Auriginal estimates 1.39 million inferred gold ounces at Quebec’s Roger project

Auriginal Mining announced an updated mineral resource estimate for the Roger gold-copper deposit in Quebec’s Chibougamau district on October 22. The estimate covers 80.5 million tonnes grading 0.54 grams of gold per tonne, 0.40 grams of silver per tonne and 0.04% copper. It contains 1.394 million ounces of gold, 1.046 million ounces of silver and 70.6 million pounds of copper, all classified as inferred. The estimate’s effective date is September 13, 2026.

The estimate was prepared for the Roger Zone, part of Auriginal’s 100%-owned Roger Project, about five kilometres from Chibougamau. The company described it as a pit-constrained, in-situ estimate for an open-pit scenario. Its base case uses a 0.22 g/t gold cut-off. The pit optimization included a gold price assumption of US$3,750 per ounce and a CAD:US dollar exchange rate of 1.38, among other parameters. Those are model inputs, not realized prices or project revenues.

Auriginal compared the estimate with a 2018 historical estimate prepared for a previous operator. That earlier work reported 297,000 ounces indicated and 159,000 ounces inferred, but it used a 0.45 g/t gold-equivalent cut-off and a US$1,240 gold price. The company says the two estimates are not directly comparable: the new model uses a lower cut-off, a revised geological interpretation and a different confidence classification. The earlier estimate is superseded and is not treated as current mineral resources.

The current estimate uses historical drilling completed from 1979 to 2018, rather than the company’s 2026 drilling. The underlying database included 335 holes and 49,195 samples. Auriginal said its 2026 programs had completed or advanced 14,875 metres across 25 holes outside the resource model, extending the mineralized envelope about 700 metres southwest, 400 metres northeast and more than 150 metres at depth. Those newer results are not included in the September resource estimate.

The company plans to incorporate 2026 drilling and planned 2027 drilling in a subsequent estimate targeted for the second quarter of 2027. It also described the Roger Zone as a porphyry-style gold-copper system associated with felsic intrusions and volcanic rocks, with mineralization remaining open along strike and at depth. The resource statement identifies only inferred material; the classification reflects uncertainty and does not establish mineral reserves or demonstrated economic viability.

The release says the estimate was prepared by independent qualified persons using CIM definitions and guidelines. It reports undiluted, in-situ tonnes for an open-pit scenario, and the underlying model uses a constraining pit shell. The technical report supporting the estimate was expected to be filed on SEDAR+ within 45 days of the announcement.