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Lansdowne House


Lansdowne House Project Overview:

• 100%-owned subject to various NSRs.
• 66 claims (930 units totaling 14,880 hectares).
• Located approximately 100 km west of the Noront’s discovery.
• Claims cover a large mafic-ultramafic complex with numerous historic intersections of highly anomalous Ni-Cu-PGEs.
• 108 drill holes on property; including 47 (5,389m) by Inco (1970-1974).
• Historical non-compliant 43-101 resource on property (Source: Novak, 1992):
      o 14.6 Mt body grading 0.58% Cu, 0.37% Ni, 0.03% Co, in 7 lenses
      o Including higher grade intersections of 0.94% Cu and 0.78% Ni over
        16.8 metres
      o Total of 7 zones – in gabbros and breccias

Lansdowne House Project Geology:

VMS-Base Metal Targets:

Several of the historic drill holes, which cut volcanic rocks, contained significant volcanogenic massive sulphide (“VMS”) mineralization enhanced primarily in copper and zinc values. The elevated copper-zinc values are associated with several untested AEM conductors and are prime targets to host VMS deposits.

Gold Targets:

The southern part of the Lansdowne House Mafic Complex is transected by a west-northwest trending belt of anastomosing shear zones, which represent secondary and tertiary structures to the Stull-Wunnumin Fault. Gold mineralization within this belt has been traced intermittently over a strike length of 7.2 kilometres within the Lansdowne House Property, and extends west a further 20 kilometres to the Rowlandson Lake area. Within the belt, shearing is accompanied by feldspar porphyry intrusions, quartz-carbonate alteration and deformed quartz-sulfide veins with associated potassic (biotite) to sericite-carbonate alteration. Sulfides consist dominantly of arsenopyrite and pyrite, with lesser pyrrhotite and chalcopyrite. Gold values from outcrop grab samples range up to 23.8 g/t (Goose showing) and 9.3 g/t (Sandvik showing).

Sandvik Showing:

The Sandvik showing is located on the west side of Barthman Lake in a package of variably deformed pillow basalts, variolitic pillow basalts, and gabbro sills. Shearing and quartz-sulfide veining within biotite-chlorite-amphibole alteration is exposed over a 50-metre strike length, across a width of 5-15 metres. The showing was tested at depth by drill hole LH03-29, which intersected a zone of strong shearing and alteration at 37.3-47.2 metres, but with low gold values. The lower part of the hole intersected a broad zone of quartz-carbonate veins and stringers, which overprints early hydrothermal brecciation and metasomatic alteration. This zone is faulted and cut by feldspar porphyry dykes and dykelets (165-201 m), accompanied by pervasive silicification and quartz-sulfide mineralization. Anomalous gold values up to 594 ppb are found within this interval, associated with arsenopyrite.

Goose Showing:

The Goose showing is located 2.7 kilometers southeast and along trend from the Sandvik showing. The mineralized zone at the Goose has been traced for 100 metres along strike. Mineralization is hosted within mafic metavolcanics near a contact with gabbro, and comprises milky white quartz veining associated with biotite-hornblende and chlorite-hornblende alteration containing minor (1 to 2%) arsenopyrite and trace pyrite. At its widest the zone measures 10 metres in width at surface. The Goose zone has been tested by a single drill hole (LH03-28), which intersected low anomalous gold values (to 115 ppb) between 9.7 and 41.0 metres, in strongly foliated mafic schists overprinted by quartz-carbonate and biotitic alteration. The hole also intersected a shear zone at 179.1-181.8 metres with sugary quartz-carbonate and blue-grey quartz-pyrite-arsenopyrite veins. This zone contained also contained anomalous gold values (to 74 ppb).

DDH – LH01-07

Gold mineralization intersected in LH01-07 is located 2.4 kilometres southeast of the Goose zone and within the same structural trend. Mineralization occurs within strongly silicified and sheared feldspar porphyry between 156 and 168 metres, at a contact with mafic-ultramafic sills. Gold up to 4.8 g/t over 1.0 metres is associated with disseminated, blebby and massive pyrite-arsenopyrite-pyrrhotite in pervasive sericite alteration and silicification

DDH - 54016

Canico drill hole 54016 is located 2 kilometres southeast of LH01-07. Although gold assays for this drill hole are unavailable, it cut a 10.76-metre section averaging 21% pyrite-¬pyrrhotite-arsenopyrite-chalcopyrite at 44.91-55.67 metres. Host rocks were logged as felsic and intermediate volcanics, and the intersection is on strike with the structure intersected in LHO1-07.

Vanadium and Titanium Targets:

A 10-kilometre long magnetic high across the northwestern portion of the Property was tested by drill hole LH01-10. It intersected a differentiated layered sequence of mafic cumulates ranging from diorite-quartz diorite through leuco- and melanocratic gabbro and anorthositic, magnetite-rich cumulate, to varitextured gabbro breccias and pyroxenite. Thissection probably represents the upper portion of the differentiated sill. Multiple intervals ofmassive magnetite-ilmenite contain highly anomalous values of V2O5 (0.072 to 0.751%) andTiO2 (0.32 to 0.58%). Weighted average values for three intercepts are:

• 0.34% V2O5 and 0.5% TiO2 over 13.5 m (126.0m-139.5m),
• 0.4% V2O5 and 0.42% over 6 m (144.0m-150.0m) and
• 0.081% V2O5 and 0.27% TiO2 over 3 m (175.8m-178.0m).

Chromite Targets:

Chromite Deposits are hosted by Ultramafic Complexes worldwide and the Ring of Fire is host to Cliffs Natural Resources Inc.’s multi-billion dollar Black Thor Chromite Deposit. Current resource estimates at Black Thor are nearly 70 million tonnes of 31.9% Cr203.  There is also the nearby Big Daddy Chromite Deposit of 39.5 million tonnes of approximately 40% Cr203 owned by KWG and Spider Resources discovered in 2008. Both deposits are direct shipping chromite ore and development will involve construction of a railroad and other facilities at an estimated cost of $2.6 billion. Resources are sufficient to operate the mines for 150-200 years providing employment and opportunities to the local First Nation Communities.

The Ultramafic Complex located on the Lansdowne House Property is the classic host rock for chromite deposits and has never been tested for chromite.

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