1911 Gold Intersects Significant Grades at L10 Zone, Including 10.73 g/t Au over 8.90 m

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0:15Shaun Heinrichs: In11Gold is executing a district scale strategy at its True North complex in Manitoba, feeding satellite deposits into one centralized permitted mill. The company just drilled eight holes at its L10 zone, confirming a high-grade link to a larger 710-711 zone, including 50.61 grams per tonne gold over 1.6 metres. This drilling is outside of the 2024 mineral resource at True North. 1911 gold is a restart. The company's mill is already running intermittently. Full operations are targeted by year-end pending crusher delivery. CEO is Sean Heinrichs. Sean, welcome to Mining Stock Daily. Hi, Michael.

0:55Thanks for bringing me back on. Good to be here.

0:58Shaun Heinrichs: Let's start with those drill results. The headline was linking L10 with the larger 710-711 zone at depth. Explain the significance. Sure. Look, the significance actually ends up being multiple on this. The most important part about it really is the linking of two of the higher grade zone areas within our current mineral resource estimate, that being our 2024 one. So what we've found now, and part of the way this particular news release was focused, was in and around not just the grade or the results, which were great on their own in terms of width and grade, but also what they told us. We had had three holes in the May news release, which specifically pointed to a possible connection of the 7107 alone, which is our 5.5 gram per ton resource discovered off of level 26.

1:51And the L10 resource, which is I think about 5.1 grams per ton. I put myself on the spot there sitting off of level 16. And the fact that these two might link. And then we went and drilled a number of other holes, and all of which seemed to confirm this link. And now our resource modelers, Carlos and Aldo, are working hard at putting shapes around these to be incorporated in our updated global resource estimate coming later in the year. So this really opens up a big opportunity for us there. L10, just on its own, is really part of, and 710 actually, is part of that first couple of years of production.

2:31So the fact that the resource is held up to the drilling is a great message. The fact that the grade is consistent is a great message. And now more importantly, it looks like we've got a link. So this creates an opportunity to be mining that whole area up and down ramp. So coming up from 26, which is the best way to mine, according to Eric, and also coming down now off of level 26 or level 16. And this is all, again, part of that near term mine plan. So a win for us on multiple fronts. I'm excited to see these updated in that resource. I think you're also going to see a large component of this in that higher confidence resource, the M &I aspect of our resource.

3:12You'll get growth, you'll get quality, and you'll get an area that we're getting into right now.

3:19Shaun Heinrichs: Can you say anything yet in terms of sequencing and then also into this high grade? Is it something that you could see bringing forward or is it still just given its location? Is it something that's out further in the restart? Um, these were always contemplated as part of our first three to four years of production. And even thereafter, I mean, just the 710, 711 itself is a very large zone. So it stays in the mine plan for most of the 11 years projected in the PEA. And now we're obviously we're adding to it. So it's going to be present, uh, in our mine plan quite quickly. Uh, and the reason why it's there early is also because when we built the PEA, we wanted to focus on ultimately on profitability, which meant prioritizing areas based on development access, but also the quality of the resource.

4:10So anything that was higher grade would move up in the mine plan already. So this was already part of our strategy. Now it's just been confirmed by these drill results. And when you look at the sequencing, our focus really over the next six to eight months is on those test mining areas. L-10 is in fact one of those test mining targets already. So it's there. And then 7-10, 7-11 was our next, you know, our third mine crew is going to that area. So by middle of next year, we'll be into that 7-10, 7-11 zone area coming up from level 26.

4:47Shaun Heinrichs: Let's talk about deadlines then for that wireframing and that global MRE. So you've got three rigs running now. A fourth is coming online, I guess, for level 26 rehab, assay pending results. What's a cutoff right now you're looking at in terms of actually getting the drill data into that global MRE? The bulk of the data has already been cut off as at the end of August. We did leave it open on one area because we had some assays coming. So we wanted to leave that open. But Susan, our external resource modeler at Lionsgate, has worked through a number of areas. And then we're just sequentially feeding them over to her as we complete them.

5:30But over 90 % of the area has already been cut off at the end of August. So anything we're doing now is not likely to be captured or won't be captured in this resource. I think for us as a company, given where we're at, you know, as we get through 27 Startup and continue to be a show, you know, show us how this is going to succeed story. uh we'll continue to do resource updates on a very regular basis so anything we miss now look we're not going to have to wait for two years to see what it looks like this time there'll be more resource updates coming in 27 and plus you know as we talked about i think either last time or time before we've got that ogama resource we're not sitting on that we're going to be having updates on that one as well we'll be back in there upgrading and extending that resource so there'll be lots to look at in terms of um the ounces we continue to put on the balance sheet uh on our front.

6:18Shaun Heinrichs: Bottom line for when you do have the global MRE out, what is a story that you wanted to tell Sean? Is it going to be total ounces, district scale CETIS, something else? It's going to be total ounces, to be honest, Michael. And I think what I'm hoping to see and expect to see is an improvement in the grade profile of those ounces. So the areas that we've added, Sam West, Sam So he's sure they're higher grade. I expect to pick up some grade from there. And the fact that we've now expanded 710, 711 and the L10 zone, which were already higher grade areas, should pull up the average of the MRE. And then we will bring Ogama in there.

7:00So there is going to be that district emphasis. But what I really want to message to our shareholders is that this thing has size and is clearly not cut off in any direction at this point. So there's a significant potential ahead. So coming out of that MRE will be a revised mining strategy and mining focus. We want to be coming at it from multiple angles higher up in the mine and looking towards a better production profile as well. So there's logical follow-ons. The key is that it's still open and we're continuing to add, as you said, we've got the three rigs. We'll bring a fourth. We'll bring surface rigs back here within the next month or so and get busy on the mine lease as well as out in the regional.

7:45So we're very actively looking to expand and grow, not just the mine area, but the regional.

7:52Shaun Heinrichs: You had this week an operational update. As noted, True North is a restart. Could you talk about, just generally help us out, frame us for us, Sean. You talked about moving from dewatering into active infrastructure commissioning across the mill. Big picture, where are you regarding where this mill sits right now as you get towards continuous operation? Yeah, that was a big one for us. Obviously, the drilling results is what's going to guide the future of the company. It's what's going to direct our mine plan and our mine team. But the hard work really is happening on the ground at site. I just got back in last night from there, see the results of what people are doing.

8:36The mill looks like it's in great shape. We always hesitated to bring investors around, not because there was anything wrong with it, but because it's dirty, it's run, you've got to look past the grime. uh dave and his team have done an amazing job of fixing it up bringing in new equipment adding a lot of safety features you know to to things that i kind of wonder why i wasn't there before um and have built things that in in there that are now going to optimize the circuit in terms of improving uh recoveries we've got that new oxygen plan in there uh looking outside there and where the crushing building is going to go.

9:16You now see a massive concrete pad, multiple kind of pedestals there waiting for the crushing equipment to come online. Rebar poking out all over the place. It looks a little bit crazy, but things are really coming together. Everybody's working hard on the mill side. And then I just say, look, the other leg of the stool here is the mine, right? You've got the geology, you've got the mill, and then how's the mine team doing? We're active on multiple fronts. I think that should have been obvious in the news release. The mine is a little less hard to put your hands around sometimes in terms of timing.

9:51You're continually running into issues with ventilation as you get into new areas and battling electrical and lead times on components for the underground. But things are really picking up steam there. We're very advanced in a very important escape way, a secondary method of getting out of the mine. uh str is doing an amazing job there we've opened up one of the areas for mining in the hinge ramp now uh we're waiting out for a little bit more direction from the geology team on a couple of targets in the hinge ramp but that's coming here shortly and we'll be mobilizing the mine crews into there and we're in the last stages of completing the hard ducting on level 16 which is critical for airflow uh also reduction of costs uh on that level because you're not running so many fans, I know we'll be able to pick up the development on the L10 and the hinge zone targets, which are our two key test mining slash, you know, bulk sample targets for 2027.

10:49So we're very close to seeing a very active mine crew in two key areas right now here in the next month or so.

10:58Shaun Heinrichs: Sean, we're recording this on Friday, September 18th. You're going to be on your way to the Beaver Creek Precious Metals Summit. It is the start of the travel season. Which shows are you going to be at if investors are going to want to reach out over, you know, before the end of the year? Yeah, we're, like you said, it's the heavy travel season. It's the marathon ahead of us here. We're going to be at Beaver Creek here for most of next week. I'll be joined with both Gary O 'Connor, Eric Vignette, and Suzette Ramturan, and then we're going over to Denver Gold the week after. So we'll be present there with a few of us on site.

11:40And then from there, we'll take a very short break, head to site. We've got some analysts and investors coming to site the first week of October. So I'll be present there. And from there, we're going to a conference in the middle of October. It's the week after it's run by a group called Ignite. It's in Hong Kong. This will be new for us. We've done a lot of pre-meetings, so I feel like I've been marketing very steady for the last six to seven weeks. We've been meeting a lot of people at 6 or 7 p.m. Vancouver time to kind of get there in advance. But we're excited about that one. Following that, we'll be at the one in New Orleans, the New Orleans Investment Conference.

12:22Always happy to be there with Brian Lundin. And then from there, we've got a Manitoba Conference, CCMEC, which is, you know, not a lot of people come for that. but it's actually grown a lot. So we're actually pretty excited about that one because the hometown team in Winnipeg is really behind the project. So we're going to get a lot of enthusiasm and energy out of the people at that conference. And then we're off to Precious Metals Zurich. And from there, I think I take a very short vacation. And then, oh no, we're doing, sorry, we're doing the one in Frankfurt as well. Deutsche Messe, Gold Messe.

12:58I'm ruining that, sorry. Then I take a break. Then I'm back in December. We'll do a bit of marketing, but we've got a site thing we've got to do too in December. So it's a really long season, but it should be pretty exciting. Lots of new things for us ahead. Sean Hendricks, thanks for speaking with Mining Stock Daily. That's great, Michael. Appreciate it. Always happy to come back anytime. The information presented should not be considered investment advice. Mining Stock Daily and its affiliates are not responsible for any loss arising from any investment decision, in connection with the material presented herein.

13:32Please do your own research or speak with a licensed financial representative before making any investment decisions.