Disclosure: T$R was compensated by ESGold to create this report. To preserve some degree of independence aside from payment of C$25,000, ESGold did not provide any guidance on the topic or content. This report was only accessible to ESGold after it was publicly released (see the disclosure & disclaimer at the bottom of this page for additional details).
ESGold: A Deep Dive into its Lucrative
Historical Gold & Silver Resources
For your convenience, all hyperlinks open in a separate browser.
Bottom Line Up Front (BLUF): At present, the market valuation of ESGold is a mere C$13 million. Given the estimated value of its lucrative historical resources and tailings as well as the likely discovery of additional gold and silver mineralization, the commencement of production later in 2025, would be a life-changing event for current investors who possess the right level of conviction, risk tolerance, and patience.
Synopsis
The Montauban property, fully owned by ESGold, contains approximately 1.1 million tonnes of historical resources, with notable grades of 3.6 g/t gold and 29 g/t silver. Despite being classified as historical under NI 43-101 standards, this data is valuable for investors and ESGold, as it indicates the potential for profitable extraction with almost no exploration risks. The property also includes significant surface tailings, which have been deemed highly profitable in a recent Preliminary Economic Assessment (PEA). In addition, there are potential subsurface historical tailings and a conveniently located historical stockpile. With the current value of the historical gold and silver resources estimated to be worth C$847,931,512 using recent metal prices, the market currently undervalues ESGold’s share price, presenting a rare investment opportunity as the company prepares for production in 2025. Overall, the Montauban project is currently positioned to soon become a highly profitable mining operation, thanks to its lucrative historical resources, historical tailings, and its “blue-sky” potential, which will likely result in the discovery of additional mineralization.
Purpose
The purpose of this report is as follows:
- Illustrate the importance of historical resources.
- Highlight the Montauban’s historical resources – historical tailings (surface & subsurface), historical stock pile from 1990 & historical hard-rock resources (gold & silver).
- Analyze the results from the Resource Evaluation Report (2003).
- Calculate the current valuations of the following historical gold & silver resources: North Block 1, South Block 1, historical hard-rock resources (total), historical tailings (surface – PEA), historical tailings (subsurface), historical stockpile & combined totals (tailings, hard-rock resources & stockpile).
- Explain ESGold’s Montauban permits.
- Point out the Montauban’s potential to become one of the lowest-cost gold mines in Quebec.
- Emphasize the outlook for the price of gold & silver as well as their effect on the historical resources.
- Discuss the share structure if the worst-case scenario to put the Montauban into production occurs.
- Highlight the significant value of the Monauban’s historical resources & potential to be life-changing for certain shareholders.
Introduction
Certain historical mining projects possess historical resources. Historical resources are deemed as such as they do not comply with the current NI 43-101 standard. To safeguard investors and establish a uniform standard, stringent regulations govern the disclosure of historical resources.
Despite constraints on the publication of historical resources, the historical data remains a significant asset for both mining corporations and investors.
As an investor, assessing the prospective value of a historical resource depends on various factors, including grade, size, depth, location, deposit type, economic viability of the mineralization, and its potential to be mined. Although the in-situ value of a historical resource is significant, it may remain unexploited, rendering its intrinsic value negligible.
To convert a historical resource into an NI 43-101 compliant resource, a proper drilling program based on the latest NI 43-101 rules is required. The advantage of a historical resource lies in the reduced risk, as a company is aware of the mineralization’s location, eliminating the need for expensive exploration to find mineralization of value.
ESGold’s share price is significantly undervalued due to the market’s lack of understanding of the Montauban’s substantial historical gold and silver resources.
Historical Hard-Rock Resources
ESGold’s wholly owned Montauban property contains approximately 1.1 million tonnes of historical resources, with grades of 3.6 g/t gold and 29 g/t silver.
For additional information regarding ESGold’s tailings, see T$R’s Research Page on ESGold at https://member.tsr-d4.com/esgold/.
Historical Tailings
Surface & Subsurface
In addition to the six historical tailings at surface, there are more historical tailings below the surface. The 2023 Preliminary Economic Report (PEA) examined the five largest piles and found them to be highly profitable despite using much lower metal prices (US$1,750 per ounce gold, US$21 per ounce silver & US$200 per tonne mica).
Government documents estimate that the Montauban property contains more than 2 million tonnes of historical tailings (see image below). A 2009 report prepared for Quebec’s Ministry of Environment estimates it to be approximately 3 million metric tonnes.
During the course of historical underground mining at the Montauban, a substantial quantity of tailings was deposited in the excavated drifts (mine tunnels). Since the 2023 PEA deemed the historical surface tailings to be highly profitable, it is assumed that the subsurface tailings could also be similarly profitable.
Historical Stockpile
In 1990, Muscocho Exploration ceased operations at the mine and decommissioned it in early 1991 due to financial difficulties while it was in the process of putting two other projects into production, which became problematic and were eventually shut down. The Quebec government reportedly ordered the company to properly dispose of the processing mill’s stockpile.
To adhere to the Government of Quebec’s orders, Muscocho Exploration relocated the ready-to-process stockpile inside the mining ramp prior to cementing it shut as part of the mine’s closure. This information originates from an individual who directly conversed with the person responsible for relocating the material, as well as the mining operations manager at the time.
Given Muscocho Exploration’s financial challenges, why did it not process the remaining stockpile before production was halted? The low price of gold in the late 1980s, coupled with its constantly fluctuating value and the fluctuating head grade processed at the mill, resulted in profitability on certain days and losses on others.
Although the quantity of the historical stockpile that was relocated is unknown, a stockpile for such a mining operation generally consists of a 30-day supply.
Based on Muscocho’s last stated processing capability of 355 tonnes per day, a 30-day supply would amount to 10,650 tonnes.
If the information and the 30-day stockpile are correct, there could be an additional 1,113 ounces of gold and 25,735 ounces of silver available for future processing using the last reported grades it was processing in 1988.
“DV89-01 (1988): “The plant operated at a rate of 355 T/d on an annual basis of 339 days, processing a total of 120,051 tonnes of ore (1988: 119,173 T). The average grades at the mill entrance were 3.25 g/T Au and 75.16 g/T. The combined production of all the exploited areas reached 356,176 g of gold and 7,546,695 g of silver.” (Derosier, 2000) Source: GM 58886 hyperlink
Resource Evaluation Report
In 2003, a Resource Evaluation Report on a portion of the historical resources was prepared by Jacques Marchand (P. Eng. & Geo), with an English translation completed in 2010. The applicable sections below are based on the results from the Resource Evaluation Report on the Montauban. hyperlink
The report aimed to calculate the amount of gold and silver present in the surface pillars of the North and South Mines (North and South Zones of the historical resources). Despite the existence of additional historical resources, the resource evaluation concentrated on the North and South Zones due to their grades and the depth of the mineralization. The purpose of this evaluation was to identify the most profitable blocks for a bulk sample program.
Resource Calculations
Using historical drill results, resource calculations were conducted using two separate evaluation methods as follows:
- Extrapolation blocks method: “a manual method using cross sections projected orthogonally on a perpendicular vertical surface.” (Marchand, 2010)
- Interpolation method: “a computer-assisted method using the interpolation of items after orthogonal projection on a horizontal surface.” (Marchand, 2010)
Consult the report for additional details regarding the two approaches. hyperlink
Historical Resource Blocks
While the historical resources have been estimated to be 1.1 million metric tonnes, the report analyzed a total of 681,346 short tons (approximately 618,107 metric tonnes). The evaluation further delineated the region into two specific high-grade zones: North Zone 1 and South Zone 1. In addition to resource calculations for each zone, each zone was further broken down into many small blocks to identify the tonnage and grade of each small.
The overall area is 681,346 short tons (approximately 618,107 metric tonnes) with average grades of 3.66 g/t gold and 58.69 silver. The average thickness of the overburden (material that lies above the mineralization) is only 6.89 metres.
To prevent any misinterpretation, the gold equivalent figures and values in the chart below have been crossed off, as they were last computed based on a gold price of US$900 per ounce and a silver price of US$13 per ounce.
North Zone 1
The North Zone 1 was estimated to contain an indicated mineral resource of 274,000 short tons (approximately 248,569 metric tonnes), with a grade of 2.8 g/t gold and 15 g/t silver. This estimate was based on the extrapolation block method and yields 24,917 ounces of gold and 33,912 ounces of silver. Although the interpolation method was not used due to the structural complexity of this zone and the absence of precise drilling data, the uniformity of the grades in the block allowed for its effective use.
Indicated
248,569 metric tonnes
2.8 g/t gold & 15 g/t silver
24,917 ounces gold
33,912 ounces silver
North Zone 1 Blocks
Notice the grades of gold and silver in the North Zone 1 blocks.
Refer to the chart below for the start and end depths of all the individual blocks in North Zone 1.
A majority of the 274,000 short tons (approximately 248,569 metric tonnes), which encompass 24,917 ounces of gold and 33,912 ounces of silver, is located at the surface as well as near the surface and is extremely shallow.
South Zone 1
In South Zone 1, both the extrapolation and interpolation methods were used.
The South Zone 1 was estimated to contain an indicated mineral resource of 114,473 short tons (approximately 103,848 metric tonnes), with a grade of 6.1 g/t gold and 94 g/t silver. This estimate was based on the extrapolation block method and yields 22,281 ounces of gold and 347,086 ounces of silver.
Using the interpolation method, a measured mineral resource of 123,533 short tons (approximately 112,067 metric tonnes), with a grade of 3.5 g/t gold and 56 g/t silver was estimated to contain 13,915 ounces of gold and 222,974 ounces of silver. Since measured is the highest level of confidence in a mineral resource, it is used for the purpose of this report.
Indicated
103,848 metric tonnes
6.1 g/t gold & 94 g/t silver
22,281 ounces gold
347,086 ounces silver
Measured
112,067 metric tonnes
3.5 g/t gold & 56 g/t silver
13,915 ounces gold
222,974 ounces silver
South Zone 1 Blocks
Several blocks have an average grade over 10 g/t gold (blocks 9, 10, 14, 20, and 23).
Block 23, the largest tonnage block, contains 9,318 short tons (approximately 8,453 metric tonnes) and has an average grade of 17.2 g/t gold and 314 g/t silver. This block commences at the surface.
Block 9, the highest-grade block, contains 1,345 short tons (approximately 1,220 metric tonnes) and has an average grade of 48.8 g/t gold and 390 g/t silver. This block commences at a depth of 4 metres and extends to a depth of 8 metres.
Please glance at the start and end depth of all the South Zone 1 blocks in the following chart.
A majority of the 123,533 short tons (approximately 112,067 metric tonnes) containing 13,915 ounces of gold and 222.,974 ounces of silver literally starts at surface. A mining pick is all that is required to access the mineralization.
Historical Resources
2009 Drilling
In 2009, Excel Mining conducted drilling on the surface pillar of the North Gold Zone.
“A diamond drilling campaign was undertaken from October 3 to November 18, 2009 to sample the surface pillar of the North Gold Zone using a series of short vertical holes along the north-south strike of the main mineralization. A total of 52 holes representing 1,505 metres of diamond drilling were carried out. The best gold intersections were encountered in hole EM-09-27 (7.34 g/t Au over 8.5 metres) and hole EM-09-28 (14.32 g/t Au over 2.58 metres).” (MRB et Associés, 2010) Source: GM65297 hyperlink
Below are examples of the grades that Excel Mining encountered in 2009.
Keep in mind that the following grades are from the North Zone, which had significantly lower gold and silver grades than the South Zone, as depicted in the Resource Evaluation Report.
Potential Economics
North & South Blocks 1
The North and South Blocks 1 have the potential to be excessively profitable to mine.
North Block 1: The entire 248,569 metric tonnes with an average grade of 2.8 g/t gold and 15 g/t silver has a gold equivalent of 2.67 g/t. This represents a value of C$371.66 per tonne.
South Zone Block 1: The entire 112,067 metric tonnes with an average grade of 3.5 g/t gold and 56 g/t silver has a gold equivalent of 4.13 g/t. This represents a value of C$398.35 per tonne.
Block 9, which contains approximately 1,220 metric tonnes, has a gold equivalent of 53.22 g/t and has a value of C$5,133.19 per tonne!
The PEA estimates that the operating cost for the processing of the historical tailings is C$29.35 per tonne.
Although mining the high-grade surface blocks of North and South Blocks 1 involves additional costs, such as the use of dynamite and heavy construction equipment, the processing cost is likely well below C$100 per tonne.
At current metal prices, mining the historical North and South Blocks 1 would be highly profitable, particularly the higher-grade blocks, such as Block 9, which is valued at C$5,133.19 per tonne.
This demonstrates how profitable the Montauban can be when mining the surface and near-surface historical resources as well as any newly discovered high-grade mineralization that is of similar depth.
Potential Values
The calculations of the potential values of the North & South Blocks 1, historical hard-rock resources, historical tailings (surface & subsurface) and the historical stockpile are based on the following assumptions (recent metal prices & exchange rate):
- Gold – US$3000 per ounce
- Silver – US$34 per ounce
- Mica – US$500 per ounce
- Exchange rate – 1.4432 ($US:$C)
The following assumptions were also used to calculate the potential values:
- The surface tailings (PEA) value is the only one that takes into account a recovery rate based on metallurgical test results. For the historical hard-rock resources, an estimated recovery rate of 92% for gold and 77% for silver was used. These recovery rates are the same as the numbers used in the 2023 PEA. Muschoco Exploration’s gold recovery rate at the Montauban was over 90%.
- With the likely exception of South Block 1, the remaining historical hard-rock resources, historical stockpile and the historical subsurface tailings were not subject to a cut-off grade, unlike the historical surface tailings, which underwent a Preliminary Economic Assessment and had a cut-off grade applied.
- Since the author of the Resource Evaluation Report specifically mentioned the extrapolation block method for South Block 1 was considered an indicated mineral resource due to the absence of a cut-off grade, it is assumed that the interpolation block method’s higher confidence measured mineral resource used a cut-off grade as it did not mention an absence of it. The measured mineral resource was used for the calculation of South Block 1.
- Mica is present in all tailings piles from various historical production periods. Mica is presumed to be an integral component of the rocks at the Montauban project. Despite the PEA ‘s recovery rate of 6.2%, all calculations use a mica recovery rate of 5%.
Historical Hard-Rock Resources
North Block 1
"Known"
C$104,309,786
Historical Hard-Rock Resources
South Block 1
"Known"
C$63,851,295
Reminder of the
Historical Hard-Rock Resource
"Known"
C$421,078,660
Historical Surface Tailings (PEA)
"Known"
C$126,643,045
Historical Subsurface Tailings
"Speculative"
C$126,643,045
The Quebec government said there are more than 2 million tonnes of historical tailings, both above and subsurace. The PEA included 923,000 tonnes of surface tailings, which are the largest five of the six tailings. Since the tonnage and grades are unknown and to keep things simple, the same values from the PEA were used as the potential value of the historical subsurface tailings.
Historical Stockpile
"Speculative"
C$5,405,682
Combined Historical Totals
"Speculative" & "Known"
C$847,931,512
Combined Historical Totals
"Known"
C$715,882,785
Since the estimated values of the historical subsurface tailings and the historical stockpile are more speculative due to the unknown tonnage and grades, this provides the estimated value of the “known” historical resources.
The “known” historical resources are the historical surface tailings from the PEA and the historical hard-rock resources, which have known grades and tonnages to estimate their values.
Although the total value of the historical resources is significant, it does not take into account any of the property’s massive “blue-sky” exploration potential that exists at the Montauban which could soon be revealed once the results of the ANT survey are released around mid-April, 2025.
To understand why the ANT survey might provide the golden map to unlock the “blue-sky” exploration potential of the Montauban, please refer to the following article:
ESGold: The ANT Survey & the “Golden” Treasure Map to Unlock the “Blue-Sky” Exploration Potential!
To better understand what the “blue-sky” exploration potential consists of at the Montauban, please refer to the following article:
ESGold: An Undiscovered $3.5M Mining Gem With District Scale Exploration & “Blue Sky” Mining Potential
Certificates of Authorizations
ESGold is fully permitted to process the historical surface tailings at the Montauban.
No new permits are necessary as long as ESGold maintains the mill’s current processing method and configuration. ESGold’s current Certificate of Authorization allows the mill to process gold, silver, and the by-product mica from the mining residues using a gravity separation circuit and a cyanidation circuit.
With a straightforward process for an addendum to one of its Certificates of Authorization, ESGold could do the following upon approval:
- Mine the surface & near-surface historical hard-rock resource of ~1.1 million tonnes.
- Mine any newly discovered gold and silver mineralization on its claims, totaling 13,116 hectares.
- Expand the building up to double its current size of 16,000 square feet.
- Increase production output from 1,000 tonnes/day to 2,000 tonnes/day (requires approval to extend the size of the building).
In the province of Quebec, it is said that the approval of an addendum to a Certificate of Authorization is straightforward as log as a company is in good standing with it.
Previously One of the Lowest-Cost
Gold Mines in Quebec
As a result of the Montauban’s mineralogy, Muscocho’s mining operation at the Montauban was among the lowest-cost gold mines in Quebec.
“The ore is indeed of a low hardness, containing very little quartz. In addition, the gold is in a free state and of a rather coarse grain. Finally, the presence of mica facilitates the filtration of the enriched solution. These properties of the ore, consisting mainly of anthophyllite, cordierite, sillimanite and quartz-biotite gneiss, are an important asset to consider in the gold evaluation of the Grenville. It should be noted that total production costs at Montauban remained at about $40 per tonne (or US$211 per ounce of gold), which is among the lowest gold mines in Quebec.” (Rapport des Représentants Régionaux, 1985) Source: DV 85-02 hyperlink
In a Northern Miner article titled “Investment Comment Lots of upside to Muscocho (27 April, 1987) – Michael Villeneau of the investment firm Morgan Grenfell said the following about Muscocho’s Montauban project: “access to the mine is via ramp and mining has been by the shrinkage stope method. Costs per tonne are exceptionally low, notes Mr Villeneau, and enables the deposit to be cash positive even with relatively low grade. Mill output is 385 tonnes per day with recoveries around 90% using cyanidation and zinc precipitation/” (Staff, N. M., 1987) Source: Northern Miner hyperlink
Given that the Montauban was once among the most economical gold mines in the province of Quebec, which contains the second highest number of gold mines in Canada, it is anticipated that it would regain its status as one of the lowest-cost gold mines when processing the high-grade surface and near-surface hard-rock historical resources.
Outook for the
Prices of Gold & Silver
The forecast for the price of gold as well as silver is bright due to central bank demand, geopolitical uncertainty, inflation fears, economic slowdown, and tariff conflicts.
Gold
Silver
Potential Value if Gold & Silver Increase by an Additional 40%
Since the commencement of 2024, the prices of gold and silver have escalated by around 40% and 35%, respectively. The value of the historical resources is significantly influenced by higher metal prices. With the estimated low production costs at the Montauban, profits would increase with every extra dollar rise in the prices of gold and silver.
Due to the bright outlook for the prices of gold and silver, if the prices rise by an additional 40%, the total value of the all the Montauban’s historical resources is as follows (assuming $US4200 per ounce gold & US$47.60 per ounce silver with the same exchange rate):
C$1,137,553,576
Share Structure
Worst-Case Scenario
Despite the immense value of the Montauban’s historical resources, the company’s share structure also plays a crucial role in maximizing the return on this investment after it succeeds in becoming a gold and silver producer.
ESGold currently has around 54 million shares fully diluted. In the worst-case scenario, putting the Montauban into production would consist of an additional C$8 million of share dilution if it does not use its C$2 million line of credit.
Although the company has repeatedly stated that it is pursuing a C$5 million non-dilutive construction financing, if it does not succeed and must do a dilutive financing at the current stock price of C$0.28 for the C$8 million, the worst-case scenario results in a share structure of less than 100 million shares (which includes a half warrant on the dilutive C$8 million financing). Once in production, the company would be able to self-fund exploration without requiring more share dilution to increase its mineral resources.
Despite this worst-case scenario and the unlikelihood of it happening, the outcome would still result in life-changing returns for some current shareholders with the right level of conviction, risk tolerance, and patience.
Although ESGold has been actively exploring non-dilutive financing options for some time to maximize shareholder value, the company has recently expressed confidence in its ability to secure a non-dilutive option. In December 2024, it was said that site preparation was underway and that gold and silver production was anticipated to begin in the second quarter of 2025. The anticipated commencement of production was revised in a subsequent news release to the third quarter of 2025.
ESGold Accelerates Toward Q2 2025 Gold and Silver Production (link)
Conclusion
The property hosts an estimated 1.1 million tonne historical hard-rock resource with excellent grades of gold and silver that are estimated to be valued at C$589,239,741. Since most of the hard-rock historical resources are at surface or near-surface, they are exceptionally lucrative to mine. Additionally, there are substantial surface historical tailings that have been assessed as highly profitable in a recent Preliminary Economic Assessment and are estimated to be worth C$126,643,045.
Furthermore, the potential for historical subsurface tailings and an easily accessible historical stockpile which are speculatively estimated to be worth approximately C$126,643,045 and C$5,405,682, respectively, offer the possibility of additional revenue.
The Montauban’s historical resources are undoubtedly extremely valuable. The Montauban has the potential to become one of the most profitable gold mining operations in Canada on a per-ounce basis, due to the high grades and shallow depths of the North Zone 1 and South Zone 1 blocks.
Despite being classified as such under NI 43-101 standards, the historical data establishes a strong foundation for future exploration and development, thereby reducing the risks associated with exploration. The data will enable ESGold to quickly leverage the highly profitable surface and near-surface historical resources.
With the current permits in place and likely approval of addendums to its Certificates of Authorizations, ESGold could not be better positioned to capitalize on the value of these resources.
The market’s undervaluation of ESGold’s share price is indicative of a lack of awareness regarding the potential of these historical resources. This presents an exceptional investment opportunity for investors who are confident that the Montauban will be put into production soon and comprehend the significance of its gold and silver historical resources.
ESGold is strategically positioned to leverage the significant value of its historical tailings and historical hard-rock resources, while also leveraging the vast “blue-sky” potential that exists at the project.
At present, the market valuation of ESGold is a mere C$13 million. Given the estimated value of its lucrative historical resources and historical tailings as well as the favorable potential for the discovery of additional gold and silver mineralization, the commencement of production, potentially in 2025, would be a life-changing event for current investors who possess the right level of conviction, risk tolerance, and patience.
To access T$R’s research page on ESGold, please see the following link: (as a heads up, it will be soon receive a big update): ESGold Research Page
To access T$R’s pending & potential catalysts tracker on ESGold, please see the following link: ESGold Catalyst Tracker
Historical Base Metal Resources
During the preparation of this report, T$R uncovered data in historical documents indicating the quantity of historical base metal resources present at Montauban.
While ESGold has not disclosed that historical base metals resources exist at its project, T$R will thoroughly disclose the extent of these resources, including their potential values at current metal prices, in an upcoming report.
SPOILER ALERT: The historical base metal resources are highly valuable and certainly merit exploitation by ESGold at present metal prices. If this occurs, ESGold would become a producer of gold and silver, as well as a producer of one of Canada’s critical minerals.
Citations
Derosier, C. & Malartic-Sud Inc. (2000). Rapport des Travaux d’Exploration Sur Le Project Montauban GM 58886. https://member.tsr-d4.com/wp-content/uploads/2025/02/Montauban-1999-exploration-GM58886.pdf
Marchand, J. (2010). Resource Evaluation Report for DNA Precious Metals. https://member.tsr-d4.com/wp-content/uploads/2025/02/Marchand_Report-english-2-1-1.pdf
MRB et Associés, & Bérubé, J.-P. (2010). Rapport de travaux, sondages au diamant sur la propriété Montauban. In Rapport De Travaux, Sondages Au Diamant Sur La Propriété Montauban. MRB et Associés GM 65297. https://member.tsr-d4.com/wp-content/uploads/2025/02/GM65297-report-EXCEL-GOLD-Rapport-de-travaux-sondages-au-diamant-sur-la-propriete-Montauban.pdf
Muscocho Explorations Limited & D.S.M. Consultants Limited. (1982). GM 42953 MONTAUBAN PROPERTY. https://gq.mines.gouv.qc.ca/documents/examine/GM42953/GM42953.pdf
Rapports des Représentants Régionaux 1984. (1985) DV 85-02. Québec – Ministère de L’Energie et des Ressources. Retrieved February 28, 2025, from https://gq.mines.gouv.qc.ca/documents/examine/DV8502/DV8502.pdf
Staff, N. M. (1987, April 26). Investment Comment Lots of upside to Muscocho – The Northern Miner. The Northern Miner. Retrieved March 2, 2025, from https://secure.northernminer.com/news/investment-comment-lots-of-upside-to-muscocho/1000185586/
References
T$R – ESGold: An Undiscovered $3.5M Mining Gem With District Scale Exploration & “Blue Sky” Mining Potential
T$R – ESGold: The ANT Survey & the “Golden” Treasure Map to Unlock the “Blue-Sky” Exploration Potential!
Exploration Malartic-Sud Inc – Rapport Des Travaux d’Exploration Sur Le Project Montauban – GM 58886 (2000)
Resource Evaluation Report (2010 English – Marchand)
2009 Drilling by Excel Gold Mining
RAPPORTS DES REPRÉSENTANTS RÉGIONAUX 1984 – DV 85-02
Northern Miner – Investment Comment Lots of upside to Muscocho
