The Silver Coin property contains multiple mineralized zones across, many of which were subsumed under a broader zone known as the Main Breccia. This zone is up to 2.5 kilometres in length, 300 metres in width and up to 100 metres in thickness. Mineralization is characterized as epithermal to mesothermal gold-silver with sulfide-bearing breccias. Mineralization is structurally controlled, with strong phyllic wall rock alteration plus silicification. The Snowball, Storm, Kansas, West Kansas, Facecut, 21, 28, 35 zones are some of those subzones that occur within the Main Breccia.

The Silver Coin property is located within the Stewart mining camp between the gold-silver mines, Silbak Premier (104B 054) to the south and Big Missouri (104B 046) slightly to the north. The property lies within the Stewart complex located in the Intermontane tectonic belt, on the western edge of the Stikinia terrane adjacent to the Coast Plutonic Complex. The region contains rocks ranging in age from late Paleozoic to Quaternary. Permian carbonates and Triassic volcanics form the basal units and are overlain by volcanics and sedimentary rocks of the Lower-Middle Jurassic Hazelton Group. Bowser Lake Group sediments of late Jurassic age overlie the Hazelton Group. Late Triassic to early Jurassic intrusive activity was followed by moderate deformation and regional metamorphism in the Cretaceous. Stocks and dikes intruded the region in the early to middle Eocene (Exploration in British Columbia 1988). Three main rock types are exposed at the Silver Coin occurrence: argillites and andesites of the Hazelton Group and granodiorite of the Jurassic Texas Creek Plutonic Suite. The argillite is carbonaceous and thinly bedded with occasional intercalations of black chert and grey lapilli tuff. These black argillites are thought to be east dipping and may be complexly deformed. The andesites lying above the argillites are the principal unit encountered in drifting. They may be the extrusive equivalent of the Premier porphyry dikes (Exploration in British Columbia 1988). Typically, the rock is a pale to dark green andesitic tuff. It varies locally from a fine to medium-grained tuff to a welded ashfall tuff, to a lapilli-stone tuff, to a flow breccia. It is often bleached pale green along fault structures. Both a fine-grained and medium-grained massive andesite were identified with the contact between them often mineralized and silicified. The third rock unit is a porphyritic granodiorite, the Premier porphyry phase of the Texas Creek Plutonic Suite, which contains megacrysts of orthoclase, plagioclase and hornblende within a coarse-grained groundmass. This unit intrudes the other units on the north and to the east of the Anomaly Creek fault. The andesite and porphyritic granodiorite are associated with a subaerial volcanic centre of early Jurassic age centred in the Big Missouri-Premier area. Rocks in the southeastern part of the property are folded about a north to northwest trending axis and are affected by major post-mineral faulting. The Anomaly Creek and North Gully faults are subparallel and arcuate northwest to south trending structures. Faults divide the property into three west dipping (45-60 degrees) segments. Right-lateral oblique slip along the faults does not appear to have significantly offset mineralization except on the Anomaly Creek fault. This local structure is a reflection of a larger regional right-lateral strike-slip shear regime.

There are two styles of mineralization identified: high-sulphide, base metal-rich gold mineralization in the Facecut and 35 zones; and low-sulphide gold-rich mineralization in the Kansas zone. These are consistent with the two main vein types at Silbak Premier (104B 054). The Silver Butte mineralization is commonly spatially related to the contact between a fine-grained and a coarser grained andesite but locally is clearly discordant and occurs both above and below the contact. The surface alteration at Silver Butte is characterized by inner areas of quartz-sericite or pervasive silicification surrounded by chloritic alteration. At depth, pervasive potassium feldspar alteration is associated with the quartz-carbonate stockwork ore zones. Sulphide mineralization occurs in the Facecut zone in a quartz-carbonate stockwork associated with the contact between fine and coarser grained andesites.

The zone geometry is irregular with predominantly subvertical to steep easterly dips. Sulphides comprise 25 per cent or more of the zone and consist of pyrite, chalcopyrite, sphalerite and galena. Mineralized widths of 2 metres and greater are known to extend eastward, downdip, 100 metres to the 750-metre level, where the zone is offset by the Anomaly Creek fault. The zone trends 350 degrees, exhibits sporadic grades to the north and may merge with the 35 zone to the south. Pervasive potassium feldspar alteration is associated with the quartz-carbonate stockwork and envelopes the lenses of massive sulphide mineralization. The mineralization and associated alteration are hosted by the andesitic tuffs which commonly contain less than 2 per cent finely disseminated pyrite. The host rocks, alteration and mineralization in the 35 zone are similar to the Facecut zone and may well be an extension of it. Widths of mineralization are between 2 and 12 metres; known strike length is about 50 metres, trending approximately 350 degrees, with an 80 degree easterly dip. At depth, the 35 zone is offset an unknown distance by the Anomaly Creek fault; it is open to the south. The Facecut and 35 zones have been explored by surface drilling and underground development.

Proven and probable geological reserves in the 35 zone (cut and diluted grades) are 95,998 tonnes grading 65.81 grams per tonne silver, 9.9 grams per tonne gold, 0.32 per cent copper, 0.67 per cent lead and 3.85 per cent zinc (George Cross News Letter No.47, 1991). Reserves calculated for a 50-metre strike length explored by sub-drifting and diamond drillling in the West Kansas zone are 312,700 tonnes grading 3.07 grams per tonne gold (George Cross News Letter No. 97 (May 20), 1994.

Diamond drilling has defined the Kansas zone which is located approximately 150 metres south of the Facecut and 35 zones. It is 200 metres long with widths varying between 1.5 and 13.25 metres. The zone has a 30 degree east dip and a known downdip extension of 100 metres. Minor sphalerite and galena, less than 1 per cent total sulphides, occur in quartz-carbonate veinlets and breccia carrying gold and silver. The fine-grained andesite host exhibits intense silicification and potassium feldspar alteration.

Diamond drilling west of the Gully fault has also outlined the West Kansas zone. The zone is 170 metres long and strikes north with a 60 degree west dip. Drill holes intersected discrete veins with quartz, carbonate, sphalerite and galena; visible native gold is also evident. The andesitic hostrock exhibits weak chloritic alteration.

The Anomaly zone is located to the east of the Anomaly Creek fault. Diamond drilling intersected mineralization in a zone 70 metres long, with a steep easterly dip. Quartz, carbonate and sulphides occur in a distinctly veined zone over a 2-metre true thickness.

A total of 6880 tonnes of ore was mined from development headings at Silver Butte and trucked and processed at the Premier mill outside the town of Stewart. Total gold production from this run was reported to be 69,417 grams of gold (Northern Miner - August 12, 1991). During the period between early May 1991 and early November 1991, 102,502 tonnes of ore were shipped to Westmin's carbon-in-leach mill to produce 929,022 grams of gold and 2,799,064 grams of silver. Production has ceased at the mine with a small amount of reclamation remaining to be done (Northern Miner, January 6, 1992).

In 1993, a total of 283 metres of drifting and raising were completed to test about 50 metres of strike of the Kansas/West Kansas zone. The underground development was driven primarily to provide access for diamond drilling. An aggregate 2647 dry tonnes of this material was milled in two batches through the Westmin Premier mill. A total of 7961 grams of gold were recovered from the test milling (George Cross News Letter No.5 (January 10), 1994).

In 1994, 168 metres of sub-drifting and 3507 metres of underground drilling in 62 holes was completed on the Kansas/West Kansas zone. A total of 1481 tonnes of development material from the sub-drifting was processed through the Premier mill. The in situ undiluted geological reserves for the Kansas/West Kansas zone over 295 metres of strike length are estimated at 1,774,000 tonnes grading 2.2 grams per tonne gold. The higher grade portion is 879,100 tonnes grading 2.86 grams per tonne gold (T. Schroeter, personal communication, 1995).

Tenajon Resources Corp was informed by its joint venture partners, Pinnacle Mines Ltd. and Mountain Boy Minerals Ltd in July 2005 that drill results from recently completed holes continue to extend the Perseverance (new MINFILE occurrence) Kansas zone discovery onto Tenajon's Kansas property.

Aggressive exploration program by Jayden and Mountain Boy occurred Mountain Boy from 2004 to 2008 consisting of surface diamond drilling and trenching 320 holes drilled from surface totalling 50,249 metres, and 84 trenches cut totalling 1,636 metres

Diamond-drill holes 2005-45, 46 and 47 were drilled on the Kansas claim along the strike of the Perseverance-Kansas zone. DDH 2005-46 at minus 60 degrees had an intersection of 3.05 metres grading 56.6 grams per tonne gold and 33.50 grams per tonne silver (Press Release, Tenajon Resources Corp. July 18, 2005). Pinnacle and Mountain Boy can earn up to a 70-per-cent interest in the Kansas claim from Tenajon Resources.

In a 2010 to 2011 Drill program 20,276 diamond-drill holes were completed, primarily as infill between older holes to upgrade current resource.

In 2010, Jayden completed a planned 10 diamond drill program focussing on extending and upgrading lenses of known high-grade gold mineralization within the Main Breccia Zone to the northwest as well as testing additional targets along strike to the south and potential sub-parallel zones to the east. Hole SC17-442 intersected a new high-grade zone at surface and continuity of main zone at depth and Hole SC17-443 intersected a new high-grade zone at surface and a broad westerly extension of the Main Breccia zone at depth Press Release, Jayden Resources, October 12, 2017).

In 2011, Minarco-MineConsult, using a cut-off value of 0.3 gram per tonne gold on the Main Breccia zone, calculated a measured resource of 4,372,225 tonnes grading 1.55 grams per tonne gold, an indicated resource of 19,759,025 tonnes averaging 0.98 gram per tonne gold; and an inferred resource of 32,443,840 tonnes grading 0.78 gram per tonne gold (Assessment Report 32699).

In 2010, Jayden Mineral reported that specific zones from the past work, such as the Snowball, Storm, Kansas, West Kansas, etc., appeared to be higher-grade sections within the much wider and more extensive Main Breccia zone. The most significant mineralization that defines the current resource is hosted within the Main Breccia Zone. It has been traced over a strike length of 2.5 kilometres, a vertical distance of 700 metres and widths varying up to 300 metres and thicknesses up 100 metres. Mineralization is structurally controlled, generally with strong potassic and phyllic wall rock alteration. Secondary enrichment is not a significant component. The mineralized zone consists of intensely fractured andesite tuff with quartz-carbonate veinlets/stockworks containing pyrite, with lesser sphalerite, galena, and, locally, chalcopyrite. Fine-grained native gold/electrum locally occurs within silicified tuff and intensely brecciated and silicified stockwork zones. Most of the intensely silicified breccia stockwork consists of quartz-carbonate that has totally replaced the host rocks. Sulfide content is generally less than 15 per cent consisting of disseminated pyrite with minor sphalerite plus/minus galena. The Main Breccia zone is characterized by elevated gold values greater than 0.2 gram per tonne gold.

Jayden drilled 6 additional holes in 2017 focussed on breccias 550 metres to the northeast of the flagship Silver Coin (Main Breccia) deposit (Press Release, Jayden Resources Jan 16, 2018 and Nov.28, 2017). These results from drill hole SC17-452 have indicated a new high-grade sub-surface gold zone grading 8.63 grams per tonne gold over 7.7 metres, from 16.5 to 24.2 metres, including several higher-grade intervals up to 37.1 grams per tonne gold (Press Release, Jayden Resources, January 16, 2018). This gold bearing structure is hosted in andesite and is characterized by a quartz-sericite-chlorite altered breccia zone exhibiting quartz stringers with visible gold grains, 5-6 per cent sphalerite, up to 1 per cent galena and 7 to 8 per cent pyrite mineralization.

Locally, abundant visible gold has been observed in the Main Breccia zone. Petrographic work indicates that native gold is most abundant in samples rich in sphalerite and galena. Gold occurs as intergrowths with these sulfides in grains. Gold occurs to a lesser degree as inclusions in pyrite or along pyrite grain borders. Gold also occurs as scattered grains in quartz and calcite. Electrum also occurs in this zone, and occasionally, both minerals are present in the same zone.

See MINFILE occurrence Perseverance (104B 394) and Silver Coin (104B 095) for further details.

WORK HISTORY

In 1904, the Big Missouri claim was staked over a large mineral showing on steep bluffs overlooking the Salmon River.

In 1911, an 18.3 metre crosscut was driven towards a large surface showing on the Big Missouri claim. In 1914 a sample taken across a 13.72 metre cut returned 3.42 grams per tonne gold and 205.68 grams per tonne silver (as reported in Assessment Report 32699). In 1915, the crosscut tunnel was extended 6.09 metres. In 1916, a composite sample taken from 120 boulders of a large slide located on the Big Missouri claim gave an average grade of 4.45 grams per tonne gold and 16 grams per tonne silver (as reported in Assessment Report 32699).

In 1930, Buena Vista Mining completed limited trenching on the Big Missouri claim.

In 1939, Buena Vista Mining conducted a surface sampling program on the Missouri claim. A series of surface samples near the west corner the Big Missouri claim returned values averaging 14.39 grams per tonne gold and 11.65 grams per tonne silver across a width of 16 metres (as reported in Assessment Report 32699).

In 1969, Lockwood Survey Corporation conducted an airborne EM and magnetometer survey of the Salmon River Valley.

In 1971, El Paso Mining and Milling Company conducted a soil geochemical survey over the Winer claim.

In 1975, Canex Placer Limited prospected the property area.

In 1978, Consolidated Silver Butte Mines Ltd. prospected and trenched the property. Two previously undiscovered mineralized outcrops were found.

In 1979, Consolidated Silver Butte Mines Ltd. conducted a widespread IP geophysical survey over the property.

In 1980, Esso entered into an agreement to explore the Silver Butte property and completed a soil survey in that year over portions of the Big Missouri, Packers Fraction and Winer claims. A 400 metres by 500 metres soil area was sampled along east-west lines located 100 metres apart. The samples were taken at 25 metres intervals, except in the area overlying the geophysics anomaly, where samples were taken at 10 metres intervals. The samples yielded up to 2.6 grams per tonne gold, up to 27.2 grams per tonne, up to 0.43 per cent lead, and 0.24 per cent zinc. (as reported in Assessment Report 32699).

In 1981, Esso continued surface exploration consisting of geological mapping and sampling.

In 1982, Esso drilled 22 diamond drill holes totaling 1,375 metres and excavated 17 trenches (the total length of the trenches is unknown). The soil survey area was extended and combined with other Esso soil surveys in the Salmon River valley. The combined survey contained approximately 1,720 samples. Lloyd Wilson, an Esso geophysicist, ran an induced polarization survey over the Winer claim. A total of 2 km of lines were surveyed. A chargeability anomaly was measured over heavy mineralization in the Face Cut #2 trench area (Facecut-35 Zone) and near diamond drill holes SB-15 and -16.

In 1983, a total of 1,680 metres of diamond drilling in 14 holes and 210 metres of trenching in 5 trenches was completed. L. Wilson conducted an induced polarization survey over the Anomaly Creek – North Gully fault block. The anomalies detected in 1982, near the Granduc Road (near drill holes SB-15 and -16), were confirmed in the 1983 survey. However, the anomalies decrease rapidly with depth. Downhole resistivity was tested in several holes from the 1982 drill program; namely holes SB-15, -16, -20, -21 and -22. These drill holes showed a poor resistivity contrast down the hole. The possibility of a successful charged potential survey over the Facecut-35 Zone was considered small. The GENIE system was used to conduct an electromagnetic survey over the grid area. No anomalous responses were found.

In 1985, Esso purchased the Kansas Crown granted claim. Subsequently, Tenajon Resources (formerly Tenajon Silver) entered into an option agreement with Esso, whereby Tenajon could earn a 50 per cent interest by spending $1,200,000 over a four-year period.

In 1986, Tenajon drilled 4 surface diamond drill holes totaling 996 metres. Tenajon collared and drove an adit 20 metres in overburden before abandoning it.

In 1987, Tenajon collared an adit and completed 90 metres of drifting. In 1987, Tenajon conducted a surface diamond drill program totaling 3,810 metres in 23 holes. In 1988, Underground drifting and diamond drilling commenced. Surface works including road building, diamond drilling, geological mapping and surveying were completed. Thirty-six underground diamond holes were completed for a total of 3,064 metres and 23 surface diamond holes for a total of 4,443 metres. During 1988 the drift was extended 773 metres on the 810 level with 63.5 metres of crosscut on the Facecut Zone, 39.7 metres of crosscut on the 35 Zone and 17 metres of sub-drift on the Facecut Zone Road construction included 2.9 kilometres of new roads.

In 1989, Tenajon continued the drilling program and drilled 2,826.5 metres in 15 surface holes and 1,510.4 metres in 17 underground holes.

In 1990, Tenajon completed 2,544.9 metres in 16 surface holes and 899.4 metres in 16 underground holes. Westmin Resources entered into an option agreement with Tenajon and subsequently completed 1,833.7 metres in 13 surface holes and 643.3 metres in four underground holes.

In 1991, the Facecut-35 Zone was mined.

In 1993, work included major underground development including a 19-metre extension to the 810 level, followed by a program of underground drilling which totalled 1,967 metres of AQ size core in 85 holes.

In 1994, Westmin continued a major program of underground development including 168 metres of development drifting on the 895 sub-level at the south end of the drift developed in 1993, followed by 3,507 metres of drilling in 62 underground holes.

Between 1987 and 1994, the previous operators of the property completed approximately 1,220 metres of underground drifting on three levels, 103.2 metres of crosscutting on one level and 130 metres of raising. This included: 883 metres of drifting and 17 metres of sub-drifting on the Facecut zone on the 810 level; 250 metres of drifting on the 895 level; 70 metres of drifting on the 917 level; two crosscuts from the 810 level to the Facecut and 35 zones.

In 1995, Westmin initiated various ore reserve studies on the Kansas and West Kansas ore zones.

In 1996, due to the closure of the Premier Gold Mine in April 1996, all activity ceased on the Silver Butte property.

In October 2003, Uniterre Resources Ltd, which was the registered owner of the Big Missouri, Winer and Packers reverted Crown grants allowed them to expire. Subsequently, Mountain Boy Minerals staked these claims, taking control of all 22 claims of the Silver Coin asset.

From 2004 to 2010, a total of 50,305 metres of drilling from 324 surface holes was completed by Mountain Boy Minerals and Jayden Minerals to expand and infill the known mineral resources in the Main Breccia zone of Silver Coin property.

In 2010, Jayden Minerals completed 2,808 metres of drilling in 18 NQ-sized core surface drill holes to expand and infill the known resources on Silver Coin property. Four drill holes were drilled on the Kansas Crown Grant, ten drill holes were drilled on the Big Missouri (405872), one drill hole was drilled on each of the Silver Coin 9 (406223) and Dan Fraction (404872), and two drill holes were drilled on the Packers (405874) mineral tenure for a total of 18 drill holes. The drilling program targeted potential mineralization along strike and improved the definition of high-grade zones within the Main Breccia Zone.

In 2011, 18481.08 metres of drilling from 119 NQ and BTW-sized core surface drill holes were completed by Jayden Resources. Forty drill holes (7449.75 metres) were drilled on the Kansas crown grant, 33 drill holes (4811.74 metres) were drilled on the Big Missouri claim (405872), 7 drill holes (1267.97 metres) were drilled on the Dan Fraction claim (404872), 8 drill holes (1192.41 metres) were drilled on the Idaho claim (404865), 1 drill hole (331.93 metres) was drilled on INDI 9 claim (406212), 19 drill holes (1945.85 metres) were drilled on the Packers claim (405874), 5 drill holes (789.77 metres) were drilled on the Silver Coin 2 claim (405601), 2 drill holes (291.7 metres) were drilled on the Silver Coin 9 claim (406223), and 4 drill holes (399.96 metres) were drilled on the Winer claim (405873).

In 2013, positive metallurgical studies completed. Environmental baseline studies were completed in 2009, 2010, 2011 and 2013. A new BC Hydro line was completed in 2013 to within 3 kilometres of the property.

Also in 2013, an updated mineral resource for the high grade core of the Silver Coin main zone was reported at 702,000 tonnes indicated grading 4.46 grams per tonne gold, 17.89 grams per tonne silver, 0.88 per cent zinc, 0.33 per cent lead and 0.07 per cent copper and 967,000 tonnes inferred grading 4.39 grams per tonne gold, 18.98 grams per tonne silver, 0.64 per cent zinc, 0.25 per cent lead and 0.04 per cent copper, using a 2 gram per tonne gold cut off (Butler, S. (2013-08-23): NI 43-101 Report – Silver Coin Project).

From 2014 to 2016, no exploration work was reported for the Silver Coin project.

In 2017, Jayden Resources conducted a 2225 metre, 14 hole diamond drill program in a new zone 550 metres to the northeast of the Main Breccia zone. Drilling intersected altered andesite with a quartz-sericite-chlorite altered breccia zone exhibiting quartz stringers with visible gold grains, 5 to 6 per cent sphalerite, up to 1 per cent galena and 7 to 8 per cent pyrite. Assay results for this altered andesite included 8.63 gram per tonne gold over 7.7 metres including several higher grade intervals up to 37.1 gram per tonne gold (Exploration in British Columbia 2017, page 19). Additional zones of siliceous breccia yielded 6.5 grams per tonne gold over 1.5 metres and 8.25 grams per tonne gold over 1.0 metre (Exploration in British Columbia 2017, page 19).

In 2018, Ascot Resources Ltd. completed a drilling program comprising 171 holes, totalling 27,681.2 metre, on the Premier, Big Missouri and Martha Ellen occurrence and an induced polarization survey to the north and south of the Premier occurrence and between the Big Missouri and Silver Coin occurrences.

In August 2018, Ascot Resources entered into an agreement to purchase 100 per cent interest in the Silver Coin project from Jayden Resources and Mountain Boy Minerals. The deals final closing was completed on October 26, 2018. Ascot consolidated the Silver Coin deposits with the Premier/Northern Lights (104B 054/053), Big Missouri (104B 046), Martha Ellen 104B 092) and Red Mountain (104B 086) and released an overall resource of 5.55 million measured and indicated tonnes averaging 7.68 grams gold per tonne for 1.37 million ounces of gold, with another 6.35 million inferred tonnes grading 7.12 grams gold for 1.45 million ounces of gold (Northern Miner, April 18, 2019). This new resource will be published under Premier (104B 054).

In September of 2019 Ascot Resources announced that an IP profile stretching over 2000 metres southward from the Silver Coin resource was completed in 2019. A news release dated September 10, 2019 (Figure 3) shows a chargeability section, depicting a strong IP anomaly in the center of the profile which were tested by two drill holes. The anomaly is located approximately 1500 metres south of the Silver Coin resource and 2300 metres northwest of the Premier mill. See 'Indian Ridge' (a new MINFILE occurrence) for further details.

In November 2018, an updated mineral resource was reported for the Silver Coin deposit was reported at 859,000 tonnes indicated grading 8.01 grams per tonne gold and 20.5 grams per tonne silver with an additional 1,160,000 tonnes inferred grading 7.78 grams per tonne gold and 22.1 grams per tonne silver, using a 3.5 grams per tonne gold equivalent cut-off (Rennie, D.W. (2019-01-17): Technical Report on the Premier Project).

In 2018 and 2019, Ascot Resources Ltd. completed a program of infill diamond drilling comprising 94 diamond drill holes, totalling 13 546 metres, and induced polarization surveys on the area as part of the Premier Gold project.

In December 2019, an updated mineral resource was reported for the Silver Coin occurrence of 1 597 000 tonnes indicated grading 7.61 grams per tonne gold and 23.00 grams per tonne silver with an additional 523 000 tonnes inferred grading 7.03 grams per tonne gold and 23.20 grams per tonne silver using a 3.5 grams per tonne gold equivalent cut-off grade (Bird, S.C., Meintjes, T. [2020-02-28]: Resource Estimate Update for the Premier Gold Project, Stewart, British Columbia, Canada).