BIC Gold Corp

Kouri Gold Project

Project Location

The Kouri Gold Project (“Kouri Project”) is located in north-eastern Burkina Faso, approximately 230 km northeast of the capital city, Ouagadougou.

Project Area
229 sq km

Mineral Resources

01

50 million tonnes at 1.3 g/t containing 2 Moz of Gold (as of October 2020)

02

14% of the resource classified in the Indicated category, representing 310,000 oz at 1.4 g/t of Gold

03

Mineral Resource spread across three key zones: Central, West, and East Lodes

04

Approximately 95% of the total resource is concentrated in the Central Lodes

Table 1: Kouri Mineral Resource Estimate by Resource Categories and Material Types

(October 2020 Mineral Resource Estimate at a 0.5 g/t Gold Cut-off Reported Within Pit Shells)
Material Type	Measured		Indicated		Inferred		Total
Material Type	Tonnes Mt	Gold g/t	Tonnes Mt	Gold g/t	Tonnes Mt	Gold g/t	Tonnes Mt	Gold g/t	Gold Ounces
Oxide	---	---	0.5	1.4	2.7	1.3	3.2	1.3	130,000
Transitional	---	---	0.6	1.2	2.7	1.3	3.4	1.3	140,000
Fresh	---	---	5.9	1.4	38	1.2	43	1.2	1,700,000
Total	---	---	7.0	1.4	43	1.2	50	1.3	2,000,000

Table 2: Kouri Mineral Resource Estimate by Resource Categories and Deposit

(October 2020 Mineral Resource Estimate at a 0.5 g/t Gold Cut-off Reported Within Pit Shells)
Deposit	Indicated			Inferred			Total
	Tonnes Mt	Gold g/t	Gold Ounces	Tonnes Mt	Gold g/t	Gold Ounces	Tonnes Mt	Gold g/t	Gold Ounces
	West	---	---	---	1.5	1.7	80,000	1.5	1.7	80,000
Central	7.0	1.4	310,000	41	1.2	1,600,000	48	1.2	1,900,000
East	---	---	---	0.5	3.2	48,000	0.5	3.2	48,000
Total	7.0	1.4	310,000	43	1.2	1,700,000	50	1.3	2,000,000

Notes for Table 1 and 2:

1. Totals may differ due to rounding to significant figures to reflect the relative uncertainty of the estimate. Round may cause some computational discrepancies. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results.

2. Mineral Resources reported on a dry in-situ basis at a 0.5 g/t Au cut-off and constrained to the limit of an optimised USD 1,900/oz consensus forward Gold price pit shell, based on a gravity/CIL processing route and typical West African open pit mining costs.

3. Reporting cut-off grade within the pit shell was selected by RPM based on the parameters defined by a high level mining study conducted by independent consultants and updated in 2020 plus recent test work by Golden Rim which supports reasonable expectations of processing via carbon-in-leach (CIL) route. The selected economic cut-off grade for the Kouri Mineral Resource was 0.5 g/t Au. It is based on a CIL processing route, assumed metallurgical recoveries of 95%, Base mining cost of USD 3.68/t for fresh waste and USD 4.21/t for ore. Processing, GA and additional (to waste dump disposal) costs of USD 18.80/t and a consensus forward Gold price of USD 1,625/oz.

4. The Statement of Estimates of Mineral Resources has been compiled by Mr David Allmark who is a full-time employee of RPM and a Member of the AIG. Mr Allmark has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code (2012).

5. All Mineral Resources figures reported in the tables above represent estimates at 19 October 2020.

6. Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).

7. The Indicated Mineral Resource was defined within areas of close spaced diamond and RC drilling of equal or less than 50m by 50m, and where the continuity and predictability of the lode positions was good. The Inferred Mineral Resource was assigned to areas where drillhole spacing was greater than 50m by 50m and up to a maximum spacing of 100m by 50m; where small isolated pods of mineralisation occur outside the main mineralised zones, and to geologically complex zones.

Central lodes (1.9 Moz Gold)

3D perspective view

Drill section at 11350m Northing

Project Geology

Located in the Birimian Samira Hill Greenstone Belt.
Crossed by a key splay fault connected to the Markoye Fault System.
The Markoye Fault controls major gold deposits like Kiaka (5.9 Moz), Bombore (5.2 Moz), and Essakane (6.2 Moz).

Mineralisation