Thanks for having me. Thank you so much. All right. Good morning or good afternoon, everyone, depending on where you are. Thank you so much for taking the time. I will be introducing to some and updating to others what I consider one of the most exciting North American gold stories. First of all, I would just like to bring your attention to the disclaimer and the forward-looking statements that I will definitely be making today. For those that don't know what is Cassiar Gold, this slide really provides a bit of an introduction and highlights. First of all, we're located in northern British Columbia in western Canada. What we have is a massive district-scale land package with infrastructure already in place, a sizable resource already of 2.3 million ounces combined at an average grade of 1.01 grams per tonne.
We have mine permits already in place, a team that has done it before, that has discovered permitted built, operated mines across Canada, across the world, in a very attractive valuation, CAD 65 million market cap. That's less than $50 million U.S., which is quite attractive when you consider the size of our district, the permits, the infrastructure, the resource we already have. The property and our pathway to development is really comprised of two separate areas, all within the Cassiar Gold project. We have Cassiar South, which is a near-term cash flow opportunity.
We have four past producing underground mines that we see the potential for a 30,000-60,000 ounce a year production, assuming 10-20 gram per tonne grades, which is what we've been seeing in the drilling we've done around there, and a 300 tonne per day mill, which is a mill that we have, which is fully owned and permitted. That becomes a potential funding source as well for growth and development, especially in the north. That's something, Cassiar South, that we're aiming to develop in the next 24 months. We have the Cassiar North project area. This is where we have the entirety of the resource estimates. We have a PEA coming out in late Q3 of this year. We hired Ausenco for that. We see a potential there for 200,000 ounces per year, potentially a lot more.
There's a lot of room, a lot of blue sky potential around the Taurus deposits there. Taurus deposit occupies just over 1 sq km out of a 600 sq km land package. The long-term vision that we have for the company at the end of the day is to become a significant gold producer. We have district-scale potential for that. Attached to that, a significant re-rating opportunity given the valuation in our assets and our plan as well. Moving on to the next slide here. This is a slide that provides a few comparables. Each column represents a different mining company with Cassiar Gold there on the left, and several other Canadian peers on the right. Some on the right are more aspirational, like Artemis, which is in production, or Skeena, which is in construction.
You can see the market cap for each of the companies on the table there, the resource, and the different advantages that some projects have or don't have, and that makes Cassiar Gold compare extremely well with its peers. The bars, which is the most important number, stand for the enterprise value per ounce on the ground. You can see a real potential here for re-rating just on what we have, and as we execute, as well on development and also continue to grow our resource base, that will have tremendous implications for valuation as well. It's a slide that we really like. Next slide really provides a overview of our assets. We actually control not only one but two entire gold districts. We're 100% focused on the Cassiar Gold project in northern British Columbia.
Our district there sits right in between Newmont's Red Chris mine, and Coeur Mining's Silvertip mine, and we're bisected by Provincial Highway 37. We also have the Sheep Creek district in southern British Columbia. Very prospective. It produced until 1951, nearly three-quarters of a million ounces at nearly 15 grams per tonne, and there's a lot of potential there as well. For now, 100% of our focus is at the Cassiar Gold project, which includes both Cassiar South and Cassiar North. Now zooming into the Cassiar Gold project, truly district-scale land package, 100% owned, just under 60,000 hectares or 600 sq km of a contiguous land package, about 27 by 25 km. You can see in black the provincial Stewart-Cassiar Highway or Highway 37 bisecting our property.
We use that to separate the two key project areas, Cassiar North, bulk tonnage, seminar, open pit-able, which includes the Taurus Deposit there in salmon or pink color, and then Cassiar South, which includes four past producing underground mines, a fully owned and permitted mill, mine permits, and also high-grade discrete vein systems, which are about, on average, three meters wide and running between 10 and 20 grams per tonne. Whereas in the north, the mineralization is typically a gram to a gram and a half from surface, but on the open pit bulk tonnage scenario there.
Two massive engines for growth that also provide the development pathway that could be sequential with incremental CapEx as we look to realize the ultimate potential of our district through developments. Other than that, we also have some key advantages as an operator. We have great access.
Access is really important, infrastructure as well. We have not only paved roads throughout our property, but also 160 km of access roads. We also have very amenable topography, flat valley, flat mountaintops, and no glaciers, and very limited snowfall compared to other areas of British Columbia, or Canada for that matter. That's a massive competitive advantage as an operator. Other than that, we also have something that is extremely rare to see in gold companies, which is mine permits already in place. We have two mine permits, one covering most of the Taurus deposit in the north, the Taurus gold mine permits, that includes two tailing facilities there as well.
In addition to that, we also have the Table Mountain Cassiar South mine permit there in yellow, roughly 20 sq km, includes a fully owned and permitted 300 ton per day mill, which is in good condition. The underground working, tailing facilities, power lines, et cetera. Another massive advantage that we have as an operator. To give you a sense of the potential of what we see, first at Cassiar South, which this is part of a property that we see as a near-term development opportunity, about 24 months.
You can see on the table there on the left, the production from the four underground mines, mostly in the '80s and '90s, over 300,000 ounces of production, with grades between 10 and over 20 grams per ton. Very high grade. There is four known vein systems. There is potential to discover a lot more.
Also the known vein systems have been extended and remain open, providing an excellent platform for a restart in a known system, and a lot of upside as well to continue to add vein systems in the very prospective part of the property that has a 9 km strike length that can host a dozen or even more than a dozen of these veins with, as you can see from the main mine, can carry 150,000 ounces or more in the particular case of the main mine at 17 grams per ton. Quite the potential, and within a mine permit. I also mentioned some of the infrastructure. You can see some pictures here of that advantage that we have. Portals, underground workings already in place, power lines, a fully owned and permitted mill in good condition, tailing facilities, roads, a camp.
If we wanted to replicate all of this infrastructure today, it would cost us north of CAD 200 million. That provides just another point of data on how undervalued this opportunity is, and also an excellent platform for a restart in this part of the property. In addition to that, you see some of the grades. This includes some drilling, and from us as an operator, and from previous operators in one of the vein systems that we have there at the south. This is from the Bain vein system, in particular from the eastern segment of the Bain vein.
You can see the widths there and the grades. Very high grade. It's the vein system that would be in the most amenable and the closest position to get restarted. You also have on the following slide, a schematic of that particular vein. It's about 540 meters long vein system. This one is a bit thinner on average than the other ones, about two meters wide.
This vein system remains open, along strike to the east and down dip as well. You also notice there on the top right, there is an underground working that gets up to 50 meters away from the vein. The last section of the underground was driven in about 2011. It's relatively recent and provides an excellent platform for a restart for development and also for exploration as well. This is a part of the property that really excite us. Other than that, we also have done quite a bit of geophysical work. We did an orientation survey there with VLF on the small footprint, that includes the Bain vein system, and Cusac.
It didn't include the main mine or Vollaug there in the south. Each of the black lines are an anomaly. Not to say that every single black line would be a vein system. It could be dikes or faults or something else. It provides yet another tool for not only to identify the potential extensions of the known vein systems, but also potential parallel and stack vein systems. We have a real good toolkit to continue to uncover the riches that we have at Cassiar South, with very high grades here. This provides a bit of an overview on what we have at Cassiar South. What you see in the slide here is a 15 km trend that includes both Cassiar South, which is to the left, and Cassiar North, which is to the right. It's a long schematic section.
You can see that gold can be found throughout those 15 km. We only have a resource-defined and a tiny footprint there at the Taurus deposit, just over 1 km out of the 15 km. The potential doesn't end, obviously, just at Taurus. We know we have a 15 km trend, a lot of room to not only continue to expand mineralization within the 15 km, but potentially expand beyond that. That really gives you a sense of the truly district-scale system that we have here.
What underpins basically the biggest asset that we have at Cassiar North really is the Taurus deposit. There we have a combined resource of 2.3 million ounces at a combined grade of one gram per tonne. Subdivided into 2 categories that you see there, 1.9 million ounces inferred at 0.95, and an additional 400,000 ounces indicated at 1.43 grams per tonne.
Its deposit remains open laterally and open at depth. You can see that the overburden is almost non-existent, is on average 10 meters. 91% of the ounces in the resource are within 150 meters from the surface, so it's very shallow. Again, room to grow at depth, room to grow laterally. You can see there on the map view as well. I don't know if you can see it, maybe you can, there's some drill hole traces outside of the current pits that we have defined there. Most of them are mineralized, and we believe that we will continue to expand those pits, connect them eventually, and then continue to expand outwards and at depth. This is an area that we believe we have a lot of potential in.
The potential, it's not only at the margins of the Taurus deposit, but several kilometers away from the Taurus deposit, which you see there in pink on the top left. We have several targets that continue to exhibit the same characteristics that we see at Taurus. Similar style of veining, similar alterations, similar mineralization, similar grades, in targets that are 3 km, 4 km, 5 km away in almost every single direction from Taurus. That provides the potential not only to add multiple satellite targets or deposits similar to Taurus, but eventually as well connect them, which provides a potential or a blue-sky potential that is well in excess of our corporate objective for the next two or three years, which is getting this to at least 5 million ounces.
Other than that, we have a lot of data that supports the claims that I'm making here today about the ultimate potential. You can see the Taurus deposit there in pink on the top left. You could see the yellow rectangles, including mapping and sampling. Gold at the surface in the bedrock that's sticking out of the soil every once in a while. We see big potential to continue to expand the known systems that we have at Taurus or, for example, at Newcoast or at Powerrock or at Wings Canyon and Hopeful or at Snow Creek. This is indicating we continue to see similar grades, similar veining, similar alterations, similar mineralization as Taurus in a very, very large footprint, many times the footprint of Taurus. That's also confirmed with drilling.
Here are some of the highlight results from the drilling last year. We, last year, hit in every single drill hole, with step outs to continue to step out at the margins of Taurus with a highlight hole there being 13 meters at 13 grams per tonne from 28 meters down a hole there at Taurus East. We continue to expand mineralization at Newcoast. At Newcoast, we also put two very deep drill holes down to 700 meters and we found mineralization that deep. Whereas at Taurus, we barely drilled below 300 or 350 meters. That has implications obviously for the Newcoast targets that we see as another potential Taurus or potentially bigger even.
Also the potential at Taurus itself, given that we believe this is part of the same system, and also throughout the district as well, the potential to continue to find mineralization that deep, given that historically, we've pretty much been focused on drilling down to 300, 350 meters. A lot of potential at depth there as well and confirmed by drilling. Other than that, in terms of the cap structure, we have about 160 million shares outstanding. The dollar signs or the values that you see here are in Canadian dollars. We're trading at about CAD 60 million-CAD 65 million market cap. Extremely attractive valuation. We're well cashed up. Insider ownership has been growing. Insiders have been accumulating since the beginning of the year, adding to our positions, including myself.
We also have a decent roster of institutional investors, and we will continue to add and build the institutional shareholder base that we have. Other than that, and I mentioned this in the beginning, we have a world-class team. We have a team that has discovered, permitted, built, operated, and sold multi-billion dollar gold projects. We have people like Steve Letwin, former President and CEO of IAMGOLD. His big project there was the acquisition, financing, and development of the Côté Gold project that now underpins most of IAMGOLD's valuation. Steve compares the Côté Gold project to the Cassiar Gold project to roadside mines. We have Steve Robertson on our Board. He led a team that permitted and developed the Red Chris mine, which is the closest mine to operation to us, about 200 km south of us along the Stewart-Cassiar Highway.
We have Chris Stewart on our board as well, mining engineer. Until recently, he was the general manager for the Hemlo Mine. James Maxwell, the former exploration director for Sabina, that sold that project to B2Gold for about CAD 1.2 billion. Jill Maxwell, our VP Ex as well, also worked with James there at Sabina. They have the same last name, but they're not related. She also spent seven years in North American Palladium overseeing the acquisition by Impala for about USD 1 billion. We also have one of the most renowned structural geologists in orogenic or greenstone belt deposits, which is the type of deposit that we have, David Rhys there. Truly a world-class team, multidisciplinary, and extremely engaged with the project. We're blessed. In terms of catalysts and roadmap, as I mentioned, we have a truly unique situation.
A very attractive market cap, a district-scale land package. Permits, infrastructure, team, a lot of catalysts ahead of us. We have metallurgical studies coming imminently for the Taurus deposit. That's going to fit into a PEA that we're looking to release in late Q3, around September. We hired Ausenco to do that's going to be our maiden PEA. That's going to put some initial economics around the Taurus deposit and what we have so far. We're also going to be releasing results from the drilling that we're doing. We have a phase I ongoing at our Cassiar Gold project, over 10,000 meters that we're looking to expand and continue to drill hopefully in the winter as well, which is something we're looking to do as well.
There's a lot of catalysts throughout the years as we're looking to basically re-permit, put a scoping study, and finance the development of Cassiar South, which will be an engine for cash flow in our view. Then also continue to expand mineralization, de-risk, and take it to the traditional development or economic studies on the Taurus in the bulk tonnage targets that we have there in the north throughout the years. Ultimately, our goal and our vision is to become a significant mid-tier producer. Big potential there for us to continue to unlock value for our shareholders. Why Cassiar? Just to recap very quickly. A growing resource base, already a very decent size. Infrastructure already in place with a fully owned and permitted mill, paved roads, underground workings, power, water, you name it.
We're in a safe jurisdiction, which is very, very important, becoming increasingly important in today's world. We have mine permits already in place, a team that has done it before, a very attractive valuation with multiple catalysts. Maybe with that, I think we still have about 10 minutes to go through some Q&A. Maybe we can stop here and start taking some questions. Let me go through the questions here. Here we go. All right. Let's see. All right. Company just announced CAD 5.5 million flow-through financing as it is ready. Do you consider company fully funded for the 2026 work program in the Taurus PEA? Yes, we're fully funded for the 2026 work program in the Taurus PEA. Another question. How do the new drill results compare to what you were modeling going into the season?
This probably relates to the results that we've released early in the year. Obviously, I can't talk about the drilling, what we're doing right now. We had some pretty exciting results, some nice widths and nice grades. I mentioned the highlight there was 13 meters at 13 grams from 28 meters down hole at the Taurus East area. That's higher than usual and maybe higher than expected, really. Although we know we have some areas of corridors of higher grade. Typically, we see Taurus in the bulk tonnage targets as a gram, a gram and a half, over a very large footprint. On a bulk tonnage scenario, probably looking at that kind of range in terms of grade on the bulk tonnage.
Of course, we will welcome any upside to that, and we've been targeting higher-grade corridors as well, and that's something that we see adds a lot of value to our deposit and something we'll continue to work on as well. Okay. There's a lot of questions coming in. I'm not sure if I'll be able to answer to all of them. Analysts and newsletter covers has already tagged Cassiar as an underappreciated top pick for 2026. What do you think the market is still missing about the story? I think it's hard to tell. I think, we're flying under the radar for a lot of people. Still, I think probably there's a lot of people that want to see, for example, metallurgy results answered. They want to see the PEA or first economic numbers, how do they look like.
I think these all will be major catalysts. I think the market might be missing as well, is the value that we have at Cassiar South. I don't think we're getting any appreciation for what we have there. In fact, if one looks just at Cassiar North, one could argue that we're quite undervalued. If you add the value of the infrastructure and the restart potential that we have at Cassiar South, I think that's completely being ignored. I would say probably those are the top three that the market is still missing about the story.
Another question. Recent drilling at Newcoast hit gold in every hole. Does that change how aggressively you allocate meters there versus other Cassiar North targets in 2026? Maybe not. If you look at the drilling that we've done at Taurus, our hit ratio is pretty much almost 100% as well.
Obviously, kudos to the technical team as being selecting the targets very well. I think also kudos to the district. I think this is a very large district, very pervasive as well. I think we're in the right rocks. We control the right rocks. I guess, we have what they call the Hollywood problem, which is no shortage of targets. That means, obviously, a lot of exploration upside. We think we have a very big district here, and we will continue to allocate in a measured way because we don't want to definitely ignore any of our targets. I think Taurus is definitely the workhorse, the main engine of growth, but we believe Newcoast to be another Taurus there, so we can add another engine.
More in the short term, we also believe Cassiar South provides a great platform for a restart in cash flow. Okay, another question here. Main vein results and east vein show intervals like 2.2 meters at over 3 grams per ton. How much more drilling do you need before you can talk about a higher grade resource there? I don't think we need necessarily more drilling, but of course, the more we drill there, the higher the confidence and the bigger the amount of ounces that we can define there. We definitely don't not even close to have a 10-year mine life. We see the south as a, what's it called, in the industry, a bit of Mexican model restarts.
You're not looking to define a 10-year mine life, but making sure you always have two or three years of production ahead of you defining drilling, and basically replenish that as you process and as you mine on an ongoing basis. Another question here. With paved highway access, a nearby airstrip, grid power, and existing underground workings, how much CapEx do you think you save versus a typical remote greenfield gold project? Well, it's hard to estimate. I would say that if we wanted to replicate everything that we have today, I would say that's probably just north of $200 million . That's probably how much we'd save to get everything that we have already in place, or the replacement value of what we already have. I think that's a good, probably data point that answers that question.
Okay, another question. How aligned are management and the board with shareholders through their share ownership? Very much aligned. I would say probably right now, insider board ownership is about 14% of the total company. I think including myself, we're all either underwater or at the money in terms of the money we've put in versus the valuation of the company. We're all very aligned. Insiders have put millions and millions and millions of CAD. I've put over 80% of my net worth into the company. Last insider purchase was about two months ago. Myself and Steve Letwin acquired, I think, over half a million shares at CAD 0.50.
We'll continue to do so as long as we are allowed, because sometimes, for one reason or another, we might be in blackouts, and not able to take advantage, for example, of the current gold price or of the current share prices. I would say, in a nutshell, very much aligned. Now, with Ausenco now engaged with the Taurus PEA targeting Q3, what are the key de-risking milestones investors should watch between now and that deliverable? I would say one is the metallurgy, and of course, any additional drilling that we might release between now and then, which might come as early as late next month.
Another question. There's a lot of questions. The company controls two fully permitted mine areas and 310 per day mill in good condition. What's the realistic timeline to restart Cassiar South and begin generating cash flow? The guidance we've received from re-permitting experts is 18-24 months. I think that's quite realistic. We've engaged with the group that permitted both the Eskay Creek mine for Skeena as well as the Blackwater project for Artemis. We believe those are realistic, and that's our guidance there as well.
Another question. What is the one thing management believes the market is still underestimating about Cassiar? I think I kind of answered this question in a more broad basis just now. Okay. Messages keep coming in. I think all the questions were removed, I guess we might have ran out of time. I guess, if that's the case, I would thank everyone for taking the time to come to the presentation and listening in, and also for everyone for putting the questions.
Just a reminder, we still have available slots to meet, please reach out to schedule a meeting. If not, also reach out to the company directly. More than happy to answer any additional questions you may have. Once again, thank you so much for your time.