Project Boreal-03
This is an invented example. It is not a real project and not an offer.
Summary
An invented example of a project at the maiden-resource stage, with a modern resource estimate and its first economic study (a PEA) under way.
The owner is looking for funding to complete the study and permitting work. This listing is illustrative and does not describe a real project.
- Maiden and updated resource under NI 43-101
- Indicated and Inferred categories
- Preliminary economic assessment in progress
- Year-round road and grid power nearby
History. Placeholder: explored intermittently by two previous owners in the 1980s and 2000s. The current owner consolidated the claims and drilled most of the modern holes.
Stage classification
Stage 3: Maiden resource, NI 43-101 estimate, PEA under way
In short: A modern resource under NI 43-101, with Indicated as well as Inferred tonnes, and a first economic study under way. It sits late in stage 3: publishing the PEA is the step that ends it.
What puts it at this stage
- NI 43-101 resource (2025): 8.2 Mt at 1.35 g/t gold Indicated and 11.5 Mt at 1.1 g/t Inferred
- 142 diamond holes for 48,500 m, 85% of it modern, with certified quality control
- Early metallurgy suggesting about 92% gold recovery
What keeps it from stage 4
- The PEA has not yet been published
- Just under 60% of the resource tonnes are Inferred and cannot become reserves without more drilling
- Metallurgy is limited to early bottle-roll and gravity tests
What would move it up
- Publishing the PEA moves it to stage 4
- This deal then funds about 15,000 m of infill drilling, metallurgical and geotechnical work and a pre-feasibility study: about $15M over about 24 months, aiming at the PFS (stage 4 to 5)
What could move it back
- Infill drilling can lower the grade or tonnes, and a weak PEA could leave the project waiting for higher gold prices
Read about stage 3 or see the full stage guide.
- Stage 1: GrassrootsMapping and surface sampling, up to the first drill holes.Prospectors, junior explorers
- Stage 2: Discovery drillingDrilling has intersected mineralization; no resource estimate yet.Junior explorers
- Stage 3: Maiden resourceFrom the first resource estimate up to a published PEA.Few natural funders (the gap)Platform focus
- Stage 4: Resource upgradeFrom the PEA to the PFS: infill drilling upgrades Inferred to Indicated.Few natural funders (the gap)
- Stage 5: Pre-developmentFrom the PFS to the build decision: Measured drilling, the feasibility study, permits and financing.Mid-tier miners, strategic partners
- Stage 6: Development and productionFrom the build decision through construction and ramp-up to an operating mine.Majors, banks, streaming and royalty companies
Location and access
Ontario, Canada · Year-round road to the property
The shaded circle is deliberately imprecise. Exact locations and licence numbers are not published.
- Year-round road to the property
- Grid power line about 15 km away
- Nearest town with services about 60 km by road
The full listing is for registered investors
Create a free account and sign this project's NDA to see the rest of the listing and its data room.
- Screening: ownership, title and encumbrances
- Geology, drilling and resources
- Engineering, studies and reserves
- Permitting
- Deal terms and use of funds
- Verification
Lode Exchange publishes educational material only. Nothing on this site is an offer, solicitation or investment advice. Mineral exploration is high risk and most projects fail; investors could lose all of their capital. Project listings are teasers, not offers, and examples and figures marked illustrative do not describe real projects.
Deal terms on this page are indicative, provided by the owner, and not an offer. Any deal is subject to due diligence and final documentation. The deal calculator uses the reader's own assumptions; its results are illustrations, not valuations by Lode Exchange. Registering interest is not an application to invest.