax Gold
d Inc. 1993 10 1,4
476 DDH
Ivanhoe Go
oldfields 1993 10 2,0
078 RD
First Dynas
sty Mines 1995 40 8,3
354 RC
First Dynas
sty Mines 1995 25 4,9
946 DDH
New Millennnium
1996 21 4.1
114 DDH
Mining
New Millennnium
1996 37 5,2
271 RC
Mining
New Millennnium
1996 19 18
89 Auger
Mining
New Millennnium
1996 33 79
97 Water
Mining
StrataGold 2005 34 8,1
105 DDH
282 DDH
627 DDH
429 DDH
Victoria Go
old 2009 10 5,1
122 DDH
Victoria Go
old 2009 4 1,3
321 Geotech
Victoria Go
old 2010 20 3,5
592 DDH
Victoria Go
old 2010 5 1,3
341 Geotech
Victoria Go
old 2011 3 616 Geotech
Victoria Go
old 2011-2012
2 33 4,3
337 RC
Victoria Go
old 2011-2012
2 58 17,538 DDH
TOTAL 565 104
4,180
Source: Wardrop ( 2012), modified by AVMC
A (2016)
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ate: September 12,
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Table 10.2: Project Drrilling by Yea

ar - Olive Zon
ne
Company Year Num

mber of Holes Metres
s Drilled Type
Prior owne
ers 1991, 1992
2 7 95
59 RC and DD
DH
Prior owne
ers 2007 5 86
68 DDH
Prior owne
ers 2007 10 70
07 Trenchess
Victoria Go
old 2010 19 4,1
144 DDH
Victoria Go
old 2011 24 4,4
486 DDH
Victoria Go
old 2011 4 30
00 RC
Victoria Go
old 2012 11 2,9
997 DDH
Victoria Go
old 2014 61 8,5
594 DDH
Victoria Go
old 2014 10 1,0
027 Geotech
Victoria Go
old 2016 89 12,546 DDH
Victoria Go
old 2014 17 88
85 Trenchess
Victoria Go
old 2016 34 1,0
025 Trenchess
TOTAL 291 38,538
Source: AV
VMC (2016)
Effective Da
ate: September 12,
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11 Sample
S Preparration, Analys
ses and
d Securrity
11.1 Sample
S Preparatio
P on and Security
The follo
owing discussion in this section is derived
d from
m the Wardrrop 2012 FS S, as the ge eneral
procedurees have not changed sin nce the sam mple preparattion, analysees and security procedurres in
use by Victoria Gold for
f 2011, witth the excepttion of the saamples from the 2016 drrilling on the Olive
Zone, whhich instead underwent contract samp ple preparatiion on-site b
by SGS Canaada Inc., and d with
selected sample pupss shipped from site to the SGS analytiical lab in Va
ancouver.
Prior to 2016, samplees were shippped from cam
mp to the ALS S Chemex orr Acme Analyytical (Acme) labs
prep labooratory in Whhitehorse. Th
he samples were
w dried, crushed, spllit and pulverized, and a 50 g
split was sent to thee ALS Chem mex laboratory in North Vancouver or the Acme e Analytical Labs
laboratoryy in Vancouv
ver for analys
sis.
The analy dure used by ALS Cheme
ytical proced ex and Acme e is described
d in Section 11.2. The sa
ample
preparatio
on and analyytical procedu
ure is summa
arized in Figu
ure 11.1.
Chain-of--custody mea asures underr Victoria Gold’s control w
were followed
d with the sh
hipping of sam mples
from cam mp to Whitehoorse and from
m Whitehorse e to North Vaancouver. Reeceipt of ana
alytical resultss was
restricted
d to key perso
onnel.
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ate: September 12,
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Figure 11
1.1: Eagle Sa
ample Preparration and An
nalytical Flow
wchart
Source: Wardrop (2012)
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ate: September 12,
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11.2 Analytica
A al Proced
dures
The standard analyticcal procedurre for the Ea
agle Zone w
was carried o
out at ALS Chemex in North
Vancouveer as follows:
 A 50 g sub-sample was taken from the 150 0 g pulp sam
mple by withd
drawing two tto three scoo
ops of
materrial from diffe
erent places in the envelo
ope;
 5 g sample was subjectted to a gold fire assay w
The 50 with atomic aabsorption sp pectroscopy aand a
27 to 33 element inductively coupled
c plasm ur-acid “near total”
ma (ICP) an alysis consissting of a fou
stion by hyd
diges drofluoric accid (HF)-nitrric acid (HNNO3)-perchlo oric acid (H HClO4) dige estion,
hydro
ochloric acid (HCl) leach and
a ICP-atom mic emissionn spectroscop py (AES); and
 All results with go
old greater th
han 10 ppm were
w assay with a gravimetric finish
subjectted to a fire a
(Ward drop, 2009).
The ALS Chemex laboratory in Va ancouver, the e primary asssay lab in use for the projject work at EEagle
Gold, is s accredited d to Intern national Orrganization for Standa ardization ((ISO)/Interna ational
Electrotecchnical Commission (IEC C) 17025-200 05 standardss under the S Standards Co ouncil of Canada,
which prrovides spec cific assessmments of th he laboratoryy’s analytica al capabilitie
es. ALS Chemex
laboratoriies in Northh America are also IS SO 9001:200 08 registereed through SAI Global, ISO
registratio
on and accreeditation provides indepe endent verificcation that a quality man nagement syystem
(QMS) is s in operation at the ana alytical laborratory. ALS Chemex is a worldwide e based analytical
company y that has bee
en providing analytical se ervices to the
e mining and d explorationn industry of North
America for
f over 30 years.
y The ALS Chemex analytical lab boratory is lo
ocated at 210 03 Dollarton Hwy,
North Vancouver, BC C, Canada. ISSO registratioon applies too the ALS Ch hemex prepa aration lab located
at 78 Mt. Sima Road, Whitehorse, Yukon, Can nada.
mately 5% of assays were
Approxim e re-assayedd for gold alo
one by Inspe
ectorate Exp
ploration & M
Mining
Services Ltd. (Inspec
ctorate) laborratories at 11
1620 Horsesshoe Way, R Richmond, BCC, Canada a as the
external chec
umpire (e ck).
Inspectorrate is used d as a seco ondary lab for
f check asssays. Inspe ectorate hass ISO 9001:2008
certificatio
on and is an
n internationa
ally known and reputable
e analytical la
aboratory tha
at provides a
assay
services tot the exploration and mining industry
y.
The same e above-described analy ytical procedu
ure was used d for drilling samples from m the Olive Z
Zone,
most of which
w were collected
c in 2014
2 and 20016. Howeve er, the analyttical labs invvolved were AAcme
Labs in Whitehorse
W (sample prep paration) andd Vancouver (analytical) in 2014, and d an on-site SGS
preparatio
on lab in 2016, as well as
s the SGS lab bs in Vancou
uver during 2 2016.
Acme Labs has ISO/IIEC 17025:2005 Accredittation and IS SO 9001 Reg gistration, an
nd is a well-kknown
and acce epted mining g and explorration industry utilized co
ommercial la
ab. SGS lab bs is a world dwide
leader in analytical se
ervices and is
s ISO 14001::2015 Certifie
ed.
All labora
atories used for
f the analyttical purpose
es are indepe
endent of Vicctoria Gold.
Effective Da
ate: September 12,
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11.3 Quality
Q Assurance
A e and Qu
uality Con
ntrol Proc
cedures
The Eagle Zone and Olive
O Zone drill
d programs s employed b
blanks, dupliccates and sta
andards as p
part of
the qualitty assurance
e/quality control (QA/QC)) program. T
The followingg description
n of the mate
erials,
procedure es and resultts has been adapted
a from
m a 2010 QA//QC docume ent prepared by Victoria G
Gold.
 Crushhed dolomite e, purchased from a gard den-supply ceentre, was used as blankk material. B
Blanks
were made by scooping rough hly 200 g of crushed dolo
omite into a bag which w was then addded to
the sa
ample stream m. Three bla ank controls were
w added for every 10 00 samples, usually wherre the
sampple numbers ended in 16, 1 56 and 96, althoug gh some we ere added in n other loca
ations
accorrding to local mineralizing
g conditions and
a at the disscretion of th
he logging ge
eologists;
 Drill core
c duplicattes were obtained by subbmitting both
h halves of th he core for a
analysis; with
h one
half re
epresenting the
t original (normal) sam
mple and the oother half the The gap left in the
e duplicate. T
core box
b was marrked by a pie ece of wood or
o polyvinyl cchloride plasttic pipe;
 Prepaaration duplicates were collected at the sample preparation stage by splitting a cru
ushed
portio
on of the saample, which h was then pulverized. T
These samp hen issued to the
ples were th
assayying laborato
ory for analys
sis; and
 Standdard Referen nce Material (standards) were obtaine
ed from Analytical Solutio
ons Ltd., Torronto,
who supplied
s six certified Ore
e Research & Exploratioon Assay Staandards (ORREAS). Thesse are
listed in Table 11.1, together with
w their me ean values aand lower and
d upper limitts of two stan
ndard
deviaations.
Table 11.1: Standard Reference Material

M Statistics
OREAS Mean Value Lo

ow Threshold H
High Threshold
d
Standard (Au
( ppm) (Au ppm) (Au ppm)
152a 0.116 0.106 0.126
5Pb 0.098 0.092 0.105
52c 0.346 0.312 0.379
50c 0.836 0.78 0.891
15Pa 1.02 0.96 1.07
15Pb 1.06 1 1.12
6Pc 1.52 1.39 1.66
60b 2.57 2.35 2.78
Source: AV
VMC (2016)
Effective Da
ate: September 12,
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11.4 2012-201
2 6 QA/QC Results
The authors examineed the resou urce database inclusive o of 2011-2012 2 assay resu
ults for the E
Eagle
Zone, and the 2011-2
2016 Olive Zone assay re esults. The ddrill programss employed b
blanks, duplicates
dards as partt of the QA/Q
and stand QC program, in a similar ffashion to the
e 2010 QA/Q
QC procedure es.
Summary y QA/QC res sults are statted here for the post-201
12 Wardrop FS data on Eagle and 2
2011-
2016 data
a on Olive.
 A suffficient numbber or standards, 580 SRM's
S andard Reference Materrials, represe
or Sta enting
2.7% of the total number
n of sa
amples for Ea
agle were insserted into th
he drilling sam
mple batchess sent
nalysis. Resu
for an ults showed only
o one out--of-range anaalysis;
 Blank he total number of sampl es for Eagle showed onlyy five instancces of
ks representing 0.2% of th
assay
y values grea
ater than 0.05
5 g/t Au, and
d none greate
er than 0.10 g
g/t Au;
 A tota
al of 1,307 sttandard samples were ins
serted into th
he Olive sam
mple stream; 22 failed to a
assay
within
n +/- two sta andard devia
ations of the which assayyed high, and the
e control va lue; six of w
remainder lower than the standard value;
 A tota
al of 646 blan
nks were inse
erted into the
e Olive samp
ple stream, on
ne of which ffailed;
 In all cases for Eagle
E and Olive, if other standard orr blank samp ples were noot included iin the
batch
h for which a standard or blank failure occurred, th en the batch
h was re-run.
 Field duplicates and
a sample preparation
p duplicates
d forr Eagle and O
Olive show a
acceptable ra
anges
atter relative to the origina
of sca al assays; an
nd
 The QA/QC
Q progrram for Eagle
e and Olive re
esulted in no
o significant identified issu
ues.
The pre--2011 sampling, prepara ation, securitty and QA/Q QC procedu ures have be een described in
previous technical reeports, have been review wed by the authors, and d are consisstent with cu
urrent
procedurees. The authhors considerr the 2011-2016 samplin g, sample prreparation, ssecurity, analytical
procedurees, and QA A/QC procedures to be consistent w with industryy standards,, and the reesults
obtained verify the da
ata as accepttable for use in resource e
estimation.
Effective Da
ate: September 12,
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12 Data
D Ve
erificatio
on
12.1 Verificati
V ons by Previous
P Workers
W
Previous work by otheers, as described below, has verified the Eagle Z
Zone databasse as sufficie
ent for
e Mineral Res
use in the source estim
mation.
Wardrop conducted data
d verificattions in 2006
6 and 2008 i n relation to
o Mineral Ressource estim
mation
and reporrting.
Data verification was also conduc cted by SRK in 2011, forr the purpose
e of a resourrce model ussed in
the 2012 FS, and is described
d in the Wardrop p NI 43-101 T
Technical Re
eport dated A
April 18, 2012. An
om this reporrt is summarized as follow
extract fro ws below.
“A site vissit verified th
he geology an nd select drilll hole collar coordinates.. It also confiirmed the ge
eology
model off steeply dip pping quartz veins and veinlets dom minantly hossted in Granodiorite. A vvisual
inspection n of select drill core veriffied the preseence and dirrect relationship of gold a assays with q quartz
veins and d veinlets in the Granodiorite and metasediment
m tary host roccks. Spot checking of the e drill
hole assay database e against thhe assay certificates no ted approxim mately a 1.7 7% error raate. A
statisticall evaluation and
a visual examination
e of
o the data i n 3D verified d the prior aand current uuse of
13.0 g/t Au
A as a capp ping grade foor high-grade e gold assayys, and visua ally demonstrated hole-to o-hole
continuityy of mineralization. Data abase errors noted were e deemed to o have minim mal effect on the
Mineral Estimate,
E and SRK conc cluded that the
t "Eagle G Gold Depositt database is sufficientlyy well
defined, documented d, and verifieed, to allow for use in resource esstimation and d for definition of
reserves in a Feasibility Study."
12.2 Verificati
V ons by th
he Authors of this
s Technic
cal Reporrt
Victoria Gold’s
G 2016 database included 130 additional drrill holes (RC C and core),, completed since
August 2011, for an increase of 39%
3 of data, internal to th
he mineralize
ed wireframe
e, as comparred to
the data used
u in the re
esource estim
mate of the 2012
2 FS.
The authors undertoo
ok a re-exam
mination of th
he post-2012 FS databasse by comple
eting the follo
owing
steps:
 ying the data
Verify 011 and 2012 data agai nst the assa
abase for 20 ay certificate
es; 14,661 asssays
representing 27% al data were checked an
% of the tota nd verified w
with less thann 0.5% error rate
notedd;
 Exam A/QC data for 2010 to 201
mining the QA 12 that was d
deemed acce
eptable;
 Exam
mining in-hous
se versus AL
LS Chemex bulk
b data for use in the resourrce model;
density d
 Exten
nsively exammining the RC C versus corre assays daata, for potential bias an
nd identificatiion of
holes
s or assay intervals to exc
clude from the resource e
estimation; an
nd
 Verify
ying the oxida
ation surface
es.
Effective Da
ate: September 12,
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12.2.1 Database
D Verification
V ns
In 2013, the following

g database verification checks
c were e completed as part of a an interim Mineral
Resourcee evaluation.. The authorrs verified th
he collar and d down hole e survey pro ocedures. Seeveral
holes were identified hanging a feew metres above the top po surface. CCollar elevatiions not mattching
topo weree observed in the field to
o be a resultt of side-hill rroad cut-and
d-fill of 1 to 3 m; thereforre, no
adjustments were ma ade to collar elevations. Down hole ssurvey data w were checke ed for kinks in dip
and azimuth. Verificattion was don
ne visually an
nd statisticallly in the form
m of dip chan nge per metree and
BRG (bearing azimutth of drill hole direction) change per metre histo ograms. It wa as concluded d that
there are minimal issu
ues within ac
cceptable limits, with kinkss in down ho ole curves.
Assays and
a geology on o sections were
w checke ed for any suuspicious/outtlier data. Twwo holes, 92--031R
and 96-26 67R were seet as not verified due to suspicions
s off grade relativve to other n
nearby core h
holes.
A total off 152 core an
nd 168 RC holes
h were without
w core rrecovery data a. Core recoovery greaterr than
100% wa as also noticeed in the dattabase, main nly due to w rong measurrements of ccore lengths while
logging. The
T issue with core recovery existed mainly in th he 1990’s datta. The database field co olumn
was created with fixedd core recove ery, setting core
c recoveryy greater than 100% to 100%. The au uthors
are of the opinion that this will not
n have a material
m impa act on resou urce estimation. A total of 48
intervals with “from-to” continuityy errors were e noticed an nd were fixe ed before im mporting data
a into
Datamine e software.
As an ind dependent check, the au uthors compiiled assay da ata from 4433 lab assay certificates o
of the
2011 to 2012
2 drilling.. These cons stituted of 14
4,661 assayss out of 53,2
239 total asssays (27% off total
assays). The compile ed assay file was comparred with the a assay databaase suppliedd by Victoria Gold;
ant errors were
insignifica w identified in the dattabase and were fixed b before imporrting in Dataamine
software.
In the ca
ase where more
m than on
ne gold assa
ay method w
was used, the final assay rules that were
applied were:
w
 Atomic Absorption
n (AA) finish if Au <=10pp
pm; and
 Gravimetric finish results if Au >10ppm.
Minor inc consistencies s in the logg ging codes were

w identifie
ed and fixed d by Victoriaa Gold geolo ogists
before us sing logging data in the resource es stimation. Ba ased on datta verification n carried out, the
verificatio
on flag field was
w set as verified “Y” orr “N” in the ccollar file. The following rrules were appplied
for setting
g verification flag to “N”:
 Holes
s with missing
g assays or not
n assayed;;
 Holes
s with missing
g geology an
nd logging da
ata;
 Holes
s with missing
g survey data
a; and
 Data is suspect.
Effective Da
ate: September 12,
1 2016 12-2
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12.2.2 Quality
Q Ass
surance/Qu
uality Conttrol Verific
cation
Victoria Gold’s
G QA/QC C procedure included sta andards, dup plicates and blanks to ch heck the acccuracy
and precision of assa ay data. The authors eva aluated the Q QA/QC data ffrom 2009 to o the 2016 ddrilling
program. QC samples s used in the
e 1990’s histooric drilling, a
and prior to 2009, have b been summa arized
in earlier reports. Commercially supplied
s stan
ndard from O Ore Researcch and Explo oration Pty (ORE)
were use ed for qualityy control, an
nd frequencies of standa ards were a approximatelyy 3% of the e total
samples submitted. Field
F duplicattes, prep dupplicates and blanks were also inserte ed into the sa
ample
stream. Although
A the sample prep paration was done by a ce ertified laborratory, SRK sstill recomme
ended
increasing the frequen ncy of blankss to 2%, considering high h and low gra ade mix sam
mple populatio on, to
identify any sample coontamination n. Table 12.1 summarizess the frequen ncy of the conntrol sampless.
Table 12.1: Frequency of Quality Control Sam
mples
% of Total T
Total Samples
s
QC Samplles No. of Samples
Samples (Exclu
uding QC Sammples)
Standards (Au & Ag) 580 2.70 21,447
Blanks 34 0.16 21,447
Field Duplicates 407 1.90 21,447
Prep Duplicates 406 1.89 21,447
Source:
As a stanndard quality y assurance protocol,

p if as
ssay results were receive ed of standa
ards and/or b
blanks
not within
n the QC limit, the laborattory was imm mediately askked to re-asssay a particular batch including
QC samp ples. If the re-assay passeed the QA/QC criteria, the e results of tthe second batch were ussed in
the resouurce estimatio on.
Minimal is
ssues with acceptable
a lim
mits were ide entified in the
e QA and the
e authors con
ncluded the aassay
data is acceptable to
o be used for the resourc ce estimatio n. The authoors have relied on earlie
er QP
one on the QA/QC
reports do Q of histtoric drilling prior
p to 2010.
12.2.3 Bulk
B Densiity Verifica
ation
Victoria Gold
G compiled bulk density data from core in-housse measurem ment, and a ttotal of 1,227
7 bulk
density determination
d ns were reviewed. Of those, a total of 17 deterrminations w were discarde ed as
being eith
her too high or too low for the respe
ective rock ttype. The daata were revviewed in dettail in
comparison with outs side labs SGS
S and ALS Chemex,
C and
d to verify re
epresentative
e locations off data
e mineralized
within the d zones
Victoria Gold
G used a method of weighing the e core piecees in air andd in water, w without the u use of
paraffin wax
w for coating the core in order to seal
s off porossity. In 2012
2, Victoria Go old sent the same
1,227 corre samples to ALS Chem mex for outsid
de laboratoryy density detterminations, and ALS ussed a
paraffin wax
w coating process. AsA a QA/QC C check, Vicctoria Gold a also sent approximatelyy 300
samples to SGS labs s, who used the same process as A LS in their d density deterrmination me ethod.
The Eagle mineralized shape bulk k density data was deem ed to be suff fficiently distrributed throug
ghout
the depossit to be representative.
Effective Da
ate: September 12,
1 2016 12-3
V I C T OR
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It was ve
erified that all
a data, inclu
uding in-hous
se, SGS, an
nd ALS, werre in close a
agreement foor the
approxim
mately 1,210 original dataa and 300 additional
a SG
GS determina
ations. The bulk densityy data
comparison is shown in Table 12.22.
Table 12.2: Bulk Dens
sity Data Use
ed for the Re
esource Estim
mation – by Rock Type
SRK FS
Cla
assification In- House S
SGS AL
LS Mean Value
Type Type
ALL DA
ATA (No outlierrs) 2
2.66 2
2.65 2.65 2.65
1 A Oxidiz
zed Granodioritte 2
2.62 2
2.62 2.61 2.62
3* B Fresh Granodiorite (unaltered) 2
2.66 2
2.65 2.65 2.65
2 C Altere
ed Granodiorite
e 2
2.65 2
2.62 2.63 2.63
4 E Oxidized Metasedimentarry Rock 2
2.62 2
2.59 2.61 2.61
6 Fresh Mettasedimentary Rock 2
2.68 2
2.72 2.66 2.69
Note: * this
s is the correct type code - the
ey were origina
ally numbered ffrom surface do
ownward: Ox, Alt, Fresh, as 1
1,2,3
Source: AV VMC (2016)
An assum med bulk de

ensity of 2.00
0 was used for overburd den. Bulk de
ensity data b
by rock type
e was
assigned to resource blocks by th
he nearest neighbour
n asssignment, ussing the mea
an value for each
rock type.
It was noted
n that th
he published
d average bulk
b density value for G Granodiorite is 2.67 to 2.79
(Carmichael, 1980); and
a thereforee the value fo
or Eagle at 2. 65 is reasonable.
12.2.4 RC
R Versus Core Assa
ays Verifica
ation
An extens sive examinaation was conducted on core

c versus R
RC drilling go
old assays fo
or possible b bias in
RC samp ples. A cumu ulative freque
ency (CF) plo
ot of 2011 daata for RC veersus core iss shown in F Figure
12.2, which illustrates
s an apparent global difference, with R
RC assays b biased high reelative to corre, for
e range of assays.
the entire
Effective Da
ate: September 12,
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Figure 12
2.1: CF plot of
o RC versus
s Core Au As
ssays – All D ata (to Augu
ust 2011)
Source: AV
VMC (2016)
To investtigate furtherr, a quartile-q

quartile (QQ Plot) compa
arison was d
done between each quinttile of
RC and core
c assays.
The majo ority of the diffferences be
etween core and
a RC were e observed b below a 0.2 g g/t cut-off. In other
words low wer grade as ssays. One re eason for the
e differences was location n bias for thee RC holes. IIt was
also noteed that for low
wer grade as ssays close tot the detecttion limit, the
e difference w was more ob bvious
in historic
cal RC holes, which had an apparent higher analyytical detectio on limit than that of the rrecent
core assa ays. This appparent RC loc cation bias is
s explained b
by the fact thhat core drillin
ng was conducted
in a more e widespread d manner ra ather than co oncentrated in the centra al higher graade portion o of the
deposit where
w the RCC drilling was focused.
The autho ors also examined core and
a RC comparisons to ccheck for bia as due to orie
entation of drrilling.
All drilling
g was directeed as angle holes
h either north or soutth to cross a
at various dip
p angels, inte
ended
to cross thet primary orientation ofo mineralizattion at appro
oximately 90°°. Compariso ons showed good
correlatio on and thereffore there wa
as no bias of RC-versus-RRC on north--versus-south directed drrilling.
A similar good compa arison and no
n bias of coore-versus-coore on north-versus-soutth directed d drilling
was show wn.
Effective Da
ate: September 12,
1 2016 12-5
V I C T OR
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It was cooncluded thatt there was no

n material bias
b in the sa
ampling meth hod comparing core to RRC, or
orientatio
on of drilling, above a cut-off of 0.15 to 0.20 g/t Au
u. The effectt was minima
al on the reso
ource
estimation, as the miineralized sh hell created for
f Eagle Go old was base ed on a mod
dified 0.20 gg/t Au
grade she ell.
12.2.5 Oxidation
O Surface
S Verification
For both the Eagle Zo one and the Olive Zone, oxidation co
odes were prresent in the core loggingg and
the drill hole
h database
e, and were used to dete
ermine meta llurgical type
es with appro
opriately assigned
recoverie es.
A review of the oxide e codes for Eagle Gold was done ffor the purpo ose of the 22012 FS and d was
updated for
f the curren nt resource estimate.
e Obbservations a at site of the ccore and the
e surface outtcrops
suggested that oxide codes in the drill hole log gs for Eagle G Gold may ha ave been defiined based oon the
relative amount
a of oxiidation noted
d in the host rocks, not ne ecessarily the amount of oxidation prresent
in gold-beearing veins and fracture es. This is off particular cconcern for thhe Eagle Zone, as RC d drilling
comprised a significaant portion off the drilling, and oxidatio on in veins, as opposed to host rockk may
not be ass discernable
e in RC cuttinngs. If the veein density is low, yet the rock is still a mineable g
grade,
the core or RC cuttings may appe ear as a relaatively low oxxide code, w when the vein ns are indeedd well
oxidized. Figure 12.2 illustrates the
e issue.
Effective Da
ate: September 12,
1 2016 12-6
V I C T OR
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Figure 12
2.2: Photogra
aph of Outcrop - Oxidized
d Sheeted Q
Quartz Veins in Relatively
y Fresh
Granodio
orite
Source: SR
RK ( 2011)
A horizonntal drill hole

e through the
e outcrop shhown in Figu re 12.2 wouuld be classiffied with a m
mix of
oxide coddes, yet all the
t veins an
nd fractures containing qquartz and sericite would
d be classifie
ed as
oxidized, which is where the gold is located. At
A a propose ed approxima
ate 6 mm cru ush size, inte
ended
for the HLP, the oxidized veinlets s containing gold will be exposed to leach fluids even if hostted in
naltered and un-oxidized Granodiorite
largely un e.
As the oxidation statte of veins and
a veinlets is importantt, and the oxxidation statte of Granoddiorite
(without veins
v and veeinlets) is gen
nerally not, the authors to
ook the apprroach of deteermining the base
of oxidation as the base of the preeponderance of oxide cod de 3 or greate
er.
Effective Da
ate: September 12,
1 2016 12-7
V I C T OR
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A trace of the interpre

eted base of oxidation wa
as digitized in
n a cross-secction, linking section to se
ection
to create a surface, which
w was the
en modified in a long secction, and to individual ho oles, to creatte the
surface used
u in the model.
m
This proccess was up pdated in 2013 after the last drilling program at the Eagle Z Zone. Figure
e 12.3
indicates the drill hole
e codes for oxidation of three or greeater (green) and the inte
erpreted oxid
dation
orange) in crross-section for
surface (o f Eagle Go old.
Figure 12
2.3: Eagle Cross-Section 459992E (50
0m thick) Sho
owing Oxida
ation Codes a
and Interpretted
Oxidation
n Surface (Orange)
Source: SR
RK Leapfrog so
oftware, 2013
A genera al interpretativ
ve base of oxidation
o surfface was gennerated for uuse in resourrce modelling
g. For
the area above the in nterpreted oxxide surface, some historrical holes ha ave no oxidee code and/oor low
oxide cod des (codes Null,
N 0, and 1)), and are su
urrounded byy holes with ooxide code 3 or greater. T
These
conflicting
g oxide code es are shown n in Figure 12.4.
1 Most off the conflictting low oxid
de codes aree from
older RC holes. Thes se low oxide codes (and no oxide cod des) are con nsidered non-representative of
the oxidation state of the veins.
The base e of oxidatioon roughly mimicked
m top nd generally dipped stee
pography, an eply downwa ard to
where the mineraliza ation was off higher grad
de, and corrresponding tto the structtural fracture
e/vein
control off mineralizatio
on and oxida
ation.
An oxide surface was created foor the 2012 FS resource e model. Forr this 2016 u updated reso ource
estimate, the same process was used
u and inc
corporated in
nto the 2012 in-fill drilling
g program da ata, to
he oxidation surface. Th
update th he resulting modified oxxide surface changed m minimally from
m the
previous 2012 surface
e.
Effective Da
ate: September 12,
1 2016 12-8
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For the Olive

O Zone, almost
a all of the drilling consisted
c of mostly recennt and consisstent core drrilling.
Leapfrog software wa as used to creeate a surfac ce for the basse of oxidatio
on (Ox codess 3, 4, and 5)), and
a base off transition or mixed oxide-sulphide material
m (Ox ccodes 1 and 2). Below thhe transition zone,
Ox code 0 defines un n-oxidized freesh Granodio orite or sulphhide-bearing Granodioritee (Figure 12.4). A
transition or mixed ox xide-sulphidee zone was not defined for Eagle, b but is more relevant for Olive
where su ulphide minerralization is more
m abunda ant, and whe ere metallurgical recoveryy data is ava
ailable
for the trransition or mixed
m materrial. At the Olive
O Zone, oxidation is relatively sh hallow and mmixed
oxides-suulphides are present at surface in trenches. Simil ar to Eagle, the base of oxidation an nd the
base of trransition or mixed
m materiaal, tend to dip
p down verticcally along soome structurral zones.
Figure 12
2.4: Olive Zon
ne Cross-Section facing N68E - Oxid
de surfaces
Source: AV
VMC (2016)
Effective Da
ate: September 12,
1 2016 12-9
V I C T OR
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12.2.6 Summary
S
Olive Zon
ne data verifications were
e similar in prrocess to the work done ffor Eagle Gold and includ
ded:
 Site verifications
v of
o rock types;
 Altera
ation, oxidatio
on, mineraliz
zation in trenc
ches and drilll hole core;
 Spot check compa
arisons with assay data;
 Revie a Gold's bulk density dete
ew of Victoria erminations; a
and
 QA/Q
QC procedure
es and results
s for which th
he QA/QC prrocedures we
ere in place.
The autho ors concludeed that the da

atabases for both the Eag gle Zone and d the Olive Zone were valid for
use in thee resource esstimation, annd were base ed on proper drilling, assa
aying, QA/QC C proceduress, and
database e constructionn. There were e no identifie
ed data limita
ations or erro
ors that would
d have bearin
ng on
the qualitty of the Mine
eral Resource e estimations s.
Effective Da
ate: September 12,
1 2016 1
12-10
V I C T OR
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13 Mineral
M Proces
ssing and
a Mettallurgical Tes
sting
Metallurg
gical test worrk for the Eaagle Zone ha as been cond ducted betweeen 1995 annd 2014. The e test
work to date
d is divide
ed into two ca
ategories: Prre- and post--2012 work. The pre-201
12 work was used
as the baasis of the 2012
2 Wardroop FS. Since the complletion of the FS addition nal variabilityy and
confirmattion test workk has been performed
p by
y Kappes Ca ssidy & Asso ociates (KCA
A) and McCle elland
Laboratorries for the Eagle
E Gold project.
p The focus on thiis test work was to conffirm feasibilityy test
work resuults, provide additional test work res sults for Ore
e Type “E”, aand to evalu
uate recoveriies at
ambient and
a freezing temperature es.
In additio
on to the pos
st-FS work completed,
c a study on prrojected gold
d recoveries from run-of--mine
(ROM) an nd primary crushed only ore was perfformed for E
Eagle Zone. P
Preliminary ttest work hass also
been perfformed on th
he nearby Olive Zone betw
ween 2014 a and 2015.
13.1 Eagle
E Go
old Projec
ct Metallu
urgical Te
est Progrrams Chro
onology
13.1.1 Pre-2012
P Metallurgica
al Test Worrk
Extensivee metallurgic
cal test work has been co
onducted on material forr the Eagle GGold project using
sample sets
s deemed representattive at the time with resppect to the aaim of the p
particular proogram
embarked d upon. The Wardrop FS S on the Eag
gle Gold projject included
d the evaluattion of test re
esults
from test programs caarried out by KCA betweeen 1995 and 2011 which iincluded:
 e roll and column leach te
Bottle ests; High-pre essure grind ing roll (HPG
GR) and convventional cru
ushing
on maaster compos sites and on individual orre type compposites condu ucted from 19
995-1997; annd
 Bottle
e roll and co
olumn leach tests; HPG
GR and convventional cru
ushing on m
master compo
osites
conduucted from 2009 and 2011;
In total, 36
3 column leaach tests (inccluding three for environmmental testingg) and 37 boottle roll tests were
completed at varying g crush size es on materrial from 11 core holes and three surface pitss and
composites prepared from 17 t of core and 2.2 2 t of surface
e samples. The test workk focused prim marily
on ore ty ypes “A” (We eathered Grranodiorite, 39.1%
3 of tottal contained
d gold), “B” (Fresh to W Weakly
Altered Granodiorite,
G 42.5% of tootal containedd gold), and “C” (Sereticc, Chloritic, C
Carbonate Altered
Granodio orite, 11% off total contained gold). For the purp poses of thee study, ore types “D” ((Fine-
grained Granodiorite
G – assumed d to be miniimal) and “E E” (Weatherred Sedimen nts, 7.4% off total
contained d gold) weree considered as ore type e “B” when ccalculating th he overall reccoveries. Ge eneral
results froom these tes
sts included:
 Gold recovery was dependentt on crush siz
ze and ore tyype;
 Gold recoveries in n the column leach tests varied
v from 4
43 to over 90
0% and recovveries in the bottle
roll te
ests varied fro
om 23 to 97%
%;
 Calcu
ulated gold recoveries
r fo
or different material type nventional crrush size of 80%
es at a con
passing 6.3 mm were:
w
ate: September 12,

Effective Da 1 2016 13-1
V I C T OR
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C
o Type A: 79
9% Recovery
y Au;
o Type B: 68
8% Recovery
y Au;
o Type C: 73% Recovery Au; and
o 3% Recovery
Overall: 73 y Au.
 me requirements and rela
erate leach tim
Mode atively low re
eagent requirrements were
e:
o 150-day le
each cycle;
o Lime addition at 1 kg/t; and
o Cyanide consumption
c at 0.39 kg/t.
 Comp pacted permeability testss with simula
ated loads b etween 0 an
nd 150 m de
emonstrated good
stability and low slump
s withoutt cement agg
glomeration.
 Agglo
omeration witth cement was
w recomme
ended in the lower lifts:
o Cement addition at 2 kg/t.
k
Based onn extensive KCA

K nce, the calculated gold rrecoveries prresented abo
experien ove included a 3%
deduction
n for estimate
ed field reco
overies from those achievved in the laboratory testt program. T This is
common practice for scaling
s colum
mn tests to ex
xpected field
d results for th
his type of de
eposit.
13.1.2 KCA
K 2012 – Small Column Varia
ability Testting
Material from
f KCA’s 2009 and 2011 2 test wo ork programss for the Eag gle Gold pro oject was ussed to
conduct variability
v tes
sting including bottle roll tests,
t compa
acted permea ability tests, and small co
olumn
leach tests. The samp ples included d eight superr sacks of m aterial from tthe 2009 pro ogram 49 5-ggallon
uckets and tw
(19 L) bu wo super sac cks of half spplit HQ and PQ core ma aterial from thhe 2011 prog gram,
which reppresented 26 6 separate sa amples. Com mposites werre made for e each ore type (A, B, C and E)
which weere then used d to make one e master com mposite.
Details on
n the master composite are
a presented
d in Tables 1 3.1.
Table 13.1: Master Co
omposite of A,
A B, C, E Co
ore
Weigh
ht to Composiite,
KCA Samp
ple No. Ore
e Type % to C
Composite
(kg)
48126 A 17 27.2
48164 A 17 27.2
48165 B 46 73.28
48166 C 12 19.2
48167 E 8 12.8
100 160
Source: KC
CA (2016)
ate: September 12,

V I C T OR
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C
Head ana alyses for goold and silverr, carbon and

d sulphur, meercury and co
opper, multi--element ana
alysis,
and a whhole rock ana alysis for werre performed
d on the masster composiite sample. TThe sample hhad a
calculated
d size of 80% % passing 6.81 mm with an average weighted he ead assay of 1.235 g/t forr gold
and 0.39 g/t for silver.. Mercury andd copper leve
els were low
w and are not expected to be an issue..
13.1.2.1 Bottle
e Roll Leach
h Test Worrk
Bottle roll leach tests were perforrmed on sele
ected portion
ns of individu
ual samples as well as o
on the
master composite.
c Bottle roll tes
sts were con
nducted on h head sample e material p
pulverized to 80%
passing 0.075
0 mm.
A summa
ary of the results is presen
nted in Table
e 13.2.
Table 13.2: Bottle Roll Leach Testt Summary Results
R
KCA KCA Calculated Extracte Avg. Auu Leach Cons. Ad

ddition
Oree
Sample Test Domain Head d Tails Extrac
cted Time NaCN Ca
a(OH)2
Typ
pe
No. No. (g Au/t) (g Au/t) (g
g Au/t) (%
%) (hours) (kg/t) ((kg/t)
48127 63507
6 A A north 0.333 0.32 0.014 96
6 48 0.32 1
48130 63507
6 B A north 1.181 1.126 0.055 95
5 48 0.21 1
48131 63507
6 C A north 0.639 0.593 0.046 93
3 48 0.13 1
48132 63507
6 D A south 2.232 2.166 0.067 97
7 48 0.1 0.5
48133 63507
6 E B north 0.719 0.668 0.051 93
3 48 0.32 1
48134 63508
6 A B north 0.776 0.74 0.036 95
5 48 0.16 0.5
48135 63508
6 B B north 0.89 0.795 0.094 89
9 48 0.33 0.5
48136 63508
6 C B north 0.998 0.904 0.094 91
1 48 0.39 0.5
48137 63508
6 D B north 1.288 1.106 0.182 86
6 48 0.48 1
48138 63508
6 E B south 0.384 0.364 0.021 95
5 48 0.29 1
48139 63509
6 A B north 0.908 0.852 0.057 94
4 48 0.4 0.5
48141 63509
6 B B south 0.633 0.599 0.034 95
5 48 0.1 0.5
48142 63509
6 C B south 1.08 1.014 0.066 94
4 48 0.23 1.5
48143 63509
6 D B north 0.269 0.237 0.033 88
8 48 0.21 1
48144 63509
6 E C north 2.279 2.192 0.087 96
6 48 0.33 1
48147 63510
6 A C south 0.492 0.46 0.033 93
3 48 0.17 1
48148 63510
6 B C south 0.373 0.316 0.057 85
5 48 0.14 1
48149 63510
6 C C south 0.795 0.696 0.099 88
8 48 0.23 1
48150 63510
6 D E south 1.18 1.143 0.038 97
7 48 0.23 1
48151 63510
6 E E north 3.197 2.879 0.319 90
0 48 0.27 1.5
48152 63511
6 A E north 0.78 0.655 0.125 84
4 48 0.29 1
48159 63511
6 C C -- 0.643 0.609 0.034 95
5 48 0.32 1
48126 63511
6 D A -- 1.101 1.054 0.047 96
6 48 0.09 1.5
A, B, C,
48163 48171
4 A -- 1.018 0.973 0.045 96
6 96 0.34 1.5
E
Source: KC
CA (2016)
ate: September 12,

V I C T OR
R IA G OLD CORP.
C
The bottle
e roll leach tests
t showed
d high recove eries for gold
d ranging between 85% a and 97% witth low
reagent requirements s. Based onn these results, there a are no signnificant corre
elations obse
erved
between sample head d grades and
d overall gold recoveries.
ary of the results by ore and domain ty
A summa ype is presen
nted in Table
e 13.3.
Table 13.3: Bottle Roll Leach Testt Summary by
b Ore Type – Gold
Calculatedd Au Leach Consump ption Add

dition
Sample
Ore Type Domain Head Extracted
d, Time NaCN N Ca(OOH)2
ID.
(g Au/t) (%) (hours) (kg/tt) (kgg/t)
Average A All 1.096 95 48 0.19
9 0..88
Average A North 0.718 95 48 0.22
2 1
Average A South 2.232 97 48 0.1 0
0.5
Average B All 0.795 92 48 0.29
9 0..89
Average B North 0.836 91 48 0.33
3 0..93
Average B South 0.699 94 48 0.21 0..78
Average C All 0.985 90 48 0.22
2 1
Average C North 2.279 96 48 0.33
3 1
Average C South 0.554 89 48 0.18
8 1
Average E All 1.719 90 48 0.26
6 1..17
Average E North 1.989 87 48 0.28
8 1..25
Average E South 1.18 97 48 0.23
3 1
Source: KC
CA (2016)
13.1.2.2
2 Comp
paction Tes
st Work
Compacted permeabiility test work
k was condu ucted on porttions of Type
e A compositte and the mmaster
composite. Each com
mposite was crushed
c to 10
00% passingg 9.5 mm and d assessed aat a simulated
d 150
m overall heap heigh
ht. The Typee A composittes were ea ch agglomerrated with 2.5 kg cemen nt per
tonne of ore,
o and the master comp posite was aggglomerated with 3 kg ceement per ton
nne of ore.
ng are presented in Table
Results frrom the compaction testin e 13.4.
Table 13.4: Summary
y of Compactted Permeab
bility Tests
KCA KCA Cement Effective

E Flo
ow Crush
% Pellet %
Sample Test Description Added, Height, Ra ate, Size, Pa
ass/Fail
2 Breakdown Slump
No. No. kg/t metres L/h
h/m Mm
48126 48153
4 A Pitt 1, 2, 3 Type A 2.5 150 12
28 9.5 <5 0 P
Pass
48126 48153
4 B Pitt 1, 2, 3 Type A 2.5 150 10
06 9.5 <5 0 P
Pass
48163 48172
4 A A, B,, C, E Composite
e 3 150 29
96 9.5 <5 1 P
Pass
Source: KC
CA (2016)
Results of
o the agglommeration tests
s were evaluated based oon percent slump, out flo ow of solution
n, and
solution color.
c In gen
neral, KCA coonsiders the
e following te
est criteria ass the basis ffor measurin
ng the
responsee of the variou
us samples:
ate: September 12,

V I C T OR
R IA G OLD CORP.
C
 Less than 10% slu

ump;
 Meas
sured flows of
o more than 10 times the heap design
n flow rate;
 Less than 15% pe
ellet break do
own; and
 Exces
ssive color and lack of cla
arity of solution.
Based on n KCA’s crite

eria, all three
e tests passe
ed with minim mal breakdo
own of agglomerates and d very
little slum
mp, however, it should be e noted that one of the TType A compposite tests mmarginally pa
assed
2
for flow rate
r based on the accepted criteria ofo 10 times tthe field app
plication rate of 10 l/h/m . The
master co omposite commfortably pas ssed based on
o all criteria .
13.1.2.3
3 Colum
mn Leach Test
T Work
Small column leach te ests were conducted utiliz zing each ind dividual sample and composites at a crush
size of 100%
1 passin
ng 9.5 mm (approximate
( ely 80% passsing 6.3 mm). All of th he columns were
agglomerrated with ap pproximately 3 kg cementt per tonne off ore and we ere leached foor varying pe
eriods
of time ussing a sodium
m cyanide so olution with an
a initial stren
ngth of 1.0 g
grams sodiumm cyanide pe er litre
of solution. At the con
nclusion of lea
aching, drainn down tests were perform med for the ccolumns.
Gold leacch curves forr all of the co
olumns are shown
s in Fig he results of the column leach
gure 13.1. Th
tests are presented in
n Table 13.5.
ate: September 12,

V I C T OR
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Figure 13
3.1: Small Co
olumn Leach Curves
100%
90%
Cumulative Percent Gold Extraction
80%
70%
60%
50%
40%
30%
20%
10%
0%
0 20 40 60 80 100 120 140
Days of Leach
D
DG11-MET-03
D (63325) DG11-MET-05 (63328) DG11-MET T-09 (63331) DG11-MET-12 ((63334)
DG11-MET-15
DG11-MET-06
DG11-MET-16
DG11-MET-24
DG11-MET-20
Intermediate
I C Composiite (63504) Pit 1, 2, 3 Type A (63512) A, B, C, E C
Composite (48168)
Source: KC
CA (2016)
ate: September 12,

V
E
T
Table 13.5: Colu
umn Leach Test Results by Ore Type
T at 100% Pa
assing 9.5 mm - Gold
KCA Calc culated Calcula

ated Avg. Consumption Addition
KCA
A Extracted,, Exxtracted Dayss of
Sample Ore Type Domain Tail p80 Size Headd Tails NaCN Cement
Test No.
N (g Au/t) (% Au) Leac
ch
No. (m
mm) (g Au//t) (g Au/t) (kg/t) (kg/t)
48127 6332
25 A North 5.92
5 0.4266 0.373 0.053 88 988 1.12 3
48128 6332
28 A North 6.01
6 1.4522 1.221 0.231 84 1188 1.06 3.04
48129 6333
31 A North 6.37
6 0.7699 0.609 0.16 79 1188 1.12 3.06
48130 6333
34 A North 5.92
5 0.6977 0.483 0.214 69 966 1.27 3.04
48131 6333
37 A North 5.92
5 0.7211 0.586 0.135 81 988 1.49 3.04
48132 6334
40 A South 6.33
6 2.0022 1.727 0.275 86 1188 1.22 3.05
48133 6334
43 B North 6 1.1555 0.824 0.331 71 1188 1.93 3.04
48134 6334
46 B North 6.35
6 0.4733 0.281 0.192 59 1188 1.23 2.99
48135 6334
49 B North 6.23
6 0.76
6 0.389 0.371 51 988 0.96 2.99
48136 6335
52 B North 6.14
6 1.1188 0.793 0.325 71 1188 1.21 3
48137 6335
55 B North 5.71
5 1.7122 1.054 0.658 62 1188 0.82 3
48138 6335
58 B South 5.8
5 0.3433 0.204 0.139 60 988 1.05 3.13
48139 6336
61 B North 5.92
5 0.9244 0.695 0.229 75 1188 1.18 3.01
48140 6336
64 B North 6.82
6 0.9077 0.671 0.236 74 1188 1.59 3.02
48141 6336
67 B South 6.13
6 0.8577 0.646 0.211 75 1188 0.93 3.01
48142 6337
70 B South 6.24
6 0.8599 0.522 0.337 61 988 1.25 3.13
48143 6337
73 B North 6.17
6 0.33
3 0.227 0.103 69 988 1.34 3.12
48144 6337
76 C North 6.58
6 1.7588 1.063 0.695 60 1188 1.39 3.02
48147 6337
79 C South 6.38
6 0.7888 0.541 0.247 69 1188 1.3 3.05
48148 6338
82 C South 5.85
5 0.4611 0.318 0.143 69 966 0.97 3.13
48149 6338
85 C South 5.86
5 0.9355 0.737 0.198 79 1188 1.31 3.08
48150 6338
88 E South 6.8
6 1.1433 0.926 0.217 81 1188 1.07 2.99
48151 6339
91 E North 6.43
6 3.4811 2.512 0.969 72 1188 1.3 3
48152 6350
01 E North 6.18
6 0.8644 0.572 0.292 66 1188 0.99 2.99
48159 6350
04 C North 5.58
5 0.5544 0.417 0.137 75 966 0.89 3.01
48126 6351
12 A --- 5.75
5 1.0177 0.861 0.156 85 777 0.91 3
48163 4816
68 A, B, C, E --- 5.98
5 1.0299 0.672 0.357 65 777 0.65 3.03
S
Source: KCA (2016
6)
E
ember 12, 2016 13-7
V I C T OR
R IA G OLD CORP.
C
The varia
ability small column
c tests had the following results::
 Ore Type
T “A” gold
d extractions ranging from
m 69 to 88% w
with an avera
age gold extrraction of 81%;
 Ore Type
T “B” gold
m 51 to 79% w age gold extrraction of 66%;
with an avera
 Ore Type
T “C” gold
m 60 to 79% w age gold extraction of 70%;
with an avera
 Ore Type
T “E” gold
m 66 to 81% w age gold extrraction of 73%;
with an avera
 ace Type “A” composite gold extraction of 85%;
Surfa
 Gold extraction fo
or the master composite of
o 65%;
 Overaall average cyanide con nsumption of
o 0.42 kg N NaCN/t ore based on a 35% facto
or for
calculating field co
onsumptions
s from laborattory data; an
nd
 Avera n of 41, 33.5 and 38.5 L/t dry ore
age 24-hour drain down e for ore typ
pes A, B an
nd C,
respe
ectively.
13.1.2.4
4 Variability Test Results
R
Overall, the
t results from the variiability small column tesst work are iin agreemennt with the re
esults
reported in the Wardrop FS. Resu ults of the column leach teests by ore tyype and dom
main are prese
ented
in Table 13.6.
1
Table 13.6: Column Leach
L Test Results by Orre Type
Avg.
Calculated
C Met. Consu
umption Addition
Ore Extracted,
E Exttracted Dayys of
Domain Head, Screen
S N
NaC, Ce
ement
Type (g Au/t) (%
% Au) Le
each
(g Au/t) Tails (k
kg/t) (k
kg/t)
(g
( Au/t)
A All 1.012 0.833 0.179 81 108 1.21 3
3.04
A North 0.814 0.654 0.16 80 106 1.21 3
3.04
A South 2.002 1.727 0.275 86 118 1.22 3
3.05
B All 0.859 0.573 0.286 66 111 1.23 3
3.04
B North 0.925 0.617 0.308 67 113 1.28 3
3.02
B South 0.686 0.457 0.229 65 105 1.08 3
3.09
C All 0.901 0.615 0.286 70 109 1.17 3
3.06
C North 1.156 0.74 0.416 68 107 1.14 3
3.02
C South 0.731 0.532 0.199 72 111 1.19 3
3.09
E All 1.827 1.337 0.49 73 118 1.12 2
2.99
E North 2.312 1.719 0.593 77 118 1.19 3
E South 0.857 0.572 0.285 67 118 0
0.99 2
2.99
Source: KC
CA (2016)
ate: September 12,

V I C T OR
R IA G OLD CORP.
C
Based on
n the distributtion of contaiined gold, the
e overall extrractions are a
as follows:
 North
h Zone: 72.2%
%;
 South
h Zone: 76.1%
%; and
 All: 73.7%.
A lab field
d deduction was
w not applied to the final recoveriess due to conttinued leaching in a majority of
the tests when ended.
Cyanide consumption ns for the va
ariability column test worrk averaged 0.42 kg/t ba ased on ore types
nd includes a 35% factor to the lab res
tested an sults for field
d consumptio
ons. This is slightly higherr than
those tessted in the Wardrop FS S results (0 0.39 kg/t); h however, the
e consumptio ons are in close
agreemen nt.
Compacted permeability tests show that the ore meets K
KCA’s test ccriteria up to a heap heig
ght of
ddition of 3 kg
150 m at a cement ad g/t.
13.1.3 KCA
K 2013 – Environm
mental Testt Work
Reject material from each

e intervall sample from
m samples frrom KCA’s previous test work (three ssuper
sacks off bulk pit material,
m 26 core interva al samples) was utilized d to generaate four ore type
composites based on n informationn provided byb Victoria GGold. Each o ore type commposite was then
combinedd and blended with a portion
p of rejject materia
al from the p previously generated Tyype A
composite and a porttion of rejectt material fro
om one interrval sample ((DG-MET-23 3) to generatte the
mental compo
environm osite, which was
w utilized fo or the enviro nmental testt program.
A summa
ary of the env
vironmental composite
c omposition is presented in
co n Table 13.7.
Table 13.7: Summary
y of Environm
mental Comp
posite Genera
ation
KCA Weig
ght to Weigght to
Ore Typ
pe of
Sample/Co
omposite Description
D Comp
posite Compposite
Type Ma
aterial
No. (kg
g) (%
%)
Surface
48126 Pit
P 1, 2 and 3 A 59
9.5 1
17
Pit
48154 DG11-MET
T-03, 05, 09, 12
2, 15, 21 A C
Core 59
9.5 1
17
DG11-MET-02,
D , 04, 06, 08, 10
0, 14, 16, 13,
48155 B C
Core 159.5 4
45
17, 22, 24
48156 DG11-M
MET-01, 18, 19
9, 20 C C
Core 4
44 1
13
48150 DG-MET-23
D E C
Core 5.25 1
48157 DG11-MET-25, 26
6 E C
Core 23.45 7
Total: 351.2 100
Source: KC
CA (2016)
ate: September 12,

V I C T OR
R IA G OLD CORP.
C
The envirronmental co omposite was s prepared an nd utilized fo

or head analyyses, bottle ro oll leach testt work
and colum mn leach tes st work. Deto oxification te
est work wass conducted on tailings ffrom each co olumn
leach tes st. Tailings frrom select columns
c were further utillized for hum midity cell te
est work and d final
tailings from select tes sts were utiliz
zed for comp pacted perme eability test w
work.
13.1.3.1 Bottle
e Roll Leach
h Test Worrk
Bottle roll leach testin
ng was cond ducted on a portion of th he environm
mental compoosite. A portiion of
head matterial was pu ulverized to a target size of 80% pas sing 0.075 m mm and leacched for 48 h hours.
The test was
w maintain ned at a targe
et concentrattion of 1.0 grrams sodium cyanide perr litre of solution.
The bottle roll leach test showed gold extractions of 92%
% after 48 ho
ours with low
w sodium cyyanide
consumptions of 0.29 kg/t.
13.1.3.2
2 Colum
mn Test Wo
ork
Column leeach tests in
ncluding cyannide leaching g, detoxificatiion and humidity cell testts were conducted
on individ
dual portionss of materiaal split from the environ nmental com mposite. All o of the tests were
conducted in consecu utive order wiithin the origiinal column l each test ap
pparatus.
A total of
o eight colummn leach tests were co ompleted withh detoxificattion tests co onducted on each
column. Detoxified
D tailings from se
elect columns
s were then ffurther utilize
ed for humidity cell test w
work.
Results frrom the colum
mn leach tes
sts for gold ex
xtraction are summarized
d in Table 13
3.8.
Table 13.8: Summary
y of Column Leach
L Tests
Weighted
W
KCA Colummn Calculated Calculate
ed C
Consumption A
Addition
KCA Extracted, Avg.
A Tail Extrac
cted, Days of
Sample Temp p., Head, Tail p80 NaCN, C
Cement,
Test
T No. g Au/t Screen,
S %A Au Leach
No. ˚C g Au/t Size, mmm kg/t kg/t
g Au/t
48158 63301
6 22 0.987 0.822 0.165 83
3 6.1 143 1.24 3.03
48158 63304
6 22 0.98 0.825 0.156 84
4 5.7 143 1.22 3.03
48158 63307
6 22 0.972 0.806 0.166 83
3 6.4 143 1.27 3.03
48158 63310
6 22 1.093 0.929 0.164 85
5 6 143 1.06 3.03
48158 63313
6 22 0.992 0.82 0.172 83
3 6.4 143 1.4 3.03
48158 63316
6 22 0.991 0.826 0.165 83
3 6.1 143 1.28 3.03
48158 63319
6 3 0.953 0.785 0.167 82
2 6 143 1.27 3.02
48158 63322
6 3 1.074 0.909 0.165 85
5 6.1 143 1.48 3.03
Source: KC
CA (2016)
All of the columns were leache ed for 143 days with ttwo columnss being leacched at a ttarget
temperatuure of 3°C and
a the rema aining six columns being leached at a ambient temperature (~2 22°C).
Gold extrractions from
m the columns ranged bettween 82% a and 85%. Th he overall average recove ery of
the colum
mns was 83.5 5% with an average
a cyanide consummption of 1.228 kg/t ore. TThe recoverie es for
each colu
umn were very consistentt and temperrature had a n
negligible efffect on overa
all recoveriess.
ate: September 12,

V I C T OR
R IA G OLD CORP.
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Two type es of detoxiffication test work were conducted on tailings ffrom the co olumn leach tests
including bacterial an nd hydrogen peroxide de etoxification. Bacterial de etoxification w
was conductted in
two phas ses including g solution detoxification
d (Phase I) followed byy continuouss solution cyycling
(Phase II). In all but one
o of the tessts, the bacte
erial detoxificcation reduce
ed the Weakk-Acid-Dissocciable
Cyanide (WAD CN) to o less than 3 mg/L after 17 days and less than 1 mg/L after 4 45 days. Afte
er 180
days, thee WAD CN for all tests s ranged be etween 0.14 4 and 0.24 mg/L. The detailed baccterial
detoxifica
ation test ressults can bee found in thhe KCA rep port “Eagle G Gold Metallu urgical Test Work
Decembe er 2013.”
Hydrogen n peroxide de etoxification work was coonducted on the tailings m material using a copper n nitrate
catalyst (CuN
( 2O6.5H2O). The copper catalyz zed peroxide e was added d to detoxifyy the final bbarren
solution and
a the columns were th hen restarted
d with the de etoxification ssolution. Rea
agent additioons to
the detoxxification solu
ution were baased upon the total cyani de and copp per analyses conducted o on the
final barrren solution at the end of the leac ch period. D Daily hydroge en peroxide additions to o the
detoxifica
ation solutionn were calcullated based upon the ini tial WAD cya anide analyssis. After 20 days,
the WAD CN was red duced to lesss than 1 mg/L
L in all but on
ne of the columns. After 80 days the WAD
CN for alll columns ra anged betwe een 0.23 to 0.53
0 mg/L. T The complete e peroxide d detoxification tests
can be foound in the KCA report “E Eagle Gold Metallurgical T Test Work De ecember 2013.”
Humidity cell test work was conducted on the e detoxified ttailings mate
erial from select column leach
tests and was perform
med in the orriginal leach test
t column. The comple ete humidity ccell results ca
an be
found in the
t KCA repo ort “Eagle Go
old Metallurgical Test Woork Decembe er 2013.”
13.1.3.3
3 Comp
pacted Perm
meability Te
est Work o n Column T
Tailings
Compacted permeabiility tests werre performed d on the colum
mn tails mate
erial, which w
was agglomeerated
with apprroximately 3 kg cement per tonne of ore prior to o leaching. C
Compacted permeability tests
were con
nducted at eq quivalent hea ap height loa
adings of 25 m, 50 m, 755 m, 100 m a and 125 m. B
Based
on KCA’ss test criteria,, the material passed at all
a heights.
13.1.4 McClelland
M 2014 – Ma
aster Comp
posites Tes
st Work
McClellannd Laboratorries conducte ed test workk in 2014 to evaluate the effects of heap leachiing at
near freeezing temperatures. Tes sts were con nducted at bboth ambien nt (~16°C) a
and near fre
eezing
(~1°C), on
o each of two sample es, at a crussh size of 8 80%, passin ng 6.25 mmm (1/4”), including
agglomerration testing
g, bottle roll le
each tests an
nd column leaach tests. Th
he samples w
were compossed of
material from
f 31 bagss of broken drill core received in April 2013.
says for gold are presente
Head ass ed in Table 13.9.
ate: September 12,

V I C T OR
R IA G OLD CORP.
C
Table 13.9: Gold Head

d Assay Res
sults
Heaad Grade
Determina
ation Method g Au/t ore
Sam
mple 1 Sample 2
Direct Assa
ay, Initial 0. 343 0.617
Direct Assa
ay, Duplicate 1. 063 0.720
Direct Assa
ay, Triplicate 0. 171 0.240
Calculated, Bottle Roll Te
est 0. 583 0.343
Calculated, Head Screen 0. 377 0.617
Calculated, Column Leac
ch Test Ambien
nt 0. 686 0.480
Calculated, Column Leac
ch Test Cold 0. 754 0.411
Average 0. 514 0.514
Std. Deviattion 0. 343 0.206
Source: Mc
cClelland 2014
4
13.1.4.1 Direc
ct Agitated Cyanidation
C n Tests
Direct cy
yanidation bo
ottle roll tests were condducted on ea ach sample at 80% passsing 6.25 m mm to
evaluate heap leach amenability. Gold recove eries from th
he bottle roll tests ranged d between 6 60.0%
and 70.6% after 96 hours
h with cy
yanide consuumptions bettween 0.20 a and 0.22 kg//t. The tests show
that the material
m was
s still leachin
ng at the conclusion of tthe bottle ro
oll tests, indiccating that h
higher
recoverie
es may be achieved with longer leach time.
13.1.4.2
2 Agglo
omeration Tests
T
Agglomerrate strength y tests were conducted o
h and stability on each sam mple at 80% passing 6.25 5 mm
and at ammbient tempeeratures follo
owed by testts conducted on sampless at cold temmperatures (-10°C,
0°C, and 10°C). The results sho ow that agglo omeration wiith cement aalone withouut lime resultted in
poorer quuality agglom
merates. Optimal cementt additions foor agglomera ate strength were found to be
between 1 kg and 2 kg cement per tonne at a ambient coonditions (wiith 1.5 kg off lime per to
onne).
Agglomerrates did not perform as s well under freezing an d near freezzing temperaatures and fuurther
testing may be require
ed.
Load permmeability tests were also conducted on meability of the two
o the materiial to determine the perm
ore types
s at different simulated
s he
eap stack heights with agg
glomerates p produced usiing 2 kg per ttonne
cement and
a 1.5 kg per tonne lime at ambient and low w temperaturres. Permea ability testing
g was
conducted at ambientt temperature es for all sam
mples.
Results of
o the permea ability test work
w are sum
mmarized in TTables 13.10
0 and 13.11. The results show
that adeqquate percola
ation is achieved for all tests up to 97 m (318 fft) heap heig
ght both with
h and
without ce
ement agglomeration.
ate: September 12,

V I C T OR
R IA G OLD CORP.
C
Table 13.10: Load Permeability Te

est Results – Sample 1
Agglomera
ated
No
on-Agglomera
ated
10°C -10°C
Estimated Ap
pplication Estimated Applic
cation Estimated Applicattion
Heap Heig
ght Rate Heap Heigh
ht Raate H
Heap Height, Rate,,
2
Metres g/m/ft
g Metres m/ft2
g/m Metres g/m/ftt2
7.6 0.632 7.9 0.0

058 7.9 0.847
7
14.9 0.316 15.9 0.0
046 15.9 0.132
2
29.0 0.18 28.0 0. 02 29.9 0.029
9
39.9 0.135 38.1 0.0
017 41.2 0.017
7
52.1 0.125 46.0 0.0
013 53.0 0.014
4
64.0 0.089 56.1 0. 01 64.9 0.011
82.0 0.045 77.1 0.0
007 75.0 0.009
9
93.9 0.034 96.0 0.0
006 100.0 0.008
8
Source: Mc
cClelland 2014
4
Table 13.11: Load Permeability Te

est Results – Sample 2
Agglomera
ated
No
on-Agglomera
ated
10°C -10°C
Estimated Ap
pplication Estimated Applic
cation Estimated Applicattion
Heap Heigght Rate Heap Heigh
ht Raate H
Heap Height, Rate,,
2
Metres (Ftt) g/m/ft
g Metres (Ft)) m/ft2
g/m Metres g/m/ftt2
7.6 0.632 7.9 0.0

058 7.9 0.847
7
14.9 0.316 15.9 0.0
046 15.9 0.132
2
29.0 0.18 28.0 0. 02 29.9 0.029
9
39.9 0.135 38.1 0.0
017 41.2 0.017
7
52.1 0.125 46.0 0.0
013 53.0 0.014
4
64.0 0.089 56.1 0. 01 64.9 0.011
82.0 0.045 77.1 0.0
007 75.0 0.009
9
93.9 0.034 96.0 0.0
006 100.0 0.008
8
Source: Mc
cClelland 2014
4
13.1.4.3
3 Colum
mn Leach Tests
T
Column leach tests were
w conductted on each sample at a crush size of 80% passsing 6.25 m mm, at
both ambbient and neaar freezing te
emperaturess to determinne the effectss of heap lea
aching underr cold
weather conditions.
c Lime was add ded to each column
c at 1.5
5 kg per tonnne ore basedd on the botttle roll
lime requ
uirements; co
olumn charge es were not agglomerated
a d.
ate: September 12,

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Results frrom the colum

mn leach tes
sts are presented in Table
e 13.12.
Table 13.12: Column Leach Test Results
R
Sample I.D
D. Ambbient Cold Ambient Cold
Unit
Metallurgical Results (P--2) (P-1) (P-4) (P-3
3)
Extraction % of total Au 0
90 86.4 78.6 83.3
3
Extracted oz Au/t ore
e 018
0.0 0.019 0.011 0.01
1
Tail Assay oz Au/t ore
e 0.0
002 0.003 0.003 0.00
02
Calc’d Hea
ad oz Au/t ore
e 0.0
02 0.022 0.014 0.012
Average Head oz Au/t ore
e 015
0.0 0.015 0.015 0.015
NaCN Con
nsumed lb/t ore 5.3
36 2 5.27 1.79
9
Lime Adde
ed lb/t ore 3 3 3 3
Final Soluttion pH 10
0.1 9.8 10.2 9.9
9
pH after Riinse 9.4 9.4 9.2 9.4
4
Leach/Rinsse Cycle,
18
83 183 183 183
3
Days
Source: KCCA (2016)
The column tests sh how that the ere were no significant a adverse effeects to gold recovery at near
freezing temperatures
t s, nor did it affect
a the gold
d recovery ra
ate. The averrage gold reccovery for Sa
ample
1 is appro
oximately 88% and Samp ple 2 is 81%.
Cyanide consumption
n was significantly lowerr for the nea
ar freezing ccolumn tests compared tto the
tests on the
t same sam
mples at ambbient temperaature.
13.1.4.4
4 McClelland Testt Program Conclusions
C s
Key conc
clusions from the McClella
and test prog
gram are:
 No significant reco
overy differences betwee
en ambient an
nd cold colum
mn leach tessts;
 At a crush
c ng 6.25 mm, the average gold recoveries for Sample 1 and Sa
size off 80% passin ample
2 werre 88% and 81%,
8 respecttively;
 Highe
er recoveries ved compared to other tesst work with longer leach time (183 da
s were achiev ays);
 Load//permeability
y test results
s were varia
able and ind dicate that ccommercial heap leaching is
possible without agglomeratio
a n pretreatme
ent; additiona
al testing sho
ould be condu
ucted; and
 Cyanide consumption was significantly
s lower for ccold column tests comp
pared to am
mbient
tempe
erature tests.
ate: September 12,

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13.1.5 Run-of-Min
R e and Prim
mary Crush
hed Only R
Recovery
ROM recoveries have e been estimaated for Eagle Gold baseed on test woork completed
d on the project to
e recovery es
date. The stimate has been
b based on
o the followiing informatio
on:
 Estim
mated ROM size
s distributtion based on
o data from a nearby project with ssimilar geolog
gy as
well as
a simulated data;
 Prima
ary only crusshed size distribution bas
sed on data ffrom a nearb
by project witth similar ge
eology
as we
ell as simulatted data; and
d
 Estim
mated gold recoveries by size
s fraction.
13.1.5.1 Run-o
of-Mine Esttimated Rec
covery
The ROM M size distribution was de etermined using existing R ROM data foor a nearby p
project with ssimilar
geology. The existing data include es material siize distributio
on at 100% +
+100 mm and d -1,200 mm. Due
to the corrrelation betw
ween crush size
s and recoovery, Bruno o Process Sim
mulation softtware was ussed to
determinee the distribu
ution of -100 mm material.
Recoverie es by size fraction werre estimated d based on test work data conduccted by KC CA on
conventio onally crushe
ed material at 100% pass sing 75 mm. This recoverry data was p plotted and a best
fit line wa
as used to estimate
e recooveries at co
oarser sizess. The plotted d recovery b
by size fraction is
presented d in Figure 13.2. Overall estimated
e rec
coveries by ssize fraction are presente
ed in Table 13.13.
Figure 13
3.2: Gold Exttractions by Individual
I Siize Fractions
s
100
0%
y = ‐0.067ln(x) ++ 0.9529
R² = 0.78662
80
0%
% Au Extraction
60
0%
40
0%
20
0%
0%
0
0 20 40 60 80 100 120
Paassing Size, mm
m
Head vss Tailings Scree
en Analyses Log. ( Head vs Tailinggs Screen Analyses)
Source: KC
CA (2016)
ate: September 12,

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Table 13.13: Estimate

ed ROM Reco
overies by Size Fraction
KCA Test No. 44289 Calcu

ulated % Au by
y
ROM % Pa
assing
Size (mm) % Au
A Fraction
1.7 96
6 7.70 8
8.00 8.00
6 79
9 3.90 13
3.00 5.00
12.5 74
4 4.50 19
9.00 6.00
25 77
7 4.60 25
5.00 6.00
50 63
3 6.90 36
6.00 11.00
75 74
4 5.90 44
4.00 8.00
100 64
4 6.60 54
4.30 10.30
200 59
9 12.20 75
5.10 20.80
300 56
6 6.40 86
6.50 11.40
400 54
4 2.80 91
1.60 5.10
500 52
2 1.90 95
5.30 3.70
610 51 0.70 96
6.60 1.30
712 50
0 0.50 97
7.70 1.10
813 49
9 0.40 98
8.60 0.90
914 48
8 0.10 98
8.80 0.20
1016 47
7 0.20 99
9.30 0.50
1117 47
7 0.20 99
9.70 0.40
1200 46
6 0.10 10
00.00 0.30
Total 66 100
Source: KC
CA (2016)
Based onn size fraction, the estima

ated recovery y for the RO M material iss calculated at 66%; how
wever,
comparinng recoverie es from this s sample at a -9.5 mm m, the final recovery is approxim mately
12 percenntage points higher than n the 2012 FSF estimate. The ROM rrecovery by size fraction n was
deductedd by the 12 percentage
p points
p to obta
ain the final ROM field re ecovery rangge. Due to limited
data, KCAA estimates a ROM recov very in the ra
ange of 50 to
o 55%.
13.1.5.2
2 Prima
ary Crushed
d Only Estimated Reccovery
The mate erial size dis
stribution for the primaryy crushed on
nly recovery was estimatted based o on the
estimatedd ROM size distribution anda data from the Bruno
o Process Siimulation sofftware. The same
recoverie
es by size fraaction determ mined for thee ROM mateerial were ap
pplied to the
e primary cru
ushed
only estim
mate and aree presented in n Table 13.144.
ate: September 12,

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Table 13.14: Estimate

ed Primary Crushed
C Only
y Recoveries
s by Size Fraction
Jaw Crushed Produ

uct
KCA Test No
o. 44289 Calcu
ulated % Au by
y
Bru
uno Simulation, % Passing
Size (mm) % Au Fraction
1.7 96 7.50 7.80 7.80
12.5 74 9.30 20
0.40 12.50
25 77 6.70 29
9.00 8.60
50 63 8.50 42
2.40 13.40
75 74 8.50 53
3.90 11.50
100 64 7.00 65
5.00 11.00
136 62 9.30 80
0.00 15.00
150 61 3.60 85
5.90 5.90
200 59 5.60 95
5.40 9.50
330 55 2.50 100
0.00 4.60
Total 68 100
Source: KC
CA (2016)
Based onn size fraction, the estima

ated recoverry of the primmary crushedd only material is calculatted at
68%; ho owever, com mparing recooveries fromm this samp ple at -9.5 mm, the ffinal recove ery is
approxim
mately 12 perrcentage points higher th han the 2012 2 FS estimaate. The primmary crushed d only
recovery by size frac ction was re
educed by the 12 perce entage pointts to obtain the final prrimary
crushed only
o field recovery range.. Due to very
y limited resu
ults, KCA estiimates a prim
mary crushedd only
recovery in the range of 55 to 60%%.
13.1.6 Summary
S of
o Eagle Go
old Test Re
esults
In genera
al, the post-F
FS test work k for the Eag
gle Gold project is in closse agreemennt with the re
esults
from the previous testt work. A sum
mmary of thee key results from each ggroup of test work is prese
ented
below.
y of 2012 FS Results:
Summary
 Maste
er composite
e column testt Au recovery
y – 74%;
 Individual ore type
e column leach test Au re
ecovery – 67%
%;
 Avera
age of maste
er composite and individua Au recovery – 70.5%;
al ore types A
 all estimated Au recovery
Overa y for FS – 73%;
 Cyanide Consump
ption – 0.39 kg/t;
 Ceme
ent addition – 2 kg/t for firrst few years
s; and
 Lime addition – 1 kg/t.
ate: September 12,

V I C T OR
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Post 2012
2 FS Results
s:
 Variability average
e test Au rec
covery of individual ore ty pes – 74%;
 Overa
all average Au
A recovery from
f master composites
c 7
78%, include
es:
o McClelland master com
mposite averrage Au reco
overy – 84.5%
%;
o ental compos
Environme site recovery
y of 83.5%; a nd
o Small colu
umn master composite
c re
ecovery of 65
5%.
 Un-de nide consumption of 1.21 kg/t for vari ability testing
educted cyan g and 0.95 kkg/t to 2.65 kg
g/t for
the McClelland
M aster composite test work
ma k.
Based on
n the above in
nformation, KCA
K recomm
mends the fol lowing param
meters for the
e 2016 FS:
 Gold recoveries at:
a
o Type “A” – 79%;
o Type “B” – 68%;
o Type “C” – 73%;
o Type “D” (assumed minimal)
m – no test data avvailable, assu
umed to be ssame recove
ery as
Type “B” (68%);
(
o Type “E” – 73%; and
o Overall Au u recovery of 73%, includding field de duction (asssumes no cha
anges to ore
e type
distribution as stated in
n the 2012 FS).
 Field cyanide consumption of 0.35 kg/t;
 ent addition of
Ceme o 2 kg/t in lower lifts;
 Lime addition of 1 kg/t; and
 Ultimate leach cyc
cle of 150 da
ays.
Estimatedd recoveries for ROM maaterial are esttimated in th e range of 50

0 to 55% and
d primary cru
ushed
only reco
overies are estimated
e at 55 to 60%.. Confirmato ory test workk is recommended if RO OM or
primary crushed
c only scenarios arre further con
nsidered.
ate: September 12,

V I C T OR
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13.2 Olive
O Mettallurgica
al Test Prrograms C
Chronolo
ogy
Recent metallurgical
m test
t work has
s been carrie
ed out by KC
CA between 2 2014 and 2015 on material for
the Olive Zone. Samples tested include bulk and core ma aterial that w
was deemed representative at
the time they were composited withw respect to the aim o of the particuular program
m embarked upon.
Investigattions have la
argely focuse
ed on heap le
eaching.
The follow
wing is a chrronological liist of test wo
ork complete
ed to date tha
at is being cconsidered fo
or this
section:
 KCA, July 2014, Olive
O Project Report of Me
etallurgical T
Test Work;
 015, Olive Prroject Report of Metallurg ical Test Wo
KCA, February 20 ork;
 KCA, June 2015, Olive Projecct Report of Metallurgical
M Test Work B
Bottle Roll and Column L
Leach
Test Work
W Oxide, Sulphide, Trransitional an
nd Shamrockk Trench.
Test work
k and results from the pro
ograms to da
ate are summ
marized chron
nologically be
elow.
13.2.1 KCA
K – July 2014
The July y 2014 test program in ncluded preliminary botttle roll leacch tests on different sa ample
composites from the e Olive ore body to ev valuate cyan nide leaching g of the ore e. Samples were
composited from buck kets of half split
s and who
ole PQ and H HQ core matterial, with th hree oxide saample
composites and three e sulphide saample compo osites. Four b bottle roll testts were perfoormed on portions
of each composite
c at target sizes
s of 80% pas ssing 6.3 mm m, 80% passsing 1.7 mm and 80% pa assing
0.075 mm m. Two bottlle roll leach tests were conducted a at 80% passsing 0.075 m mm, one for direct
bottle roll test and one for a carbo on-in-leach bottle
b roll testt. Each bottlee roll test wa
as run for a p
period
of 96 houurs.
A summary of the test
t results is shown in
n Tables 13
3.15 and 13
3.16 for oxid
de and sulp
phide,
respectively.
ate: September 12,

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Table 13.15: Summarry of Bottle Roll

R Leach Te
est Results o
on Oxide Com
mposites after 96 hours
Targ
get
KCA KCA Head Ca
alculated Au Cons
sumption Ad
ddition
p800 Test
Sample Test Desc
cription Average Head Exttracted N
NaCN Ca
a(OH)2
Size
e Type
No. No. (g Au/t) (g
g Au/t) (%) (kg/t) (k
kg/t)
(mmm)
Oxide
O
71201 A 71254
7 A Com
mposite 6.3
3 Direct 1.617 1.683 61 0
0.41 2.8
A
Oxide
O
71201 B 71256
7 A Com
mposite 1.7
7 Direct 1.617 1.514 74 0
0.55 2.4
A
Oxide
O
71201 B 71258
7 A Com
mposite 0.07
75 Direct 1.617 1.766 92 1.33 3.5
A
Oxide
O
71201 B 71260
7 A Com
mposite 0.07
75 CIL 1.617 2.299 95 2
2.16 3
A
Oxide
O
71202 A 71254
7 B Com
mposite 6.3
3 Direct 1.93 1.888 52 0
0.42 2.4
B
Oxide
O
71202 B 71256
7 B Com
mposite 1.7
7 Direct 1.93 2.036 75 0
0.59 2
B
Oxide
O
71202 B 71258
7 B Com
mposite 0.07
75 Direct 1.93 1.775 86 0
0.96 3
B
Oxide
O
71202 B 71260
7 B Com
mposite 0.07
75 CIL 1.93 2.094 89 1.93 4
B
Oxide
O
71203 A 71254
7 C Com
mposite 6.3
3 Direct 1.917 1.261 71 0
0.44 2.4
C
Oxide
O
71203 B 71256
7 C Com
mposite 1.7
7 Direct 1.917 1.264 81 0
0.28 2.4
C
Oxide
O
71203 B 71258
7 C Com
mposite 0.07
75 Direct 1.917 1.077 89 0
0.59 4
C
Oxide
O
71203 B 71260
7 C Com
mposite 0.07
75 CIL 1.917 1.931 95 1.54 3
C
Overall Ave
erage, g Au/t 80 0
0.93 2
2.91
Average Va
alues - p80 6.3 mm 61 0
0.42 2
2.53
Average Va
alues - p80 1.70 mm
m 77 0
0.47 2
2.27
Average Va
alues - p80 0.075 mm, Direct 89 0
0.96 3.5
Average Va
alues - p80 0.075 mm, CIL 93 1
1.88 3
3.33
Source: KC
CA (2016)
ate: September 12,

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Table 13.16: Summarry of Bottle Roll

R Leach Te
est Results o
on Sulphide C
Composites after 96 Hou
urs
Tarrget
KCA Head C
Calculated Au Cons
sumption Ad
ddition
KCA p80 Test
Sample De
escription Average Head Ex
xtracted N
NaCN Ca
a(OH)2
Test No. Siize Type
No. (g Au/t) (g Au/t) (%) (kg/t) ((kg/t)
(m
mm)
Sulphide
S
71204 A 71254 D Co
omposite 6.3 Direct 7.661 7.358 33 0.31 2
A
Sulphide
S
71204 B 71256 D Co
omposite 1.7 Direct 7.661 7.827 55 0.34 2
A
Sulphide
S
71204 B 71258 D Co
omposite 0.0
075 Direct 7.661 8.313 81 0.8 2
A
Sulphide
S
71204 B 71260 D Co
omposite 0.0
075 CIL 7.661 8.434 83 1.6 2
A
Sulphide
S
71205 A 71255 A Co
omposite 6.3 Direct 0.792 1.17 41 0.22 2
B
ulphide e
Su
71205 B 71257 A Co
omposite 1.7 Direct 0.792 1.1 45 0.23 2
B
Sulphide
S
71205 B 71259 A Co
omposite 0.0
075 Direct 0.792 1.235 75 0.83 2
B
Sulphide
S
71205 B 71261 A Co
omposite 0.0
075 CIL 0.792 1.775 86 1.86 2
B
Sulphide
S
71206 A 71255 B Co
omposite 6.3 Direct 2.392 2.319 53 0.46 2
C
Sulphide
S
71206 B 71257 B Co
omposite 1.7 Direct 2.392 2.368 66 0.49 2
C
Sulphide
S
71206 B 71259 B Co
omposite 0.0
075 Direct 2.392 3.02 75 2.16 2
C
Sulphide
S
71206 B 71261 B Co
omposite 0.0
075 CIL 2.392 2.796 75 2.95 2
C
Overall Ave
erage, g Au/t 64 1.02 2
Average Va
alues - p80 6.3 mm 42 0.33 2
Average Va
alues - p80 1.70 mm
m 55 0.35 2
Average Va
alues - p80 0.075 mm, Direct 77 1.26 2
Average Va
alues - p80 0.075 mm, CIL 81 2.14 2
Source: KC
CA (2016)
Gold extrraction and crush

c size sh
howed a strong correlatio
on as shown in Figure 13 3.3. Slightly h
higher
recoverie
es were achieeved for the CIL
C bottle roll tests compa
ared to the d
direct bottle ro
oll tests.
ate: September 12,

V I C T OR
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Figure 13
3.3: Gold Exttraction vs. Crush
C Size
Source: KC
CA (2016)
13.2.2 KCA
K – Febrruary 2015
A preliminary evaluattion of heap leaching for the Olive oore body wa as conducted d in the Febbruary
2015 testt program, in
ncluding preliminary agglo
omeration tesst work and gold recoverry through co
olumn
leach tests. Tests werre conducted
d on oxide co
omposites fro
om the 2014 KCA test pro ogram.
ate: September 12,

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13.2.2.1 Colum
mn Leach Test
T Work
Column leach tests were w conduccted for eachh oxide comp posite, utilizing material crushed to 100%
passing 9.59 mm. Eac ch column was leached for f 122 dayss using a sod dium cyanide e solution wiith an
initial stre
ength of 1.0 grams
g sodiumm cyanide pe er litre of sol ution with onn-flow solutio
on maintainedd at a
target lev vel of 0.6 gra
ams sodium cyanide per litre of soluttion. Drain down tests were conducte ed on
each colu umn at the coonclusion of leaching
l follo
owed by a ma aximum perccolation test.
A summa
ary of the colu
umn test results is presen
nted in Table
e 13.17.
ate: September 12,

V
E
T
Table 13.17: Column Leach Testt Work Summary
y Metal Extractio
ons and Chemic
cal Consumption
ns
Weighted C
Calculated
K
KCA KCA Crush Ca
alculated Daays Consumptiion Addition
Extrac
cted Avg. Tail Extracted Tail p80
S
Sample Test Description Size Head o
of NaCN Cement
(g Au
u/t) Screen (% Au) Size
N
No. No. (mm) (g
( Au/t) Lea
ach (kg/t) (kg/t)
(g Au/t) (mm)
7
71201 A 71434 Oxide Composite
eA 9.5 1.769 1.20
06 0.563 68 6.45 12
22 1.53 6.02
7
eB 9.5 2.203 1.62
26 0.577 74 5.16 12
22 1.48 6.04
7
eC 9.5 1.32 0.86
62 0.458 65 6.31 12
22 1.37 6.08
A
Average -- 1.764 1.23
31 0.533 69 5.97 --- 1.46 6.05
S
Source: KCA (2016
6)
CColumn test extrraction results we

ere based on ca
arbon assays vs. the calculated head.
h Gold extraactions ranged fro
om 65 to 74% w
with an average
rrecovery of 69%. Average cyanid de consumption was 1.46 kg/t.
CColumn tests we ere also analyzed for copper and d mercury. The tests
t showed les
ss than 0.01 mg of mercury per kg of ore was e extracted to the
ccarbon. Copper extractions were low with the exception
e of KCA Test No. 71437 which showeed high levels o of leachable copper. Based on
tthese results, coopper and mercu ury are not expected to be a con
ncern; however, should high leveels of leachable copper be enco
ountered in the
ffield, this may re
esult in higher cya
anide consumptions.
T
The average 24--hour drain down
n for all three com
mposites is 27.5 L/t ore.
E
ember 12, 2016 13-24
V I C T OR
R IA G OLD CORP.
C
Percentage slump annd final appa

arent bulk density from the column tests are prresented in T
Table
13.18. The composittes had min nimal percennt slump wi th final app
parent bulk densities ranging
between 1.434 and 1..469 t/m3.
Table 13.18: Percent Slump and Final
F Apparent Bulk Dens
sity
Final
Crush Initial App parent
KCA KCA A FFinal Ht. S
Slump
Description Size Ht., B
Bulk
Sample No
o. Test No. ((metres) (%)
(mm) (metres) Dennsity,
(t drry/m3)
71201 A 7143
34 Oxide
e Composite A 9.5 1.873 1.861 0.70 1.469
71202 A 7143
37 Oxide
e Composite B 9.5 1.905 1.899 0.30 1.434
71203 A 7144
40 Oxide
e Composite C 9.5 1.87 1.861 0.50 1.455
Source: KC
CA (2016)
13.2.2.2
2 Febru
uary 2015 Program
P Co
onclusions
Based onn this test program, 4 kg cement per tonne of ore e is adequatte for heap h
heights up to
o 8 m.
Gold reco
overies averraged 69%, while
w sodium
m cyanide co onsumptions averaged 1.46 kg/t. Me ercury
and copp
per are not exxpected to be
e a concern based
b on thiss test work.
13.2.3 KCA
K – June
e 2015
The KCA A June 2015 test work focused on a comprehenssive heap lea ach evaluatio
on including bottle
roll leach tests, agglo
omeration annd compactio on test work, and gold re
ecovery throuugh column leach
tests. Saamples for teest work werre composed d of sampless from four supersacks of bulk and core
material, each containing a sing gle sample. Samples inccluded oxide e material, ssulphide material,
transitional material and
a a bulk sample
s from the Shamro ock trench. Results for material from
m the
Shamrock trench were e not conside
ered in this evaluation.
e
Head ana alyses were completed on o each sammple. Portion
ns of the hea
ad material w
were assaye ed for
gold and silver content and a portion of each
h sample wa as also assayyed semi-qu
uantitatively ffor an
additional series of ele
ements and for
f whole roc
ck constituen
nts.
e no deleterio
There are ous elements
s noted in su
ufficient conce
entration to a
adversely afffect processing by
heap leac
ching method ds.
13.2.3.1 Bottle
e Roll Leach
h Test Worrk
Bottle roll leach testin
ng was cond ducted on po
ortions of ma
aterial from e
each samplee. Direct bottle roll
tests werre performed d at grind siz
zes of 100% passing 9.55 mm, nomin nal 1.7 mm m
material, and 80%
passing 0.075
0 mm. CIL
C bottle rolll tests were also conduccted for each sample with a grind size of
80% pass sing 0.075 mm.
m
o the bottle roll leach tes
Results of st work are presented
p in Table 13.199. The bottlee roll tests sh
how a
strong co
orrelation bettween crush size and rec covery. Reco
overies for direct bottle ro
oll leach testss and
CIL bottle
e roll leach tests
t were ve
ery similar. There
T does n
not appear tto be any co orrelation bettween
head gradde and final recoveries
r ba
ased on thes se tests.
ate: September 12,

V C T O R IA G O LD CORP.
VI
E
EAGLE G OLD FEASIBILIT Y STUDY
T
Table 13.19: Sum
mmary of Bottle Roll Leach Testt Results - Gold
C
Crushed/
Calcu
ulated Leach Consumption Addition
KCA
K KCA N
Nominal/ Head Average
A Extra
acted Avg. T
Tails, Au Extrac
cted
Head Time NaCN Ca(OH)2
S
Sample No. Test
T No. Description T arget p80 Tes
st Type (g Au/t)
A (g Au/t)
A (g Au
u/t) (%)
(g Au/t)
A (hours) (kg/t) (kg/t)
Size
(mm)
7
72278 B 72830 A Oxide 9.5 Direct
D 1.0
094 1.4
445 0.9
989 0.4555 68% 120 0.41 2.1
7
72278 B 72830 B Oxide 1.7 Direct
D 1.0
094 1.2
286 1.0
013 0.2773 79% 120 0.35 2.15
7
72278 B 72832 A Oxide 0.075 Direct
D 1.0
094 1.3
32 1.2
222 0.0998 93% 96 0.78 2.5
7
72278 B 72833 A Oxide 0.075 CIL 1.0
094 1.184 1.0
099 0.0886 93% 96 2.08 2.25
A
Average 1.3
309
S
Standard Deviatio
on 0.107
R
Relative Standard Deviation 8%
%
7
72279 B 72830 C S
Sulphide 9.5 Direct
D 0.9
993 0.9
946 0.5
509 0.4337 54% 120 0.47 1
7
72279 B 72830 D S
Sulphide 1.7 Direct
D 0.9
993 1.0
084 0.7
756 0.3228 70% 120 0.58 1
7
72279 B 72832 B S
Sulphide 0.075 Direct
D 0.9
993 1.0
051 0.9
919 0.1332 87% 96 0.53 1.5
7
72279 B 72833 B S
Sulphide 0.075 CIL 0.9
993 1.0
068 0.9
943 0.1225 88% 96 1.32 1.25
A
Average 1.0
037
S
Standard Deviatio
on 0.0
062
R
%
7
72280 B 72831 A Tra
ansitional 9.5 Direct
D 0.4
426 0.4
486 0.2
295 0.199 61% 120 0.52 0.8
7
72280 B 72831 B Tra
D 0.4
426 0.5
517 0.3
329 0.1889 64% 120 0.59 0.8
7
72280 B 72832 C Tra
D 0.4
426 0.5
549 0.4
475 0.0774 87% 96 0.5 1.75
7
72280 B 72833 C Tra
ansitional 0.075 CIL 0.4
426 0.7
751 0.6
682 0.0669 91% 96 1.34 1.5
A
Average 0.5
576
S
Standard Deviatio
on 0.1
12
R
Note: The relative standard
N s deviation for
f the calculated h
heads were good ex
xcept for the Transsitional sample. The
e cause of this is the CIL test.
S
Source: KCA (2016 6)
E
ember 12, 2016 13-26
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
AS IB I L I T Y STUD
S Y
13.2.3.2
2 Agglo
omeration and
a Compa
action Test W
Work
Compaction test work
k was condu ucted with 0 kg, 4 kg, 6 kg, 8 kg or 10 kg addition of cemen nt per
tonne of ore. Sample
es were placced into a co
olumn and suubjected to ccalculated lo
oads equivale
ent to
8 m, 16 m and 24 m of
o overall hea
ap height.
Results of
o the agglom meration testss were evaluated based o on percent slump, out floow of solutionn, and
solution color.
c All tes
sts for both preliminary agglomerattion test worrk and comp paction test work
passed based
b on KC CA’s criteria. The scopee of this testt work did n not include a any evaluation of
maximum m heap heigh ht or at whatt height any specific cem ment addition
n rate fails. A
At this time, KCA
recomme ends 6 kg cement per ton nne of material, as this p rovides adeq
quate pH con ntrol and is sstable
up to 24 m.
m
13.2.3.3
3 Colum
mn Leach Test
T Work
Each coluumn was leaached for 91 days with a sodium
s cyannide solution with an initia
al concentration of
1.0 gramss sodium cyaanide per litre
e of solution and on-flow solutions ma aintained at 1.0 grams soodium
cyanide per
p litre of so
olution. Drain
n down tests were condu ucted on eacch column at the conclusion of
leaching followed by a maximum percolation test.t Resultss for the colu
umn leach tests are prese ented
in Table 13.20.
1
Effective Da
ate: September 12,
1 2016 13-27
V
E
T
Table 13.20: Column Leach Testt Work Summary
y Metal Extractio
ons and Chemic
cal Consumption
ns
Weighted d C
Calculated
KCA Crush Calculated
C Days s Consumption
n Addition
KCA Extra
acted Avg. Tail Extracted Tail p80
Sample Description
n Size Head of NaCN Cement
Test No. (g Au/t)
A Screen (% Au) Size
No. (mm) (g Au/t) Leac
ch (kg/t) (kg/t)
(g Au/t) (mm)
72278 B 72812 Oxide 9.5 1.62 1..1 0.52 68% 6.49 91 0.87 5.93
72278 B 72815 Oxide 9.5 1.684 1.133 0.551 67% 6.93 91 0.85 5.93
72279 B 72818 Sulphide 9.5 1.162 0.6
658 0.504 57% 6.26 91 0.59 5.93
72279 B 7282
21 Sulphide 9.5 1.177 0.6
639 0.538 54% 6.62 91 0.81 5.93
72280 B 7282
24 Transitiona
al 9.5 0.538 0.3
318 0.22 59% 6.87 91 0.7 5.93
72280 B 7282
27 Transitiona
al 9.5 0.522 0.2
295 0.227 57% 6.46 91 0.66 5.94
S
Source: KCA (2016
6)
E
ember 12, 2016 13-28
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Column gold extracttions ranged d from 54 to 68% ba ased on callculated hea ads with cyyanide
consumptions ranging g from 0.59 to
t 0.87 kg/t ore.
o Average
e non-deductted laboratorry gold recovveries
by materiial type are:
 Oxide
e – 68%;
 Sulph
hide – 56%; and
a
 Trans
sition – 58%.
ed head for the column tests are generally

Calculate g witthin what K
KCA considers an accep
ptable
deviation, which is 3%
% for gold.
Column tests
t d for copper and mercuryy. The tests showed lesss than 0.02 m
were allso analyzed mg of
mercury per kg of oreo was extrracted to ca arbon. Leachhable coppe er ranged fro om 18.2 mg g/L to
79.6 mg/LL for oxide material.
m Conncentrations of copper fo
or sulphide aand transitional material were
low, rang
ging between n 2.39 to 17.8 mg/L for sulphide
s and 4.2 to 27.0 mg/L for transitional material.
Based onn these tests,, copper and mercury are
e not expecte
ed to be an isssue.
After com
mpletion of le
eaching, the percent slum
mp and final apparent buulk density off the column tests
were me easured and are presented in Table es 13.21. Peercent slumpp was minim mal for all o
of the
columns with
w a final apparent
a bulk
k density rang n 1.640 and 1.686 t/m3.
ging between
The avera
age 24-hour drain down for
f all of the columns
c is 2 7.3 L/t ore.
Table 13.21: Percent Slump and Final
F Apparent Bulk Dens
sity
Final
KCA Crus
sh Init ial Fin
nal Apparent
KCA Slu
ump
Sample Descripttion Size
e, Heigght Heigght Buulk
Test No. (%
%)
No. mmm (metrres) (mettres) Dennsity,
ry/m3)
(t dry
72278 B 72812 Oxide
e 9.5
5 1.77
78 1.7
775 0.2
20% 1.64
72278 B 72815 Oxide
e 9.5
5 1.77
72 1.7
772 0.0
00% 1.6
642
72279 B 72818 Sulphid
de 9.5
5 1.76
62 1.7
756 0.4
40% 1.6
665
72279 B 72821 Sulphid
de 9.5
5 1.7
74 1.7
734 0.4
40% 1.6
686
72280 B 72824 Transitio

onal 9.5
5 1.73
34 1.7
73 0.2
20% 1.6
686
72280 B 72827 Transitio

onal 9.5
5 1.74
46 1.7
746 0.0
00% 1.6
669
Source: KC
CA (2016)
Effective Da
ate: September 12,
1 2016 13-29
VI C T OR
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EAGLE G OLD FEA
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13.2.3.4
4 Environmental Analyses
A
The final drain down solutions
s from
m the column leach testss were analyyzed for seve
eral elementss. The
ow that there
tests sho e are several constituents
s present in the un-treate
ed solutions that do not meet
water quaality standard
ds.
Environmmental analys ses consisting of meteoric
c water mob bility tests (MWMT) were performed o on the
un-treated tailings ma aterial from each
e column leach test. G
Generally, these test resu
ults indicate a low
probabilitty of mobilizin
ng additional contaminants.
13.2.3.5
5 June 2015 Program Conclu
usions
Based onn this test pro
ogram, 6 kg cement per tonne of oree is adequate
e for heap heeights up to 2
24 m.
Average test recoverries for gold are 68% for oxide, 56% % for sulphid
de and 58% for transition ore
ercury and co
types. Me opper are not expected to
o be a conce
ern based on this test worrk.
13.2.4 Summary
S of
o Olive Tes
st Work Re
esults to D
Date
Column leach
l tests for
f the KCA February 20 015 and Jun
ne 2015 testt programs sshow similarr gold
recoverie
es for oxide material ran nging betweeen 67% andd 74% at a crush size of 100% pa assing
9.5 mm (aapproximately 80% passiing 6.3 mm). For heap leaach FS purposes, KCA n normally disccounts
laboratory
y gold extra
actions by twwo to three percentage points when n estimating field extracctions.
Based onn the column n test work re
esults from the
t two testin
ng programss, the following recoveriees are
estimated
d for each ore
e type at Oliv
ve:
 Oxide
e – 66% gold
d;
 hide – 53% gold; and
Sulph
 sition – 55% gold.
Trans
KCA calcculated 110 days for the complete le based on solution applica
each cycle b ation rates oon the
basis of tonnes of solution
s per tonne of orre with addi tional time required to reach the a above
d field recove
estimated eries. The co
olumn tests show
s an ave rage 24-hour drain downn of 27.3 L/t o
of dry
ore and average
a retained moisture
e of 89.6 L/t.
With mos stly clean non
n-reactive ore
es, cyanide consumption
c on heaps is tyypically 25 to
in productio o 35%
of the lab
boratory coluumn test consumptions. For
F ores con ntaining high amounts of leachable co opper
and or silver, the higher factors should
s be uttilized. Expeccted cyanidee consumptio on is estimatted at
0.37 kg/t ore.
Based on n available test
t work, a cement add dition of 6 kkg/t ore shou
uld be used with a maxximum
stacking height
h of 24 m. Additiona
al test work is
s required to determine if additional sttacking heigh
ht can
be achieeved at the recommended cementt addition; however, ba ased on ag gglomeration n and
compacteed permeability tests commpleted, the ore
o does not appear to ha ave any perm meability issuues.
Column tests
t predomminantly show
w very little co
opper or me rcury being e
extracted during leaching g with
only one column test showing high h copper extraction. It is not expected
d that either o
of these elem
ments
eleterious to the
will be de t heap leacch operation and gold reccovery.
Effective Da
ate: September 12,
1 2016 13-30
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14 Mineral
M Resou
urce Esttimates
s
This FS includes an update to th he Mineral Resource
R es timate (MREE) for the Eaagle Gold deeposit
(hereafter referred to as the Eaglee Zone), which was prevviously described in the WWardrop 2012 FS,
nitial MRE forr the Olive Zo
and an in one gold min
neralization, located apprroximately 2.5 km northeast of
the Eagle
e Zone.
The MRE E for the Ea
agle Zone has h been prepared by R Ravindra Sh harma, MAussIMM (CP), SME
(registere
ed member).. The MRE has been classified ass “Measured d”, "Indicated
d" and "Infe
erred"
accordingg to the Cannadian Instittute of Minin
ng and Meta allurgy (CIM)) "CIM Standards on Mineral
Resource es and Reserrves: Definitio
ons and Guid
delines" (Mayy 2014).
The MREE for the Oliive Zone has been prep ank Daviess, MAusIMM, SME (regisstered
pared by Fra
member). The MRE has h been cla assified as “M
Measured”, ""Indicated" and "Inferred"" according tto the
n Institute off Mining and
Canadian d Metallurgyy (CIM) "CIMM Standardss on Minera al Resourcess and
Reserves
s: Definitions and Guidelin
nes" (May 20014).
Geologica
al data revie
ew and modelling, data verification,
v and QA/QC was carried d out by Qua alified
Person Allan
A Moran (AIPD CPG) to support th
he data incorrporated into resource esstimations forr both
the Eagle
e and Olive mineralized
m zo
ones.
Detailed data verificaation and QA A/QC was carried
c out to he data inco
o support th orporated intto the
resource estimation. Datamine Sttudio3 softwa are (Datamin ne), a commercially availlable geologyy and
mining sooftware pack kage was us sed for exam
mining geolog gical domains, block mod delling and ggrade
estimation. The initial geological model
m was crreated in Leaapfrog and w
was modified d in sections using
Dataminee. Snowden’s s Supervisorr software was used for exploratory data assesssment, analysis of
grade varriograms, and continuity analysis.
a The
e grade estimmation was ca
arried out in Datamine.
MRE metthods and re esults are described heree for both thee Eagle and Olive Zoness, with more detail
provided for the Eagle
e Zone, as th
he primary de
eposit of interrest.
Effective Da
ate: September 12,
1 2016 14-1
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R IA G OLD CORP.
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EAGLE G OLD FEA
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14.1 Eagle
E Zone - Drill Hole Dattabase
The drill hole
h databas
se was receiv
ved in MS Acccess Databbase and Exccel format alo
ong with 4700 CSV
and PDF assay certifficates from the
t analyticaal labs. The d
digital databa
ase included
d the followin
ng file
informatioon:
 Collar – drill hole name, eastin
ng, northing, elevation, to tal depth, typ
pe, and purpo
ose;
 Surve e name, depth of survey, azimuth, and
ey – drill hole d dip;
 Assayys – drill hole
e name, from
m/to, sample ID, certificate
e number, Au
u, Ag and oth
her elementss from
the IC
CP analysis;
 Geolo
ogy – drill ho ole name, fro
om/to, samp ple ID, degre
ee of oxidatio
on, sericitiza
ation, chloritizzation
and silicification,
s vein
v type and
d thickness;
 Lithology – Drill hole name, from/to, ro ock type (su uch as overb anodiorite, altered
burden, Gra
Granoodiorite, horn
nfels, quartzitte, and fault zone); and
 Recovery, RQD - Drill hole name, from/to, recovery perrcentage, RQ
QD percentag
ge.
Included as well in the database were

w digital copies
c of surrface geological maps, sccanned imag ges of
ctions and long sections, 1 m and 2 m digitized to
cross-sec opo, bulk dennsity file data (in Excel forrmat),
and stanndard operating procedures for colla ar, down ho ole survey, logging and in-house de ensity
determinaation proceduures.
The Eagle database included 413 3 holes, cons 1 core and 1
sisting of 241 172 RC drill holes. Out oof 413
3 holes (25 co
holes, 43 ore and 18 RC)R were flag gged as not verified, and d are not useed in the reso
ource
estimation. In addition
n, a total of 1,160
1 sampleed and analyzyzed intervalss out of 39,53
30 intervals w
within
the gradee shell were not used in the grade es stimation, duue to poor coore recoveryy (less than 660%).
The geology information from alll the holes was w used fo
or geological interpretatioon and geolo ogical
g. For grade estimation, only holes which
modelling w could be verified and flagged d as verified were
used. Fig
gure 14.1 illus
strates the drrill hole locations in 3D.
Effective Da
ate: September 12,
1 2016 14-2
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R IA G OLD CORP.
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EAGLE G OLD FEA
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Figure 14
4.1: Eagle Zo
one Drill Hole
e Locations in 3D
Source: AV
VM (2016)
14.2 Eagle
E Zone - Exploratory Data
D Anallysis
Explorato
ory data analy
ysis (EDA) fo
orms an esse ential part of Mineral Ressource estima
ation and invvolves
a thorouggh organizaation and unnderstanding of data tha at is the baasis for reso
ource estimation.
Explorato
ory data analy
ysis was carried out with the following
g objectives:
 To unnderstand the
e distributionn of gold and to recognize matic spatial variation of g
e any system grade
with respect
r to ma
ajor lithologic
cal units;
 To re
ecognize an nd define diistinctive geologic/structu
ural domain
ns that shou
uld be evaluated
indep
pendently in resource
r estimation;
 To coompare and understand bias/distribu
ution of gold in RC and core drilling
g, as describ
bed in
ous Section 12.2.4 (RC versus
previo v Core assays
a Verifi cation);
 To un e correlation between gold and silver;
nderstand the
 nderstand relationship between gold and
To un a quartz ve
ein density;
 To co
orrelate Victo old in-house and indepen dent-lab bulkk density datta, as describ
oria Gold’s go bed in
ous Section 12.2.3 (Bulk Density Verification);
previo
 To ide nalytical errorrs not picked up in the da
entify any an ata verification process; and
 To im
mprove the qu
uality of estim
mation by und ead/distribution/behaviour.
derstanding tthe data spre
Effective Da
ate: September 12,
1 2016 14-3
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Leapfrog was used to o interpret fa

ault/structuraal surfaces b
based on ma aps and secttions, supplie ed by
Victoria Gold
G geologis sts. Spatial distributions
d of
o gold gradee in relation tto these interpreted strucctures
are illustrrated in Figurre 14.2.
Figure 14
4.2: Plan Map
p of Interpretted Geologic
cal/Structura l Domains fo
or EDA
Source: AV
VM (2016)
The follow
wing visual observations
o were made on the distriibution of go
old mineraliza
ation in relatiion to
interprete
ed fault surfaces:
 Two distinct mine eralization lo
obes, north and
a south lo
obes of gold
d mineralizattion are obse
erved
trending in a north
heast–southw west direction
n;
 Minorr displaceme
ents are noted
d in the mine
eralization on
n either side o
of the NW-1 fault surface
e;
 Minorr displaceme
ents are noted
d in the mine
eralization on
n either side o
of the NW-2 fault surface
e; and
 The NE
N trending fault
f surface limits minera
alization on th
he extreme S
SE side.
Effective Da
ate: September 12,
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These suurfaces were used to crea ate four structtural blocks. The South loobe was coded as block 1, the
North lob
be was code ed as block 2, the areas s between th he two NW ttrending faults was code ed as
Block 3, and
a the far eastern
e minerralization wa
as coded as B Block 4. Boxx plots of the gold assayss from
these fouur structurall blocks (Figure 14.3) did not ind dicate any ssignificant va ariation in ggrade
populations or distribu
utions that should
s be considered sep parately for d
data partition
ning and sepparate
grade estimation of these blocks. Samples in n these four blocks were e thus considdered as a ssingle
population.
Partitioninng of the datta into these four structurral blocks ma ay make sennse geologically; howeve er, the
disadvanttage in doing g so will be the creationn of artificial boundaries between the ese blocks. TThose
artificial boundaries
b will
w then resullt in a restrictted number o of samples u
used in the eestimation pro
ocess
for each structural block, which in turn will ne egatively imp pact the qua
ality of the re
esource estimate.
Structural domains we ere thus deemed not necessary and w were not useed in the reso
ource modelliing.
Figure 14
4.3: Plan Map
p of Interpretted Geologic
cal/Structura l Domains fo
or EDA
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-5
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Section 12.2.4
1 describes the corre elation betweeen core andd RC drill ho
ole sample assays, which h was
undertakeen to examin ne potential bias due to drilling
d techn
nique. RC drrilling was deetermined to have
two charaacteristics thaat cause an apparent hig gh bias of RCC gold assayys relative to core samplee gold
assays: a)
a a preferen ntial location bias of RC drilling in thee higher gra
ade core of the mineralization,
which results in few wer low grad de assays, anda b) an aassay precission problem m on the low w-end
detection limit of RC C samples, assayed
a large
ely in the eaarly 1990’s, compared tto the lower level
detection limit for morre recently as
ssayed core sample gold assays.
A visual inspection off vein density y and its corrrelation with gold assays concluded that, while there is
a general direct relationship of qu uartz vein dennsity to the g
general locattion of gold m
mineralization
n, the
gold graddes were geo ologically related to late fractures, annd were not directly relatted to quartzz vein
intensity by a 1:1 ratioo. The resource modelling g was therefofore based onn the modelliing of gold grades
and not on lithology, structure or o quartz veining. The a uthors exam mined RC ve ersus core ddrilling
assays, and
a determin ned the diffeerences werre negligible for the range of assayys relevant tto the
resource estimation process.
p All RC
R holes were used, exccept for two sshallow holess with assayss that
were signnificantly diffe
erent from cloose-by (pseuudo-twin) core e holes.
Gold and silver did no
ot have a dire
ect correlatio
on, and not a
all the drill ho
ole samples w
were analyzeed for
here were 23
silver. Th 3,219 silver assays, com mpared to 38 8,370 gold asssays, for sa amples withiin the
mineralized grade sh hell. However, the incommplete silver data preclud ded it from b
being used iin the
resource estimation.
Basic staatistics showe
ed a coefficie
ent of variatio
on (CV) of 2..01 for gold, which indica
ated there waas not
a significant impact of
o higher gradde gold on thet largely loow grade golld population n. The gold aassay
data was s examined ini a cumulattive frequenc cy (CF) plot,, for the purrpose of iden
ntifying the o
outlier
grade forr capping prioor to grade estimation.
e Figure
F 14.4 il lustrates the
e CF plot on gold for core
e and
RC.
Effective Da
ate: September 12,
1 2016 14-6
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Figure 14
4.4: CF Plot of
o Au Grade for
f Capping Analysis
Note: Core
e (black), RC (red)
Source: AV
VM (2016)
A break in the CF curve was inve estigated for core and RC C, with 16.0 g
g/t selected as a capping
g (top
he gold grades. A total of
cut) on th o 55 assays fell above 1 16.0 g/t Au a
and were cap pped there. T
Table
14.1 showws a comparrison between n the basic statistics
s befo
ore and after capping.
Effective Da
ate: September 12,
1 2016 14-7
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EAGLE G OLD FEA
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14.3 Eagle
E Zone - Com
mpositing
Length-wweighted com mpositing was s carried outt on capped samples from the collar to the end o of the
hole, using Datamine e. Compositting was carrried out aftter excluding g non-verifie
ed drill holess and
samples with a recov very of less than 60%. TheT average sample inte erval was 1.3313 m, with more
than 50%% of the samp ples between n 1.75 to 2 m in length. TThere were ssome extrem me intervals wwith a
length of 115.83 m. The
T statistics s were evalua ated for sammpled intervals of the Dattamine “holes” file
with Au > 0.1 g/t. The average sample
s length
h in this casse was 1.289 9 m, with a maximum sa ample
length off up to 8.2 m (Figure 14 4.5). Composites were n not restricted
d within the mineralized shell
boundaryy, to allow forr edge dilution at the mineeralized shel l boundary (sshown in Figure 14.8).
Figure 14
4.5: Histogram of Sample
ed Holes File
e Intervals grreater than 0 .1 g/t Au
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-8
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A larger composite length of 2.5 5 m (approx ximately dou ble the averrage length)) was selectted to
reduce thhe overall va
ariance of grade by effeectively incre
easing the ssample volumme. The stan ndard
deviation after compoositing dropp
ped from 1.4228 to 0.989 aand the CV dropped from m 2.034 to 1
1.426.
The drop in mean golld grade fromm un-compos sited (0.702) to composited samples (0.693) was 1.3%
(Table 144.1). Regularr length com
mpositing wass carried outt to provide a uniform sa
ample suppoort by
length. Sample
S density weighting
g was not ussed during ccompositing, as not all the samples were
analyzed for density and
a density variations
v were considere ed minimal.
Table 14.1: Comparattive Statistics of Gold be
etween Cappe
ed and Unca
apped 2.5 m Composites
within the Grade Sheell
Numberr
Standarrd
of Min. Max. Mean
M Varia nce Skewness
s Kurtosis CV
Deviatio
on
Samples
s
Not Capped,
Not Compos sited 38,690 0 52.36 0.702
0 2.03
39 1.428 11.306 251.64 2.034
Holes File
Capped, Not
Composited 38,690 0 16 0.693
0 1.63
31 1.277 6.983 72.61 1.842
Holes File
Capped and d
Composited 20,091 0 14.155 0.693
0 0.97
78 0.989 7.12 81.339 1.426
Holes File
Source: AV
VM (2016)
The histo
ogram of Au g/tg grades fro
om the comp
posite file is sshown in Fig
gure 14.6, an
nd shows a tyypical
lognormaal distribution.
Effective Da
ate: September 12,
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Figure 14
4.6: Histogram of Au g/t Composite
C File
F
Source: AV
VM (2016)
14.4 Eagle
E Zone - Geollogical Model
As a first pass, Leapffrog software e was used tot define the mineralized shell based on drill hole e gold
assay data. The drill holes
h were used in 2011 to define a m mineralized sshell at a cut--off of 0.15 to
o 0.20
g/t Au. Thhis mineralizzed shell wass modified too include the
e most recent data of 201 11 and 2012 2. The
wireframe e shape was s exported frrom Leapfrog g to Datamin ne, and used d as a guideline for 2D ccross-
sectional interpretatioons and as ana adjustmen nt of the minneralized bou undary in relation to drill hole
data (digiitized polygons or stringss). This was carried
c out ssection by section, incorporating geolo ogical
and assa ay information from drill holes.
h Sectio
ons were cre eated at an aapproximate distance of 30 to
40 m, bas sed on the number
n of hooles passing through or n near the secttion. Figure 114.7 illustratees the
digitized sectional
s polygons (string
gs) that were
e subsequenttly used to crreate the min neralized she ell.
Effective Da
ate: September 12,
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Figure 14
4.7: Digitized
d Sectional Polygons (Strrings)
Source: AV
VM (2016)
All verifie
ed, as well as
a not verifieed, drill hole
es were use d in geologiical wirefram
me interpreta
ations,
except ho ole 92-031 R and 96-267 7R (both VE ERIFIED=N), which show wed suspect grades relative to
nearby core holes. ForF grade es stimation, only verified ho
oles were used (VERIFIED=Y). The e final
wireframe e limits are based on a gold grade e ranging b etween 0.155 to 0.2 g/t,, which gen nerally
representts a natural break or sharp
s change in grade representing g mineraliza ation. Figure 14.8
illustrates
s the 3D mine
eralized wireframe solid.
Effective Da
ate: September 12,
1 2016 14-11
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Figure 14
4.8: 3D Minerralized Wirefframe Solid
Source: AV
VM (2016)
Leapfrog software was

w used to create oxid dation and o
overburden surfaces, an
nd metasedim
ment-
orite contacts, as illustrate
Granodio ed in Figure 14.9.
1
Effective Da
ate: September 12,
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Figure 14
4.9: Oxide, Overburden
O surface and Metasedimen
M nt Wireframe
e
Source: AV
VM (2016)
These suurfaces and wireframes were

w importeed into Data
amine to cod de the blockk model with geo-
metallurg
gical codes, as
a shown in Table
T 14.2. Figure
F 14.10
0 gives a norrth to south (N-S) section
n view
for geo-m
metallurgical codes
c used in the block model.
m
Table 14.2: Lithologic
c/Oxidation/A
Alteration Mo
odel Types
Type Description
1 Oxiide Granodioritte
2 Alte
ered Granodioriite
3 Unalttered Granodio
orite
4 Oxid
de Metasediments
6 Unalte
ered Metasedim
ments
10 Overburden
Source: AV
VM (2016)
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ate: September 12,
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Figure 14
4.10: Differen
nt Blocks bas
sed on Litho
ologic/Oxidattion/Alteratio
on Model Typ
pes
Note:
ace (black outline), oxidation surface
Topo Surfa s (blue outline),
o minera
alized shell outlline (red) and p
pit outline (brow
wn)
Source: AV
VM (2016)
The lithology code wa as assigned to

t the blocks, first by codiing them as oxidized or fresh, according to
their position relative to the oxidation surface e (OXIDE=0 0) for blocks below oxida ation surfacee and
OXIDE=1 1 for blocks above
a oxidatiion surface. The
T type wa s then assigned accordin ng to the follo
owing
conditions and order:
 Type 1 – Oxidized d Granodioritte – Granodioorite above th
he oxidation surface;
 Type 3 – Unalterred Granodio orite – Granodiorite beloow the oxida ation surface
e and then w with a
sericite indicator le
ess than or equal
e to 0.52;
 Type 2 – Altered Granodiorite e – Granodioorite below thhe oxidation surface andd sericite indicator
greater than 0.52;;
 Type 10 – Overbu urden – Abov ve the overbu
urden surface e;
 Type 4 – Oxidized d Metasedimments – Meta asediments w within metase ediment wire
eframe and a above
the ox
xidation surfaace; and
 Type 6 – Unaltere ed Metasedim ments – Meta asediments w within metassediment wireeframe and b below
xidation surfa
the ox ace.
Effective Da
ate: September 12,
1 2016 14-14
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An indicaator estimatioon was done e to assign sericite

s altera
ation to the G Granodiorite blocks below w the
oxidation surface. Composites we ere coded as zero if the seericite alteration was greater than or equal
to three, and one if thhe alteration was less tha an three. Va riograms we ere calculated d on this indicator
variable and
a ordinary y kriging was s used to esttimate the in dicator. The resulting ind dicator variable in
the mode el was then visually
v revieewed against the drill hooles to determ mine the besst value to u use to
assign seericite alterattion to the blocks.
b In this case a va alue of 0.7 w was deemed to have the e best
correlatio
on with the drrill holes. Figure 14.11 is a compariso on of indicatoor values in ccomposites filtered
at 1, and the block mo odel filtered at
a 0.7.
Figure 14
4.11: Comparrison of Com
mposites and
d Blocks for IIndicator Esttimation of S
Sericite Alterration
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-15
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14.5 Eagle
E Zone - Bloc
ck Model
Optimum suggested blockb size wa
as examined with Kriging g Neighbourhhood Analysiss (KNA), whe ere n,
Kriging effficiency (KE) and slope regression
r were
w varied annd evaluated
d. A block sizze of 10m x 1
10m x
5 m gave e the best ressults using KNA.
K Figure 14.12 illustraates the KNAA on various block sizes,, from
panel siz
ze to smallerr size blocks s, which werre tried usin g variogram parameterss. The block size,
which gavve the best combination
c of
o slope and KE, was invvestigated furrther for impa act on the nu
umber
of samplees in the search, and the discretization
n of blocks.
A 10 X 10 0 X 5 block size
s resulted in a 90% slo
ope and 60% % KE; this jusstified using a small size bblock.
A smallerr block size is
s generally not
n preferred,, as it is pron
ne to conditio
onal bias, if it is applied w
without
understan nding the krig
ging operatio
on. The KE and
a Slope arre functions o of how well in nformed the block
is given th
he sample de ensity.
Figure 14
4.12: Kriging Neighbourh
hood Analysiis on Differen
nt Block Size
es
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-16
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The regu
ularization off the block model
m was done at the e size of the e parent blocck. FILLVOL L and
VOIDVOL L parameters s were creatted in an outtput model, rrefer to Table
e 14.4 for fu
urther explanation.
The OREEFRAC optio on was used in Datamine to report o only the FILLVOL portion in the reso ource
statemen
nt. The block model parammeters are suummarized in n Table 14.3..
Table 14.3: Block Mod
del Paramete
ers
Parameterr Units V
Value
Block Size in X m 10
Block Size in Y m 10
Block Size in Z m 5
X Origin m 45
58800
Y Origin m 70
098800
Z Origin m 525
No. Of Bloc
cks in X 240
No. Of Bloc
cks in Y 141
No. Of Bloc
cks in Z 190
Source: AV
VM (2016)
The bloc ck model wa as truncated with a topographic DT TM and cod ded for Litho ological/Oxidation/
Alteration
n Types. Bas sed on the metallurgical recovery, a assignment for Ore bloccks was don ne as
describedd in Table 144.3. The bloc
ck model wa as also code ed with field ZONE= 1 fo or the minera alized
grade shell (refer to the red bloc
cks on Figuree 14.13) and d ZONE=3 fo or waste blo ocks (refer to o blue
blocks onn Figure 14.13). Table 14.4 provides details
d on the
e block mode el fields and ttheir descripttion.
Effective Da
ate: September 12,
1 2016 14-17
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Figure 14
4.13: Block Model
M North-S
South Sectioon, Looking East, Illustra
ating ZONE Field, DTM,
Mineraliized Shell Ou
utline and Pit Outline
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-18
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Table 14.4: Block Mod

del Fields
Parameterr Explanation
XC X Centre
YC Y Centre
ZC Z Centre
Used by Datamine tto position pare ent cells within the
IJK
mode el. Each Parentt cell will have a unique IJK va alue
XINC Block Size in X-Direcction
YINC Block Size in Y-Direcction
ZINC Block Size in Z-Direcction
Total volume in the output block filled by
FILLVOL
Lithological/Oxxidation, Altera ation TYPES
VOIDVOL Total b
block volume m minus volume d defined in FILLVOL
TOPO Used d To Code Bloccks below Topo o DTM (TOPO= =1)
Used tto code blockss above Oxide ssurface (OXIDE E=1)
OXIDE
and tto code blocks below oxide su urface (OXIDE=0)
TYPE, L Lithological/Oxxidation, Alterattion Types (1=Oxide
Grannodiorite, 2=Alttered Granodio orite, 3=Unalterred
TYPE
Grano odiorite, 4=Oxiide Metasediments, 6=Unalte ered
Metasedim ments, 10=Ove erburden)
Use ed to Code Blo ocks within ore body wirefram me
ZONE
(ZONE=1) an nd waste blockss (ZONE=3)
Indicato
or estimation on n alteration codde for coding AAltered
ACODE_O
OK
Granodiorite
Densitty in g/cm3 app plied as a constant value for e each
DENSITY TYPE E (TYPE 1=2.6 62, TYPE 2=2.6 63, TYPE 3=2.65,
TTYPE 4=2.61, TYPE 6=2.69, TYPE 10=2)
Metallurrgical Recoveryy Assignment ffor Ore blocks ((TYPE
METREC 1 = 7 9%, TYPE 2 = 73%, TYPE 3 = 68%, TYPE 4 =
68%, TYPE 6 = 68%, TYP PE 10 = "-")
Au_OK Orddinary Kriging for Au. This is final grade field d
Inve
erse distance sq quare for Au foor comparing w with
Au_ID
Ordinaary Kriging (Au_ _OK)
FVALUE Geosta atistical Fvaluee for Regressio on Slope calcula ation
LAGR Lagraange Multiplier for Regression n Slope calcula ation
NSAMP Num mber Of Sample es Used To Esttimate each Blo ock
SVOL S
Search Volume
KV Krriging Variance e
0 D
Dummy Field
Block Va ariance used fo or calculating rregression Slop pe and
BLKVAR
Krriging Efficiencyy
SLOPE Reegression Slope e
EFFY Krriging Efficiencyy
Code for Measured, Indicated and Inferred Resou urce
CLASS
Cateegory (1 - Meassured, 2 - Indicated, 3 - Inferre ed)
OREPERC C P
Percentage of block filled (1 m means 100%)
XMORIG Blockk Model Origin in X
YMORIG Blockk Model Origin in Y
ZMORIG Blockk Model Origin in Z
NX Number o of blocks in X-ddirection.
NY Number of b blocks cell in Y
Y-direction.
NZ Number of blocks cell in Z direction
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-19
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14.6 Eagle
E Zone - Bulk
k Density
As detaile
ed in Section 12.2.3, 1,2 210 samples s analyzed bby ALS Chem mex and in-h house by Victoria
Gold for bulk
b density were checke ed with 300 determination
d ns by SGS laabs. The mean values byy rock
type, usin
ng all data de
eterminationss, were used
d for the reso
ource estimattion, by the n
nearest neighhbour
assignme ent method. Table
T 14.5 in
ndicates the various
v meann value deterrminations byy rock type.
Table 14.5: Bulk Dens
sity by Rock Type
In
Rock MET S
SGS A
ALS Mean
Type Type
H
House
((t/m3) (tt/m3) (t//m3)
(t/m3)
ALL DATA (No outlie
ers) 2.66 2.65 2
2.65 2.65
1 A Oxidiz
zed Granodioriite 2.62 2.62 2
2.61 2.62
3* B Fresh Gra
anodiorite (unaltered) 2.66 2.65 2
2.65 2.65
2 C Alterred Granodioritte 2.65 2.62 2
2.63 2.63
4 E Oxidized Metasedimenta
M ry Rock 2.62 2.59 2
2.61 2.61
6 Fresh Me
etasedimentary
y Rock 2.68 2.72 2
2.66 2.69
* Note: this
s is the correct type code - the
ey were origina
ally numbered b
by from surface
e downward: O
Ox, Alt, Fresh, a
as
1,2,3 for Granodiorite
Source: AV VM (2016)
14.7 Eagle
E Zone - Vario
ogram An
nalysis an
nd Modelling
Snowden n's Superviso or software was
w used to create
c directiional pair-wisse relative va
ariograms on n gold
composites. Only com mposites with hin the mineralized shell wwere used foor variogram analysis. The first
step involved the generating of fan n diagrams, and analysiss of a series o of fans in the
e horizontal-sstrike,
across-sttrike, verticall, and dips planes.
p Each
h fan, which is made up p of variogra am contours, was
analyzed to select the e direction of maximum co ontinuity in th
he fan.
Variance contours fro om the horiz zontal plane were used to identify tthe direction ns of continu uity of
mineralization, and the strike of th
he mineralization is N60E (Figure 14.1 14). The direction of maxximum
y across-strik
continuity ke, and in the
e direction off the dip of th
he mineraliza
ation, was sim
milarly determ
mined
as 150°annd 34°plunge e, respectively.
Effective Da
ate: September 12,
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Figure 14
4.14: The Varriance Conto
ours Fans in the Horizonttal Plane to Identify the S
Strike of the
Mineraliization
Au Horizontal C
Continuity
N
700 Lag
Continuity Analysis 10
650
600
550 1
500
0.7
450
400
350
060
300
0
250
200
150
100
50
0 W E
50
100
150
200
250
300
350
400
450
500
550
600
650
700
Source: AV
VM (2016)
A nested spherical pa
air-wise relattive variogra
am with three e structures was modelle ed for compoosited
gold. The
e downhole variogram
v ind
dicated a sho ort scale varriability less tthan 15 m, a
and a high nugget
effect off 50%, whicch is normal for gold mineralizattion. The re esultant varriogram gennerally
demonstrrated reasonable structurre and orientaation.
Variogram e tabulated in Table 14
m model parameters are 4.6, and shown in Figure
es 14.15 thrrough
14.18.
Effective Da
ate: September 12,
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Table 14.6: Variogram

m Parameters
s
Assay Au
VREFNUM
M 1
VANGLE1 degrees 60
VANGLE2 degrees --140
VANGLE3 degrees --150
VAXIS1 3
VAXIS2 2
VAXIS3 3
NUGGET 0.32
ST1 1
ST1PAR1 m 16
ST1PAR2 m 11
ST1PAR3 m 11
ST1PAR4 0.18
ST2 1
ST2PAR1 m 72
ST2PAR2 m 31
ST2PAR3 m 43
ST2PAR4 0.07
ST3 1
ST3PAR1 m 171
ST3PAR2 m 86
ST3PAR3 m 106
ST3PAR4 0.11
Source: AV
VM (2016)
Effective Da
ate: September 12,
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Figure 14
4.15: Variogrram – Downh
hole
Source: AV
VM (2016)
Effective Da
ate: September 12,
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Figure 14
4.16: Variogrram – Directio
on 1
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-24
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EAGLE G OLD FEA
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Figure 14
on 2
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-25
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Figure 14
on 3
Source: AV
VM (2016)
14.8 Eagle
E Zone - Estim
mation Method an
nd Minera
al Resourrce
Classifica
C ation
Drill hole statistics ind
dicate that 75% of the da ata populatio
on is below 0 0.81 g/t and any higher g grade
population is not localized but scattered. Th he nugget efffect reflects the short sscale variabillity of
mineralization. In this scenario, the reliabilitty of the esstimate is be etter with higher numbe ers of
composites used in th he estimationn of blocks. The
T kriging p parameters, b block size annd search strrategy
were opttimized to get g an un-biased estima ate using QK KNA (Qualittative Kriging g Neighbourrhood
Analysis). The histogram of comp posite grade es is highly p
positive skew wed with a sskewness of 7.12,
and a Kurtosis of 81.3 339. The nonn-linear estim
mation method ds, such as mmultiple indiccator kriging, were
not attemmpted due to a lesser num mber of high-grade samp ples for highe
er grade binss used in mu ultiple
indicator kriging (MIK). A total of 55
5 drill interv
vals with extre
eme high-gra ade values g greater than 16 g/t
were cap pped to avoid d an undue innfluence of those scatterred values. T Table 14.7 displays the se earch
paramete ers used for the
t resource estimation. The ellipsoid dal search vo olume (SVOL L) is reflectin
ng the
assumed preferential directions of o continuity along strike e and down dip noted in n the variogrraphy.
Only blocks within the t mineralized wirefram me were esstimated and only the relevant do omain
composites were used d in estimatio
on.
Effective Da
ate: September 12,
1 2016 14-26
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To prese
erve local grrade variatio
ons, a searc
ch neighbou rhood strate
egy with thre
ee search e
ellipse
(SVOL) volumes
v was used.
A 48 X 33
3 X 33 m se earch distanc
ce was used and resulte d in optimal KE and slop pe (Figure 14 4.19),
and an im
mprovement over prior es stimation parrameters. An
n additional ssearch criteriion, referred to as
the Octan
nt search, waas introduced
d, in which each
e search is divided intto eight octa
ants with minimum
and maximum samplle criteria. This
T additiona
al measure takes into aaccount clusttering effectss and
improves the kriging performance.
p .
The minimmum and ma aximum num mber of samp ples in the se earch ellipse by the optimal KE
e is justified b
and slopee curves devveloped by KNAK (Figure 14.19). Onlyy blocks not estimated w with the first sset of
parameteers were estimated with a subsequen nt expanded search. For the first SVO OL, a minimu um of
eight com
mposites was required, with a maximum of thre ee from anyy given hole e. This force es the
estimation to use a minimum
m of three
t drill holes to estima ate any block in the first SVOL estim mation
pass. Forr the second search, a minimum
m of seven compo osites, from a minimum o of three drill h
holes,
were useed. For the th
hird search, a minimum of o five comp posites, from a minimum of two drill h holes,
were useed, with a maaximum of th hree from one e drill hole. T
The interpolaation method dology and se earch
neighbouurhood strategy were sele ected subseq quent to testting multiple scenarios, a and were inte ended
to preserv
ve the variatiion of observ
ved grades. Table
T 14.7 prrovides the ssearch param meters used.
Effective Da
ate: September 12,
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Figure 14
4.19: KNA on
n Search Disttance
Source: AV
VM (2016)
Effective Da
ate: September 12,
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Figure 14
4.20: KNA onn Minimum annd Maximum m Number of Samples used in Search
h in Relation to
the Sele
ected 10 X10 X 5 m Block
k Size
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-29
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Table 14.7: Search Pa

arameters
Parameterrs Unit V
Values
SREFNUM
M 1
SMETHOD
D 2
SDIST1 m 48
SDIST2 m 33
SDIST3 m 33
SANGLE1 degrees 60
SANGLE2 degrees --140
SANGLE3 degrees --150
SAXIS1 3
SAXIS2 2
SAXIS3 3
MINNUM1 No. 8
MAXNUM1
1 No. 50
SVOLFAC2 No. 2
MINNUM2 No. 7
MAXNUM2
2 No. 50
SVOLFAC3 No. 10
MINNUM3 No. 5
MAXNUM3
3 No. 50
OCTMETH
H No. 1
MINOCT No. 4
MINPEROC No. 3
MAXPERO
OC No. 20
MAXKEY No. 3
VM (2016)
Source: AV
Block discretization was

w also used d to simulate the block byy a 3D array of points, disstributed regularly
e block. It is used
within the u to avoid
d representing blocks justt by a single central pointt of the blockk.
Figure 144.21 shows th he justificatio
on for block discretization
d n, with three points in the X-direction, three
points in the Y-directio
on, and two points
p in the Z-direction.
Effective Da
ate: September 12,
1 2016 14-30
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Figure 14
4.21: KNA on
n Block Discrretization
Source: AV
VM (2016)
Block mo odel grades were estima

ated by ordin
nary kriging and as well by inverse distance squ
uared
(ID2) estimating.
Effective Da
ate: September 12,
1 2016 14-31
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R IA G OLD CORP.
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Table 14.8: Datamine Estimation Parameter File
Ordinary Krig
ging Inve
erse Distance F Va
alue Lag Value
e
VALUE_IN
N Au Au A
Au Au
VALUE_OU
U Au_OK Au_ID FVA
ALUE LAGR
MINDIS MINDIS
NUMSAM_
_F NSAMP
SVOL_F SVOL
VAR_F KV 0 0
SREFNUM
M 1 1 1 1
IMETHOD 3 2 10
01 102
POWER - 2 0 0
ADDCON 0 0 0 0
VREFNUM
M 1 1 1 1
KRIGNEGW
W 1 1 1 1
KRIGVARS
S 1 1 1 1
Source: AV
VM (2016)
Multiple factors
f were e used for thhe classificattion of resou urces based on mathem matical rules.. This
included regression slope
s (adequuacy of blockk size and se earch neighb bourhood parameters), kkriging
variance (quality of th
he estimate), and numberr of composittes used to e estimate bloccks. In the firsst run
ocess, all blo
of the pro ocks were co oded as classs=3 (Inferred d), in the ne
ext run, blockks were code ed for
Indicated and Measu ured, if the combination
c of all the crriteria given in Table 14.9 were satiisfied.
Figures 14.22
1 and 14.23 illustra ate these facctors for the e distributionn of Measured and Indicated
blocks, re
espectively. Figure 14.24 illustrates the combin ned Measure ed and Indiccated blocks, and
Figure 14
4.25 shows th he Inferred blocks.
Table 14.9: Search Pa
arameters – Measured an
nd Indicated Classificatio
ons
Criteria Measured
M Ind
dicated
(Class=1) (Cllass=2)
n Slope
Regression >=0.88 >
>=0.5
No of Com
mposites >=25 >
>=10
Kriging varriance <= 0.15 <
<= 0.3
Source: AV
VM (2016)
The classsified block model

m was reviewed in sections
s in re
elation to the
e drill densityy before fina
alizing
the classiification.
Effective Da
ate: September 12,
1 2016 14-32
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Figure 14
4.22: Measurred Blocks in
n 3D
Source: AV
VM (2016)
Figure 14
4.23: Indicate
ed blocks in 3D
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-33
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Figure 14
4.24: Measurred and Indic
cated Blocks in 3D
Source: AV
VM (2016)
Figure 14 d blocks in 3D
4.25: Inferred
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-34
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14.9 Eagle
E Zone - Mode
el Validattion
The follow
wing validatio
on checks we
ere carried out to validate
e the model:
 Visua
al checks in section-vieww with drill ho
ole composite
es. A fair co
orrelation wass observed iin the
modeel grade distribution versu
us the compo osites; and
 A claassical statistical comparrison was doone between n the block grade estim
mated by ord dinary
krigin
ng versus the composite e grade. The e Au g/t avverage grade e of compossite sampless was
0.6933 Au g/t, and the Au g/t average
a grade of the blocck model wa g/t (Figures 14.26
as 0.602 Au g
and 14.27).
Figure 14
4.26: Histogrram of the Co
omposite File
e
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-35
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Figure 14
4.27:Histogra
am of Block Model estimated by Ordiinary Kriging
g
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-36
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EAGLE G OLD FEA
S Y
The qualiity of the estimate depennds on variou us factors, in cluding quality of data, b
block size and drill
density. Krige (1996) presents a practical analysis
a of tthe effects of spatial continuity and d the
available data within n the search h ellipse as s it affects measures o of conditiona al bias. Thee two
parameteers which we ere investigatted for valida
ating grade e estimation wwere regression slope (R R) and
kriging variance, which can also o be used to t calibrate the confidence in block estimates.. The
equationss used for the
ese estimatioon are as follows:
KE = (BV
V-KV)/BV
R = BV-K
KV+ |μ|
BV – KV + |2μ|
Where:
 BV = theoretical variance
v of bllocks within domain;
d
 KV = variance bettween kriged
d grade and true (unknow
wn) grade, i.e. kriging varia
ance;
 R= Regression Slope; and
 μ = LaGrange multiplier.
A perfect estimation would

w give va
alues of KV = 0, KE = 100
0% and R=1..
Kriging Variance
V (KV
V) and regression slope (Slope) werre calculated
d for each b block in the block
model. Fiigures 14.32 and 14.33 in
ndicate histo
ograms of the
ese paramete
ers. The follo
owing observvation
can be su
ummarized frrom these hisstograms:
 The mean
m kriging
g variance wa
as 0.18 and the majorityy of the blockks had a KV
V close to 0.2
2, this
indica
ated a reason
nable estima
ate;
 The mean
m regres f the minerralized zone was 0.726 with the majjority of the block
ssion slope for
estim
mates above 0.85;
0 indicating that the majority
m of blo
ocks were we
ell supported
d by the data..
Effective Da
ate: September 12,
1 2016 14-37
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Figure 14
4.28: Histogrram on Regre
ession Slope
e
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-38
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EAGLE G OLD FEA
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Figure 14
4.29: Histogrram on Regre
ession Krigin
ng Variance
Source: AV
VM (2016)
The blockk model wass also estima

ated with ID2 2. Table 14.110 comparess the global sstatistics bettween
ID2 and ordinary krig
ging. Figure 14.34 illustra
ates the histtogram of the
e block moddel with these e two
estimation methods.
Table 14.10: ID2 vs Kriging Comp
parison – Ave
erage Au gra
ade
Diffference
Au_ID2 Au_Krig
(%)
0.606 0.602 0.66
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-39
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Figure 14
4.30: Histogrram of Block Model Estim
mated by Inve
erse Distanc
ce
Source: AV
VM (2016)
Kriging and
a ID2 resu
ulted in simila
ar histogram
m shapes and
d similar me
ean grades; 0.602 and 0
0.606,
respectively.
The histo
ogram shape e of compos sites indicate
ed that theree were a hiigher numbe er of lower g
grade
samples (less than 1.0 g/t) present as compa ared to the h igher grade sample (greater than 1.0 0 g/t).
The drop in mean graade from 0.693 for compo osites to 0.6 02 for kriging
g was due to
o scattered h
higher
grade samples, whichh were not innfluencing th
he OK or ID2 2 estimation mean grade e compared tto the
ated raw com
un-estima mposite grade es.
All the above observ vations indicated a reaso
onable qualiity of the cu
urrent estima
ate, and pro
ovided
confidencce in the used estimation parameters.
Effective Da
ate: September 12,
1 2016 14-40
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In additio
on to the staated validatio
ons, Trend Plots
P (swath plots) were generated in
n the X, Y aand Z
directions
s to compare e block graddes with com
mposite grad des (Figures 14.31 throu
ugh 14.33), w
which
show goo od correlatio
on between estimated values (smoo oth curves a
and the sammple data (orrange
colored line).
l All the
e validation exercises indicated
i thee block moodel grade tto be reasoonably
comparab ble and acceeptable.
Figure 14
4.31: Trend Plot
P X on Au g/t
Number of Samples
Number of Samples
Au Average Grade
Source : AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-41
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Figure 14
4.32: Trend Plot
P Y on Au g/t
Number of Samples
Au Average Grade
Source : AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-42
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S Y
Figure 14
4.33: Trend Plot
P Z on Au g/t
Number of Samples
Au Average Grade
Source : AV
VM (2016)
14.10 Eagle
E Zone - Mine
eral Reso
ource Stattement
The curre
ent Eagle Mineral Resources are rep ported as in-p
pit resourcess at a cut-offf grade of 0.1
15 g/t
Au. The cut-off
c is supported by the
e following pa
arameters fo
or a pit shell.
 Minin
ng cost of C$ 2.00/t;
 Proce
essing cost of
o C$5.00/t;
 G&A cost of C$1.0
00/t;
 Au re
ecoveries of 82%, 71% and a 75% for oxidized rocck, unaltered
d rock, and ssericitically altered
grano
odiorite, respectively(obse
erved lab rec
coveries); and
d
 Au prrice of US$1,700, at an ex
xchange rate 0.75.
e of US$:C$ 0
Effective Da
ate: September 12,
1 2016 14-43
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The resuulting calcula

ated cut-off grade
g for the
e highest-reccovery mate erial is 0.12 g/t Au. Miniing is
anticipate
ed to be conducted to a 0.20 g/t Au cut-off grade e. A gold pricce of US$1,7 700 is justifie
ed for
use in deefining a reso
ource pit she
ell, based on n the fact tha
at gold prices during the period from m mid-
2011 to early
e 2013 vaaried from US
S$1,600 to US$1,800/oz
U z, and it is re
easonable to assume thatt gold
prices can achieve US S$1,700 in th
he future.
The Mineeral Resourcces are confiined within an a optimistic pit shell based on the same param meters
used for the
t cut-off grrade and 45°°slopes; the pit shell optim mized on Meeasured + Indicated + Infferred
Resourcees. The purpoose of the pitt shell, and th
he optimisticc parameters used to crea
ate that shell, is to
determinee the material that has reasonable prospects fo or economic extraction. F
Figure 14.34 4 is a
cross-sec
ction showing the resource pit shell with blockss coded by resource cla assification. T
Table
14.11 pre
esents the cu
urrent Mineraal Resources for the Eagle e Zone.
Figure 14
4.34: Cross-S
Section with a Gold Pricee of US$1,7000 Resource P Pit and Blocks Coded by
y
Resourcee Classificatiion (Measure
ed in Red, Indicated in G reen and Infferred in Blue
e).
Source : AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-44
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Table 14.11: Eagle Zo

one Current In-Pit
I Minera
al Resources
s at 0.15 g/t A
Au cut-off gra
ade
Cut-off
C grade (g
g/t Au) Tonnes
T (Mt) Au (g/t) Ounces Au ((koz)
Measured 0.15 29.40 0.805 761
Indicated 0.15 151.31 0.590 2,870
Meas. + Ind. 0.15 180.72 0.625 3,631
Inferred 0.15 17.43 0.4
492 276
Notes:
1. Mineraal Resources are reported in accordanc ce with Cana adian Securitiees Administrattors (CSA) Na ational
Instrum
ment 43-101 (N NI 43-101) and have been esttimated in confformity with gen nerally accepteed Canadian In nstitute
of Minning, Metallurggy and Petroleum (CIM) "E Estimation of Mineral Resource and Min neral Reservess Best
Practic
ces" guideliness. CIM definitionns were followe ed for Mineral Resources;
2. In-Pit Mineral Resources are estiimated at a cut-off c of 0.15 g/t, with miniing and proce essing costs a and pit
parammeters as per thhe text of this re
eport;
3. Metal prices used forr this estimate were US$1,700/oz Au, at an 0.75 exchange e rate;
4. High-g grade caps werre applied as per the text of th his report;
5. Speciffic gravity (bulk
k density) was assigned
a for ea
ach block base ed on measurem ments taken froom core specim mens;
6. Minera al Resource tonnage and con ntained metal have
h been rou nded to reflectt the accuracy of the estimatte, and
numbe ers may not add due to round ding;
7. Resou urces are reporrted on a 100% % basis for Victooria Gold controrolled lands; an
nd
8. The es stimate of Mineeral Resources s may be mate erially affected by environmen ntal, permitting, legal, title, taxxation,
socio-political, marke
eting, or other relevant
r issues s, although the author is not aaware of any su uch issues.
Source: AVVM (2016)
Mineral Resources
R th
hat are not Mineral Res serves do no ot have dem monstrated eeconomic via ability.
Mineral Resource
R es
stimates do not account for mineab ility, selectivvity, mining loss and dilution.
These Miineral Resouurce estimatees include Infferred Minera
al Resourcess that are normally consid dered
too speculative geoloogically to ha
ave econom mic considera ations applie
ed to them that would enable
them to be
b categorize ed as Minera al Reserves. There is alsso no certain
nty that these
e Inferred Mineral
Resourcees will be converted
c to Measured and Indicate ed categoriees through ffurther drillin
ng, or
converted
d into Minera
al Reserves once
o econommic consideraations are appplied.
14.11 Eagle
E Zone - Mine
eral Reso
ource Sen
nsitivity
The Eagle Zone Mea asured + Indicated Mineraal Resourcess at COGs b between 0.05 5 to 1.0 g/t A
Au are
shown inn Table 14.12. Figure 144.35 shows graphically
g tthe Grade -T Tonnage currves. Table 14.13
provides a break-dow
wn of the Mine
eral Resourc
ces by Metall urgical Type at the 0.15 g
g/t Au cutoff.
Effective Da
ate: September 12,
1 2016 14-45
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Table 14.12: Eagle Zo

one Grade To
onnage Sens
sitivity Data ffor Measured
d + Indicated
d Resources at
various COGs
C
Measu
ured + Indicate
ed
Cut-Off Tonnes Au Ounces
Au g/t (Milllion Tonnes) (g/t) (Million oz)
0.05 182.46 0.62 3.637
0.1 182.08 0.621 3.636
0.15 180.72 0.625 3.631
0.2 176.3 0.636 3.605
0.25 167.5 0.658 3.541
0.3 155.59 0.687 3.436
0.35 142.33 0.721 3.297
0.4 128.66 0.757 3.132
0.45 115.38 0.795 2.951
0.5 102.6 0.835 2.756
0.55 90.75 0.876 2.556
0.6 79.94 0.917 2.356
0.65 69.82 0.959 2.153
0.7 60.29 1.004 1.946
0.75 51.75 1.05 1.747
0.8 44.35 1.096 1.563
0.85 37.92 1.142 1.392
0.9 32.18 1.19 1.231
0.95 27.31 1.237 1.086
1 23.24 1.283 0.959
Source : AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-46
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Figure 14
4.35: Grade Tonnage
T Currves for the Eagle Deposit – Measure
ed + Indicated
d Resources
s
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 14-47
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Table 14.13: Eagle In--Pit Mineral Resource

R Brreakdown by
y Metallurgica
al Type and Classificatio
on at a 0.15 g/t
g Au Cut-Offf
Measured d Indicatedd Mea

asured+Indicaated Inferred
Cut-Off Type
Met Type Tonnes Au
u Ou
unces Tonnes Au Ouncces Tonnes Au Ouncess To
onnes Au Ounces
(Au g/t)
(M) (g/tt) (k) (M) (g/t) (k)) (M) (g/t) (k) (M) (g/t) (k)
0.15 1 A 13.1 0.9226 390 27.08 0.662 5766 40.18 0.748 967 0
0.67 0.432 9
0.15 2 C 1.41 0.67
76 31 13.21 0.554 235
5 14.62 0.566 266 0
0.82 0.514 14
0.15 3 B 11.42 0.70
01 257 103.18 0.579 192
22 114.6 0.591 2179 1
15.73 0.494 250
0.15 4 E 2.96 0.77
7 73 4.96 0.576 92
2 7.91 0.649 165 0
0.03 0.49 0
0.15 6 0.32 0.49
99 5 1.68 0.442 24
4 2 0.451 29 0
0.07 0.509 1
0.15 10
0 0.19 0.69
96 4 1.21 0.54 21 1.4 0.561 25 0
0.11 0.37 1
Type Met Type

e Desc
cription
1 A Oxidized G
Granodiorite
2 C Altered G
Granodiorite
3 B Unaltered Graodiorite
4 E Oxide Mettasediments
6 Unaltered M
Metasediments
10 Overburden/Weathered
Effective Da
ate: September 12,
1 2016 14-4
48
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14.12 Olive
O Zon
ne - Drill Hole
H Data
abase
The drill hole
h databas
se was receiv
ved in Excel format. The digital datab
base included
d the followin
ng file
informatioon:
 Collar – Drill hole name, eastin
ng, northing, elevation, to
otal depth, typ
pe, purpose;
 Surve
ey – Drill hole
e name, deptth of survey, azimuth, dip
p;
 Assayys – Drill ho
ole name, fro
om, to, samp
ple id, certificcate numberr, Au, Ag an
nd other elem
ments
from the
t ICP analysis;
 Geolo
ogy – Drill ho ole name, fro
om, to, samp ple ID, degre
ee of oxidatio
on, sericitiza
ation, chloritizzation
and silicification,
s vein
v type and
d thickness;
 Lithology – Drill hole name, from, to, ro ock type (su anodiorite, altered
uch as overrburden, Gra
Granoodiorite, horn
nfels, quartzitte, and fault zone); and
 Recovery, RQD - Drill hole name, from, to,, recovery % , RQD %.
on to this data
In additio a, digital cop
pies of surfac
ce geological maps, 2 m d
digitized topo
o, bulk densiity file
data (in Excel
E format), and QA/QC C files were supplied.
s
A databaase of 291 holes
h was prrovided incluuding 221 co ore, nine RC
C drill holes and 61 tren nches.
Geology information from all the holes wa as used for geological interpretation n and geolo ogical
g. Trench data was considered to be acceptable for grade esstimation; the
modelling e data distrib
bution
curves weere all nearly
y identical, and only diverrged a bit ab
bove about 5 g/t Au, whicch constitutedd less
than 5% of the trench h data (see Figure 14.36 6). Trenches were used as sub-horizzontal pseudo-drill
able 10.2 in Section
holes. Ta S 10 – Drilling provvides a breaakdown of drrilling and tre
enching detaails by
type and year comple eted for Olive.
Effective Da
ate: September 12,
1 2016 1
14-49
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Figure 14
4.36: CF Plot of Au Grade
es, Trench an
nd DH
Source : AV
VM (2016)
14.13 Olive
O Zon
ne - Explo
oratory Data
D Analy
ysis
EDA was
s carried out for
f Olive in th
he same man
nner as for E
Eagle (See Se
ection 14.2).
RC drillin
ng accounted d for eight ho
oles and 792 2 m of total drilling, or 2
2% of the tottal meterage
e, and
there was s both insufficient data too run core-ve
ersus-RC an alysis and an insignifican nt amount off data
to materiaally affect the
e database. The assump ption was tha
at RC drilling for Olive waas not biased
d with
respect to
o core, based d on the analysis of RC core
c versus fo
or Eagle.
A visual inspection off vein densityy and its corrrelation with g
gold assays was carried out, in an atttempt
mine if the de
to determ ensity of the veining or thhe geologica al modelling oof the vein zzones could aid in
the depos sit modelling. It was conccluded that, while
w there w as a generall direct relatio
onship of sulphide
and quarrtz vein den nsity to the general loc cation of go ld mineraliza ation, the g gold grades were
geologicaally not direc
ctly related byy a 1:1 ratio
o to the vein intensity, whhich is logge ed as vein deensity
(cm/m of sample). Th he resource modelling is therefore ba ased on the modelling off gold gradess and
not on litthology, struc
cture, or qua artz veining. At Olive, ap pproximatelyy 98% of the e mineralization is
hosted in granodioriticc intrusive rock types.
Effective Da
ate: September 12,
1 2016 1
14-50
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Leapfrog software wa as used to de efine the exte

ent of the mi neralization, as a minera
alized shell, bbased
ole composite
on drill ho e data (Figurre 14.37). Un
nlike Eagle, th
he mineralizaation raw datta, primarily a
at 1.5
m interva als, was a mix
m of higherr grades and d lower grad des in a shottgun pattern, such that direct
grade ind dicated hole-tto-hole contin
nuity was nott apparent, a
and shells weere not very m
meaningful.
Compositting to 5 m, and snapping to compos sites greater than 0.10 g//t Au, defined
d a linear zo
one of
mineralization with ho ole-to-hole continuity,
c an
nd provided boundary lim mits to captuure mineralization.
The wirefframe shape was exporte ed from Leap pfrog to Data
amine, and ussed to selectt a relevant a
assay
population for grade estimation; a total of 8,216 sampled d and analyyzed intervalss were within the
mineralized shell. All "missing" values for Au A and Ag were set to zero priorr to compossiting.
Frequenc cy distribution
n plots were constructed to identify ccapping thressholds for booth gold and silver
of 25 g/t and
a 60 g/t, re espectively. Figure
F 14.38 shows the frrequency plo ot for gold. Va
alues in exce
ess of
these were set back to these thres sholds prior to
t compositin ng.
Figure 14
4.37: Olive 3D
D Mineralized
d Wireframe Solid - Pers pective View
w
Source: AV
VM (2016)
Effective Da
ate: September 12,
1 2016 1
14-51
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Figure 14
4.38: Olive Frrequency Plo
ot for Au in Mineralized
M S
Shell
Source : AV
VM (2016)
14.14 Olive
O Zon
ne - Comp
positing
Within thhe grade she ell the avera
age sample intervals weere 1.5 m; th
he envisione
ed vertical m mining
selectivity
y was 5 m, and
a a 2.5 m interval was s selected fo
or compositin
ng. Comparaative statisticcs are
displayedd in Table 14.14.
Table 14.14: Au g/t Co
omparative Statistics
S
Sta
andard
Number Min. Max. Mean V
Variance C
CV
D
Dev.
All assays 21643 0 118 0.295 3.429 1
1.852 6
6.28
Capped as ssays within
8190 0 25 0.663 4.342 2
2.084 3
3.14
mineralizedd shell
2.5 m Commposites 4776 0 25 0.638 2.289 1
1.513 2
2.37
Source : AV
VM (2016)
The CV for all assa ays was high, reflecting the grade variation of the raw da ata. Capping g and
segregatiion within the
e shell resullted in a sign
nificant redu ction, and w
with compositting to 2.5 m
m, the
final CV of 2.37 sug ggested that linear estim mation was a acceptable fo
for grade esstimation with
h this
population.
Effective Da
ate: September 12,
1 2016 1
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14.15 Olive
O Zon
ne - Geolo
ogical Mo
odel
Leapfrog software wa as used for immplicit geolog
gical modellin ng of drill hole codes for llithology, ressulting
in a simple 3D mod del of intrusive (Granodiorite) metassediments w with minor ooverburden ccover.
Structural controls to o mineralizattion are likelly present, a and control the overall orientation o of the
mineralized shell and the veining internal to th hat shell; howwever, they w were not definable from d drilling
codes. Po ost-mineral off-setting
o fau
ults were nott identified. In
nterpreted structures werre therefore u useful
as explorration tools, but
b not as limmiting featuress to the mine eralization at Olive Zone.
Similar to
o the work at Eagle Zone, Leapfrog so oftware was uused to creatte oxidation ssurfaces usin
ng Ox
codes froom the core logging. A base
b of oxida
ation surface
e and base o of mixed or ttransition maaterial
surfaces were created d as further described
d in Section
S 12.2 .5, Data Veriification.
hologic type and oxidatio
Rock/Lith on type wire eframes were e created inn Leapfrog a and imported d into
Datamine e to code the e block mode
el with geo-mmetallurgical ccode as showwn in Tables 14.15 and 1 14.16.
These coodes were priimarily used to assign bulk densities, as discussed d in Section 14.17, and fo
or the
assignme ent of a reco overy variablle used durinng the pit opptimization d
discussed in section 14.2 21. A
display off the wirefram
mes is shownn in Figure 14
4.37.
Table 14.15: Rock/Lithologic Codes
Code Type
1 Granodiorite
2 M
Metasediments
3 Overburden
Source: AV
VM (2016)
Table 14.16: Oxidatio

on Codes
Recovery
Code Type
(Dec
cimal %)
1 Oxide 0.66
2 Mix
xed/transition 0.55
3 Sulphide 0.52
Source: AV
VM (2016)
14.16 Olive
O Zon
ne- Block
k Model
A block model
m was created using
g Datamine Studio3
S with the spatial ccharacteristiccs as describ
bed in
Table 14..17.
Table 14.17: Block Mo
odel Spatial Characteristtics
Minim
mum Maximum
Direction 10 m x 10 m x 5 m Blocks: number of
(m
m) (m)
Easting 461,250 463,250 200 Columns
Northing 7,100
0,760 7,102,550 179 Rows
Elevation 87
75 1,400 105 Levels
Source: AV
VM (2016)
Effective Da
ate: September 12,
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The relev
vant block model
m fields fo
or resource estimation a and reportingg are tabulate
ed in Table 14.18
along witth the releva
ant descriptiv
ve report sec ctions. For piit optimizatio
on purposes,, all model bblocks
were 10 m X 10 m X 5 m, with no n sub-cells or o partial blo
ocks. At the ttopographic interface “peercent
po” is represe
below top ented by a frractional codde varying fro
om 0 (air) to 1 (in place). “Air” blocks were
created such
s that eac
ch possible poosition in the
e model matrrix has a reco ord.
Table 14.18: Block Mo
odel Fields & Applicable Report secttions
Relev
vant Block Model Fields Sectio
on
XC Easting Coordinate of Block C
Centroid
YC Northing
N Coord
dinate of Block Centroid
ZC Elevation
E Coord
dinate of Blockk Centroid
MIN 1=inside
1 minera
alized shell, 0 o
otherwise 14.13
3
OX 1=Oxide,2=Mix
x/transition,3=S
Sulphide 14.15
5
ROCK 1=Gra
anodiorite, 2=M
Metasediments, 3=Overburden
n 14.15
5
DEN Bu
ulk Density 14.17
7
AUKRG Au
A g/t, estimate
ed with ordinarry kriging 14.18
8
AGID2 Ag g//t, estimated wiith inverse dista
ance squared 14.18
8
CLASS 1=Measured,2
2=Indicated,3=
=Inferred 14.19
9
REC Recovery for pit optimiza
ation 14.15
5
TOPO 1=In
nplace,0=Air 14.16
6
TOPO% Pe
ercentage below topography ffrom 0 to 1 14.16
6
Source: AV
VM (2016)
14.17 Olive
O Zon
ne - Bulk Density
Bulk Density measure ements for Olive
O Zone we ere conducte
ed by Victoriaa Gold on co
ore samples. Over
770 mea asurements were
w taken ono core for Granodioritee, 70 for me etasedimentss, 69 for oxidized
material, 252 for mixe
ed or transitio
on material, and
a 582 for ssulphide or fre
esh material.
Victoria Gold's
G methood of measu uring weights and air has proven at E
s in water a Eagle Zone to be
accurate relative to ou
utside analytical lab meas
surements.
Bulk density mean vaalues by rocck/oxidation type
t (codes listed in Tab
bles 14.19) w
were assigne
ed for
resource tonnage calc
culation as ta
abulated on Table
T 14.19.
Effective Da
ate: September 12,
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Table 14.19: Bulk Den

nsity by Rock & Oxidatio
on Code
Density
Deensity
Rock Oxidation
O
tt/m3)
3 All 2.00
1 1 2.61
1 2 2.67
1 3 2.68
2 1 2.61
2 2 2.69
2 3 2.70
Source: AV
VM (2016)
14.18 Zone
Z - Va
ariogram Analysis
s and Mod
delling
Snowden n Supervisor and Datam mine software e was used to create orrdinary and pair-wise re elative
directiona
al and isotropic variogrrams on go old 2.5 m ccomposites. Only composites within n the
mineralized shell were e used for va
ariogram ana alysis. Fan ddiagrams werre created (F Figure 14.39)), and
an analys sis of a serie
es of fans in
n the horizonntal-strike, accross-strike, vertical, and
d dips planess was
made. Ea ach fan, mad de up of varioogram conto ours, was ana elect the direcction of maxximum
alyzed to se
continuity
y in the fan. While
W anisotropy can be interpreted ffrom the results, well beh haved varioggrams
were difficult to achieve, given thee variation off even the seegregated ca apped and co omposited grades
(Figure 144.40). For grrade estimation with ordinnary kriging ( OK) the isotrropic variogra
am (Figure 14.41)
was fitted
d with a spheerical model as
a tabulated on Table 14..18.
Effective Da
ate: September 12,
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Figure 14
4.39: Variogrram Fan diag
grams
Source: AV
VM (2016)
Effective Da
ate: September 12,
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Figure 14
4.40: Anisotrropic Variogrraphy
Source: AV
VM (2016)
Figure 14
4.41: Isotropiic Variogram
m
Source: AV
VM (2016)
Effective Da
ate: September 12,
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Table 14.20: Kriging Parameters

P
Krigin
ng Parameters
s
(Au g/t)
Rannge (metres) Nugget 1.2
2
Structure Search Orientation
O X Y Z S
Spatial Variancce C
1 Isotrropic 15 15 15 1.7
2 Isotrropic 30 30 30 0.4
Source: AV
VM (2016)
14.19 Olive
O Zonne - Estim
mation Me
ethod and
d Mineral Resourc
ce
Classifica
C ation
The searc ch neighbourhood strateg gy used for the
t grade esstimation of g
gold, with orddinary kriging
g, and
silver, witth inverse dis
stance squarred is displayyed on Table
e 14.21. Onlyy blocks not eestimated witth the
first SVOL were estim mated with a subsequent expanded s earch. For a all volumes, a minimum o of four
composites were requ uired, with a maximum off two from anny given holee. This forcess the estimation to
use a minimum of tw wo drill holess. The minimmum and ma aximum number of the 2.5 m compo osites,
used for estimation in the searrch ellipse, was justified d with KNA undertaken n using Sno owden
Superviso or software (Figure 14.42 2).
Table 14.21: Search Neighbourho
N ood Strategy Au g/t
Search Neighbourhood Strattegy Au g/t

Minimmum Maximum m
Search
X Y Z Nummber From
Volume Orientation
O
(m) (m)
( (m) Off One
Compo osites Drill hole
e
1 Isotropic 15 15 15 4 2
2 Isotropic 30 30 30 4 2
3 Isotropic 75 75 75 4 2
Source: AV
VM (2016)
Effective Da
ate: September 12,
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Figure 14
4.42: Kriging Neighbourh
hood Analysiis Minimum a
and Maximum Number o
of Samples
Source: AV
VM (2016)
The utilization of the minimum

m of four
f 2.5 m coomposites forr estimation, along with th
he nested SVVOLs,
y preserved the grade variation
effectively v of th
he data. Est imation with a minimum of two drill holes
was justified by the drilling pattern and utilization of th he mineraliza ation shell. Sectional drrilling,
generallyy at 25 m spaacing across the
t apparentt strike of thee mineralizatiion, was bounded by the shell,
preventinng extrapolation beyond thet limits of information. Table 14.22 2 summarize es the confid
dence
classification; Measured and Indicated class ses were effefectively constrained to blocks posittioned
between the drilling seections.
Table 14.22: Confiden
nce Classific
cation
Confiden
nce Classifica
ation
Search Minim
mum Number M
Maximum From m
Class
Vo
olume Of C
Composites One Drill hole
e
Measured 1 4 2
Indicated 2 4 2
Inferred 3 4 2
Source: AV
VM (2016)
Effective Da
ate: September 12,
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14.20 Olive
O Zon
ne - Mode
el Validattion
The follow
wing checks were carried
d out to valida
ate model:
 A visual check in
n plan and section
s againnst drill hole composited d values. Gra
ade variation
n had
been preserved and the confid
dence classiffication was a
acceptable;
 Comp parison betw
ween block grrades estima
ated by ordin
nary kriging a
and alternative estimatorrs; Au
g/t es
stimated by both
b methods me (Table 14.23); and
s was essentially the sam
 Swath h diagrams, Figure 14.4 43, where nearest neigh
hbour estima
ation (green) displays ssimilar
variattions to ordin
nary kriging (rred).
Table 14.23: Inverse to

t the Distan
nce Squared (ID2) vs Ord
dinary Kriging
g (OK) Comp
parison
Diffeerence
ID2 – Ave. Au Grade (g/t) OK – Ave
e. Au Grade (g
g/t)
((%)
0.7245 0.7215 0
0.41
Source: AV
VM (2016)
Effective Da
ate: September 12,
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Figure 14
4.43: Easting
g and Northin
ng Swath Dia
agrams
Source: AV
VM (2016)
Effective Da
ate: September 12,
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14.21 Olive
O Zon
ne - Mineral Resou
urce Stattement
The curre
ent Olive Min neral Resources are rep
ported at a ccut-off grade of 0.40 g/t A
Au. The cut--off is
supported
d by the follo
owing parameeters.
 Minin
ng cost of C$ 2.00/t;
 Proce
essing cost of
o C$5.00/t;
 G&A cost of C$1.0
00/t;
 Au re
ecoveries of 69%, 58% and
a 52% for oxidized rocck, transition or mixed oxxide-sulphide e, and
sulph
hide-bearing Granodiorite
G , respectively
y (3% above anticipated a
actual recove
eries); and
 Au prrice of US$1,700, exchange rate of 0.75.
The resu ulting calcula

ated cut-off grade
g for the
e highest-reccovery mate erial is 0.12 g/t Au. Miniing is
anticipate
ed to be cond ducted to a 0.20
0 g/t Au cut-off
c grade , and the rep
porting at a 0
0.40 g/t Au ccut-off
grade wa as done to offfset the low
wer recoveries
s at Olive annd to providee higher gradde material tto the
project.
The Mineeral Resourcces are confined within a conceptual pit shell ba ased on the same param meters
used for the
t cut-off grrade and 45°° slopes; the pit shell opti mized on Meeasured + Indicated + Infferred
Resourcees. Table 14.24 presen nts the Oliv ve Zone Me easured, Inddicated and Inferred Mineral
Resourcees.
Table 14.24: Measure
ed, Indicated and Inferred
d Mineral Res
sources for O
Olive Zone
Cut-offf grade Tonnes

T Au Ag Ounces AAu Ounce
es Ag
Class
(g/t Au) (Mt) (g/t) (g/t) (koz) (ko
oz)
Measured 0.4 1.97 1.19 2.31 75 146
Indicated 0.4 7.55 1.05 2.05 254 498
Meas.+ Ind
d. 0.4 9.51 1.07 2.11 329 645
Inferred 0.4 7.33 0.89 1.70 210 402
Notes:
1. Minera al Resources are reported in accordanc ce with Cana adian Securitiees Administrattors (CSA) Na ational
Instrum
ment 43-101 (N NI 43-101) and have been esttimated in confformity with gen nerally accepteed Canadian In nstitute
of Minning, Metallurggy and Petroleum (CIM) "E Estimation of Mineral Resource and Min neral Reservess Best
Practic
ces" guideliness. CIM definitionns were followe ed for Mineral Resources;
2. In-Pit Mineral Resources are estiimated at a cut-off c of 0.40 g/t, with miniing and proce essing costs a and pit
parammeters as per thhe text of this re
eport;
3. Metal prices used forr this estimate were US$1,700/oz Au, at an 0.75 exchange e rate;
4. High-g grade caps werre applied as per the text of th his report;
5. Speciffic gravity (bulk
k density) was assigned
a for ea
ach block base ed on measurem ments taken froom core specim mens;
6. Minera al Resource tonnage and con ntained metal have
h been rou nded to reflectt the accuracy of the estimatte, and
numbe ers may not add due to round ding;
7. Resou urces are reporrted on a 100% % basis for Victooria Gold controrolled lands; an
nd
8. The es stimate of Mineeral Resources s may be mate erially affected by environmen ntal, permitting, legal, title, taxxation,
socio-political, marke
eting, or other relevant
r issues s, although the authors are no ot aware of anyy such issues.
Source: AVVM (2016)
Effective Da
ate: September 12,
1 2016 1
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Mineral Resources
R th
hat are not Mineral Res serves do no ot have dem monstrated eeconomic via ability.
Mineral re
esource estimmates do nott account for mineability, selectivity, m
mining loss and dilution. T
These
mineral resource
r estimates include Inferred Mineral Ressources that are normallly considered too
speculativve geologica
ally to have economic
e con
nsiderations a applied to thhem that wouuld enable the em to
be categoorized as Minneral Reservees.
There is also no certainty that the
ese Inferred Mineral Ressources will be converted to Measurred or
Indicated categories through
t further drilling, orr into Minerall Reserves, o
once econom
mic considera
ations
ed.
are applie
14.22 Olive
O Zon
ne - Mineral Resou
urce Sens
sitivity
The Meas sured +Indicated Mineral Resources at COGs bettween 0.0 to 1.0 g/t Au are shown in T
Table
14.25. Fig
gure 14.44 displays grade
e-tonnage se
ensitivity data
a graphically.
Table 14.25: Olive Zone Grade To
onnage Sensitivity Data fo
or Measured
d + Indicated Resources at
various COGs
C
Cut-Off To
onnes (Million
n Au Ag Au ozz (Million Ag oz (Milliion
(Au g/t) Tonnes ) (g/t) (g/t) oun nces) ounces)
0.05 17.21 0.69 1.67 0..384 0.927

0.1 16.33 0.73 1.72 0..382 0.902
0.15 15.21 0.77 1.78 0..378 0.870
0.2 13.97 0.82 1.84 0..371 0.829
0.25 12.66 0.89 1.92 0..361 0.781
0.3 11.47 0.95 1.98 0..351 0.730
0.35 10.45 1.01 2.04 0..340 0.686
0.4 9.51 1.07 2.11 0..329 0.645
0.45 8.65 1.14 2.18 0..317 0.606
0.5 7.84 1.21 2.25 0..305 0.567
0.55 7.19 1.27 2.32 0..294 0.536
0.6 6.58 1.33 2.36 0..282 0.500
0.65 6.02 1.4 2.42 0..271 0.468
0.7 5.54 1.46 2.41 0..261 0.430
0.75 5.07 1.53 2.44 0..250 0.398
0.8 4.68 1.6 2.48 0..240 0.373
0.85 4.34 1.66 2.51 0..231 0.351
0.9 3.99 1.72 2.55 0..221 0.327
0.95 3.68 1.79 2.61 0..212 0.308
1 3.37 1.87 2.65 0..202 0.286
Source: AV
VM (2016)
Effective Da
ate: September 12,
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Figure 14
4.44: Grade Tonnage
T Currves for the Olive Zone – Measured + Indicated R
Resources
Source: AV
VM (2016)
Effective Da
ate: September 12,
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Table 14.26: Olive In-Pit Mineral Resource

R Breeakdown by Rock and Ox
xidation Typ
pe and
Classification at a 0.4
40 g/t Cut-Offf
Tonnes Au
A Ag Au oz Ag ozz
Class
(M) (g
g/t) (g/t) (k) (k)
Granodiorrite
Measured 1.96 1.19 2.31 75 145
Indicated 7.41 1.04 2.07 249 493
Inferred 7.13 0.89 1.72 205 395
Metasedim
ments
Measured 0.01 1.11 0.92 0 0
Indicated 0.13 1.19 1.11 5 5
Inferred 0.18 0.78 0.75 4 4
Overburde
en/Weathered Rock
Measured 0.01 1.42 4.04 0 1
Indicated 0.01 0.66 4.02 0 1
Inferred 0.02 1.37 3.59 1 3
Oxide
Measured 0.39 1.38 2.81 17 35
Indicated 0.68 1.32 3.07 29 67
Inferred 0.21 1.55 4.42 10 30
Mix
Measured 0.9 1.24 2.58 36 75
Indicated 3.52 1.04 2.24 118 253
Inferred 2.81 0.97 2.57 88 232
Sulphide
Measured 0.68 1.01 1.68 22 37
Indicated 3.34 0.99 1.66 106 178
Inferred 4.31 0.81 1.01 112 140
Source: AV
VM (2016)
ate: September 12,

Effective Da 1 2016 1
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14.23 Summary
S y Conclus
sions
14.23.1 Eagle
e Zone
The MRE E for the Eag

gle Zone follo
ows industry best practicces. The data
abase is suffficiently verifiied to
allow forr resource estimation at a Feasibility level study, and adequatelyy representss the
mineralization.
Drilling addded since thet resource model of th he 2012 FS ((drilling from late 2011 th hrough 2012 2) has
added sig gnificantly to
o the classificcation confid
dence of the updated ressource estim mate for the E Eagle
Zone. Th he added in-ffill drilling resulted in a slightly
s lowerr average grrade (-0.03 g g/t) than the
e prior
drilling ca
ampaigns (current 0.69 g/t Au avera age grade ve ersus 0.72 g g/t Au avera age grade prrior to
2012, and internal to o the mineralized envelope). Howeve er, the confid dence in thee deposit ave erage
grade has s increased substantially y, and the density of drillin
ng has allow wed for 21% o of the resourrce to
be classiified as Mea asured. On an a equivalen nt cut-off graade basis, tthe current u updated reso ource
model res sults in approoximately the e same grade e and total ccontained oun nces as in th
he 2012 FS, b but at
an increa ased confide ence classificcation – a de emonstration n of robust d deposit data and modelliing in
light of a 39% increas se in assay da ata from the 2012 in-fill d
drilling progra
am.
14.23.2 Olive
e Zone
The resource estimattion methodo ology employ yed for the O

Olive Zone iss consistent w
with industryy best
practices. The databaase is sufficiently verified
d to allow fo
or resource e estimation a
at a FS levell, and
adequateely represents
s the mineralization.
The Mine eral Resource estimation for the Oliv ve Zone is roobust, such tthat further improvementts are
not indica
ated as neceessary. The Olive
O Zone gold
g mineralizzation has a very short rrange variography
and a higgher CV than n Eagle Zonne, representting a scatteered mix of h higher and lo
ower grades.. This
grade disstribution pa
attern could possibly be enefit from non-linear e estimation m
methods, succh as
indicator kriging or uniform condiitioning, to provide
p a bettter local blo
ock estimate
e. The Olive Zone
mineralization should be further ev
valuated upo on completionn of drilling a
at the Shamro
ock area.
ate: September 12,

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15 Mineral
M Reserv
ve Estim
mates
The mine eral reserve documented d in this secction was esstimated bassed on Can nadian Instituute of
Mining (C CIM) guidelin
nes that deffines Mineral Reserves as “the economically mineable partt of a
Measured d or Indicate
ed Mineral Resource dem monstrated bby at least a Preliminary Feasibility S
Study.
This Stud dy must inclu
ude adequatte information on mining,, processing, metallurgiccal, economicc and
other releevant factors
s that demon nstrate, at th
he time of re
eporting, thatt economic extraction caan be
justified. A mineral reeserve includ
des diluting materials an nd allowancees for losses that may occur
when the material is mined.”
m
Mineral Reserves
R are
e those parts
s of Mineral Resources which, afterr the applica ation of all m
mining
factors, result in an estimated
e ton
nnage and grade
g which, in the opiniion of the Qualified Persson(s)
making the estimates s, is the basis of an ecconomically viable project after takin ng account of all
relevant processing, metallurgicaal, economic, marketing, legal, envirronment, soccio-economicc and
governme ent factors. Mineral Reserves are inclusive off diluting ma aterial that will be mine ed in
conjunctioon with the Mineral
M Rese
erves and delivered to the e treatment pplant or equivvalent facilityy. The
term ‘minneral reserve’ need not necessarily siignify that exxtraction facilities are in p
place or operative
or that all governmen ntal approva
als have beeen received. It does sign nify that therre are reasonable
expectations of such approvals.
a
To conveert Mineral Resources to Mineral Reserves estima ates of gold price, mining
g dilution, pro
ocess
recovery, refining/tra
ansport cossts, royaltie
es, mining costs, processing, an nd general and
administrration costs were used to estimate cut-off grad des (COG) ffor each de eposit. Alongg with
geotechn
nical parametters, the COG
G formed thee basis for the
e selection o
of economic mmining blockss.
The QPs s have not iddentified anyy known legal, political, environmen ntal, or otherr risks that w
would
materially
y affect the potential
p deve
elopment of the Mineral Reserves, e except for the
e risk of not being
able to secure
s the ne
ecessary permits from thhe governme ent for development and d operation o of the
project. The
T QPs are e not aware of any uniq que characte eristics of th
he project thhat would prrevent
permitting
g.
A summa ary of the Min
neral Reserve es for the pro
oject are sho
own in Table 15.1. The eff
ffective date o
of the
mineral re
eserve conta
ained in this report
r is Septtember 12, 2
2016.
ate: September 12,

VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Table 15.1: Summary

y of Mineral Reserves
R
Area Classification
C Ore
O (Mt) Diluted Gra
ade (g/t) Co
ontained Gold (koz)
Proven 27 0.80
0 685
2 1,778
Total 116 0.66
6 2,463
Proven 2 1.02
2 58
3 142
Total 7 0.67
7 200
7 2,663
Note: Minerral Reserves are
e included within Mineral Resourc
ces
Source: JD
DS (2016)
15.1 Open
O Pit Mineral Reserve
R
15.1.1 Open
O Pit Mineral Rese
erve Basis
s of Estima
ate
The mineeral reserve for

f the propeerty is based
d on the min
neral resourcce estimate ccompleted byy was
carried out by QPs Allan
A Moran,, Ravindra Sharma
S and Frank Davie ess, with an effective da
ate of
September 12, 2016 for
f the Eagle
e and Olive Zones.
The Mine eral Reservees were deve
eloped by ex xamining eacch deposit to
o determine the optimum m and
practical mining method. COGs were then dete ermined base ed on approp
priate mine d
design criteria
a and
the adoptted mining method.
m A shoovel and truc
ck open pit m
mining method was selectted for the va
arious
deposits. Only Meas sured and Indicated Mineral Resou urces were included in the optimizzation
process. Inferred reso
ources were considered
c as
a waste.
gh analysis of
A thoroug o the optimiized shells was
w then connducted in orrder to selecct the shells to be
used as guides
g to the subsequent detailed pit designs.
d
15.1.2 Mining
M Method and Mining
M Costts
The depoosits at the Eagle

E Gold site
s are ame enable to exttraction by oopen pit meth
hods. For the
e
purposess of the preliiminary optim
mization, min
ning costs o of $2.30/t miined were asssumed. Thee
open pit cost estimatte was gene erated from first
f principle
es and by be enchmarking
g comparablee
Canadiann operations in similar northern
n loca
ations. Optimmized shells were develloped for thee
deposits.
The open n pit optimiza
ations resulteed in open pits
p at each o of the two deposits at th
he site, Eagle
e and
Olive, and
d provide thee basis of esttimation for th
he open pit M
Mineral Rese
erves.
15.1.3 Dilution
D
As input to
t the initial pit
p limit optim
mization and subsequent
s m
mine schedu uling, and in o
order to reflect the
selectivity
y of the mininng method chosen when compared to o the block m
model param meters, an extternal
mining dilution was ca alculated and
d applied to the various de
eposits.
ate: September 12,

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This exte
ernal mining dilution was based on calculating
c th
he number off waste blocks adjacent to an
ore block
k in the mineral inventorry block model (utilizingg Hexagon M Mining MineSSight™ “fourr side
contact ro
outine”). Onlly Measured and Indicatted blocks w which were ccontained witthin a given zone
and abovve a given go
old cut-off gra
ade were con
nsidered as oore blocks.
The number of waste e block face contacts, with ore blockk faces for e each block, w
was calculate
ed on
each horiizontal plane
e in the mode el. The numb ber of waste faces (or ed dges) may va
ary from zeroo (i.e.
block is surrounded
s by
b ore blocks s) to four (i.e. block is tottally surround
ded by waste
e blocks). Diilution
was estimmated using the number of waste ed dges for each h block, an aassumed graade of zero ffor all
waste and a width of dilution
d of 0.3
3 to 0.5 m for each edge..
The analysis resulted d in external dilutions of 5% and 9 % being applied to the Eagle and Olive
deposits, respectively
y.
15.1.4 Geotechnic
G cal Conside
erations
SRK Con nsulting (US) Inc. (SRK) carried

c out sllope stabilityy analyses ba
ased on prevvious geotech hnical
characterrization progrrams conduc
cted by BGC (2012) to de evelop feasibility level ope
en pit mine design
parameteers for the FSF update. The
T various pit slope de esign parammeters, includ ding geotech hnical
considera
ations, are discussed in detail
d in the Section
S 16 - M Mining Methoods.
Based onn the locationn and characcteristics of the
t geomech hanical doma ains and the pit shells, d
design
sectors were
w identifie
ed for each of
o the propos sed pits. Slo
ope stability a
analyses weere undertake en on
each secctor to definee achievablee slope confiigurations. TThe results ffrom these aanalyses pro ovided
guidance on achievab ble bench fac
ce, interrampp and overall slope angless for each de
esign sector.
The results of the SR
RK analyses and
a a revieww of precedennt practice su
uggest that tthe recomme
ended
geometriees are reasoonable and appropriate. To achievee these angles, the desiign assumess that
controlled
d blasting and
a pro-activ
ve geotechn
nical monito
oring would be undertaken. In add dition,
“drained” slopes were
e assumed based on the 2012 FS BG GC hydrogeology work an nd horizontal drain
recomme endations, along with an
a ongoing commitmentt to geomecchanical datta collection n and
analyses over the LOM operation.
15.1.5 Lerchs-Gro
L ossman Op
ptimization
The sizess and shapes s of the ultim

mate open pits were dete
ermined using the Lerchss- Grossmann (LG)
pit optimization algorithm as imple emented in DataMine
D NPPV Schedulerr (NPVS) sofftware. Key inputs
used for the
t LG runs are a presente ed in Table 15
5.2.
Criteria fo
or crushed ore
o versus ROM
R ore were specified. Ore to be ccrushed will be hauled tto the
primary crusher
c locate
ed towards the north-eas
st side of the Eagle pit. R
ROM ore will be hauled diirectly
to the prim
mary HLP at a combined nominal production rate of 33,700 t/d d ore.
ate: September 12,

VI C T OR
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C
EAGLE G OLD FEA
S Y
Table 15.2: Mine Plan

nning Optimization Input Parameters**
FS - E
Eagle FS - Olive
Parameterr Unit
Depposit Depposit
Revenue, Smelting & Re efining
Gold price US$/oz Au $1,275
Exchange Rate C$:US$ 0.75
Payable metal % 99.5
TC/RC/Tra ansport C$/oz Au 10.00
Royalty @ 1% NSR C$/oz Au 17.00
Net gold vaalue per ouncee C$/oz 1,665
Net gold vaalue per gram C$/g 53.51
OPEX Estiimates
OP Waste Mining Cost C$/t waste min
ned 2.30
OP Ore Mining Cost (Cru ush) C$/t ore mine
ed 2.30
OP Ore Mining Cost (ROM) C$/t ore mine
ed 2.60 -
Strip Ratio (estimated) W:O 1.0 2
2.5
OP Mining Cost C$/t leached
d 4.60 8..05
Crush HL Pad
Heap Leac ch Processing, Water Treatme ent, Rinsing C$/t leached
d 6.00
G&A C$/t leached
d 1.70
Total OPE EX Cost (excluding mining) C$/t leached
d 7.70 7..70
Total OPE EX Cost (includ ding mining) C$/t leached
d 12.30 15
5.75
ROM HL PadP
Heap Leac ch Processing, Water Treatme ent, Rinsing C$/t leached
d 4.50 -
G&A C$/t leached
d 1.70 -
Total OPE EX Cost (excluding mining) C$/t leached
d 6.50 -
Total OPE EX Cost (includ ding mining) C$/t leached
d 10.80 -
Recovery and Dilution
External Mining Dilution % 5 9
Mining Rec covery % 95
Crush Golld Recovery
Type1 - Ox xide Granodiorite % 7
79 -
Type 2 - Alltered Granodioorite % 7
73 -
Type 3 - Unaltered Grano odiorite % 6
68 -
Type 4 - Oxide Medasediiments % 7
73 -
Type 6 - Unaltered Medasediments % 6
68 -
Oxide % - 6
66
Mixed % - 5
55
Sulphide % - 5
52
ROM Gold
d Recovery
All % 5
55 -
Source: JD
DS (2016)
*These pa arameters diffe
er slightly from
m those used in the econoomic model due to subsequent, more de
etailed
estimation work but the differences are not considered
d material
ate: September 12,

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A separatte series of pit

p optimizatio
on runs was completed fo
or each depo
osit to determ
mine the final open
pit shapes.
Based on n the analysiss of the shellls and prelim
minary mine sschedule, the e base case ultimate shelll was
selected for
f each dep posit. In all ca
ases, ultimate
e shells were e selected on
n the basis off maximizing g NPV
but also minimizing
m ad
dditional lowe er grade andd higher strip ratio materia
al (i.e. higherr incrementa
al strip
ratios with minimal increases in value)
v that ha
ave minimal benefit to th he overall NP PV. In additio
on, pit
phases were
w also seleected for Eag gle based onn the optimiz ation results and used ass the basis fo or the
detailed ultimate
u pit and phase designs.
15.1.6 Cut-Off
C Gra
ade and Re
esource Cla
assificatio
on Criteria
Once pit shapes werre establishe ed, marginal COG were used to dettermine the total amount and
grade of ore in each pit. The marginal, or incrremental, COOG is specificc to the mining method a and is
defined as
a the minim mum grade at a which min neralized ma
aterial, alreaddy located a
at the pit rimm (i.e.
contained
d within the pit and already mined), pays for alll additional ccosts incurre ed if it is sent for
processin
ng. Accordingg to this deffinition, the marginal
m CO
OG for each deposit and oxidation tyype is
summarizzed in Table 15.3 and this correspon nds to a brea
ak-even grad de that excludes mining ccosts.
The openn pit Mineral Reserves coomprise all mineralized
m m
material with grades equa al to or above this
marginal COG.
Table 15.3: Marginal COGs
C by Deposit and Ma
aterial Type
Cut-o
off Grade
Area/Type
e Mate
erial
(g
g/t Au)
Oxide Gra
anodiorite 0.19
Altered Granodiorite 0.21
Eagle Crus
sh Unaltered Granodiorite
G 0.22
Oxide Meda
asediments 0.21
Unaltered Medasediments 0.22
Oxiide 0.24
Olive Crush Mix
xed 0.29
Sulphide 0.30
Eagle ROM
M All 0.23
Source: JD
DS (2016)
ate: September 12,

VI C T OR
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EAGLE G OLD FEA
S Y
15.1.7 Mine
M Design
Detailed pit design innvolves the conversion

c of
o the optimizzed pit shellss into an operational ope
en pit
mine design, which is s discussed further in Sec
ction 16. Tab
ble 15.4 givess the main paarameters ussed in
determiniing the pit de
esigns.
Table 15.4: Pit Design
n Parameters
s
Descriptio
on Value
Ultimate Pit
P Design Para
ameters – All Pits
10 m (single, workin
ng)
Bench Heig
ght
20 m (doublle; final pit conffiguration)
Face Angle
e 60° to 70° ((double-bench,, final pit)
Berm Width 1
10 m to 12 m
Interramp Angle
A (IRA) 38° to 49°
Ramp Widtth – Double lan
ne 27 m (total excavation)
Ramp Widtth - Single lane
e -lower benche
es 20 m
Ramp Grad
dient – Double lane 10
Ramp Grad
dient – Single lane
l – lower be
enches 12
Overall Angle (OSA) 36° to 45°
Source: JD
DS (2016)
15.1.8 Open
O Pit Mineral Rese
erves Estim
mate State
ement
The Eagle Gold open pit mineral reserve

r is pre
esented in Ta
able 15.5 and
d Table 15.6.
Table 15.5: Eagle Golld Open Pit Mineral
M Rese
erve Estimate
e
Area Classification
C Ore
O (Mt) Diluted Gra
ade (g/t) Co
ontained Gold (koz)
Proven 27 0.80
0 685
2 1,778
Total 116 0.66
6 2,463
Proven 2 1.02
2 58
3 142
Total 7 0.95
5 200
7 2,663
Note: Mine
eral Reserves are
esources
Source: JD
DS (2016)
ate: September 12,

VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Table 15.6: Eagle Golld Mineral Re

eserves by Type
T
Type Area Ore

O (Mt) Diluted Gra
ade (g/t) Co
ontained Gold (koz)
Eagle 101 0.72
2 2,330
Crushed Ore
O Olive 7 0.95
5 200
Total 108 0.73
3 2,530
Eagle 15 0.27
7 133
ROM Ore Olive - - -
Total 15 0.27
7 133
Crushed + ROM Total 123 0.67
7 2,663
Note: Mine
eral Reserves are
esources
Source: JD
DS (2016)
ate: September 12,

V I C T OR
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16 Mining
M Method
ds
16.1 Introduct
I tion
The Eagle Gold proje
ect comprises s the Eagle and Olive de
eposits which
h are planne
ed to be extrracted
by open pit
p shovel andd truck minin
ng methods.
Pit optimizations werre conductedd to determin
ne the optim
mal open pit mine plan. TThis analysiss and
subseque ent detailed mine
m design estimated 12
23 Mt of ore at an averag
ge gold head grade of 0.6
67 g/t.
The contaained gold is estimated to
o be 2.7 Moz
z.
Industry standard mining methods, equipme uction rates were
ent, dilution calculationss and produ
n the planning process.
applied in
16.2 Open Pitt Mining

16.2.1 Mine
M Design Methodo
ology and Design
D Criiteria
16.2.1.1 Desig
gn and Plan
nning Metho
odology
Industry standard
s meethodologies for pit limit analysis,
a ning sequencce, cut-off grrade optimization,
min
and detaiiled design were
w adopted.
The main
n steps in the
e planning pro
ocess were:
 Assig
gnment of eco
onomic criterria to the geo
ological resou
urce models;;
 Definition of optim
mization parameters such as gold price e, preliminarry operating ccost estimate
es, pit
wall angles,
a preliminary dilution and meta
allurgical reccovery estimmates for eacch mine area a and
materrial type;
 Calcuulation of eco
onomic ultima
ate pit limits for
f the variou
us deposits u
using the NPVS software. This
softw
ware applies the
t Lerchs Grossmann algorithm to de efine optimall mining shells;
 Estabblishment of an economic
c scheduling
g sequence u
using the NP
PVS series o
of optimum nested
pits as
a guides;
 Development of detailed
d pit designs
d (inco
orporating pitt accesses a
and appropria
ate bench heeights
and pit
p geometry) for the ultimate pits using
g Hexagon M Mining MineSSight™ (Mine
eSight) software;
 Deterrmination of optimal pit phasing
p using
g the same tools as those applied fo
or the ultima
ate pit
desig
gns;
 Deterrmination of incremental (or
( heap leac
ch feed) cut-o
off grade bassed on econo
omic parame
eters;
 Deterrmination of external
e mining dilution based on Min eral Resourcce block mod
del;
 Development of th he life of min
ne (LOM) pro
oduction sch omic return, while
hedule to maximize econo
satisffying heap lea
ach feed and d mine produ
uction constra
aints;
 Development of waste
w rock sto
orage area (W
WRSA) desig
gns and volu
ume estimatio
ons;
ate: September 12,

V I C T OR
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 Calcu
ulation of hau
uling distances per bench h and per pitt or phase, a
according to the LOM pla
an for
each of the depossits, and design of the hau
ulage networrk;
 Deterrmination off equipment requiremen nts based o on the LOM M production n schedule, haul
distan
nces, and peerformance and operation nal characteriistics of the p
proposed equipment usin ng the
Runge Pincock Minarco
M Talpac software.. A spreadsh heet model w was created for estimatiion of
operaating hours and
a number of o units requiired. This mo
odel was also o used to calculate equip
pment
procuurement scheedules, workfforce requirements, capitaal expenditurres and operrating costs; and
 Indus
stry equipment- operating g parameters s were applie
ed, with due consideratio
on to the sizee and
location of the op
peration, to select the equuipment. Equuipment and workforce p productivities were
mated accord
estim ding to indus stry standarrds for a no orthern envirronment, forr the size oof the
equip
pment and the e mine produ uction rate.
16.2.1.2
2 Site Topography
T y and Clima
atic Conditio
ons
Mine plan
nning for the project cons
sidered the noorthern clima ate environm
ment, permafrrost, and a re
emote
camp situ
uation, as we
ell as the phy
ysical charactteristics of the ore and waaste rock.
16.2.1.3
3 Topographic and
d Resource
e Model Description
16.2.1.3.1 Topograp
phy
Mine topography, inccluding the WRSA
W and HLP
H areas, w
was provided d digitally byy Victoria Go old in
UTM NAD D83, Zone 8 coordinates. Topography y was suppli ed as a digittal file with co
ontour intervvals of
1 m. This
s was used for
f all pit des
sign calculations and eng gineering esstimates. Volumetric estim mates
were deriived from des
sign surfaces
s intersecting
g the topogra
aphic surfacee.
16.2.1.3.2 Resource
e Model
The 3D resource
r blocck models fo
or the Eagle and Olive de eposits used d in this FS w
were prepare
ed by
Qualified Person Allan n Moran (AIP
PD CPG) and d explained iin detail in th
he Mineral Resource estimate.
The mod dels compris se parameters that desc cribe litholog
gy, in-situ deensity, ore aand waste ttypes,
resource classification
n, ore and wa
aste percenta
age, oxidatioon type, and g gold grade.
16.2.2 Open
O Pit Op
ptimization
n and Sens
sitivity Ana
alysis
16.2.2.1 Objec
ctive and Scope
The optim
mization proc
cess generate
es a series of
o nested pit sshell surfacees for the purrpose of designing
open pits
s across thee various deposits. The Lerchs Grosssmann algo orithm in thee NPVS sofftware
package was used for the optimiz
zation and as ssociated ana alysis. The reesulting nestted pit shells were
d by varying the revenue factor (gold price factor) applied to th
generated he base case e values.
Measure and Indicateed Mineral Resources
R were
w included optimization process. Infferred
d in the pit o
s were treate
resources ed as waste.
ate: September 12,

V I C T OR
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Table 15..2 above sum mmarizes the e parameterss used for eaach deposit, w
while Table 115.3 illustrate
es the
calculatedd incrementaal COGs for the
t various ore
o types. Th he internal cu
ut-off grade ttakes into account
all operatting costs ex
xcept mining costs. This internal cut--off grade is applied to m material conttained
within an economic pit shell where e the decisio
on to mine a given block was determiined by the N NPVS
ernal cut-off was
optimization. This inte w applied tot all of the m
mineral reserv
rve estimatess that follow.
Pit shell generation
g was
w not cons strained by any
a existing i nfrastructure e as the onlyy existing fea
atures
are explo oration acce
ess roads. AllA of the major
m infrastrructure facilities plannedd for the project
(WRSAs, HLPs, offic ces, maintenance shops, fuel storage e, processin
ng facilities, permanent ccamp,
and water storage pon nds) will be external
e to the ultimate pi t designs and their area o of influence.
16.2.2.2
2 Open
n Pit Optimization Resu
ults
A series of optimized e generated for the two deposits at Eagle Gold based on va
d shells were arying
revenue factors.
f The results were
e analyzed with
w shells ch hosen as thee basis for u
ultimate limitss and
preliminary phase selection.
NPVS pro oduces both a best case e (i.e., mine out
o shell 1, th
he smallest sshell, and then mine out each
subseque ent shell from
m the top doown, before starting the next shell) aand a worst case (mine each
bench completely to final
f limits be
efore starting next bench) scenarios. T
These two sccenarios provvide a
bracket fo
or the range of possible outcomes.
o
The shells were prod
duced based on varying revenue facctors (0.3 thrrough to 1.3 of base casse) to
t series of nested shells and their re
produce the espective NP
PV results.
To betterr determine the optimum shell on whiich to base tthe phasing a and scheduling, and to ggain a
better understanding of the mine eability of each deposit, tthe various pit shells we ere analyzed
d in a
preliminary schedule. The schedu ule assumed a combined (crush plus ROM ore) no ominal produuction
3,700 t/d ore.. No stockpile
rate of 33 es were usedd in the analyysis and no ccapital cost e
estimate (CA
APEX)
was cons sidered.
Based on n the analysis s of the shells and prelim
minary sched dule, shells w
were chosen as the base case
ultimate shell
s for each deposit. In n all cases, ultimate
u shellls were sele
ected not only on the basis of
maximizin ng NPV, but also minimiz zing the adddition of incre
easingly lowe er grade andd higher strip
p ratio
ore (i.e. higher increm mental strip ratios) that generate on nly a minima al improveme ent on the o overall
NPV. In addition,
a pit phases
p were also selected for Eagle b based on the e optimization
n results and used
as the baasis for the deetailed ultima
ate pit and ph
hase designss.
The results of the pitt optimization
ns, based onn the mineraal inventory b
block modelss and subseqquent
analyses and shell se
election of thee various dep
posits at Eag
gle Gold, are summarized
d in Table 16..1.
ate: September 12,

V I C T OR
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Table 16.1: Pit Optimization Resu

ults – Eagle and
a Olive
Descriptio
on Unit Eagle (Pit #30) Olive (Pit #4
47) Tottal
Total Heap
p Leach Feed Mt 1
116 7 12
22
Diluted Gold Grade Au (g/t) 0
0.66 0.98 0.6
68
Contained Gold Au (koz) 2 ,470 209 2,67
79
Waste Mt 1
102 13 114
Total Material Mt 2
217 19 23
36
Strip Ratio t:t 0
0.88 1.88 0.9
93
Source: JD
DS (2016)
16.2.3 Open
O Pit De
esign Para
ameters
16.2.3.1 eral Design Parameterrs

Gene
The gene eral design parameters
p used in the va
arious detaile
ed pit and ph
hase designss are summa
arized
in Table 15.4
1 above.
16.2.3.2
2 Haul Road and Ramp
R Design Parame
eters
The Eagle Gold project site roads fall into two categories aas summarize 16.2. All site roads
ed in Table 1
e roads and access
are considered private a will be
b controlled by Victoria G
Gold.
Table 16.2: Eagle Golld Project Ro
oad Design Criteria
C
Type Des
sign Vehicle O
Overall Width Ma
aximum Gradie
ent
10% standard
In-pit haul Road Largest mine
m truck (144
4 t) 27 m
12% ffor pit bottom access
Standard operating vehicles
ks, crew transp
(light truck port,
Site Road (light vehicle supply and d delivery vehic
cles,
8 to 10.4 m 8%
traffic) servic
ce vehicles and
occasionnal use by heavy
equipment)
Source: JD
DS (2016)
The primary haulage roads are re equired between the vario ous open pitt deposits an nd the primarry ore
crusher, WRSAs,
W prim
mary HLP, coonstruction areas
a and maaintenance fa acilities. Roa
ads are plann
ned to
be, as fa
ar as practicaal, constructed using all--fill techniqu es, utilizing waste rock sourced from m the
open pits, to achieve design
d alignm
ment and graade.
Roads within the ultim
mate WRSAs s are designe ed to be all-ffill constructiion. Dust con
ntrol on the roads
one using water trucks, with the additio
will be do on of chemiccal suppressa ants if neede
ed.
The mainn haul roads and ramps area designed to have an overall road allowance wwidth of 27 m
m. The
selected road allowan nce is adequuate for acco
ommodating three times the width oof the largestt haul
truck (144 t), with ad
dditional room
m for drainag
ge ditches a nd safety be
erms as sum
mmarized in T Table
16.3.
ate: September 12,

V I C T OR
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Table 16.3: In-Pit Hau

ulage Road Design
D Param
meters
Item Metres
Truck (144
4 t) operating width
w 6.9
Running su
urface - 3x truc
ck width 20.7
Berm heigh
ht (Three quartters tire height)) 2.2
Berm width
h at 40° slopes 4.4
Ditch width
h 2.0
Total Road
d Allowance 27.0
Source: JD
DS (2016)
Ramps area designed with a max ximum grade of 10% (ste eepened to 12% for fina
al access to lower
portions of
o the open pits).
p Ex-pit ro
oads are des
signed to allo
ow access to
o roads connecting the vaarious
pits to the
e crusher an
nd waste dum mps and are planned to b be a maximuum of 30 m wwide (i.e. an all-fill
road).
16.2.4 Open
O Pit De
esigns
Detailed mine design

ns were undertaken forr the Eagle and Olive Zones and the approxximate
dimensions are show
wn in Table 16.4, with plan views of e
each open pitt design shown in Figure
e 16.1
to Figure 16.2.
For the Eagle
E pit, in order to ma
aintain acces
ss to the primmary crushe
er (elevation 1,050 masl)), and
access too the primary y HLP for RO
OM material, a haul road spirals downn to the botto
om of the weestern
side of th
he pit. This haul
h road als
so connects to the exterrnal access road which lleads to the truck
shop. No final haul ro oads are designed along the final high
hwall above the crusher elevation in order
to minimize waste stripping requireements.
a designed to spiral dow
At Olive, haul roads are wn to the pit bottoms. The ese ramps tie in to the acccess
he WRSA loc
road to th cated to the southwest of the pit and further to th
he primary crrusher adjaceent to
the Eaglee pit.
Table 16.4: Open Pit Dimensions
D
Length Width M
Maximum Deptth
Open Pit
(m) (m) (m)
Eagle 1,300 550 47
75 (east highwa
all)
Olive 850 200 180 (southeast high
hwall)
Source: JD
DS (2016)
ate: September 12,

V I C T OR
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C
Figure 16
6.1: Eagle Pitt Design
ate: September 12,

V I C T OR
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C
Figure 16
6.2: Olive Pit Design
ate: September 12,

V I C T OR
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C
16.2.5 Comparison
C n of Final Pit
P Design and Optim
mized Pit S
Shells
The optimmized pit sheells and final pit design ore

o and wastte tonnages along with d diluted gradees are
compared d in Table 166.5. Total oree tonnages inn the final op
pen pit design ns match the e optimized sshells,
with the correspondin
c ng waste material 2.0% higher.
h Thesee slight differences are d due to maxim mizing
the ore ex
xtraction, pit shell smoothhing (to achie
eve a practiccal and realisstic pit design
n) and maintaaining
minimum mining width hs in the fina
al designs and
d are conside ered to be w well within accceptable limitts.
Table 16.5: Material in
n Optimized Shell versus
s Final Pit De
esigns
Total Heap
H Leach Fe
eed
W
Waste T
Total Sttrip
Descriptio
on Quantity Grade Metal Qu
uantity Quantity Raatio
(Mt) Au (g/t) A
Au (koz) (Mt) (M
Mt) (tt:t)
Pit Optimization Results

s
Eagle 116 0.66 2,470 102 2
217 0.88
Olive 7 0.98 209 13 19 1.88
Total 122 0.68 2,679 114 2
236 0.93
Mineral Re
eserves (Finall Pit Design)
Eagle 116 0.66 2,463 99 2
216 0.85
Olive 7 0.95 200 17 23 2.60
Total 123 0.67 2,663 116 2
239 0..95
Difference Reserve vs. Optimization
O 0% -1% -1% 2% 1% 2
2%
Source: JD
DS (2016)
16.2.6 Waste
W Mate
erials
Geochem mical charactterization stu

udies to idenntify and qua antify the pottential for metal leaching g and
acid rock k drainage (MML/ARD) forr waste and ore associa ated with the e project werre included iin the
feasibility
y studies con
nducted in 19 995/1996 by New Millenn nium Mining Ltd.; in 2007 7 baseline sttudies
by Strata aGold; and in a more comprehens
c ive program m completed in 2010 byy Stantec. T These
evaluations have indicated that th he waste and d ore associ ated with the e project are e likely to be
e non-
acid gene erating. Mino
or proportionss may have some
s propennsity, albeit likkely low, to g
generate loca alized
acidity an nd therefore not necess sarily to sort the small p proportion off waste that may have a low
potential to generate e acid from the vast ma ajority that iss anticipated d to be non n-acid generrating.
Therefore e, waste rock
k will be placeed in the WRRSAs withoutt regard to ch hemical comp position.
Waste roock material produced fro
om the Eaglee and Olive pits was divvided into thrree categorie
es, as
outlined in Table 16.6. Note tha
at no signific
cant amountss of overburrden are exp pected within the
various open pits.
ate: September 12,

V I C T OR
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Table 16.6: Open Pit Waste

W Rock Summary
Type Definitionn
Rock whichh is highly wea athered and foli ated and gene erally shows po oor
Metasedim
mentary
m
mechanical pro perties
Rock
R exhibiting
g a similar weatthering pattern n as the metaseedimentary butt has a
Intrusive
noticeablly higher inhereent strength annd a higher stru
uctural integrityy
Includes topsooil (thickness fro
om 0.2 to 0.5 m m) and colluviu
um (thickness from 2
Miscellaneous
to 7 m)
Source: JD
DS (2016)
16.2.7 Open
O Pit Ph
hase Desig
gn
For the Olive

O pit no additional
a pusshbacks or phases
p were allowed for in the mine plan develop pment
due to its
s relatively sm
mall footprint.. For the muc
ch larger Eag
gle pit, a tota
al of four pha
ases or pushb
backs
are desiggned in order to optimize thet mine sch hedule and mmaximize the project value e.
The miniing schedule e maximizes s economic returns and d achieves tthe target ccrush heap leach
throughpuut target of 10.95
1 Mt/a th
hrough concu
urrent mining
g of the vario
ous phases a and depositss. The
open pit mining
m sequeence, which is based on mining high er value matterial early o
on in the mine life,
begins with the variouus phases of the Eagle pit,
p with Olivve pit being mmined during g the latter p
part of
the mine plan.
Figure 166.3 further su
ummarizes thhe pit and phase design ns for each oof the deposiits, illustratin
ng ore
and wastte mined tonn nages, gold grade, strip ratio
r and conntained value
e. The conta ained value (w which
drives the
e optimized mining seque ence) is bassed on the mmine design ccriteria taking
g into accoun nt net
metal pric
ce, operating
g costs and heap leach go old recoverie
es.
ate: September 12,

V I C T OR
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Figure 16
6.3: Open Pit Summary
VITT ‐ Eagle FS
Open Pit P
Phasing Summary
100 14.0
Value ($/t mined), Grade (Au g/t) and Strip Ratio (wt:ot)
Millions
90
12.0
80
70 10.0
Tonnage (Mt)
60
8.0
50
6.0
40
30 4.0
20
2.0
10
0 0.0
EAG1 EAG2 EAG3 EAG4 OLI1
Pit/Phase
Value Ore ton
nnage Waste tonnage
W Gold Grrade Sttrip Ratio
Source: JD
DS (2016)
ate: September 12,

V I C T OR
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16.2.8 Mine
M Produ
uction Sche
edule
16.2.8.1 Summ
mary
The basic
c criteria used for the dev
velopment of the LOM pro
oduction sche
edule are to:
 Maxim
mize NPV of the project;
 Maxim ue in the early years of the operatio n through th
mize the valu he use of sto
ockpiles (whe
en no
stack
king of heap leach) and co
oncurrent opeen pit mining
g of the various phases att Eagle;
 Ensure crush hea
ap leach ore loading of 10
0.95 Mt/a;
 Minimmize pre-prod
duction minin
ng while ensuuring adequa
ate waste ma
aterial suitable for constru
uction
is pro
oduced from the
t Eagle pitt in the pre-production pe riod;
 Capittalize pre-strripping tonnage (Year -1)
- of 2.1 M
Mt total ma
aterial using Owner-ope
erated
equip
pment and resources;
 Maximmize pit prod
duction rate per
p period according to th
he geometry of the phase
es and the nu
umber
of shovels that caan work withhin that geom
metry. Resulltant maximu
um total yea
arly mine ope
en pit
produ
uction is 29.8
8 Mt (LOM av verage 24.0 Mt/year);
M
 Estab
blish both a crush
c and RO OM stockpile to accommo
odate mining g throughout the year including
the winter
w period (January
( thro
ough March) when there is no ore sta
acking of the HLP;
 Crush onveyed to the primary and
h ore to be co a secondarry HLP, while
e ROM ore to
o be hauled tto the
prima
ary HLP;
 Conv
vey all crush ore to the secondary
s HLP
H (near Ollive deposit) once the prrimary HLP crush
capac
city is met (Y
Year 7);
 Send ROM ore to the Primary HLP only; and
 Plan on operating
g the open pit mine 365 days
d ar (allowing ffor 10 non-operating dayys per
per yea
year due
d to weath her delays).
16.2.8.2
2 Heap
p Leach Fee
ed Schedule and Consstraints
The heapp leach loading rate is a function of the mining prroduction schhedule, capittal cost consstraint
and operrating cost optimization.
o Stacking of the HLPs iss planned to o occur 275 days per an nnum.
Primary crushing
c is planned to occcur throughoout the year but no stackking is planneed to occur d
during
the colde
est months off the year, Ja
anuary throuugh March. AAn average a annual throug ghput of 10.995 Mt
has beenn assumed foor the crushedd ore while th
he ROM ore is to be staccked as it is p
produced from the
mine.
ate: September 12,

V I C T OR
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16.2.8.3
3 Mine Plan and Open
O Pit Prroduction Scchedule
Table 16.7 is a summ
mary of ore (ffor crush and d ROM) and waste rock movement b
by year and by pit
OM productio
for the LO on schedule along
a with the heap leach
h feed schedule.
Figure 16
6.4 and Figurre 16.5 summ
marize ore/wa
aste tonnage
es, grade, reccovered gold
d and strip ra
atio by
year.
ate: September 12,

V I C T OR
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Table 16.7: LOM Prod

duction Sche
edule – Eagle
e Gold Depos
sits
Descriptioon Unit Total Y-1 Y

Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8
8 Y9 Y10 Y11
EAGLE
Crush Ore Mt 101.3 0.0 8.8 11.0 10.9 10.9 10.9
1 11.0 11.0 10.9 10.3 5.6 -
Crush Gold d Grade g/t 0.72 0.49 0.75 0.81 0.77 0.78 0.80
0 0.71 0.62 0.6
61 0.58 0.71 -
Crush Contained Gold k oz 2,330 0 2112 287 272 275 282
2 251 218 2133 192 128 -
ROM Ore Mt 15.1 0.0 1.1 1.6 1.5 0.4 1.4 1.7 2.2 1.88 2.5 0.8 -
ROM Gold Grade g/t 0.27 0.29 0.27 0.28 0.27 0.28 0.27
0 0.27 0.28 0.2
27 0.27 0.28 -
ROM Conttained Gold k oz 133 0 10 15 13 3 12 15 20 16
6 22 7 -
Total Ore Mt 116.4 0.0 9.9 12.6 12.5 11.3 12.3
1 12.7 13.2 12.8 12.8 6.4 -
Total Gold Grade g/t 0.66 0.42 0.70 0.74 0.71 0.77 0.74
0 0.65 0.56 0.5
56 0.52 0.66 -
Total Contaained Gold k oz 2,463 0 2222 301 285 279 294
2 266 238 2299 215 135 -
Waste Mt 99.4 2.1 6.9 14.1 12.1 15.3 10.0
1 7.7 7.8 9.33 11.9 2.1 -
Strip Ratio wt:ot 0.85 83.499 0.70 1.12 0.97 1.35 0.81
0 0.61 0.59 0.7
73 0.93 0.33 -
OLIVE
Crush Ore Mt 6.5 - - - - - - - - - 0.7 5.4 0.5
Crush Gold d Grade g/t 0.95 - - - - - - - - - 1.15 0.94 0.75
Crush Contained Gold k oz 200 - - - - - - - - - 25 163 12
Waste Mt 16.9 - - - - - - - - - 4.4 12.3 0.2
Strip Ratio wt:ot 2.60 - - - - - - - - - 6.33 2.31 0.47
TOTAL MINE
Crush Ore Mt 107.8 0.0 8.8 11.0 10.9 10.9 10.9
1 11.0 11.0 10.9 10.9 11.0 0.5
Crush Gold d Grade g/t 0.73 0.49 0.75 0.81 0.77 0.78 0.80
0 0.71 0.62 0.6
61 0.62 0.83 0.75
Crush Contained Gold k oz 2,530 0 2112 287 272 275 282
2 251 218 213 3 218 291 12
ROM Ore Mt 15.1 0.0 1.1 1.6 1.5 0.4 1.4 1.7 2.2 1.8
8 2.5 0.8
ROM Gold Grade g/t 0.27 0.29 0.27 0.28 0.27 0.28 0.27
0 0.27 0.28 0.2
27 0.27 0.28
ROM Conttained Gold k oz 133 0 10 15 13 3 12 15 20 166 22 7
Total Ore Mt 122.9 0.0 9.9 12.6 12.5 11.3 12.3
1 12.7 13.2 12.8 13.5 11.7 0.5
Total Gold Grade g/t 0.67 0.42 0.70 0.74 0.71 0.77 0.74
0 0.65 0.56 0.5
56 0.55 0.79 0.75
Total Contaained Gold k oz 2,663 0 2222 301 285 279 294
2 266 238 229 9 240 298 12
Waste Mt 116.3 2.1 6.9 14.1 12.1 15.3 10.0
1 7.7 7.8 9.3
3 16.3 14.5 0.2
Strip Ratio wt:ot 0.95 83.499 0.70 1.12 0.97 1.35 0.81
0 0.61 0.59 0.7
73 1.21 1.23 0.47
Total Material Mt 239.2 2.1 166.8 26.7 24.6 26.6 22.4
2 20.4 21.0 22.1 29.8 26.2 0.7
Total Mined t/day 5,7266 45,892 73,048 67,365 72,9766 61
1,280 55,912 57,409 60,4
425 8
81,590 71,810 1,931
Heap Leac ch Schedule
Total Crushh Mt 107.8 - 8.8 11.0 11.0 11.0 11.0
1 11.0 11.0 11.0 11.0 11.0 0.5
Crush Gold d Head
g/t 0.73 - 0.75 0.81 0.77 0.78 0.80
0 0.71 0.62 0.6
61 0.62 0.83 0.75
Grade
Crush Contained Gold k oz 2,530 - 2112 287 272 275 282
2 251 218 2133 218 291 12
Total ROMM Mt 15.1 - 1.1 1.6 1.5 0.4 1.4 1.7 2.2 1.88 2.5 0.8 -
ROM Gold Head Grade g/t 0.27 - 0.27 0.28 0.27 0.28 0.27
0 0.27 0.28 0.2
27 0.27 0.28 -
ROM Conttained Gold k oz 133 - 10 15 13 3 12 15 20 16
6 22 7 -
Total Crushh/ROM Mt 122.9 - 9.9 12.6 12.5 11.3 12.3
1 12.7 13.2 12.8 13.5 11.7 0.5
Total Gold Head Grade g/t 0.67 - 0.70 0.74 0.71 0.77 0.74
0 0.65 0.56 0.5
56 0.55 0.79 0.75
Total Contaained Gold k oz 2,663 - 2221 301 285 278 294
2 266 238 2299 240 298 12
Source: JDDS (2016)
ate: September 12,

V I C T OR
R IA G OLD CORP.
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Figure 16
6.4: Total Pha
ase Ore and Waste Tonn
nages, Gold G
Grade, Strip Ratio
VITT‐ Eagle FS
Open Pitt LOM Scheedule
nes Mined by Phase, Average G
Annual Total Tonn Gold Grade and
Sttrip Ratio
35 1.40
Millions
1.30
Gold Grade (g/t) and Strip Ratio (w:o)
30 1.20
1.10
25 1.00
Mined Material
0.90
20 0.80
0.70
15 0.60
0.50
10 0.40
0.30
5 0.20
0.10
0 0.00
y‐1 y1 y2 y3 y4 y5 y6 y7 y8 y9 y10 y11
Year
Eag1 Eag2 Eag3 Eag4 O

Oli1 Avg Au Mine grade SR
Source: JD
DS (2016)
ate: September 12,

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Figure 16
6.5: Mine Ore
e Tonnages and
a Recovered Gold
VITT‐ Eagle FS
Annu
ual Ore Tonnnes, Reco overed Gold
16 250
Thousands
Millions
14
200
12
10
Gold Ounces
150
Mine Ore
100
6
4
50
2
0 0
y‐1 y1 y2 y3 y4 y5
y y6 yy7 y8 y9 y10 y11
Year
Crush HL Ore ROM
M HL Ore TTotal Recovered Gold
Source: JD
DS (2016)
Figure 166.6 illustrates

s the quarterlly stockpile (both
( crush a
and ROM) clo osing balancces. The sea asonal
nature off the heap le each stacking g requiremen nts versus thhe continuouus mining op peration resuults in
variable closing
c stockkpile balance
es. The stock kpile closing balances peeak in the firsst quarter of every
year sincce no heap leach stack king occurs in this perio od. The min ne schedule is such tha at the
stockpiles
s are deplete ed during the remainder of o each year.
ate: September 12,

16-10
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Figure 16
6.6: Stockpile
e Balance
VITT‐ Eagle FS
Q
Quarterly SStockpile B
Balance
3.0
Millions
Heap Leach Ore
2.5
Milli
2.0
1.5
1.0
0.5
0.0
y‐1q3
y1q1
y1q3
y2q1
y2q3
y3q1
y3q3
y4q1
y4q3
y5q1
y5q3
y6q1
y6q3
y7q1
y7q3
y8q1
y8q3
Crush stk
y9q1
y9q3
y10q1
y10q3
y11q1
Year
Crussh stk ROM sstk
Source: JD
DS (2016)
6.7 to Figure
Figure 16 e 16.16 prov
vide layout drawings with
h the status of the open pit configurration,
WRSAs, as well as HLP advance, at the end of
o each year.
ate: September 12,

16-11
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16.2.8.4
4 Open
n Pit Develo
opment
Year -1: This perio od covers the
t pre-prod
duction periood. Open p pit mining ccommences with
ment of the Eagle
developm E pit. Su
uitable waste e rock is pla
anned to be used for construction (rroads,
laydown areas and thhe HLP). A total of 2.1 MtM of waste mmined in thiss period with trace amoun
nts of
e ore used as
low grade s HLP over-liiner.
Year 1: First
F year of heap leach stacking and d processing g (assumed at 80% of m maximum pro ocess
rate). Durring the activve stacking period,
p crush ore is to be
e conveyed to o the primaryy HLP while ROM
ore is ha
auled. Open pit mining at a Eagle con ntinues in Ph hase 1 and 2. A total off 9.9 Mt of o ore is
scheduled to be mine ed in the yeaar (crush + ROM).
R Mined gold grade for the year will average e 0.70
g/t. Wastee rock totallin
ng 6.9 Mt will be produced for a strip rratio of 0.7:1.
Year 2: Mining
M in Eaggle Phase 1 and 2 will co ontinue with waste stripp ping of Phasse 3 commen ncing.
Average gold head grrade over the e period is ex
xpected to be
e 0.74 g/t at tthe target cru
ush HL produ
uction
rate of 100.9 Mt/a (add ditional 1.6 Mt of ROM ore e mined). 14 .1 Mt of wastte rock is pla
anned to be m
mined
for a strip
p ratio of 1.1:1.
Years 3 to
t 5: Mining at
a the Eagle Phase 1 willl be complete ed in Year 3 3, with Phase
e 2 ending in Year
4, while Phase
P 3 con
ntinues over the entire peeriod. Crushh gold head g grade is exp
pected to aveerage
0.78 g/t. The waste produced
p ove
er the three year period is planned tto total 37.5 Mt with a to otal of
36.1 Mt of
o total heap leach
l ore fee
ed for an ave
erage strip rattio of 1.0:1.
Years 6 to 8: Phase e 3 at Eaglee will be commpleted in Y Year 7 with tthe final pusshback (Pha ase 4)
commenc cing in the sa
ame year. Thhe primary HLP is expectted to reach tthe crush ore e capacity in Year
7 and rem mainder of crush ore is conveyed
c to the seconda ary HLP near the Olive d deposit. The ROM
ore will co
ontinue to bee hauled to th
he primary HLP
H throughp
put the mine life. A total o
of 38.6 Mt of heap
leach feeed will be mined (crush + ROM ore). Gold head grades are e estimated to o average 0.5 59 g/t
and total waste produced from the e Eagle pit is estimated to
o be 24.8 Mt.
Years 9 to 11: Mining g at Eagle Phhase 4 is completed in Y Year 10. The Olive open pit commencces in
Year 9 an nd will be com
mpleted at thhe beginning of Year 11. Overall gold head gradess average 0.6
67 g/t
with strip ratios increa
asing to 1.2:1 with the min
ning of the O
Olive pit.
ate: September 12,

16-12
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Figure 16
6.7: Annual Map
M Year -1
ate: September 12,

16-13
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Figure 16
6.8: Eagle De
eposit Annua
al Map Year 1
ate: September 12,

16-14
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R IA G OLD CORP.
C
Figure 16
6.9: Eagle De
eposit Annua
al Map Year 2
ate: September 12,

16-15
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R IA G OLD CORP.
C
Figure 16
6.10: Eagle Deposit
D Annu
ual Map Year 3
ate: September 12,

16-16
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R IA G OLD CORP.
C
Figure 16
6.11: Eagle Deposit
D Annu
ual Map Year 5
ate: September 12,

16-17
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R IA G OLD CORP.
C
Figure 16
6.12: Eagle Deposit
D Annu
ual Map Yearr 7
ate: September 12,

16-18
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Figure 16
6.13: Eagle Deposit
D Annu
ual Map Year 9
ate: September 12,

16-19
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Figure 16
6.14: Olive De
eposit Annual Map Year 9
ate: September 12,

16-20
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R IA G OLD CORP.
C
Figure 16
6.15: Eagle Deposit
D Annu
ual Map Year 11 – End of Mine Life
ate: September 12,

16-21
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Figure 16
6.16: Olive De
eposit Annual Map Year 11 – End of Mine Life
ate: September 12,

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16.2.8.5 Waste Rock Sch

heduling
16.2.8.5.1 Waste Ro
ock Scheduliing
Eagle waaste rock will be hauled to one of tw
wo waste rocck storage arreas immedia ately to the south
(Platinum
m Gulch WRS SA) and nortth (Eagle Puup WRSA) o of the open ppit which ressults in shortt haul
distances
s. Olive wastte rock will be
b hauled to a waste rocck storage arrea immediattely south-we est of
the open pit (Olive WR
RSA).
Total wasste material removed from m the pits to
otals 116 Mt. The Platinum Gulch WR RSA has a ddesign
capacity of
o 21 Mt andd Eagle Pup 787 Mt. The Olive
O WSRA is designed for 17 Mt. Su uitable waste
e rock
will be us
sed for road construction,
c lay down areeas, as well a
as the base of the HLP.
Each WR RSA is planne ed to be con nstructed in a bottom-up aapproach byy placing matterial at its na
atural
angle of repose (app proximately 1.5H:1V) with appropria ate catch beenches spacced approxim mately
every 45 m vertically resulting in final slopes of
o 2.5:1. A 30
0% swell factor is assume
ed. Segregation of
the various waste ma aterial types, if deemed necessary, will be man naged given the extent o of the
various WRSA
W design ns.
The Platinum Gulch WRSA
W is plan
nned to have
e an ultimate crest elevatiion of 1,298 masl, a maxximum
height of 345 m and a footprint of 33 ha. The e larger Eagle
e Pup WRSA A has a foottprint of 94 h
ha, an
ultimate crest
c elevatio
on of 1,250 masl
m with a maximum
m he
eight of 315 mm. Olive WR RSA ultimate crest
elevation is 1,225 massl for a maximmum height of
o 165m and d a footprint o
of 32 ha.
Table 16..8 summarize
es annual wa
aste volumes o the various WRSAs.
s allocated to
ate: September 12,

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Table 16.8: Annual Waste

W Allocations by Desttination (in m
millions of cu
ubic metres)
Year
Destinatio
on Y- 1 Y1 Y2
Y Y3 Y4 Y5 Y6 Y7
7 Y8 Y
Y9 Y10 Y11
Platinum Gulch
G
0.8 1.3 7 1.2
WRSA
Eagle Pup
0.2 2.1 4.7 7.7 5 3.9 3.9
9 4.6 6 1.1
WRSA
Olive WRSSA 2
2.1 6.1 0.1
TOTAL 1 3.4 7 6 7.7 5 3.9 3.9
9 4.6 8
8.1 7.2 0.1
Source: JD
DS (2016)
16.2.9 Mine
M Equipment Selection
16.2.9.1 Introd
duction
The open n pit mining activities for the Eagle Gold projectt were assumed to be u undertaken b by an
Owner-op perated fleett with conventional drill, blast, load and haul, co onsidering b
bulk excavation of
waste using hydraulicc excavators, and bulk-se elective load ing of ore ussing hydraulic excavatorss or a
front-end loader. Givven the overall scale off operations and equipm ment requireements, a diesel-
powered fleet has beeen selected.
Supplier names and equipment types are provided p forr reference purposes onnly. Reference to
particularr machine typ
pes does nott reflect a fina
al recommenndation of equipment supply; rather, fu
urther
analysis will
w be carriedd out at the detailed
d engineering and procurement stages of thhe project.
Used min ning equipme
ent has been
n assumed foor some of th
he equipmentt types. Resu
ults of a search in
the curreent market for
f availablee units with low hours indicate tha
at used equipment is re eadily
available.
16.2.9.2
2 Gene
eral Operating Parame
eters
The openn pits are des
signed with 10 m benches s in both wasste and ore h
headings with
h adequate pphase
geometryy to achieve a maximum production rate
r of 29 M t/year. Given
n the require
ed production
n rate
and pit geometries, vertical ad dvance ratess average eight bench hes per yea ar, with freq
quent
requiremeent for ramp developmen nt and openin
ng of new ben nches.
Equipmen
nt effective utilizations
u weere based on
n vendor reccommendatio ons, cost serrvices, factorss and
JDS experience. Effeective utilizaations are 65% for the drilling equipment, 57% % for the loading
equipmen
nt, 61% for th
he hauling eq quipment, an
nd 65% for suupport and au
uxiliary equip
pment.
16.2.9.3
3 Blasth
hole Drilling
g and Blastting
Based onn the selecte n 10 m high benches) and the produ
ed bench heiight (drilling will occur on uction
schedule requirementts, a producttion drill with a 229 mm hhole diamete
er was seleccted for waste
e and
190 mm hole
h diameteer in ore.
ate: September 12,

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To ensurre the recommended ben nch face ang gles (BFA) annd interrampp angles (IRAA) are met, it was
assumed that 3% of thet total matterial to be drilled
d would be pre-split with a smalller drill. Operating
costs werre included to
o cover the additional
a cos
st of this sma
all-diameter ((120 mm) drill.
The blastt design assu
umes the usee of a 65% ANFO (ammo onium nitrate//fuel oil) / 35%
% Emulsion blend
for dry ho
oles, and a 30% ANFO / 70% Emulsio on blend for wet holes. G
Given the clim matic conditio
ons of
the projeect area, 20%% wet blast holes weree assumed. An explosives supplier is planned to be
contracteed to provide ANFO an nd blasting accessories.. The contra actor would also supplyy the
explosivees plant and mixing
m equipment.
16.2.9.4
4 Loadiing
Diesel hyydraulic excavators were selected as the primary lloading equip pment, suppoorted by fron
nt-end
loaders (FFEL) and a smaller
s hydraaulic backhoee. The main criterion for lloading equip
pment selecttion is
the ability
y to effectiveely load trucks with payloads of 144 4 t, while alloowing for soomewhat sele ective
A such front shovels with a 22 m3 bucket will p
mining. As primarily und dertake the mmining of oree and
waste ma aterial, while the 12 m3 FELs
F and sm
maller excava
ator will complement the main shovel fleet
(e.g. loweer, confined benches
b of th
he open pits)).
16.2.9.5
5 Hauling
The truckk fleet for the
e project was o match the selected loa
s selected to ading fleet, and resulted iin the
selection of trucks wiith a payloadd of 144 t. Haulage
H proffiles were esstimated for the mine plaan for
every bennch over the mine life annd for each material
m type (waste/ore).. Requirements for haula age of
ROM ore e to the primary HLP were w also accounted
a fo
or. Runge T Talpac softwa are was use ed to
determinee truck requirrements and productivitie
es.
16.2.9.6
6 Support and Aux
xiliary Equipment
The supp port and aux
xiliary equipment selectiion was mad de considering the size e and type o
of the
primary lo
oading and hauling
h fleet, the geometries of the va
arious open pits, and the
e number of roads
and WRS SAs that would be in operration at any given time.
The type of equipmen nt selected was
w based on ommendatio
n vendor reco ons as well as JDS experrience
in similarr sized operrations. The auxiliary eq
quipment fle
eet is planne ed to comprise track dozers
(Komatsu u D375-class
s), rubber tire
e dozers (Kom
matsu WD60 00-class), gra
aders (Komaatsu GD825-cclass)
3
and water trucks (90 m ).
wing items were
The follow w also included in the list of supportt equipment:
 Fuel trucks
t for the
e supply of diiesel fuel to all
a the hydrau ozers, and drills;
ulic diesel exxcavators, do
 Lube truck for the supply of lub
bricants, hyd
draulic fluids, cooling wate
er to all open
n pit equipme
ent;
 Mobile mechanica
al trucks for preventative
p and correctivve maintenan
nce conducte
ed in the field
d;
 Low-b
boy transporrter trailer (10
00 t weight capacity)
c for transportatio
on of dozers,, drills, small back
hoe and
a major equipment com mponents;
 Light vehicles for supervisors/ttechnical perrsonnel; and
 Mobile lights for lig
ghting of pits
s, waste dum
mps and consstruction area
as.
ate: September 12,

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16.2.10 Mine Equipmen

nt Requirem
ments
16.2.10.1 Summ
mary
An annuaal summary ofo the open pit
p fleet requirement is shhown in Tablee 16. 9. In te
erms of equippment
replacem
ments, equipm ment supplie
ers provided estimates fo or equipmennt life, and wwhere informmation
was lacking, industry standards and
a JDS exp perience werre used. Givven the 10-ye ear mine life
e, it is
d that limited
estimated d replacemen
nts will be ne
ecessary; the
ese include the FEL’s, traack dozers, wwheel
dozer and
d grader.
All open pit
p equipmen nt maintenance on-site wiill be carried out with Victtoria Gold pe ersonnel usin
ng the
company y’s own instaallations. Work on-site would consistt of mainly p preventative maintenance e and
major commponent exc change. Give en the estimaated mine life e, no major re
ebuilds for ne
ew equipmen nt are
anticipate
ed. However,, should they y be requiredd, it is anticip
pated that the
ey would be performed on-site
by contra
actors. For the initial used haul trucks, a major rebu uild has beenn incorporate
ed.
ate: September 12,

16-26
V
E
T
Table 16.9: Open
n Pit Mine Prima
ary Equipment Requirements
R
T
Type Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8
8 Y9 Y10 Y11
D
D50KS Drill (152 – 229 mm) 1 2 3 3 3 3 3 3 3 3 3 1
D
DP1500i Drill (89 - 152 mm) 1 1 1 1 1 1 1 1 1 1 1 1
K
Komatsu HD1500 Truck
T (144t)* 3 11 11 11 11 11 11 11 11
1 11 1
11 2
3
K
Komatsu PC4000 Shovel
S (22m ) 1 2 2 2 2 2 2 2 2 2 2 1
K xcavator (4.5m3)
Komatsu PC800 Ex 1 1 1 1 1 1 1 1 1 1 1 1
3
K
Komatsu WA900 Wheel
W Loader (11.5m
m) 1 1 2 2 2 2 2 2 2 2 2 1
K
Komatsu D375 Track Dozers 2 3 4 4 4 4 4 4 4 4 4 1
K
Komatsu WD600 Wheel
W Dozer 1 1 1 1 1 1 1 1 1 1 1 1
K
Komatsu GD825 Grader 1 2 2 2 2 2 2 2 2 2 2 2
3
W
Water Truck (90m ) 1 1 1 1 1 1 1 1 1 1 1 1
**Note: Haulage flee
et will require the ad
ddition of a few rental units sporadicallly through the LOM
M for short durationns
SSource: JDS (2016)
E
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16.2.11 Mine Personnel and Orga

anization S
Structure
16.2.11.1 Basis
s
The workk schedule assumes a 24-hour/day y, 7-days/we eek and 365 5-days/year mining operration.
Operation
ns and maintenance personnel
p will
w work tw wo 12-hour shifts per day. Produ uction,
maintena
ance and tech
hnical service
es personnell are planned
d to be on a 2
2-week in/2-w
week out rota
ation.
With the exception of
o the blastin ng crew, all hourly labo
our and supe ervisory perssonnel will rrotate
between day and night shifts. Ma anagement and technical staff will wo ork the day sshift only, witth the
n of grade co
exception ontrol technicians, who sh
hare the samee shift rotatio
on as the pro
oduction crew ws.
Equipmen nt operator labour
l requirrements are based on t he number o of equipmennt units, operating
requiremeents and shift rotations. Maintenanc ce labour req quirements are based o on the numb ber of
equipmen nt units to be
e maintained, estimates of
o mechanica al availability, and estimates on the ra
atio of
maintenaance labour reequirements to the numbber of units fo
or each open pit fleet type
e.
16.2.11.2 Perso
onnel Activiities
The mining operation
n will be hea
aded by the mine superrintendent, w
who will repo
ort to the ge
eneral
manager.
Under thee direction of the mine su uperintendennt, the mine operations ddepartment w
will be respon
nsible
for the mining
m opera ation. This in
ncludes drillin
ng, blasting, loading, an
nd hauling o
of ore and w waste,
WRSA op perations, ha aul road consstruction and maintenance e, and mine dewatering. Each crew wwill be
led by a mine
m shift forreman.
The mine e maintenanc ce departmennt, responsib
ble for mainta
aining all ope mobile equipment,
en pit mine m
will reporrt to the min
ne maintenannce superintendent. Mai ntenance cre ews are planned to worrk the
same shift schedule asa the production crews. Each mainte enance crew w will be led b
by a maintennance
shift foreman. A mine e operations
s and mainteenance gene eral foreman is planned. The engine eering
departme ent will be le
ed by the chhief mining engineer
e andd will be ressponsible foor providing sshort,
medium anda long term m mining plan
ns.
The geology departm ment under thet chief geologist will b
be responsib
ble for updating the reso
ource
models, calculating
c orre resources and reserve
es, and underrtake ore gra
ade control.
ersonnel requirements arre summarize
Annual pe ed in Table 1
16.10.
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Table 16.10: Annual Personnel

P Re
equirements
Descriptioon Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11

Mine Operrations
Drillers 4 12 12 12 12 12 12 12 13 13 14 4
Blasters 2 2 2 2 2 2 2 2 2 2 2 1
Blasting heelpers 2 2 2 2 2 2 2 2 2 2 2 1
Shovel/loader operators 4 12 14 13 13 12 12 13 13 15 14 4
Haul truck drivers 9 40 44 28 42 28 28 36 36 53 38 8
Track doze er operators 8 8 11 11 11 11 11 11 11 11 11 4
R.T. Dozerr Operator 4 4 3 3 3 3 3 3 3 3 3 3
Grader ope erators 5 6 6 6 6 6 6 6 6 6 6 6
Water/anciillary truck drive
ers 2 2 2 2 2 2 2 2 2 2 2 1
Labourer/trrainees 2 4 4 4 4 4 4 4 4 4 4 4
Subtotal Mine
M Operation ns 42 92 100 83 97 82 82 91 92 111 96 36
Mine Main ntenance
Heavy equipment mechanics 4 6 6 6 6 6 6 6 6 6 6 4
Welders/m mechanics 4 6 6 6 6 6 6 6 6 6 6 4
Electricians
s/instruments 2 4 4 4 4 4 4 4 4 4 4 2
Lube/PM mechanics/light
m t duty
4 6 6 6 6 6 6 6 6 6 6 2
mech.
Tiremen 3 4 4 4 4 4 4 4 4 4 4 2
Labourers//trainees 2 4 4 4 4 4 4 4 4 4 4 2
Subtotal Mine
M Maintena ance 19 30 30 30 30 30 30 30 30 30 30 16
Technical//Supervisory
Mine superrintendent 1 1 1 1 1 1 1 1 1 1 1 1
Maintenance superintend dent 1 1 1 1 1 1 1 1 1 1 1 -
Mine shift foremen
f 6 12 12 12 12 12 12 12 12 12 12 4
Maintenance planner 1 1 1 1 1 1 1 1 1 1 1 -
Maintenance shift foreme en 4 4 4 4 4 4 4 4 4 4 4 4
Chief mininng engineer 1 1 1 1 1 1 1 1 1 1 1 1
Senior mine engineer 1 1 1 1 1 1 1 1 1 1 1 -
Mine enginneers 2 3 3 3 3 3 3 3 3 3 3 2
Mine technnicians 1 2 2 2 2 2 2 2 2 2 2 -
Surveyors 2 2 2 2 2 2 2 2 2 2 2 1
Survey ass sistants 2 2 2 2 2 2 2 2 2 2 2 1
Mine clerk 2 2 2 2 2 2 2 2 2 2 2 -
Chief geoloogist 1 1 1 1 1 1 1 1 1 1 1 -
Mine geoloogists 2 3 3 3 3 3 3 3 3 3 3 -
Technicianns/ore control 1 2 2 2 2 2 2 2 2 2 2 -
Subtotal
28 38 38 38 38 38 38 38 38 38 38 14
Technical//Supervisory
Total Perssonnel 89 160 168 151 165 150 150 159 160 179 164 66
Source: JDDS (2016)
ate: September 12,

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16.3 Pit
P Slope
e Geotech
hnical Analysis an
nd Recom
mmendatiions
Pit slope geotechnicaal design crriteria were developed b
by SRK Con nsulting (U.S
S.), Inc. (SRK). A
significan
nt amount off geotechnical characterization and analyses we ere conducte ed as part oof the
Wardrop 2012 FS. This previous work was reviewed
r by SRK and se erved as thee basis for th
he FS
update analyses
a andd design rec commendatio ons. No add
ditional field data collecttion or laborratory
testing weere complete
ed as part of this FS upda
ate.
16.3.1 Slope
S Stabiility Analys
ses
As part of o the FS update,

u oppoortunities we ere identifiedd that could advance th he previous 2012
geotechn nical design parameters,
p potentially re
esulting in lesss conservattive slope anngles and redduced
stripping. Detailed prrobabilistic bench
b designn analyses w were conduccted incorporating the na atural
y in discontiinuity properties, throug
variability gh statisticall distributionns that were e defined, bbased
primarily on the originnal BGC Eng gineering (BG GC) (2012a) d discontinuityy characteriza
ation and stre
ength
testing innformation. The
T probabiliistic analysees demonstra ated that lesss conservattive bench design
paramete ers could be used
u than orriginally indica
ated in the p
previous 2012 2 FS.
Bench deesign analysees were acco omplished us
sing the softw ware programm SBlock (E Esterhuizen, 2
2004)
and an ac
cceptability criteria
c of a maximum
m pro
obability of fa
ailure of 30%
%, and a minimum catch b bench
width equ
ual to approxximately the 80th percenttile cumulativve catch ben nch width (i.e
e. 80% reliab
bility).
The prima
ary conclusioons from the analyses follow:
 Eagle
e and Olive final pit desiigns are not anticipated to be contro olled by stru
uctural instab
bilities
based
d on the stru
uctural trends
s identified to
o date. A ma aximum achieevable bench face of 70°° was
assum
med for the design
d basedd on data unc certainties an
nd operationa
al constraintss;
 The highest
h risk of
o bench and possibly low w interramp-sscale instabilities at Eaglee pit is anticipated
to be in the southw west corner of
o the pit (noortheast dippiing walls) in the intrusive rock mass. Walls
s area and orientation are
in this a anticipate ed to have a high susce eptibility to p
planar and w wedge
instab
bilities formed by the inteersection of two discontin nuity sets. HHowever, wallls oriented in this
directtion represen nt a very sma
all portion of the
t overall p it design;
 West dipping be ench faces in i the Eagle e pit metassedimentary rocks are a anticipated tto be
controolled by the dominant fo oliation discoontinuities, ass well as potential wedges formed b by the
inters
section of twoo discontinuitty sets. A maaximum bencch face angle e of 60° was determined to be
approopriate for this section bassed on the analyses; and d,
 Achieevable bench h face and low mp slope anglles in the norrthwest Olive
wer interram e pit intrusive
e rock
are anticipated
a o be controlled by the intersection of various ccombinationss of two or more
to
discontinuity sets. Although theoretically
t controlled b y geologic sstructure, an
nalysis resultts still
indica
ate achievab ble bench face angles of equal to o or greater than the maxiimum bench h face
anglee criteria of 70
0° assumed for the projeect.
Bench sta
ability analysses are base ed solely on geologic stru
ucture and d
do not directlyy consider e
effects
of weathe
ering, alteratiion, blasting or excavation techniquess. Depending
g on the quality of blasting
g and
ate: September 12,

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excavatioon techniques
s, achievable
e BFA might be reduced from the the eoretical anglles determined by
these an nalyses. Wheen taking these operatio
onal effects into conside eration, it iss rare to acchieve
effective BFA greater than about 70°
7 to 75°, unless there i s a steeper sstructure conntrolling the b
bench
geometry y.
Increasing BFA to grreater than about
a 70° to 75° may be
e achievable in some are eas of the piit, but
usually requires
r morre rigorous drilling and blasting efffort, and sp
pecialized controlled bla
asting
technique
es, than are commonly
c prracticed.
Limit equuilibrium sloppe stability analyses
a werre then cond
ducted using g Slide (Rocsscience, 201 15) to
confirm stability
s of th
he high interrramp/overall slope angle es that resuulted from thhe detailed b bench
design crriteria alone. Rock mass shear streng gths were de
eveloped for each rock tyype based la argely
on the BGC (2012a) investigation n and assum ming the Hoe ek-Brown (H Hoek, et al., 2002) rock mass
shear strrength criteria. Results ofo the overall slope stab bility analysess for the be
ench configuration
based sloope angles in ndicate safetty factors between 1.3 annd 1.8 for Eaagle pit, and between 1.3 3 and
3.4 for Olive pit, whicch either meeet or exceed the minimum m acceptable e safety facto
or of 1.3 for static
loading conditions.
16.3.2 Pit
P Slope Geotechnica
al Design Criteria
C
Recommended pit slo ope design parameters

p are
a summarizzed in Table e 16.11 and sshown graph hically
on Figure e 16.17. The recommend dations in Table 16.11 are e based on tthe dip directtion of the piit wall
(e.g. for an
a east-west trending, south facing pitt wall, the slo
ope dip direction would be
e 180° azimu uth).
The recoommendation ns for Eagle pit are bas sed on full d depressuriza ng to a minimum
ation occurrin
distance of 125 m be ehind the pit wall, as was
s recommend ded by BGC C as part of tthe previous 2012
FS. BGC C (2012a and d 2014) recommends the e installation of 250 m ho orizontal drains to accom mplish
the 125 m depressuriz zed zone andd provides addditional speecifications fo
or horizontal drain construuction
and insta
allation. Mine
e planning annd costing fo
or the FS up pdate have considered th he installation
n and
operation
n of these dra
ains.
ate: September 12,

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Table 16.11: Recomm

mended Pit Slope Design Parameters
Max.
Wall Dip Direc
ction Bennch Bennch Benchh
Slope Max.
Pit Sector Fa
ace Heig
ght Width
Height ISA1 (°)
From
F (°) To (°) Ang le (°) (m) (m)
(m)
North 225 130 200
2 7
70 20
0 10 49
Northeast 280 200 265
2 7
70 20
0 10 49
East
(above
280 265 305
3 6
60 20
0 14 38
elev.
Eagle 1,115 m)
East
(below
210 265 305
3 6
60 20
0 12 40
elev.
1,115 m)
South 375 350 85 7
70 20
0 10 49
Southeast 180 90 260
2 7
70 20
0 10 49
Olive
Northwest 110 260 90 7
70 20
0 10 49
1
ISA indic
cates Interramp
p Slope Angle
Source: SR
RK (2016)
Figure 16
6.17: Pit Slop
pe Design Re
ecommendattions
Source: SR
RK (2016)
ate: September 12,

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16.3.3 Recommen
R ndations fo
or Additional Geotech
hnical Worrk
Structural geology off the projectt is not welll understood d beyond ma ajor mineraliization contrrolling
structuress. Major geoologic structu
ures not currrently includded in the 3 3D structural model or w whose
existence e is unknownn may adverrsely impact mine stabilitty. SRK reco ommends ad dditional structural
geology work
w be com
mpleted to devvelop a pit-sc
cale 3D strucctural model. It is anticipaated that thiss may
be accom mplished bas
sed primarily on the existting drill hole
e database w with minimal,, if any, additional
drilling re
equired. As part of the structural
s ge
eologic interppretation, addditional worrk should alsso be
conducted to evalua ate the potential for larg ge scale fau ults paralleling foliation in the Eagle pit
metasediments and further
f deline
eate the spaatial extent oof the clay-alltered intrusiives describe ed by
BGC (201 12a).
A thorough geologica al and geom mechanical bench
b face mapping pro ogram should be underrtaken
beginningg in the earrly stages of o development to verifyy that the g geologic stru uctural condditions
encounteered are cons sistent with th
he assumptio ons and estimmates used in the analyses, and to identify
local varia
ations in stru
uctural condittions that mig
ght increase the risk of in
nstabilities. T
The data colleection
should co oncentrate ono developing g a geotechn nical databa se that will ffacilitate furtther refineme
ent of
the bencch design an nd optimization of interra amp and ovverall slope a angles. Partticularly impo ortant
informatio
on will includ de discontinuuity persistence, spacing g and variatiions in orien ntation as we ell as
assessme ents of blast performance e.
A slope monitoring program sho ould be des signed and implemented d to ensure
e that slopess are
behaving as anticipated and prov
vide sufficien
nt warning sshould move
ements occur. The monittoring
ude, at a min
program should inclu nimum, a ne etwork of su
urvey prisms monitored tthat are ana
alyzed
regularly.
16.4 Waste
W Ro
ock Stora
age Area Geotechnical Ana
alysis and
d
Recomm
R endationns
Geotechn nical investigation and deesign of the Eagle
E pit WR
RSAs (Eagle Pup and Pla atinum Gulch) was
previouslyy carried outt by BGC (20012b, 2012c and 2012d) a as part of thee Wardrop 20 012 FS. Thee work
program consisted off field and lab boratory cha
aracterizationn, slope stability analysess and provisiion of
ecommendatiions. The pre
design re evious work was reviewe ed by SRK an nd served ass the basis foor the
FS updatte analyses and a design recommenda
r ations. No ad dditional field
d data collecction or laborratory
testing were complete ed as part off this FS. A complete
c desscription of th
he geotechnical investiga ations
and prop perties can be found in BGC (2012 2b, 2012c a and 2012d). A summaryy of this wo ork is
presentedd below.
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16.4.1 Foundation
F n Condition
ns
A veneerr of organics is widesprea

ad across the project sitee and typicallly ranges be
etween 0.2 m and
0.3 m deep. Colluvium soills and complete ely weathereed bedrock underlie the e organics u
up to
mately 10 m in depth. The
approxim T overburden soils a re variable in composittion ranging from
boulders and cobble with
w silt and sand,
s to silty sand with grravel and cob
bble.
Frozen ground,
g n containing excess ice, has been identified att various loccations within the
often
proposedd WRSA footprints. Depending on the e thickness, i nitial temperrature, and timing of the wwaste
rock placcement, the thermal re egime of the e initially fro
ozen founda ation may b be altered d during
constructtion. Addition
nal delineatio
on of potentia
ally thaw-unsstable soils wwill be requirred at the de
etailed
design le
evel of the project.
p Deppending on their
t extent and ice-con ntent, such ssoils may re equire
removal from
f the WRSA footprints s and storagee in the ice-riich overburdeen material sstorage area..
16.4.2 Geotechnic
G cal Design
Design acceptability
a criteria for the stabilityy analyses were based d on the “M Mined Rockk and
Overburd den Piles Inv vestigation and
a Design Manual”
M pre pared by the BC Mine Waste Rockk Pile
Research h Committee (1991). It is recommend ded in the maanual that, under static lo
oading conditions,
a minimu um factor off safety of 1.3 1 be achie eved for shoort term devvelopments ((e.g. during mine
operation ns), and that a minimum factor of sa afety of 1.5 b
be applied too the long teerm (e.g. clo
osure)
stability of
o the WRSA As. Under ps seudo-static seismic loadding conditio
ons, it is reco
ommended tthat a
minimum factor of safety of 1.1 be b achieved. Using the B BGC (2012d) material pro operties, SRK
K has
confirmed d that the safety
s factors
s of the fina
al FS WRS SA slopes m meet or exce eed the minimum
acceptability criteria.
The Eaglle Pup WRS SA construction sequenc ce was deve loped as reccommended by BGC (20 012d)
buttressinng the ice-ric
ch lobate feaature in the upper
u Eagle Pup WRSA A valley to inccrease stability of
the lifts built
b above the feature, sh
hould rapid melting
m of the
e feature occcur. All three facilities will have
rock drain ns constructe
ed beneath thhat have beeen designed tto handle thee 200-year prrecipitation e event.
ate: September 12,

V I C T OR
R IA G OLD CORP.
C
16.4.3 Recommen
R ndations fo
or Additional Geotech
hnical Worrk
 The presence
p of ice-rich soilss in WRSA foundations
f presents riskk of creep m
movements a and/or
WRSA slope insta ability. Additio
onal geotechhnical investig
gation shouldd be conductted at the de
etailed
desig
gn level of the project to further
f deline
eate the ice--rich soils in areas where
e final and in
nterim
toes of
o the WRSA As will be loca ated.
 The suitability
s of metasedimen
m ntary and intrrusive rock e xcavated during construcction as rock drain
materrials requiress evaluation.. The susceptibility of th
hese materia als to mechaanical degrad dation
should be conside ered. The pa
article size distribution of the various w
waste rock ssources shouuld be
betterr defined to confirm
c assumptions rega arding propossed materialss for rock dra
ain constructtion.
 otechnical investigation must
A geo m be unde ertaken at th
he Olive WRS he detailed design
SA during th
phase
e of the project to confirrm similar fou
undation pro encountered at the Eagle
operties as e e Pup
and Platinum
P Guulch facilities by BGC (2 2012d). To d date, no geootechnical invvestigations have
been carried out at
a the Olive WRSA.
W
 The physical
p stabbility of the individual WRRSA phasess will require evaluation dduring the project
detailed design phase to veriffy that a 1.3 3 minimum ssafety factor is met for each phase. Minor
adjusstments to the slope angles and toe locations ma ay be necesssary; howeve er, major reviisions
to the
e phase desiggns or are no ot anticipated
d.
 Consideration shoould be givenn to leaving the here excavation of
t organics layer in-placce except wh
soils and bedroc ck beneath isi required. Clearing an nd grubbing of the orga anics may ccause
degraadation of peermafrost in the soils beeneath whic h may resullt in poor wo
orking conditions,
thawing of the perrmafrost and increased pore water pre
essures.
ate: September 12,

VICT OR
O IA G OLD
D CORP.
EAG LE
L G OLD F EASIBILIT Y STUDY
17 Proce
ess Des
scription/Reco
overy M
Methods
s
This section
s descrribes the rec
covery metho ods used forr the Eagle G
Gold projectt for the crusshing,
heap leach and process
p facilities. Flowsh
heet developpment, operaating parameters and d design
a were base
criteria ed on resultss from metalllurgical test work presented in Secttion 13. The e gold
recove ery process was
w designe ed on the basis of leachi ng approximmately 12.5 M
Mt of ore perr year
with an average go old head graade of 0.67 g/t (ROM and d crushed oree combined) at an overall gold
recove ery of 70.8%.
The th hree-stage crushing
c plan
nt will operate at a nom minal primaryy crushing ra ate of 30,000 t/d,
365 da ays per yearr and a seco ondary and teertiary crush ing rate of 3
39,800 t/d, 2775 days per year.
Duringg the coldes st part of the
e year (Janu uary throughh March), fin ne crushing and HLP loading
activitiies will be suspended.
s Barren solution, made up of a cya anide-causticc mixture, w
will be
pumpe ed at a nominal rate of 2,070
2 m3/h too a network of supply piiping and driip emitters oon the
HLP. Pregnant solution will be e collected in
n a sump nea ar the bottom m of the padds and pump ped to
the 8 t/d
t ADR plant for gold exttraction and thet productioon of gold do oré.
The go
old ore proce
essing facilitie
es will includ ng unit opera
de the followin ations:
Crush
hing and Ore
e Handling
 Prrimary crusheer: a vibratin
ng grizzly scrreen and gyrratory crushe
er in open circuit, produccing a
fin
nal product P80 of approximately 114 mm;
m
 Se
econdary cru usher: a vibra ating in open circuit, producing
ating screen and cone crrusher opera
a final
f product P80 of 22 mm
m;
 Te
ertiary crushers: three vibrating
v scre
eens and th erating in reverse
hree cone ccrushers ope
clo
osed circuit, producing a final
f product P80 of 6.5 m
mm, and;
 He
eap placeme
ent: crushed material
m will be conveyed
d to the heap
p leach pad ((HLP) by ove
erland
co
onveyor.
Heap Leach Pad

 Crrushed ore sttacking and spreading
s by
y a series of g
grasshopperss to a radial stacker;
 Orre leaching; and
a
 Ba
arren and pre
egnant solutio
on delivery and
a recovery piping syste
ems.
Effective
e Date: Septemb
ber 12, 2016 17-1
VICT OR
O IA G OLD
D CORP.
EAG LE
L G OLD F EASIBILIT Y STUDY
ADR Plant
P
 Ca
arbon-in-Colu
umn (CIC) Ad
dsorption: ad
dsorption of ssolution gold onto carbon
n particles;
 De
esorption: accid wash of carbon
c to rem
move inorgan elution of carbon to produce a
nic foulants, e
go
old-rich solutiion, carbon stripping
s to recover
r gold into solution
n and therma al regeneratiion of
ca
arbon to remoove organic foulants;
f and
 old recovery: gold electrrowinning (sludge producction), filtration, drying, m
Go mercury reto
orting,
an
nd smelting to
o produce go
old doré.
A proc
cess flowsheet and proce
ess plant layo
out are prese
ented in Figurre 17.1 and F
Figure 17.2.
Effective
e Date: Septemb
ber 12, 2016 17-2
VI C T OR
R IA G OLD CORP
C
EAGLE G OLD FEA
S Y
Figure 17
7.1: Process Flowsheet
Effective Da
ate: September 12,
1 2016 17-3
VI C T OR
R IA G OLD CORP
C
EAGLE G OLD FEA
S Y
Figure 17
7.2: Process Plant Layout
Effective Da
ate: September 12,
1 2016 17-4
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
17.1 Process
P Design Criteria
C
The proccess design criteria
c and mass balanc ce detail the
e annual ore production, major flowss, and
plant availability. The key process design criteria are summmarized in the
e Table 17.1.
Effective Da
ate: September 12,
1 2016 17-5
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Table 17.1: Process Design

D Criterria
General Unit Valu

ue
ROM Annuual Treatment Rate
R t/y 10,7677,500
d/y 3655
Crushing Plant
P Operation
n - Primary t/d 30,000
t/h 1,50
00
d/y 2755
Crushing Plant
P Operation
n – Secondary and
t/d 39,800
Tertiary
t/h 1,99
90
Crushing Plant
P Operation
n h/d 20
0
Heap Load ding and Spreading Method - Gra
asshoppers and
d Radial Stacke
er
Heap Load ding Operation d/y 2755
Crushed Ore
O - Heap Load ding Operationn t/d 39,800
Crushed Ore
O - Heap Load ding Operationn h/d 20
0
Crushed Ore
O - Design Ra ate Heap Loadiing
t/h 1,99
90
Operation
Average LO OM Feed Grad de g /t Au 0.69
Overall LO
OM Recovery % 70.9
Ore Chara acteristics
Specific Grravity (Average
e) t/m3 2.700
Dry Crushe ed HL feed Bulk Density t/m3 1.7
7
ROM Moisture % 5
Bond Crusher Work Index x (Oxide) kWh/t (Eaglee) 6.9
9
Abrasion Inndex (Oxide) g (Eagle) 0.2118
Lime Cons sumption kg/t ore 1.0 to 1.5
Cement Co onsumption kg/t ore 0 to 66.0
Cyanide Consumption kg/t ore 0.35
Crushing
Days per Week
W d 7
Days per Year
Y - Primary d 3655
Days per Year
Y – Seconda ary and Tertiary
y d 2755
Shifts per Day
D shifts 2
Shift Lengtth h 122
Crusher Av vailability % 855
Hours per Day h 200
Primary Crusher
Type Gyrattory
Size - MK-II 50-65
5 or equiv.
Closed Sidde Setting mm 1400
Motor kW 3655
Product Sizze, 80% Passin ng mm 1144
Secondary y Crushing Fe eed Conveyor
Type Belt (Covvered)
Width mm 1,37
72
Motor kW 149
9
Secondary y Crusher Scrreen
Type Vibrating, Do
ouble Deck
Size mm 2,400 x 6,100
Screen Deck Aperture mm 30/7
75
Motor kW 55
5
y Crusher
Secondary
Type Sta
andard Medium
m Cone Crushe
er
Effective Da
ate: September 12,
1 2016 17-6
VI C T OR
R IA G OLD CORP.
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EAGLE G OLD FEA
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General Unit Valuue

Size MP1250 or e
equivalent
Motor kW 9333
Closed Sid
de Setting mm 35
5
Tertiary Crushing Feed Conveyor
Width mm 21334
Motor kW 3733
Tertiary Crusher Screenn
Number 3
Type Vibrating, Doouble Deck
Size mm 4,200 x 8,500
Screen Deck Aperture mm 18-OOct
Motor kW 933
Tertiary Crusher
Number 3
Type S
Standard Fine CCone Crusher
Size MP1250 or e equivalent
Motor kW 9333
Closed Sid
de Setting mm 122
Overland Conveyors
C to Pad 1
Width mm 1,21
19
Motor kW 264
4
Feed Size, 80 % Passing
g mm 6.5
5
Leach Pad d
123,000,000 0 (nominal)
Ultimate Design mt 77,000,000 (PPrimary HLP)
46,000,000 (Seccondary HLP)
1.3 sttatic
Slope Stab
bility, factor of safety
s
1.0 pseuddo-static
150 (Prima ary HLP)
Ultimate Height, toe to cre
est m
120 (Second dary HLP)
Lift Height m 10 (nomminal)
Heap Slope, Overall h:v 2.5::1
Leach Cyc cle, Primary d 900
Solution Ap pplication Rate
e l/hr/m2 100
Solution Flow Rate m3/h 2,07
70
Area Unde er Leach m2 200,0
000
Ponds and d Diversion Ch hannels for He eap
Design storm event for pe eak flow rate,
mm 72
2
100-yr, 24--hr
Design storm event for po ond storage, 244-hr PMP mm 256
6
Freeboard in ponds mm 500
0
Pregnant Solution
S - Su
ump with pumping to the Plant
Pumping
Number of Units Installed d 8 (5 future)
Number of Units Operatin ng 3 (5 future)
Type mm x mm 450 x 760
Motor kW 1866
Barren Solution
Tank Dime ensions mxm 17.5 x 17.5
Pumping
Number of Units Installed d 10 (7 fu
uture)
Number of Units Operatin ng 2 (9 future)
Effective Da
ate: September 12,
1 2016 17-7
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
General Unit Valuue

Krebs millMAX-e™ MModel 20x18-4
47 or
Type
equiiv.
Motor kW 932
2
Barren Solution Heating
Type - Boiler (Diesel-fired)
Years Required y 1 andd7
Carbon-in-Columns
Quantity peer Train - 5
Number of Trains - 2
Tank Dime ension mxm 4.6 x 5.2
Capacity per Train m3/h 1,0337
Carbon Ac cid Wash
Power - Puumps kW 11
Carbon Ca apacity mt 8
Dilute Acid Tank Dimensiions mxm 2.2 x 2.3
Carbon Sttripping (Elutio
on)
Power - Puumps kW 155
Carbon Ca apacity mt 8
Barren Striip Tank Capacity m3 244
Barren Striip Tank Dimens
sions mxm 3.0 x 4.0
Heat Skid – Strip Solutio
on Heating
Capacity M btu/h 3.2
2
Diesel Fueel Consumption
n l/h 122
Electrowinnning Cells
Number of Cells - 2
Power kW 155
Capacity m3 3.54
Regenerattion Furnace
Capacity t 5
Power kW 155
Fuel Consu umption l/h 5.7
7
t (mm x mm x
Capacity and Dimensions
s 8 (11,500 x 2,5
500 x 2,500)
mm)
Drying Oveen
Power kW 35
5
Doré Furnaace
Type - In
nduction (1 M b
btu/hr, 660 kg)
Power kW 100
0
All equipment sizes and power
p requirem
ments are appro
oximate
DS (2016)
Source: JD
Effective Da
ate: September 12,
1 2016 17-8
VI C T OR
R IA G OLD CORP.
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EAGLE G OLD FEA
S Y
17.2 Process
P Descriptiion
17.2.1 Primary
P Cru
ushing
ROM ore from Eagle and Olive wiill be trucked from the op pen pits and d
dumped directly into a prrimary
feed hop
pper. The primary crushe er, a 365 kW W gyratory ccrusher, will crush ROM M material frrom a
maximumm feed size off 1,000 mm down
d to a P80 of approxim
mately 114 mmm.
The primary crushing g plant will op
perate 365 days
d per yea ar at a rate o
of 1,500 t/h. During the w
winter
months, January to March, the crushed ma aterial will b be conveyed d and stacke ed on the w winter
stockpile using a serries of grass shoppers annd a radial sstacker. Betw ween April, up to the end of
Decembe er, the prima ary crusher product will be fed dirrectly onto tthe seconda ary crushing feed
conveyorr. The materia al from the winter
w stockpiile will be recclaimed durinng the summer at a rate oof 473
t/h by fron
nt-end loader (FEL), and conveyed to o the seconda ary crushing feed conveyyor for a combined
feed of 1,,990 t/h or 39
9,800 t/d.
If the crushing plant is down, the mine haul trrucks will dummp onto the ROM stockp pile. A FEL w
will be
used to reclaim
r the ROM
R materiaal and deliverr the materia
al to the dum
mp pocket. Th
he ROM stocckpile
will also be
b used to fe
eed the crushher, if the min
ning operatio ns are suspe
ended.
17.2.2 Secondary
S Crushing and Screening
Ore from the seconda ary crushing feed convey yor will be tra
ansported to a secondaryy vibrating double
deck scre een. Screen undersize material will be e conveyed tto the tertiaryy crushing fe
eed conveyorr. The
screen ov versize will fe
eed the 933 kW seconda ary cone crussher. The secondary cone crusher prroduct
will discharge onto the e tertiary crus
shing feed co
onveyor.
17.2.3 Tertiary
T Cru
ushing and
d Screening
Ore from the tertiary crushing

c feed d conveyor will
w be transp ported to the tertiary crushhing feed bin
n. The
material from
f the bin will
w be reclaimed by belt feeders
f to th
hree tertiary vvibrating dou
uble deck scrreens.
The overrsize materia al from the screens will feed
f the tertiiary crusherss, each instaalled with 9333 kW
motors. The
T crusher product
p will re
eturn to the tertiary
t crushher feed convveyor. The undersize material,
with a tarrget P80 of 6..5 mm, will be
b transferred d by overlan d conveyorss to the HLP for stacking,, by a
series of grasshopperrs that feed a radial stack ker.
Lime will be added too the stockpile feed conve eyor from thee 200 t lime silo by screww conveyor foor pH
control, at
a a rate of 1 to 1.5 kg/t. Cement
C for belt
b agglome eration will be
e stored in tw
wo 300 t siloss that
will be ad
dded at a rate of 2 to 6 kg/t based on o ore type. Agglomeratiion is planne ed for Year 1 and
Year 7, during the inittial years of stacking
s for th
he primary H
HLP and the ssecondary HLP.
Effective Da
ate: September 12,
1 2016 17-9
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
17.2.4 Heap
H Leach
h Pad
The prop posed primary HLP will accommoda ate approxim mately 77 MMt of ore and will be located
approximmately 1.2 km
m north of the
e Eagle Zone e pit. The prim
mary HLP wiill be locatedd in the Ann G
Gulch
catchmen nt. The basee of the primary HLP con nfining emba ankment will be located a at an elevatiion of
880 masl, and at full height
h in Pha
ase 3 of the primary HLP P, the heap w
will extend up
p Ann Gulch to an
elevation of approximately 1,225 masl
m at the to
op of the plan
nned ore stacck.
The proposed second dary HLP will accommoda ate the rema ining estimatted 46 Mt of ore (with posssibly
he capacity potential) and will be locatted approxim
double th mately 3 km e east of the Ea
agle Zone pitt near
the Olive
e Zone satelllite pit. The secondary HLP
H will be llocated in th
he Bawn Boyy catchmentt. The
base of th
he secondarry HLP confin ning embank kment is locaated in the uppper portion of the basin at an
elevation of 1,300 ma
asl, and at full height in Phase
P 2, the ssecondary HHLP will extennd to an elevvation
ximately 1,47
of approx 70 masl at thee top of the planned
p ore sstack.
Each HLP
P comprises a number off elements:
 An ea
arth/rock-filled embankme de stability to the base of the HLP;
ent, to provid
 A line
ed storage arrea for the orre to be leach
hed;
 A pre
egnant leach solution (PLS
S) collection system;
 An in-heap sump for collection
n and pumpin
ng of PLS;
 Eventts ponds to contain
c exces
ss solution in ents; and
n extreme eve
 Leak detection rec
covery and monitoring
m sy
ystems to enssure the conttainment of P
PLS.
The primaary HLP and secondary HLP

H will be constructed
c in
n phases with each phase accommod dating
approxim
mately 25 Mt of
o ore. The in
nitial phase of
o the primarry HLP will be
e constructed and operatted in
Year 1 of the mine plan,
p and the
e secondary HLP will be constructed d and begin operations dduring
Year 6. The
T primary HLP
H and seco ondary HLP are illustrate d in Figure 17.3 and 17.4
4, respectively.
Effective Da
ate: September 12,
1 2016 17-10
VICT OR
O IA G OLD
D CORP.
E A G L E G OLD FE
EASIBILIT Y STUDY
Figure 17.3: Primarry HLP
Effective Date: Septembe

er 12, 2016 17-11
VICT OR
O IA G OLD
D CORP.
E A G L E G OLD FE
EASIBILIT Y STUDY
Figure 17.4: Secondary HLP
Effective Date: Septembe

er 12, 2016 17-12
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
The liner for the HLPPs and eventts pond will consist of a composite g geomembran ne and undeerlying
meability bedd
low-perm ding material, which is the
e state-of-pra
actice liner syystem for heap leach facilities.
The primmary purpose e of the coomposite line er system i s to preven nt the loss of PLS for both
environm
mental and economic
e reaasons. In ad ddition to pllaying a role e in preventing leakagee, the
underline
er beneath the geomembrane is necessary as a trransition laye er between tthe geomemb brane
and the prepared
p foun
ndation.
A geosyn nthetic clay liner (GCL) will be used d in lieu of a 300mm th hick layer off compacted
d low-
permeabiility material due to the lack of suitable on-site ssoils in sufficcient quantities. The GCL soil
liner prov
vides an equiivalent 300 mm
m minimum m thickness oof 1x10-6 cm/sec or lower permeabilitty soil
layer.
Free-draining granulaar material willw be placed d on top of the pad lineer together w
with a netwo ork of
collection
n pipes to collect
c and drain
d processs solutions and storm infiltration, and to min nimize
hydraulic heads on thet liner, the
ereby reducing the risk of leakage. Piezometerss will be insstalled
e liner cover fill at the strrategic locations to monittor the hydra
within the aulic head on
n the liner syystem
during paad operation.
The PLS sump area to the elevatio on of the HLP embankme ent crest will have a doub
ble-geomemb
brane
alled over a GCL liner together with
liner insta h a leak dete
ection and rrecovery system (LDRS). The
LDRS willl be installed
d between the
e two geomeembranes to monitor and contain any leaks throug
gh the
top geommembrane.
The evennts ponds also will be linned with a double-geom
d membrane lin ner installed over a GCLL liner
together with a LDRSS. This will allow
a them to
o contain exccess solution
ns for short d
durations unttil the
excess caan be taken up
u by fresh ore.
o
Temporary runoff inte erceptor ditc
ches or berm ms will be co
onstructed fo or each phasse of the HL LPs in
order to collect
c storm water runoff from enterin ng the heap. The intercep ptors will be cconstructed aand in
operationn before cons struction of each
e pad pha ase. The tem
mporary interrceptors will be constructted at
the up-grradient limit of
o each phas se of the HLP P as the pad liner will tie into the acce ess road adjacent
to the ditc
ches. Once the
t HLP is re eady for the next
n phase, tthe temporary ry interceptorr ditch will be
e filled
and regraaded for placcement of the e liner for the next phase.
The ditchhes are sizedd for the 1000-year, 24-ho our event, a nd armoured d with riprapp. The ditche
es are
backfilled
d or removed at the end ofo each phas se in order to
o tie in the HL
LP liner systeem and pipeework.
In the ev vent of an emergency
e or
o other unfforeseen circcumstance in which pum mping of soolution
ceases, oro in the eveent of excesssive surface e runoff fromm the HLP, d discharge off excess watter or
solution will
w be directe ed in a contrrolled manne er through a llined spillwayy to the evennts pond. So
olution
levels witthin the heap
p leach are expected
e to be
b kept low d during norma al operations. However, dduring
emergenc cy situations
s, the HLP spillway will prevent ovvertopping o of the emba ankment, and d will
maintain containmentt of the solutiion at all times. The HLP P spillway is ddesigned to safely conveey the
flow reprresented as one third between
b the 1,000-year event and tthe probable e maximum flood
(PMF). The event ponds will inco orporate interrnal and outllet spillways to safely pa ass the PMF peak
er attenuation
flows afte n through the
e pond. Excess water will discharge to o events pon nds.
Effective Da
ate: September 12,
1 2016 1
17-13
VI C T OR
R IA G OLD CORP.
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EAGLE G OLD FEA
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The evennts ponds are e sized to pro

ovide containnment storagge for the Proobable Maximmum Flood (PMF)
Event plu
us 24 hours of draindown n from the heap after the e in-heap poond has reacched its maxximum
capacity. Assuming fu ully saturated
d conditions (no rainfall llosses) upstrream of the embankmen nt, the
d rainfall volu
estimated ume reportingg to the prima
ary HLF even 0 m 3.
nts ponds will be 132,200
The primary HLF eve ents ponds will ombined ope rational stora
w have a co age capacityy of approxim
mately
359,100 m3 with 1 m of freeboard. The combin
ned storage capacity of tthe primary H
HLF events pponds
3
without frreeboard will be 308,800 m .
17.2.5 Ore
O Stackin
ng Plan
Ore will be stacked on the HLP P in cells in accordance e with stackking equipme ent capacity. The
tonnage on each lift was
w calculatted based on n the tonnes per day of crushed ore, conveyed tto the
HLP and the lift volum
mes. Low gra
ade ROM ma aterial will be
e dumped on n the pad from
m the mine ttrucks
in designated cells an
nd spread us
sing a loader. The total a annual tonnaage and voluumes are listted in
the tables
s below.
Effective Da
ate: September 12,
1 2016 1
17-14
VI C T OR
R IA G OLD CORP.
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EAGLE G OLD FEA
S Y
Table 17.2: Total Ann

nual Tonnage es (m3)
e and Volume
Hea
ap Leach 1 Hea
ap Leach 2
Year (Eagle) (Olive) Total
Crush
h ROM Subtota
al Crush
1 8.8 1.1 9.9 - 9.9
2 11.0 1.6 12.6 - 12.6
3 10.9 1.5 12.5 - 12.5
4 10.9 0.4 11.3 - 11.3
5 10.9 1.4 12.3 - 12.3
6 11.0 1.7 12.7 - 12.7
7 - 2.2 2.2 11.0 13.2
8 - 1.8 1.8 10.9 12.8
9 - 2.5 2.5 10.9 13.5
10 - 0.8 0.8 11.0 11.7
11 - - - 0.5 0.5
Total 63.5 15.1 78.6 44.3 122.9
Source: JD
DS (2016)
The final stacking plan

n is shown in
n Figure 17.5
5.
Effective Da
ate: September 12,
1 2016 1
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Figure 17
7.5: Stacking
g Plan
LEGEND Y01 Y0
02 Y03 Y04 Y05 Y06 Y07 Y08 Y09 Y10 Y11
1
Crushed
ROM
Source: JD
DS (2016)
17.2.6 Leaching
L an
nd Solution Delivery
y
17.2.6.1 Barre
en Solution
Piping an
nd Pumping
g
The barreen solution will
w be pumpe ed by a seriees of four pum
mps to the primary HLP a and five pummps to
the secondary HLP from f the barrren tank, located in the e plant in do ouble-walled pipelines. BBarren
solution will
w be pumpe ed at a nominnal rate of 2,070 m3/h, wh here it will co
onnect into th
he pad distrib
bution
system. The
T pipeline consists of a 610 mm (24”) standa ard weight ccarbon steel carrier pipe, in a
760 mm (30”) fibergla ass reinforceed plastic coontainment p pipe, and bu uried to a mminimum of 1 1.5 m
below grade to preve ent solution freezing. A leak detectio on system, including a moisture se ensing
ed into the plant
cable, tie p distributted control system,
s DCS S. On the pa ad, the barre
en solution wwill be
transferre
ed to 610 mm m (24”) HDPE E pipe and distributed to tthe on-pad drip emitter he eader pipes.
Barren soolution will be
e applied to the
t heap usin ng drip emittters. The emitters will be buried or covvered
at least 1 m to reduc ce the likelih
hood of freez
zing. The em mitter lines w
will be ripped
d into the grround
approximmately 1 m ap part, running along
a the len
ngth of each cell and on tthe slopes of the lifts.
The barre
en pipelines will
w be used for
f heap rins
sing once the
e gold recove
ery process iss complete.
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ate: September 12,
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Solution Heating
he first year of
During th o loading for each pad, barren soluttion will be hheated by a d diesel-fired b
boiler,
located adjacent
a to the plant building, to ma aintain the th
hermal balannce in the H HLP. The boiiler is
designed to provide 18.1M
1 btu/h (British therm
mal unit per hhour) to hea
at the solution
n during the initial
loading period, beforee the pad mass is significaant enough tto maintain a
an internal the
ermal balancce.
17.2.6.2
2 Pregn
nant Solutio
on
The pregnant solution n will be pummped from thee collection ssump at the ttoe of the HL
LPs to the pla
ant, in
a 610 mmm standard dimension ratio (SDR) 7.3 carrier pipe, conta ained in a 7 760 mm SD DR 17
containment pipe. The pipes have d for a nomiinal flowrate of 2,070 m3/h. The preg
e been sized gnant
solution pipe
p will be buried
b at a minimum
m deppth of 1.5 m
m, and run foor approxima ately 400 m tto the
plant from
m the primarry HLP, and d approximattely 4 km fro om the secoondary HLP. The lines w will be
installed with a leak detection
d sys
stem, which monitors air pressure in the annular void betwee en the
two pipess.
17.2.6.3
3 Cold Weather Consideratio
C ons
A review and comparison of heap leaching operations in ccold climates indicates ye ear-round lea
aching
ns at the Eag
operation gle Gold project site is fe
easible. Desig
gn provisionss are incorpo
orated to add
d and
maintain heat in the process
p solutions applied to the heap.
Since oree particle size, ambient teemperatures s, delivered o
ore moisture,, agglomerattion requirem
ments,
and snow wfall may plaay a role in the ability to stack in winnter, the proje
ect has adop
pted the follo
owing
mitigation
n measures:
 cted an in-valley heap con
Selec nfiguration to
o create a he at sink;
 Use of
o an in-heap
p solution pon
nd for PLS sttorage;
 Sizing
g of the fine ore
o crushing operation to
o allow increa
ased producttion rate durin
ng warm mon
nths;
 poration of 90-day ore sto
Incorp orage pad;
 Sizing arter HLP to accommoda
g of the sta ate more th an one yea
ar of ore pro
oduction, allo
owing
advannced stacking
g for at least the first wintter season;
 Provis
sion for a D9
D track doz zer, equipped with a rip
pper assemb
bly, to rip fro
ozen ore prrior to
resum
ming leaching
g in the spring;
 Heating of barren solution;
 In-heap temperatu
ure monitorin
ng;
 Burying drip emitter lines;
 Heat--tracing and insulating
i the
e barren tank
k;
 or insulating (or burying) pipelines; an
Heat--tracing and/o nd
 Gene
erators for ba
ack-up powerr supply to pu
umps and em
mergency pro
ocess equipm
ment.
Effective Da
ate: September 12,
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17-17
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17.2.6.4
4 Eventts Ponds
Lined eve ents ponds, external to the
t HLPs, wiill be constru ucted to tem
mporarily storee excess pro
ocess
solution that
t may oc ccur during upset conditions, freshe et, and exce ess precipita
ation events.. The
solution contained
c in these pond ds will be rec
cycled back into the hea ap leach cirrcuit when noormal
operationn resumes. The
T ponds ha ave been sizzed to contaain peak intensity storm eevents as well as
repetitive wet years and/or
a period
ds. The pond ds will be co
onstructed to
o include a le
eak detection
n and
recovery system unde erneath the main
m liner sys
stem.
If leach solution
s cann
not be recycled back to the HLP, du ue to water bbalance consstraints, the leach
solution will
w be stored within the ev vents ponds. In the unlike
ely event sto
orage volume e within the e
events
ponds is at capacity y, the solutioon will be trreated in thee cyanide d detoxification and mine water
treatmentt plant (MWTTP), prior to discharge
d into
o Haggart Crreek.
17.2.6.5
5 Leach
hate Solutio
on Collectio
on System
The HLP will consist of
o an enginee ered liner sys
stem in the h
heap leach fa
acility. The lo
ower section o
of the
HLP acts as an in-heaap pond for the primary storage of PL LS.
Located above
a this lin
ner system is a 0.6 m (mminimum thicckness) layerr of drainagee rock (all pa
assing
38 mm) which
w has be een designed d to transmit the PLS to a collection ssystem. Thiss drainage blanket
serves to
o efficiently transmit
t the PLS and prrotect the priimary liner ffrom damage e by rocks aand/or
equipmennt which migh ht come in co
ontact with th
he liner.
The leac chate collecttion piping system
s conssists of 450
0 mm, 250 mm, and 1 100 mm diam meter
corrugate ed, dual-wall, perforated ADS N-12 pipes,
p embed dded within the drain rocck. The colle ection
pipe netw work consistss of a series of 100 mm secondary
s drrain pipes, spaced appro oximately 25 m on
centre an nd arranged ini a “herringb
bone” pattern
n around thee larger pipess that will con
nvey the collected
fluid (i.e. PLS and sto
orm water flowws). The larg
ger pipes con
nsist of 250 m
mm collector pipes reporting to
the 450 mmm process lines.
l
Within the
e PLS sump,, there are th
hree vertical turbine
t ps operating and two spares available
pump e. The
450 x 7660 mm pregnnant pumps are each installed with 186 kW mo otors. Each w
well has an outer
casing, connected
c to
o the 450 mm collection lines, mech hanical pummp, and relatted electrica
al and
control co
omponents. These wells and pumps serve to con nvey the preegnant solutio
on to the pro
ocess
plant.
Because of the effic cient capture
e and conve eyance of flluids, the prrimary liner has very limited
hydrostattic head exerted as a result of the process
p fluid . Figure 17.6
6 and Figure
e 17.7 providde an
overview of the primmary HLP lea achate soluttion collectio
on system. T The design criteria call for a
hydraulic head less th
han 1.5 m.
Effective Da
ate: September 12,
1 2016 1
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Figure 17
7.6: HLP Cros
ss-Section
Source: Do
owl (2016)
Effective Da
ate: September 12,
1 2016 17-19
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Figure 17
7.7: Leachate
e Solution Co
ollection Sys
stem
Source: Do
owl (2016)
Effective Da
ate: September 12,
1 2016 17-20
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17.2.6.6
6 Leak Detection and
a Recove
ery System
m
There are
e two safety systems
s des
signed to dete
ect, contain a
and pump ba
ack any leaka
age resulting
g from
a possible
e liner failure
e before any contaminatio
on can reach the groundwwater.
A leak detection
d andd recovery system (LDR RS) will be installed be etween the upper and lower
geomemb brane liners, from the suump level to the embankm ment crest, w where the hyydrostatic he ead is
greatest (Figure 17.88). If a leak k occurs, the drain systtem will collect the PLS S via drainp pipes,
connected to a collection monito oring sump, located in th he HLP. The e sump will be installed d with
ng instrumentts to provide early alerts to the prese nce of flow. Collected so
monitorin olution will the
en be
pumped back
b to the ADR
A plant or the HLP.
There will be a secondary drainag ge system beelow the linerr system thro
oughout the e entire pad arrea. A
leak will trigger
t an early alert via monitoring
m instruments; thhe drain systtem will colle
ect the PLS, direct
it to an ex
xternal collec
ction monitorring sump loccated downsttream of the events pond ds, and then pump
it back to the ADR pla ant or the HLP.
Effective Da
ate: September 12,
1 2016 17-21
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Figure 17
7.8: LDRS De
etail
Source: Do
ow (2016)
Effective Da
ate: September 12,
1 2016 17-22
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17.2.7 Process
P Pla
ant
Pregnantt solution will be pumped d from the HLP sump to the plant. T The solution will be distributed
between the two train ns of Carbon Adsorption Columns
C (CI C). The soluution will passs down eachh train
and carboon will flow countercurre
c nt up the tra
ain. The carbbon will be ccollecting the gold as it m
moves
from the last to the firs
st column, de
epleting the solution
s by th
he end of thee train. The b
barren solutio
on will
be pumpe ed from the last carbon column to the e barren soluttion tank and
d back to the HLP. The 17 7.5 m
diameter by 17.5 m high tank will w provide approximately
a y three hourrs of storage e capacity fo
or the
olution.
barren so
17.2.8 Carbon
C Ads
sorption
The carbo on adsorption circuit consists of two trains

t of five cascading ccarbon colum mns. The preg gnant
or gold-enriched solution will be pumped
p to the carbon a dsorption cirrcuit across a stationary trash
screen fo or removal ofo any debris from the HLP. The ssolution will flow counte er- current to o the
movemen nt of carbon from column 1 to colum mn 5. The so olution overfllow from the
e final colummn will
discharge e onto a scre
een in order to
t recover anny carbon. Th he barren soolution, which
h at this stage has
had most of the gold d in solution
n adsorbed, will discharg ge from the final carbon n column an nd be
pumped to t the barrenn tank. Cyanide solution, caustic soluttion, antiscala ant and makke-up water w will be
added to the barren tank as need ded. On avera age, 8 t of looaded carbon n from the firrst carbon co
olumn
will be puumped to thee acid wash and stripping g circuits eacch day. The carbon in th he second co olumn
will be addvanced to th
he first, and the process will be conti nued down tthe train. The e carbon fromm the
fifth colum
mn will advan
nce to the fou
urth column, and then fre shly reactiva ated carbon wwill be added d.
17.2.9 Desorption
D and Gold Refining
17.2.9.1 Carbo
on Acid Wa
ash
The loade ed carbon will be transferred to the acid wash vesssel and trea ated with 3% hydrochloricc acid
(HCl) solution to remove calcium, magnesium m, sodium sa alts, silica, an
nd fine iron particles. Orrganic
foulants such
s as oils and fats are
e unaffected by the acid and will be rremoved afte er the strippiing or
elution sttep by therm
mal reactivatio
on utilizing a kiln. The diilute acid sollution will be
e pumped intto the
bottom off the acid waash vessel, exiting
e througgh the top of the vessel b back to the ddilute acid tan
nk. At
the conclusion of the acid wash cycle,
c a dilute
e caustic solu
ution will be used to wassh the carbon n and
e the acidity.
neutralize
A recesse ed impeller pump
p will transfer acid wa
ashed carboon from the a
acid wash tannk into the sttrip or
elution ve
essel. Carbon slurry will discharge directly into th
he top of the
e elution vesssel. Under noormal
operationn, only one elution will tak
ke place eachh day
17.2.9.2
2 Carbo
on Stripping
g (Elution)
After acid
d washing, the
t loaded carbon
c will be stripped of the adso orbed gold u using the ZAADRA
process. The strip ve
essel holds approximatel
a ly 8.0 t of c arbon. Durin
ng elution, soolution conta
aining
approximmately 1% soodium hydrox xide and 0.1 1% sodium cyanide, at a temperatu ure of 140°CC and
450 kilopascals (kPa)), will be cirrculated throough the striip vessel. Solution exitin ng the top oof the
vessel will be cooled
d below its boiling
b point by the heat recovery he eat exchange er. Heat from
m the
outgoing pregnant sollution will be transferred to
t the incomiing cold barreen solution.
Effective Da
ate: September 12,
1 2016 17-23
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R IA G OLD CORP.
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EAGLE G OLD FEA
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A diesel-p powered boiller will be used as the priimary solutio

on heater to m
maintain the barren solution at
140°C. The cooled prregnant solution will flow by b gravity to the electrow
winning cells. At the conclusion
of the striip cycle, the stripped carb
bon will be pu
umped to thee carbon-regeeneration cirrcuit.
17.2.9.3
3 Carbo
on Regeneration
The strippped carbon from
f the strip
p vessel will be pumped to the vibratting carbon-ssizing screenn. The
kiln-feed screen doub bles as a de ewatering sccreen and a carbon-sizin ng screen, w where fine ca arbon
particles will be remooved. Oversiz ze carbon froom the scree
en will dischaarge by gravvity to the ca
arbon-
regenerattion kiln-feed
d hopper. Sc creen undersize carbon will drain in nto the carboon-fines tankk and
then be filtered
f and bagged for disposal.
d A 250 kg/h dieesel-fired ho
orizontal kiln will treat 8.0
0 t of
carbon per
p day at 650°C, equiivalent to 100% regene eration of ccarbon. The regeneratio on-kiln
dischargee will be tran
nsferred to the carbon quench
q tank by gravity, ccooled by fre
esh water orr with
carbon-fin
nes water, prrior to being pumped back into the CIC C circuit.
To compe
ensate for caarbon lossess by attrition, new carbon will be addeed to the carrbon attrition tank.
New carb
bon and fres sh water are e mixed to break off an ny loose pieeces of carbon prior to being
combined
d with the rea
activated carbon in the caarbon holding
g tank.
17.2.9.4
4 Refining
Pregnantt solution will flow by gravvity from the elution vesssel to a securre gold room m. The solutio on will
flow through one of two electrow winning cells s. Gold will be plated o onto knitted--mesh steel wool
cathodes in the electtrowinning cell. Loaded cathodes wiill be power washed to remove the gold-
bearing sludge
s and any remaining g steel wool. The gold-be earing sludge e and steel w wool will be filtered
to remove e excess moisture and th hen dried in an
a oven. From m the oven, tthe gold material will be m mixed
with fluxe
es consisting of borax, silica and soda ash before e being smellted in an ind duction furnaace to
produce gold
g doré and slag. The doré
d will be transported
t tto an off-site
e refiner for fu
urther purification.
Slag will be processe ed to remove e entrained gold
g prills an d re-melted in the furnacce. The gold d bars
ored in a vau
will be sto ult located in the gold room m prior to seccure off-site transportatioon.
17.2.10 Reag
gents
Sodium cyanide
c briqu
uettes will be
e delivered too site in conta
ainers and inn 1 t super ssacks containned in
a wood frrame. The brriquettes will be mixed in the cyanide e mix tank annd subsequently transferrred to
the cyaniide solution storage tank k. The conce entrated cya nide solutionn will be add ded to the b
barren
tank at a rate of 0.35 kg/t of ore. Cyanide
C will be
b used in th he carbon strrip circuit at a concentration of
0.1%. The principles and standard ds of practicce for the tran
nsport to site
e and handling of cyanid de on-
site will be
b in accordaance with thee guidelines set
s out in the e Internationaal Cyanide M Management Code
(ICMC).
Sodium Hydroxide
H (ca
austic) will be
e supplied to
o site in 1 t to
otes. The caaustic will be mixed and sstored
for distrib
bution to the acid wash anda strip circcuits. The cau ustic will be used to neu utralize the a
acid in
the acid wash
w circuit. A solution off 1.0% causttic will be mixxed with barrren solution iin the carbon
n strip
circuit.
Hydrochlo
oric acid andd antiscalant solutions wiill be supplie ed to site in 1 t totes. The
e solutions w
will be
metered directly
d from the totes forr distribution in the plant.
Effective Da
ate: September 12,
1 2016 17-24
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EAGLE G OLD FEA
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Hydrated lime and cement will be delivered to the site in bu ulk by trucks and stored iin a 200 t lim
me silo
or 300 t cement
c silos.. The lime wiill be delivere
ed at a rate o
of 1 to 1.5 kg
g/t of ore by sscrew feederr onto
the heap leach feed conveyor
c during heap loading operatio ons. Cementt will be adde ed at a rate o
of 2 to
e for agglome
6 kg/t ore eration.
17.2.11 Labo
oratory
An assayy and metalluurgical labora

atory will be equipped
e to pperform sample preparatiion and assa ays by
AA, fire assay,
a and cyanide
c (CN
N) soluble an nalyses. Thee facility will be equipped to prepare e and
analyze up
u to 3,600 samples pe er month. Th he laboratoryy facility willl support exxploration, m
mining,
minor en nvironmental sampling, total suspen nded solids (TSS) mon nitoring and processing.. The
majority of
o the environmental sam mples will be sent off-site to an accredited laborattory for third party
reporting. The laborattory has spac
ce available for
f process o optimization a and test proggram.
17.3 Gold
G Production Model
M
The gold production model
m was developed
d fro
om a combin nation of me est work, the mine
etallurgical te
on schedule, the stacking
productio g volumes on
n the primaryy HLP and seecondary HL LP and the bbarren
solution application
a ra
ate.
17.4 Gold
G Mod
del Devellopment
17.4.1 Metallurgic
M al Test Wo
ork
The raw column leac ch test data for each roock type wass compiled tto produce a average recovery
or days leach
curves fo hed and tonn nes of leach
h solution ap
pplied per ton nne of ore. T The solution
n ratio
recorded during lab teests was scaaled down to an ultimate ratio of 3.0, reflecting full-scale opera
ations
0 m lift heigh
with a 10 ht. The leach
h curves for all
a Eagle ore e types were e averaged to o create a mmaster
leach pro
ofile, as show
wn in Figure 17.9.
1
Effective Da
ate: September 12,
1 2016 17-25
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EAGLE G OLD FEA
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Figure 17
7.9: Master Leach
L Profile
Reco
overy vss Tonnes Solution per To
onne Ore
e
100
0%
90
0%
80
0%
Gold Recovery (%)
70
0%
60
0%
50
0%
40
0% Averagge
30
0%
20
0%
10
0%
0%
0
0.0 0.5
0 1.0 1.5 2.0 2.5 3.0 3.5
on / Tonne of Ore
Tonnes of Solutio
Source: JD
DS (2016)
The grade and recoveery for each rock type we

ere provided by KCA and d are discusssed in Sectio
on 13.
e below show
The table ws the rock ty
ypes and theiir assigned g
gold recoveryy.
Table 17.3: Recovery by Rock Typ
pe
Zone R
Recovery (%)
Eagle
Ty
ype 1 - A 79
Ty
ype 2 - C 73
Ty
ype 3 - B 68
Ty
ype 4 - E 73
Type 6 68
Olive
Oxide 66
Transition
T 55
Sulphide
S 52
ROM 55
Source: KC
CA (2016)
Effective Da
ate: September 12,
1 2016 17-26
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R IA G OLD CORP.
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17.4.2 Gold
G Produ
uction Sche
edule
The quarterly mine prroduction schhedule provid ded the quartterly tonnagee and grade ffor each rockk type
being dellivered to the
e HLPs. From m the tonnes s, grade andd recovery, a weighted avverage grade e and
recovery were calcula ated for each
h quarter. Th he tonnage frrom the first quarter of each year, annd the
d grade and recovery, were
calculated w distributted equally b
between the three quarte ers when sta acking
takes place. This accoounts for the
e primary crushed ore beiing continuou usly reclaimeed from the wwinter
ge stockpile.
ore storag
17.4.3 Gold
G Modell
For Year 1 through Year

Y 11, each h quarter wa
as divided intto cells of 7..6 stacking d
days, represe
enting
12 cells per
p quarter. The mine sc chedule for that quarter wwas then used to determ mine the weig
ghted
average grade
g and reecovery for each
e cell. Each cell (wee k) of each quarter has th he same tonnage,
grade andd recovery. An
A example is shown in Table
T 17.4 beelow.
Effective Da
ate: September 12,
1 2016 17-27
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Table 17.4: Year 7 – Quarter

Q 2 We
eeks 1 and 2
Ann
nual Tonnage
10.95 Mt
Descriptio
on Units M1
1 - W1 M1 - W2
Type 1 - A t 2 0,600 20,600
Type 2 - C t 1 0,600 10,600
Type 3 - B t 19
94,600 194,600
Type 4 - E t 1
1,800 1,800
Type 6 t 600 600
Primary Crrush t 7 6,000 76,000
Total t 30
04,200 304,200
Grade
Type 1 - A g/t 0.68 0.68
Type 2 - C g/t 0.57 0.57
Type 3 - B g/t 0.6 0.6
Type 4 - E g/t 0.44 0.44
Type 6 g/t 0.42 0.42
Primary Crrush g/t 0.65 0.65
Ave. Grade g/t 0.61 0.61
Recovery
Type 1 - A % 79 79
Type 2 - C % 73 73
Type 3 - B % 68 68
Type 4 - E % 73 73
Type 6 % 68 68
Primary Crrush % 70 70
ROM % 55 55
Ave. Reco
overy % 69 69
Source: JD
DS (2016)
The total gold containned in each cell, and the e total amou nt recoverab ble, were callculated usin
ng the
tonnage, average gra ade and recoovery. The model
m then ccalculated thee gold recovvered in each cell
over timee, depending on the amou unt of solutio
on applied to that cell. Ea
ach cell expe
erienced a prrimary
leach time of 90 days s, and the re
emaining gold d was recove ered through h secondary leaching from m the
2
solution applied
a to the
e cells above
e. A solution application rrate of 10 l/h
h/m was use ed for design
n, and
the cell area was calcculated basedd on cell tonnage, a 10 m lift height a m3 bulk densitty. As
and a 1.7 t/m
the year progresses, the model calculates the e gold heap leach inventory and the gold recoverred in
solution.
Effective Da
ate: September 12,
1 2016 17-28
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Cells will be created every 7.6 daays, and afteer 90 days o

of primary lea
aching, apprroximately 90
0% of
ble gold will be
extractab b recovered. After approx
ximately 200
0 days of commbined prima
ary and secondary
leaching, 100% of extractable gold recovery will
w be achievved. The esttimated comb bined 200 daays of
me varies from the 150 days,
leach tim d as rec
commended by KCA, du ue to seconddary leachingg and
solution flow
f rate diffe
erences.
A total so
olution flow raate of 2,070 m3/h will be maintained on the pad a as cells progress from prrimary
to seconddary leaching g. The gold re
ecovered from each cell iis calculated using the master leach pprofile
and the amount of solution
s applied to the cellc at that point in time
e. An example of the m model
paramete ers for the firs
st few weekss of a cell is shown
s in Tab
ble 17.5.
Table 17.5: Cell Param
meters Exam
mple
Elevation - Cell ID Unitt Ce

ell 940-1 Cell 940-1 Cell 94
40-1
Status S
Stacking Leaching Leaching
Days leached in period days
s 7.6 7.6 7.6
Total Days
s days
s 7.6 15.3
3
3
Solution Flow
F Rate m /h
hr 179 179
9
Tonnes off Solution t - 32,817 65,63
34
Tonnes off Ore t 3
304,248 304,248 304,24
48
Tonnes So
olution/Tonne Ore
O t/t - 0.11 0.22
2
Ultimate Recovery
R % - 14 28
Gold Rece
eived oz - 588 1,177
7
Gold Inven
ntory oz 6,016 5,428 4,839
9
Source: JD
DS (2016)
The gold inventory and gold recoovered from the pads is carried fromm one year to the next a as the
leaching of each cell is
i completed. The total go
old recovered
d is summariized in Table
e 17.6 below..
Effective Da
ate: September 12,
1 2016 17-29
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Table 17.6: Gold Reco

overy Summ
mary
Descriptio
on Units TOTAL YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR
R8 YR 9 YR 10 YR 11
Eagle Ore
Total Throu
ughput Mt 101.3 8.8
8 11.0 10.9 10.9 10.9 11.0 11.0 10.9 10.3 5.6 0.0

L koz 1,697.3 138
8.9 201.2 205.2 209.0 20
04.6 184.0 155.9 150
0.3 134.6 86.0 27.6
Year End Gold

G Inventory koz 633 68
8 150 218 284 361
3 429 491 55
55 612 653 633
72.90%
ROM Ore
Total Throu
ughput Mt 15.1 1.1
1 1.6 1.5 0.4 1.4
1 1.7 2.2 1.8 2.5 0.8 0.0

L koz 73.0 3.5
5 7.1 7.5 3.7 5.0
5 7.7 9.9 9.5 11.0 6.8 1.4
Year End Gold

G Inventory koz 59.7 6.2
2 13.7 19.3 19.0 26.1
2 33.4 43.2 49.7 60.8 61.1 59.7
55.00%
Olive Ore
Total Throu
ughput Mt 6.5 0.7 5.4 0.5

L koz 113.3 16.0 90.9 6.4
Year End Gold

G Inventory koz 86.3 9.4 81.1 86.3
56.80%
Total Reco
overy
Total Thro
oughput Mt 122.9
Gold Reco
overed From HL
H koz 1,883.7
Year End Gold

G Inventorry koz 778.6
70.8%
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 17-30
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18 Project
P Infrastructure
e and S
Services
s
18.1 General
G Site
S Arran
ngement
The projeect will requirre the develo
opment of va
arious ancilla ry facilities a
and related in
nfrastructure;; their
location has
h been selected to tak ke advantage
e of local toppography, to accommoda ate environmmental
consideraations, and reeduce capital and operating costs.
Project fa
acilities and in
nfrastructure
e will include:
 Two heap leach pads (HLP), comprised of a sump, a lined stora age area, ann in-heap sto
orage
ells, events ponds, diverrsion ditchess, leak detecction, recoverry and monittoring
area, pumping we
systems;
 Fresh
h water supply systems to
o treat and diistribute proccess, fire, and
d potable wa
ater;
 Acces
ss and site ro
oads, including the upgra
ading 23 km o
of the Hagga
art Creek acccess road;
 Water treatment innfrastructure
e, including a Mine Water Treatment PPlant (MWTP
P), cyanide
xification capa
detox acity, and po
otable and seewage treatm
ment infrastru
ucture;
 Dome
estic waste disposal
d facilities;
 Ancilllary facilities,, including:
o house/first aid;
Wareh
o Truck shop and tru
uck shelter;
o Mine dry;
d
o Cold storage/laydo
s own;
o Admin
nistration buillding;
o On-sitte fuel storag
ge depots inc
cluding diesell, gasoline & propane;
o On-sitte explosive storage
s and magazines;
o Assay
y laboratory;
o Tempo
orary and peermanent ca amp accomm
modations co h recreation area,
omplete with
comm
missary and la
aundry facilitiies;
o Guard
d shack and entrance
e gate
e;
Effective Da
ate: September 12,
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 Powe
er supply and
d distribution,, including:
o A 43.55 km long, 699 kV power supply
s line fro
om the Yukoon Energy Co
orporation’s ppower
grid where
w a tap in
n point is available, appro oximately 25 km southeasst of the prop
perty.
o 13.8 kV
k power disttribution from
m the mine sitte substation
n to all the faccilities; and
o Process control an
nd instrumenttation comm unication sysstems.
The locattion of the ma

ain project fa
acilities is sho
own in Figure
e 18.1.
Effective Da
ate: September 12,
1 2016 18-2
N
W E
S
Paper Size: 863.6mm x 558.8mm
|
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File: C:\Users\jbaxter\Desktop\1000-Drawings - Eagle Gold\1011-Civil\01-Production\16VA0008-000-1011-Production
B 16/10/19 ISSUED FOR FEASIBILITY UPDATE JLC NV

A 16/10/04 ISSUED FOR FEASIBILITY UPDATE JLC NV
REV YY/MM/DD DESCRIPTION DRWN APVD
CLIENT:
CLIENT NO: # DRWN: JLC DATE: 16/10/19

PROJECT NO: 16VA0008 DSGN: SK/JLC DATE: 16/10/19
DRAWING SIZE: 22 X 34 CHKD: NV DATE: 16/10/19
SCALE: 1:10,000 APVD: SK DATE: 16/10/19
PROJECT:
EAGLE GOLD
FEASIBILITY
STUDY
|
User: Jessica Currie
TITLE:
GENERAL ARRANGEMENT
OPERATIONAL
|
Date: 2016/10/19
DWG NO: REV:

16VA0008-000-1011-002 B
VI C T OR
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18.2 Roads
R
18.2.1 Access
A Roa
ad
An existing 90 km series of paved p and gravels roa ads—includin

ng the Silve er Trail Hig
ghway
(Highwayy 11), the So
outh McQues sten Road and the Hagg gart Creek R
Road (HCR) currently prrovide
access to
o the project site (Figure 18.2). Of the
ese, only the 23 km HCR will require m
modest upgrrading
to accommmodate equipment, supplies and materials re equired for the project construction
n and
operation
n. The HCR will
w be:
 anes in certain areas, and
Widened to two la d to two-way single lane, radio-contro
olled in otherss with
area turnouts
t every 500 m or as
a required;
 Surfa
aced with crus
shed granula
ar material where required
d;
 Provid
ded with a minimum
m 2% cross-fall to facilitate watter shedding from road su
urface, to improve
draina
age;
 Provid
ded with side
e ditches for positive wate
er drainage;
 Provid
ded with new or replace ed culverts as necessarry, to furtherr improve drrainage and//or to
furthe
er improve tra
afficability an
nd road safety.
The road design will be

b informed by
b the meet the
t following standards:
 Geom
metric Design
n Standards for Canadia
an Roads an
nd Streets, Transportatio
on Association of
Cana
ada;
 BC Supplement to
o Transportation Associattion of Canad
da Geometric Design Sta
andards.
ate speed/ha
Appropria azard signage
e will be prov
vided as nece
essary to enssure safe use
e.
Victoria Gold
G will assu
ume respons sibility for ma
aintenance o
of the HCR during construuction, throug
ghout
the LOM, and during g closure; however, fund ding and/or work share agreementss with the Y Yukon
Departme ent of Highwways and Pu ublic Works have
h been u
utilized by Victoria Gold in prior years for
maintena ance activities
s and are like
ely to remain available.
Effective Da
ate: September 18-4
12, 2016
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Figure 18
8.2: Project Access
A Road
d
Effective Da
ate: September 12,
1 2016 18-5
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18.2.2 Site
S Roads
A network of site road

ds will be co
onstructed throughout the e mine site. R
Roads have been divided
d into
three cate
egories depe
ending on use e: haul roads
s, service roa
ads, and acceess roads
Haul road
ds will include
e:
 The Eagle
E pit haul road – Connects the Ea e primary crusher;
agle pit to the
 The Olive
O pit haul road – Conn
nects the Oliv
ve pit to the p
primary crusher; and
 The primary
p heap
p haul road – Connects the Eagle pit to
o the primaryy HLP.
In additio
on to the nam
med haul roadds, roads willl be construccted as requ
uired connectting the pits tto the
WRMFs in i order to minimize haul distances an
nd improve o operations.
These naamed haul rooads will have a running width
w of 20.7
7 m (three timmes the widtth of a haul ttruck)
with a 2 m high berm m, where a drop-off exis sts above 3 m adjacent to the road d. Ditching wwill be
provided on the side of the road for drainage e. The road sub-base and base req quirements w will be
governedd by the quality of the subgrade; the maximum ha aul road grad de is planned to be 10%%. The
unnamed d haul roads will
w be constrructed as reqquired and buuilt to suit.
A servicee road with a running surrface of 13.8 m (two time es the width of a haul tru
uck) and 2 m high
berms, where
w require
ed, will conne
ect the Eagle
e pit to the trruck shop are
ea for mainteenance purpposes.
Ditching will
w be providded adjacentt to this road
d as required for drainage e. The maxim mum grade oof this
road will be
b 10%.
Access Roads,
R with 8.5
8 m running surfaces will
w be constrructed to con
nnect other a
areas of site such
as the ex
xplosive and magazine
m sto
orage areas and the ADR
R plant.
Additiona
al access roaads may be required for maintenance d conveyors.. Conveyors have
e of overland
been loca
ated adjacennt to existing roads wheree practical an
nd conveyor corridors willl include suffficient
width to allow for vehicle access s as well. Grrades on theese roads be greater than 10% for short
s to support efficient
distances e conv
veyor routing.
Ditching and
a surface grading
g will be
b provided for
f all site roa
ads as requirred, to facilita
ate drainage..
Effective Da
ate: September 12,
1 2016 18-6
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18.3 Buildings
B s and Structures
18.3.1 Diesel
D Stora
age
Diesel fu
uel, primarily
y for haul trrucks, will be
b stored in
n two 750,0
000 L tanks within a be
ermed
containment area locaated near the
e truck shop.
ally, a 10,000
Additiona 0 L storage tank
t will be located at thhe ADR Plan nt to store wwaste oil, which in
addition to
t diesel fuel will be used as a fuel sou
urce for the ssolution heatting boiler.
18.3.2 Propane
P Storage
Three 5,0
000 gal propa
ane tanks willl be located adjacent to tthe permanent camp facilities.
18.3.3 Explosives
E Storage
18.3.3.1 On-siite Explosiv

ves Manufa
acture and S
Storage
The explosives manu ufacture plannt will be a pre-enginee ered building
g provided b by the explo
osives
ontractor. Th
supply co he plant will be located 1 km southw west of the EEagle pit, and
d 600 m from
m the
main acccess road to the plant. Access
A to the
e plant will b
be controlled
d by a locked gate to prrevent
unauthoriized access.
18.3.3.2
2 Deton
nator Maga
azine Storag
ge
The detonator magaz zine will be a pre-fabricatted Sea Can -type structu ure provided by the explo osives
ontractor. This facility will be located 300 m south
supply co h the explosiive manufactturing facilityy, and
600 m fro
om the main access road d to the plantt. Like the exxplosives ma
anufacture pla
ant, access tto the
detonatorr magazine will
w be controlled by a lock ked gate.
18.3.4 Pre-Engine
P ered Build
dings
Pre-engin
neered buildings are used
d for the follo
owing facilitie
es:
 ADR plant (52 m long
l x 38 m wide);
w
 k shop (77 m long x 21 m wide);
Truck
 Secondary crushing building (3
33 m long x 24
2 m wide);
 Tertia
ary crushing building (35 m long x 34.6
6 m wide); and
 Prima
ary crusher building
b (17.8
8 m long x 10
0.8 m wide).
Buildings will be consstructed withh a structural steel frame e, steel girts and purlins and interme
ediate
structurall members. Walls
W will be
e constructedd of insulatedd metal wall panels and the roof will be a
metal staanding seamm roof system m. The envelope packag ge will come e complete wwith doors an
nd all
other envvelope-related
d items. Highh bay lighting
g will also be included wh here applicab
ble.
Effective Da
ate: September 12,
1 2016 18-7
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18.3.5 Modular
M Bu
uildings
Modular buildings
b will be used for the following
g facilities:
 Administration fac
cility;
 Assay
y lab module
es (34 m long
g x 7 m wide));
 Gateh
house (6.1 m long x 3.7 m wide); and
 Mine dry (32.5 m long x 18 m wide).
clude heating
Each building will inc g, ventilation
n, and air coonditioning (HVAC), elecctrical, piping g, fire
detection and suppresssion system ms ready to beb connected d to the site u
utilities. The m
modules are to be
constructted of wood framing
f with insulated me etal clad wal ls and ethyle
ene propylene diene mon nomer
roofing on
o plywood substrate. Once O the mo odules will bbe in place and conneccted togethe er the
complex will
w be weath her tight.
18.3.6 Hybrid
H Buildings
18.3.6.1 k Shelter / Warehouse

Truck W e (36 m long
g x 30 m W
Wide)
This build
ding will be constructed with the combination off shipping co ontainers annd pre-engine eered
fabric roo
of and end walls.
w It will include HVA
AC, electrica
al, piping, firre detection and suppre ession
systems ready to be connected to the site utilities.
u The flooring will be wood-m mat flooring w
with a
geomemb brane.
18.4 Power
P
18.4.1 Utility
U Powe
er Supply
The planned source of primary electric

e powe er for the Ea
agle Gold prroject will be
e from the Y Yukon
Energy Corporation
C (Y
YEC) Grid. YEC
Y currently
y generates most of the YYukon's elecctricity supplyy, and
sells who olesale powe er to ATCO Electric Yuk kon, and direectly to custtomers in se
everal cities,, plus
directly supplies large
e industrial cu
ustomers. YEEC’s primaryy source of p
power is hydrro generation n with
facilities including the
e Whitehors se hydro plaant, the Aishhihik hydro pplant, locate
ed about 110 km
northwest of Whitehorrse, and the Mayo A and B hydro plan nts.
esel generation primarily in Whitehorsse but also h
YEC has back-up die has facilities in Faro, Da
awson
and Mayo. YEC alsoo has two neew LNG fuelled generato ors in Whiteh horse with a total capaccity of
8.8 MW, with
w provision for the con
nvenient insta
allation of a t hird generato
or.
YEC own ns and opera ates the Yuk
kon power grrid. The grid runs from D Dawson YT, its most norrthern
region on
n the grid, to Whitehorse,
W its most southern connecction. Refer tto Figure 18.3 below.
Effective Da
ate: September 12,
1 2016 18-8
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Figure 18
8.3: Yukon Electricity Grid (Map by YEC)
18.4.2 Project
P Transmission
n Line
Electric power
p for th
he project will
w be proviided from a tap point on the exissting YEC 6 69 kV
transmisssion line betw
ween Mayo and Keno. This T line, pluss the line fro
om Stewart C Crossing to Mayo
are currently being reedesigned by y YEC consu ultants as 13 8 kV circuitss. In addition, YEC is currrently
having thhe new McQ Questen subs station desig
gned. This iss to be locatted between n Mayo and Keno
which is the
t location selected as the tap pointt for the tran nsmission line e extension tto the Eagle Gold
project. It is believed
d that a reconstructed YEC Y transmiission line frrom Mayo to o Keno, alth
hough
designed for 138 kV, would
w initially
y be energize
ed at 69 kV.
Effective Da
ate: September 12,
1 2016 18-9
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If the line voltage is s raised to 138 kV, the en step-down n transformaation would be added a at the
McQuesten substation. Utility mettering will be e located at tthe McQuessten substatio on. If the Ma
ayo to
Keno linee is initially to
o be energize
ed at 138 kVV, which is noot expected, the tap line and the mine site
substation could be built at 138 kV V, with a mod
dest cost incrrease.
The proposed 69 kV transmission
t line for the mine
m will run 43.5 km from the McQuesten tap loccation
near the Silver Trail Highway,
H to a 69 to 13.8 kV step dow wn substationn at the minee site. The linne will
generally y be construc cted parallel with the exis sting accesss road. It willl follow the S
South McQuesten
Road to thet crossing of the South h McQuesten n River, and tthen along th he Haggart C Creek Road tto the
mine site. There are several
s selec cted locations s where the l ine will devia
ate somewha at from the rooad in
order to improve con nstructability, contribute tot safety, an nd improve tthe long term m reliability o
of the
circuit, whhile at the sa
ame time redu ucing costs.
The terraain along thee transmissioon line route
e is generallyy mild undulating ground d and light bboreal
forest veggetation. Gro
ound conditioons are expe ected to be a mixture of permafrost and till with small
pockets of
o near surfa ace bedrock. Single woo od pole strucctures and 2266.7 MCM “Partridge” A ACSR
conductor have been n used to de evelop prelimminary mateerial costing. Horizontal line post tangent
s and guyed angle structtures have be
structures een used forr preliminary structure sp
potting and la ayout.
This conffiguration pro
ovides for ave
erage spans of 90 to 1000 m. At the deetailed design stage, it is likely
that two or three struuctures may be designed d as H-Fram es in order tto allow for longer spanss and
increasedd foundation stability. Apppropriate poole foundatioons have beeen allowed for in perma afrost
locations. The line preliminary
p design
d has avoided the e necessity o of locating aany structurres in
wetlands.
The prop posed line route was ground
g truth
hed, and ussing PLS-CA ADD software, a prelim minary
transmisssion plan annd profile drrawing set was
w prepare d from avaiilable 1 m ccontour data a and
orthograp
phic imagery y. The des sign conformms to the a applicable C CSA standa ards with sp pecial
considera
ation given to
o the anticipa
ated icing conditions. Thi s preliminaryy design form
med the basiss of a
material take-off andd the constru uction capita
al cost estim
mate. The cu urrent design built off e
earlier
preliminary design woork undertake en by Stante
ec Ltd., as ou
utlined in theiir 2010 document titled “E
Eagle
Gold Projject, High Vo
oltage Transmmission Facilities.”
18.4.3 Eagle
E Gold Main Subs
station
The site main

m 69 kV step-down
s suubstation will contain an i ncoming line e terminationn structure, a main
incoming circuit switc
cher (combined breaker and a motorize ed isolating sswitch) and aareal 69 bus work
to deliverr 69 kV powwer to two sttep-down tra ansformers, e each with a primary circcuit switcherr. The
transform
mers will be connected
c to
o the seconddary 13.8 kV metalclad sswitchgear via cable bus.. This
switchgeaar, located in
n the diesel power plantt modular E--house, will include the transformer main
secondarry circuit breeakers, and in addition to the diese el plant gene erator circuit breakers, it will
include circuit
c breake
ers for site 13.8 kV powe er distributionn, via overheead lines to the crushing g and
processinng plants, pumping installations, and ancillary
a facillities.
The two main power transformerrs will be outtdoor, oil fille ed type, dessigned to CSSA Standard C88.
They will be each ratted 69 kV too 13.8 kV, 100/13.5/15 MV VA, ONAN/O ONAF1/ONAF F2 with auto omatic
ap changers
on-line ta s. At their maximum
m fan
n cooled ratting, full reddundant capa acity is provvided.
Included are 69 kV sta
ation class surge arresterrs for each trransformer and for the inccoming line.
Effective Da
ate: September 12,
1 2016 18-10
VI C T OR
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Each main power tran nsformer will have a seco

ondary neutra al grounding resistor, and
d thus the 13
3.8 kV
on system is
distributio s 3-wire high resistancee grounded, providing fo or both incre
eased safetyy and
system availability,
a as
s is standard
d for mining installations.
i All loads on
n the 13.8 kV
V system mu ust be
3-phase 3-wire, or if single phas se, must utilize two bush hing transforrmers with a 13.8 kV prrimary
rating.
The E-ho ouse will als so mount a 120 volt DC C battery ba nk for use bby both the power plant and
substation switchgearr, and will house the main n substation control and p
protection pa
anel. Note tha
at the
utility mettering will be located at McQuesten.
M
A substaation ground grid is inclu
uded and the e planned in
nstallation de
esign and cost estimate
e also
includes station
s fencin
ng and fence
e grounding.
An autom matically switched 13.8 kV power fa actor correcttion capacito
or bank will be fed fromm the
E-house to provide power
p factor correction as
a required bby YEC, and d to assist in voltage co
ontrol,
particularrly during starting of large
e motors.
The subs
station will utiilize pre-castt equipment and
a structure
e foundationss in order to rreduce site la
abour
and spee
ed constructioon.
18.4.4 Diesel
D Gene
eration
Two moddular, 1800 revolutions per minute (rpm) diesel generator ssets and asssociated mo odular
E-houses
s will be ins
stalled at the e project sitte to providee 5 MW co ontinuous po ower for staandby
(emergen
ncy power) too critical loadds such as for
f the accom mmodations,, offices etc. and for esssential
process loads, in particular
p to provide fre eeze protecction. The ggenerators w will also prrovide
ental generattion as may be
suppleme b required, especially
e in winter.
The dies sel generator set modules are fully y insulated w with Arctic rrated heating and ventilating
systems. Each unit includes a day y tank, staring
g batteries, a local controol panel, mottor control ce
entres
(MCC) an nd other acccessories. Th he E-house contains
c the generator circuit breakerrs and the m master
protection
n and control equipment. The engines s radiators w
will be field m
mounted on toop of the mo odules
and will connect
c to fac
ctory installedd piping and wiring.
The dies sel generatinng station central
c E-house also in cludes the main substation transfo ormer
secondarry 13.8 kV circuit
c breake
ers, site disttribution circcuit breakers, the station
n 120 volt ba
attery
bank, the e station prottection and control
c panels, and the g generating plant and sub bstation combined
station se ervice transfformers. Sepparate switch hed groundi ng resistors are provide ed for emerggency
operation n. The statio
on 13.8 kV switchgear
s is split into ttwo sectionss (with a no ormally close
ed tie
breaker) to provide additional
a em
mergency serrviceability. M Mounting the
e substation equipment iin the
generatin ng plant E-hoouse eliminaates the need d for a seco ond E-house and reduces field wiring g and
installatio
on costs.
The diesel plant is PLCP controlleed and desig gned for auttomatic unatttended operration, with p power
import / export controls for para alleling with the YEC ssystem. Hum man Machine e Interface (HMI)
operator stations will be included as well as hard h wired e
emergency o operator conttrols. A fibre optic
connectio on is to be provided
p to th
he process plant
p so that a remote m monitoring HM MI can be located
there. It is
s to be notedd that the staation will include the add itional functio
onality as req
quired, to op
perate
continuou usly in paralle
el with the uttility, as may be required a
at times.
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The statio on modules are

a designed d to be mounnted on rig m ats, included
d in the estim
mate, which in
n turn
rest on compacted
c pads.
p Concreete foundatio
ons are not required, exxcept for sm mall exhaust stack
foundatio ons. The mo odules includ
de fire detec
ction, inert g
gas fire prottection and leak contain nment
facilities.
18.4.5 Site
S Power Distributio
on
18.4.5.1 Gene
eral
Large-cappacity powerr loads will be
b serviced by
b pad-moun nted transforrmers and de edicated elecctrical
buildings housing swwitchgear, MC CCs and conntrol systemss equipmentt. Small-capa acity power loads
will be serviced by pole-mounted
p d transforme
ers and elecctrical and ccontrol equippment installed in
rooms witthin the administration, ca
amp and other buildings, or in outdoo
or-rated enclo
osures.
18.4.5.2
2 13.8 KV
Power willw be distributed through
h the site att 13.8 kV viia overhead power liness to the follo
owing
facilities:
 Crush
hing Area;
 Camp
p and shops area;
 Proce
ess building and
a water tre
eatment plant; and
 Prima
ary & Second
dary HLP.
18.4.5.3
3 4160 V
Large mo s crushers, barren and pregnant soluttion pumps a
otors such as and large con
nveyors will b
be fed
from 4,16
60 V. This voltage will also
o be used for distribution to local 600 V MCCs viaa transformerrs.
18.4.5.4
4 600 V
Low volta
age MCC, switchboards
s and panels
s will be pro
ovided as ap Process loads are
ppropriate. P
powered via 600 V MCCCs which are
a located close as reaso
onable to the
e associated equipment.
18.4.6 Annual
A Site
e Wide Pow
wer Deman
nds
The power supply inffrastructure is designed to operate a at full capaccity, year-rou

und. A numbber of
ng-related eq
processin quipment item
ms will not op
perate during
g the 90-dayss winter periood (approxim
mately
January through
t Marc
ch). Accordin
ngly, power consumption will vary sea asonally.
Power co
onsumption will
w also incre ease over the LOM, as tthe size of th
he HLP incre
eases over itts two
expansion phases, requiring greatter pumping and
a conveyinng capacity.
Table 18..1 outlines th
he estimated summer and gy demand tthrough the vvarious phase
d winter energ es.
Effective Da
ate: September 12,
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Table 18.1: Estimated

d Energy Con
nsumption
Summmer W
Winter
Descriptio
on Tottal kWh/period
d
(M
MWh) ((MWh)
Pre-produc
ction 1,420 1,420
Year 1 - 4 213,083 5,358 218,441
Year 5 to 6 12
20,601 5,429 126,030
Year 7 94
4,898 2,714 97,612
Year 8+ 35
57,817 21,767 379,584
Total 823,087
Source: Alllnorth (2016)
18.5 Water
W
18.5.1 Water
W Supp
ply
18.5.1.1 Water Supply Infrastructure

e
The fresh
h water syste
em will supp
ply fresh watter to the AD
DR facility arrea, the trucck shop area
a, and
crushing area.
Fresh wa ater will be pu
umped from an aquifer viia ground we ells located in
n the Dublin Gulch valleyy, to a
common fire water tank located near the process plant bu ilding. Waterr will then be e pumped to a fire
water ma ain at each facility throuughout the site, providing g required fllow and pre essure for the fire
protection n system. Freesh water wiill be pumped d from the uppper portion of the tank tto a potable water
treatmentt system. Tre eated water stored
s in a ta
ank supplies the heating ssolution boileer, elution so
olution
boiler, annd shower an nd eyewash stations in the t facility pllant. Distribuution of potab
ble water to other
facilities will
w be delivered via truck k. Fresh wate er not requirin
ng treatment is piped fromm the holdingg tank
by gravity y to the ADR facility for distribution.
18.5.2 Water
W Mana
agement
The wate
er manageme ent infrastruc
cture will inc
clude all stru ctures relate
ed to the collection, diversion,
conveyan
nce and stora
age of surfac
ce water pass sing through the project fo ootprint.
The wate
er manageme ent infrastruc a listed in the following sections, ffollowed by water
cture items are
managemment performance objectivves, function
nal requireme
ents, and dessign basis.
18.5.2.1 Non-c
contact Wa
ater Diversio
on Structure
es
Sources of water thatt have not be een influence
ed by mining g activities (n
non-contact wwater) be divverted
around mining
m disturb
bances. Separation of co ontact and no on-contact wa aters reduces the downsttream
impact off mining activ
vities and it is
i more econ nomical to mminimize the q quantity of w
water that req
quires
treatmentt by physical, chemical, or
o biological means
m (i.e. p
passing throu ugh the MWT TP).
The netwwork of diverrsion structures will incluude long term ersion ditches, and temp
m fixed dive porary
diversion ditches. Eac
ch of these sttructures is described
d be low.
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ate: September 12,
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18.5.2.1.1 Non-conta
act Water Diversion Ditc
ches
A number of diversion n ditches will be established during th
he initial con
nstruction phase to divertt non-
unoff. These
contact ru e channels are
a typically V-shaped orr trapezoidal in cross-secction, with roock or
vegetatedd channel lin
ning to preve
ent erosion. Additional e rosion protecction will be required at slope
breaks annd channel bends.
b
These dittches will ge
enerally be sized to conv
vey the 10-yeear 24-hour peak storm ffor the watershed
size; how
wever, ditches located uppslope of key
y mine infrasstructure will be sized to convey the rrunoff
from a 10
00-year 24-ho our storm eve
ent.
18.5.2.1.2 Temporarry Non-conta
act Water Diiversion Ditcches
During construction
c and thoughh expansion phases off mine operrations, temporary (generally
consistingg of six mon
nths to a year) diversion ns will be re
equired. Consstruction and d maintenan
nce of
these stru
uctures should be consisttent with thatt of permane nt diversion structures.
18.5.2.1.3 Contact Water
W Interce
eption Structures
Contact water
w will be intercepted down gradie ent of areas that have be een disturbe ed by construuction
and minin ng activities. These facillities are optimally locate
ed at converg
ging topographic low poin nts to
facilitate drainage by gravity. How wever, they may consist of side-hill dditches that iintercept oveerland
sheet flow w. These channels
c are
e typically V-shaped
V or trapezoidal in cross-secction with roock or
geosynthetic channel lining to prev vent erosion. Additional erosion prote ection will be
e required at slope
breaks an nd channel bends.
b
Similar to
o diversion ditches, both permanent
p an
nd temporaryy interceptor ditches will b
be required.
18.5.2.1.4 Contact Water
W Interce
eptor Ditches
Typical in
nterceptor dittches include wales that in tercept sedim
e roadside sw ment-laden wwater from heeavily
trafficked areas. Runnoff collected d by these interceptor
i d
ditches is ge enerally routted to one oof the
permanen nt pond faciilities located
d at topograaphic low po oints that fa
acilitate gravity drainage. The
function of
o these pondds is describeed in Section
n 18.5.3.
18.5.2.1.5 Temporarry Contact Water
W Interce
eptor Ditchess
During construction
c and though h expansion phases off mine operrations, temporary (generally
consistingg of six months to a year) interrceptor ditch hes will be required. C Construction and
maintenaance of these
e structures should
s be con
nsistent with that of permanent interce
eptor structures.
18.5.2.1.6 Water Sto
orage
The perm
manent ponds
s for the proje
ect are desig
gned to:
 Accum
mulate all co
ontact runoff and
a seepage
e generated iin the areas d
disturbed by mining activvities;
 Provid
de quiescentt storage to promote
p sedimentation; a
and
 Harve
est contact water
w for re-us
se in the hea
ap leach proccess circuit.
Effective Da
ate: September 12,
1 2016 18-14
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The pond
ds planned to be locate ed immediateely downstre eam of the W
WRSA will u ultimately redirect
accumula
ated contact water to the heap leach circuit via th
he Lower Dub
blin South Pond. This ro outing
scheme will
w also allo ow for WRSA A area-sourc
ced contact waters to be e directed to
o the Mine W Water
Treatmen
nt Plant (MWTP) as required.
Each ponnd will be equuipped with a primary rise
er-pipe outle
et to prevent the release oof sediment-laden
water, prrior to discha
arge to the environmentt. Manually operated slide gates wiill allow the mine
operators
s to hold back
b collecte
ed runoff when
w poor wwater qualityy prohibits d discharge too the
environm
ment, or whe en additional site waterr will be req quired for p process makke-up. Secondary
discharge
e capability will
w be provided by riprap--armoured, b broad-crested d weirs and spillways notched
into each
h pond. The outlet
o works will provide the capabilitty to safely d
discharge poond water thaat will
accumulaate during exxtreme runoff events or emmergency evvents.
This apprroach is cons
sistent with general
g stry standard practices forr mine water managemen
indus nt.
Descriptio
ons of each of
o the major site
s ponds an
nd their functtionality are p ow.
provided belo
18.5.3 Storage
S Ponds
The Eagle Mine site will

w contain four
f storage ponds. The purpose of these pondss is to accum mulate
seepage and runoff generated from
m the various
s pits and W
WRSAs. The ffour ponds arre listed belo
ow:
The Eagle Pup pond is located no
orth of the Ea
agle pup WR
RSA. It will ha
ave a total sttorage capaccity of
35,300 m3.
The Platinum Gulch pond is loca
ated west of the Eagle p
pit. It will havve a total storage capaccity of
3
41,200 m .
The Lower Dublin So outh pond is
s located eas
st of the cam
mps and tru
uck shops. Itt will have a total
3
storage capacity
c of 38
8,700 m .
The Olive
e pit pond is
s located norrth of the Olive pit WRS
SA. It will havve a total sttorage capaccity of
25,700 m3.
18.5.4 Water
W Treattment
Active (m
mechanical and chemical) water treattment facilitie
es to be provided as a p
part of the project
include:
 Potab
ble water trea
atment plant (PWTP);
 Septic system with leach field for sanitary sewage;
s
 Cyanide detoxifica
ation to treat excess wate
er discharged
d from the HL
LP; and
 MWT TP to treat sitte drainage collected
c t Lower D ublin South pond and to further treatt HLP
at the
discharge after it is
i processed through the CDP.
Cyanide detoxification n and MWTP P will operatte until the w

water qualityy of site and HLP draina age is
suitable for
f discharge e through pa
assive treatm
ment facilitiess while mainttaining comp pliance with water
quality discharge stan ndards. Water managem ment practice es will be ussed to provid
de for compliance
with wateer quality disc
charge standards.
Effective Da
ate: September 12,
1 2016 18-15
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18.5.5 Mine
M Waterr Treatment Plant (MW
WTP)
To meet throughput needs and to provide redundancy,, the MWTP P will be coonstructed ass two
essentiallly independe ent trains, ea
ach capable of o treating up p to 300 m3/h. is the MW WTP is scheduled
to be connstructed in Year
Y 3 of the mine life, so
o that it can bbe available to treat flowss in Year 4, wwhich
is the firs
st year prediicted by mod deling in whiich excess w water may be released u under the median
scenario of the waterr balance mo odel. The MWTP
M will prrimarily be a metals remmoval plant a and is
intended to treat the site drainage e collected at
a the Lower Dublin Soutth Pond, as w well as to prrovide
additional treatment forf excess water
w from the
e HLP. Trea ated effluentt from the MW WTP will draain by
gravity to an outfall att Haggart Creeek.
The MWT TP is intendeed to operate
e until heap rinsing,
r closuure, and capp ping produce
es water qua ality at
the HLP and Lower Dublin
D South
h Pond that will allow disscharge either directly or through pa assive
treatmentt while mainttaining comppliance with water
w qualityy standards. For purpose es of this stu
udy, it
has been n estimated that
t the operrations phasee of the min e life will cease at the e
end of Year 9 and
that the MWTP
M will be
e operated th
hrough Year 18.
Treatmennt goals for the MWTP are based on achievin ng compliannce with Wa ater Use Liccence
discharge
e standards and the me
etal mining effluent regu
ulations (MM
MER) criteria
a for end off pipe
concentra
ations.
The treattment at the MWTP will consist
c of se on, high pH precipitation (lime
everal processses: oxidatio
softening using lime), low pH coagulation (using ferric), pH adjustme ent, and decchlorination. Filter
presses will dewaterr the solids produced byb the high pH precipittation step, and the low w pH
coagulation step.
18.5.5.1 Potab
ble Water Treatment
T
Based on n an average e usage rate
e of 300 L/d per person, and a camp p population of up to 4000, the
camp wa ater requirem
ments will be
b approxima ately 120 m3 /d during cconstruction, and less dduring
operation
n. The potab ble water sys
stem is not intended
i to provide proccess water o or as a sourrce of
water for firewater.
For redunndancy, two potable wate er wells will be
b constructe ed to provide
e water for th
he potable usses of
the camp p and other buildings.
b A hypochlorite solution stoorage and fee ed system w will be providded to
dose chloorine into the
e water pipeliine, as waterr is pumped from the gro oundwater we ells to the sto
orage
tank. A flo
ow metre on the influent line to the ta
ank will be ussed to pace the chlorine a
application raate as
needed to o maintain a 2 mg/L chlo orine residual in the storaage tank. Thee storage tan
nk will be sizzed at
120 m3 to o provide up to 24-hours water sto orage. A pa ckaged booster pumping system w will be
provided to supply wa ater from the storage tank k to the cam p water systeem, at a minnimum pressu ure of
70 psi. A small meta al building wiill be constru
ucted to hou use the hypo ochlorite solution system m and
booster pumps.
p
18.5.5.2
2 Sewa
age Treatment
The camp p population will generatee sanitary se ow rate less than the pottable water ssupply
ewage at a flo
rate. The
e current in-s
situ septic fie
eld located at
a the 100-mman camp wiill be expand ded as need ded to
accommo odate the inc
crease to up tot 400 personnel during cconstruction.
Effective Da
ate: September 12,
1 2016 18-16
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18.5.5.3
3 Ice-R
Rich Materia
al Storage Area
A
The site design has been optimiz zed to minim
mize the amo ount of ice-rich soils thatt will be distu
urbed
during co onstruction. In addition, ice-rich soil will be re-u sed as mucch as possib ble. Howeverr, soil
requiring long term sttorage will bee placed in existing
e exca vated containment areass within the p placer
tailings along Haggarrt Creek, sev veral kilometrres south of tthe Eagle Crreek area. N
New storage a areas
located close
c to the existing excavated conta ainment area as may be rrequired if icce-rich materrial in
excess off the available storage is encountered d.
18.6 Process
P Control and
a Instru
umentatio
on
18.6.1 Overview
O
The plantt control systtem will cons

sist of a Distrributed Contrrol System (D
DCS) with PC
C based Ope
erator
Interface Stations (OIS) located in three separa ate control ro
ooms:
 Prima
ary crusher control
c room;
 Tertia
ary crusher control room; and
 Centrral control roo
om (ADR pla
ant).
The DCS S, in conjuncttion with the OIS, will pe

erform all equ d process interlocking, co
uipment and ontrol,
alarming, trending, event logging g, and reportt generation.. DCS Input/
t/Output (I/O) cabinets wwill be
n electrical rooms throu
located in ughout the plant
p and intterconnected
d via a plantt wide fibre optic
network.
Field insttrumentation will consist of microproc cessor based d “smart” type
e devices. In
nstruments wwill be
grouped into process s areas and wired
w to locaal field instru
ument junctioon boxes loccated within those
areas. Sig gnal trunk ca
ables will con
nnect the field
d instrument junction boxxes to DCS I//O cabinets.
Intelligentt type MCCs cated in the electrical ro
s will be loc ooms througghout the plaant. MCC re emote
operationn and monitoring will be via
v Profibus (or
( other app proved industtrial commun
nications protocol)
interface to the DCS.
mable logic controllers
Programm c or other third party controol systems suupplied as ppart of mecha
anical
packages
s will be interrfaced to the plant controll system via Ethernet netw
twork interfacces.
18.6.2 Communica
C ation
A numbe er of integratted systems will be prov

vided for on- and off-site
e communica
ation at the E
Eagle
Gold project site.
A trunked d radio system consistin ng of hand held,
h mobile
e and base rradios will p provide wide area
coverage e for on-site communicatio
c on by operations. The tru
unked radio ssystem will bee interfaced tto the
on-site vo
oice over inteernet protoco
ol (VoIP) telep
phone system
m.
The VoIP P telephone system will feature four--digit dialing within the m
mine site, acccess code-b based
long dista
ance calling, and voice mail
m services.. For connecctivity, the tellephone systtem will utilizze the
site local area network (LAN).
Effective Da
ate: September 12,
1 2016 18-17
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A site LA
AN will be proovided to connsolidate serrvices into a single netwoork infrastruccture. Computers,
cameras, telephones and any IP device
d requirring connectiion to the co
orporate netwwork will utilizze the
LAN. Furrther to the hardwired
h portion of the LAN,
L wirelesss access points will be pplaced in com mmon
areas succh as the rec
creation hall, administratio
on area, dinin
ng area and construction office.
Voice and data comm munications to the mine site will be established via a microw wave radio link. A
tower mo ounted microowave antenn na and radioo equipment at the site, along with a repeater station
that is pro
oposed to be
e installed at Mount Haldaane, will be u
utilized to esttablish a voicce and data link to
Mayo where Total North has an es stablished co
ommunication n network.
18.7 Mobile
M Su
upport Eq
quipment
Mobile sitte support eq quipment pro
ovides suppo
ort to operatio
ons at the Eagle site. A list of site su
upport
equipmen nt is provideed in Table 18.2.
1 The su
upport equipm ment fleet iss based on ssimilar equip pment
utilized att other northe
ern Canadian
n mining ope
erations.
Effective Da
ate: September 12,
1 2016 18-18
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Table 18.2: Site Supp

port Equipme
ent
Equipmen
nt Description Quan
ntity Comments
Light Vehiicles & Passen
nger Movement
1 T Diesel Crew Cab Pick
k-up 8
44 Passenger Bus 1
Cranes
La arger crane will be
50T Rough
h Terrain Crane
e 1
rentted as/when required
Mine Supp
port Equipment
Tire manipulator (966 atta
achment) 1
Mechanics
s Truck 2
Welding Se
ervice Truck 1
Site Servic
ces Equipmen
nt
Skid Steer Loader (1Cu.M
M) 2
65ft Man-L
Lift 1
Plow/Sand/Dump Truck 1 Inccluding attachm
ments
Large Tooll Carrier (Cat 966K) 1
Roll-off truc
ck incl. Access
sories 1
Snowcat 1
Materials Management
M
Small Tool Carrier 1
3 T Forkliftt - Warehouse 1
Winch Trac
ctor 1
Flat Deck Trailer
T 2
20T Flat de
eck truck w/ rig
gid boom crane
e 1
Misc. Sma
all Equipment
Portable Diesel Heaters 3
25kW Generators 2
Rescue Ve
ehicles
Ambulance
e / Rescue - Fo
ord F450 1
Fire Truck 1
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 18-19
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EAGLE G OLD FEA
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18.8 Manpowe
M er
The site support man npower crew w (Table 18.3) will provid
de support tto the opera
ations and w
will be
ble for the following activities:
responsib
 Infras
structure facilities mainten
nance and re
epairs;
 Trans
sferring of fre
eight from the
e storage are
eas to the wa
arehouse and
d operation ccentres;
 Perso
onnel/baggag
ge handling between
b the camp and bu
usses;
 und and outbound freight handling;
Inbou
 ent duties (incineration, water
Waste manageme w treatme
ent, hazardou
us waste han
ndling);
 Plant site snow re
emoval; and
 Site surface
s waterr manageme
ent.
Table 18.3: Facilities Operation & Maintenanc

ce Manpowerr
Position Staff R
Rotation Average On
n-Site
Facilities Manager
M 1 4x3 1
Site Servic
ces Foreman 2 2x2 1
Electrician 2 2x2 1
Carpenters
s 2 2x2 1
Multi-Equip
pment Operato
or 4 2x2 2
Skilled Lab
bourers 4 2x2 2
Total Site Support
S 15 8
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 18-20
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EAGLE G OLD FEA
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19 Market
M Studies
s and Contrac
C cts
19.1 Market
M Sttudies
Detailed market stud dies on the potential sale of gold from the E Eagle Gold project were e not
completed. JDS confirmed the refining and pa ayable termss with a lead
ding industryy entity in ord
der to
determinee indicative terms
t with re
espect to the
e doré to be produced. TThe terms wwere reviewed d and
found to be
b acceptablle by QP Gorrd Doerksen,, P.Eng.
No contraactual arrang
gements for shipping,
s portt usage, or re
efining exist at this time. T
Table 19.1
outlines the terms use
ed in the economic analyssis.
Table 19.1: NSR Assu

umptions Used in the Eco
onomic Ana lysis
Assumptio
ons Unit V
Value
Au Payable
e % 99.5
Au Refining
g Charge US$/oz 10
Source: JD
DS 2016
19.2 Contracts
C s and Royalties
There aree no known significant
s co
ontracts entered into by S
StrataGold th
hat would imp
pact the resu
ults of
this study
y.
The Dubllin Gulch pro
operty is sub
bject to three
e underlying agreements, two of whicch are materrial to
the Eagle
e Gold projec
ct.
The Eagle deposit falls entirely within
w claims that are subbject to a royyalty historica
ally known aas the
Mar Gold d Zone Roya alty. This roy
yalty requires
s minimum a annual royallty paymentss of $20,000 0 or a
productio
on royalty of 2%
2 of the grross returns received
r fromm the sale off all metals pproduced from
m the
claims to a maximum of $1,000,00 00 after which the royalty reverts to 1%
% with no en nd price.
A portion e deposit falls within a claim
n of the Olive c that is subject to th
he Queenstaake Mar Tungsten
Royalty. This royalty is a 1% nett smelter return royalty ppayable onlyy upon the ccommenceme ent of
on.
productio
Other thaan the two ro
oyalties descrribed above, the project is free and cclear of any liens or third party
interests.
Total third
d party royaltties for the project amoun
nt to $ 30M o
over the LOM
M.
19.3 Metal
M Pric
ces
The preccious metal markets
m are highly liquid and benefitt from termin
nal markets around the world
(London, New York, Tokyo, and Hong Kong). Historical g gold prices aare shown in
n Figure 19.1
1 and
demonstrrate the channge in metal prices from
m 2000 to 20016. Historicaal average U
US$:C$ exchhange
rates are shown in Fig
gure 19.2.
Effective Da
ate: September 12,
1 2016 19-1
VI C T OR
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C
EAGLE G OLD FEA
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Figure 19
9.1: Historica
al Gold Price
Source: Kittco 2016
Figure 19
9.2: Monthly Average US$
$:C$ Foreign
n Exchange R ate – Bank of Canada
Source: JD
DS 2016
Effective Da
ate: September 12,
1 2016 19-2
VI C T OR
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The gold price used in the econo omic analysiis is based o on the 6-mo onth trailing aaverage spot rate
uly 2016 sourced from Kiitco Metals Inc. The US$
during Ju $:C$ exchange rate used d in the econ
nomic
analysis is based on n the 3-month trailing average as a at June 2016. A sensitivvity analysiss was
completed as part of the overall economic
e anaalysis. The rresults of thiss are discusssed in Sectio
on 23.
Table 19..2 outlines th
he metal price
e and exchan
nge rate used d in the econnomic analyssis.
Table 19.2: Metal Pric

ce and Excha
ange Rate us
sed in the Ec
conomic Ana
alysis
Assumptio
ons Unit V
Value
Gold Price US$/oz 1
1,250
Exchange Rate US$:C$ 0.78
Source: JD
DS 2016
Effective Da
ate: September 12,
1 2016 19-3
VI C T OR
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20 Environ
E nmental Studie
es, Perm
mitting
g and So
ocial or
Commu
C unity Im
mpact
20.1 Environm
E mental As
ssessmen
nt and Pe
ermitting
20.1.1 Overview
O
Prior to construction
c or
o operationa al activities taking place in Yukon, a mining proje
ect essentially has
to compleete three majjor steps: the
e collection ofo a robust en
nvironmentall and socio-e
economic basseline
dataset; the
t successfful completioon of an ass sessment an nd a positive record of d
decision regaarding
potential effects of the project on valued enviironmental a and socio-ecoonomic components; and d, the
on for and acquisition of regulatory approvals.
applicatio
Victoria Gold
G conclud
ded all threee major stepps for the prroject and ha as received positive Deccision
Documen nts upon the completion of the asses ssment of thhe project un nder the Yukon Environmmental
and Socio-Economic Assessmen nt Act (YESA AA) in 2013.. Victoria Go old also hold
ds both a Q
Quartz
Mining Licence
L and a Type A Water Use Licence tha at collectively allow for the constru
uction,
operationn and closure
e of the Eagle
e Gold projec
ct.
20.1.2 Completed
C Environmental Asse
essment
In Decemmber 2010, Victoria

V Gold
d submitted a project prroposal to th he Yukon Environmenta al and
Socio-Economic Asse essment Boa ard (YESAB) to begin the environmental assessme ent process o
of the
Eagle Goold Project. The
T Project assessed
a by the YESAB included con nsideration o
of the constru
uction
and operation of the Eagle
E open pit,
p the Ann Gulch
G HLP, tthe two WRSSAs located north and we est of
the open pit, and all fa
acilities and activities
a required to supp
port mining o
operations.
On Febru uary 19, 201
13 the Execuutive Committee of the YESAB concluded its assessment o of the
project pursuant
p to the YESAA A. As a res sult of the assessmen nt, the Execcutive Comm mittee
recomme ended to thee Decision Bodies
B that the
t project b
be allowed tto proceed w
without a re
eview,
subject to
o the terms and conditio
ons identified
d in the Scrreening Rep
port and Reccommendatio on for
Project Assessment
A 2010-0267.
2
On April 6,
6 2013 Yukoon Governme ent (YG) exe
ercised its au thority as pe
er YESAA s.775 or s.76 to issue
a Decisioon Document for the pro oject. The YG
G Decision D Document, p premised on the commitm ments
made by Victoria Golld as detailed d in the Scre
eening Repo ort and Reco ommendation n, agreed witth the
123 terms s and conditiions (recomm
mendations) proposed byy the YESAB B Executive C
Committee w without
variation.
On April 19, 2013 a consolidated
c Decision Doocument wass completed by federal d decision bodies as
required under YESA AA s.74(1). Fisheries annd Oceans C Canada, Nattural Resourrces Canada a and
Transportt Canada, in n their capac
city as the federal
f decission bodies identified foor the projecct and
pursuant to s.76(1)(a)) of YESAA, issued a Decision Docum ment which a accepted the
e recommend dation
that the project
p be allo
owed to proc
ceed without a review, su bject to the tterms and co
onditions idenntified
in section
n 19.0 of the Screening Report
R and Reecommendattion.
ate: September 12,

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The fede
eral decisionn bodies were in agreemment with thhe rationale for the reccommendatio
on as
expressed in the Scre
eening Reporrt and Recom
mmendation.
The comp pletion of the ntal assessment allowed V
e environmen Victoria Gold
d to enter the
e regulatory p
phase
for the project.
20.1.3 Quartz
Q Miniing License
On Septe ember 20, 2013,

2 the YGG Departmen nt of Energyy, Mines and d Resourcess issued a Q Quartz
Mining License
L (QM
ML) for the project. The e scope of authorization n involves tthe development,
productio
on, reclamatioon and closu
ure of an opeen pit mine a and gold extrraction throu
ugh heap lea aching
involving ore crushinng, cyanide leaching an nd a carbon adsorption,, desorption and recove ery in
accordannce with the terms and co onditions sett out in the Q
QML and the e approved p plans listed iin the
QML. Th he QML was s subsequen ntly amended d on March 24, 2016 to o align with the timeline e and
requiremeents of a Typ
pe A Water Use
U License issued for the e project.
20.1.4 Type
T A Watter Use Lic
cense
On December 3, 2015, the Yukon n Water Boaard issued a Type A Water Use Licen nse (WUL) fo or the
project. The
T Type A WUL speciffies the quan ntity of wate r that can bbe used for aall aspects oof the
project an
nd includes criteria
c that must
m be met for dischargge of water frrom the projeect site. The Type
A WUL in ncludes the approval of a range of plans
p and acctivities that are also contemplated iin the
QML and d affirms tha
at the plan for
f constructtion, operatioon and closure of the p project repreesents
industry standard
s prac
ctice and can n move forwaard subject to
o certain termms and conditions.
Both the Type A WU UL and QML require the submission of detailed rreclamation a and closure plans
cribe the mea
that desc asures an app plicant will ta
ake to return the mine site
e to functiona
al and sustainable
ecosystemms. Victoriaa Gold has su ubmitted these reclamati on and closu ure plans wh hich describeed the
covering and revegetation of all disturbance
d la
and surfacess, except for the open pitts, the draind
down,
rinsing and treatmen nt of the HL LP, the treatment of miine contact waters, and d the subseq quent
monitorin
ng of the proje
ect to ensure
e closure obje ectives are m
met.
The recla
amation and d closure pllanning requ uired by thee regulatory agencies a also requiress the
submissio
on of estimattes for a third
d party to und
dertake the p
proposed recclamation acttivities.
20.1.5 Additional
A Environme
E ental Asses
ssment an
nd Permitting
The YESA AA includes certain triggeers related to

o the alteratio
on of a proje
ect which sub
bsequently re
equire
additional assessmen nt of a proje ect to ensurre environme ental and soocio-economic values ca an be
d. The inclusion of the Ollive pit, the olive
protected o WRSA, and the seccondary HLP P in the mine
e plan
will mean
n that these activities
a have
e to be assesssed by the Y YESAB.
The asse essment of these activities does not impact V Victoria Gold
d's ability to
o commence e with
previously y assessed and
a licensed d work (i.e. mining
m the Ea
agle Zone annd the use of the WRSAss and
HLP prim marily associa
ated with Eag
gle material). Based on th
he current miine plan, the completion o
of the
three majjor steps to mine
m approvaal in Yukon can
c feasibly be accomplished well in advance of these
facilities being
b require
ed.
ate: September 12,

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20.1.6 Additional
A Federal
F an
nd Territorial Permits
s, Licenses
s and Authorizations
Table 20..1 provides a list of the fe

ederal and te
erritorial act, regulations a
and guideline
es that may apply
to the pro
oject at variou
us stages of development, operationss and closure e.
Table 20.1: List of Re
elevant Federral and Territtorial Acts, R
Regulations a
and Guidelin
nes
Applicable
e Legislation/R
Regulations Perm
mit – Approval Responsib
ble Agency Expiry Da
ate
Energy M
Mines and
Qu
uartz Mining
Quartz Min
ning Act Resource
es, Yukon September 20, 2040
License
nment
Govern
Quartz Min
ning Act Energy M
Mines and
Clas
ss IV Mining
Resource
es, Yukon 021
May 10, 20
Quartz Min
ning Land Use Regulations Land Use Approval
Govern
nment
Waters Actt Watter License –
Yukon Wa
ater Board September 10, 2040
Waters Regulation Type A
Waters Actt Watter License –
Yukon Wa
ater Board September 10, 2040
Waters Regulation Type B
Fisheries Act
A Se
ection 35(2) Fisheries and Oceans
Metal Minin
ng Effluent Reg
gulations Au
uthorization Can ada
Seection 5(2)
Navigable Waters Protection Act Approval – to be Transportt Canada
de etermined
Enerrgy Certificate
Yukon Pub
blic Utilities Act andd Operating Yukon Go
overnment
Certificate
C
Work in Highway
Highways Act
A Rigght of Way HPW, Y
Yukon
March 31, 2017
Highways Regulations
R Perrmit, Access nment
Govern
Permit
Territorial Lands
L (Yukon) Act Land d Use Permit Energy M
Mines and
Land Use Regulations
R Quuarry Permit Resource
es, Yukon
Quarry Reg gulations Tim
mber Permit Governnment
Airr Emissions
Environmeent Act Permit Environme
ent Yukon,
Air Emissio
on Regulations Speecial Waste Yukon Goovernment
Special Waaste Regulation
ns Permit
December 31,, 2016
Solid Wastte Regulations Land Treatment
Storage Taank Regulations Faccility Permit Communityy Services,
Contaminaated Sites Reguulations Stoorage Tank Yukon Go
overnment
Systems Permit
Forest Prottection Act Communityy Services,
Burrning Permit
Forest Prottection Regulations Yukon Go
overnment
Highways Act
A
Highw
ways Hauling HPW, Y
Yukon
Bulk Commmodity Haul Re egulations
Permit nment
Govern
Highways Regulations
R
Arcchaeological Tourism an
nd Culture,
Yukon Histtoric Resources
s Act
Sites Permit Yukon Goovernment
Perm
mit – certificate
HPW, Y
Yukon
Dangerous
s Goods Transp
port Act for transport of
Govern
nment
danggerous goods
ate: September 12,

VI C T OR
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Applicable
e Legislation/R
Regulations Perm
mit – Approval Responsib
ble Agency Expiry Da
ate
Blas
sting permit,
Maga azine License,
Natural R
Resources
Facttory License,
Canada, E
Explosives
ANFO Certificate,
Explosives
s Act and Regulations Regulatorry Division
Purchase and
and Mineerals and
Posseession Permit,
Metals Sector
Permit to Transport
Explosives
E
Occupation
nal Health and Safety Act Workkers’
Blas
ster’s Permit Compensattion Health
Occupation
nal Health & Sa
afety Regulatio
ons and Safe
ety Board
Species at Risk Act N/A Environmeent Canada
Environmeent Yukon,
Wildlife Actt N/A
Yukon Goovernment
Environmeent Canada
Canadian Environmental
E Protection Actt N/A
and Health
h Canada
Migratory Birds
B Conventio
on Act
Regulation
ns Respecting the
t Protection of
o N/A Environme
ent Canada
Migratory Birds
B
Communityy Services,
Building Sttandards Act Electrical Protec
ction Building Permit, Granted for 100
Building Saffety, Yukon
Act mbing Permit
Plum mp.
person cam
Governnment
Gas
s Installation
Permit Communityy Services,
Gas Burnin
ng Devices Actt Building Saffety, Yukon
Ga
as Burning Governnment
Dev
vices Permit
Communityy Services,
Pres
ssure Vessel
Boiler and Pressure Vess
sel Act Building Saffety, Yukon
Booiler Permit
Govern nment
Health annd Social
Com
mpliance with
Yukon Pubblic Health and Safety Act Services,
Puublic Health
Regulation
ns Respecting Public
P Health Environmental Health
Reegulations
Servvices
Source: Vic
ctoria Gold (20
016)
ate: September 12,

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20.2 Environm
E mental an
nd Socio-e
economic Baselin
ne Studie
es
From 20 007 onwards s, Victoria Gold
G and itss predecesssor, StrataGo old has pre epared (and now
maintainss) a compreh hensive set of baseline studies
s for cclimate, hydrrology, soils, surficial geo
ology,
vegetation, wildlife, groundwater, water qu uality, aquattic ecology, socio-econ nomic conditions,
historical, and paleontology resources. Additioonal water an nd climate daata is currentlly being colle
ected.
The base eline charactterization inc
cluded historrical data seets collected from 1993 to 1996 and d was
supported d by regionall analyses.
The base eline data coollection cove
ered various s geographiccal extents, d depending oon the compo onent
under stuudy. In generral, each tech
hnical discipline defined lo
ocal and reggional study a
areas to fram
me the
spatial sc
cope of their assessmentt. Data collec ction was foccused within the footprintt and surrounding
areas of the projectt for the loc cal study arreas; region nal study are eas were d defined base ed on
on such as
informatio s species ra anges, wate ershed boun ndaries, geo ologic units, and comm munity
administrrative boundaaries, dependding on the component
c unnder study.
To suppo ort the assess
sment and lic censing of coomponents o of the project related to th
he Olive Zone
e, it is
anticipate
ed that somee additional work
w in the diisciplines of h
hydrology, wwater quality, groundwater flow
and groun ndwater quality will be req
quired.
Victoria Gold
G commen nced the add ditional data collection in 2016 to sup pport the inclusion of the Olive
Zone and d associated facilities in fu
uture amendments to the eir existing pe
ermits.
20.2.1 Climate
C
The Dub blin Gulch area is chara acterized by

y a “continenntal” type cllimate with moderate annual
precipitattion and a large temperaature range. Summers
S arre short and can be hot, while winterrs are
long and cold with moderate
m sno
owfall. Rainstorm events can occur ffrequently du uring the summmer
and may contribute between
b 30 to
t 40% of thhe annual prrecipitation. L
Lower elevattions are typ
pically
snow-free e before May y, while snow remains inn higher elevvations until mid-June. Frost actionn may
occur at any
a time during the spring g, summer or fall.
Regional climatic datta are availa able from several station ns in the areea including Mayo, Keno o Hill,
Dawson, Klondike and Elsa, as well w as other relevant long g-term data ffrom other arreas within Y Yukon
(e.g. Whitehorse). Historical clima atic information of the Pro
oject site wass available frrom 1993 to 1996.
Climate data
d collectio
on was renew wed in Augu ust 2007 at tthe Potato H Hills climate sstation site (1,420
masl), and a second d climate stattion (Camp station
s - 778
8 masl) was installed in A August 2009 9 near
the existing camp Cliimate data frrom the Pota ato Hills and CCamp climatte stations arre collected a at 15-
minute inntervals and data are av vailable for the period frorom August 2007 throug gh April 2016 6 and
August 20 009 through April 2016, respectively.
r
20.2.1.1 Temp
perature
The recoorded mean annual temp peratures haave ranged from -2.0 to o -5.1°C. July is typically the
warmest month with mean
m July te
emperatures at the Camp p station ran
nging from 122.6 to 13.6°C
C and
from 8.1 to 11.6°C att the Potato Hills station during the pperiod of reco ord. The cold
dest temperaatures
are geneerally experie
enced in Jan nuary and thhe Camp sta ation recordeed a range of monthly mean
temperatuures from -17.1 to -25.2°°C and the Potato
P Hills sstation record
ded a range of monthly mean
temperatuures of -15.5
5 to -19.8°C fo
or the monthh of January.
ate: September 12,

VI C T OR
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During thhe period in which

w the Po
otato Hills an
nd Camp sta ations have ccollected datta simultaneo
ously,
the higheer Potato Hills station ha
as generally y reported coolder temperratures than the lower C Camp
station; however,
h autumn and win nter tempera ature inversio
ons do occur at the site as is comm mon in
mountain nous regions,, and the Camp station has
h a much l arger range in recorded temperature e. The
maximum m recorded teemperature on-site was 29.3°C in A August 2010 at the Camp station an nd the
minimum recorded tem mperature was -42.8°C in n January 20012 also at th
he Camp stattion.
20.2.1.2
2 Precipitation
The estimmated mean annual rainffall at the Project site ra anges from 2 223 mm and d 255 mm fo or the
Camp an nd Potato Hillls stations respectively.
r Snow waterr equivalent values, calcculated during g site
snow surveys, show annual
a maximmum values of 79 mm to 161 mm for the camp sta ation and 167
7 mm
to 410 mm near the Potato
P Hills station.
s Rainffall, snowfall,, and surface
e lying moistture and snow
w are
ust suppress
natural du sants and as such, the are ea is not pron ne to prolong
ged dusty peeriods.
Based onn the regionaal and local data,
d monthly precipitatio e highest in JJuly and lowest in
on totals are
February. Snowfall typ
pically begins
s in late September and ccontinues un ntil May.
20.2.1.3
3 Wind Speed and
d Direction
The predominant wind mate stationss is from the north, and w
d direction att the site clim west-northwesst, for
the Campp and Potato Hills stations, respective ely. Wind speeeds average e 1.2 m/s at the Camp sttation,
and 2.3 m/s
m at the Po otato Hills sttation, on an n annual bassis. The maximum record ded gust spe
eed at
the Campp station was
s 15.1 m/s, an nd 23.9 m/s at a the Potatoo Hills station
n (Lorax 2016
6).
20.2.2 Surficial
S Ge
eology and
d Soils
20.2.2.1 Surfic
cial Geology
y
The surficial geology of the proje
ect area has been substa antially affectted by historric glaciation
n over
200,000 years
y ago, in
ncluding two
o major glacia ation episod es in the Quuaternary period; the pre e-Reid
(~2.5Ma-400ka BP) anda the Reid (~200 ka BP P) (Bond 19997; 1998a; b)). Glacial limiits are providded in
Figure 3..1-1. In eachh case, ice likely origina
ated from thee Ogilvie an nd Wernecke e Mountains, with
glaciation
ns being more extensive during
d the prre-Reid perio
od.
Preservattion of pre-R
Reid glacial deposits
d andd landforms is rare. A feew intact deposits and ddiorite
erratics at
a high elevaations are the only recorrds left (Bon d 1998a). G
Glacial depossits from the Reid
glaciation
n are moderaately preserve
ed. Colluviumm, alluvium, a
and small arreas of shallo
ow organics d
drape
the Reid glacial sedim
ments and thee interglacial sediments th
hroughout th
he area.
Dominantt surficial materials
m witthin the pro
oject area are weathered bedrockk and colluvium.
Competent bedrock outcrops
o are
e rare, as su
ufficient geollogic time ha
as passed to
o allow exte
ensive
ng of exposed rock.
weatherin
ate: September 12,

VI C T OR
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20.2.2.2
2 Soils
The large
est influence
e on soil devvelopment inn the area off the projectt is climate, and the ressulting
permafrost which is discontinuo ous througho out the areea. Despite over 200,00 00 years of soil
ment, pedoge
developm enic processe es have been
n slow due too the cold climate and to the short groowing
season fo
or vegetation
n, resulting in
n a predominnance of ice -affected andd relatively u
undeveloped
d soils
(Cryosols
s and Bruniso
ols).
Non-frozeen soils enco ountered in the
t area of the
t Project i nclude Brunisols, minor areas of Luvvisols
(on fine-te
extured till), and Gleysolss (on poorly and imperfecctly drained materials). T
The majority o
of the
soil textu
ures in the area
a are sanndy-silt to silty sand loaam matrix with angular o or tabular co
oarse
fragments s ranging from gravels to boulders.
Soil in the
e project area is limited fo
or reclamatio
on suitability primarily by high coarse--fragment content,
due to de evelopment of
o soils from weathered
w beedrock. Rootting depths a are on averagge 50 cm, buut can
reach dep pths of over 120 cm.
20.2.2.3
3 Perm
mafrost
The projeect site is located in a reg
gion of widespread discon ntinuous perm mafrost (Brow
wn, 1979). O
On the
regional scale, perm mafrost distrib
bution is typ
pically contrrolled by me ean annual temperature e and
precipitattion, wherea as on a loca al scale it is
i controlledd by vegetattion, surface e sedimentss, soil
moisture, slope aspec ct, and snoww depth. Withhin the proje ct area, frozzen ground ooccurs typically on
north- and east-facing g slopes, andd within poorly drained aareas lower in the valleyss. The distrib
bution
and thickness of froze en ground is highly variabble across thee site.
Frozen ground,
g whenn observed, is generally
y encountere
ed immediattely below th he organic ccover.
Ground temperatures
t s have beenn measured with thermisstors installe
ed on-site in
n 1995-1996, and
2009-201
12. The mea asured grounnd temperatuures showed the frozen ground to b be relatively warm
when obs
served, typica
ally between 0°C and -1°C.
20.2.3 Hydrology
H
The hydrrology of the region is geenerally charracterized byy large snowwmelt runoffss during fresh het in
May, whiich quickly taaper off to low summer stream flow ws intersperssed with periiodic increasses in
stream flo
ow associateed with intens
se rainfall eve
ents during JJuly and Aug
gust. The patttern of low sttream
flows punnctuated by high stream m flows asso ociated with rain fall eveents continue
es throughou ut the
summer tot autumn when freeze up u beings in October. In llarger stream ms, base flow
ws are mainttained
below riv
ver/creek ice throughout the winter by groundwatter contributiions. Smaller streams te end to
dry up du
uring the late summer or fall,
f as flow generally
g goees subsurfacce when the ggroundwater table
drops to seasonally low levels. Aufeis (or overflow)
o ice
e may build in certain places in sttream
channels if groundwatter emerges during winte er.
ate: September 12,

VI C T OR
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20.2.4 Surface
S Wa
ater Quality
y and Aqua
atic Biota
The wate er quality stud dy area inclu

udes the Hag ggart Creek, Dublin Gulcch, Eagle Creeek basins, wwhich
have bee en subject to placer minin ng in the pastt and Lynx C
Creek basin, wwhich has noot been subject to
placer miining. A total of 21 monito oring stations have beenn sampled wiithin the studdy area durin
ng the
StrataGold and Victo oria Gold basseline data collections pprogram. Sitees within the
e Haggart C Creek,
Dublin Gulch, and Ea agle Creek drainage
d bassins were seelected upstrream and do ownstream o of the
proposed d project foottprint, where possible. Lyynx Creek draains a large catchment too the south oof the
project arrea that will be
b unaffected d by development activitie
es.
All sites, except those
e located in Dublin
D Gulch, had high accid buffering capacity, ass indicated byy high
alkalinity, calcium, an
nd hardness. Turbidity an nd total susp
pended solidss levels tend ded to be loww with
some exc ceptions note
ed at severall sites depennding on seasson and yea ar. Nutrient le
evels tended to be
low and suggestive of o oligotrophhic levels, wiith measurabble amountss of nitrate, a and low leve els of
phosphatte and dissolv ved organic carbon.
c
Metals le
evels and naturally high h arsenic co oncentrationss in water a and sedimen nt, in additio
on to
abundancces and taxo onomic comp positions of pe
eriphyton an d benthic invvertebrates a
are consisten
nt with
a minerallized area an
nd reflect prev
vious disturb
bance of subsstrates duringg placer mining.
Metals da ata for the fin n 63 μm) sed
ne (less than on were simillar to the wa
diment fractio ater quality da
ata in
terms of high
h levels of arsenic at all
a sites as well
w as cadmiu um, chromium, copper, le ead, mercuryy, and
zinc at certain
c timess. For periph
hyton, chloroophyll levelss suggest olligotrophic cconditions highest
richness, diversity, an nd evenness indices werre recorded i n Haggart CCreek, sugge esting better water
quality than in Dublin Gulch, Eagle e Pup, or Lyn
nx Creek.
20.2.5 Groundwat
G er
20.2.5.1 Hydro
ogeologic Setting
S
There aree two princippal water-bearing units in the Projecct area: deep per relativelyy low-permea ability
bedrock and the nea ar surface moderately
m permeable
p suurficial depoosits. Surficiaal material a
at the
Project site
s consists
s of a thin veneer of organic soills underlain by colluviu um (i.e., a loose
heterogenneous mass s of soil ma aterial), glaciiofluvial (i.e. , originating from riverss associated d with
glaciers) deposits, or till (a glaciall deposit). Beelow these cclastic (or traansported bro oken fragments of
rock) uniits are eithe
er metasedim mentary or Granodiorite
G bedrock, w which is dee eply weatherred in
places. The
T elongateed Granodio orite stock (o ore bearing unit) has in ntruded the surrounding host
metasediment. The su urficial materrial thickness s and physica al properties varies signifficantly througghout
the area. Recorded de epths to bedrock in the project area ra ange from 0 m to greaterr than 20 m.
The Dubllin Gulch valley contains large amounts of fluviall (i.e., river d deposited) m materials that were
considera
ably reworke ed by place er mining operations.
o E
Extensive stockpiles off placer dep posits
comprised of sub-rou unded metas sediment and Granodiorrite clasts, ra anging in sizze from san nds to
boulders, and fine-graained materiaal (i.e., that are
a located in n former placcer settling ponds) are prresent
adjacent to the Dublin Gulch and d Eagle Cree ek watercoursses. A till bla
anket covere ed with a colluvial
s located along the south
veneer is h valley wall in Dublin G Gulch valley a and extends southward iin the
Haggart Creek
C valley. A recent alluvial (i.e., a water-laid c lastic deposiit) fan is pressent where D
Dublin
Gulch meeets Haggart Creek.
ate: September 12,

VI C T OR
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Discontin
nuous perma afrost is also
o present, especially on the north-fa acing slopess and affectts the
connectiv
vity between the deep andd shallow wa
ater-bearing zzones in placces.
20.2.5.2
2 Groun
ndwater Oc
ccurrence
Generallyy groundwate er has beenn observed deeper
d (apprroximately >6 m below g ground) at h higher
elevations and shallow
w to artesian
n in lower elevations and in valley botttoms. Springs and seeps have
been obs served in a few locatio ons where valley
v bottom
ms have na arrowed. These are typ pically
associate
ed with the re
e-emergence e of a stream
m from channe el deposits (i.e., a gaining reach). In these
instancess (e.g., Eagle Pup, Stewwart Gulch), thin alluviumm overlying shallow bed drock is the likely
cause off the emerge ence. Grounndwater leve els within th e lower Dublin Gulch vvalley have been
observedd to have seaasonally dela
ayed trends due
d to highe r groundwate er levels durring spring frreshet
and/or as
ssociated withh rainstorms and lower groundwater l evels during dry summerr periods.
20.2.5.3
3 Groun
ndwater Flo
ow
Groundw water flow in the bedrock k occurs in fractures
f andd fault zonees, while preferentially flo
owing
through more
m permea able (and porrous) sedime ents within thhe surficial de
eposits. Gen
neral orientation of
groundwa ater flow con ntours mimic the topography of the s ite as ground dwater flowss from the highest
areas to lowest. Th hroughout most
m of the area the g groundwaterr divides off each sub--basin
approximmately coincid de with the surface
s wate
er divides (i. e., groundwater from the Eagle Pup p and
Suttles Gulch
G drain to
o Eagle Creeek, while grou undwater fro om Ann and S Stewart Gulcch Basins dra ain to
Dublin Guulch). In the lower Dublin Gulch valley y the groundw water divide between thee Eagle Creek and
Dublin Guulch basins inn the placer tailings
t is not clearly defin
ned.
Field obsservations su uggest that at
a times the divide
d migrattes across th he valley so that groundwater
from the Dublin Gulch h basin may flow
f towards Eagle Creekk. This shiftin ng is seasonal and also d due in
e variability in the timing of
part to the o the freshe
et and/or rainffall events accross the enttire watershe
ed.
Groundw water rechargge occurs at a higher elevations thrroughout the e Dublin Gu ulch-Eagle CCreek
drainage basin and ultimately disccharges to surface waterr (in some ca ases as seep ps and spring
gs) at
evations in th
lower ele he valley or directly
d to su
urface streamms, or ultima
ately into Ha
aggart Creekk. The
main groundwater flow in conjunc ction with the
e highest gro
oundwater ellevations is eexpected to occur
e snowmelt in late spring (e.g., May to
during the o June) after thawing of the shallow sediment.
20.2.5.4
4 Surfa
ace Water - Groundwa
ater Connecctivity
Base floww values rep present the groundwater
g contributionss to streamss. Groundwaater contributtes to
stream floows where thet groundwwater table ellevation interrsects the ground surfacce, typically these
intersections are locaated in streamm channel innverts (e.g., Eagle Pup aappears in mmid-channel w where
y is well confined by bedrrock); howeve
the valley er, they also appear as seepage from m slopes within the
placer deeposits of thee lower Dublin Gulch valley. Ground dwater from tthe lower Duublin Gulch vvalley
likely contributes a measureable portion of o the base eflow to Ha aggart Creek. The basseflow
contributions to the streams
s mainntain flow in the larger crreeks during
g the drier m
months of the e year
g winter flows
(including s).
ate: September 12,

VI C T OR
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20.2.5.5
5 Groun
ndwater Flo
ow Propertiies
Hydraulicc conductivitie
es ranged froom 10-3 m/s to 10-7 m/s in the surficial material, a and from 10-5 m/s
to 10-8 m/s
m in the bed drock. The hydraulic
h con
nductivity of tthe colluvial,, alluvial, and
d till depositss was
generally
y higher than that of the placer
p materrial, and the vvariable hydraulic conductivity seen in the
bedrock isi typical of fractured
f cry
ystalline rock, which show wed decreasing hydraulicc conductivityy with
depth. Thhe test data did
d not demo onstrate a me easureable d difference in the hydraulicc conductivitties of
Granodioorite and mettasedimentarry rock. This s suggests th hat the flow properties o of both rock types
are simila
ar.
20.2.6 Groundwat
G er Quality
The grou undwater quaality data sug

ggests that the
t chemicall compositionn of groundw water depend
ds on
the local and up-gradient rock-types. The following parame eters naturallly exceeded the CCME a and/or
CSR guid dance (used for referencce only) in th
he project arrea: aluminum m, arsenic, ccadmium, co
opper,
iron, lead
d, molybdenum, nickel, seelenium, silve
er, and/or zin
nc. The CSR guideline values apply too both
surface and
a groundwa ater, whereas s the CCME guidelines o only apply to surface wateer.
However,, as groundwwater ultimate
ely discharge
es to surface water bodie
es, the CCME
E guideline vvalues
were considered for re
eference.
The groundwater sam
mples were cllassified based on their m
major ion che
emical compoosition, taking into
account the major anions
a and cations.
c Calc
cium is the dominating cation in m most groundwater
samples from the sitte; however,, some sampling locatio ons magnesiium concenttrations exce eeded
calcium. Carbonate was
w the dom
minating anio
on in all sammples, and wwas particula
arly high in some
samples.
The exce eedances do not imply y that the groundwater
g at the sitee is contam minated; onlyy that
backgrouund concentra
ations of thes se parameteers are highe
er than typica
ally found in o
other naturall sites
in Canada, and merelly reflect the natural geolo
ogic and hyd
drogeologic cconditions witthin these sp
pecific
areas of the
t project arrea.
Comparis
son of the muultiple years of groundwa
ater data indiccated that grroundwater q
quality param
meters
were gen
nerally in the
e same rang ge and that seasonal trrends were not apparen nt over the years
sampled.
20.2.7 Fisheries
F
Baseline fish and fish habitat inforrmation was gathered froom existing consultant rep ports, govern
nment
databasees, and the results of fie eld studies conducted
c fo
or the projecct prior to S
StrataGold‘s claim
ownership. Field stud dies were co ompleted for watercourse es located w
within the loccal project arrea to
obtain biophysical ha abitat data, determine fish presence e and abundance, and characterize e fish
populations (i.e., size,, age, and tis
ssue metal co
oncentrationss).
At least 11 fish speccies are knowwn to occur in the Soutth McQueste en River wattershed, including
Chinook salmon (Oncorhynchus tshawytscha a), Arctic gra
ayling (Thymmallus arcticu
us), northern
n pike
cius), longnose sucker (C
(Esox luc Catostomus catostomus),
c , Arctic lamp
prey (Lampettra camtscha atica),
burbot (LLota lota), slimy
s sculpin
n (Cottus co
ognatus), rouund whitefish (Prosopium cylindrace eum),
inconnu (Stenodus leucichthys),, lake white efish (Coreg gonus clupe eaformis), annd rainbow trout
ate: September 12,

VI C T OR
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(Oncorhy ynchus mykis ss) (DFO 201 10). No fresh

hwater fish sp
pecies on Scchedules 1 oor 2 of the Feederal
Species at Risk Act (SARA) are present in the South M McQuesten R River watersshed or the e entire
Yukon Te erritory (Goveernment of Canada
C 20122). Haggart a
and Lynx cree eks are both known to co ontain
five fish species:
s Chinook salmonn, Arctic gray
yling, round whitefish, bu
urbot, and slimy sculpin (DFO
2010). Iroonrust Creek k, Dublin Gulc
ch and Eaglee Pup are kn own to be innhabited by A
Arctic grayling
g and
slimy scuulpin (Hallam Knight Piéso old 1996b, DFO 2010).
Fish tissu
ues (from bo oth Arctic gra
ayling and slimy
s sculpin ) were testeed for metal concentratioons in
three of the fish bearing water couurses. Althou
ugh metal co ncentrationss in tissues wwere high, the
ey did
not, with the exception of selenium
m concentrattions in Arcticc grayling liver, exceed th
he lower-limits set
by BC Gu uidelines for the
t Protectioon of Aquatic Life.
20.2.8 Wildlife
W
The proje ect site is lo

ocated in the
e Mayo Lake e-Ross Rive er Ecoregion and contain ns two ecolo ogical
zones, Subalpine and d Forested. Both of thes se zones serrve as habita at for wildlife
e. To characterize
se of these areas,
wildlife us a existin
ng literature, field studiess and discusssions with wildlife biologists in
the regionn and with th
he NND was conducted.
c
A total of 31 individua
al species weere recorded using data frrom all sourcces. Mamma als present in
nclude
two ungu ulate speciess (moose, wo oodland carib
bou), two beear species ((black bear, grizzly bear)), and
an assorttment of sma all to medium
m size mamm mals includin
ng gray wolf,, wolverine, rred fox, Ame erican
marten, snowshoe
s ha
are, and lemmming. Moose was the mo ost commonlyy detected m mammal speccies. It
was foun nd across all survey type es and a widde range of habitat type es, indicating a relatively wide
distributio
on in the area
a. Most detections were in
i lower-elevvation foresteed habitat zones likely ussed all
year longg.
These arreas contain riparian area
as, marshes,, and decidu ous forest sttands which contain prefferred
food sources and offfer thermal protection
p in winter. The study’s moo ose detections are conssistent
with the reports from
m the NND— —the area provides winte er habitat forr moose and d is important for
moose hu unting. Aeria
al and ground
d surveys an nd telemetry data suggesst that while wwoodland caaribou
make somme use of thee study area,, it does not represent
r co re habitat forr them.
Snowsho oe hare, red squirrel, and d ptarmigan were the m most common nly detected mammal sp pecies
after moo
ose. This is of interest asa all three species
s repreesent potenttial prey for a range of llarger
mammals s (e.g. lynx, wolf,
w and red
d fox), and ra
aptor speciess such as Go
olden Eagle. While forma al bird
surveys have
h not beeen carried ouut, eighteen bird
b species were detected in the stu udy area including
Golden Eagle,
E Gyrfalcon, Trumpe eter Swan, Dusky
D Grousse, Common Raven, Ptarmigan, and Grey
Jay.
20.2.9 Vegetation
V
Two ecological zones were delin neated in thee baseline sstudy areas: the Subalpiine zone and the
Forested (Boreal) zonne. The majoority of projec
ct activities o
occur in the F
Forested zonne. The Suba alpine
zone occcurs on the ridge
r tops annd high plate eaus above approximate ely 1,225 ma asl. Tree covver is
discontinu
uous or abseent at this elevation, andd the vegeta tion is domin nated by dw warf birch, willows,
ericaceouus shrubs, he
erbs, mosses s, and lichenns. The highe est points within the three study areaas are
1,520 maasl. These up
pper elevationns are domin nated by dwa arf-shrub, hea
ath and liche
en communities.
ate: September 12,

VI C T OR
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The Forested zone, which

w is part of
o the northern boreal forrest (Boreal C
Cordillera Ecoregion), inccludes
y bottoms, and the slope
the valley es of the mou untains beloww the treeline. The elevaation range oof this
zone in th
he three stud
dy areas is 60 00 masl up too the Subalppine zone, abbout 1,225 mmasl. Open ca anopy
stands off black spruce are genera ally present on
o moist sitess and on thee lower portio
ons of north-ffacing
slopes. However,
H con
niferous domiinated forests consisting of white and d black sprucce are found along
creeks and rivers an nd on well drained
d sites
s. Ericaceouus shrubs an nd feather mmosses are most
common in the underrstory of the coniferous fo orests. On th
he upper slop pes, open suubalpine fir stands
are predoominant withh trees becoming smaller and more spread out with increasing elevation n; the
cover of willows, dwa arf birch and ericaceous shrubs incre ease as the canopy open ns. Mixed forests,
g of white sp
consisting pruce, tremblling aspen, anda Alaska b birch are alsoo present onn warm aspeccts or
near-mes sic sites thatt have been n disturbed byb forest fire
e. Small decciduous stan nds dominate ed by
aspen (wwarm aspects) and Alaska a birch are als
so occasionaally present in
n the study a
area.
While no existing rare plants werre found thro ough queriess of governm ment databasses past surrveys,
one rare plant, island purslane (Ko
oenigia islandica), was foound in the sttudy area, a 2 m by 2 m patch
gia islandica L. (island purslane).
of Koenig p Th
his plant is cconsidered “imperiled” in n Yukon. All foliar
samples analyzed con ntained metaal concentratiions below le
evels consideered toxic forr cattle.
20.2.10 Socia
al Environm
ment
20.2.10.1 First Nation of Na-Cho

N Nyä
äk Dun
The FNNND (which trranslates as Big River Pe eople) repressents the mo ost northerly community o of the
Northern Tutchone la anguage and d culture grouup in the Yu ukon. In the Northern Tu utchone language,
the Stewaart River is called
c Na-Cho Nyäk, mea aning Big Rivver. The FNN NND is culturrally affiliatedd with
the Northhern Tutchon ne people off the Pelly Selkirk, and t he Carmackks Little Salm mon First Na ations;
these thre
ee First Nations form thee Northern Tutchone Trib bal Council. T
The FNNND constitutes much
of the com
mmunity of Mayo,
M and th
heir Traditional Territory ccovers 162,4
456 km2 of la and (131,599 9 km2
in Yukon and 30,857 km2 in North hwest Territoories). Under the 1993 lan nd claims agreement, the e First
Nation owwns 4,739.68 8 km2 of settllement lands
s.
Traditiona
ally, FNNND citizens lived
d and trappe
ed throughoutt the area su
urrounding Mayo.
As a se elf-governing First Natio on (under th he FNNND Final Agree ement and Self-Govern nment
Agreements), the FNNND has the ability to make m laws o
on behalf of their citizenss and their lands.
Under the eir Final Agrreement, FN NNND owns the mineralss under all C Category A S Settlement Lands,
and receives royalties from any mining
m on th
his land. Forr mining activvity elsewhe
ere in the FNNNND
al Territory, including
Traditiona i on Category B Settlement L Lands, the F
FNNND Gove ernment shares in
a portion of any minerral royalties collected
c by the
t Yukon G overnment.
20.2.10.2 Comp
prehensive Cooperatio
on and Ben
nefits Agree
ement
VGC and d the FNNND signed a comprehens sive Cooperration and B Benefits Agreeement (CBA A) on
October 17,
1 2011. Th he CBA repla
aced an earliier Exploratioon Cooperattion Agreeme ent and applies to
the Eaglle Gold min ne developmment and exploration
e a
activities co
onducted by VGC (including
subsidiaries) anywherre in FNNND
D Traditional Territory
T loca
ated south off the Werneccke Mountains.
ate: September 12,

VI C T OR
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The objec
ctives of the CBA are to:
 Prom
mote effectivee and efficiennt communica
ation betweeen VGC and the FNNND in order to ffoster
the development
d of a cooperative and re
espectful rellationship an
nd FNNND ssupport of V
VGC’s
oration activities and the project;
explo p
 Providde business and employ yment opporrtunities, relaated to the pproject, to the
e FNNND an
nd its
citizens and busin
nesses in ord
der to promotte their econoomic self-reliance;
 Estabblish a role fo
or the FNNND in the enviironmental m
monitoring of the project a
and the prom
motion
of env
vironmental stewardship;
s
 Set out
o financial provisions
p to enable the FNNND
F to p articipate in the opportun
nities and be
enefits
relate
ed to the project; and
 Estab
blish a forum for VGC and the FNNND D to discuss matters rela
ated to the prroject and re
esolve
issues related to implementation of the CB
BA.
20.2.10.3 Villag
ge of Mayo
The villag
ge of Mayo is
s located 407
7 km north off Whitehorse and 235 kmm east of Dawwson City. Maayo is
situated at
a the confluuence of thee Mayo and Stewart Rivvers within th he Traditiona
al Territory o
of the
FNNND. Historically, the
t site of Maayo was use
ed as a traditiional camp b
by the FNNND D.
Prior to becoming
b a service
s centrre for signific
cant mining a
activity in the
e area, Mayo
o was established
as a riveer settlementt as it was the
t farthest navigable po oint up the Mayo and S Stewart Rive
ers by
steamboa at. The permmanent comm munity of Mayo Landing g was established in 1903 (Bleiler, et al.
2006), annd was incorp
porated as a village in 1984.
The administration off the village of Mayo con nsists of a m
mayor, a Chiief Administrrative Officerr, and
four counncilors. For planning pu urposes, the village of M Mayo uses a population n of 466 persons
(although
h this figure in
ncludes those who live ou utside the vil lage bounda
aries). This fig
gure also inccludes
both the Aboriginal
A poopulation (FNNNND citizen ns and other Aboriginal ppeople) and tthe non-Aborriginal
population. In 2010, the
t village had an annua al budget of approximate ely $3.4 million and emp ployed
seven full-time and twwo part-time staff.
s In the summer
s seasson, as manyy as 12 to 15 5 other individuals
are emplooyed by the village,
v includ
ding studentss.
Property taxes and grants
g in lieu
u provided by
b other leve
els of govern
nment comp
prise some o
of the
municipal revenue of the village off Mayo.
20.2.10.4 Employment and
d Economic
c Opportunities
There aree a number of quartz mining claims, exploration projects, and d proposed mining projects in
the region
n. Minerals of
o interest inc
clude gold, silver,
s zinc, le
ead, and cop pper. Recenttly, the Mayo o area
has experienced a surge in mineral m exp
ploration and d development (e.g., A Alexco Reso ource
Corporatiion‘s proposeed Bellekeno o Mine [silve
er] and otherr Keno Hill S Silver Districct interests; AATAC
Resource es‘ Rau Gold project), and the Els sa Reclama ation and Re edevelopmen nt Companyy‘s (a
subsidiaryy of Alexco Resource
R Coorp.) reclamattion and clossure of historrical mines in
n the district.
ate: September 12,

VI C T OR
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Placer mining continu

ues to be a major
m contributor to the e conomy of thhe area. The
e majority of Mayo
area placcer mining operations
o arre family-run, some for tthree or more generatio ons. Following the
mining downturn in the 1980s, it was realiz zed that divversification to include ttourism, outffitting,
n, and othe
recreation er economic c activities would
w reducce Mayo‘s rreliance on a mineral-b based
economy y.
Mayo‘s economy
e is beginning
b to focus on the e provision oof various se
ervices, inclu
uding govern
nment
services, to its reside
ents and to individuals liiving in the surrounding area (villagee of Mayo 22006).
Tourism is
i becoming a growing se egment of thee local econoomy.
20.2.10.5 Tradittional Activ
vities and Culture
The FNN NND has prrepared a 5-year strategic heritage e developme ent plan (FN NNND 2007)) that
identifies priorities rellating to trad
ditional know
wledge, langu
uage, heritag
ge sites and special placces, a
cultural centre,
c goverrnance policy y and guidelines develo pment. An implementatio on plan wass also
prepared. While FNN NND staff notted that the plan is some ewhat datedd, it is still ussed as a planning
guide by FNNND.
At community meeting gs, FNNND citizens
c noteed the importtance of seve eral areas in the vicinity o
of the
or traditional activities
project fo a inclluding huntinng, fishing, tra
apping, and gathering. FNNND elderrs and
staff indic
cated that citizens still rely on tradition
nal foods—b erries, fish, mmoose, deer, small game e, and
birds—as s a significan
nt portion of their diet. Th hese tradition nal foods are
e shared witth those who o may
not be abble to obtain it directly (e.g
g., single mothers, elderss).
Hunting, fishing, and harvesting are
a also very y important aaspects of NNorthern Tutcchone culture
e and
diet, and for continued monitoringg of the land. Northern Tuutchone peop ple have alw
ways relied heeavily
on the foods of the fo
orests and the rivers. Moo ose, caribou , sheep, grouse and fish, as well as many
types of plants
p and beerries are harrvested and preserved to
o last through
h the seasonss.
The FNN NND also offfers a num mber of on thet land proograms, inclluding day-trrips for med
dicine
gatheringg, fishing and
d hunting cam
mps for youth
h, and an arcchaeological camp, as we ell as some lo
onger
trips. Programs for jigging, beading and other craft
c work are ed.
e also offere
Ongoing activities org
ganized by the FNNND include:
 Tradittional food lu
unches at the
e school;
 Teach
her cultural orientation;
o
 Partic
cipation at other First Nation events (M
Moosehide G
Gathering, Ma
ay Gathering
g);
 Tradittional pursuitts funding to assist people to get out o
on the land;
 Old Village
V Day, Aboriginal
A Da
ay, Self-Gove
ernment Dayy; and
 Elderrs in the scho
ool and dayca
are.
Recent in
nitiatives inclu
ude:
 Rene
ewed linkages
s with Fort Good
G Hope (N
NWT) familiess;
 Hide tanning work
kshop;
 Knife making work
kshop; and
 Wind River canoe
e trip.
ate: September 12,

VI C T OR
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20.2.10.6 Historic and Pale

eontologica
al Resource
es
An archa aeological annd historic as ssessment was
w conductted in 1995 for the then n-proposed D Dublin
Gulch Mine site (Greer 1995). Th he study included a field d assessmen nt on a large project area a that
encompa assed the pro oposed mine e location. During the stu udies, no arcchaeological or historic p period
sites werre identified; all areas fav
vourable for pre-contact human occu upation were e deemed to have
been des stroyed by thee extensive placer
p mining
g activity in th
he area, and d all structure
es identified w
within
the projecct area were all determineed to be related to mining g activities ovver the past 550 years.
Field survveys found thhat most of thhe valley fill at
a Dublin Gullch and Hagggart Creek ha
as been rewoorked
by placerr mining. The ere is no siggn of any rem maining sourrce layer for the Dublin G
Gulch Pleisto
ocene
fossil loca
ality, and no additional fos
ssil vertebratte material w
was found.
Organic layers at thee top of the surficial seq quence in D
Dublin Gulch contain pla ant and arthrropod
material and
a yielded conventional (calibrated)) radiocarbon n ages of appproximately 10,000 to 13 3,000
years beffore present.. These late Pleistocene to early Hollocene datess indicate thee sediments were
depositedd during clim
matic warming following g the McCon nnell Glaciattion. A largee piece of wood
recoveredd from intactt surficial de
eposits along
g the accesss road yieldeed a conventional (calibrrated)
radiocarb
bon age of appproximately 2,700 years before prese ent, which is late Holocen
ne.
Remnantt intact surficial deposits that
t have nott been disturrbed by place
er gold minin
ng occur alon
ng the
south side of Dublin, along
a Ann Gulch, and at Secret Creekk (along acce ess road).
ate: September 12,

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21 Capital
C Cost Estimate
E e
21.1 Introduct
I tion
The estim mated $370M M initial capita
al costs for the
t developm
ment of the m mine, crushin
ng and proceessing
facilities, and all associated costs have been prepared
p to a level of acccuracy consid
dered to be w
within
-5 to +15%.
The FS team provided design quantities
q forr bulk materrials, including earthworrks, concrete
e and
structurall steel, capita
al equipment costs, and some
s costs fo
or bulk itemss such as min
ning and pow
wer.
Where po ossible, costts were deriv
ved to estab
blish labour a
and material costs, productivity costss and
logistics.
The estim
mate conside ers comparisons to recen nt mining acttivities in the
e North, inclu
uding producctivity,
sources for labour and
a associatted travel, weather
w restrrictions and seasonal fluctuations in the
constructtion environm
ment.
21.1.1 Summary
S
The CAPEX consists of four main components

s:
 Direct costs;
 Indire
ect costs;
 Owne
er’s costs; an
nd
 Contingency.
Contributtors to the ca
apital and sus
staining cost estimate inccluded:
 JDS – mining, pro ment, Owner’s, camp, G&
ocess equipm &A;
 DOW
WL – heap lea
ach pad;
 Brazier – power trransmission line and main
n transforme
er;
 Allnorrth - roads;
 Victorria Gold - clo
osure; and
 Merit – overall CA
APEX lead.
The pre-pproduction ca apital cost su

ummary and distribution iss shown in T
Table 21.1 annd is based o on Q3
2016 cossts. The CAP PEX is subjec ct to some qu
ualifications, assumptionss, and exclussions, all of w
which
are detailled herein.
ate: September 12,

VI C T OR
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Table 21.1 Summary of Pre-Produ

uction Capita
al Cost Estim
mate
Cost
Area
(M$)
Direct Cos
sts
Mining and
d Pre-productio
on Developmen
nt 34.5
Site Generral 17.6
Process an
nd Material Han
ndling 101.3
Ancillaries 22.2
Power Sup
pply and Distrib
bution 15.1
Water Man
nagement 5.7
Heap Leac
ching 56.3
Total Direc
ct Costs 252.8
Indirect Co
osts
Owner’s co
osts 8.6
Indirects 72.9
Total Indirrect Costs 81.5
Subtotal 334.4
Contingenc
cy (10.5%) 35.2
Total Proje
ect 369.6
Source: Me
erit (2016)
ate: September 12,

VI C T OR
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21.1.1.1 Basis
s of Estimatte
The direc
ct costs are based
b on the following info
ormation:
 ess flow diagrams, site layout and gen
Proce neral arrange
ement drawin
ngs, equipme
ent list, etc.;
 Budget submissioons for the design
d and supply
s of neew major and
d secondaryy equipment were
ded by vend
provid dors in acco ordance with
h specificatio
ons and/or d
datasheets d
developed by the
engin
neering group
ps involved;
 Prices for perman
nent materials
s were based and current in-house data
d on supplierr quotations a a;
 Quan
ntity take-offs
s for materials
s were provid
ded by Allnorrth, DOWL a
and JDS;
 Labou ur rates were e provided by egional consstruction conttractors. The rates used in this
y local and re
study y have been derived from m a strategy combining tthe research h of labour ppool locationss and
availaability, input from unaffiliiated local contractors,
c iinput from e
experienced union contra actors
affiliated with the e Constructio on Labour Relations
R Asssociation (CCLRA) and alternative union
contra actors affiliatted with the Christian
C Lab
bour Alliance of Canada ((CLAC);
 Produuctivities for installing equipment
e and
a material s were provided by lo
ocal and reggional
consttruction conttractors who o are familiiar with the e project location and local conditions.
Produuctivities thatt can be exp pected for th
his location w
were discusssed and com
mpared with a
actual
resultts from otherr projects, as well as with in-house datta;
 Supply and installation prices
s were provided by exp
perienced ve
endors of pre
e-engineered
d and
ular buildings
modu s;
 ce equaling 7.5% of the total materiial cost, and 10% of the
A freight allowanc e total mecha
anical
equip
pment cost, were
w included
d for all procu
ured items;
 Topog
graphic data and HLP ge
eotechnical in
nformation/re
ecommendatiions were pro
ovided by DO
OWL;
 An Enngineering, Procurement
P and Constru
uction Manag
gement (EPC CM) project eexecution strrategy
and project
p scheddule for the derivation off time-based
d indirect cossts and sizin
ng of site pe
erson-
loadin
ng dependen nt infrastructu
ure;
 Camp p accommod dation and catering
c price actual costs from
es were bassed on quottations and a
simila
ar recent projjects
No allowaances for currrency fluctua

ations were included
i in th
he estimate. Table 21.2 lists the exch
hange
rates use
ed for this stu
udy.
Table 21.2: Exchange
e Rates used
d for the Eaglle Gold Proje
ect FS
Exchange Value
US$:C$ 0.76
ZAR : C$
C (for ADR pla
ant) 10.2
Source: Me
erit (2016)
ate: September 12,

VI C T OR
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21.1.1.2
2 Direc
ct Costs
Direct cos
sts include all equipment, materials and installatio
on associated
d with:
 hing and matterial handling;
Crush
 The ADR
A process
s;
 Infras
structure road
ds and site preparation;
p
 Powe
er supply and
d distribution;;
 Pre-p
production miining;
 The le
each pad con
nveying syste
em, and the solution reco
overy and disstribution;
 Truck
k shelter;
 Yard services and
d other utilitie
es;
 Contrrol and comm
munications systems;
s
 Plant mobile equip
pment;
 Fuel storage;
s and
 Explo
osives storage.
Existing infrastructure
e will be used
d for the ware
ehouse, 200--man camp a
and admin facilities.
21.1.1.3
3 Indire
ect Costs
Indirect costs
c include the following
g:
 porary constrruction facilities including worker’s cam
Temp mp, lay down
n area, wareh
housing, etc.;
 Freight;
 Vendor representa
atives;
 First fills
f and capittal spares;
 EPCM
M services;
 Quality assurance
e;
 Surve
eying;
 Owne
er’s costs; an
nd
 missioning allowance.
Start--up and comm
ate: September 12,

VI C T OR
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EAGLE G OLD FEA
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21.1.1.4
4 Qualifications an
nd Assumptions
The follow
wing assump
ptions were made
m in prepa
aring the esttimate:
 Budget quotes fro
om vendors fo
or equipment and materia
als are valid to within ±5%
% of the purcchase
price;;
 Concrete aggrega ate and suita
able backfill material
m will be available
e locally, and
d suitable sources
were identified by the Owner’ss geotechnica al consultantts;
 Soil conditions
c willl be adequatte for founda
ation bearing pressures;
 Development of th
he project will be execute
ed as per the schedule de
escribed in Section 25.1;
 Labouur productiviities are valiid having be d for northerrn locations and having been
een adjusted
estab
blished with input
i from experienced contractors
c a
and Merits’ iin-house dattabase for cu
urrent
projec
cts; and
 Bulk materials
m suc
ch as cemen nt, rebar, stru
uctural steel a
and plate, ca
able, cable tra
ay, and pipin
ng are
all rea
adily availablle in the sche
eduled timefrrame.
21.1.1.4.1 Taxes
No taxes are included
d.
21.1.1.4.2 Project Currency, Esttimate Base Date and Fo
oreign Exch
hange
All projec
ct capital costts are expres
ssed in Cana
adian dollars with the follo
owing provisions:
 Costs
s are express
sed in Q3 2016 dollars wiith no provisiion for escala
ation beyond
d this date;
 Costs
s submitted in other curre
encies have been converrted to Canadian dollars. Foreign currrency
exchaange rates applied
a to the CAPEX re elative to the
e Canadian d
dollar are prresented in TTable
21.2;
 No prrovision has been made for
f variations
s in the curren
ncy exchang
ge; and
 No prrovision has been made for
f any taxes
s or fees appllicable to currrency excha
anges.
21.1.1.4.3 Accuracy
y
The CAPPEX, includin ng contingency, for the mine,
m processs plant, HLP
P and infrasttructure has been
prepared to a level of -5% to +15%
%.
21.1.1.4.4 Project Ex
xecution
The CAP PEX is based d on the asssumption thaat Victoria G
Gold will follo
ow the project executionn plan
described
d in Section 25.1.
2 Any deviation from this plan mayy have an im
mpact on bothh project schedule
and costs
s.
ate: September 12,

VI C T OR
R IA G OLD CORP.
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EAGLE G OLD FEA
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21.1.1.5
5 Exclu
usions
The CAPEX does nott include allow
wances for:
 Escallation during construction
n;
 Scope changes;
 Intere
est during construction;
 a associated costs suc
Schedule delays and ch as those ccaused by:
o Scope
e changes;
o Unidentified ground conditions;
o ordinary clima
Extrao atic events;
o Labou
ur disputes;
o Permit applications
s;
o pt of information beyond the control o
Receip of EPCM contractors; and
d
o Sched
dule recovery
y or accelerattion.
 Cost of financing;
 Sunk costs;
 Research and exp
ploration drilling;
 Susta
aining capital;
 Perm
mitting costs; and
a
 Work ncluded within economic model, referr to Section 2
king capital (in 23).
21.1.2 Project
P Dire
ect Costs
21.1.2.1 Quan
ntities and Unit
U Pricing
Engineering material take-offs haave been ba ased on quan ntities derive
ed by the en
ngineering groups
ect drawings
from proje s, sketches, similar
s projec
cts and from tthe previous 2012 Wardrrop FS.
21.1.2.1.1 Earthwork
ks
Earthwork quantities were derive
ed from the general
g arra ngement and layout dra
awings. Quan
ntities
en based on topographic
have bee t drawings
d at 1 m or betterr contour inte
ervals.
Site preparation and site
s roads ea arthwork quantities were provided by JDS and Allnorth. Heap leach
earthworkks quantities were provide
ed by DOWLL.
Earthworks costs werre mainly bas es escalated annually at a rate of 2%
sed on 2012 FS estimate % for a
total of 8.24% applied
d to the origin
nal unit rate.
ate: September 12,

VI C T OR
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The rates
s include thee rental of ea
arthmoving equipment,
e o
operators, fue
el, mobilizatiion/demobilizzation
and construction indirrect costs.
It has be
een assumed d that concreete aggregattes, structura
al backfill, grranular base
e, road basee, and
sub-basee will be supp
plied from loc
cal borrow pits and from pre-stripping g material within the boundary
of the Eaagle pit. The
e unit costs associated with these m materials incclude borrow w pit developpment
(crushing
g and screening) and transport costs.
21.1.2.1.2 Concrete,, Formwork and Reinforrcing Steel
Concrete quantities were
w determined from feaasibility stage
e drawings aand experiennce from preevious
projects. The unit rattes for concrrete placemeent and finisshing were pprovided by rregional indu
ustrial
ors. Aggregatte will be sou
contracto urced locally for use withh an on-site b
batch plant to be located
d near
the prima
ary crusher lo
ocation.
Formwork k was estimated for eac ch type of cooncrete clas sification and includes loocal and reggional
material supply,
s form oil, accessories, shoring and strippin g. The price of formworkk is included in the
concrete unit rate.
Reinforcin ng steel was s calculated based on th he estimated d weight perr cubic metre e of concrette, for
each type e of classifica
ation. The un
nit price includes for the ssupply of matterial, cutting
g, accessories and
installatio
on. The price of reinforcing steel is inc
cluded in the concrete uniit rate.
21.1.2.1.3 Structurall Steel
Structural steel quan ntities were determined
d from feasibi lity stage drrawings and experience from
similar prrojects. The unit rates ha
ave been pro
ovided by reegional indusstrial contracctors. The we
eights
shown inc clude allowances for connections andd base platess. The steel u
unit costs incclude:
 Materrial supply, fa
abrication and surface tre
eatment, whe
ere required;
 Erecttion at site, based
b on esttimated insta
allation man- hours and unit labour co
osts and including
final touch-up
t of surface
s coatin
ng; and
 Connection steel, weldments, and bolts.
ADR plannt internal ste

eel materials
s are include
ed in the ADRR plant vend dor package.. Installation man-
hours and
d productivity
y rates were calculated ussing contracttor’s rates.
21.1.2.1.4 Architectu
ural
Architectu
ural quantitie
es were deriv
ved from the general
g arran
ngement and
d layout draw
wings.
Costs for pre-engineeered secondaary and tertia
ary crushing b
buildings werre based on vendor budggetary
ns for design, supply and erection, bas
quotation sed on the 20012 FS and eescalated acccordingly.
The cost for the desig
gn, supply an
nd erection of
o the pre-eng
gineered AD
DR plant build
ding was pro
ovided
by Allnortth.
The cost for the desig gn, supply an
nd erection of
o the modulaar mine dry ccomplex buildding was proovided
by Allnortth. Provision
n for the moddification of the
t existing sstructures is included to construct the site
administrration offices.
ate: September 12,

VI C T OR
R IA G OLD CORP.
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EAGLE G OLD FEA
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Permanent truck sho op building costs

c were transferred
t tto sustaining
g capital. An
n allowance for a
temporary y truck sheltter, built with Owner’s supply
s contaainers and a roof structu ure completee with
electrical installations
s was includeed in the CA
APEX. The ro oof structure and electriccal allowance
e was
provided by Allnorth.
s for the architectural finishes were based
Estimates b on the
e floor area of the finished space. P
Pricing
was sourced from Me erit’s in-house
e data.
21.1.2.1.5 Mechanic
cal Equipmen
nt
Budget quotations
q were
w d for all majjor mechaniccal equipme
obtained ent based on n the mecha anical
equipmennt list and preliminary
p sppecifications. Installation
n hours were e estimated based on p pricing
from simiilar North Am
merican proje
ects by regioonal industriaal contractorss. Vendor re
epresentative
es are
planned to be engag ged to overrsee the installation of the larger e equipment. M Minor mecha anical
equipmennt was estima ated based on
o pricing obttained from ssimilar recent projects.
21.1.2.1.6 Mechanic
cal (Plate Wo
ork and Tank
ks)
Plate worrk weights were
w calculated with allow
wances mad de for any ne
ecessary stifffeners, weirss and
launders, etc. The un nit prices inc
cluded locallly available plate purcha
ase, detailing
g, fabrication
n and
installatio
on, based on contractor’s pricing.
ADR plannt plate workk materials are
a included in the ADR R plant vendor package. Installation man-
hours and
d productivity
y rates were calculated us
sing contracttor’s rates.
21.1.2.1.7 Piping
Quantities for piping within
w the pro
ocess plant, with
w the exce eption of the ADR plant, w
were derived d from
general arrangement
a drawings an nd the processs flow diagrrams. Supplyy pricing and installation hours
were based on contra actor’s pricing
g and include
e the followin
ng:
 Supply of material;
 g installation productivity and material units to incllude for:
Piping
o olding;
Scaffo
o Pipe supports
s & ha
angers;
o Pipe la
abelling;
o Pipe handling;
h
o Pipe ta
agging;
o Pipe cropping;
c and
d
o Pipe te
esting.
ADR plan cluded in the ADR plant vvendor packa

nt piping materials are inc age.
In-heap leach
l pipelin
ne quantities
s were provid ded by DOW WL. Pregnannt and barre en solution p
piping
quantities
s from the paad to the ADRR plant were derived by JJDS. Unit priices included d the supply, shop
and field fabrication, and installattion and testting, with allo
owances forr pipe fittingss, pipe excavvation
and back kfill.
ate: September 12,

VI C T OR
R IA G OLD CORP.
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EAGLE G OLD FEA
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21.1.2.1.8 Electrical
On-site Electrical
E
Quantities for all electrical materia
als and equip
pment are ba ased on one e-line diagram ms and connected
loads, as detailed in the
t flow shee ets. Database developed installation productivitiess were applie ed for
in-plant electrical
e systtems, which included
i matterial supply (excluding frreight) and in
nstallation.
Major ele
ectrical equip
pment and electrical mate
erial prices w
were based o
on budget qu
uotations from
m the
2012 Wardrop FS and d were escala
ated accordingly.
Transmis
ssion cable quantities
q forr overhead power
p lines w
were estimated from the
e overall site
e plan
and datab
base unit pric
cing was appplied to the es
stimated quaantities.
Power Trransmission
n to Site
The 43.5 km long tran nsmission linne from the McQuesten
M ta
ap point is planned base ed on 69 kV ssingle
ood pole cons
circuit wo struction utilizing line pos
st insulators a
and 266.8 kccmil ACSR co onductor. The line
generallyy follows the
e Eagle Gold d project acccess road w with average e spans of 90 to 100 m. A
preliminary set of de esign drawin ngs were prepared to ffacilitate a material and d labour deetailed
estimate. This estimaate covers all construction n costs includding line clea
aring, but do
oes not coverr land
tenure orr environmen ntal monitorinng costs durring construcction. Much o of the line construction w
would
best be carried
c out du
uring the win nter months. The constru uction force wwould be hou used at the E
Eagle
Gold project construc ction camp. Engineering g and constrruction mana agement cossts are budg geted
elsewhere.
The transsmission line
e estimate is
i based on vendor ma aterial quotattions and acctual constru
uction
labour annd construction equipment cost from several reccent similar p
projects and as per published
industry rates. The general
g overa
all estimated
d costs have
e been revie ewed with a transmission n line
or with Yukon
contracto n experience..
Main Sub
bstation
The mine e site 69 kV to 13.8 kV substation
s will
w be a convventional outdoor air inssulated installlation
consisting
g of 69 kV circuit
c switch
hers for high voltage swiitching and p protection w
with two outdoor 3
phase oil filled transfo
ormers rated 10/13.5/15 MVA,
M ONAN//ONAF1/ONA AF2 with automatic on-lin ne tap
changerss. Switched capacitors
c wiill be include
ed for power factor correcction and to limit voltage
e drop
during motor
m starting
g. This desig
gn is in line with the reqquirements o ous YEC Syystem
of the previo
Impact Sttudy.
The subsstation cost includes pre--cast foundattions for all e
equipment, a terminationn structure fo
or the
incoming 69 kV line, station
s class surge arrestters, overhea
ad lightning p
protection co
onductors, 13
3.8 kV
system grounding
g ressistors, etc. A station grround grid a nd station fe
ence are alsso included in the
estimate. Detailed eq
quipment proposals were received. E Engineering a and construcction manage ement
costs are budgeted elsewhere.
The consstruction estim
mate is base ed on (a) ven
ndor equipm
ment quotation ns that in turrn were base ed on
detailed equipment
e specifications
s s issued for budget quottations, (b) sstandard eleectrical estim
mating
hours (RS Means) as adjusted for f the remote location aand hours o of work and (c) database e and
experiencce from similar projects.
ate: September 12,

VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Standby Power
Standby diesel generation is planned as two o large mod dular units wwith a total ccapacity of 5 MW
continuouus at 0.8 PF F, 13.8 kV. Provision
P is included to e
easily add ad dditional gen
nerator units. The
modular design
d includdes an E-house with a 13.81 metal cllad switchge ear for generator control, plant
site poweer distribution
n and include
es the 69 to 13.8 kV subsstation secondary transfo ormer main ccircuit
breakers.. In addition, the substation protectio on and contro ol panel and d 120 volt baattery bank w
will be
housed inn this room. The
T E-house e thus will form part of botth the power plant and the main substation
resulting in cost sav vings. The diesel
d plant will be PLC C controlled and design ned for autoomatic
unattendeed operation with power import / exp port controls for parallelin
ng with the YYEC grid. Deetailed
proposalss were obtained for this equipment. Engineering and constru uction manag gement costts are
budgeted d elsewhere.
The modules are des signed to mo
ount on rig mats
m that in turn rest on
n compacted d backfill pad
ds, all
included in the estimmates. The modular
m “plug
g and play” design will greatly limit the required
d site
on time and la
installatio abour.
The estim
mated moduular power station
s cost is based on n detailed vvendor propo osals received in
response
e to a detailed equipment specificattion as issue ed for budget tender. T These costs were
confirmed
d by comparison to a num
mber of otherr actual equip
pment purchaases on file.
21.1.2.1.9 Instrumen
ntation
Quantities for all instrrumentation equipment
e e ADR plant, were
and material, with the excception of the
provided by the engineering team..
Installatio d productivities were so
on rates and ourced from Merit’s in-h
house data a
and other ssimilar
projects.
ntation equip
Instrumen pment and material
m price
es were bassed on budg
get quotation
ns from the 2012
Wardrop FS and were e escalated accordingly.
a
ADR plan
nt instrumenttation materia
als were inclu
uded in the A
ADR plant ve
endor packag
ge.
21.1.2.2
2 Direc
ct Field Labo
our
Labour rates
r (Table 21.3) were e provided by
b local and d regional cconstruction contractors.. The
following hourly rates
s, by disciplin
ne, were dev
veloped and used throughout the estimate based on a
3-week inn and 1-weekk out schedule for workerrs on a 70 ho
our/week bassis.
ate: September 12,

VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Table 21.3: Labour Ra

ates
Rate
Crew
($/hr)
Concrete Composite
C Crew
w 106.30
Structural Composite
C Cre
ew 101.50
Mechanica
al Composite Crew 98.04
Piping Com
mposite Crew 98.04
Electrical/In
nstrumentation
n Composite Crrew 106.58
Material Ha
andling Compo
osite Crew 95.14
Architecturral Composite Crew
C 107.29
Source: Me
erit (2016)
The blend
ded average labour rate was
w $104.20
0.
The labou
ur rates inclu
ude:
 A bas
se labour wag
ge rate;
 Overttime premium
ms;
 Benefits and burdens;
 Work
kers compens
sation premiu
ums;
 Trave
el allowances
s;
 Trans
sportation to and from acc
commodation
ns;
 Appro
opriate crew mixes;
 Small tools and co
onsumables allowance;
 Field office overhe
eads;
 Home
e office overh
heads; and
 Contrractors' profitt.
21.1.2.3
3 Direc
ct Field Mate
erials
Bulk mate erial componnents constituted domesttically availabble and impo orted quantitties priced ass free
on board (FOB) manu ufacturer. Fre
eight costs to
o transport m
materials to ssite are includ
ded in the indirect
costs. Priicing was bas
sed on quanttities derived
d by the engin
neering groups associate ed with the sttudy.
21.1.2.4
4 Off-siite Infrastru
ucture
Off-site in
nfrastructure includes the e main Hagg
gart Creek a
access road improvemen
nts as well a
as the
extensionn to the utility
y transmission line.
ate: September 12,

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21.1.3 Project
P Indiirect Costs
s
21.1.3.1 Temp
porary Cons
struction Fa
acilities and
d Services
All indirec
ct costs for contractors
c were
w included d in the direcct costs in th
he form of “all-in” unit rate
es for
labour, coonstruction equipment,
e prroductivities, and materiaal costs, inclu
uding but not limited to:
 Contrractors' mobilization and demobilizatio
d on;
 Misce
ellaneous con
nstruction eq
quipment;
 Construction field offices, furnishings, equipment;
 Contrractor travel and
a accomm
modations;
 Temp
porary powerr supply;
 Temp
porary water supply;
 porary heating and hoarding;
Temp
 Ware
ehouse and la
ay down costts;
 Temp
porary toilets;
 Temp
porary communications;
 Ongo
oing and final clean-up;
 Yard maintenance
e;
 Janito
orial services
s; and
 Site safety
s person
nnel and train
ning.
Indirect costs
c d in the CAPEX provided for the follow
included wing:
 Construction management;
 Construction camp;
 Construction acco
ommodations
s and catering;
 Engin
neering and procurement
p ;
 Start--up and comm
missioning;
 First fills
f and ware
ehouse inven
ntory; and
 Freight.
ate: September 12,

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21.1.3.2
2 Construction Ca
amp and Ca
atering
Accommo odation for 210
2 persons will be available immediiately when construction starts. The costs
for these facilities are
e considered sunk costs and a include tthe existing 100-man cam mp and a reccently
purchaseed used 110-man camp.. Each camp p has its’ owwn kitchen. The combin ned camp w will be
expanded d to accomm modate 500 pe eople, includ
ding the pre-p
production m mining personnnel. No additional
kitchen is
s needed and d the cost forr the expansioon is include
ed at a rate off $10,000 pe
er room.
An averaage catering cost of $59.5
50 per camp
p man-day iss based on p
prices by exp
perienced na
ational
catering contractors, who provideed a scale of man-day costs based on various levels of camp
occupanccy, received in
i the 2012 Wardrop
W FS and
a escalate ed accordinglly
21.1.3.3
3 First Fill and Spa
are Parts
An allowa
ance of 2% of
o the costs of
o the mechan uded for first fills.
nical equipm ent was inclu
An allowaance of 5% of the costss of the mecchanical equiipment, less the ADR plant and the main
substation were incluuded for sppare parts. The
T ADR pllant and ma ain substatio
on were inccluded
separatelly based on vendor
v quota
ations.
Mining firrst fills and spare parts costs are included within tthe direct co
osts related to the purcha
ase of
the mobile equipmentt fleet.
21.1.3.4
4 Start--up and Commissionin
ng
The requ or vendor representatives, to supervvise the insstallation of equipment, or to
uirements fo
conduct a checkout of
o the equipmment, prior to
o start-up of the equipme ent, as deem
med necessa
ary for
equipmennt performance warranties, was calculated and inccluded in the estimate.
An allowaance was made
m for the retention of vendor reprresentatives for start-up,, as well as for a
selection of eight peo
ople from thhe contractorr’s crews, fo
or a period o
of approxima ately eight w
weeks.
Engineering support was
w included in the Owne er’s costs.
ance of 1.5%
An allowa % of the mech
hanical equip
pment costs w
was included
d for commisssioning spare
es.
21.1.3.5
5 Freight
A freight allowance equaling 7.5 5% of the tootal materiall cost, and 10% of the total mecha anical
equipmen nt cost was included for all procuredd items. Mat erials and equipment qu
uoted deliverred to
site within
n the direct costs
c were ex
xcluded from the factored
d freight calcu
ulation.
21.1.3.6
6 Engin
neering, Pro
ocurement and Constrruction Man
nagement
Engineering and pro ocurement costs
c are based
b on th
he estimated number o
of drawingss and
specificattions required
d.
Constructtion and pro
oject manage ement costs are derivedd from a sta
affing plan ag
gainst the project
schedule and the appplication of prrevailing EPC
CM consultan
nt rates.
21.1.3.7
7 Duties
No custom
ms duties we
ere included.
ate: September 12,

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21.1.4 Owner’s
O Co
osts
Owner's costs
c include
e:
 Victorria Gold proje
ect managem
ment staff;
 Pre-p
production ge
eneral & adm
ministration staff;
 Pre-p
production pro
ocessing sta
aff;
 Perso
onnel transpo
ortation for ow
wners staffin
ng including tthe mining grroup;
 Camp
p costs relate
ed to owners personnel in
ncluding the mining group
p;
 Owne
ers health, sa al, and first aid costs;
afety, medica
 Owne pment operations;
ers surface support equip
 Main access road maintenanc
ce during con
nstruction;
 Enviro
onmental cos
sts;
 Huma
an resources
s costs;
 Construction insurance;
 Legall and regulato
ory costs; an
nd
 Owne
ers site office
e costs.
21.1.5 Contingenc
C cy
Contingency is a prov vision for pro

oject costs that will likely o
occur, but ca
annot be acccurately defin
ned or
estimatedd. Including project contiingency in a capital cosst estimate iss necessary to determine the
most likelly project cos
st.
The contingency amo ount of 10.5%
% of the tota
al direct and indirect costts covers unfforeseeable costs
e scope of the
within the e estimate as
s shown in Table
T 21.4.
Contingency has bee en estimated d by disciplin
ne, taking intto account ittems that ha ave been quuoted,
estimatedd or factored, the cost risk
ks, and level of engineeri ng definition for each are
ea. Contingenncy is
a subjecttive allowanc ce based on n the degree of confiden nce that stud dy contributoors feel shou
uld be
applied to
o their work.
ate: September 12,

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Table 21.4: Contingen

ncy
Allocatted Contingen
ncy
CAPEX Co
ost Centre
(%)
7 - Mining - Pre-Productio
on Developmen
nt 10
8 - Mining - Equipment 5
10 - Bulk Earthworks
E 25
12 - Roads
s 25
13 - Civil - Heap Leach (E
Earthworks, line
ers, piping) 15
20 - Concrete 15
30 - Structu
ural Steel 10
40 - Archite
ectural 10
50 - Mecha
anical Equipme
ent Supply Only
y 5
50 - Mecha
anical 10
55 - Platew
work 10
57 - Buildin
ng Services 15
58 - Plant Mobile
M Equipm
ment 5
60 - Piping
g 15
70 - Electriical 15
75 - Powerr Supply - trans
smission line, substation
s and auxiliary powe
er 15
80 - Instrum
mentation & Co
ontrols 10
91 - Constrruction Indirectts 10
92 - Initial Fills
F 5
93 - Spares
s 5
94 - Freigh
ht & Logistics 10
95 - Comm
missioning and Start-up 10
96 - EPCM
M 5
97 - Vendo
ors Assistance 5
98 - Ownerr's Costs 10
Source: Me
erit (2016)
Contingency is not inttended to be used for sco

ope changes or project exxclusions tha at would othe erwise
be addedd or subtracteed from the budget. Nor is it intendeed to cover ssuch items ass labour disp putes,
currency fluctuations, escalation, force majeurre or other p
project unconntrollable riskk factors. It should
med that the contingency
be assum c amount will be
b spent ove er the engine ering and co onstruction pe eriod.
No escala
ation was inc
cluded in the CAPEX.
ate: September 12,

VI C T OR
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21.1.6 Sustaining
S and Closu
ure
The susttaining capital costs inc cluding minin ng equipmennt and closuure costs foor the projecct are
estimated
d at $218M. The same basis of es stimate desc ribed above, and used to determine the
CAPEX, was used to o determine the sustaining capital ccosts for which a summa ary is provid
ded in
Table 21.5. Continge ency and esc calation throu
ughout the p
period of susstaining deve
elopment wa as not
included in the sustain
ning capital cost
c estimatee.
Table 21.5: Sustaining and Closure Capital Es
stimate
Cos
st
Area
(M$
$)
Mining and
d Pre-productio
on Developmen
nt 45.6
6
Site Generral 9.9
9
Process an
nd Material Han
ndling -
Ancillaries 30.3
3
Power Sup
pply and Distrib
bution 0.8
8
Water Man
nagement 15.0
0
Heap Leac
ch Facilities 81.6
6
Owner’s Costs -
Indirects -*
Closure (Net of Salvage) 35.0
0
Subtotal 218.1
Contingenc
cy -
Total Proje
ect 218.1
* Sustainin
ng capital indire
ect costs are included in direc
ct costs for each
h area.
erit (2016)
Source: Me
ate: September 12,

VI C T OR
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22 Operati
O ng Cos
st Estim
mate
Preparation of the operating
o co
ost estimate is based o on the JDS philosophy that empha asizes
accuracy over contin ngency and utilizes deffined and p proven proje ect execution n strategies.. The
estimate was develop ped using firsst principles and
a applying g direct appliccable projectt experience, thus
avoiding the use of general industry factors. The T operating g cost is bassed on the OOwner owning g and
operatingg the mining and services fleet. Minim mal use of ppermanent co ontractors iss assumed eexcept
where vaalue is provided through expertise
e and
d/or the proviision of seassonal servicees. Most estim
mates
were derrived from engineers,
e co
ontractors, and
a supplierss who have provided similar servicces to
existing operations
o (p
particularly in
n northern Canada)
C and have demon nstrated success in execcuting
the plans set forth in this
t study.
The targeet accuracy of the operrating cost is
s -10/+15%, which repre
esents a FS
S Budget Cla
ass 3
Estimate..
The operating cost es
stimate is bro
oken into thre
ee major secttions:
 Open
n Pit Mining;
 Crush
hing, Heap Leach and Pro
ocessing; an
nd
 Gene
eral & Administrative.
22.1 Operating
O g Cost Su
ummary
Operatingg costs are re
eported only
y for the operrating life of tthe mine and
d exclude thoose costs inccurred
during the
e pre-producction phase. Mine produc ction costs up p to the end of Q4 Year --1 are capita
alized;
subseque ent periods commencing
c in Q1 Year 1 are reportted as opera ating costs. S
Some of the costs
incurred during the pre-productio
p on period relate to the p purchase of items such as consum mables
required for
f the followwing year of production.
p The
T timing of these costs has been acccounted for in the
economic c analysis.
Operating
g costs are expressed
e ollars with a fixed exchan
in Canadian do US$:C$ = 0.78. No
nge rate of U
allowance
e for inflation
n has been ap
pplied.
The total operating un

nit cost is esttimated to be
e $10.54/t lea age annual, total LOM and unit
ached. Avera
g cost estimates are summ
operating marized in Taable 22.1.
Figure 22
2.1 illustrates
s the operatin
ng cost distriibution. Annu
ual operating
g costs by arrea are outlin
ned in
Table 22..3.
ate: September 12,

VI C T OR
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Table 22.1: Breakdow

wn of Estimatted Operatin
ng Costs
Operating Costs Avg Annual (M$) $/t leache

ed LOM (M$)
Mining* 51.6
6 4.19 515
Processing
g 60.7
7 4.93 606
G&A 17.5
5 1.42 175
Total 129.7 10.54 1,295
Source: JD
DS (2016)
*Average LOM
L Mining co
ost amounts to $2.17/t mined at
a a 0.95:1 strip
p ratio (excludiing pre-production tonnes min
ned).
The main
n OPEX comp
ponent assum
mptions are outlined
o in Ta
able 22.2.
Table 22.2: Main OPE
EX Component Assumptions
Item Un
nit Value
Electrical power
p cost $/kW
Wh 0.11
Overall pow
wer consumptio
on (all facilities
s) kWh/t pro
ocessed 7.45
Sodium Cy
yanide cost (de
elivered) $//t 2,863
Diesel costt (delivered) $/litre 0.76
LOM avera
age manpower (including contractors, exclud
ding corporate)) emplo
oyees 351
Source: JD
DS (2016)
ate: September 12,

V
E
T
Table 22.3: Annu
ual Operating Co
ost by Area
Unit LOM Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8
8 Y9 Y1
10 Y11
A
Annual Operating Cost
M
Mining M$
M 515 44 58 49 55 49 46 48 49
9 63 4
49 4
P
Processing M$
M 606 51 55 53 55 55 55 66 61 65 6
69 21
G
G&A M$
M 175 17 17 17 17 17 17 17 17
7 17 17 5
T
Total Operating Costs M$
M 1,295 112 130 119 126 121 118 131 127
7 146 13
36 31
T
Total Ore Leached
d Mt
M 122.9 9.9 12.6 12.5 11.3 12.3 12.7 13.2 12.8
8 13.5 11
1.7 0.5
U
Unit Operating Co
ost by Year
M
Mining $/t leached 4.19 4.43 4.62 3.94 4.83 3.95 3.65 3.67 3.83
3 4.7 4.19 9.09
P
Processing $/t leached 4.93 5.15 4.35 4.27 4.82 4.44 4.33 5.02 4.79
9 4.82 5.9
91 43.62
G
G&A $/t leached 1.42 1.7 1.34 1.35 1.5 1.37 1.33 1.28 1.32
2 1.27 1.4
44 11.14
T
Total Unit Operating Costs $/t leached 10.54 11.27 10.31 9.56 11.15 9.76 9.31 9.97 9.94
4 10.8 11..54 63.85
**totals may not add
d due to rounding
SSource: JDS (2016)
E
ember 12, 2016 22-3
VI C T OR
R IA G OLD CORP.
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EAGLE G OLD FEA
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22.2 Operation
O ns Labou
ur
This secttion provides
s an overview
w of total wo
orkforce and the method
ds used to co
ompile the la
abour
rates.
Table 22..4 summarize
es the total planned
p work
kforce during project operrations.
Table 22.4: Summary
y of Personne
el
Departmen
nt Total Person
ns Employed ((Peak)
Mining 169
Processing
g 105
General & Administration* 94
Total Pers
sonnel - All Areas 368
*Includes both
b Owner and
d Contractor pe
ersonnel
Source: JD
DS (2016)
Labour base rates weere determined by refere

ence to otherr active northhern Canadiaan operationss and
benchmaarked againstt Costmine (Canadian
( Mine
M Salariess, Wages, Beenefits 2015 Survey Ressults).
Labour burdens
b were
e assembled d using firstt principles. The followin
ng items aree included in the
burdened
d labour rates
s:
 Scheduled overtim
me costs bas
sed on individ
dual employe
ee rotation;
 Unscheduled overtime allowan
nce of 10% fo
or hourly em
mployees;
 CPP, EI, WCB as legislated;
 Statutory holiday allowance
a off 6% of sched
duled hours;
 Vacattion pay allow
wance of 6%
% of schedule
ed hours;
 Pension allowance of 5% of sc
cheduled hou
urs; and
 Flexib
ble benefits package
p of $2,500 annua
ally per emplo
oyee.
22.3 Mine
M Ope
erating Cost Estim
mate
22.4 Open
O Pit Mine Operating Costs
C
Open pit mining activ
vities were assumed
a to be
b undertake en by the Ow wner. Costs are presentted in
nadian dollarrs and do nott include allow
2016 Can wances for e
escalation or exchange ra
ate fluctuation
ns.
The mininng unit rate was
w calculate ed from first principles ba
ased on equiipment required for the mmining
configura
ation of the operation
o as described in n this report, as well as a comparisoon to similar sized
open pit mining opera ations in the region. Loccal labour aloong with quootes from equipment sup ppliers
osives suppliiers were tak
and explo ken into cons sideration in determining the mining ccost. The ope en pit
mining co
osts include pit
p operations s, road mainttenance, min ne supervisio
on, and techn
nical servicess.
Effective Da
ate: September 12,
1 2016 22-4
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
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The averaage open pitt operating co

osts for the LOM
L plan aree presented in Table 22.5 and Table 22.6,
both by mining
m activity
y and catego
ory. These coosts are base OM schedule
ed on the LO e presented in this
report and account foor the materia
al tonnages mined
m and th
heir associate
ed costs (excclusive of the
e pre-
on period).
productio
Table 22.5: Open Pit Operating
O Co
ost Estimate
e – by Activity
y
Activity $/t mined*

Drill and Bllast 0.68
Load and Haul
H 1.12
Mine Gene
eral 0.12
Mine Mainttenance 0.18
Technical Services
S 0.08
Total Open
n Pit Operatin
ng Cost 2.17
*Excludes pre-production
n period tonnes
s
Source: JD
DS (2016)
Table 22.6: Open Pit Operating

O Co
ost Estimate
e – by Catego
ory
Category $/t mined*

Labour 0.65
Power and Fuel 0.45
Parts & Re
epair 0.37
Lubrication
n 0.03
Wear Items
s 0.17
Tires 0.06
Explosives
s 0.38
Services 0.07
Total Open
n Pit Operatin
ng Cost 2.17
*Note: Exc
cludes pre-prod
duction period
Source: JD
DS (2016)
22.4.1 Basis
B of Es
stimate
22.4.1.1 Open
n Pit Mobile Equipment
A summa ary of open pit equipme ent requirem
ments can be e found in S Section 16, Mining Metthods.
Operating g costs for ea
ach piece of equipment were
w calculatted taking intto account op
perating hourrs per
year, fue el consumption, lube, overhaul, and a mainten nance costss. Parts, co onsumables, and
miscellanneous operatting costs we ere based on
n the mining fleet requireements includding detailed
d haul
profiles calculations, major
m equipm
ment requirem
ments and thhe LOM mate erial schedule
e.
Effective Da
ate: September 12,
1 2016 22-5
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
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22.4.1.2
2 Open
n Pit Labourr
Mining labour costs were
w calculate
ed using the personnel n umbers sum mmarized in SSection 16, M
Mining
Methods. Positions werew broken into three major
m groups:: technical se
ervices, mine
e operationss, and
maintena ance. Technical services includes en ngineering annd geology positions wh hich support mine
activities, mine opera ations refers to equipmennt operators and supervvisory roles, and mainten nance
positions deal exclusively with min ne equipmennt. The numb er of maintennance personnel requiredd was
based on n the number of units operating duringg each time p
period. The laabour require
ements are fu
urther
divided innto salaried and
a hourly pe ersonnel.
Local lab
bour rates are based on n informationn gathered rregarding sa
alaries of va
arious skill le
evels.
Quotes from equipment and exp plosives suppliers were also taken iinto consideeration as we ell as
mining coost service information
i and
a factors based on e xperience w
were taken in nto considerration.
Each esttimate incorpporates fully
y burdened labour ratess and was benchmarke ed against ssimilar
operation
ns. Table 22.7
7 summarize es the open pit
p mining wo
orkforce labou
ur rates.
Table 22.7: Open Pit Labour
L Rates
s
Load ded
Salaryy per
Shiftt
Position Salaried/Hourly Yea ar/
Rotatio
on
Hourlyy Rate
($))
Supervisio
on
Mining/Maiintenance Supe
erintendent 2&2 Salaried 144,1
100
Mine/Mainttenance Shift Foreman
F 2&2 Salaried 104,1
100
Operations
Driller, Blas
st Hole 2&2 Hourly 44
4
Blaster 2&2 Hourly 44
4
Blasting He
elper 2&2 Hourly 32
2
Shovel/Loa
ader Operator 2&2 Hourly 49
9
Truck Drive
er 2&2 Hourly 42
2
Track Doze
er Operator 2&2 Hourly 44
4
R.T. Dozerr Operator 2&2 Hourly 44
4
Grader Operator 2&2 Hourly 44
4
Water/Ancillary Truck Div
ver 2&2 Hourly 42
2
Labourer/T
Trainee 2&2 Hourly 32
2
Maintenan
nce
Heavy Equ
uipment Mecha
anic 2&2 Hourly 55
5
Welder/Me
echanic 2&2 Hourly 55
5
Electrician//Instrument 2&2 Hourly 55
5
Lube/PM Mechanic/Light
M Duty Mechanic 2&2 Hourly 55
5
Tireman 2&2 Hourly 44
4
Labourer/T
Trainee 2&2 Hourly 32
2
Technical Services
Effective Da
ate: September 12,
1 2016 22-6
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
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Load ded
Salaryy per
Shiftt
Position Salaried/Hourly Yea ar/
Rotatio
on
Hourlyy Rate
($))
Maintenance Planner 2&2 Salaried 99,100
Chief Minin
ng Engineer 2&2 Salaried 174,1
100
Senior Min
ne Engineer 2&2 Salaried 139,1
100
Mine/Ore Control
C Enginee
er 2&2 Salaried 99,100
Mine Technician/Surveyo
or 2&2 Salaried 83,8
800
Surveyor Assistant
A 2&2 Salaried 73,5
500
Clerk 2&2 Salaried 73,5
500
Chief Geologist 2&2 Salaried 174,1
100
Mine Geolo
ogist 2&2 Salaried 99,100
Source: JD
DS (2016)
22.4.1.3
3 Mine Consumab
ble Requirements
Consumaable cost esttimates were
e assembled from equipm
ment supplie
ers, cost servvices, factorss and
JDS expe
erience.
The diese
el fuel price of
o $0.76/L inc
cludes delive
ery to the site
e and storage
e.
Estimates
s of costs forr ground enggagement toools, parts andd equipmentt spares weree based on inputs
from equiipment supplliers. Explosive costs werre supplied b
by a local exp
plosives supp
plier.
The majo or consumaable cost drivers are diiesel fuel, ttires, mainte
enance partss and repairs. A
breakdowwn of the con
nsumables costs
c is provided in Table e 22.8 with unit costs fo
or tires, lubess and
explosive
es.
Table 22.8: Open Pit Consumable
e Cost Detaill
Item Unitt Av
verage Cost
Diesel fuel $/litrre 0.76
Lube cost $/litrre 6.00
Tires - hau
ul trucks $/ea
a 22,300
Blasting Supplies
S
AN cost $/kg
g 1.10
Emulsion cost
c $/kg
g 1.60
Handidets_
_12m $/ea
a 10.05
Handidets_
_15m $ ea
a 12.21
Trunk_Line
e_4m $/ea
a 5.03
Trunk_Line
e_6m $/ea
a 6.03
Boosters $/ea
a 6.86
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 22-7
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
22.4.2 Drill
D and Blast Operatting Cost
The average LOM (excluding pre-production period) drilling and

d blasting o
operating co
ost is
$0.68 t/m
mined for a tottal of $161M.
Drilling an
nd blasting costs
c include::
 Labou
ur;
 Diese
el fuel;
 Oils and
a lubricants
s;
 Repa
air and mainte
enance parts
s;
 Wearr items (drill bits,
b undercarriage, structtures, drill co
onsumables);;
 Explo
osives and ac
ccessories; and
a
 Contrract services.
Average annual ANFO consumpttion is 4,000 t, while emu ulsion is estiimated at 2,9
900 t. The o
overall
powder faactor is estim
mated at 0.29
9 kg/t. Table 22.9 summa
arizes LOM drill and blassting costs fo
or the
project.
Table 22.9: Drill and Blast
B Cost
A
Average LOM c cost Total LOM
Category
($/t mined)** Cost ((M$)*
Labour 0.06 15
5
Fuel (drill and
a blasting req
quirements) 0.05 11
1
Maintenan
nce & Operatin
ng Consumab
bles
Parts & Re
epair 0.05 11
1
Lubrication
n 0.00 1
Wear Items
s (bits, underca
arriage, etc.) 0.07 18
8
Explosives
s and Accessorries 0.40 95
5
Services 0.04 10
0
Total 0.68 16
61
*Note: Exc
cludes pre-prod
duction period
Source: JD
DS (2016)
22.4.3 Load
L and Haul
H Operating Cost
The averrage LOM lo oading and hauling

h operaating cost iss $1.12 t/minned for a tottal of $266MM and
representts approxima ately 50% off the total mine
m operatinng cost. The e load and hhaul cost inccludes
delivery of
o the ore to the
t crusher and
a the ROM M HLP, as we ell as re-hand
dling costs asssociated witth the
stockpiles
s.
Effective Da
ate: September 12,
1 2016 22-8
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Loading and
a hauling costs
c include
e:
 Labou
ur;
 Diese
el fuel;
 Tires and rims;
 Oils and
a lubricants
s;
 Repa
air and mainte
enance parts
s;
 Majorr rebuilds for initial used haul
h trucks;
 Wearr items (buckets, teeth, un
ndercarriage structures); and
 Leasees and Renttals (haulagee fleet will re
equire the a
addition of a few rental units sporad
dically
throug
gh the LOM for short dura
ations).
The estim
mated cost off loading and hauling over the LOM iss shown in Ta
able 22.10.
Table 22.10: Load and
d Haul Cost
Average LLOM
Totall LOM
Category Cost ($
$/t
Cost (M$)*
mined)*
Labour 0.28 6
65
Fuel 0.37 8
88
Maintenan
nce &Operatin
ng Consumablles
Parts & Re
epair 0.29 7
70
Lubrication
n 0.02 5
Wear Items
s (buckets, tee
eth, undercarria
age, etc.) 0.10 2
23
Tires 0.05 1
13
Contract Services (Haulage truck rentals) 0.01 2
Total 1.12 26
66
*Note: Exc
cludes pre-prod
duction period
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 22-9
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
22.4.4 Mine
M Generral Operating Cost
The average LOM mine genera al operatingg cost is $00.12 t/mined d for a totaal of $28M. This
encompa asses labour costs of senior mine operations persoonnel and froont line supervisors, as w
well as
operating
g costs of small excavatorrs and variou
us mine serviice vehicles.
The mine
e general cos
sts include:
 Labou
ur;
 Tires and rims;
 Oils and
a lubricants
s;
 Repa
air and mainte
enance parts
s; and
 Wearr items (GET, undercarria
age, structure
es).
mated cost off mine genera

The estim al over the LOM is shown
n in Table 22
2.11.
Table 22.11: Mine General Cost
Ave rage LOM Cos

st ($/t
Category To
otal LOM Costt (M$)*
mined)*
Labour 0.06 14
quipment
Support Eq 0.05 12
Tools, Sup
pplies 0.01 2
Total 0.12 28
*Note: Exc
cludes pre-prod
duction period
Source: JD
DS (2016)
22.4.5 Mine
M Mainte
enance Op
perating Co
ost
The averrage LOM mine maintena ance cost is $0.18 t/mine ed for a total of $42M. TThis encompaasses
labour coosts (includin
ng supervisio
on) required for the main ntenance of a all open pit m
mobile equip
pment
fleets. Alll maintenanc
ce on-site willl be carried out with Victtoria Gold pe
ersonnel usinng the comppany’s
own instaallations.
The LOM enance cost is summarize
M mine mainte ed in Table 2
22.12.
Table 22.12: Mine Maintenance Co
ost
Category Ave
erage LOM Co
ost ($/t mined)** Total L
LOM Cost (M$
$)*
Labour 0.17
7 40
pplies
Tools, Sup 0.01
1 2
Total 0.18
8 42
*Note: Exc
cludes pre-prod
duction period
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 22-10
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
22.4.6 Technical
T Services
S Operating Cost
C
The averrage LOM technical services cost is $0.08 t/mine ed for a totall of $18M. T
This encompa asses
labour co
osts required
d for the tech
hnical service
es group, inccluding all m
mine engineeering staff an
nd the
mine geoology group.
Table 22..13 summariz
zes the LOM
M technical se
erves operati ng cost.
Table 22.13: Technica
al Services Cost
C
Category Ave
erage LOM cos
st ($/t mined)** Total L
LOM Cost (M$
$)*
Labour 0.08
8 18
Total 0.08
8 18
*Note: Exc
cludes pre-prod
duction period
22.5 Processi
P ng Opera
ating Cos
st Estimatte
The proce
essing opera
ating cost esttimate include
es operating and mainten
nance costs for:
 Crushing;
C
 ADR
A process plant;
 HLP
H piping an
nd drip emitte
er installation
n and mainte nance;
 Barren
B and prregnant soluttion handling between the
e HLP and pllant; and
 Water
W treatme
ent plant.
ROM load g and spreading is include

ding, hauling ed in the min ing operating
g costs.
Mobile eq
quipment cos
sts are includ n Section 18.
ded in infrastrructure costss described in
A summa
ary of the pro
ocess plant operating costt is presented
d in Table 22
2.14.
Table 22.14: LOM Pro
ocessing Ope
erating Cost Estimates b
by Activity
Category $
$/t processed
Labour 0.84
Power & Fuel 0.81
Maintenance & Operating
g Consumables
s 3.22
Services 0.06
Total 4.93
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 22-11
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
22.5.1 Process
P Labour
The propposed proces ss plant labo

our structure and costs fo
or both salarried and houurly personne
el are
based on n an annual basis as sh hown in Tab ble 22.15. Th
he number o of personnel required fo
or the
process plant was developed fro om similar projects
p and operating m mines. Total labour costts are
$0.83/t off ore process
sed and accoount for 17% of the overa ll process op
perating costss.
Table 22.15: Process Labour Com
mplement and
d Rates
Fuully
Manpowe
er Man
npower
Position Salaried/Hou
urly Loaaded
Compleme
ent On
n-Site
Ratte $/a
Process Plant
P
Process Su
uperintendent 1 1 Salaried 144
4,113
Operations
s Shift Foreman
n 4 2 Salaried 104
4,113
Plant Meta
allurgist 1 1 Salaried 109
9,113
Metallurgis
st Technician 2 1 Salaried 83,,796
ADR Plantt Operations
Crusher Op
perator 275 8 4 Hourly 91,,097
Crusher Op
perator 365 4 2 Hourly 97,,148
Carbon Pla
ant Operator 8 4 Hourly 106
6,224
EW/Gold Room
R Operatorr 2 1 Hourly 115
5,301
Helpers 8 4 Hourly 69,,522
Helpers (C
Crushing Plant) 8 4 Hourly 69,,522
HL Operattions
Leach Pad Foreman 2 1 Hourly 106
6,224
HL PAD Operators 12 6 Hourly 97,,148
Laboratory
y
Chief Assa
ayer 1 1 Salary 94,,113
Assayer 8 4 Hourly 91,,097
Sample Prep/Trainee 8 4 Hourly 69,,522
Water Trea atment Plant
Water Trea atment / Potablle /
4 2 Hourly 106
6,224
Incineratorr Operator
Process Maintenance
M
Maintenance Foreman 2 1 Salary 104
4,113
Maintenance Planner 2 1 Salary 99,,113
Millwrights//Welders 8 4 Hourly 121
1,352
Electricians
s/Instrumentatiion 4 2 Hourly 121
1,352
Apprentice
e 8 3 Hourly 91,,097
Total 105 54
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 22-12
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
22.5.2 Power
P and Fuel
The powe er and fuel costs

c for the crushing and process p lants accoun nt for approxximately $0.881/t or
17% of th he total proce
ess operatingg cost. Power for the proccess plant wiill be supplied
d at $0.11/kW
Wh. A
load list was
w develope ed from the innstalled pow
wer, motor effficiencies and
d operating ttime of each piece
of equipmment to estimmate the annu ual power connsumption an nd cost.
Diesel will be supplieed and delive ered at a cos st of $0.76/L . Diesel costts are for the
e operation o
of the
kiln and boiler
b in the plant
p as well as the boilerr for heating b
barren solutio
on.
22.5.3 Maintenanc
M ce and Ope
erating Con
nsumables
s
Maintena
ance and con
nsumables account
a for 65%
6 of the p rocess opera
ating costs. The mainten
nance
and consumable costs are summa
arized in Tabble 22.16.
Table 22.16: Maintena
ance and Op
perating Cons
sumables
Consumab
bles $
$/t processed
HL Operatiions - Piping, Drip
D Emitters an
nd Liners 0.16
Liners and Misc. Spares 0.69
Reagents 2.19
Maintenance 0.18
Total 3.22
Source: JD
DS (2016)
22.5.3.1 Heap
p Leach Ope
erations
The cost to provide piping
p and drip
d emitters on each lift of the HLP is accounte
ed for under heap
leach opeerations. The
e piping and drip emitterr costs were based on a cost per sq
quare metre of lift
45/m2). The cost for HL operations
area ($2.4 o is $0.16/t of orre processed
d.
22.5.3.2
2 Liners
s and Misc. Spares
Gyratory and cone crusher liner costs
c were ba
ased on a coombination off vendor data
a and experience.
Crusher liner
l costs were
w provided
d by the vend
dor. An addittional $150,0
000 per year was allocate
ed for
miscellan
neous spares. A total cost
c of $0.6
69/t processeed was inclluded for crrusher linerss and
miscellan
neous sparess.
22.5.3.3
3 Reag
gents
The reagent consump ption and cost summary is presented d in Table 22
2.17. The quantity of reagents
required for the operaation is baseed on test work,
w vendor information, and empiriccal data. Rea
agent
e considered a variable cost that cha
costs are anges with p
plant throughhput. Chemical reagent costs
delivered to site were obtained fro
om vendors.
Effective Da
ate: September 12,
1 2016 22-13
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Table 22.17: Reagent Consumptio

on Costs
Cost pe
er tonne including
Ann
nual Usage Prrocessing Cos
st
Reagents freight
(t) ($/t)
($)
Lime - Hyd
drated 17,998 630 0.87
Cement 23,998 365 0.34
NaCN 3,619 2,869 0.87
HCL 321 792 0.02
NaOH 346 1,128 0.03
Carbon 88 3,292 0.02
Antiscalantt 12 3,920 0.00
Hydrogen Peroxide
P 30 1,150 0.00
Total 46,412 14,175 2.19
Source: JD
DS (2016)
22.5.3.4
4 Mainttenance
The sparre parts and d consumables cost for the processs plant was estimated a at 4% of thee total
purchaseed mechanica al equipment cost. Mill maintenance
m labour will be responsib
ble for equip
pment
repair and
d part installa
ations. The maintenance
m costs were e
estimated to be $0.18/t processed.
22.5.3.5
5 Services
The costt of operatin
ng the assay y laboratory was providded by vend dors. The co
ost per yearr was
estimated
d to be $3733k. Servicess also include
e water treattment and cconsumables. Together these
items acc
count for app
proximately $0.06/t.
Effective Da
ate: September 12,
1 2016 22-14
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
22.6 General
G and
a Administratio
on Operatting Costt Estimate
e
The gene eral and adm ministrative cost
c is estim
mated to be $1.42 per ttonne processsed and ca
an be
attributed
d to four categ
gories:
 Labou
ur;
 On-site items;
 Perso
onnel Transp
portation; and
d
 Off-siite items.
Table 22..18 summariz

zes the annu
ual G&A operrating costs.
Table 22.18: Summarry of G&A Co
osts
Cost Category $/t Proce

essed
Labour 0.41
Travel Cos
sts 0.25
5
On-site Item
ms 0.76
6
Off-site Item
ms 0.00
0
Total G&A
A Costs 1.42
2
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 22-15
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
23 Econom
E mic Ana
alysis
An engineeering econoomic model wasw develope ed to estimatte annual cassh flows and sensitivities. Pre-
tax estim
mates of projeect values were
w prepared for compa arative purpo
oses, while aafter-tax estim
mates
were dev veloped to approximate
a vestment vallue. It must be noted, h
the true inv however, tha at tax
estimatess involve many complex variables tha at can only b
be accuratelyy calculated during opera ations
and, as such, the afte
er-tax results are only app
proximations..
Sensitivity
y analyses were
w performed for variatiion in metal p
price, foreign
n exchange rrate, head grrades,
operating
g costs, capittal costs, and discount rates
r to dete
ermine their rrelative impo
ortance as project
value driv
vers.
This technical report contains
c forw
ward-looking information rregarding pro ojected minee production rates,
constructtion schedule
es and foreca asts of resultting cash flow
ws as part o of this study. The head grades
are based on sufficieent sampling that is reas sonably expe ected to be representativve of the rea alized
grades froom actual mining operations. Factors s such as the e ability to ob
btain permitss, to construcct and
operate a mine, or to o obtain majjor equipmen nt or skilled labour on a timely basiis, to achievve the
assumed mine produc ction rates att the assume
ed grades, m may cause acctual results tto differ mate erially
se presented in this econo
from thos omic analysiss.
The estim
mates of cappital and ope
erating costs have been d developed sspecifically foor this projecct and
are summmarized in Seections 21 and 22 of this
s report. The ey are presennted in 2016 Canadian dollars
(C$). The
e economic analysis
a has been
b run with
h no inflation
n (constant do
ollar basis).
23.1 Assumpt
A tions
All costs and econom mic results arre reported in
n Canadian ddollars (C$), unless otherwise noted. Gold
s reported in US dollars (US$). Table
pricing is e 23.1 outlin
nes the planned LOM to onnage and g grade
estimatess.
Table 23.1: LOM Plan
n Summary
Parameterr Un
nit Value
Mine Life Yea
ars 10
Total Ore M
Mt 122.9
Strip Ratio w
w:o 0.9
Processing
g Rate ktp
pd 33
Average Au Head Grade g
g/t 0.67
LOM
M koz 1,884
Au Payable
e
Average
e koz/yr 189
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 23-1
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Other eco
onomic factors used in the economic analysis
a inclu
ude the follow
wing:
 Disco
ount rate of 5%
5 (sensitivities using oth
her discount rrates have be
een calculate
ed for each
scena
ario);
 NPV calculated as
ssuming a mid-year
m acco
ounting period
d;
 Closu
ure cost of $3
35M (net of salvage
s value
e);
 Nominal 2016 dollars;
 No inflation;
 No ta
axes or duties
s other than federal
f and territorial inco
ome tax ratess of 15% eacch (discussed
d in
Sectio
on 23.4) and territorial miining tax;
 Numb bers are pres
sented on a 100%
1 owners
ship basis an
nd do not incclude manage
ement fees o
or
financ
cing costs;
 Revenues, costs, taxes are calculated
c fo
or each perio
od in which they occur rrather than a
actual
oing/incoming
outgo g payment;
 Costs
s from operattions incurred
d in the pre-p
production pe
eriod have be
een capitalizzed and
 Exclu
usion of all prre-developme
ent and sunk k costs (i.e. e
exploration an
nd resource ddefinition cossts,
engin
neering fieldwwork and stud
dies costs, en nvironmenta l baseline stuudies costs, e
etc.) Howeve er,
pre-development and sunk cos sts are utilize
ed for tax ded ductions.
23.2 Revenues
R s & NSR Paramete
ers
Mine reve
enue is deriv ved from the sale of gold doré into the e internationa
al marketplacce. No contra
actual
arrangemments for refinning exist at this time. Ho
owever, the pparameters u used in the e
economic analysis
were veriified against other industtry comparab ble projects. These details can be fou und in Sectio
on 19
(Market Studies)
S of th
his report. Gold productioon and sale is assumed to begin in Q Q2 of Year 1 and
continue for 10 years. Table 23 3.2 outlines the markett terms used in the ecconomic ana alysis.
3.1 illustrates
Figure 23 s the annual payable
p gold and cumula ative payable gold by project year.
Table 23.2: NSR Assu
umptions use
ed in the Eco
onomic Anallysis
Assumptio
ons Unit V
Value
Au Payable
e % 99.5
Au Refining
g Charge US$/oz 10
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 23-2
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Figure 23
3.1: Annual and
a Cumulative Payable Gold
G Produc
ction
Source: JD
DS (2016)
23.3 Timing
T off Revenu
ues and Working
W C
Capital
Working capital has been accou unted for in the econom mic analysis due to the timing difference
ws and cash inflows
between cash outflow i with respect
r to th e operating ccosts. The fo
ollowing desccribes
how the working
w capittal was sched
duled in the economic
e annalysis:
 Materrials and con
nsumables arre purchased
d two monthss in advance on 30-day te
erms; and
 Labou
ur costs are assumed
a to be incurred as
a they are p
paid.
A total of $27M has been considerred as workin
ng capital. It was calculatted by adding
g the followin
ng:
 Y1Q1
1 operating costs ($12M);;
 Susta
aining CAPEX
X in Y1Q1 ($
$3M);
 1/3 off OPEX in Y1
1Q2 ($9M);
 Work
king Capital Spares
S ($3M)); and
 Payback of workin
ng capital occ
curs in two in
nstallments: $
$24M in Y1 Q
Q2, and $3M
M in Y11 (at th
he
end of
o production).
Effective Da
ate: September 12,
1 2016 23-3
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
23.4 Taxes
T
The projeect has beenn evaluated ono an after-ttax basis in order to refle
ect a more indicative, bu
ut still
approximmate, value off the project. Both Yukon n Mineral Ta
ax and Federral and Territorial Incomee Tax
were appplied to the project.
p A dettailed tax ana
alysis was co
ompleted byy Wentworth Taylor in ord der to
derive the
e after-tax va
aluation of th
he project. Specific
S assu
umptions and d methodologgy in the anaalysis
includes the
t following:
Yukon Mineral
M Roya
alties
 Yukon Mining Qua artz Tax has been evalua ated as part oof the after-ta
ax analysis. T
The Crown
royaltty applies to all ore, minerals, or mine
eral bearing ssubstances m mined in the YYukon on a
calen
ndar year bas sis;
 The royalty
r is calc
culated basedd on the valu
ue of the outp
put mine which is the valu
ue of minerals
produ
uced exceede ed by the varrious deductiions allowab le; and
 The royalty
r rate ra
anges from 0%
0 to 12% ba
ased on the ttaxable reven
nue from saleable gold m
minus
deducctions.
Federal and
a Territorial Corporatte Income Ta
ax
 Federal tax rate of
o 15% and a Yukon 15% rate were ussed to calcula
ate income ta
axes.
Mineral Property
P Tax
x Pools
 Cana
adian Exploraation Expensee (CEE) and Canadian DDevelopment Expense (CDE) tax pools
were used with ap
ppropriate op
pening balanc
ces to calcula
ate income taxes.
Capital Cost
C Allowan
nce (CCA)
 Specific capital co A rates were applied and used to calcculate the appropriate CC
ost class CCA CA
ompany can claim during the entire liffe of the proje
the co ect.
Total LOM
M taxes for th
he project am
mount to $353M.
23.5 Third
T Parrty Royaltties
Third parrty royalties have
h been considered inn the econom mic analysis. A total of $3 30M of third party
royalties are payable over the LOMM. Details re
elated to the tthird party ro
oyalties are o
outlined in Se
ection
19 of the report.
Effective Da
ate: September 12,
1 2016 23-4
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
23.6 Results
R
The proje
ect is econommically viable
e with an afte
er-tax interna
al rate of retturn (IRR) off 29.5% and a net
present value
v at 5% (NPV5%) of $508M. Figu ure 23.2 sho ows the projected cash flows used iin the
economicc analysis. Ta
able 23.3 shoows the deta
ailed results oof this evalua
ation.
Figure 23
3.2: Annual and
a Cumulative After-Tax
x Cash Flows
s
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 23-5
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Table 23.3: Summary

y of Eagle Pro
oject Econom
mic Results
Category Unit V
Value
Net Revenues M$ 2,950
Operating Costs M$ 1,295
Cash Flow
w from Operations M$ 1,655
Capital Cos
sts* M$ 588
Operating Cost US$/oz 539
Cash Cost° US$/oz 561
All-in Susta
aining Cost † US$/oz 638
Net Pre-Ta
ax Cash Flow M$ 1,067
Pre-Tax NP
PV 5% M$ 778
Pre-Tax IR
RR % 37.1
Pre-Tax Pa
ayback Years 2.6
Break-Even Pre-Tax Gold
d Price US$/oz 844
Total Taxes M$ 353
Net After-T
Tax NPV5% M$ 508
After-Tax IRR % 29.5
After-Tax Payback
P Years 2.8
Break-Even After-Tax Go
old Price US$/oz 845
(*) Include
es pre-productioon, sustaining, closure and re
eclamation cappital costs
° Cash Cos st formula: (Re
efining Costs + Third Party Rooyalties + Operrating Costs) / P
Payable Au oz
† AISC forrmula: (Refinin ng Costs + Third Party Roya alties + Operatting Costs + SSustaining Capital Costs (exccluding
closure)) / Payable Au oz z
Source: JD DS (2016)
Effective Da
ate: September 12,
1 2016 23-6
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
23.7 Sensitivit
S ties
A sensitivvity analysis was performmed to test project
p value drivers on tthe project’s NPV using a 5%
discount rate. The re esults of this
s analysis are
a demonstrrated in Tab ble 23.4 and d Table 23.55 and
d in Figure 23.3. The pro
illustrated oject proved to
t be most ssensitive to cchanges in gold price folllowed
by head grade, foreig gn exchange rate, and op perating cossts. The proje
ect showed lleast sensitivvity to
capital coosts.
Table 23.4: Pre-Tax NPV
N 5% Sensit
tivity Results
s
Pre
e-Tax NPV5%
(M$)
-15% -10% -5% 100%% 5%
% 10%
% 15
5%
Gold Price 425 543 660 778
8 896
6 101
13 1131
F/X Rate 1190 1037 901 778
8 667
7 56
66 47
74
Head Grad
de 428 545 661 778
8 895
5 101
11 1128
OPEX 930 879 829 778
8 727
7 67
77 62
26
CAPEX 859 832 805 778
8 751
1 72
24 69
97
Source: JD
DS (2016)
Table 23.5: After-Tax NPV 5% Sens

sitivity Results
After-Tax NPV5%
(M$))
-15% -10% -5% 100%
% 5%
% 10%
% 15
5%
Gold Price 287 3612 435 508
8 582
2 65
55 72
28
F/X Rate 764 670 585 508
8 439
9 37
76 31
18
Head Grad
de 289 363 436 508
8 581
1 65
54 72
26
OPEX 603 572 540 508
8 477
7 44
45 41
14
CAPEX 590 563 536 508
8 481
1 45
54 42
27
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 23-7
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Figure 23
3.3: After-Tax
x NPV 5% Sen
nsitivity
Source: JD
DS (2016)
Pre-tax and
a after-tax results were
e evaluated using a wide er range of sensitivities to gold price
e and
exchangee rate. The sensitivities
s were
w calculatted between gold prices from $1,000 0 to $2,000/ozz and
exchangee rates betwe een 0.75 to 1.00 US$:C$.. The resultss are presentted in Tabless 23.6 and 23
3.7.
Table 23.6: Gold Price
e Sensitivity
y
Pre Tax
T Pre--Tax IRR Pre-Tax After Tax After-Tax IIRR After--Tax
Au US $/oz
NPV5%
% (M$) (%) Payback NPV5% (M$) (%) Payback
1,000 308 19.5 3.8 212 15.9 4.0

0
1,100 496 27.0 3.2 332 21.7 3.4
4
1,200 684 33.8 2.8 450 27.0 2.9
9
1,250 778 37.1 2.6 508 29.5 2.8
8
1,300 872 40.3 2.5 567 32.0 2.6
6
1,400 1,06
60 46.5 2.2 684 36.8 2.4
4
1,500 1,24
48 52.5 2.0 800 41.4 2.2
2
1,600 1,43
37 58.3 1.9 917 45.9 2.0
0
1,700 1,62
25 64.1 1.7 1,034 50.4 1.9
9
1,800 1,81
13 69.7 1.6 1,150 54.8 1.7
7
1,900 2,00
01 75.3 1.5 1,266 59.0 1.7
7
2,000 2,18
89 80.8 1.4 1,382 63.1 1.6
6
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 23-8
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Table 23.7: F/X Rate Sensitivity

S
Pre Tax
T Pre--Tax IRR Pre-Tax After Tax After-Tax IIRR After--Tax
F/X Rate
NPV5%
% (M$) (%) Payback NPV5% (M$) (%) Payback
0.65 1,24
45 52.4 2.0 798 41.3 2.2
2
0.70 1,04
45 46.0 2.2 674 36.4 2.4
4
0.75 871 40.3 2.5 567 32.0 2.6
6
0.78 778 37.1 2.6 508 29.5 2.8
8
0.80 720 35.1 2.7 472 27.9 2.9
9
0.90 467 25.9 3.3 314 20.8 3.4
4
1.00 265 17.7 4.0 184 14.5 4.3
3
Source: JD
DS (2016)
A sensitiv
vity analysis of the pre-tax and after-ta
ax results wa
as performed
d using various discount rates.
The results of this analysis are deemonstrated in Table 23. 7. The cash flow model is shown in T Table
23.9.
Table 23.8: Discount Rate Sensitivity Test Res

sults on NPV
V
Discount Rate
R Pre-Tax NP
PV Afte
er-Tax NPV
(%) (M$) (M$)
0 1,067 714
5 778 509
7 687 443
10 570 360
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 23-9
Item Unit Pre-Production Production LOM Year -3 Year -2 Year -1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17
METAL PRICE & EXCHANGE RATE

Au link US$/oz 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250
Exchange Rate link US$:C$ 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78 0.78
PRODUCTION SCHEDULE
Eagle
TOTAL EAGLE
Ore calc ktonnes 25 116,350 116,375 - - 25 9,864 12,592 12,466 11,317 12,341 12,663 13,164 12,764 12,795 6,386 - - - -
Grade calc g/t 0.42 0.66 0.66 - - 0.42 0.70 0.74 0.71 0.77 0.74 0.65 0.56 0.56 0.52 0.66 - - - -
Olive
TOTAL OLIVE
Ore calc ktonnes - 6,524 6,524 - - - - - - - - - - - 690 5,353 481 - - -
Grade link g/t - 0.95 0.95 - - - - - - - - - - - 1.15 0.94 0.75 - - -
TOTAL MINED
Ore calc ktonnes 25 122,874 122,899 25 9,864 12,592 12,466 11,317 12,341 12,663 13,164 12,764 13,485 11,739 481 - - - - - -
Grade calc g/t 0.42 0.67 0.67 0.42 0.70 0.74 0.71 0.77 0.74 0.65 0.56 0.56 0.55 0.79 0.75 - - - - - -
Waste link ktonnes 2,065 114,244 116,309 2,065 6,886 14,070 12,122 15,320 10,026 7,745 7,791 9,291 16,296 14,472 224 - - - - - -
Strip Ratio calc w:o 83.5 0.93 0.95 83.5 0.7 1.1 1.0 1.4 0.8 0.6 0.6 0.7 1.2 1.2 0.5 - - - - - -
Mining Rate calc ktpd 26 66 66 11 46 73 67 73 61 56 57 60 82 72 2 - - - - - -
Rehandle link ktonnes 16 25,785 25,801 16 665 2,738 2,737 2,738 2,738 2,739 2,738 2,737 2,737 2,738 481 - - - - - -
Total Mined calc ktonnes 2,090 237,118 239,208 2,090 16,751 26,663 24,588 26,636 22,367 20,408 20,954 22,055 29,781 26,211 705 - - - - - -
HEAP SCHEDULE
Contained Au calc koz 0 2,663 2,663 - - 0 222 301 285 279 294 266 238 229 240 298 12 - - - - - -
Eagle Crushed Ore
Ore to Heap link ktonnes - 101,283 101,283 - 8,776 10,950 10,949 10,950 10,950 10,950 10,951 10,949 10,260 5,597 - - - - - - -
Au Recovered link koz - 1,697 1,697 139 201 205 209 205 184 156 150 135 86 28 - - - - - -
Olive Ore
Ore to Heap link ktonnes - 6,524 6,524 - - - - - - - - 690 5,353 481 - - - - - -
Au Recovered link koz - 113 113 - - - - - - - - 16 91 6 - - - - - -
ROM
Ore to Heap link ktonnes - 15,092 15,092 1,113 1,642 1,517 367 1,391 1,712 2,213 1,814 2,535 788 - - - - - - -
Au Recovered link koz - 73 73 3 7 7 4 5 8 10 10 11 7 1 - - - - - -
TOTAL
Ore to Heap link ktonnes - 122,899 122,899 - - - 9,889 12,592 12,466 11,317 12,341 12,663 13,164 12,764 13,485 11,739 481 - - - - - -
Au Recovered link koz - 1,884 1,884 - - - 142 208 213 213 210 192 166 160 162 184 35 - - - - - -
PAYABLE METALS
Total Recovered Au link koz - 1,884 1,884 - - - 142 208 213 213 210 192 166 160 162 184 35 - - - - - -
link % 99.5% 99.5% 99.5% - - - 99.5% 99.5% 99.5% 99.5% 99.5% 99.5% 99.5% 99.5% 99.5% 99.5% 99.5% - - - - - -
calc koz - 1,874 1,874 - - - 142 207 212 212 209 191 165 159 161 183 35 - - - - - -
Payable Au
calc US$M - 2,342.8 2,342.8 - - - 177.1 259.1 264.5 264.5 260.7 238.4 206.2 198.8 201.0 228.4 44.0 - - - - - -
calc C$M - 3,003.6 3,003.6 - - - 227.1 332.2 339.1 339.1 334.2 305.7 264.4 254.9 257.7 292.9 56.4 - - - - - -
link US$/payable oz 10.00 10.00 10.00 - - - 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 - - - - - -
Refining Costs
calc C$M - 24.0 24.0 - - - 1.8 2.7 2.7 2.7 2.7 2.4 2.1 2.0 2.1 2.3 0.5 - - - - - -
NIV calc C$M - 2,979.6 2,979.6 - - - 225.2 329.5 336.4 336.4 331.6 303.2 262.3 252.8 255.7 290.5 55.9 - - - - - -
Royalties calc C$M - 29.8 29.8 - - - 2.3 3.3 3.4 3.4 3.3 3.0 2.6 2.5 2.6 2.9 0.6 - - - - - -
Net Smelter Return (NSR) after Royalties calc C$M - 2,949.8 2,949.8 - - - 223.0 326.2 333.0 333.0 328.2 300.2 259.7 250.3 253.1 287.6 55.4 - - - - - -
OPEX
calc C$/t mined 2.15 - - - 2.62 2.18 2.00 2.05 2.18 2.26 2.31 2.22 2.13 1.87 6.20 - - - - - -
Mining
link C$M 0.0 514.8 514.8 - - 43.8 58.2 49.1 54.7 48.7 46.2 48.4 48.9 63.4 49.1 4.4 -
calc C$/t leached 4.93 5.15 4.35 4.27 4.82 4.44 4.33 5.02 4.79 4.82 5.91 43.62 - - - - - -
Processing
link C$M 0.0 605.7 605.7 - - 50.9 54.8 53.3 54.5 54.8 54.8 66.0 61.1 65.0 69.4 21.0 -
calc C$/t leached 1.42 1.70 1.34 1.35 1.50 1.37 1.33 1.28 1.32 1.27 1.44 11.14 - - - - - -
G&A
link C$M 0.0 174.5 174.5 - - 16.8 16.9 16.9 17.0 16.9 16.9 16.9 16.9 17.2 16.9 5.4 - - - - - -
calc C$M 0.0 1,295.0 1,295.0 - - - 111.5 129.8 119.2 126.2 120.5 117.8 131.3 126.9 145.6 135.5 30.7 - - - - - -
Total Opex calc C$/payable oz 0 691 691 - - - 787 626 563 596 578 618 796 798 905 741 872 - - - - - -
calc C$/t leached 0.00 10.54 10.54 - - - 11.27 10.31 9.56 11.15 9.76 9.31 9.97 9.94 10.80 11.54 63.85 - - - - - -
Net Operating Cashflow calc C$M 0.0 1,654.8 1,654.8 - - - 111.5 196.4 213.8 206.8 207.8 182.3 128.4 123.4 107.6 152.1 24.7 - - - - - -
CAPEX
Mining Equip. and Pre-Production Development link C$M 34.5 45.6 80.1 34.5 30.2 4.3 0.1 0.1 2.2 4.6 4.0 - - - - - - - - - -
Site General link C$M 17.7 9.9 27.5 17.7 8.2 1.7
Process link C$M 101.3 - 101.3 101.3
Ancillaries link C$M 22.2 30.3 52.5 22.2 30.3
Power Supply and Distribution link C$M 15.1 0.8 16.0 15.1 0.8
Water Management link C$M 5.7 15.0 20.7 5.7 15.0
Heap Leach Facilities link C$M 56.3 81.6 137.9 56.3 2.9 9.8 21.9 39.2 7.8
Owner's Costs link C$M 8.6 - 8.6 8.6
Indirects link C$M 72.9 - 72.9 72.9
Closure (Net of Salvage) link C$M - 35.0 35.0 - - - - - - - - - - - - 2.0 10.0 15.0 2.0 2.0 2.0 2.0
Subtotal calc C$M 334.4 218.1 552.5 - - 334.4 41.3 14.1 15.1 22.0 2.2 74.9 11.9 1.7 - - 2.0 10.0 15.0 2.0 2.0 2.0 2.0
Contingency calc C$M 35.2 - 35.2 - 35.2
CAPEX incl. Contingency calc C$M 369.6 218.1 587.7 - - 369.6 41.3 14.1 15.1 22.0 2.2 74.9 11.9 1.7 - - 2.0 10.0 15.0 2.0 2.0 2.0 2.0
CAPEX Breakdown
Pre-Production calc C$M 369.6 - 369.6 - - 369.6
Sustaining & Closure calc C$M - 218.1 218.1 41.3 14.1 15.1 22.0 2.2 74.9 11.9 1.7 - - 2.0 10.0 15.0 2.0 2.0 2.0 2.0
WORKING CAPITAL
Working Capital
Working Capital calc C$M - - - - - - 3.3 - - - - - - - - - (3.3) - - - - - -
TAXES
Income Taxes
Income Taxes link C$M - 242.4 242.4 - - - 36.8 54.8 44.3 28.4 27.3 24.6 37.6 3.9 (5.0) (9.7) (0.8) - - -
Yukon Quartz Tax link C$M - 110.5 110.5 4.1 13.7 15.5 14.3 14.4 7.0 6.4 10.7 9.1 14.6 0.7 - - - - - -
Total Taxes calc C$M - 353.0 353.0 - - - 4.1 13.7 15.5 51.1 69.2 51.3 34.9 38.0 33.7 52.3 4.6 (5.0) (9.7) (0.8) - - -
CASH FLOWS
Pre-Tax
calc C$M (369.6) 1,436.7 1,067.1 - - (369.6) 66.9 182.3 198.7 184.9 205.5 107.4 116.6 121.7 107.6 152.1 26.0 (10.0) (15.0) (2.0) (2.0) (2.0) (2.0)
Net Pre-Tax Cashflow
calc US$M (288.3) 1,120.6 832.3 - - (288.3) 52.2 142.2 155.0 144.2 160.3 83.8 90.9 94.9 83.9 118.7 20.3 (7.8) (11.7) (1.6) (1.6) (1.6) (1.6)
calc C$M - - (369.6) (302.6) (120.3) 78.3 263.2 468.8 576.2 692.7 814.4 922.0 1,074.1 1,100.1 1,090.1 1,075.1 1,073.1 1,071.1 1,069.1 1,067.1
Cumulative Net Cashflow
calc US$M - - (288.3) (236.1) (93.9) 61.1 205.3 365.6 449.4 540.3 635.3 719.2 837.8 858.1 850.3 838.6 837.0 835.5 833.9 832.3
After-Tax
C$M (369.6) 1,083.7 714.2 - - (369.6) 62.9 168.6 183.2 133.8 136.4 56.1 81.7 83.7 73.8 99.9 21.4 (5.0) (5.3) (1.2) (2.0) (2.0) (2.0)
Net After Tax Cash Flow
US$M (288.3) 845.3 557.0 - - (288.3) 49.0 131.5 142.9 104.3 106.4 43.8 63.7 65.3 57.6 77.9 16.7 (3.9) (4.2) (1.0) (1.6) (1.6) (1.6)
calc C$M - - (369.6) (306.7) (138.1) 45.0 178.8 315.2 371.3 453.0 536.7 610.5 710.4 731.7 726.7 721.4 720.2 718.2 716.2 714.2
Cumulative After-Tax Cash Flow
US$M - - (288.3) (239.2) (107.8) 35.1 139.4 245.8 289.6 353.3 418.6 476.2 554.1 570.8 566.8 562.7 561.7 560.2 558.6 557.0
ECONOMIC INDICATORS
Pre-Tax
Pre-Tax IRR calc % 37.1% 1.0 1.0 0.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Pre-Tax Payback Period calc Years 2.6
Pre-Tax NPV @ 5% calc C$M 778.0
calc US$M 606.8
calc C$M 1,067.1
Pre-Tax NPV @ 0%
calc US$M 832.3
After-Tax
After-Tax IRR calc % 29.5% 1.0 1.0 0.8 0.0 0.0 0 0 0 0 0 0 0 0 0 0 0 0
After-Tax Payback Period calc Years 2.8
After-Tax NPV @ 5% calc C$M 508.5
calc US$M 396.6
calc C$M 714.2
After-Tax NPV @ 0%
calc US$M 557.0
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
24 Adjacen
A nt Prop
perties
There are
e no adjacent properties pertaining
p to this project.
Effective Da
ate: September 12,
1 2016 24-1
VICT
T OR IA G OL
LD CORP.
EAG LE G OLD FE
F A S IB I L IT
T Y STUDY
25 Otherr Releva
ant Datta and IInforma
ation
25.1
1 Projec
ct Executiion Plan
25.1..1 Introduc
ction
This Project
P Execcution Plan (PPEP) has be een develope ed for the Ea
agle Gold pro
oject FS base ed on
the la
atest FS inforrmation availlable and best practices updated from
m the 2012 sstudy. It desccribes
the strategy forr moving forward
f on the engine eering, procurement, cconstruction and
onmental acttivities.
enviro
25.1.1.1 Pllan Objectiv
ve
The development
d of a practica
al PEP at this stage of thhe project is integral to th
he success oof the
next phase
p of the work as it enters the dettailed engineeering stage. It helps form
m the basis fo
or the
ongoiing work as it provides the
t blueprintt upon whichh assumptions were made during th he FS
used to best unde
erstand rationnale behind developing
d th
he FS study.
While
e many ass sumptions were
w made, they were based on actual north
hern constru
uction
experrience and kn
now-how.
The PEP
P includes
s discussion of
o how the fo
ollowing activvities will be m
managed:
 Detailed
D engin
neering;
 Lo
ong lead delivery equipm
ment;
 Freight;
 Construction
C field
f requirem
ments;
 Ordering
O bulk materials;
 Site environmental require
ements;
 Site safety req
quirements;
 Site security requirements;
 Construction
C resources;
r
 Accommodati
A on for constrruction and operating
o worrk force; and
 Commissionin
C ng the plant and
a handover to Owner.
Effectiv
ve Date: Septem
mber 12, 2016 2
25-1
VICT
T OR IA G OL
LD CORP.
EAG LE G OLD FE
F A S IB I L IT
T Y STUDY
25.1.1.2 Prre-Construc
ction Phase
e
Oncee the initial FS
F is comple eted, a program of contiinued develo
opment will bbe prepared. The
progrram includes s activities to
o be underttaken betwe
een the periood leading u up to the project
appro
oval to procee ed with deveelopment. Co
ontinued deve
elopment willl encompasss the following
g:
 Additional
A geo
otechnical driilling and test pitting to su
upport final d
design;
 Continuation
C of
o environme
ental monitoriing;
 Revised
R perm
mit application
n support;
 Project
P design
n and constru
uction optimiz
zation;
 Researching
R local resourc
ce availability
y;
 Sourcing used
d equipment as appropria
ate;
 Negotiation
N with long deliv
very vendors;;
 Establishing th
he availability
y and suitabiility of contra
actors;
 Establishing th
he Owner in the fabricatio
on line-up forr long deliverry equipmentt;
 Finalizing Owner commitm
ments to the project
p includ
ding the mine
e plan;
 Im
mproving site
e access;
 Providing
P construction acc
cess to the major
m construcction zones w
with in the prroject footprin
nt;
 Providing
P construction drainage in and around the lleach pad facilities; and
 Camp
C expans
sion.
25.1.1.3 Ba
asic Engine
eering Phas
se
Basic
c Engineering g work can sttart when the
e Owner releaases sufficieent funding. Itt is envisaged
d that
certaiin items will be
b finalized with
w a view to o prepare forr the detailed
d engineering g and constru uction
stage
e, including:
 Developing
D the project ma
anagement co
ontrol docum
ment;
 Flow sheet fin
nalization;
 Lo
ong delivery equipment ordering;
o ushers, ADR plant, main transformerss and power plant
cru
ge
enerators;
 Water
W balance
e finalization;
 General
G arran
ngement draw
wings fixed;
 Constructabili
C ty reviews;
 Bulk earthworrk drawings brought
b up to
o a level for cconstruction;
 HLP
H Phase 1 drawings bro
ought up to a level for con
nstruction;
 Overhead
O pow
wer line desig
gn route surv
veyed and fixxed;
 Testing site ag
ggregate for concrete;
Effectiv
ve Date: Septem
mber 12, 2016 2
25-2
VICT
T OR IA G OL
LD CORP.
EAG LE G OLD FE
F A S IB I L IT
T Y STUDY
 Tendering for the clearing and grubbing;

 Tendering for the road upg
grade work;
 Establishing th
he expansion
n of the existting camp;
 Establishing th
he boiler platte for contrac
cts and purch
hase orders;
 Finalizing the project schedule based on
o all the info
ormation gath
hered to thatt point;
 Establishing th
he cost reporrting and con
ntrol system;
 Establishing th
he field surve
ey contract;
 he quality assurance contract;
Establishing th
 Arranging
A the freight forwa
arding contra
act; and
 Arranging
A the temporary construction
c facilities
f inclu
uding fuel and
d water.
25.1.1.4 De
etailed Eng
gineering (D
Design) and
d Procurem
ment
Oncee the Owner hash establish hed the Eaglee Gold projecct engineerin
ng and procurement (EP) team
and sufficient
s fina
ancing is in place, that part of the deve
elopment proogram can sttart. It is expected
that some
s basic engineering,
e as generally described previously, will be unde ertaken beforre full
financ
cing is available so thatt the detailed work can start in earrnest to prod duce constru uction
drawings for the earthworks
e an
nd civil phase
es of the proj
oject when the time comes.
Capital equipmen nt purchasees will be made
m basedd on the fllow sheet a
and performmance
specifications for all items that have be
een assigne
ed an equipmment numbeer, right dow
wn to
uments.
instru
The EP
E team will develop pa ackages of drawings
d (de
eliverables) iinto grouping gs that follow
w the
consttruction contracting strate egy; concrette, buildings,, structural ssteel, and pip
ping, etc. Foor the
Eaglee Gold proje ect, it is inte
ended that work packag ges will be bid and aw warded base ed on
availa
ability of engiineering inforrmation, and is expected to be a prog gressive situa
ation.
25.1..2 Health, Safety,
S Env
vironmenta
al and Sec
curity
Health, Safety and Environm mental (HSE E) programs and initiatiives are esssential to project
succeess. A fully-in
ntegrated pro
ogram will be e implementeed to help acchieve a “zero-harm” goa al. To
achie
eve this, key project
p stake
eholders will be
b asked to sshare in this responsibilitty by providin
ng the
leade
ership and commitment
c to attain thhe highest standards a and values. A high levvel of
commmunication, motivation
m and
a involvemment will be e required iin the deve elopment of HSE
practiices, includiing alignme ent with site e contractorrs on topiccs such ass safety tra aining,
occuppational health and hygiene, hazard and risk aw wareness, sa afe systemss of work an nd job
safety
y analysis. Tools will be implemented d for performa
ance trackingg and accountability, including
proce
edures for inc cident managgement.
All co
ontractors will be required
d to pay parrticular attenttion to consttruction safetty, and to prrovide
individ
dual safety programs
p and safety planns to the sattisfaction of tthe construcction manage ement
team..
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The design
d of th
he Eagle Go old project in
ncludes soun nd environmmental protecctive approa aches,
includ
ding the loca
ation of mine, WRSAs, crrushing facilitties, HLPs, e
event ponds,, sediment co ontrol
pondss, process plant, and rela
ated structure
es in order to
o capture and
d treat surfacce water runo
off.
All de
esign and en ngineering sttages incorporate criteriaa for responssible manage ement of pro ocess
flows, effluent andd waste prod ducts to meett established
d capture and d containmen nt guideliness. The
design also incorrporates basic clean plan nt design sta andards, inccluding opera ational safetyy and
mainttenance acc cess require ements. A Hazard
H and Operabilityy Analysis ((HAZOP) will be
conduucted by the project desig gn team durin
ng the detaile ed design staage for eachh area of the plant.
This analysis
a will strive to elim
minate hazards identified during the d design phase e. This systeematic
team approach will identify ha azards assoc
ciated with op perability tha
at requires atttention in ord
der to
nate undesira
elimin able consequences. Env vironmental p protection wiill be incorpoorated in botth the
design of the main processes of the plant,, as well as iin the transp portation, storrage and dissposal
of maaterials within
n and outside e the boundaries of the pllant.
The Owner
O will prrovide a well--equipped firrst aid facilityy, ambulancee and fire pro
otection for project
wide use. The firrst aid facilityy will normally be staffed d 12-hours pper day, with
h on-call serrvices
able to ensurre continuous
availa s coverage. The first aid staff will live e at the campp. Contractorrs will
be ex
xpected to pro ovide basic first
f aid-statio
ons for their wworkers at th
he site.
Accesss to the siite will be controlled
c at the principa
al road entrrance, and w ed to
will be limite
perso
onnel who ha
ave attended induction traaining, as we ll as approve
ed visitors.
25.1..3 Executio
on Strategy
y
The execution
e he successful monitoring
sttrategy for th g and contrrol of the Ea agle Gold project
reflec
cts a tradition
nal approach to project execution, witth field consttruction contractors, unde
er the
directtion of a connstruction ma anagement (CM)
( team ccommencing work after e engineering tasks
are well
w advance ed, and lon ng lead timees for the d delivery of m major equipment have been
estabblished combined with the e Victoria Gold corporate objectives fo
or sustainable developme ent as
earlie
er described.
25.1.3.1 Managementt Procedure
es
Although this document refers s to the EPCM
M Consultannts as a single entity, the Owner may issue
separrate contracts
s for enginee
ering and pro
ocurement se
ervices, and tthe CM serviices.
The project
p team will combine the talents s of the Own ner, engineeer and consttruction manaagers
who will
w be charg ged with the responsibility
y for bringing
g the project in on time a
and within bu
udget,
using the strategie
es outlined here.
A commprehensive project proc cedures mannual (the proccedures), de
eveloped by the EPCM g group,
in con
njunction with the Ownerr, will outline the procedu
ures and requ uirements fo
or the execution of
the ad
dministrative
e activities, as
s well as Ow
wner and EP aand CM conttractor’s rightts, authorities and
obliga
ations of the project.
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25.1.3.2 Do
ocument Control
Effecttive docume ent managemment is crucial to the succcessful imp plementation of the projeect. A
collab
borative document control system willw be implem mented thatt provides sttatus and ve ersion
controol for all do
ocuments isssued on the e project. Th he system w will be capaable of publishing
documments, text, drawings, photographs s or 3D m models to th he internet. The docum ments,
partic
cularly vendoor drawings and
a manuals s, will be linke
ed to the equipment data abase, in ord
der to
have an organized accessible e control systtem during th he project wh
hich can be tturned over tto the
operaations group at the completion of the design
d and cconstruction p
phases.
25.1.3.3 Co
ost Manage
ement Systtem
The project
p Work
k Breakdown Structure (W WBS) definees the eleme
ents of projecct scope, ea ach of
whichh can stand alone with estimate,
e cost, schedule
e and accountability. The e first step in the
projecct implementtation proces
ss will be to confirm
c the W
WBS and disstribute the ccontrol estimaate to
this structure.
At the
e end of basiic engineerinng, the projec
ct will producce a definitive which will become
e estimate, w
the coontrol estima
ate for the ex
xecution of th
he project. Buudgets will be cast for the
e scope approved
at the
e time and will
w become the baseline e control do cument against which th he project wwill be
meas sured.
25.1.3.4 Riisk Manage
ement
The formal
f risk management
m program beggan during th
he FS phasee, and will continue, throuugh to
commmissioning. TheT project team will review all aspects of the projectt throughout the
developmental sttage, inclusive of enviro onmental, te
echnical, he
ealth and sa afety, commmunity,
business and pro oject deliverry issues. These reviewws will identiify the relevvant risks annd or
opporrtunities asssociated with h this projec
ct, assess th
hose risks a
and opportun nities againsst the
outco
ome objectives and dete ermine the best
b way to eliminate o
or control tho ose risks orr take
advanntage of oppo ortunities tha
at may present themselvees.
25.1.3.5 Prroject Sche
eduling and Progress R
Reporting
The overall
o proje
ect schedule (schedule) identifies thee preferred critical sequences and ttarget
milestone dates that
t need to be manage ed for the prroject to be executed su uccessfully. W
While
execuutive level reports
r prov
vide an overrview of pro oject status and foreca asts, the de etailed
scheddules track the
t planned and actual progress
p thro
oughout the duration of the project using
inform
mation provid
ded by the en
ngineering grroups, contra
actors, vendoors, the field m
management staff
and th
he Owner.
The project
p construction dura
ation assume es commenccement of field activity in early spring of
Year--1 to mechan
nical completion in 12.5 months.
m
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Figurre 25.1: PEP Schedule
Source
e: Merit (2016)
The following basic project tassks will need to be attend

ded to as earrly as possiblle after the project
has been
b approveed to procee ed in order to
o guarantee planning ce ertainty and mmaintain a p proper
monittoring program for all long
g lead items and enginee ering delivera
ables
 Selecting the general EPC
CM group(s);
 Selecting the EP consultan
nt for the fina
al design of th
he Heap leacch pad (HLP);
 Selecting the EP consultan
nt for the fina
al design of th
he high volta
age power lin
ne;
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 Ordering
O long delivery cap
pital equipme
ent;
 Establishing th
he cost reporrting system based on the
e approved C
CAPEX;
 Verifying
V the schedule
s to account
a for when
w the proj ect will actua
ally start;
 Establishing th
he project procedures; an
nd
 Establishing th
he standard formats
f for purchasing
p nd contracts..
an
25.1..4 Construction Labo

our Requirement
The schedule
s hass been based on a 70-ho our work we eek with som
me double shifting as required.
Crew rotations are
e planned to be three wee
eks on-site a
and one weekk off-site.
It is anticipated
a th
hat there are about 780,0000 man-hou rs of direct cconstruction labour assocciated
with the
t project co onstruction, excluding
e mine pre-devellopment and engineering g with constru
uction
manp power peakin ng at about 38
80 direct con
nstruction wo
orkers on-site
e.
25.1..5 Construction Cam
mp
The permanent
p caamp with 208 8 bedrooms and a all suppo orting infrastructure will b
be in place prrior to
the sttart of constrruction, This facility will be
e shared withh all personn
nel supporting the projectt, The
approoximately 300 0 additional beds require ed to supporrt the entire cconstruction workforce wwill be
madee available by adding tem mporary renttal dorms an nd other facility modules as required. The
growtth of the cammp will contin nue in phases s as requirem
ments deman nd to accommodate up to o 500
perso
ons overall du uring peak co onstruction activities
a inclu
uding Owner’s Reps and Visitors.
The camp
c will be single occ
cupancy, an
nd will be prrovided with
h recreationa
al facilities a
and a
comm
missary.
The camp
c will eve
entually accoommodate th he Owner’s ooperating personnel (including mining
g pre-
stripp
ping operato ors) other th han those who w will resside within the local ccommunities. The
consttruction crewws working on n the high vo
oltage power to site line a
and the Hagg
gart Creek acccess
road upgrades ma ay opt to prov
vide their ow
wn mobile cam mps to be located where convenient along
the route
r of theeir work, however theiir manpowe er levels arre currently included inn the
aforementioned co onstruction camp
c sizing.
The CM
C team willl manage the e camp and catering
c conttractor (by C
Contract) to e
ensure that qquality
servic
ce is provideed including hygiene, foo
od storage an
nd handling,, menus and d nutritional vvalue,
and staff
s qualifications.
25.1..6 Houseke
eeping and
d Hazardou
us Waste M
Manageme
ent
Specific procedurres for wastte managem ment and sp ill response will be imp plemented fo or the
consttruction perio
od. These procedures
p will
w be defin ned in the p
project proceedures and cover
comppliance, auditting and reporting requirrements. Pro
ocedures reg
garding ongo oing clean-upp and
rubbis
sh removal, as well as safe handling, storage and disposa al of batterie
es, fuels, oil and
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hazarrdous materiaals, will be es

stablished annd observed for the durattion of the co
onstruction phase.
Wastee will be recy
ycled to the extent
e feasiblle.
Ongooing dust sup ppression an nd rain waterr manageme ent programss will also be
e establishedd and
obserrved for the duration
d of th
he construction phase. S Specific procedures and storage area as will
be de
esignated for construction n waste prior to recycling or removal ffrom the plan
nt. Solid wastte will
be disposed of inn designated d pits, while biologically degradable wastes will be incinerated or
removved to a suita
able off-site disposal
d site.
25.1..7 Construction Equiipment
Construction equiipment will generally

g be the responssibility of individual contra actors. Contrractor
pment must comply
equip c with the
t requirements of the M Mine Safety BBranch in soo far as safetyy and
opera
ability are cooncerned and d spot checks will be m made by the Owner’s sa afety personn nel to
ensurre complianc ce. No mobilee equipment is permitted d to operate oon-site unlesss it compliess with
the mining
m regula
ations, and no
n cranes aree allowed to o operate witthout currentt inspectionss. Any
modiffications to equipment
e ha
ave to be ce
ertified fit forr operation – especially where welding is
conce
erned.
The Owner
O may choose
c to sup
pply the large
e constructio
on cranes to b
be managed by the CM te
eam.
25.1..8 Commun
nication
The Owner will determine the approp priate tempo orary (for cconstruction) and perma anent
owave teleco
micro ommunication ns technologgies for the p
project, with input by the
e CM team w where
needeed. Requirem ments will include voice and data linnk technologies to suppo ort growth in
n both
consttruction and plant
p operatio
on needs.
The communicatio
c ons framewo ork for manag
gement office
es will be insstalled early in the constru
uction
period
d. The systeem will be suupplemented with the insstallation of ttelephones in common a areas,
and fo
or individual room interne
et access
25.1..9 Construction Power
Construction powwer will be supplied by portable

p gennerators situa
ated close too the major work
areass; approximately 0.5 MW of constructtion power w will be require
ed, with an a
additional 0.7
75MW
for the camp. Thiss power will be supplied by low noise e, low emissiion, temporary generatorr sets.
Permanent powerr will be available by 3rd quarter of Y Year -1 and will supply ppower for all mine
equippment and peeak construction power lo oads for the balance of thhe construction phase thrrough
winter. The tempo orary units will
w be kept on-site
o until a
at least the e
end of the coonstruction p
period
and maintained as emergency power units or o perated in some of th he more re emote
enviroonments to re
eplace the coontractor’s co
onstruction uunits.
25.1..10 Co
ommission
ning
Excep pt for the min

ning activities
s, the EPCM
M team will ha
ave responsibility for the installation o
of the
facilities until mec
chanical completion.
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The sequence off system co ommissioning g is vital to shifting thee constructioon schedule from
generral area completion to mo
ore specific system
s comp pletion to suitt the commisssioning and start-
up of the entire facility.
Syste
em identificattion and prio
oritization must be expediited to allow for the consstruction schedule
adjus
stments and the completiion of the wo ork, in orderr to satisfy th
he establishe
ed commissioning
sequeence
During the latterr part of co onstruction the Owner w will developp the commissioning pla an in
conjunction with the
t CM forces. The systems will bee identified aand schedule
ed for delive
ery by
prioritty. Packages
s will be asse
embled for eaach system tthat has to b
be commissio
oned to include all
sign off
o and test documentatio
d on, drawings and vendor iinformation.
As the various sys stems are coompleted, andd determined d by the CM tteam to be frree of deficie
encies
that would
w preven
nt safe operaation they will be transfe rred to the O
Owner’s operrations team m. The
Owne er’s team willl consist of plant operattors and maiintenance sttaff who will enlist the he elp of
vendo ors, contractors and CM personnel as a needed to o Dry Run an nd then Wet Run the sysstems
until they
t are fina
ally accepted by the Owner’s operatio ons managem ment. The traansfer of sysstems
will be
b formally documented d and includ de all mech hanical/electrical testing documentss and
vendo or’s informatiion.
25.1..11 Co
onstruction Methods
s
25.1.11.1 CM
M Key Obje
ectives
 Conduct
C HSE
E policy training and enfo
orcement forr all site and
d contractor staff. Site ha
azard
management
m tools and programs willl be employeed to achievve the no ha arm/zero acccident
objective;
 Im
mplement the
e contracting
g and constrruction infrasstructure stra upport the project
ategies to su
PEP;
P
 Develop
D and implement a construction-sensitive an
nd cost-effecttive master p
project sched
dule;
 Establish a project cost control
c syste
em to ensuree effective ccost reportingg, monitoringg and
fo
orecasting ass well as sc chedule reporting and ccontrol. A co ost trending program w will be
in
nstigated whe
ereby the EP P and CM contractors willl be respons ible for evalu
uating costs o
on an
ongoing basiss, and providde comparisoons to budgeet and actua al project tren
nding for the
e cost
re
eport on monnthly basis;
 Establish a fie
eld contract administration
a n system to e
effectively manage, contrrol and coord
dinate
th
he work perfoormed by the e contractors;;
 Manage
M the catering
c con
ntractor (by contract)
c to ensure quality service iss up to expected
sttandards for the facilities,, staff qualific
cations, hygie
ene standard
ds, food handdling, storage
e and
provision of meals;
m
 Apply
A effective
e field constrructability pro
ogram, as a ccontinuation of the constructability revviews
pe
erformed in the
t design offfice; and
 Organize
O purc
chases of bullk materials.
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dition, they will

In add w assemble e contract ten
ndering docu uments, esta
ablish qualifie
ed bid lists, te
ender
the work,
w analyzee and make e recommend dations to th he Owner fo
or the most suitably qua alified
contra
actors, and prepare
p the executed
e conntracts for isssue.
The Site
S Materials Managem ment group willw receive, inspect, and log all inccoming mate erials,
assign storage loocations, andd maintain a database o of the status of all materrials received
d and
ensed to the contractors. Ongoing reconciliation with the prrocurement system, including
dispe
recon
nciliation to the
t freight co
onsolidation point, will cconfirm that the materials ordered fo or the
projec
ct were corrrectly receiveed, and thatt the supplie ers were paid. An allowa ance for lease or
purch
hase of offloading equipm ment, forkliftts, storage rracks or othe
er equipmen nt required d during
consttruction has been
b included in the consstruction bud get.
Develop a detaileed field logistics and matterial control plan to maiintain the ne
ecessary flow
w and
ol of material and equipm
contro ment to suppo
ort constructi on operation
ns.
25.1..12 Co
onstruction Managem
ment (CM) Responsibilities
The construction
c managemen nt (CM) grou up will be ressponsible for the managgement of all field
opera
ations. The Construction
n Manager will
w be respo onsible to th
he Owner to o effectively plan,
organ
nize, and manage constru
uction quality
y, safety, bud
dget, and sch
hedule objecttives.
The CM
C Field Eng gineering Tea
am will employ independ ent quality aassurance specialists, qua
alified
to CS
SA, to ensure
e the impleme
entation and success of tthe contracto
or’s quality co
ontrol.
Detailed CM respo
onsibilities in
nclude, but arre not limited
d to:
Proje
ect Managem
ment
 Camp
C manage
ement (by co
ontract);
 Camp
C catering
g (by contrac
ct);
 Camp
C installation – supported by Owne
er;
 In
nsurance, WC
CB, General Liability, Third Party and Auto;
 La
abour Relatio
ons plan and
d site work ru
ules – supporrted by Owne
er;
 Freight logistic
cs and delive
eries – assistt Owner;
 Overall
O projec
ct cost system
m;
 Scheduling;
 Site offices – assist
a Ownerr;
 Site topograph
hical survey – assist Own
ner and EP; a
and
 Site utilities fo
or field offices
s – assist Ow
wner.
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Desig
gn
 Concrete
C mix design – with
h assistance from EP;
 Commissionin
C ng – assist EP and Owner;
 Communicatio
C ons system fo
or constructio
on – assist O
Owner;
 Document
D con
ntrol – general project and constructio
on; and
 Constructabili
C ty reviews – with supportt from EP and
d Owner.
Purch
hasing and Expediting
 Spare parts – start-up and
d commission
ning – assist Owner;
 Vendor
V reps (erection support and com
mmissioning) – with assistance from E
EP and Owne
er;
 Vendor
V reps – coordination
n.
Cons
struction
 HSE
H policy im
mplementation
n and enforcement;
 Site construction managem
ment;
 Warehouse
W an
nd laydown area;
a
 Security perso
onnel – assis
st Owner;
 Contracting
C Plan;
 Contract
C bid Documents;
D
 Contract
C ering – post tender meetiings and reco
tende ommendations;
 Contract
C exec
cution and ad
dministration;
 Earthworks an
nd civil site supervision;
 Mechanical
M an
nd piping site
e supervision
n;
 Structural site supervision;
 Electrical and instrumentation site supe
ervision;
 Commissionin
C ng – assist Owner and EP
P;
 On-site
O monito
oring of cons
struction equiipment condiition and safe
e operating ccapability;
 Survey and La
ayout (Contra
act) – assist Owner;
 Site quality co
ontrol (Contra
act);
 Cost
C reporting
g and controls – with EP and
a Owner ssupport; and
 As-built
A drawings (by contrractors).
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25.1.12.1 Crritical Path and Installa

ation Metho
odology
The schedule
s hass been presented in asssociation with
h Section 255.3. There iss only one ccritical
path where there is zero floatt. Excluding procuremen t constraintss, it currentlyy runs throug
gh the
consttruction of the
e ADR plant.
Howeever, there are
a other item
ms associate
ed with the o
overall sched
dule that nee
ed to be carrefully
manaaged since the
t impact of
o them nott being succcessfully unddertaken could have se erious
conse
equences on the schedule.
A number of the e most impo ortant eleme
ents of the constructionn phase of the project were
mined in detail during the FS. The rev
exam views were pperformed byy a joint team
m representin
ng the
Owneer, engineer, construction
n managemen nt, and some
etimes contra
actors and veendors.
25.1.12.1.1 He
eap Leach pad
p Earthworks
Construction is co onstrained byy work that restricts
r the p
placement off certain gen
neral and rocck fills
to thee warm and d dry months of the year. The com mpletion of tthe HLP Ph hase 1 has been
sched duled govern ned in part by
b the engin neer’s qualityy specificatio
ons which wwill determine
e “no-
build”” restrictions during the winter.
w
Activities critical to
t the constrruction of the
e HLP includ
de constructio
on of the Lo
ower Dublin GGulch
(Soutth) Sedimentt Control Pon nd and the Event
E ponds #1&2 which h are a sourcce of constru
uction
materrials.
25.1.12.1.2 Co
onstruction Aggregates
A & Fill Materiials
Curreent on-site estimates ind dicate there would
w be quuality materia als available
e at the pit w
which
wouldd be hauled to and stoc ckpiled at th
he crushing// screening plant to be located nea ar the
concrrete batch plant pad which would be in the gen neral vicinityy of the prim
mary crusher. The
contraactor operatted facility will
w be taske ed with prod ducing crushed and sccreened matterials
suitab
ble for concre
ete aggregates.
In add
dition, the following mate erials will be sourced
s and processed ffrom the on-ssite placer ta
ailings
suitab
ble for variou
us fills such as:
a
 Clean
C g for Substation;
topping
 Engineered ba
ackfill for reta
aining walls;
 Site road dres
ssing;
 Piping,
P electric
c conduit and
d cable trenc
ch protective backfill layerrs; and
 The portable crushing/scrreening plannt will also ssupply the HHLP over-line er materials from
uitable waste
su e or low grade ore supplie
ed by the minning pre-prod
duction effortt.
Effectiv
ve Date: Septem
mber 12, 2016 25-12
VICT
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EAG LE G OLD FE
F A S IB I L IT
T Y STUDY
25.1.12.1.3 Pe
ermanent Po
ower
Installation of 69k kv permanen nt power to th
he main sub bstation at sitte and 13.8kkv site distrib
bution
will be
b available for bumping g the crusheer motors. P Pre-commissioning and ccommissioning of
electrrical distribution power lin
nes and equippment will co
ommence the ereafter.
The general
g contrractors and sub-contracto
s ors will be ressponsible forr:
 Provision
P of all constructio
on labour;
 Provision
P of all constructio
on equipmentt;
 Transportation
n of their worrkers;
 Site offices an
nd temporary
y services;
 Site managem
ment;
 Contractor
C surveying;
 Quality
Q Controol Program - in accordan
nce with the
e construction
n technical sspecificationss and
th
he applicable
e codes and standards;
s
 Contract
C sche
eduling;
 Safety;
 Environmenta
al safeguardin
ng;
 Security for th
heir tools and
d equipment;
 Supplying perrmanent mate
erials as requ
uired by conttract;
 Meaningful
M project procedures;
 Commissionin
C ng assistance
e.
25.1..13 Co
onstruction Equipme
ent Supply
y Philosoph
hy
Gene erally the construction co ontractors would

w be ressponsible forr the supply of all equip pment
requirred for cons struction. How wever, there e are cost sa avings and efficiencies to consider if the
Owne er provides cranes
c and manages
m the
eir use amon ng the contrractors. While e there are some
piecees of equipme ent included in the budgeted Owner’ s mobile flee et, it is intended they be used
by thee Owner duriing constructtion for misce ellaneous puurposes suchh as road grading, ditching g and
the lik
ke. This fleet is not availa
able to the coonstruction co
ontractors.
Effectiv
ve Date: Septem
mber 12, 2016 25-13
VICT
T OR IA G OL
LD CORP.
EAG LE G OLD FE
F A S IB I L IT
T Y STUDY
25.1..14 Prroject Team

m Respons
sibilities
Unde erstanding thhe relationsh hip and resp ponsibilities o

of the varioous groups tthat contribu
ute to
makin ng up the project team during the engineering
e and constru uction phase of the proje ect is
fundaamental to thhe success of o the projec ct. There aree accompan nying method ds of establiishing
inter-relationships
s including communicatio ons matricess, organizatioon charts forr communica ations
and reporting
r andd the like, butt the two fun
ndamental pie eces of the m
managementt structure arre the
overaall responsibility matrix an
nd the projectt organization
n chart. Both
h these are p
presented herre.
Selec
ction of the EP and CM prroviders are the Owner’s responsibilitty. The Owne er will establish an
Owneer’s team to oversee the project exec cution. An orrganizational chart of the
e potential project
consttruction team
m is shown in Figure 25.2
Effectiv
ve Date: Septem
mber 12, 2016 25-14
VICT
T OR IA G OL
LD CORP.
EAG LE G OLD FE
F A S IB I L IT
T Y STUDY
Figurre 25.2: Cons

struction Man
nagement Organization C
Chart
Source
e: Merit (2016)
Effectiv
ve Date: Septem
mber 12, 2016 25-15
VI C T OR
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26 Interpre
etations
s and Conclus
C sions
The econ
nomic results s of this FS demonstrate
d that the pro
oject has possitive econom
mics and warrrants
developm
ment. It is rec
commended that
t the proje
ect proceed tto detailed de
esign and construction.
Standard industry pra actices, equippment and processes
p weere used in tthis study. The authors oof this
report arre not aware e of any un nusual or sig
gnificant riskks, or uncerrtainties thatt could affecct the
reliability or confidenc
ce in the proje
ect based on
n the data an d information
n made available.
26.1 Risks
R
Most min ning projects are exposed d to risks tha
at might impa act the econo omics of the project to va
arying
degrees. Most risks area external and
a largely beyond
b the co ontrol of the project prop
ponents. They can
ult to anticipa
be difficu ate and mitig
gate althoughh, in many in nstances, some reduction n in risk mig
ght be
achieved by regular re eviews and innterventions over the life of the projecct.
External risks are thin
ngs such as the political situation in tthe project re
egion, metal prices, exchhange
d governmentt legislation. These extern
rates and nal risks are generally ap pplicable to a
all mining projjects.
es the significant project risks for the Eagle Gold project, inclu
Table 26..1 summarize uding the pottential
impacts, and possible
e mitigations
s. A formal review
r of the
e risk likeliho
ood and connsequence ra atings
and pre- and post-m
mitigation rankings was not n conducte ed: this will b
be performe
ed during de etailed
engineeriing.
The typiical risks associated
a with
w open pit mining related to dilution, g geotechnical and
hydrogeoological cond ditions, equip
pment availability and proroductivity, and personne
el productivitty are
generally
y similar to those expected d at similar operations.
o
Although measures to any of these issues have been identiffied and appllied in the FS
o mitigate ma S, risk
identificattion and rev
view of mitig
gations will continue
c to b
be a priorityy during project development,
constructtion and operrations.
Effective Da
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1 2016 26-1
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Table 26.1 Main Proje

ect Risks
Risk Ex
xplanation/Pottential Impact Possible Risk
k Mitigation
The ability
a to achiev
ve the estimate
ed
CAPEX
C and OPPEX costs are
Furth
her cost estimattion accuracy w with
importa
ant elements of o project succe
ess.
deetailed enginee ering as well ass
establlishing an incen ntive-based EP PCM
CAPE
EX and OPEX
If OPE EX increases th hen the NSR ccut- contracct as well as furrther investigattion of
off woould increase and, all else beiing cost red
duction measurres will mitigate e over-
eq
qual, the size off the mineable runs.
resourrce would redu uce yielding fewwer
mineable tonnes.
t
Geootechnical and hydrogeologica
h al
asssessments of pit,
p HLPs and
Some e additional infra
rastructure geotech
infrasstructure stabiliity are importan
nt
workrk is required ass part of detaile
ed
andd if conditions are
a worse than n
designss. Ongoing mon nitoring of slopees will
assumed
a are encountered
e
be cond ducted and ada aptive manage ement
modififications may immpact ore tonne es,
plans utilized as needed.
WR RSA capacity, strip ratio etc.
Engineering Assumptio
ons
Additiionally, crushin ng, HLP and AD DR
plantt performance and a all other un nit
operrations have alll been designe ed Onggoing considera ation of potentiial
using
g engineering analyses
a that a re variannces in engineeering assumptiions
baseed on small butt representative ve d
during detailed engineering .
samp ples that may be b different tha
an
reality
y.
Need tot increase agg glomeration coould
Addditional samplinng, test work an nd
lead toincreased prrocessing costss,
Metallurrgical Recoveriies operatio
onal experience e during the firsst year
and//or changes to the processing g
of opera
ations.
circuit de
esign.
Not seecuring a Poweer
Insufficient power or
o higher cost tto Rent or purchase ad dditional generator
Purchase Agreement in time
support pro
oduction capaccity for on-site power generattion
forr operations
Thhe ability to attrract and retain
compe etent, experienced profession nals
is a ke
ey success facttor for the proje ect. Current manpower market condition ns are
Ability to Attract
A Experien
nced High
H turnover oro the lack of ourable and esttablishing qualility
favo
Prrofessionals appropriate tec chnical and constru
uction and operrations teams sshould
managgement staff att the project coould not be an
n issue.
result in difficulties meeting projecct
goalss.
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 26-2
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26.2 Opportun
O nities
Several opportunities
o have been identified du
uring the FS and merit fu
urther investigation. The main
opportuniities are sum
mmarized in Table
T 26.2.
Table 26.2: Identified Project Opp
portunities
Opportun
nity Ex
xplanation Po
otential Benefitt
he Mineral Res
Th source has not been fully
delineated at Olive and there
re is an
opportunity to expand the miineable
esource.
re
Expansionn of
Mineable At Eagle an nd Olive, there is a Incrreased mine life
e.
Resource
es considerable amount
a of mine
eralized
material
m left in th
he floor and waalls of the
pitts that could be e mined should d the COG
drop as a res sult of lower OPPEX or
increased gold price (in C$ terms),
t
Iff stacking is pe
erformed year-rround (as it is
ncreased produ
In uction may be possible att Kinross’s Fortrt Knox mine ne ear Fairbanks,
Increased
d ba
ased on stackinng the HLPs alll year long Alaska) it wo
ould provide ann additional
Productio
on ratther than seaso
onally for nine months
m of $
$50M-$60M/y iin net revenue although the
the
t year. mine life wo
ould be shortened unless
additionall ore could be d
defined.
Further
F optimiz
zation of the miine plan
Optimize Mine inccluding equipm ment and manpo ower may Improved mining costs and o
or improved
Plan yiield improved results
r in termss of grade g
grade profile
profile, waste
e removal timing, etc.
Contract miniing instead of Owner
O
Contract Mining
M Reduce CAP
PEX (but increa
ase OPEX)
mining.
Currently
C there is
i significant av vailability
of used minning and proces ssing Used and “ne ew-used” equipment offers
equipment
e on th
he market. This s FS has grreat potential to
o reduce equip
pment CAPEX
Used Equ
uipment
on
nly taken advanntage of using low-hour b
but more imporrtantly reduce p procurement
used equipme ent for mining ancillary
a time and engineering costs
ve
ehicles and parrt of the haul trruck fleet.
Source: JD
DS (2016)
Effective Da
ate: September 12,
1 2016 26-3
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27 Recomm
R mendattions
Due to thhe positive, robust
r econo
omics, it is recommende ed to expedieently advancce the Eagle Gold
project to
o construction
n and develo
opment, and then producttion. The reccommended d developmentt path
is to conntinue efforts
s to advance
e key activitties that will reduce or de-risk the project execcution
timeline. Associated project risks are man nageable, aand identified
d opportunitties can prrovide
enhanced d economic value.
v
Value enngineering anda recomme ended fieldwwork should be advancced in prepa aration of project
financing in order to de-risk
d the co
onstruction sc
chedule and minimize or validate costts.
From prooject risks an owing were identified ass critical actio
nd opportunitties, the follo ons that havve the
potential to strengthen
n the project and further reduce risk a and should bbe pursued a as part of the early
project development plan. The costs
c for the
ese activitiess are include
ed in the ove erall initial ccapital
costs desscribed in Section 21.
The cost for the Engin
neering & Pro
ocurement (E
EP) is estima
ated at $7.4M
M.
The cost for the Cons
struction Man
nagement (CM
M) is estimatted at $13.1M
M
Effective Da
ate: September 12,
1 2016 27-1
VI C T OR
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28 Referen
R nces
AVMC (2 2016); Allan V Moran Co onsulting LL
LC, Geologiccal Services, including M
Mineral Reso ource
Estimatio
on for the Ollive Zone by
y Frank Daviiess, and Miineral Resouurce Estimattion for the E
Eagle
Zone by Ravindra K. K Sharma; geological
g services
s sincce Septembber 2011 forr the Eagle Gold
Project
BGC Eng gineering, In
nc., (2012a)) Eagle Goldd Project, Fe
easibility Study Open P
Pit Slope De
esign,
final repo
ort prepared for Victoria Gold Corporation, dated
d January 20 0, 2012.
BGC Engineering, In nc. (2012b), 2011 Geotechnical In
nvestigation for Mine Siite Infrastruccture,
Factual Data
D Report,, January 20
0, 2012.
BGC Engineering, In nc. (2012c),, 2012 Geotechnical In
nvestigation for Mine Siite Infrastruccture,
Factual Data
D Report,, November 30, 2012.
BGC En ngineering, Inc.
I (2012d)), Geotechn
nical Assesssment and Design of tthe Waste Rock
Storage Areas,
A February 23, 201
12.
BGC En ngineering, Inc., (2014) Eagle Gold d Project – Numerical Hydrogeolo
ogic Model, final
report pre
epared for Victoria
V Gold
d Corporation
n, dated Aprril 17, 2014.
Bleiler, L.,
L C. Burn and M. O’DDonoghue (2
2006). Hearrt of the Yu
ukon: a Natu
ural and Cu
ultural
History of
o the Mayo are;
a Village of
o Mayo.
Bond, J.D. (1997). The
T glacial history
h and Placer
P gold potential off the North M
McQuesten River
(116A/1), Dubline Gulch
G (106D//4) and Ken
no Hill (105MM/14) map a areas, Mayoo Mining Disstrict,
Central Yukon;
Y In: LeBarge,
L W.P. and Roo ots, C.F., (e
eds.), 1997; Yukon quaternary Geo ology,
2 Exploration and Ge
volume 2, eological Se
ervices Divission, Northeern Affairs Program, YYukon
Region, p 30-43.
Bond (1998a). Surfficial Geolog gy of North
h McQueste en River, ccentral Yuko
on, NTS 11
16A/1
(1:250,00
00 scale). Ex
xploration an
nd Geological Services Division.
Bond (19
998b). Surficial geology
y of Keno Hill,
H Central Yukon, NTS
S 105M/14; Exploration
n and
Geologic
cal Services Division.
Brown, R.J.E.
R (1979). Permafros
st Distributio
on in the sou
uthern part of the disco
ontinuous zo
one in
Quebec and
a Labrado or, Geograph
hjic Physique at Quatern nerie 33, 279-289.
British Columbia
C Mine
M Waste Rock Pile e Research Committee e (1991), MMined rock and
overburdden piles: innvestigation and desig gn manual, interim guidelines. Piiteau Assocciates
Engineerring Ltd., British Columb
bia Ministry of
o Energy, M
Mines and Pe
etroleum Ressources.
Canadian n Dam As ssociation (2
2007), Dam
m Safety G
Guidelines. Toronto, O
Ontario Can
nada.
http://ww
ww.imis100ca
a1.ca/cda
DFO (2010). Yukon Fisheries
F Infformation Su
ummary Sysstem (FISS); available att:
bitat.rhq.pac
http://hab c.dfo-mpo.qc
c.ca/fiss/dcf0
01.cfm accesssed March 2010.
Environm
ment Canada (1985), Atmospheric
A Environme nt Service, Rainfall fre
equency atla
as for
Canada.
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Governm ment of Canaada (2012). Species

S at Risk
R Act Pub
blic Registry. Accessed: August 30, 2012
from: http
p://www.sara
aregistry.gc.ca/species/s
speciesDetaails_e.cfm?sid=999.
Greer, S.
S (1995). Archaeologic
A cal and Histtoric Sites I mpact Asseessment Du ublin Gulch Mine
Property Final Reporrt; report pre
epared for Hallam
H Knighht Piésold Lttd. on behalff of First Dynasty
Mines Ltd
d; by Sheila Greer, Consulting Anthropologist a nd Archaeollogist, Edmo onton, AB.
Hallam Knight
K Piéssold (1996b). New Milllennium Min ning Ltd., D
Dublin Gulcch Project, 1996
Fisheries
s Survey; pre
epared for Department
D of
o Fisheries and Oceanss Canada, 122 pp.
Hart, C.J
J.R, 2007, Reduced
R inttrusion-relate
ed Au syste ems, in Goo odfellow, W
W.D., ed., Miineral
Deposits
s of Canada:: A Synthesis of Major Deposit
D Typees, District M
Metallogeny, the Evolutiion of
Geologic
cal Province es, and Exp ploration Me ethods: Geo logical Asso ociation of Canada, Miineral
Deposits
s Division, Sppecial Public
cation No. 5,, p. 96-112.
Knight Piésold
P (201
13a). Victoriia Gold Co
orp., Eagle Gold Projecct - Climate
e Baseline Data
Summary y (Ref. no. VA101-290/6
V 6-9), August 2013.
Knight Piésold
P Ltd. (1996a), Report
R on Feasibility Design of the Heap Leach Pad and
Associate
ed Structure
es (Ref No. 1882/4).
1
Knight Piésold
P Ltd. (1996b), Re eport on 19 995 Geotech
hnical Invesstigations Fo
or Four Pote
ential
Heap Leaach Alternattives (Ref No
o. 1882/2).
Krige (19
996), A Prac
ctical Analyssis of the Efffects of Spa
atial Structurre and of Da
ata Available
e and
Accessedd, on Cond ditional Biasses in Ordinnary Kriging g, International Geostattistics Conggress,
Wollongoong, Australiia, 1996, 12 pages
Lorax (20
016). Eagle Gold Clima
ate Baseline Report, pre
epared for V
Victoria Gold
d Corp., Octtober,
2016.
Mayo Hisstorical Society (1999). Gold and Galena:
G AH
History of the
e Mayo Disttrict; compile
ed by
Linda E.T
T. MacDona ald and Lynette Bleiler.
NRCS (1986)
( Natu
ural Resou urces Conse ervation Se
ervice, Unitted States Departmen
nt of
Agriculture, Urban Hydrology forr Small Wate
ersheds, TR--55.
Rocscien nce, Inc., To oronto, Ontario, 2015. Slide 6.035
5, 2-dimenssional limit e
equilibrium sslope
stability analysis
a softtware.
Sitka Corporation (19
996), Field Investigation
n Data Repo rt, Dublin Gu
ulch Project,, New Millen
nnium
Mining.
Stantec (2011a),
( Eaggle Gold Pro
oject, Enviro
onmental Ba seline Repo
ort: Surficial Geology, Te
errain
and Soils
s; prepared for
f Victoria Gold
G Corp., June
J 2011.
Stantec (2011b), Ea agle Gold Project,
P Environmental B
Baseline Re
eport: Clima
ate, prepare
ed for
Victoria Gold
G Corp., March 2012.
Stantec (2012), Eaggle Gold Prroject, Envirronmental BBaseline Da
ata Report: Hydrology 2011
Update, prepared forr Victoria Go
old Corp., Ju
une 2012.
SRK Con nsulting (Canada) Inc. (SRK)
( (2010
0). Geochem
mical Characcterization and Water Quality
Predictio
ons – Eagle e Gold Pro oject. SRK Project Nu umber 1CS S043.000. N November 22010.
Vancouv ver, BC.
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ate: September 12,
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S Y
Tetra Tec
ch, 2012, “H
Heap Leach Facility
F Feas
sibility Desig
gn, Eagle Go
old Project”, February, 2
2012.
U.S. Arm
my Corp of
o Engineers s (USACE) Hydrologicc Engineer Centre (H
HEC), HEC--HMS
Compute
er Program Version
V 3.5 User’s
U Manu
ual, August 2
2010.
Village of Mayo (2006). Integrated
I Communityy Sustainaability Plan. Available
e at
http://ww
ww.infrastructure.gov.yk.ca/pdf/icsp_ accessed July 2010.
_mayo.pdf; a
Wardrop (2012), NI 43-101 Tec chnical Repo ort – Feasib bility Study, Eagle Gold
d Project, Yu
ukon,
prepared
d for Victoria Gold Corp, Effective da
ate of April 0
05, 2013, 4199 pages
Effective Da
ate: September 12,
1 2016 28-3
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29 Units
U off Measu
ure, Ab
bbreviattions an
nd Acro
onyms
Symbol/Ab
bbreviation Descrip ption
' Minute ((Plane Angle)
" Second (Plane Angle) or Inches
° Degree
°C Degreess Celsius
3D Three-D Dimensions
A Ampere
a Annum ((Year)
AA Atomic A Absorption
ac Acre
ADR Adsorptiion-Desorption n-Recovery
AES Atomic E Emission Specctroscopy
amsl Above M Mean Sea Leve el
ANFO Ammoniium Nitrate/Fue el Oil
ARD Acid Rocck Drainage
Au Gold
BD Bulk De nsity
BFA Bench F Face Angles
BTU British T
Thermal Unit
BV/h Bed Vol umes Per Hour
C$ Dollar (C
Canadian)
Ca Calciumm
CBA Coopera ation And Bene efits Agreemennt
CCA Capital CCost Allowance e
CDE Canadia an Developmen nt Expense
CDP Cyanide e Detoxificationn Plant
CEE Canadia an Exploration Expense
CF Cumulattive Frequencyy
cfm Cubic Fe eet Per Minute e
CHP Combine ed Heat And P Power Plant
CIC Carbon--In-Column
CIM Canadia an Institute Of MMining And Me etallurgy
CIM Canadia an Institute Of MMining
cm Centime etre
CM Construcction Managem ment
cm2 Square Centimetre
3
cm Cubic CCentimetre
COG Cut-Off Grades
Cr Chromiu um
CSA Canadia an Securities A Administrators
Cu Copper
CV Coefficieent of Variation
n
d Day
d/a Days pe er Year (Annum m)
Effective Da
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1 2016 29-1
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Symbol/Ab
d/wk Days pe er Week
dB Decibel
dBa Decibel Adjusted
DCS Distributted Control Sysstem
DGPS Differenttial Global Possitioning System
m
dmt Dry Met ric Ton
EA Environm mental Assesssment
EDA Explorattory Data Analyysis
EMR Energy, Mines and Re esources
EP Enginee ering and Procu urement
Enginee ering, Procuremment and Consttruction
EPCM
Manage ement
FEL Front-En nd Loader
FISS Fisheriees Information SSummary Syste em
FOB Free On n Board
FOC Fisherie es and Oceanss Canada
FS Feasibiliity Study
ft Foot
ft2 Square Foot
ft3 Cubic Fo oot
ft3/s Cubic Fe eet Per Second d
g Gram
G&A General And Administrrative
g/cm3 Grams P Per Cubic Metrre
g/L Grams P Per Litre
g/t Grams P Per Tonne
gal Gallon ( Us)
GCL Geosyntthetic Clay Line er
GJ Gigajoulle
GPa Gigapasscal
gpm Gallons Per Minute (US)
GSC Geologiccal Survey of C Canada
GTZ Glacial TTerrain Zone
GW Gigawattt
h Hour
h/a Hours PPer Year
h/d Hours PPer Day
h/wk Hours PPer Week
ha Hectare (10,000 M2)
HCR Haggartt Creek Road
HG High Gra ade
HLP Heap Le eaching Pads
HMI Human Machine Interfface
hp Horsepo ower
HPGR High-Pre essure Grinding Rolls
HPW Highwayys And Public W Works
HQ Drill Corre Diameter Off 63.5 Mm
Effective Da
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1 2016 29-2
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Symbol/Ab
HSE Health, S Safety and Envvironmental
HVAC Heating,, Ventilation, an
nd Air Conditio
oning
Hz Hertz
ICMC Internatiional Cyanide MManagement C Code
ICP Inductive ely Coupled Plasma
ICP-MS Inductive ely Coupled Plasma Mass Sp pectrometry
in Inch
in2 Square Inch
in3 Cubic Innch
IP Internet Protocol
IRR Internal Rate Of Return n
JDS JDS Ene ergy & Mining Inc.
K Hydrauliic Conductivityy
k Kilo (Tho ousand)
KCA Kappes,, Cassiday & A Associates
KE Kriging E Efficiency
kg Kilogramm
kg Kilogramm
kg/h Kilogramms Per Hour
kg/m2 Kilogramms Per Square Metre
kg/m3 Kilogramms Per Cubic M Metre
km Kilometrre
km/h Kilometrres Per Hour
km2 Square Kilometre
KNA Kriging N Neighbourhood d Analysis
kPa Kilopasccal
kt Kilotonnne
kV Kilovolt
KV Kriging V Variance
kVA Kilovolt--Ampere
kW Kilowatt
kWh Kilowatt Hour
kWh/a Kilowatt Hours Per Yea ar
kWh/t Kilowatt Hours Per Ton nne
L Litre
L/min Litres Pe er Minute
L/s Litres Pe er Second
LAN Local Arrea Network
LDD Large-D Diameter Drill
LDRS Leak De etection And Re ecovery Systemm
LG Low Gra ade
LG Lerchs- Grossman
LOM Life Of MMine
m Metre
M Million
m/min Metres P Per Minute
m/s Metres P Per Second
Effective Da
ate: September 12,
1 2016 29-3
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Symbol/Ab bbreviation Descrip ption

m2 Square Metre
m3 Cubic M Metre
m3/h Cubic M Metres Per Hour
m3/s Cubic M Metres Per Seco ond
Ma Million Y Years
mamsl Metres A Above Mean S Sea Level
MAP Mean An nnual Precipitaation
masl Metres A Above Mean S Sea Level
Mb/s Megabyytes Per Second
mbgs Metres B Below Ground Surface
mbs Metres B Below Surface
mbsl Metres B Below Sea Levvel
MCC Motor C Control Centres
mg Milligram m
mg/L Milligram ms Per Litre
min Minute ((Time)
mL Millilitre
Mm3 Million C Cubic Metres
MMER Metal M ining Effluent R Regulations
mo Month
MPa Megapa ascal
MRE Mineral Resource Estim mate
Mt Million M Metric Tonnes
MVA Megavo olt-Ampere
MW Megawa att
MWMT Meteoricc Water Mobilitty Tests
MWTP Mine Wa ater Treatmentt Plant
NAD North Am merican Datum m
NG Normal G Grade
Ni Nickel
NI 43-101 Nationall Instrument 43 3-101
Nm3/h Normal C Cubic Metres P Per Hour
NPVS NPV Sc heduler
NQ Drill Corre Diameter of 47.6 Mm
NRC Natural Resources Canada
OIS Operato or Interface Sta
ations
OP Open Piit
ORE Ore Ressearch And Exp ploration
OREAS Ore Ressearch & Explo oration Assay S
Standards
OSA Overall S Slope Angles
oz Troy Ou unce
P.Geo. Professiional Geoscien ntist
Pa Pascal
PAG Potentia ally Acid Generrating
PEA Prelimin nary Economic Assessment
PEP Project E Execution Plan n
PFS Prelimin nary Feasibility Study
Effective Da
ate: September 12,
1 2016 29-4
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Symbol/Ab
PLC Programmmable Logic C Controller
PLS Pregnan nt Leach Solution
PMF Probable e Maximum Flo ood
ppb Parts Peer Billion
ppm Parts Peer Million
psi Pounds Per Square Inch
QA/QC Quality AAssurance/Qua ality Control
QKNA Qualitatiive Kriging Neighbourhood Analysis
QMA Quartz MMining Act
QML Quartz MMining License e
QMS Quality MManagement S System
QP Qualifiedd Person
QQ Quartile--Quartile
RC Reverse e Circulation
RMR Rock Ma ass Rating
ROM Run-Of--Mine
rpm Revolutiions Per Minute e
RQD Rock Qu uality Designattion
s Second (Time)
S.G. Specific Gravity
SARA Speciess At Risk Act
Scfm Standard d Cubic Feet P Per Minute
SEDEX Sedimen ntary Exhalativve
SG Specific Gravity
SMR South MMcquesten Roa ad
SRK SRK Co onsulting Servicces Inc.
SVOL Search V Volume
t Tonne ( 1,000 Kg) (Mettric Ton)
t/a Tonnes Per Year
t/d Tonnes Per Day
t/h Tonnes Per Hour
TCR Total Coore Recovery
tph Tonnes Per Hour
ts/hm3 Tonnes Seconds Per H Hour Metre Cubed
TSS Total Suuspended Solid ds
US United SStates
US$ Dollar (A
American)
UTM Universa al Transverse M Mercator
V Volt
VEC Valued E Ecosystem Components
VoIP Voice O ver Internet Prrotocol
VSEC Valued S Socio-Econom ic Componentss
w/w Weight/W Weight
WAD Weak-A Acid-Dissociable e
WBS Work Brreakdown Struccture
wk Week
wmt Wet Mettric Ton
Effective Da
ate: September 12,
1 2016 29-5
VI C T OR
R IA G OLD CORP.
C
EAGLE G OLD FEA
S Y
Symbol/Ab
bbreviation Descrip
ption
WRSA Waste R
Rock Storage A
Area
WUL Water U
Use License
YEC Yukon E
Energy Corporaation
Yukon E
Environmental A
And Socio-Eco
onomic Assesssment
YESAA
Act
Yukon E
Environmental A
And Socio-Eco
onomic Assesssment
YESAB
Board
YG Yukon G
Government
μm Microns
μm Micromeetre
Scientific Notation Numberr Equivalent

1.0E+00 1
1.0E+01 10
1.0E+02 100
1.0E+03 1,000
1.0E+04 10,000
1.0E+05 100,0000
1.0E+06 1,000,0000
1.0E+07 10,000,0000
1.0E+09 1,000,0000,000
1.0E+10 10,000,0000,000
Effective Da
ate: September 12,
1 2016 29-6
APPENDIX A
QP CERTIFICATES
PARTNERS IN JJDS Energy & M
Mining Inc.
ACHIEVING Suite 9900 – 999 West Haastings Street
XIMUM
MAX Vancouver, BBC V6C 2W2
RESOURCE t 6604.558.6300
DEVELOPMENT
UE
VALU jdssmining.ca
CERTIFICATE
E OF AUTHOR
R
I, Gordon Do
oerksen, P.En
ng., do hereby
y certify that:
1. I am currently em
mployed as V.P.
V Technica
al Services w
with JDS Energy & Mining Inc. with an office at
Suite
e 900-999 Weest Hastings Street,
S Vanco
ouver, BC, V6
6C 2W2;
2. This certificate ap
pplies to the technical repport titled “NII 43-101 Feaasibility Studyy Technical R
Report for
the Eagle
E Gold Project,
P Yukonn Territory, Canada”,
C with an effective date of Septtember 12, 20 016, (the
“Tec
chnical Reportt”) prepared foor Victoria Go
old Corp. (“thee Issuer”);
m a Profession
3. I am nal Mining Enngineer (P.En
ng. #32273) registered wiith the Assocciation of Proffessional
Engineers, Geolo ogists of British Columbia
a. I am also a registered d Professiona
al Mining Enggineer in
Yukoon Territory. I am a Member of the Ca anadian Instittute of Mining
g and Metallu
urgy and a Reegistered
Memmber of the Soociety of Minin
ng Engineers of the AIME.
I am a graduate of o Montana Tech

T with a B.Sc.
B in Minin
ng Engineerin ng (1990). I h
have been invvolved in
mininng since 1985 5 and have practiced
p my profession
p coontinuously since 1990. I h have held sen nior mine
production and mine
m technicall positions in mining opera ations in Can nada, the US and in Africa a. I have
workked as a cons sultant for over eight years and have p performed mine planning, project mana agement,
cost estimation, scheduling and economic analysis
a work , as a Qualifie
ed Person, foor a significantt number
ngineering stu
of en udies and techhnical reportss many of whiich were located in Latin AAmerica.
I hav
ve read the definition
d of "q
qualified persson" set out iin National Innstrument 43-101 (NI 43-1 101) and
certiffy that by rea
ason of my education, affiliation with a professionall association (as defined in NI 43-
101) and past re elevant work experience, I fulfill the reequirements to be a "qua alified personn" for the
purposes of NI 43 3-101.
ve visited the Victoria Gold Project site on

4. I hav o Septembe
er 22 and 23, 2016;
5. I am responsible for Section numbers 1, 2, 3, 4, 5, 6, 18

8.5, 18.6, 18.7, 18.8, 19, 2
20, 22, 23, 24
4, 26, 27,
28 and 29 of the Technical
T Repport;
m independent of the Issue

6. I am er and related companiess applying all of the tests in Section 1.5 of the
NI 43-101;
4
ve had no prio
7. I hav or involvemen operty that is tthe subject off the Technical Report;
nt with the pro
ve read NI 43
8. I hav 3-101, and the
e Technical Report
R has be
een prepared in compliancce with NI 43--101 and
Formm 43-101F1;
9. As of
o the effectiv he Technical Report and the date of this certificatte, to the best of my
ve date of th
knowwledge, informmation and beelief, this Tech
hnical Reportt contains all scientific and
d technical infformation
that is required to be disclosed
d to make the Technical Re eport not mislleading;
Effective Datte: September 12, 2016

Signing Datee: October 26, 2016
(original sig aled) “Gordon Doerksen, P.Eng.”
gned and sea
Gordon Doerrksen, P.Eng..
VA
ANCOUVER | TORONTO
T | KE
ELOWNA | WHIITEHORSE | YE
ELLOWKNIFE | TUCSON | HE
ERMOSILLO

Mining Inc.
XIMUM
RESOURCE t 6604.558.6300
DEVELOPMENT
UE
VALU jdssmining.ca
CERTIFICATE
E OF AUTHOR
R
I, Dino Pilotto
o, P.Eng., do hereby certify
y that:
m currently em
1. I am mployed as Mine
M Enginee
ering Lead wwith JDS Enerrgy & Mining Inc. with an office at
Suite
e 900-999 Weest Hastings Street,
S Vanco
ouver, BC, V6
6C 2W2;
Report for
the Eagle
E Gold Project,
“Tec
3. I am
m a Profess sional Minin
ng Engineer (P.Eng. #1 14782) regisstered with the Association of
Profeessional Enggineers, Geoologists of Sa
askatchewan . I am also a registered Professiona al Mining
Engiineer in Britis
sh Columbiaa, Alberta, Noorthwest Terrritories and Nunavut. I a
am a graduatte of the
Univ
versity of Brittish Columbiia with a B.S
Sc. in Miningg and Minera al Process E
Engineering ((1987). I
have
e practiced my m professioon continuously since Ju une 1987. I have been iinvolved with h mining
operrations, minee engineering and consu ulting coveri ng a varietyy of commoddities at loca
ations in
North America, South
S Americ
ca, Africa, and Eastern Eu urope.
4. I hav
ve read the definition
d of "q son" set out iin National In
qualified pers nstrument 43-101 (NI 43-1 101) and
certiffy that by rea
ason of my education, affiliation with a professionall association (as defined in NI 43-
101) and past re elevant work experience, I fulfill the re
equirements to be a "qua alified person
n" for the
purposes of NI 43 3-101.
ve visited the Victoria Gold Project site on

5. I hav o May 26, 20
016;
6. I am responsible for
f Section nu
umbers 15 an
nd 16 (except 16.3 and 16..4) of the Tecchnical Reportt;
m independent of the Issue

7. I am er and related companiess applying all of the tests in Section 1.5 of the
NI 43-101;
4
ve had no prio
8. I hav or involvemen operty that is tthe subject off the Technical Report;
nt with the pro
ve read NI 43
9. I hav 3-101, and the
e Technical Report
R has be
een prepared in compliancce with NI 43--101 and
Formm 43-101F1;
10. As of
o the effectiv he Technical Report and the date of this certificatte, to the best of my
ve date of th
knowwledge, informmation and beelief, this Tech
hnical Reportt contains all scientific and
d technical infformation
that is required to be disclosed
d to make the Technical Re eport not mislleading;

(original sig
gned and sea
aled) “Dino Pilotto,
P P.Eng
g.”
Dino Pilotto, P.Eng.
VA
ANCOUVER | TORONTO
T | KE
ERMOSILLO

Mining Inc.
XIMUM
RESOURCE t 6604.558.6300
DEVELOPMENT
UE
VALU jdssmining.ca
CERTIFICAT
TE OF AUTHOR
I, Kelly S. McLeod, P. En
ng., do hereb
by certify thatt:
1. I am
m currently emmployed as a Senior Enggineer, Metal lurgy, with JDS Energy & Mining Inc. with an
office
e at Suite 90
00 – 999 Wes
st Hastings Street,
S Vanco
ouver, British Columbia, V
V6C 2W2
Report for
the Eagle
E Gold Project,
“Tec
m a Professio
3. I am onal Metallu
urgical Engineer (P.Eng. #15868) registered with
h the Assocciation of
Profe
essional Eng
gineers, Geollogists of Brittish Columbi a;
4. I havve read the definition of "qualified pe

erson" set ou ut in Nationa al Instrumentt 43-101 (NI 43-101)
and certify that by
b reason of my education, affiliation w with a professsional assocciation (as de
efined in
NI 43-101) and past
p relevantt work experrience, I fulfilll the require
ements to bee a "qualified person"
he purposes of NI 43-101
for th 1. I am indeependent of tthe Issuer an nd related companies app plying all
of the tests in Se
ection 1.5 of NI
N 43-101;
he Eagle Gold Project site;

5. I did not visited th
6. I am responsible for Section 17

1 (except 17
7.2.4 and 17
7.2.6.3 to 17.2
2.6.6) of this Technical R
Report;
ve had no priior involveme

7. I hav ent with the property
p that is the subjecct of this Tecchnical Reporrt;
8. As of
o the effective date of th
his Technicaal Report, to the best of my knowled dge, information and
belie nical Report contains all scientific an d technical iinformation that is require
ef, this Techn ed to be
discllosed to makke the Technical Report not
n misleadin g;
ve read NI 43
9. I hav he Technical Report has been preparred in accord
3-101, and th dance with NI 43-101
and Form 43-101 1F1.
Effective Da
Signing Datee: October 26
6, 2016
(original sig
gned and sea
aled) “Kelly McLeod,
M P.En
ng.”
Leod, P. Eng.
Kelly S. McL
VA
ANCOUVER | TORONTO
T | KE
ERMOSILLO

Allan V Moran Consulting LLC
62463 E. Northwood Rd
Tucson, Arizona, U.S.A. 85739
Phone : 520-403-8318
Email : allan@avmc.us
CERTIFICATE of AUTHOR
I, Allan V. Moran, a Registered Geologist and a Certified Professional Geologist, do hereby certify that:
1. I am currently employed as Manager of Allan V Moran Consulting LLC, an independent

geological consulting company providing services to the mining and mineral exploration industry,
with an office address of 62463 E. Northwood Rd., Tucson, Arizona, USA, 85739.
2. This certificate applies to the technical report titled “NI 43-101 Feasibility Study Technical Report
for the Eagle Gold Project, Yukon Territory, Canada”, with an effective date of September 12,
2016, (the “Technical Report”) prepared for Victoria Gold Corp. (“the Issuer”);
3. I am a Registered Geologist in the State of Oregon, USA, # G-313, and have been since 1978. I
am a Certified Professional Geologist through membership in the American Institute of
Professional Geologists, CPG - 09565, and have been since 1995.
I graduated with a Bachelor’s of Science Degree in Geological Engineering from the Colorado
School of Mines, Golden, Colorado, USA; May 1970.I have been employed as a geologist in the
mining and mineral exploration business, continuously, for the past 45 years, since my graduation
from university. I have read the definition of “qualified person” set out in National Instrument 43-
101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional
association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements
to be a “qualified person” for the purposes of NI 43-101. The Technical Report is based upon my
personal review of the information provided by the issuer. My relevant experience for the
purpose of the Technical Report is:
 Principal Consultant - Geology, SRK Consulting (U.S.) Inc., 2005-2013
 Manager, Exploration North America for Cameco Gold Inc., 1998-2002
 Vice President and U.S. Exploration Manager for Independence Mining Company, Reno,
Nevada, 1990-1993
 Exploration Geologist for Freeport McMoRan Gold, 1980-1988
 Experience in the above positions working with and reviewing resource estimation
methodologies, in concert with resource estimation geologist and engineers, on
exploration, development, and feasibility level gold projects
 As a consultant, I completed several NI 43-101 Technical reports, 2003-2014 relating to
gold deposits in North and South America.
4. I have visited the Victoria Gold Project site on September 22 and 23, 2011, and all day on May
26, 2016;
5. I am responsible for Section numbers 7,8,9,10, 11, and 12 of the Technical Report;
6. I am independent of the Issuer and related companies applying all of the tests in Section 1.5 of
the NI 43-101;
7. I have had prior involvement with the property that is the subject of the Technical Report;
including responsibility for geology, geological modeling, and inputs to the Mineral Resource
Estimate included in the 2012 Feasibility Study completed for the Project by Wardrop; and
geological modeling for unpublished interim resource estimations of the Eagle Zone in 2013, and
the Olive Zone in 2015.
8. I have read NI 43-101, and the Technical Report has been prepared in compliance with NI 43-101
and Form 43-101F1;
9. As of the effective date of the Technical Report and the date of this certificate, to the best of my
knowledge, information and belief, this Technical Report contains all scientific and technical
information that is required to be disclosed to make the Technical Report not misleading;
Effective date: October 26, 2016.

Signing Date: October 26, 2016
(original signed and sealed) “Allan V. Moran, CPG.”
Allan V. Moran, CPG

Kapp
pes, Cassid
C day & Assocciates
7950 Securrity Circle Reeno, Nevadaa 89506
Tellephone: (77
75) 972-75755 FAX: (775)) 972-4567
CERTIFIC CATE OF AUTHOR

I, Carl E. Defilippi, M.S
Sc., C.E.M., do
o hereby certify that
1. I am currently employed ass Senior Engineer for Kapp

pes, Cassida
ay & Associate
es located att 7950
e, Reno, Neva
Security Circle ada 89506;
2. This certificate
e applies to th
he technical re
eport titled “N
NI 43-101 Feasibility Studyy Technical R
Report
or the Eagle Gold Project, Yukon Terrritory, Canada
fo a”, with an e
effective date of Septembe er 12,
20016, (the “Tecchnical Report”) prepared for Victoria GGold Corp. (“th
he Issuer”);
3. I graduated with a Bachelo

or of Sciencee degree in CChemical Eng gineering from m the Universsity of
Nevada
N in 19778 and a Mas
ster of Science degree in M
Metallurgical EEngineering ffrom the Univversity
off Nevada in 1981. I am m a Registerred Member of the Socie ety for Minin ng, Metallurgyy and
Exploration (77
75870 RM) annd have workked as a Metaallurgical Engiineer for 35 yyears;
4. I have read the e definition off “qualified pe

erson” set outt in National Instrument 43 3-101 (“NI 43--101”)
annd certify thatt by reason off my educatio on, affiliation w
with a professsional associa
ation (as defin
ned in
NI
N 43-101) and d past relevan nt work experrience. I fulfilll the requirem
ments to be a “qualified pe erson”
fo
or the purpose es of NI 43-1001.
5. I have
h not visitted the Eagle Gold propertty;
6. I am
a responsib
ble for Section
n 13;
7. I am independ dent of Victoria Gold Corpooration and re

elated compa
anies applying
g all of the te
ests in
seection 1.5 of National
N Instrrument 43-101;
8. I participated in previous Prre-feasibility and

a Feasibility ty Studies on Eagle Gold ffrom 2009 to 2015.
Other
O than that those studie
es, I have had d no prior invo
olvement withh the Eagle Gold Project;
9. As
A of the effec ctive date of this Technica
al Report, to the best of m
my knowledge, information and
beelief, the parrt of the Technical Reporrt for which I am responssible containss all scientificc and
te
echnical inforrmation that is required to be discllosed to ma ake the Technical Reporrt not
misleading;
m
10. I have read Na ational Instrum

ment 43-101 and Form 43 3-101F1, and the Technica
al Report hass been
prrepared in compliance with h that Instrum
ment and Form
m.
Effective Date:
D Septem
mber 12, 2016
6
Signing Date:
D October 26, 2016
original signed
s and sealed
s
Carl E. De
efilippi
Ravindra Kumar Sharma
BMRC
Level 41, Emirates Towers
Phone : +971 509772510
Email : ravi@bmrc-emirates.com
I, Ravindra Kumar Sharma, a registered member of SME and MAusIMM CP, do hereby certify that:
1. I am currently employed as Managing Director and Principal Consultant with Bedrock Mineral
Resource Consulting, an independent geological consulting company providing services to the
mining and mineral exploration industry, with an office address of Level 41, Emirates Towers,
Dubai, UAE.
3. I am a Geologist and Registered member of SME (4042817) member since 2009, and CP
member of AusIMM (991544) since 2007.
I did post-graduation with a Master’s of Science Degree (Msc) in Geology from the Lucknow
University, India; September 1989. I have been employed as geologist in mining and mineral
exploration industry continuously for the past 27 years after my post-graduation from university in
1989. I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43-
101”) and certify that by reason of my education, affiliation with a professional association (as
defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a
“qualified person” for the purposes of NI 43-101. The Technical Report is based upon my
personal review of the information provided by the issuer. My relevant experience for the
purpose of the Technical Report is:
 Geologist and Dy Manager- Resource Geology ACC Ltd, India 1992-2001.

 Chief geologist, Vedanta Resources Zod Gold Mines, Armenia 2001-2005.
 Chief Geologist, Bulyanhulu Gold Mines, Barrick Gold Tanzania, 2005-2007.
 Manager Resource, Tournigan Energy ltd (formerly Tournigan Gold), Denver, Colorado,
USA, June 2007- September-2011.
 Associate Principal Consultant (Resource Geology), SRK, US mining group, October
2011- 2013.
 Managing Director and Principal Consultant- Geology with BMRC since 2011.
 Experience in the above positions working with mineral resource estimation, experience
on exploration, development, and feasibility level gold projects
4. I am responsible for Section numbers 14.1-14.11 and 14.23 of the Technical Report;
the NI 43-101;
6. I have had prior involvement with the property that is the subject of the Technical Report;
including responsibility for geological modeling and unpublished interim resource estimations of
the Eagle Zone in 2013.
and Form 43-101F1;
Effective date: September 12, 2016

(original signed and sealed) “Ravindra Kumar Sharma, MAusIMM(CP), RM-SME.”

(Ravindra Kumar Sharma)
SME No – 4042817
AusIMM -991544
Frank Daviess
1549 Genesee Vista Rd
Golden, Co 80401
Phone : 303.906.6362
Email : fdaviess@comcast.net
I, Frank Daviess, Registered SME, do hereby certify that:
1. I am currently as an independent geologist providing services to the mining and mineral

exploration industry, with an office address of 1549 Genesee Vista Rd, Golden Colorado.
3. I am a Registered member of the SME. 742250
I have worked as a geologist for a total of 40 years since my graduation from university and I
have specialized in the estimation, assessment and evaluation of mineral resources since 1975. I
am qualified as a competent person for the resource estimation of many commodities under the
JORC/CIM guidelines.
I have not visited the Victoria Gold Project site.
4. I am responsible for Section numbers 14.14 through 14.23 of the Technical Report;
the NI 43-101;
6. I have had no prior involvement with the property that is the subject of the Technical Report.
and Form 43-101F1;
Effective date: September 12, 2016

(original signed and sealed) “Frank Daviess RM SME.”
Frank Daviess RM SME

CERTIFICATE OF QUALIFIED PERSON
I, W. Neil Brazier, P.Eng., of Richmond, BC, do hereby certify that:
 I am currently a Principal with W.N. Brazier Associates Inc. with a business address at #8–
3471 Regina Ave., Richmond, BC.
 I am a graduate of the University of Saskatchewan (B.Sc. Electrical Engineering, 1969) and I
have practiced my profession continuously since graduation.
 I am a member in good standing of the Association of Professional Engineers and
Geoscientists of British Columbia (#8337). I am a member in good standing of Association of
Professional Engineers of Yukon #1931 and have a Permit to Practice # PP295.
 I am a “Qualified Person” for purposes of National Instrument 43-101 (the “Instrument”).
 This certificate applies to the technical report titled “NI 43-101 Feasibility Study Technical
Report for the Eagle Gold Project, Yukon Territory, Canada”, with an effective date of
September 12, 2016, (the “Technical Report”) prepared for Victoria Gold Corp. (“the Issuer”).
 My relevant experience includes design engineering, estimating, construction supervision,
and commissioning of a large number of diesel and combustion turbine power plants, high
voltage transmission lines, substations and plant power and control systems for mining
applications.
 I have visited the Victoria Gold Project site from May 25 to 27, 2016.
 I am responsible for Sections 18.4.1, 18.4.2, 18.4.3 & 18.4.4, and for capital costs
estimates related to these sections.
 I am independent of the Issuer and related companies applying all of the tests in Section 1.5
of the NI 43-101.
 I have had previous involvement with the property that is the subject of the Technical Report,
having studied power supply options for Victoria Gold Inc. in 2015.
 I have read NI 43-101, and the Technical Report has been prepared in compliance with NI
43-101 and Form 43-101F1.
 As of the date of this certificate, to the best of my knowledge, information and belief, the
technical report contains all scientific and technical information that is required to be
disclosed to make the technical report not misleading.
Effective Date: September 12, 2016

Signing Date: October 26, 2016, 2016 at Richmond, BC
Original signed and sealed by W. Neil Brazier, P. Eng.

CERTIFICATE OF AUTHOR
I, Rui Adanjo, P.Eng., do hereby certify that:

1. I am currently employed as an Electrical Engineer with Allnorth Consultants Limited
with an office at Suite 1200-1100 Melville Street, Vancouver, BC, V6E 4A6;
2. This certificate applies to the technical report titled “NI 43-101 Feasibility Study
Technical Report for the Eagle Gold Project, Yukon Territory, Canada”, with an effective
date of September 12, 2016, (the “Technical Report”) prepared for Victoria Gold Corp.
(“the Issuer”);
3. I am a Professional Engineer (P.Eng.), Association of Professional Engineers and

Geoscientists of BC (APEGBC), Professional Engineer (P.Eng.), Association of
Professional Engineers of Ontario (PEO), Professional Engineer (P.Eng.).
4. I am a graduate Bachelor of Engineering (B.Eng.), Electrical, from the University of

Pretoria, South Africa, and am also hold an Instrument Mechanic Trade Certificate, of
Industrial Instrumentation and Process Control, from the , Department of Manpower,
South Africa, I have more than 19 years of experience as an Electrical Engineer with
four years hands-on experience in the instrumentation field. My technical experience
ranges from industrial power, control and instrumentation in a variety of processes
which include bulk material handling, mine mills, batch brewing and others. My
engineering experience includes operational maintenance, detail design and site
commissioning environments. In addition, I am experienced in overall project
management and project support in discipline lead roles and discipline assistance with
feasibility, conceptual and detail design projects.
I have read the definition of "qualified person" set out in National Instrument 43-101
(NI 43-101) and certify that by reason of my education, affiliation with a professional
association (as defined in NI 43-101) and past relevant work experience, I fulfill the
requirements to be a "qualified person" for the purposes of NI 43-101.
5. I have not visited the Victoria Gold Project site.;
6. I am responsible for Section numbers 18.4.5 and 18.4.6 of the Technical Report;
7. I am independent of the Issuer and related companies applying all of the tests in
Section 1.5 of the NI 43-101;
8. I have had no prior involvement with the property that is the subject of the Technical
Report;
1200-1100 Melville Street, Vancouver, BC V6E 4A6 Phone: 604-602-1175

allnorth.com Allnorth allnorth.com allnorth.com
Page 1
9. I have read NI 43-101, and the Technical Report has been prepared in compliance with
NI 43-101 and Form 43-101F1;
10.As of the effective date of the Technical Report and the date of this certificate, to the
best of my knowledge, information and belief, this Technical Report contains all
scientific and technical information that is required to be disclosed to make the
Technical Report not misleading;

(original signed and sealed) “Rui Adanjo, P.Eng.”
Rui Adanjo, P.Eng.

Page 2
I, Farhad Riahi, P.Eng. do hereby certify that:

1. I am currently employed as Sr. Structural Engineer with Allnorth Consultants Limited
with an office at Suite 1200-1100 Melville Street, Vancouver, BC, V6E 4A6;
2. This certificate applies to the technical report titled “NI 43-101 Feasibility Study
Technical Report for the Eagle Gold Project, Yukon Territory, Canada”, with an effective
date of September 12, 2016, (the “Technical Report”) prepared for Victoria Gold Corp.
(“the Issuer”);
3. I am a Professional Engineer (P.Eng.), Association of Professional Engineers and

Geoscientists of BC (APEGBC), Professional Engineer (P.Eng.), Association of
Professional Engineers of Ontario (PEO), Professional Engineer (P.Eng.), Association of
Professional Engineers and Geoscientists of AB (APEGA), and Iranian Engineers
Organization, Registered Professional.
4. I am a graduate Bachelor of Science (B.A.Sc.), Structural Engineering, Tehran University,

Tehran Iran, 1984. Master of Science (M.Sc.), Structural Engineering, Tehran University,
Tehran Iran, 1986. I have training in the following: Concrete Structures, 1999,
Behaviour of Timber Structures, 1999, Dynamic Structures, 1999, Bridge Design and
Construction, 1999 and Reliability and Structural Safety, 1999. I am a Senior Structural
Engineer with over 30 years of experience in the mining, forestry and heavy industrial
building sector. My areas of expertise include the analysis and design of many light
and heavy steel and concrete structures.
I have read the definition of "qualified person" set out in National Instrument 43-101
(NI 43-101) and certify that by reason of my education, affiliation with a professional
association (as defined in NI 43-101) and past relevant work experience, I fulfill the
requirements to be a "qualified person" for the purposes of NI 43-101.
5. I have visited the Victoria Gold Project site on May 26, 2016;
6. I am responsible for Section numbers 18.1, 18.2 and 18.3 of the Technical Report;
7. I am independent of the Issuer and related companies applying all of the tests in
Section 1.5 of the NI 43-101;
8. I have had no prior involvement with the property that is the subject of the Technical
Report;
9. I have read NI 43-101, and the Technical Report has been prepared in compliance with
NI 43-101 and Form 43-101F1;

Page 1
10.As of the effective date of the Technical Report and the date of this certificate, to the
best of my knowledge, information and belief, this Technical Report contains all
scientific and technical information that is required to be disclosed to make the
Technical Report not misleading;

(original signed and sealed) “Farhad Riahi, P.Eng.”
Farhad Riahi, P.Eng.

Page 2
SRK Connsulting (U.S.) Inc.
1125 17thh Street, Suite 600
Denver, C
Colorado
80202
@srk.com
denver@
www.srk..com
Tel: 30
03.985.1333
Fax: 30
03.985.9947
CER
RTIFICATE OF
O QUALIFIE
ED PERSON
Michaell Levy, P.E., P
P.G.
I, Michael E Levy, P.E., P.G

G., do hereby certify
c that:
1. m a Professiona
I am al Engineer, em
mployed as a Principal
P Geoteechnical Engine
eer with SRK C
Consulting (U.S
S.), Inc.
h an office at Suite 600, 1125 17th Street, De
with enver, CO, 802
202.
2. This
s certificate applies to the tec
chnical report titled “NI 43-101
1 Feasibility Stu
udy Technical Report for the Eagle
Gold Project, Yuko on Territory, Caanada”, with ann effective date
e of Septemberr 12, 2016, (the
e “Technical Re eport”)
prepared for Victooria Gold Corp. (“the Issuer”);
3. I am
m a registered Professional
P Engineer in the states of Colorrado (#40268), California (#70
0578) and Arizzona
(#61372) and a re egistered Profes
ssional Geologgist in the state
e of Wyoming (#
#3550). I am a current memb ber of
the International Society
S for Rock Mechanics (ISRM) and the American Socciety of Civil En ngineers (ASCE E).
ceived a bache
I rec elor’s degree (B
B.Sc.) in Geolo
ogy from the Un niversity of Iow
wa in 1998 and a Master of Sccience
deggree (M.Sc.) in Civil-Geotechn nical Engineerin
ng from the Unniversity of Coloorado in 2004. I have practice
ed my
proffession continuuously since Maarch 1999 and have been invvolved in a vari ety of geotechn nical projects
speecializing in adv
vanced analyse es and design of
o soil and rockk slopes.
4. I ha
ave visited the Eagle
E Project site
s on May 26, 2016.
5. I am f preparation of sections 16.3 and 16.4 of the Technical R
m responsible for Report.
6. I am
m independent of the Issuer and
a related com
mpanies applyin
ng all of the tessts in Section 1
1.5 of the Natio
onal
Insttrument 43-101
1;
7. I ha
ave had no prio
or involvement with the properrty that is the ssubject of the T
Technical Repo
ort;
8. I ha
ave read the de
efinition of "qua alified person" set
s out in Natio onal Instrumentt 43-101 (NI 43 3-101) and certtify that
by reason
r of my education,
e affilia
ation with a pro
ofessional assoociation (as deffined in NI 43-1
101) and past rrelevant
worrk experience, I fulfill the requ uirements to bee a "qualified pe
erson" for the p
purposes of NI 43-101.
9. I ha
ave read NI 43--101, and the Technical
T ort has been prrepared in compliance with NI 43-101 and F
Repo Form 43-
101F1.
10. As of
o the effective
e date of the Teechnical Reportt and the date o ate, to the best of my knowled
of this certifica dge,
info
ormation and be elief, the Techn
nical Report co
ontains all scien
ntific and techn nical information that is required to be
disc
closed to make e the technical report not misle
eading.

2
“Original Signed
S and Sealed”
S
Michael E. Levy, P.E, P.G.
Eagle QP Certificate MLevy

M
Group Offices: Canadian O
Offices: U.S. Offices:
Africa Saskatoon 306.955.4778 Anchorage 907.6
677.3520
Asia Sudbury 705.682.3270 Denver 303.9
985.1333
Australia Toronto 416.601.1445 Elko 775.7
753.4151
Europe Vancouver 604.681.4196 Fort Collins 970.4
407.8302
North America Yellowknife 867.445.8670 Reno 775.8
828.6800
South America Tucson 520.5
544.3688
CERTIFICAT
TE OF AUTHOR
I, Troy L Meyer, P. Eng., do hereby certify

c that:
ontracted as Senior
1. I am currently co S Engin
neer, Geotech
hnical, with D
DOWL with a
an office in M
Montrose,
Colo
orado;
Report for
the Eagle
E Gold Project,
“Tec
m a Professiional Engine
3. I am eer (P.Eng. #2010) regisstered with the Associa
ation of Proffessional
Engiineers of Yuk
kon;
4. I havve read the definition of "qualified pe

erson" set ou ut in Nationa al Instrumentt 43-101 (NI 43-101)
and certify that by
b reason of my education, affiliation w with a professsional assocciation (as de
efined in
NI 43-101) and past
p relevantt work experrience, I fulfilll the require
ements to bee a "qualified person"
he purposes of NI 43-101
for th 1. I am indeependent of tthe Issuer an nd related companies app plying all
of the tests in Se
ection 1.5 of NI
N 43-101;
5. I visiited the Eagle Gold Proje ept 14th throu gh Sept 17thh, 2016.
ect site on Se
6. I am responsible for Section 17.2.4

1 and 17.2.6.3, to 17
7.2.6.6 of thiss Technical R
Report;
ve had no priior involveme

7. I hav ent with the property
p that is the subjecct of this Tecchnical Reporrt;
8. As of
o the effective date of th
his Technicaal Report, to the best of my knowled dge, information and
belie
ef, this Techn
nical Report contains all scientific an d technical iinformation that is require
ed to be
discllosed to makke the Technical Report not
n misleadin g;
9. I hav
ve read NI 43
3-101, and th dance with NI 43-101
he Technical Report has been preparred in accord
and Form 43-101 1F1.
Effective Da
Signing Datee: October 26
6, 2016
(original sig
gned and sea
aled) “Troy Meyer,
M P.Eng.”
er, P. Eng.
Troy L Meye
VA
ANCOUVER | TORONTO
T | KE
ERMOSILLO

I, Jay Collins, P.Eng., do hereby certify that:
1. I am currently employed as President of Merit Consultants International (a Division of Cementation

Canada Inc.) with an office at Suite 401-750 West Pender Street, Vancouver, BC, V6C 2T8;
2. This certificate applies to the technical report titled “NI 43-101 Feasibility Study Technical Report for
the Eagle Gold Project, Yukon Territory, Canada”, with an effective date of September 12, 2016, (the
“Technical Report”) prepared for Victoria Gold Corp. (“the Issuer”);
3. I am a Professional Mining Engineer (P.Eng. License #12741) registered in good standing with the
Association of Professional Engineers, Geologists of British Columbia.
I am a graduate of Portsmouth University, UK (Civil/Structural, 1974). My relevant experience is

associated with the project and construction management of mining projects around the world. I am a
“Qualified Person” for purposes of National Instrument 43-101 (the “Instrument”). I have read the
definition of "qualified person" set out in National Instrument 43-101 (NI 43-101) and certify that by
reason of my education, affiliation with a professional association (as defined in NI 43-101) and past
relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of NI 43-
101.
4. I have visited the Victoria Gold Project site on August 22 and 23, 2011;
5. I am responsible for Section numbers 21 and 25 of the Technical Report;
6. I am independent of the Issuer and related companies applying all of the tests in Section 1.5 of the
NI 43-101;
7. I have had no prior involvement with the property that is the subject of the Technical Report other than
to contribute to the 2012 Feasibility Study in the same manner as the contribution to this update;
8. I have read NI 43-101, and the Technical Report has been prepared in compliance with NI 43-101 and
Form 43-101F1;
knowledge, information and belief, this Technical Report contains all scientific and technical information
that is required to be disclosed to make the Technical Report not misleading;

(original signed and sealed) “Jay Collins, P.Eng.”
Jay Collins, P.Eng.

VANCOUVER | TORONTO | KELOWNA | WHITEHORSE | YELLOWKNIFE | TUCSON | HERMOSILLO

Eagle Gold Project Yukon

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V I C T OR

4.3 Mining Rights............................................................................................................................... 4-14

13.1.1 Pre-2012 Me etallurgical Teest Work ............................................................................................... 13-1

15.1.7 Mine Design ................................................................................................................................ 15-6

18.1 General Site Arrangement .......................................................................................................... 18-1

25.1.3 Execution Sttrategy ...................................................................................................................... 25-4

Table 14.22: Lithologic/O Oxidation/Alte eration Modell Types......................................................................... 14-13

Table 17.1: Process De esign Criteria a ........................................................................................................... 17-6

Figure 16.13: Eagle De eposit Annuall Map Year 9 .................................................................................... 16-11

A total of 1,884 koz off gold will be recovered over

A propertty location map is provide

Figure 1.1: Property Location

Sulphidess account foor less than 5% of vein material

Compare ed to Eagle, the

The Olivee Zone had been

A summa ary of explorration drilling

Table 1.1: Summary of

Table 1.2: Summary of

Field Gold Recoverry

The MRE E has been classified

The currrent Eagle Mineral

The curre ent Olive in-p

Ore Diluted Gold Grade Contained Go

Ore Diluted Gold Grade Contained Go

The mine eral reserve estimations

B 16/10/19 ISSUED FOR FEASIBILITY UPDATE JLC NV

CLIENT NO: # DRWN: JLC DATE: 16/10/19

DWG NO: REV:

The varioous pit designns for the pro

Mining will begin in Year

In order to minimize haul distances, Eagle waste

The proc w be located near th

A gold production model was deveeloped to preedict the gold

Gold inve entory in soluution, carbon

On Octob ber 17, 2011, Victoria Gold

 Prommote effective and efficient communica ation between

The initial capital costt estimate is $370M and the

Table 1.11: Summary

Unit Cost Unit Cos

The parameters used in the econo a the resul ts are shown

Parameterr Unit Value

Sensitivityy analyses were

Table 1.14: Sensitivities Analyses

The mos st significant potential ris

Kappes, Cassiday & Associates

DOWL Engineering (DOWL)

QP visits to the Eagle

The QPs used their experience to o determine iff the informa

Table 4.1: Mineral Ten

Regulation Type Claim Name Grant Number Exp

Regulation Type Claim Name Grant Number Exp

Regulation Type Claim Name Grant Number Exp

Regulation Type Claim Name Grant Number Exp

Regulation Type Claim Name Grant Number Exp

Regulation Type Claim Name Grant Number Exp

Regulation Type Claim Name Grant Number Exp

Regulation Type Claim Name Grant Number Exp

Regulation Type Claim Name Grant Number Exp

Regulation Type Claim Name Grant Number Exp

Regulation Type Claim Name Grant Number Exp

Figure 5.1: Typical La

In 2006, Wardrop Engineering

Figure 6.1: Existing Site

7.2 Regional Geology