ASSESSMENT REPORT. HL1 Project, License 06172M (1st year), Newfoundland NTS 2D/05: Report on Prospecting and Rock Sampling For Larry Quinlan

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3 ASSESSMENT REPORT HL1 Project, License 06172M (1st year), Newfoundland NTS 2D/05: Report on Prospecting and Rock Sampling For Larry Quinlan Work conducted from June, 2009 to April, 2010 Total Expenditures: $17, Total Claims: 29 Prepared by: Larry Quinlan July, 2010

4 Table of Contents Page Introduction... 1 Location and Access... 1 Physiography.2 Regional Geology...3 Local and Property... 3 Previous Exploration... 5 Current Exploration... 5 Sample Description...7 Recommendations... 7 References... 8 Figures: Figure 1 - Property Location...1 Figure 2 - Property Location/Access...2 Figure 3 - Geology...4 Figure 4 - Sample Location...6 Appendices Personnel and Expenditures... APPENDIX I Analytical Certificates...APPENDIX II

5 Introduction: The HL1 property consists of twenty nine mineral claims within Licence M. The property was staked in May 2009 when the ground came open for staking. The ground was staked for its gold potential. With two major gold prospects (Mosquito Hill and Brady) within a few kilometers and within the same belt of rocks the potential to find gold mineralization is good. This report serves as the 1st year assessment report on Licence M. Location and Access: The HL1 property (Figure 1) is located 50 kilometers south of Grand Falls in NTS 2D/05. A logging access road 7 kilometers south of the bridge over the Northwest Gander River on the Baie d Espoir highway provides access to the property (Figure 2). A bridge on the logging access road over the Little Gull River has recently been removed, making access more difficult during periods of high water flow. Figure 1 - Property Location: 1

6 Figure 2 - Property Location/Access: Physiography: The license area is characterized by an extensive development bogs and marshy barrens. The topography is generally very flat, occasionally disrupted by very low relief, undulating hills, which form ridges supporting the dense growth of softwood forest. 2

7 Regional Geology: The property is located in the Exploits subzone in the east-central part of the Dunnage Zone on the Island of Newfoundland. Rocks of the Dunnage consist of volcanic, volcaniclastic and sedimentary rocks of island-arc and back-arc affinity interpreted to represent vestiges of the Iapetus Ocean. The Dunnage Zone is divided into the Notre Dame and Exploits subzones, separated by the Red Indian Line. The evolution of the Dunnage is divided into a pre to syn accretionary and a post accretionary stage. The initial Cambrian to Mid-Ordovician pre to syn accretionary phase is marked by a periods volcanism and sedimentation in island-arc and back-arc basins. The syn-accretionary phase (initial closure of Iapetus Ocean) resulted in the structural emplacement of Notre Dame subzone rocks over the continent of Laurentia and the Exploits subzone rocks over the Gondwana continental margin. Post-accretion activation and reactivation of large strike-slip faults led to the deposition of Silurian fluviatile sedimentary and terrestrial volcanic rocks. Siluro-Devonian deformation (Salinic orogeny) resulted in crustal thickening that caused regional greenschist and amphibolite grade metamorphism and crustal melting that resulted in widespread plutonism. Local and Property Geology: The HL1 property situated in the Dunnage tectonostratigraphic zone of the Newfoundland Appalachians at the eastern margin of a large elliptical structure informally referred to as the Tim Horton complex. The structure is outlined by a variably thick zone of Lower Paleozoic ultramafic rocks that lie at the base of the Dunnage Zone and enclose possible Gander Zone metasedimentary correlatives of the Mount Cormack Terran (Spruce Brook Formation). Colman-Sadd and Swinden (1984) have interpreted the ultramafic rocks to be part of a major allochthon thrust eastwards upon sediments of continental affinity during the Acadian Orogeny. These ultramafic rocks are remnants of a tectonic window. Individually the three regions are called the Great Bend Complex, Coy Pond Complex and Pipestone Pond Complex. The Coy Pond Complex rocks in the west area are highlighted by a regional magnetic high that reflects the distribution of the mafic -ultramfic rocks. Plutonic felsic rocks of Late Cambrian to Middle Ordovician age occur within the Coy Pond complex and the southern extent of the Coy Pond Complex is truncated by the large Partridgeberry Hills granite. The Spruce Brook Formation of Middle Ordovician age consists of gneisses and clastic sedimentary rocks, including their metamorphic derivatives. The sedimentary rocks are mainly medium to thick bedded grey quartzitic sandstone, interbedded with siltstone, shale and schist with lesser conglomerate and migmatite. The Bay D Espoir Group in the HL2 property area is represented by the North Steady Pond Formation which consists of felsic volcanics and marine siliciclastic sedimentary rocks. The Baie d Espoir Group siliciclastic marine rocks appear to be direct correlatives with Davidsville Group rocks mapped on the NTS sheet 2D/04 (Colman-Sadd et al open file NFLD/2616, version 4). 3

8 Figure 3 Local and Property Geology: Legend Baie d'espoir Group - COsx Coy Pond Complex - COux Partridgeberry Hills - COGX 4

9 Previous Work: Within the last few years the area has seen a considerable amount of mineral exploration. North of the property two significant gold prospects are currently or very recently being further explored by drilling. The two prospects, (Figure 2). Mosquito Hill and Brady returned drill core intercepts up to 35 meters at 2.21 g/t Au and 35 meters at 1.1 g/t Au respectively (Golden Dory press release dated Feb 04/10). The Ground covered by Licence M has seen a limited amount of mineral exploration including drilling carried out by Gallery Resources in The drilling based on IP responses encountered widespread disseminated and stringer arsenopyrite and pyrite from surface to a core depth of 193 meters in a intercalulated volcanic sedimentary sequence. Alteration within the volcanic rocks consisted of silca, sericite, carbonate, chlorite and epidote. Only minor gold mineralization over narrow widths were reported, (Janes & French, 2004). Current Work: A total of twenty-nine man days, six of which were travel days from St. John s (1 trip) and Stephenville Crossing(2 trips), were spend accessing and exploring the property. A total of ten rock and seven soil samples were collected and assayed (Figure 4). Of the samples, a high gold value of 8733 ppb was returned from a sub-angular quartz vein boulder located along the shore line of Lane Pond. A sample of massive pyrite in the same area failed to return gold values above the detection limit. Two samples of sil. volcanic float, one to the west of Lane Pond, the other to the east of the pond, returned gold values of 2845 and 1040 ppb respectively. A narrow, up to 5 cm wide, felsic volcanic hosted, sphalerite rich quartz vein was discovered to the north of Lane Pond. A selective grab sample from the vein returned 6.30 % Zn and 675 ppb gold. A soil sample collected five meters along strike returned.49% Zn and 92 ppb Au. This mineralization is comparable to high grade zinc mineralization found to the south by Gallery Resources at the Katie Property. A soil sample collected near the Gallery drill hole mentioned earlier, returned 328 ppb Au suggesting that there could be higher grade mineralization in the area than encountered in the drill core. 5

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11 Sample Description: Sample Type Description Mineralization Easting Northing HL101 float ultramafic 4-5% diss py - sil. subangular HL102 outcrop sedimentary 5-8% fine diss py - sil HL103 outcrop qtz vein sed hosted HL104 float qtz vein float - subangular HL105 float massive py angular HL106 outcrop qtz vein 10-12% sphalerite HL107 float felsic volcanic 4-5% py - sil angular HL108 float felsic volcanic 4-5% py 1% asp - sil subangular HL109 subcrop felsic volcanic 4-5% py - sil angular HLS01 float felsic volcanic 4-5% py 1% asp - sil subangular HLS02 soil HLS03 soil HLS04 soil HLS05 soil HLS06 soil HLS07 soil HLS08 soil Recommendations: Lack of outcrop very much hindered any prospecting attempts. Further prospecting should be carried out while concentrating on soil sampling. 7

12 References Colman-Sadd, S.P., and Swinden, H.S. 1984: A tectonic window in central Newfoundland? Geological evidence that the Appalachian Dunnage Zone may be allochthonous: in Canadian Journal of Earth Sciences, volume 21, pages Colman-Sadd, S.P. and Crisby-Whittle, L.V.J. (Compilers), 2002: Partial bedrock geology dataset for the Island of Newfoundland (NTS 2E, 12H, 12G and parts of 1M, 2D, 2L, 11P, 12A, 12B, 12I). Open File NFLD/2616 Version 4.0. th Janes, K., and French, V. 2004: Supplementary 4 Year Report. Report 002D/05/005. 8

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14 1 of 2 APPENDIX II - Analytical Certificates

15 2 of 2 APPENDIX II - Analytical Certificates