IRON BUTTE

NEVADA, USA

The Iron Butte Property is located in the Battle Mountain—Eureka trend. The Property covers an area of approximately 1,540 hectares (over 190 claims) and features a well-defined bulk-tonnage epithermal gold and silver system, which outcrops at surface. Past drilling by Homestake, Newmont and Newcrest showed promising indications of gold and silver mineralization. A total of 31,614 m of reverse circulation (RC) drilling has been completed to date. With the oxide cap intact, Angold intends to continue exploration of this promising deposit and to update the historic resource.

IRON BUTTE HIGHLIGHTS

Historical resource of:
606,186 oz at 0.62 g/t Au*

(not a current resource)

Highlight holes:

30.5m at 1.80g/t Au*
24.3m at 1.48 g/t Au*

Favourable earn-in terms

313,899 oz at 0.66 g/t Au
in oxide zone*

(not a current resource)

Battle Mountain Trend

* Click here for more on historical resource sources and qualifying person statement

NORTHERN NEVADA LARGE DEPOSITS

**

The Battle Mountain-Eureka Trend in Nevada hosts large carlin-type gold deposits in excess of 20 million ounces, most notably the operations under joint venture between Barrick and Newmont-Goldcorp, including the Pipeline operation. The region has historic gold production, and current reserves and resources in excess of 100 million ounces. It boasts excellent infrastructure, an experienced mining labour force in a favorable mining jurisdiction.

Angold_004-IronButte_nevada-deposits@3x.

** Click here for sources and term definitions

IRON BUTTE PROPERTY

60 km south of Battle Mountain –
in Lander County, North-Central Nevada

Location

1,544 Ha

Size

Road access from Battle Mountain

Access

606,186 oz at 0.62 g/t Au*
313,899 oz at 0.66 g/t Au*
in oxide zone (non 43-101 compliant)

Highlights

1,344 Ha 100% owned;
200 Ha option to earn 100%
(staged cash and share payments)

Ownership

3% NSR with option
to buy-back 1.5% for $3M USD

NSR

Angold_004-IronButte_property-outline@3x

IRON BUTTE GEOLOGY

Regional Geology

Carlin-type sedimentary rock-hosted gold deposits in Nevada have made the state one of the main gold producers in the world. About 100 Carlin-type deposits are known along two northwest linear trends in north-central Nevada-the Carlin and Battle Mountain-Eureka trends, as well as in two smaller clusters, the Getchell trend and Jerritt Canyon district. Carlin-type gold deposits are typically large and often in excess of +10 million ounces of gold. Mineralization occurs in “Lower Plate” Paleozoic sedimentary rocks along these two major trends.

Observed Mineralization

The Red Ridge and North Zone are the two principal areas of gold mineralization in the project area. The main mineralized zone is on Red Ridge, an EW trending ridge characterized by its intense red color and linear jasperiod outcrops. There are three main types of mineralization all of which consist of fine-grained chalcedonic quartz: (1) White, lamellar to platy veins, (2) dark gray, sulfide-rich veins, and (3) light gray veins. In general, higher grade gold values are associated with more intensely veined zones, however, minor veining can be found throughout the Red Ridge area. In the North Zone, there is a late, NE trending quartz vein with banded chalcedonic to fine- grained crystalline quartz and cockscomb texture.

Property Geology

The targets at Iron Butte are epithermal style veins and Carlin-type mineralization, consisting of gold-bearing quartz veins in rhyolite volcanic rocks and sediments. Gold mineralization has been encountered in drilling over an area of almost 3km in length, parallel to the range-front, and 1.3 km in width. The results of historic drilling indicates that a broad zone of low-grade (0.10-0.50 g/t Au) mineralization surrounds smaller pockets of higher-grade mineralization. Mineralization occurs from surface to an average depth of 160m, with the deepest drill intersection of 250m. This is more a function of the shallow nature of historic drilling, with several drill holes in the Red Ridge area terminating in mineralization, and remaining open at depth. Gold and silver mineralization is strongly controlled by the range-front structures and E-W cross-cutting structures.