Monument Bay (Au)

LOCATION: Manitoba, Canada
OPERATOR: Yamana Gold Inc.

In June 2015, Yamana acquired Mega Precious Metals Inc. and the Monument Bay property, which is located in Manitoba, approximately 570 km northeast of Winnipeg adjacent to the Ontario border. Monument Bay consists of 136 contiguous claims and hosts a Measured and Indicated Mineral Resource base of 1.79 million ounces of gold in 36.6 million tonnes grading 1.52 g/t. Franco-Nevada holds a 2% NSR royalty on the first 1.0 million ounces produced and a 3% NSR on any additional production. In September 2018, Yamana signed an Exploration Agreement with Red Sucker Lake First Nations in relation to the Monument Bay exploration site. Mineral Resources for Monument Bay demonstrate a large mineralized envelope with higher grade plunging mineralized shoots that continue at depth. In 2020, Yamana focused on exploring these high-grade extensions and on targets surrounding the Twin Lakes shear zone, an area believed to host considerable opportunities for resource expansion. The Twin Lakes deposit was originally being considered as an open-pit operation but is now being re-evaluated as an underground project, with internal studies indicating the presence of steeply plunging higher-grade shoots within the open-pit Mineral Resource. Drilling activity in 2020 was impacted by restrictions related to COVID-19, but a 16,000 m exploration program was started back up in late 2020. The initial Phase I component of this exploration program has been completed and was designed to test the down plunge projections of plunging high-grade zones at the Twin Lakes deposit.