Mineral Reserves and Resources

December 31, 2016
Beaufor Mine Tonnes
(metric)
Grade
(g/t)
Contained
Gold (oz)
Mineral Reserves
Proven and Probable Reserves 203,500 6.86 44,920
Mineral Resources
Measured and Indicated Resources 353,000 7.37 83,700
Inferred Resources 36,000 6.44 7,500
Notes to Mineral Reserves and Resources:
Mineral Resources presented are exclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Estimates are calculated based on a gold price of CAD$1,500 per ounce.

Key Facts and Highlights

Size 5.91 km2 (591 hectares)
Location 25 km northeast of Val-d’Or, Quebec
Ownership 100%
Ore processed 100%-owned Camflo Mill, 50 km away
Mine type underground, using long-hole and room & pillar
Historical production Over 650,000 Au oz since 1996
Over 1,150,000 Au oz over its mine life
2017 Drilling Campaigns 8,000 metres of definition drilling                            
7,000 metres of exploration drilling

Geology

Gold-bearing veins at the Beaufor Mine consist of quartz-tourmaline-pyrite veins, typical of Archean epigenetic lode gold deposits, that cross-cut the Bourlamaque Batholith. Mafic dykes that predate the mineralization are associated with shear-hosted gold-bearing veins. Shallow dipping extensional gold bearing veins are commonly observed at the Beaufor Mine. Shear zones striking N070° and dipping steeply to the southwest, control the opening and gold enrichment of veins.

Maps

Beaufor Photo

History

Intermittent exploration fieldwork has been conducted on the Beaufor property since the 1930s. Following an initial development period, commercial production started in January 1996. In the spring of 2001, Richmont Mines bought 50% of the mining rights of the Perron, Beaufor, Pascalis, Colombière and Courvan properties for CAN $1.8 million. In September 2001, Richmont Mines undertook construction work to secure the crown pillar, and in January 2002, resumed commercial production at the mine jointly with Louvem Mines. The Beaufor Mine has produced gold on an annual basis since then. On June 30, 2010, Richmont became the 100% owner of the Beaufor property, following the Company’s acquisition of the outstanding 30% of Louvem shares not previously owned by Richmont.