Nachicapau Zn-Cu project THE NEXT MAJOR DISCOVERER IN QUEBEC

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1 Nachicapau Zn-Cu project THE NEXT MAJOR DISCOVERER IN QUEBEC

2 Nachicapau Project - Location Willbob & Pallas Projects Kuujjuaq Located about 150km south of Kuujjuaq, the closest community (has a port) 215 km north of Schefferville (has rail access) Nachicapau Project Schefferville THE NEXT MAJOR DISCOVERER IN QUEBEC 2

3 Nachicapau Project - Summary New property with strong Zn-Cu potential located in the Labrador Trough, an area known for its strong potential for pelitic-mafic ( Besshi-type ) massive sulfide mineralisation, that are known to be large tonnage deposits Presence on the property of several meter-sized, Zn-rich massive sulfide boulders (up to 17.5% Zn); the source of the boulders has never been found. Host rock: black shales. Metal values of the boulders ( ): 17.5% Zn, 13.8% Zn, 12.9% Zn, 11.1% Zn, 7.25% Zn, 5.67% Zn, 3.59% Zn, 2.76% Zn et 1.52% Zn, 4.9% Cu. Values confirmed in 2017 with Zn grades of 13.25%, 6.44%, 5.22%, 1.095%. Local geology composed of mafic volcanics, synvolcanic gabbro sills and various sedimentary rocks (dolomites and black shales). This geological environment is favorable for the discovery of pelitic-mafic massive sulfides. Several electromagnetic anomalies combined with magnetic highs are located up-ice from the boulders and have never been explained. THE NEXT MAJOR DISCOVERER IN QUEBEC 3

4 Nachicapau Project Regional Geology Commerce Ress. Lemoyne Carbonatite project Nachicapau project Romanet Horst Projects The Nachicapau project is underlain by the Murdoch formation. Mafic pyroclastics and flows Dolomites, Black shales Mudstones, siltites, grauwackes Also contains some Montagnais gabbro sills THE NEXT MAJOR DISCOVERER IN QUEBEC 4

5 First reconnaissance of the area based on regional chalcopyrite anomalies in glacial till Nachicapau Project Project History An airborne survey Time-Domain EM survey was flown in 2006 over the area by Sirios, looking for Cu-Ni Glacially-transported boulders of massive sulfide mineralization (Zn±Cu, Cu-Au-Ag) were found in 2008 by Sirios Ressources Zn±Cu Cu-Ag-Au Prospection in 2008 failed to find the source bedrock of the massive sulfide boulders Additional boulders were found in 2012 in the same area A drilling campaign in 2012 (6 DDH, ~900m total) by Virginia Mines based on EM anomalies also failed to locate the source of the Boulders THE NEXT MAJOR DISCOVERER IN QUEBEC 5

6 Geology + Massive sulfide Boulders 17.1% Zn, 10.6 g/t Ag, 0.15 g/t Au, 0.28% Cu 13.8% Zn 4.9% Cu, 28.1 g/t Ag, 0.96% Cu, 1% S (chalcosite) 11.1% Zn, 3.6 g/t Ag 12.9% Zn, 0.2% Cu Results 2008/2012 THE NEXT MAJOR DISCOVERER IN QUEBEC 6

7 Massive sulfide boulders The boulders were described as (source: GM-64262) Size: several decimeters to meters Subangular shape Strongly oxidized Strong concentrations of quartz veins and injections in some boulders The host rock for the massive sulfide mineralization is a mudrock (GM-67380); except the Cu boulder (basalt) New boulders found in 2012 GM Boulders found in 2008 GM THE NEXT MAJOR DISCOVERER IN QUEBEC 7

8 Re-sampling of the boulders 2017 TagNumber Zn_pct Au_ppm Ag_ppm Co_ppm Cu_ppm S S S S THE NEXT MAJOR DISCOVERER IN QUEBEC 8

9 2006 EM Survey (SkyTEM) Mag 1stDV + EM Anomalies; Based on the DDH in 2012, the regional EM anomalies are probably caused by graphitic black shales favorable stratigraphic horizon for massive sulfide mineralization and also the host rock for the massive sulfide boulders THE NEXT MAJOR DISCOVERER IN QUEBEC 9

10 Nachicapau Project 2006 EM anomalies + Quebec Government 2011 Mag DDH in 2012 on EM anomalies very close to the boulder THE NEXT MAJOR DISCOVERER IN QUEBEC 10

11 Nachicapau Project 2012 Drilling 6 holes on 2 lines spaced 400m apart, holes 100m apart on lines. Holes ~150m deep. No significant Zn values were found (nothing over 100 ppm) THE NEXT MAJOR DISCOVERER IN QUEBEC 11

12 2012 Drilling The mafic pyroclastics from the southern line of DDH are pervasively chloritized in holes 2-3, along with a weak-moderate carbonate alteration (possible VMS-related alteration?). The chlorite alteration does not appear on the northern line (perhaps suggesting investigating further south) Dolomite/ Schists Gabbro Mafic pyroclastics Schists Mafic pyroclastics Basalts Basalts A Po-Py breccia with strong quartz carbonate veining with 20% Po was intercepted in one DDH; 9 meters thick. Could be one of the EM anomalies Anomalous in Cu (up to 0.08%) THE NEXT MAJOR DISCOVERER IN QUEBEC 12

13 Conclusions from the 2012 campaign The source of the massive sulfide boulders still has not been determined and need to be further investigated. Based on glacial movement directions, it is recommended to explore further EM conductors located to the south

14 The most obvious source of the boulders is the EM anomalies located south-east, up-ice from the boulders (3 to 5 km from the boulders) Source of the Boulders

15 Lake Sediment Anomalies - Zn Lake sediment anomalies in Zinc by the Spatial Regression method (Trépanier, 2006); Percentiles over all the Churchill province 99.2 PCT Zn Spatial regression Anomaly recognition technique used to remove the effect of regional scale anomalies (ex: Menihek anomalies!) and the effect of varying lake sediment conditions on base metals values (ex: water depth, organic matter content, Mn oxides content, etc) A very interesting Zn-only anomaly (99.2 PCT Zn by spatial regression) is found just north of the conductors in the southern area, SE and up-ice from the boulders)

16 Source of the Boulders Southern area Po-Py semi-massive sulfide 0.11% Cu Sulfur values in outcrops sampled to the south are low (nothing over 5% S, max Zn value 380 ppm), suggesting that the EM anomalies were not found in outcrops Also note that no boulders were sampled in the southern area The best DDH targets are probably EM anomalies close to mag highs (Po-rich massive sulfides?) in the area where the EM anomalies appear to be duplicating Po-Py massive sulfide 0.04% Cu Po in mafic pyroclastics

17 Proposed work Prospection for additional massive sulfide boulders / outcrops along the unexplained EM anomalies to the SE that are close to mag highs Additional drilling on the coincident mag + EM anomalies to the south, especially in the area where the EM conductors are thickening and/or duplicated