First Mining Gold: Duparquet and Quebec

Duparquet and Quebec

Project Overview
Technical Reports

Project Overview:

First Mining owns three projects on the Destor-Porcupine Fault Zone located within the Abitibi Region of Québec, which is one of the world’s most prolific gold producing regions, having yielded almost 200 million ounces of gold. The three projects are:

Duparquet Gold Project (100% interest), which consists of the following claim groups:
- Beattie (100% Interest)
- Donchester (100% Interest)
- Dumico (100% Interest)
- Central Duparquet (100% interest)
Duquesne Gold Project (100% Interest)
Pitt Gold Project (100% Interest)

In addition, First Mining have recently acquired the Porcupine East property located adjacent to the Duparquet property, which forms a contiguous land package with its Pitt and Duquesne properties.

First Mining Gold’s Duparquet and adjacent properties collectively represent one of the top 4 largest undeveloped gold projects in Quebec. Together these properties cover approximately 19 km of favourable strike along the prolific Destor-Porcupine Fault Zone.

The Duparquet Gold Project is a multi-million ounce advanced exploration and mining development asset located in the southern part of the Abitibi sub province, approximately 50 km north of the city of Rouyn-Noranda. The deposit hosts a mineral resource of 3.4 Moz gold in the Measured and Indicated category, and an additional 1.6 Moz Au Inferred Resource, making it one of the largest undeveloped gold projects in North America.

Historically this project produced more than 1.2 Moz of gold for close to 23 years and in the 1930’s Duparquet was the largest gold producer in the province of Quebec. The project has seen a rich history of exploration that has led to advancement and continued exploration opportunities in the geological potential of the project. The Duparquet Project has considerable upside exploration potential that is within a strongly endowed and proven gold producing region, and is host to mineralization that remains open along strike and at depth.

Existing infrastructure at the Project site includes paved provincial highways from Rouyn-Noranda to the south and LaSarre to the north and direct access to Quebec’s hydroelectric power grid. In addition, the near-by communities of Duparquet, Rouyn-Noranda and LaSarre have strong histories of sustainable mining practices.

History:

On April 8, 2016, First Mining completed a business combination transaction with Clifton Star Resources Inc. to acquire the Duquesne Gold Project and a minority interest in the Duparquet Gold Project.

On April 28, 2016, First Mining acquired the Pitt Gold Project from Brionor Resources Inc.

On February 8, 2022, First Mining increased its ownership in the Beattie claims at the Duparquet Gold Project to 25%.

On July 18, 2022, First Mining announced an acquisition to consolidate a 100% interest in the Duparquet Gold Project.

On September 15, 2022, First Mining closed the acquisition of the Duparquet Gold Project.

On January 30, 2023, First Mining, through its wholly-owned subsidiary Mines d’Or Duparquet Inc. (formerly Clifton Star), acquired the Porcupine East property located adjacent to the Duparquet property and connecting the land package to its Pitt and Duquesne properties.

Map showing First Mining’s land tenure in Quebec

Quebec Properties - Mineral Resources*:

Measured and Indicated Resources

Project	Category	Tonnes	Au Grade (g/t)	Contained Au (oz)
Duparquet⁽¹⁾	Measured	183,600	1.43	8,500
Duparquet⁽¹⁾	Indicated	69,022,700	1.55	3,432,100
Duquesne⁽²⁾	Indicated	1,859,200	3.33	199,161
TOTAL	Measured	183,600	1.43	8,500
TOTAL	Indicated	70,881,900	1.59	3,631,261
TOTAL	Total Measured & Indicated	71,065,500	1.59	3,639,761

Inferred Resources

Project	Category	Tonnes	Au Grade (g/t)	Contained Au (oz)
Duparquet⁽¹⁾	Inferred	37,371,900	1.36	1,636,000
Duquesne⁽²⁾	Inferred	1,563,100	5.58	280,643
Pitt⁽³⁾	Inferred	1,076,000	7.42	257,000
TOTAL	Total Inferred	40,011,000	1.69	2,173,643

* General Notes for Above Mineral Resources:

The rounding of tonnes may result in apparent differences between tonnes, grade and contained ounces.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
Inferred Mineral Resources have a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

(1) Notes for Duparquet:

Based on the technical report titled “NI 43-101 Technical Report and Mineral Resource Estimate Update for the Duparquet Project, Quebec, Canada”, which was prepared for First Mining by InnovExplo Inc., dated Octoberber 6, 2022, and which is available under First Mining’s SEDAR profile at www.sedar.com.

(2) Notes for Duquesne:

Based on the technical report titled “43-101 Technical Report Resource Estimate of The Duquesne Gold Property” which was prepared for First Mining by WSP Canada Inc., dated May 25, 2016, and which is available at www.sedar.com under the SEDAR profile for First Mining Finance Corp.
Cut-off grade = 1.0 g/t Au without taking into account the width and no dilution was applied when the horizontal width was 1 metre or less.

(3) Notes for Pitt:

Based on the technical report titled “NI 43-101 Technical Report and Review of the Preliminary Resource Estimate for the Pitt Gold Project, Duparquet Township, Abitibi Region, Quebec, Canada” dated January 5, 2017, which was prepared for First Mining by Micon International Limited,, and which is available under the SEDAR profile for First Mining Finance Corp. at www.sedar.com.
Cut-off grade = 3 g/t Au, Minimum block width = 1.5 metres, Dilution grade = 0 g/t, Capping grade = 35 g/t Au.

2022 Duparquet Mineral Resources, by mining method

Area (Mining Method)	Cut-off (g/t)	Measured Resource			Indicated Resource			Inferred Resource
Area (Mining Method)	Cut-off (g/t)	Tonnage (t)	Au (g/t)	Ounces	Tonnage (t)	Au (g/t)	Ounces	Tonnage (t)	Au (g/t)	Ounces
Open pit	0.4	163,700	1.37	7,200	59,410,600	1.52	2,909,600	28,333,000	1.07	970,400
UG mining	1.5	-	-	-	5,506,900	2.26	399,300	9,038,900	2.29	665,600
Tailings	0.4	19,900	2.03	1,300	4,105,200	0.93	123,200	-	-	-
Total	-	183,600	1.43	8,500	69,022,700	1.55	3,432,100	37,371,900	1.36	1,636,000

Notes to accompany 2022 Mineral Resource Estimate for Duparquet:

The independent and qualified persons for the mineral resource estimate, as defined by NI 43 101, are Marina Iund, P.Geo. and Carl Pelletier, P.Geo., both from InnovExplo. The effective date of the estimate is September 12, 2022.
These mineral resources are not mineral reserves, as they do not have demonstrated economic viability. There is currently insufficient data to define these Inferred mineral resources as Indicated or Measured mineral resources and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category. The mineral resource estimate follows current CIM Definition Standards.
The results are presented in situ and undiluted and have reasonable prospects of economic viability.
In-pit and Underground estimates encompass sixty (60) mineralized domains and one dilution envelop using the grade of the adjacent material when assayed or a value of zero when not assayed; The tailings estimate encompass four (4) zones.
In-pit and Underground: High-grade capping of 25 g/t Au; Tailings: High-grade capping of 13.0 g/t Au for Zone 1, 3.5 g/t Au for Zone 2, 1.7 g/t Au for Zone 3 and 2.2 g/t Au for Zone 4. High-grade capping supported by statistical analysis was done on raw assay data before compositing.
In-pit and Underground: The estimate used a sub-block model in GEOVIA SURPAC 2021 with a unit block size of 5m x 5m x 5m and a minimum block size of 1.25m x 1.25m x1.25m. Grade interpolation was obtained by ID2 using hard boundaries. Tailings: The estimate used a block model in GEOVIA GEMS with a block size of 5m x 5m x 1m. Grade interpolation was obtained by ID2 using hard boundaries.
In-pit and Underground: A density value of 2.73 g/cm3 was used for the mineralized domains and the envelope. A density value of 2.00 g/cm3 was used for the overburden. A density value of 1.00 g/cm3 was used for the excavation solids (drifts and stopes) assumed to be filled with water. Tailings: A fixed density of 1.45 g/cm3 was used in zones and waste.
In-pit and Underground: The mineral resource estimate is classified as Measured, Indicated and Inferred. The measured category is defined by blocks having a volume of at least 25% within an envelope built at a distance of 10 m around existing channel samples. The Indicated category is defined by blocks meeting at least one (1) of the following conditions: Blocks falling within a 15-m buffer surrounding existing stopes and/or blocks for which the average distance to composites is less than 45 m. A clipping polygon was generated to constrain Indicated resources for each of the sixty (60) mineralized domains. Only the blocks for which reasonable geological and grade continuity have been demonstrated were selected. All remaining interpolated blocks were classified as Inferred resources. Blocks interpolated in the envelope were all classified as Inferred resources. Tailings: The Measured and Indicated categories were defined based on the drill hole spacing (Measured: Zones 1 and 2 = 30m x 30m grid; Indicated: Zone 3 = 100m x 100m grid and Zone 4 = 200m x 200m grid).
In-pit and Underground: The mineral resource estimate is locally pit-constrained with a bedrock slope angle of 50° and an overburden slope angle of 30°. The out-pit mineral resource met the reasonable prospect for eventual economic extraction by having constraining volumes applied to any blocks (potential underground extraction scenario) using DSO. It is reported at a rounded cut-off grade of 0.4 g/t Au (in-pit and tailings) and 1.5 g/t Au (UG). The cut-off grades were calculated using the following parameters: mining cost = CA$70.00 (UG); processing cost = CA$11.9 to 17.0; G&A = CA$8.75; refining and selling costs = CA$ 5.00; gold price = US$ 1,650/oz; USD:CAD exchange rate = 1.31; and mill recovery = 93.9%. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
The number of metric tons and ounces was rounded to the nearest hundred, following the recommendations in NI 43 101. Any discrepancies in the totals are due to rounding effects.
The authors are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues, or any other relevant issue not reported in the Technical Report, that could materially affect the Mineral Resource Estimate.