Lode Gold working on new geological model for Dingman

Executive Summary

• Lode Gold Resources has initiated a new geological model for its Dingman Gold Project in Ontario, shifting focus from previous open-pit concepts to structurally controlled, higher-grade mineralization suitable for underground mining.
• The company is currently evaluating strategic options to advance the project, including seeking a joint venture partner or pursuing a spinout.
• The updated geological framework aims to better align the project with current gold market conditions and modern underground mining methods, preceding a future NI 43-101 compliant Mineral Resource Estimate (MRE).

Key Details

• Current Resource Estimate: The project currently holds a National Instrument 43-101 resource of 376,000 ounces of gold in the Measured and Indicated categories (using a 0.94 g/t Au cut-off) and 47,000 ounces of gold in the Inferred category (using a 0.71 g/t Au cut-off).
• Geological Shift: The new model focuses on defining shear-hosted gold structures within the Dingman granite and associated alteration zones. These structures are interpreted as continuous mineralized bands approximately 5 to 10 meters in width, which are amenable to underground extraction.
• Strategic Options: Lode Gold is exploring avenues to unlock shareholder value, specifically looking at a joint venture partner or a spinout structure.
• Historical Context: The project was previously evaluated via a Preliminary Economic Assessment (PEA) in 2013, which demonstrated positive economics at a gold price of $1,800/oz using an open-pit concept.
• Technical Basis: The reinterpretation is based on over 22,000 meters of historical diamond drilling and a 2022 NI 43-101 technical report. The approach mirrors the evolution of Lode Gold’s Fremont Gold Project in California, where a shift from open-pit to underground concepts revealed higher-grade potential.
• Future Steps: The company intends to complete a new MRE in accordance with NI 43-101 standards, reviewed by independent qualified persons, which will serve as the foundation for future development studies.
• Tenure Status: The project has a favorable tenure structure with no land or option payments required and no assessment work filings due until 2031.

Notable Quotes

• Jonathan Hill, Director and Chair of the Technical Committee: "The geological model is the critical first step in reevaluating Dingman. By focusing on the structural controls and higher-grade mineralization, we are building a framework that more accurately reflects the geometry and continuity of mineralization. This work will directly inform a future mineral resource estimate aligned with underground mining concepts."