Cameron Gold Project (Tier 1)

On June 9, 2016, First Mining Finance Corp. (First Mining") completed the acquisition of the Cameron Gold Project from Chalice Gold Mines Limited. Cameron is an advanced-stage resource project located in the highly mineralized Kakagi Lake Greenstone Belt of the Archean-aged Superior Province located in the southern part of western Ontario, approximately 80 km south-east of the town of Kenora. The project consists of a total of 226 unpatented claims, 24 patented claims (mineral rights only), seven mining licenses of occupation (MLO) and four mining leases for a total land package of 44,853 hectares.

Project Highlights:

  • Advanced stage exploration project
  • Pit constrained (0.55 g/t Au cut-off) Measured and Indicated mineral resources of
    3.5 Mt at 2.45 g/t Au containing 274,000 ounces of gold
  • Pit constrained (0.55 g/t Au cut-off) Inferred mineral resources of
    0.035 Mt at 2.45 g/t Au containing 3,000 ounces of gold
  • Underground (2.00 g/t Au cut-off) Measured and Indicated mineral resources of
    2.0 Mt at 2.90 g/t Au containing 190,000 ounces of gold
  • Underground (2.00 g/t Au cut-off) Inferred mineral resources of
    6.5 Mt at 2.54 g/t Au containing 530,000 ounces of gold
  • Excellent infrastructure including year round road access to the property from a
    highway and powerlines within 20 km
  • Large land package with considerable exploration upside potential


Mineral Resource Classification Open-Pit Constraint Cut-off Au Grade (g/t) Tonnes Au Grade (g/t) Contained Au (oz.)
Measured Mineral Resource Within $1,350 open-pit shell 0.55 2,670,000 2.66 228,000
Indicated Mineral Resource Within $1,350 open-pit shell 0.55 820,000 1.74 46,000
Measured + Indicated 3,490,000 2.45 274,000
Mineral Resource Classification Underground Constraint Cut-off Au Grade (g/t) Tonnes Au Grade (g/t) Contained Au (oz.)
Measured Mineral Resource Below $1,350 open-pit shell 2.00 690,000 3.09 69,000
Indicated Mineral Resource Below $1,350 open-pit shell 2.00 1,350,000 2.80 121,000
Measured + Indicated 2,040,000 2.90 190,000
Total Measured + Indicated 5,530,000 2.61 464,000


Mineral Resource Classification Open-Pit Constraint Cut-off Au Grade (g/t) Tonnes Au Grade (g/t) Contained Au (oz.)
Inferred Mineral Resource Within $1,350 open-pit shell 0.55 35,000 2.45 3,000
Mineral Resource Classification Underground Constraint Cut-off Au Grade (g/t) Tonnes Au Grade (g/t) Contained Au (oz.)
Inferred Mineral Resource Below $1,350 open-pit shell 2.00 6,500,000 2.54 530,000
Total Inferred 6,535,000 2.54 533,000

Notes:

  • See technical report entitled “Technical Report on the Cameron Gold Deposit, Ontario, Canada”, dated effective January 17, 2017, which is available at www.sedar.com under First Mining’s SEDAR profile.
  • The mineral resource estimate is classified as Measured, Indicated and Inferred mineral resources.
  • 2014 CIM Definition Standards were followed for classification of mineral resources.
  • The mineral resource has been estimated using a gold price of US$1,350/oz.
  • The mineral resource was estimated using a block model. Three dimensional wireframes were generated using geological information. The ordinary kriging estimation method was used to interpolate grades into blocks. Blocks were sub-blocked to more accurately reflect the volume of the wireframes.
  • Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is currently insufficient exploration to define these Inferred mineral resources as Indicated or Measured mineral resources and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
  • Numbers may not add due to rounding.