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1 001M/09/0796

2 SEVENTH YEAR ASSESSMENT REPORT ON LIC M FIRST YEAR ASSESSMENT REPORT ON LIC M FIRST YEAR ASSESSMENT REPORT ON LIC M OF PROSPECTING ON TOWER WEST AREA, BURIN PENINSULA NTS 1M/9 BY NATHANIEL NOEL MSc. FOR E. MICHELE NOEL MINERAL LICENCES: M M M WORK CONDUCTED: LATE MAY 2011, OCTOBER 2011 DECEMBER 2011 and EARLY JANUARY 2012 TOTAL EXPENDITURES: 13640M M M TOTAL CLAIMS: 13640M (23) 18523M (2) 18524M (7)

3 Table of Contents Page Summary 1 Introduction 2 Location and Access 3 Physiography 3 Property Summary and License Status 4 Previous Work 4 Geology 5 Regional Geology 5 Local Geology 6 Current Program 6 Work Done 6 Results 8 Advanced argillic and silicic alteration 9 Argillic Alteration 11 Silica Flood 12 Other Prospecting 13 Assay Results 14 Conclusions and Recommendations 14 List of Expenditures 15 List of Figures Figure 1 Project Location Map 2 Figure 2 Claims Location Map 3 Figure 3 Topography 4 Figure 4 Regional Geology 5 Figure 5 Prospecting Location Map 7 Figure 6 Map showing location of alteration and sampling on Tower West Zone 8 Figure 7 Hematite-Magnetite-Silica +/- Alunite? Unit 9 Figure 8 Channel sampling on Tower West 9 Figure 9 Hematite-Magnetite-Pyrite breccia in silicic alteration 10 Figure 10 Large euhedral pyrite cubes in breccia unit 10 Figure 11 Figure 12 Qtz.-Ser.-Pyrite schist located on Monkstown Road at the Southern end of the Tower West Zone 11 Disrupted quartz veins in qtz.-ser.-pyrite unit. East side Of Tower West 11 Figure 13 Slightly foliated qtz.-ser.-pyrite unit 12 Figure 14 Silica flooding in felsic tuffaceous rocks 13

4 1 SUMMARY A new alteration zone west of the Tower Prospect on the Burin Peninsula containing intense silicic and advanced argillic alteration which was initially discovered in 2006 by the author was revisited. This area and areas along strike were prospected and additional outcrops containing intense alteration including magnetite pyrite silica breccias were discovered and sampled. While the results of the assays were disappointing, the presence of this zone and its proximity to the main Tower Zone indicates the presence of a much larger alteration system in this area

5 2 INTRODUCTION This report covers work completed on mineral license 13640m (23 claims), 18523m (2 claims) and 18524m (7 claims)( located on the 1M/9 NTS 1:50,000 map sheet on the Burin Peninsula. (Figure 1) Mineral licence 13640m was staked to cover prospective ground covering the Tower Alteration Zone as defined by Huard (1989). The Tower Zone markss the location of a 2 km long system which exhibits the characteristics of high sulphidation alteration including silica alunite hematite pyrophyllite rich rocks. Figure 1 Project Locationn Map

6 3 LOCATION AND ACCESS The property consists of 32 contiguous claims which in part straddles the Monkstown Road approximately twelve kilometers west of the Burin Highway on the Burin Peninsula. (Figure 2). Much of the property can be accessed from Monkstown Road however the southern tip of the property is only accessible by ATV from the Burin Highway or by crossing the Paradise River in the summer months when the water is low. Figure 2 Claims location map. PHYSIOGRAPHY The area is relatively barren and consists of low rolling hills rising to the west to form a higher plateau. There are numerous small ponds. Outcrop is sporadic and glacial overburden forms a thin cover over most of the area. Two broad esker like features cross the property from NW SE. One is located at the very northern portion of the property and one in the central area.

7 4 Figure 3 Topography. Picture taken from the center of f the claim blockk looking north west. PROPERTY SUMMARY AND LICENSE STATUSS Mineral licenses 13640m (23 claims), 18523m (2 claims) and 18524m (7 claims) comprise the project area m was staked in the late summer of 2006 while the other two licences were staked in the early winter of m wass optioned to Comaplex Minerals Corp in 2006 and to Cornerstone in In the spring of 2010 the claims were returned to Michele Noel, the original claim holder. In the late fall of and early winter of 2011 work on the claims was conducted under a grubstake agreement with Newfoundland and Labrador Limited who expressed an interest in the Burin Peninsula. This grubstake work did not produce an option agreement and the grubstake agreement ended in February of All claims are currently in good standing. PREVIOUS WORK The region encompassing the claim block was mapped at 1:50,000 scale in 1984 by the Newfoundland Geological Survey. With the discovery of the Paradise Trend alteration zones ie Monkstown Road, Ridge, Paradise River showings along strike of the project area, the immediate area was again mapped in 1989 by Allan Huard as part of his masters thesis. This led to the discovery of the Tower Showing. A portionn of the property was held by several prospectors and one two gem collectors (primarily for the Lazulite potention) and then allowed

8 5 to lapse. The property was staked in 2006 and prospecting identified a new zone of alteration west of the Tower Prospect. In 2008 Cornerstone Capital Corp. optioned the property and conducted some trenching on the main Tower Prospect but did not examine the new zone to the west. GEOLOGY REGIONAL GEOLOGY The areaa lies within the Avalon Terrain and is underlain by a suite of calc alkaline, volcanic rocks with associated clastic and volcanoclastic sediments. The rocks formed some mya (O Brien et al. 1998) and are considered to be part of the Marystown/Love Cove Group. In this region the units define a broad anticlinorium which is cored by granitic rocks of the Swift Current Granite. (Figure 4) The project area is at the southern end of this major structure. Figure 4 Regional Geology (Modified from O'Brien et al. 1998)

9 6 LOCAL GEOLOGY The claim block is underlain primarily by intermediate felsic volcanic and volcanoclastic rocks. The felsic units consist of pinkish weathering crystalithic tuffaceous rocks while intermediate units are green grey. No sediments were observed on the claim block although they have been reported by other workers. It is suspected that some of the crystalithic tuffs have been reworked. A lens of granite outcrops just west of the main Tower prospect. Structurally, the rocks are tightly folded and contain a strong penetrative foliation which strikes NE SW at approximately degrees and generally dips steeply to the NW. F1 folds are tight and isoclinal and are occasionally seen on outcrop scale. F2 folding is more open and can be seen on a variety of scales. For a more detailed description of the local geology please see the first year (2002) assessment report on these properties completed by Geovector Management Inc. CURRENT PROGRAM The current program consisted of recci and detailed prospecting, sampling and channel sampling. WORK DONE A total of 14 man days were spent accessing and prospecting the area. Work was conducted from Conception Bay South on a daily basis and from a small camper located in a gravel pit adjacent to the Burin Peninsula highway near the Paradise River. Access to the property was by truck and ATV. Work was conducted in late May of 2011, October 2011, December of 2011, and January of 2012, and consisted of prospecting and sampling. The work conducted in January was interrupted several times due to heavy flurries or snowfalls and an extensive period of freezing rain. The work done focused primarily on a new alteration zone (Tower West) discovered in 2006 to the west of the original Tower Prospect (figure 5 however one day was spent examining the trenching work Cornerstone had conducted as part of an option agreement.

10 7 Figure 5 Prospecting Location Map

11 8 RESULTSS Prospecting discoveredd addition alteration defining a broad zone up to 2 km long and 200 meters wide. (figure 6) While in many cases the alteration was intense the extent of each occurrence was limited. It is suspected that the Tower West zone represents a larger zone that hass been attenuated into a series of smaller boudons. Figure 6 Map showing location of alteration and sampling on Tower West Zone

12 9 Advancedd argillic and silicic alteration Detailed prospecting in the area of Tower West led to the discovery of several small outcrops of argillic and advanced argillic alteration including silicification alongg the trend of the new alteration zone. Of particularr interest was an outcrop at the north end of the zone which contained hematite magnetite silica +/ Alunite (figure 6 and 7) Figure 7 Hematite Magnetite Silica + +/ Alunite? unit This particular unit looked very much like that found at the Strange showing in the Monkstown Road trend. At the Strange showing thatt unit runs up to 3.3 g/t Au. A 2 meter channel cut (figure 8) across this outcrop showed that pyrite was also present however when assayed the results were disappointing with no detectable gold. Figure 8 Channel sampling on Tower West

13 10 A similar outcrop located southward along the trend (figure 6) showed intense silicification containing zones of magnetite py rite silica breccia. (figures 9 and 10) Figure 9 Hematite Magnetite Pyrite breccia in silicic alteration. Figure 10 Large euhedral pyrite cubes in breccia unit. Again, apart from the presence of pyrite, this unit looked similar to that found at the Strange showing. This outcrop was chip and channel sampled but did nott yield any detectable gold or anomalous chemistry.

14 11 Argillic Alteration While small zones of quartz sericite pyrite alteration were found throughout the new zone, the most extensive outcrops were found at the south west end on, and just north of the Monkstown Road (figure 6 and 11. Figure 11, located in a rock cut where the zone crosses Monktown Road is from the pyrite showing listed on the MODS data and is a true paper schist. Figure 11 Qtz ser pyrite schist located on Monktown Road at the southern end of the Tower West zone. At this point the argillic alteration is quite extensive with the zone being up to 400 meters in width. Occasionally it contains disrupted quartz veins (figure 12) with possible base metal mineralization similar to that seen in the Rusty Bow Zone west of the Monkstown Road trend. Figure 12 Disrupted quartz veins in qtz ser pyrite unit. East side of Tower West.

15 12 Elsewheree it outcrops simply as rusty rock (figure 13) which contains varying amounts of pyrite but does not necessarily possess a paper schist foliation. Figure 13 Slightly foliated qtz ser pyrite unit. The scale and intensity of the alteration here however suggests that unlike the Rusty Bow Zone, this zone probably forms an envelope around more intense, advanced argillic alteration that is yet to be found. This type of alteration also occurs extensively along the eastern edge of the Tower Prospect but has yet to yield any gold values. Silica Flood Often found proximal to the larger alteration zones to the west of the project area, are outcrops exhibiting silica flooding in the form of multiple bull quartz veins. (figure 13 and also see figure 3) The relationship of this feature to the alteration zone is not clearly understood however it is thought

16 13 that they may represent a silicification event that failed, or, they are an expression of a silicification event associated with but adjacent to the more intense silica zones. It is also possible that they are a primary near surface feature which indicates the presencee of more intense silicification occurring at depth. Nevertheless, the outcrops are usually very sporadic. Figure 14 Silica flooding in felsic tuffaceous rocks. What is different with the Tower West zone is that outcrops containing this feature can be traced almost continuously for a distance of over 500 meters (figure 6) making it a mappable unit which appears to structurally underlie the known outcrops of advanced argillic alteration. Other Prospecting Prospecting adjacent to the road in the southern portion of the projectt area did not include the area containing the known showing of quartz audularia veins reported by Turpin which assayed at over 2 grams. That showing had been visited and sampled by the author prior to the Cornerstone option period and while low amounts of gold were detected, Turpins results could not be duplicated.

17 14 ASSAY RESULTS The sampling conducted during this work period was restricted to the two sites corresponding to the channel samples indicated on Figure 6. A total of 5 samples were collected. Two of these were channel samples, one was a chip sample and the other two grabs. The results, which were very disappointing considering the style of alteration that was observed, may be found in the appendix at the rear of this report. CONCLUSIONS AND RECOMMENDATIONS The work completed during this period really only represents a first pass on the Tower West and the fact that the initial assay results did not yield any gold values, although unfortunate, is not surprising. The nature and style of alteration suggests that a robust hydrothermal system created the alteration and there are potentially other outcrops and/or phases present in the area which may produce positive results. The outcrops of the most intense alteration are usually small, and may be boudons from a structurally disrupted large alteration zone however they rarely contain argillic haloes. Detailed prospecting, outcrop to outcrop is required to find them. The alteration is open along strike and certainly the expansion of the argillic alteration zone to the southwest suggests the possibility of a more silicic core occurring in that direction. The true affiliation of the alteration in the central and northern part of Tower West is not yet clear. The lack of a well developed argillic envelope around the more intensely altered outcrops suggests something other than a high sulphidation origin. While some silica seen in one exposure appeared chalcedonic there were none of the usual textures to suggest a low sulphidation derivation. Further prospecting in the area between Tower West and the Tower Prospect is required to fully test the system. In addition, additional channel sampling and/or chip sampling should be conducted over some of the outcrops exhibiting argillic alteration to the southwest to help determine if there are any gold values present. If the Tower West can be in any way connected to the main Tower Prospect it would suggest the presence of a much larger alteration system that is subsurface between the two. This idea is supported by the occurrence of granite outcrops between the two zones. The possibility that the alteration seen at the Tower and Tower west has a porphyry affiliation should therefore be considered.

18 15 LIST OF EXPENDITURES EXPENDITURES COST Days Worked (travel and prospecting, 14 man /day) Assistant (Nathaniel CA Noel /day) Vehicle (12 days at 60.00/day 2 days of the 14 credited to another project)) Fuel ATV ( /day) Accommodations and meals ( /day) Sample slabbing includes diamond saw and blade Assays Administration and report writing (1 day) % of Total Expenditure Allocation 13640M M M

19 Appendix

20 Au Fire Assay/ICP Geochemistry Certificate Client: Nathaniel Noel Geologist: Eastern Analytical Limited Project: P.O. Box 187 Sample: Rock Little Bay Road Signed by: Springdale, NL DskFile: A0J 1T0 (Concentrations in assay range may cause interferences in DateIn: 12 Jan 12 Phone: associated elements.) DateOut: 18 Jan 12 Fax: Sample Au Ce Sr Ba Fe P Hg Mg As V Na Mo Al Be Ca Zn Cu Sb Ag Pb Bi Ti Cd Co Ni W La K Mn Sn Cr Number ppb ppm ppm ppm % % ppm % ppm ppm % ppm % ppm % ppm ppm ppm ppm ppm ppm % ppm ppm ppm ppm ppm % ppm ppm ppm TW TW-002c TW TSW TSW TSW

21 TOWER WEST SAMPLES (LOCATION) Sample # Easting Northing Au (ppb) TW <5 TW-002c <5 TW <5 TSW <5 TSW <5