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2 TENTH YEAR ASSESSMENT REPORT OF PROSPECTING ON LICENCE 18624M HICKEYS POND AREA, BURIN PENINSULA NTS 1M/16 BY NATHANIEL NOEL MSc. FOR E. MICHELE NOEL MINERAL LICENCES: M WORK CONDUCTED: LATE MAY 2011 and EARLY JANUARY 2012 TOTAL EXPENDITURES: TOTAL CLAIMS: 8

3 Table of Contents Page Summary 1 Introduction 1 Location and Access 2 Physiography 4 Property Summary and License Status 5 Previous Work 5 Geology 5 Regional Geology 6 Local Geology 7 Current Program 7 Work Done 7 Results 9 Conclusions and Recommendations 12 List of Expenditures 13 References 13 List of Figures Figure 1 Project Location Map 1 Figure 2 Claims Map 2 Figure 3 Access Map 3 Figure 4 New flagging marking the trail to Hickeys Pond 3 Figure 5 Starting point of Hickeys Pond trail 4 Figure 6 Topography 5 Figure 7 Regional Geology 6 Figure 8 Results Map showing area where work was conducted 8 Figure 9 Morning snowfall in January which melted by late Afternoon with work being conducted the next Day 9 Figure 10 River in May. Note low water levels and exposed Shoreline 9 Figure 11 Steep shoreline along river incised into glacial (esker) Material 10 Figure 12 Rounded cobbles which comprise material forming Knolls northeast of the main showing at Hickeys Pond 10 Figure 13 Smooth rounded tops on Knolls 11 Figure 14 Area stripped within the last year indicating non- Sanctioned exploration work being conducted on The property 12

4 1 SUMMARY Work conducted during this period consisted of closely examining several areas of high ground to the north east of the main showing at Hickeys Pond in an attempt to locate additional silicic zones similar to the original showing. Unfortunately it was determined that the bumps in this area are comprised of rounded boulders and probablyy represent portions of an esker which crosses the area. Prospecting in a nearby river located numerous rounded cobbles of quartz vein material however none of this appeared to be mineralized. An area of freshly stripped outcrop indicates that unsanctioned exploration work was conducted on the property in the last year. INTRODUCTION This report covers work completed on mineral licence 18624m located on the Burin Peninsula. (Figure 1). These claims were staked to cover prospective ground which included the main Hickeys Pond Prospect, interpreted to be a high sulphidation gold target. Figure 1 Project Locationn Map

5 2 LOCATION AND ACCESS The property is located approximately 30 km southwestt of the community of Swift Current and is about 6 km east of the Burin Highway on the Burin Peninsula. (Figure 2). It is located in the south central portion of NTS map sheet 1M/16. It can be accessed from the Burin Highway by foot or ATV by following an old muskeg/drill trail which leaves the Burin highway near Long Pond. (Figure 3) This trail has since been marked/flagged by a cabin owner who originally marked it as a snowmobile trail. (Figure 4) Using an ATV a trip to the property from the Burin Peninsula highway takes approximately hours one way. It is recommended that when accessing the property two ATV s equipped with winches are used since the trail crosses numerous bogs any of which can swallow an ATV. Figure 2 Claims Mapp

6 3 Figure 3 Access Map Figure 4 New flagging marking the trail to Hickeys Pond.

7 4 The beginning of the ATV trail used to be difficult to find however recently Newfoundland Hydro created a better defined trail into the power lines just east of the Burin Highway. The start of the trail is now easy to locate. (Figure 5) A few trouble spots have been created in the section between the highway and the power lines by the large tracked vehicles used by Newfoundland Hydro. The project area can also be accessed by helicopter or small float plane. Figure 5 Starting point of Hickeys Pond trail. PHYSIOGRAPHY The area is relatively barren and consists of low rolling hills rising to the west to form hills with over 250 metres relief. (Figure 3) The property area straddles a valley bordered on the west by slightly higher relief composed of granitic rocks of the Swift Current granite and to the east by felsic-mafic volcanicc rocks of the Love Cove Group. There are numerous smalll ponds. Outcrop is sporadic and glacial overburden forms a thin cover over most of the area. In the northern portion of the property there is a thick deposit of glacio-fluvial sediment which my represent a partially eroded esker or deltaic feature. (figure 6)

8 5 Figure 6 Topography. White object in center of photo is a caribou. Hill is largely comprised of esker material PROPERTY SUMMARY AND LICENCEE STATUS License 18624m is comprised of a block of 8 claims. This claim block is the result of the groupingg and reduction of other claim blocks. All claims are in good standing. In the fall of 2005 the claim holders Nathaniel Noel and E. Michele Noel entered into a grubstake agreement with Comaplex Minerals Corp. The property was returned to the claim holders in 2008 and subsequently optioned to Cornerstone Capital Corp. Cornerstone held the property for two years and returned it to the original claim holders in In the fall of 2010 the claim holders entered into a grubstake agreement with Newfoundlandd and Labrador Limited, a dimension stone company who expressed an interest in expanding into precious and base metals. Nathaniel Noel who did the work on the claims was working for Newfoundlandd and Labradorr Limited at the time. The grubstake agreementt terminated in February of PREVIOUS WORK The area has been explored off and on since the mid 1980 s. Most recently Geovector, operating for Western Keltic Minerals conducted minor exploration on the Hickeys Pond claim group. Cornerstone who optioned the property in 2008 also conducted very limited exploration work including some till sampling, stream sediment sampling and prospecting.

9 6 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.) and are considered to be part of thee 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 7) The project areaa is at the southern end of this major structure. Figure 7 Regional Geology

10 7 LOCAL GEOLOGY The claim group is underlain primarily by intermediate-felsic volcanic and volcanoclastic rocks to the east, and granitic rocks to the west. The northeastern trending valley occupied by Hickeys Pond which runs through the central portion of the claim block represents the Hickeys Brook Fault. The granitic rocks are pink to white and medium grained. The felsic volcanic units consist of pinkish or whitish weathering crystalithic tuffaceous rocks while intermediate units are green-grey. No sediments were observed within any of the claim blocks. 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. The assessment reports written by Cornerstone also provide a good summary of the work and results for the area. The claim group straddles the central portion of a 7 km long alteration system containing argillic and advanced argillic alteration. Differential weathering has created a curvo-linear valley which contains the alteration. This valley contains Hickeys Pond and also the river which runs into and out of Hickeys Pond and more importantly the main Hickeys Pond showing which forms a large 200 x 100 meter bump in the center of Hickeys Pond. CURRENT PROGRAM The current program consisted of prospecting in the area northeast along strike from the main prospect at Hickeys Pond (figure 8) focusing on a series of knolls to see if they are cored by siliceous outcrop. Work Done A total of 6 days were spent attempting to access or accessing and prospecting the area. Work was conducted in late May of 2011 and early January of In May, a camper was set up at a site close the beginning of the trail into Hickeys Pond however in January because of exposure the camper was set up in a gravel pit near the Paradise River. The work conducted in January was all but a waste of time due to periodic snow falls (figure 9) although the one day when there was no snow, access was greatly improved due to the bogs being frozen. Unfortunately at that time thin ice on the river and pond prevented access to the area being examined. An attempt to visit the Headwaters showing had to be cut short due to heavy flurries which began by midafternoon. No further attempts to access the property were made after that time.

11 8 Figure 8 Results Map showing area where work was conducted.

12 9 Figure 9 Morning snowfall in January which melted by late afternoon with work being conducted the next day. RESULTS In last year s assessment report it was mentioned that a comparison of the Hickeys Pond alteration system to the Bullwinkle and Tower alteration systems strongly suggested that there should be more of the large siliceous augen present att Hickeys Pond then have been found to date. With this in mind the property was visited and thee area most likely to contain that material was closely examined. In addition, the water in the river which runs through the property was exceptionally low for May (figure 10) thereby allowing greater access to the river bed for the purpose of prospecting. Figure 10 River in May. Note low water levels and exposed shoreline

13 10 Prospecting north east of the main showing at Hickeys Pond was disappointing. The shoreline of the river along the side of several knolls showed that the material making up the knolls was esker material. (figure 11 and 12) Figure 11 Steep shoreline along river incised into glacial (esker) material. Figure 12 Rounded cobbles which comprise material forming knollss northeast of the main showing at Hickeys Pond

14 11 Examination of the sides and tops of the knolls also suggested thatt they are comprised of esker material. On the sides of the knolls forest growth consisted of large mature conifers suggested the presence of deeper soil as opposed to regolith and the tops of the knolls weree rounded (figure 13) and contained only boulders with no evidence of outcrop. Figure 13 Smooth rounded tops on Knolls Figure 8 clearly shows that an esker crossess the property in this area however it was hoped that some outcrop might be visible. Prospecting adjacent to the esker in this area also did not turn up any outcrop except that previously seen on the shoreline of Hickeys Pond. That outcrop consisted of quartz-sericite-pyritdid not yield any gold values. Prospecting in the river at the north end of the property located numerous cobbles of bull quartz schist. An assay of a sample taken previously from that outcrop but little in the way of alteration related silica. Nothing of interest was found and no samples were collected. Something that was discovered during prospecting was an area on the shore of the river, located within the claim block that had been stripped. (figure 14) This was not present last year and is a clear indication that some other party had conducted exploration work on the property without permission from the current claim holder.

15 12 Figure 14 Area stripped within the last year indicating non-sanctioned exploration work being conducted on thee property. CONCLUSIONS AND RECOMMENDATIONS Work conducted during this work period clearly shows that exploration in the area will be hindered by an overburden problem caused by the presence of a large esker which crosses the project area in a location most likely to contain additional favorable alteration. In addition, staking around the claim block now prevents any workk from being conductedd down ice from areas suspected of containing additional alteration where glacial erratics derived from the alteration may be found. While access to the area is better in January if there is noo snow, the continuing occurrence in this particularr area of heavy snow flurries on days when no flurries are forecast makes planning and conducting work at that time of the year a bit of a crapshoot. In addition, the short daylight hours prevents much work from being conducted if travel times to and from the work area are long.

16 13 LIST OF EXPENDITURES EXPENDITURES COST Days Worked (site visit and prospecting) ( /day) Vehicle (6 days at 60.00/day) Fuel Meals (6 days at 40.00/day Administration and report writing (1 day) Quad use per day % of Total REFERENCES: 2010 Julie Labonte, P. Geo., ASSESSMENT REPORT of PROSPECTING, SOIL SAMPLING, and RECLAMATION on LICENCES 12650M, 13637M, 15460M, 15461M, 15462M BURIN GOLD PROJECT NTS 1M/06, 1M/07, 1M/09, 1M/10 and 1M/16 FOR Cornerstone Resources Inc.

%+ '$# $) %, %$ " $ $ ' %' !()'-!" %( %"%! " '+ - % %$! $)! " $)!" !$ ' "! )( ! $ '%& ')- % % "!#( (( ((# $) ' ) ((* & # ' % %"# ( !!

%+ '$# $) %, %*$ $ $ ' %' !()'-! %( %%! *'+ - % %$! $)! $)! !$ ' ! )( ! $ '%& ')- % % !#( (( ((# $) ' ) ((* & *# ' % %*# ( !! 001M/09/0796 SEVENTH YEAR ASSESSMENT REPORT ON LIC. 13640M FIRST YEAR ASSESSMENT REPORT ON LIC. 18523M FIRST YEAR ASSESSMENT REPORT ON LIC. 18524M OF PROSPECTING ON TOWER WEST AREA, BURIN PENINSULA NTS