Exploration

The Corporation determined that it was best to explore the property initially using shallow and intermediate depth Induced Polarization (“IP”) geophysical surveys, followed by diamond drilling of selected targets identified.
Exploration of the south-eastern block of claims, which abut the Chukuni River deformation zone, began in June 2010 with a high resolution DC resistivity and Induced Polarization (IP) surface survey on the south-eastern block of the Property in June and July 2010. The survey used the Earthprobe technology and included 7 north-south lines, 4 east-west lines, 2 SW to NE lines and 2 short lines from NW to SE. The electrode separation used was 4.4 m. and the survey data covered a total of 14.7 line kilometres. The objective of the survey was to identify deeper (up to 250 m) drill targets within the south-eastern block of the Dome Property.

Following interpretation of the data pseudo-sections, with the help of 2D inversion, a total of 23 targets were compiled and prioritized. All targets were assigned a confidence ranking of I, II and III according to their signal strength, inversion sensitivity analysis, and inversion predicted data. Of the targets, 5 were classified as I, 13 were classified as II, and 5 were classified as III. The criteria for target selection are resistivity low and chargeability high due to the disseminated sulphide association of the regional gold bearing formations.

Drilling of these targets was deferred pending the results of the geophysical program described next.

The ongoing exploration opportunity on the Dome property can be discerned from the deformation zone map in the Dome property section. The property is just outside the Town of Red Lake and approximately five kilometers south-west of Goldcorp’s producing mines. The lake covered claims remain one of the unexplored potentials in the region. Two deformation zones, the Howey Bay-Flat Rock deformation zone (now commonly referred to as the Madsen-Goldcorp (NE) Trend) and the Chukuni River WNW Trend, are projected to flow through and intersect in part on the property. The map also shows (in red) two intersecting faults. Readers are cautioned that these projections are based upon the extrapolation of broad, regional geological information and the depicted deformations may not actually exist. Further, the veins for which the Corporation is exploring may be no greater than an individual hatch mark on the diagram. Essentially all of the gold discovered in the Red Lake camp and other major camps in northern Canada are intimately associated with deformation zones. More particularly, gold is known to occur in dilatant zones caused by intersections of deformation zones, individual faults, and folds.

In addition, the southeastern block of land based claims on the Dome property are considered worthy of continuing exploration. These are contiguous with the McManus claims to their north.

In February, 2011, Abitibi Geophysics of Val D’Or, Quebec, was engaged to conduct a geophysical survey using their state of the art IPower 3D technology and a ground magnetic survey of the whole Red Lake property, i.e. including the south-eastern block of claims which was previously surveyed to a shallower depth. IPower 3D technology was expected to provide information to a depth of approximately 500 metres. Field work started in March 2011 on the frozen lake at the western side and was completed within a month. A report of the results was received in June.

In June the Corporation received an audio-visual presentation by Mr. Gordon Yule, P.Geo., the project’s consulting geologist who conducted a reconnaissance geological field assessment of the land-based claims of the Dome and McManus properties, and a preliminary presentation by Abitibi Geophysics, which conducted both a walking magnetic survey and an Induced Polarization (“IP”) study of the combined Red Lake properties. The work has identified a number of coincident geophysical and geological “targets” characterized by high chargeability, magnetic contrast, and observed alteration, sulphide mineralization and structures with similar characteristics of the Red Lake gold mineralization systems.

Based upon these findings and the existing data the Corporation planned and executed a $750,000 drilling program on the land based claims of both the Dome and McManus properties. The program commenced on August 2 and completed on October 9, 2011. The program was initially planned to encompass nine holes on land-based claims, three on the Dome property and six on the McManus property. However, due substantially to the speed and efficiency of the drillers, Chibougamau Diamond Drilling QC of Chibougamau, Quebec, coming in well below budget, the program was expanded to fifteen holes, five on the Dome property and ten on the McManus property.


 

The expanded program consisted of 15 angled diamond drill holes for a total of 4895 meters. A total of 3144 samples were submitted to Accurassay Laboratories of Thunder Bay, Ontario for high precision gold assay and ICP geochemical analyses. Results have been received for all of the gold analyses and approximately 50% of the geochemical results.

The Company is encouraged by the results received to date because the exploration on the McManus patented mining claims has identified the occurrence of quartz veining, sulphide minerals and anomalous gold values within a structural zone, which, in combination, is indicative of a mineralizing system. Although the Company and its technical team have not yet synthesized and interpreted all of the data and the dimensions of the zone have yet to be determined, the zone of mineralization appears to extend more than 300 metres in width and 1 kilometer in length running from the east on the McManus patented mining claims to the west into the lake under the McManus licenses of occupation.

A winter drilling program on both properties is currently in the planning stages. In general, subject to the availability of flow-through funding when ice conditions on Red Lake permit, it is expected to include a comprehensive program on the westerly lake based claims of both properties, particularly targeting the area where the north-west trending Chukuni River Deformation Zone is projected to intersect the north-east trending Madsen-Goldcorp (NE) Trend Deformation Zone.
The following information with respect to the gold assays is provided. The geochemical analysis data is incomplete and will require considerable analysis and interpretation prior to any comment.

McManus Patents: The McManus drilling was concentrated on a west northwesterly trending structural zone containing variable quartz veining, iron carbonate alteration with locally abundant pyrite and accessory pyrrhotite, chalcopyrite and arsenopyrite. This zone is within and sub-parallel to the Chukuni River Deformation Zone defined by the Ontario Geological Survey in the early 1980’s. The McManus structural zone includes several chargeability anomalies interpreted to be due to the sulfide content and one previously known gold showing. Ten angled core holes explored the zone with 2200 samples taken of any observed sulphides, carbonate and/or quartz vein mineralization, and 273 quality control and assurance (QA/QC) samples were submitted for analysis. All of the gold analyses have been received. Of the results, 56 samples had gold quantities above an arbitrary 0.1 g/t gold with a maximum value of 12.99 g/t gold over a 0.4 m sample interval.

Dome land Claims: Drilling on the southeastern (land) part of the Dome Claim group focused on a number of geophysical anomalies identified by last winter’s geophysics program. The mining claims include two previously known gold showings. Five angled core holes tested five of the geophysical anomalies and included one of the known gold showings. A total of 587 samples were taken of any observed sulphides, carbonate and/or quartz vein mineralization, and 84 QA/QC samples were submitted for analysis. . Of the results, 3 samples had gold quantities above an arbitrary 0.1 g/t gold with a maximum value of 0.232 g/t gold over a 1.0m sample interval.

Table 1 Summary of Gold Assay Results

The drill program followed accepted mineral industry practices. All drill core was delivered to the secure core handling facility in Red Lake, where it was geologically logged, photographed, and geologically marked for sampling by the Qualified Person (“QP”). Samples were then cut in half by diamond-bladed core saw, bagged, tagged and shipped to Thunder Bay for fire assay-atomic absorption analysis, and by ICP geochemical analysis. The drill core and samples were kept secure by the drill contractor, the company field crews, the bonded carrier and analytical facility following established chain-of-custody protocols. Quality control checks were completed by the blind and random insertion of two certified reference standards and a blank standard into the sample stream by the on-site QP. In addition, the analytical laboratory maintains their own internal QA/QC program. The remaining half core is being stored on the property, and sample material secured in Thunder Bay.

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