Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

CHALICE MINING LIMITED Interim / Quarterly Report 2014

Jul 29, 2014

64649_rns_2014-07-29_a0ab53fb-2920-4145-bd7b-63a4d7c1a6e9.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

==> picture [523 x 131] intentionally omitted <==

----- Start of picture text -----

ABN 47 116 648 956
----- End of picture text -----

ASX Announcement

June 2014 Quarterly Report

Exploration gets underway at the Cameron Gold Project and Chalice acquires Dubenski gold deposit

Highlights:

  • Chalice successfully renegotiates the existing option agreement over the Dubenski gold deposit, located near the Cameron Gold Project, for C$700,000 plus an additional payment for incremental ounces mined above the first 70,000 ounces.

  • Drilling at Cameron intersects good grades over relatively narrow widths at the Juno, Jupiter and Ajax prospects, confirming that mineralised structures with ‘Cameron-style’ alteration and gold mineralisation extend through the targeted areas.

  • Diamond drilling is planned at Cameron to follow up targets generated from further MMI soil geochemistry and geophysical surveys with drilling likely to commence late in the September Quarter.

  • GeoCrystal is scheduled to start RC drilling at the Webb Diamond Project in early August 2014.

  • Chalice’s balance sheet remains strong with cash of A$44M at 30 June 2014.

Overview:

During the June Quarter, Chalice Gold Mines Limited (ASX: CHN, TSX: CXN – “Chalice” or “the Company”) commenced exploration activities at the Cameron Gold Project with drilling undertaken at a number of “drillready” targets within a 5-10km radius of the Cameron deposit such as Juno, Ajax, Hermione and Jupiter. Drilling intersected good grades over narrow widths at Juno, Jupiter and Ajax, confirming that mineralised structures with ‘Cameron-style’ alteration and gold mineralisation extend through the targeted areas.

In parallel, Chalice completed 1,457 line km of Versatile Time Domain Electromagnetic (“VTEM”) and 2,134 line km of aeromagnetic surveys over the western Cameron and West Cedartree tenements to support the identification and prioritisation of further drill targets. Mobile Metal Ion (MMI) soil geochemistry is also currently being trialled to potentially speed up the process of in-filling geochemical data coverage over target areas and help prioritise drill targets.

Shortly after the Quarter closed, Chalice was successful in acquiring the existing Dubenski gold deposit (“Dubenski”) by renegotiating the existing option agreement under favourable terms. The Company also continues to remain active in business development, assessing transactions which would be complementary to the Cameron Gold Camp Project.

==> picture [508 x 19] intentionally omitted <==

Chalice Gold Mines Limited, Level 2, 1292 Hay Street, West Perth, Western Australia T: +618 9322 3960 F: +618 9322 5800 E: [email protected] www.chalicegold.com

1. Dubenski Deposit Acquisition

After the Quarter closed, Chalice successfully negotiated the acquisition of the Dubenski gold deposit in Ontario, Canada for C$700,000 (“the Acquisition”) by renegotiating the existing option agreement with the vendor. For further details of the Dubenski transaction please refer to the ASX release on the 23/07/2014 - Chalice acquires the Dubenski Gold Deposit.

Dubenski contains an Indicated Resource of 806,000 tonnes at 2.28 g/t for 59,000 ounces and an Inferred Resource of 392,000 tonnes at 1.44 g/t for 18,200 ounces (Table 1). Dubenski is located within the West Cedartree Project, which is located less than 10km to the west of the Cameron gold deposit (Figure 1).

The greater Cameron Gold Camp Project has total Measured and Indicated Resources of 10,058,000 tonnes at 2.09 g/t for 675,900 ounces and an Inferred Resource of 7,046,000 tonnes at 2.61 g/t for 591,300 ounces (Table 1).

Securing the Dubenski gold deposit is an important step forward in Chalice’s goal of continuing to grow and enhance the Cameron Gold Project by securing additional high-grade ounces in close proximity to the existing Cameron deposit.

The transaction is conditional upon any approvals and consents that may be necessary under the legal and regulatory regime to which the Dubenski gold deposit is subject and is expected to be completed in the next few weeks.

==> picture [452 x 316] intentionally omitted <==

Figure 1 – The Cameron Gold Camp Project and location of the Dubenski Gold Deposit

2

Deposit Description Cut-off
**Goldg/t **		 Class Tonnes Gold g/t Gold Oz
Cameron Open Cut 0.5g/t Measured 2,872,000 2.3 212,400
RL>=750m Indicated 5,417,000 1.76 306,600
Meas+Indic 8,289,000 1.95 519,700
Inferred 881,000 2.07 58,600
Underground 1.75g/t Measured 157,000 2.77 14,000
RL<750m Indicated 559,000 3.23 58,100
Meas+Indic 716,000 3.13 72,100
Inferred 5,709,000 2.78 510,300
Dubenski Open Cut 1.00g/t Measured
RL>=180m Indicated 806,000 2.28 59,100
Meas+Indic 806,000 2.28 59,100
Inferred 392,000 1.44 18,200
Dogpaw Open Cut 0.5g/t Measured
RL>=210m Indicated 247,000 3.02 24,000
Meas+Indic 247,000 3.02 24,000
Inferred 64,000 2.26 4,700
Total Measured 3,029,000 2.33 226,900
Indicated 7,029,000 1.98 447,500
Meas+Indic 10,058,000 2.09 675,900
Inferred 7,046,000 2.61 591,300

Table 1- Cameron Gold Camp Mineral Resource

The information relating to the Mineral Resource estimates reported herein for the Cameron Gold Camp Project, which includes the Dubenski Gold Deposit, is derived from the sections of the Technical Report dated 28 July 2014 prepared for Chalice Gold Mines Limited by Mr. Peter Ball of Datageo Geological Consultants who is a Chartered Professional and Member of the Australasian Institute of Mining and Metallurgy. Mr. Ball has sufficient experience in the field of activity being reported to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and is a Qualified Person under National Instrument 43-101 – ‘Standards of Disclosure for Mineral Projects’. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Mr. Ball consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

The information that is included in this report in relation to Mineral Resource estimates reported herein for the Cameron Gold Camp Project is extracted from the ASX Announcement entitled “Chalice Files Updated 43-101 Technical Report” dated 28 July, 2014 and is available to view on www.chalicegold.com. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

3

2. Cameron Gold Project Exploration

Diamond drilling targeting gold-in-till anomalies at four prospects – Juno, Ajax, Hermione and Jupiter – was undertaken during the Quarter for a total of 2,600m in 15 holes (see Figure 2 below). Narrow but potentially economic grades were intersected at the Juno, Jupiter and Ajax prospects confirming that mineralised structures with ‘Cameron-style’ alteration and gold mineralisation extend through the targeted areas.

While a total of 120,000m of drilling has been completed in the vicinity of the Cameron Gold Project, approximately 115,000m has been within the Cameron deposit itself, leaving prospective areas outside of the Cameron deposit relatively under-explored.

A complete summary of all drill holes is provided in Appendix 2, however, better intersections included:

o Juno: 1m at 3.35g/t Au from 91m 1m at 3.80g/t Au from 138.6m o Jupiter: 0.9m at 2.78g/t Au from 109.85m 1m at 1.95g/t Au from 94m o Ajax: 0.5m at 3.18g/t Au from 14.8m 0.8m at 1.23g/t Au from 24.55m 0.7m at 1.44g/t Au from 32.30m 1.05m at 2.00g/t Au from 64m

==> picture [496 x 298] intentionally omitted <==

Figure 2 – Cameron Prospects Drilled during June Quarter

At Juno, the mineralised intersections comprise chlorite-sericite-carbonate-pyrite (0.5%) alteration associated with quartz-carbonate veining. The intersections lie on or adjacent to sheared dolerite/basalt contacts in a similar setting to the Cameron mineralisation.

4

At Ajax, the mineralisation comprises quartz-albite-carbonate-chlorite breccia veins with ~1% vein related pyrite. Alteration extends 30cm into the surrounding dolerite and, as at Cameron, there are a number of porphyry dykes in close proximity.

At the Jupiter prospect several holes intersected strong quartz veining associated with intense sericite-carbonatehematite-magnetite alteration with 0.5-1% pyrite in probable extensions of the dolerite that hosts the Cameron deposit.

Mobile Metal Ion (MMI) soil geochemistry is now being trialled to see whether this technique, which has proven effective elsewhere in the Cameron district, might provide more cost effective and quicker way to track these structures along strike.

Early in the Quarter, the Company completed combined Versatile Time Domain Electromagnetic (“VTEM”) and aeromagnetic surveys over the western Cameron and West Cedartree tenements.

A total of 1,457 line km of VTEM at 200m line spacings and 2,134 line km of magnetics at 100m line spacings were acquired. Processing of the data was undertaken by Southern Geoscience Consultants, who also merged the new data with previously acquired detailed magnetics covering the eastern Cameron block. An interpretation of this combined data set by consultant geophysicist Peter Diorio is expected early in the next Quarter.

More regionally, the Company commissioned consultant Dr Jon Hronsky to conduct a metallogenic framework and mineral targeting study to help identify and develop new exploration opportunities both within the CameronCedartree tenements and more regionally within the Cameron-Pipestone-Rowan Lake district. This will draw upon both public domain and proprietary datasets (primarily geophysical) and aims to identify litho-structural domains that the Company can focus its efforts on with the best chance of discovery.

Going forward, based on the orientation MMI survey the Company plans to extend geochemical soil sampling coverage to the main structural corridors identified from interpretations of the recently acquired aeromagnetic and VTEM surveys.

Diamond drilling is currently planned for the September Quarter to follow-up on targets generated from the different exploration work programs currently underway.

The information in this report that relates to Exploration Results in relation to the Cameron Gold Camp Project is based on information compiled by Dr Doug Jones, a full-time employee and Director of Chalice Gold Mines Limited, who is a Member of the Australasian Institute of Mining and Metallurgy and is a Chartered Professional Geologist. Dr Jones has sufficient experience in the field of activity being reported to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and is a Qualified Person under National Instrument 43-101 – ‘Standards of Disclosure for Mineral Projects’. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Dr Jones consents to the release of information in the form and context in which it appears here.

3. Cameron Gold Project NI43-101 Technical Report

Pursuant to TSX listing rules, the Company has prepared an NI43-101 Technical Report for the Cameron Gold Camp Project. This report has been prepared by independent consultant geologist Peter Ball of DataGeo Geological Consultants.

The Cameron deposit resources have also been updated to current CIM and JORC 2012 standards, incorporating additional QA/QC studies undertaken by the Company. The impact of these revisions has been minimal, mainly involving the relegation of some underground Indicated Resources to the Inferred category (see ASX Release of 28 July, 2014 for further details).

5

4. Rainy River Project

Results were received from the 55-hole till sampling drill program completed during the March Quarter. Targets drilled included Hydra, Conqueror, Leviathan, Naiad, Revenge and Temeraire.

The results of the till sampling are currently being assessed within the context of a reinterpretation of the regional geology based on public domain and proprietary geophysical and geochemical datasets that the Company undertook during the Quarter.

5. GeoCrystal Limited (Equity Interest in GeoCrystal of 24% plus options) – Webb Diamond Project

Geocrystal has completed a detailed, high-resolution aeromagnetic survey over the main tenement block covering the Webb kimberlite field and over a tenement covering a separate target to the north east. The survey comprised 11,800 line-km at a 100m line spacing.

Interpretation of this detailed dataset by a consulting geophysicist has increased the number of kimberlite targets in the Webb field from 80 to 280. The significant increase in the number of aeromagnetic targets is a result of the closer line spacing and higher resolution of the recent survey, which reveals features not apparent in the previous surveys.

Planning of heritage surveys over the new targets is well advanced, after which a 5,000-6,000m RC drilling programme is anticipated to start in early August. The drilling strike rate to date has been high with 10 kimberlite bodies identified from drilling of 16 aeromagnetic targets. Drilling of six of these targets did not penetrate the cover rocks and they remain to be tested.

The objective of the next phase of drilling will be to obtain unweathered samples from a spread of target clusters throughout the field and from priority targets identified from the recent aeromagnetic survey and loam sampling. These samples will then be tested for both micro and macro diamonds.

Joint venture partner GeoCrystal has earned a 51% interest in Meteoric’s interest in the tenements and elected to continue to sole fund exploration on the Webb kimberlite field discovery. Following completion of the current exploration work program, GeoCrystal expects to have met the requirement to sole fund the first $2 million of expenditure to earn 70% of Meteoric’s interest in the JV. Chalice currently has a 24% equity interest in GeoCrystal with options and first rights over future funding to a 51% interest in GeoCrystal.

For further details please see Meteoric Resources (ASX codes: MEI and MEICA) announcement dated 16 July 2014.

6. Oodnadatta and Marla Project

During the Quarter, following a corporate review of exploration projects, Chalice withdrew from the farm-in joint venture with Uranium Equities Limited over the Marla and Oodnadatta Projects. Chalice retains no interest in the projects going forward.

7. Mogoraib North VMS Project, Eritrea

Exploration at Mogoraib North during the Quarter focused on the completion of seven diamond drill-holes and the deepening of an existing hole on the Mogoraib River trend. Total metres drilled were 1,590m, bringing the project total to 65 holes for 12,047m.

While several holes intersected various amounts of stringer, semi-massive and massive sulphide and confirmed the presence of a stacked VMS system consisting of at least four separate ‘horizons’, base and precious metal grades continue to be sub-economic. On the basis of these results, Chalice has made the decision to exit the Mogoraib North JV and wind up operations in Eritrea.

Complete results from the latest round of drilling at Mogoraib North are provided in Appendix 3.

6

The information in this report that relates to Exploration Results in relation to the Mogoraib North Project is based on information compiled by Dr Doug Jones, a full-time employee and Director of Chalice Gold Mines Limited, who is a Member of the Australasian Institute of Mining and Metallurgy and is a Chartered Professional Geologist. Dr Jones has sufficient experience in the field of activity being reported to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and is a Qualified Person under National Instrument 43-101 – ‘Standards of Disclosure for Mineral Projects’. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Dr Jones consents to the release of information in the form and context in which it appears here.

8. Share Buyback

In the March 2014 Quarter, Chalice announced an on-market share buyback of up to 25,073,088 ordinary shares as part of a capital management plan over the next 12 months.

10,036,591 shares have been acquired to date under the buy-back at an average price of 15.28 cents for a total of $1,554,356. At the end of June 2014, the total maximum remaining shares that can be acquired under the 10%/12 month rule is 15,036,497.

Chalice will continue to assess the merits of this capital management initiative as market conditions evolve.

9. Tenement schedules

In accordance with ASX Listing Rule 5.3, please refer to Appendix 1 for listing of tenements.

10. Discussion on Quarterly Cash flow

Chalice’s cash reserves were A$44.2 million as at 30 June 2014.

During the Quarter, the Company spent $1.9 million (YTD: $3.4 million) on exploration and evaluation activities, including a 2,600 m diamond drilling program and aeromagnetic and VTEM surveys over the western Cameron and West Cedartree tenements at the Cameron Project.

In addition, the Company spent $1.4 million (YTD: $1.6 million) acquiring 9,021,260 shares under the share buyback discussed in section 8 above and a further $1.3 million (YTD: $1.8 million) was spent to increase the Company’s interest in GeoCrystal Limited to 24%.

$0.4 million (YTD: $1.5 million) was spent on administration and overhead costs with the impact of foreign exchange rates for the Quarter being $0.4 million.

Further details are available in the attached Appendix 5B.

==> picture [89 x 53] intentionally omitted <==

BILL BENT Managing Director

30 July 2014

7

For further information, please contact:

For media inquiries, please contact:

Tim Goyder, Executive Chairman Bill Bent, Managing Director Nicholas Read Chalice Gold Mines Limited Read Corporate Telephone +61 9322 3960 Telephone: +618 9388 1474

Forward Looking Statements

This document may contain forward-looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). These forward-looking statements are made as of the date of this document and Chalice Gold Mines Limited (the Company) does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law or regulation.

Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, statements regarding the quantum and price of shares to be acquired under a share buyback, the estimation of mineral reserves and mineral resources, the realisation of mineral reserve estimates, the likelihood of exploration success, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.

In certain cases, forward-looking statements can be identified by the use of words such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others; risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of mineral resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry, as well as those factors detailed from time to time in the Company’s interim and annual financial statements, all of which are filed and available for review on SEDAR at sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward-looking statements.

8

Appendix 1 – Tenement schedules

The following information is provided in accordance with ASX Listing Rule 5.3 for the quarter ended 30 June 2014:

1. Listing of tenements held:

Location Project Tenement
No.		 Registered Holder Nature of
interest
Eritrea Mogoraib
North		 Exploration
Licence		 Sub-Sahara Resources
(Eritrea) Pty Ltd		 60%
Australia Gnaweeda
Project		 E51/0926 Chalice Gold Mines Limited and
Teck Australia PtyLtd		 12.03%
E51/0927 Chalice Gold Mines Limited and
Teck Australia PtyLtd		 12.03%
Canada Refer below.

2. Listing of tenements acquired (directly or beneficially) during the quarter:

Location Project Tenement No. Registered Holder Nature of
interest
Canada Cameron Gold Mining
Licence -
108466		 Cameron Gold
Operations Ltd		 Acquired 20%
with ownership
now 100%

3. Tenements relinquished, reduced or lapsed (directly or beneficially) during the quarter:

Location Project Tenement
Type		 Tenement
No.		 Registered Holder Nature of Interest
Australia Marla EL4655 GE Resources Pty Ltd 0% - earning up to 70%.
EL4656 GE Resources Pty Ltd 0% - earning up to 70%.
EL4657 GE Resources Pty Ltd 0% - earning up to 70%.
EL4658 GE Resources Pty Ltd 0% - earning up to 70%.
EL4659 GE Resources Pty Ltd 0% - earning up to 70%.
EL4660 GE Resources Pty Ltd 0% - earning up to 70%.
EL4661 GE Resources Pty Ltd 0% - earning up to 70%.
EL5390 GE Resources Pty Ltd 0% - earning up to 70%.
Oodnadatta EL4679 GE Resources Pty Ltd 0% - earning up to 70%.
EL4682 GE Resources Pty Ltd 0% - earning up to 70%.
EL4683 GE Resources Pty Ltd 0% - earning up to 70%.
EL4684 GE Resources Pty Ltd 0% - earning up to 70%.
EL4686 GE Resources Pty Ltd 0% - earning up to 70%.
EL4687 GE Resources Pty Ltd 0% - earning up to 70%.
EL4688 GE Resources Pty Ltd 0% - earning up to 70%.
EL4959 GE Resources Pty Ltd 0% - earning up to 70%.
EL5144 GE Resources Pty Ltd 0% - earning up to 70%.
Canada Rainy River Claim 4268070 Coventry Rainy River Inc. 100%
Claim 4268071 Coventry Rainy River Inc. 100%
Claim 4264665 Coventry Rainy River Inc. 100%
Claim 4264664 Coventry Rainy River Inc. 100%

9

Tenements held (Canada)

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Cameron MiningLease 108400 CLM305. Claim K465069-K465075, K465351-K465358, K519950-
K519965,K561022-K561025,K666295		 Cameron Gold Operations Ltd 100%
Cameron MiningLease 108400 CLM306, Claim K386816-K386818, K386888-K386900, K533901-
K533908,K666294		 Cameron Gold Operations Ltd 100%
West Cedar MiningLease 107495 K314926,K351875-K351876,K314928-K314931,K273821 Cameron Gold Operations Ltd 100%
Cameron Patented miningclaim PA8441,42185-0720(LT) K2766 Cameron Gold Operations Ltd 100%
Cameron Patented miningclaim PA8442,42185-0722(LT) K2767 Cameron Gold Operations Ltd 100%
Cameron Patented miningclaim PA8443,42185-0724(LT) K2768 Cameron Gold Operations Ltd 100%
Cameron Patented miningclaim PA9901,42185-0726(LT) K4712 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0208(LT) K9990 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0586(LT) K9991 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0585(LT) K9992 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0577(LT) K9993 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0587(LT) K9994 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0578(LT) K9995 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0588(LT) K9996 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0579(LT) K9997 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0581(LT) K9999 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0807(LT) K10000 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0583(LT) K10010 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0584(LT) K10011 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0580(LT) K10058 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0796(LT) K10024 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0799(LT) K10025 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0801(LT) K10026 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0803(LT) K10027 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0593(LT) K10028 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0594(LT) K10029 Cameron Gold Operations Ltd 100%
West Cedar Patented miningclaim 42185-0595(LT) K10030 Cameron Gold Operations Ltd 100%
Cameron MLO 10384 K4709 Cameron Gold Operations Ltd 100%
Cameron MLO 10405 K4711 Cameron Gold Operations Ltd 100%
Cameron MLO 10406 K4710 Cameron Gold Operations Ltd 100%

10

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Cameron MLO 10407 K4712 Cameron Gold Operations Ltd 100%
Cameron MLO 3366 K2767 Cameron Gold Operations Ltd 100%
Cameron MLO 3367 K2768 Cameron Gold Operations Ltd 100%
West Cedar MLO 11143 K9990,K9992,K9993,K9996,K9999,K10000,K10011,K10058 Cameron Gold Operations Ltd 100%
Cameron Claim 1105444 Cameron Gold Operations Ltd 100%
Cameron Claim 1105445 Cameron Gold Operations Ltd 100%
Cameron Claim 1161574 Cameron Gold Operations Ltd 100%
Cameron Claim 1161575 Cameron Gold Operations Ltd 100%
Cameron Claim 1210120 Cameron Gold Operations Ltd 100%
Cameron Claim 1210121 Cameron Gold Operations Ltd 100%
Cameron Claim 1210122 Cameron Gold Operations Ltd 100%
Cameron Claim 1210123 Cameron Gold Operations Ltd 100%
Cameron Claim 1210124 Cameron Gold Operations Ltd 100%
Cameron Claim 1210125 Cameron Gold Operations Ltd 100%
Cameron Claim 1210126 Cameron Gold Operations Ltd 100%
Cameron Claim 1210128 Cameron Gold Operations Ltd 100%
Cameron Claim 1210129 Cameron Gold Operations Ltd 100%
Cameron Claim 1210130 Cameron Gold Operations Ltd 100%
Cameron Claim 1210131 Cameron Gold Operations Ltd 100%
Cameron Claim 1210132 Cameron Gold Operations Ltd 100%
Cameron Claim 1210133 Cameron Gold Operations Ltd 100%
Cameron Claim 1210134 Cameron Gold Operations Ltd 100%
Cameron Claim 1210135 Cameron Gold Operations Ltd 100%
Cameron Claim 1210136 Cameron Gold Operations Ltd 100%
Cameron Claim 4254297 Cameron Gold Operations Ltd 100%
Cameron Claim 4258281 Cameron Gold Operations Ltd 100%
Cameron Claim 4258282 Cameron Gold Operations Ltd 100%
Cameron Claim 4258283 Cameron Gold Operations Ltd 100%
Cameron Claim 4258284 Cameron Gold Operations Ltd 100%
Cameron Claim 4258285 Cameron Gold Operations Ltd 100%
Cameron Claim 4258286 Cameron Gold Operations Ltd 100%
Cameron Claim 4258287 Cameron Gold Operations Ltd 100%
Cameron Claim 4258288 Cameron Gold Operations Ltd 100%

11

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Cameron Claim 4258289 Cameron Gold Operations Ltd 100%
Cameron Claim 4258290 Cameron Gold Operations Ltd 100%
Cameron Claim 4258291 Cameron Gold Operations Ltd 100%
Cameron Claim 4258292 Cameron Gold Operations Ltd 100%
Cameron Claim 4258421 Cameron Gold Operations Ltd 100%
Cameron Claim 4258422 Cameron Gold Operations Ltd 100%
Cameron Claim 4258423 Cameron Gold Operations Ltd 100%
Cameron Claim 4258424 Cameron Gold Operations Ltd 100%
Cameron Claim 4258425 Cameron Gold Operations Ltd 100%
Cameron Claim 4258426 Cameron Gold Operations Ltd 100%
Cameron Claim 4258427 Cameron Gold Operations Ltd 100%
Cameron Claim 4258428 Cameron Gold Operations Ltd 100%
Cameron Claim 4258429 Cameron Gold Operations Ltd 100%
Cameron Claim 4258430 Cameron Gold Operations Ltd 100%
Cameron Claim 4258431 Cameron Gold Operations Ltd 100%
Cameron Claim 4258432 Cameron Gold Operations Ltd 100%
Cameron Claim 4258433 Cameron Gold Operations Ltd 100%
Cameron Claim 4258434 Cameron Gold Operations Ltd 100%
Cameron Claim 4258435 Cameron Gold Operations Ltd 100%
Cameron Claim 4258436 Cameron Gold Operations Ltd 100%
Cameron Claim 4258437 Cameron Gold Operations Ltd 100%
Cameron Claim 4258438 Cameron Gold Operations Ltd 100%
Cameron Claim 4258439 Cameron Gold Operations Ltd 100%
Cameron Claim 4258440 Cameron Gold Operations Ltd 100%
Cameron Claim 4258441 Cameron Gold Operations Ltd 100%
Cameron Claim 4258442 Cameron Gold Operations Ltd 100%
Cameron Claim 4258443 Cameron Gold Operations Ltd 100%
Cameron Claim 4258444 Cameron Gold Operations Ltd 100%
Cameron Claim 4258445 Cameron Gold Operations Ltd 100%
Cameron Claim 4258446 Cameron Gold Operations Ltd 100%
Cameron Claim 4258447 Cameron Gold Operations Ltd 100%
Cameron Claim 4258448 Cameron Gold Operations Ltd 100%
Cameron Claim 4258449 Cameron Gold Operations Ltd 100%

12

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Cameron Claim 4258450 Cameron Gold Operations Ltd 100%
Cameron Claim 4257392 Cameron Gold Operations Ltd 100%
Cameron Claim 4255667 Cameron Gold Operations Ltd 100%
Cameron Claim 4255668 Cameron Gold Operations Ltd 100%
Cameron Claim 4255669 Cameron Gold Operations Ltd 100%
West Cedar Claim 3000802 Cameron Gold Operations Ltd 100%
West Cedar Claim 3000803 Cameron Gold Operations Ltd 100%
West Cedar Claim 3000804 Cameron Gold Operations Ltd 100%
West Cedar Claim 1149862 Cameron Gold Operations Ltd 100%
West Cedar Claim 1196649 Cameron Gold Operations Ltd 100%
West Cedar Claim 3001240 Cameron Gold Operations Ltd 100%
West Cedar Claim 3001298 Cameron Gold Operations Ltd 100%
West Cedar Claim 3010497 Cameron Gold Operations Ltd 100%
West Cedar Claim 3012199 Cameron Gold Operations Ltd 100%
Cameron MiningLease 108466 CLM289. Claims K527548-K527567,Nucanolan Property Cameron Gold Operations Inc. 100%
Cameron Claim 4248906 BARKAUSKAS, EDWARD ANTHONY
(40%). BERGEN,CINDRA LEE(60%)		 Earningin,option agreement
West Cedar MiningLease 107494 K314927,K314932,K351873,K351874,K351877,K351878 525400 ONTARIO INC. Option to purchase between HLM
& Dubenski, (MR and SR).
RainyRiver Claim 4254475 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254476 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254477 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254478 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254479 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254472 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254480 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254481 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254482 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254483 CoventryResources Ontario Inc. 100%
RainyRiver Claim 4254484 CoventryResources Ontario Inc. 100%
Ardeen Claim 1022635 Pele Gold Corporation 51%
Ardeen Claim 1022636 Pele Gold Corporation 51%
Ardeen Claim 1022637 Pele Gold Corporation 51%
Ardeen Claim 1135465 Pele Gold Corporation 51%
Ardeen Claim 1135466 Pele Gold Corporation 51%

13

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Ardeen Claim 1157496 Pele Gold Corporation 51%
Ardeen Claim 1157497 Pele Gold Corporation 51%
Ardeen Claim 1157666 Pele Gold Corporation 51%
Ardeen Claim 1157667 Pele Gold Corporation 51%
Ardeen Claim 1157668 Pele Gold Corporation 51%
Ardeen Claim 1157670 Pele Gold Corporation 51%
Ardeen Claim 1157671 Pele Gold Corporation 51%
Ardeen Claim 1164874 Pele Gold Corporation 51%
Ardeen Claim 1164875 Pele Gold Corporation 51%
Ardeen Claim 1164876 Pele Gold Corporation 51%
Ardeen Claim 1164877 Pele Gold Corporation 51%
Ardeen Claim 1172315 Pele Gold Corporation 51%
Ardeen Claim 1172316 Pele Gold Corporation 51%
Ardeen Claim 1172317 Pele Gold Corporation 51%
Ardeen Claim 1172340 Pele Gold Corporation 51%
Ardeen Claim 1172345 Pele Gold Corporation 51%
Ardeen Claim 1172346 Pele Gold Corporation 51%
Ardeen Claim 1172347 Pele Gold Corporation 51%
Ardeen Claim 1172348 Pele Gold Corporation 51%
Ardeen Claim 1172349 Pele Gold Corporation 51%
Ardeen Claim 1172350 Pele Gold Corporation 51%
Ardeen Claim 1172355 Pele Gold Corporation 51%
Ardeen Claim 1172356 Pele Gold Corporation 51%
Ardeen Claim 1172365 Pele Gold Corporation 51%
Ardeen Claim 1172366 Pele Gold Corporation 51%
Ardeen Claim 1172367 Pele Gold Corporation 51%
Ardeen Claim 1172368 Pele Gold Corporation 51%
Ardeen Claim 1172369 Pele Gold Corporation 51%
Ardeen Claim 1172375 Pele Gold Corporation 51%
Ardeen Claim 1172385 Pele Gold Corporation 51%
Ardeen Claim 1172386 Pele Gold Corporation 51%
Ardeen Claim 1172387 Pele Gold Corporation 51%
Ardeen Claim 1172388 Pele Gold Corporation 51%

14

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Ardeen Claim 1172395 Pele Gold Corporation 51%
Ardeen Claim 1172396 Pele Gold Corporation 51%
Ardeen Claim 1195937 Pele Gold Corporation 51%
Ardeen Claim 1195940 Pele Gold Corporation 51%
Ardeen Claim 1196147 Pele Gold Corporation 51%
Ardeen Claim 1196239 Pele Gold Corporation 51%
Ardeen Claim 1196240 Pele Gold Corporation 51%
Ardeen Claim 1196870 Pele Gold Corporation 51%
Ardeen Claim 1196921 Pele Gold Corporation 51%
Ardeen Claim 1196923 Pele Gold Corporation 51%
Ardeen Claim 1196924 Pele Gold Corporation 51%
Ardeen Claim 1202036 Pele Gold Corporation 51%
Ardeen Claim 1202264 Pele Gold Corporation 51%
Ardeen Claim 1202265 Pele Gold Corporation 51%
Ardeen Claim 1202302 Pele Gold Corporation 51%
Ardeen Claim 1205201 Pele Gold Corporation 51%
Ardeen Claim 1205202 Pele Gold Corporation 51%
Ardeen Claim 1205203 Pele Gold Corporation 51%
Ardeen Claim 1205204 Pele Gold Corporation 51%
Ardeen Claim 1205287 Pele Gold Corporation 51%
Ardeen Claim 1209440 Pele Gold Corporation 51%
Ardeen Claim 1209441 Pele Gold Corporation 51%
Ardeen Claim 1209470 Pele Gold Corporation 51%
Ardeen Claim 1209697 Pele Gold Corporation 51%
Ardeen Claim 1209698 Pele Gold Corporation 51%
Ardeen Claim 1209770 Pele Gold Corporation 51%
Ardeen Claim 1210243 Pele Gold Corporation 51%
Ardeen Claim 1210245 Pele Gold Corporation 51%
Ardeen Claim 1210776 Pele Gold Corporation 51%
Ardeen Claim 1210792 Pele Gold Corporation 51%
Ardeen Claim 1215147 Pele Gold Corporation 51%
Ardeen Claim 1215148 Pele Gold Corporation 51%
Ardeen Claim 1215149 Pele Gold Corporation 51%

15

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Ardeen Claim 1215450 Pele Gold Corporation 51%
Ardeen Claim 1215451 Pele Gold Corporation 51%
Ardeen Claim 1215452 Pele Gold Corporation 51%
Ardeen Claim 1215453 Pele Gold Corporation 51%
Ardeen Claim 1215454 Pele Gold Corporation 51%
Ardeen Claim 1215751 Pele Gold Corporation 51%
Ardeen Claim 1215752 Pele Gold Corporation 51%
Ardeen Claim 1215758 Pele Gold Corporation 51%
Ardeen Claim 1215760 Pele Gold Corporation 51%
Ardeen Claim 1215831 Pele Gold Corporation 51%
Ardeen Claim 1215859 Pele Gold Corporation 51%
Ardeen Claim 1217105 Pele Gold Corporation 51%
Ardeen Claim 1224629 Pele Gold Corporation 51%
Ardeen Claim 3001505 Pele Gold Corporation 51%
Ardeen Claim 3001506 Pele Gold Corporation 51%
Ardeen Claim 3001507 Pele Gold Corporation 51%
Ardeen Claim 677468 Pele Gold Corporation 51%
Ardeen Claim 677469 Pele Gold Corporation 51%
Ardeen Claim 677470 Pele Gold Corporation 51%
Ardeen Claim 677471 Pele Gold Corporation 51%
Ardeen Claim 677472 Pele Gold Corporation 51%
Ardeen Claim 677473 Pele Gold Corporation 51%
Ardeen Claim 677474 Pele Gold Corporation 51%
Ardeen Claim 677475 Pele Gold Corporation 51%
Ardeen Claim 677476 Pele Gold Corporation 51%
Ardeen Claim 677477 Pele Gold Corporation 51%
Ardeen Claim 677478 Pele Gold Corporation 51%
Ardeen Claim 677479 Pele Gold Corporation 51%
Ardeen Claim 786521 Pele Gold Corporation 51%
Ardeen Claim 786522 Pele Gold Corporation 51%
Ardeen Claim 786523 Pele Gold Corporation 51%
Ardeen Claim 786524 Pele Gold Corporation 51%
Ardeen Claim 786525 Pele Gold Corporation 51%

16

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Ardeen Claim 786526 Pele Gold Corporation 51%
Ardeen Claim 786527 Pele Gold Corporation 51%
Ardeen Claim 786528 Pele Gold Corporation 51%
Ardeen Claim 786529 Pele Gold Corporation 51%
Ardeen Claim 786541 Pele Gold Corporation 51%
Ardeen Claim 786542 Pele Gold Corporation 51%
Ardeen Claim 786543 Pele Gold Corporation 51%
Ardeen Claim 786544 Pele Gold Corporation 51%
Ardeen Claim 786545 Pele Gold Corporation 51%
Ardeen Claim 813157 Pele Gold Corporation 51%
Ardeen Claim 813158 Pele Gold Corporation 51%
Ardeen Claim 813159 Pele Gold Corporation 51%
Ardeen Claim 813160 Pele Gold Corporation 51%
Ardeen Claim 813161 Pele Gold Corporation 51%
Ardeen Claim 813162 Pele Gold Corporation 51%
Ardeen Claim 813163 Pele Gold Corporation 51%
Ardeen Claim 813164 Pele Gold Corporation 51%
Ardeen Claim 813165 Pele Gold Corporation 51%
Ardeen Claim 813166 Pele Gold Corporation 51%
Ardeen Claim 835178 Pele Gold Corporation 51%
Ardeen Claim 835179 Pele Gold Corporation 51%
Ardeen Claim 835184 Pele Gold Corporation 51%
Ardeen Claim 835185 Pele Gold Corporation 51%
Ardeen Claim 835186 Pele Gold Corporation 51%
Ardeen Claim 835187 Pele Gold Corporation 51%
Ardeen Claim 835188 Pele Gold Corporation 51%
Ardeen Claim 835189 Pele Gold Corporation 51%
Ardeen Claim 835190 Pele Gold Corporation 51%
Ardeen Claim 835195 Pele Gold Corporation 51%
Ardeen Claim 835196 Pele Gold Corporation 51%
Ardeen Claim 835197 Pele Gold Corporation 51%
Ardeen Claim 835304 Pele Gold Corporation 51%
Ardeen Claim 835305 Pele Gold Corporation 51%

17

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
Ardeen Claim 835306 Pele Gold Corporation 51%
Ardeen Claim 835307 Pele Gold Corporation 51%
Ardeen Claim 835308 Pele Gold Corporation 51%
Ardeen Claim 835309 Pele Gold Corporation 51%
Ardeen Claim 835310 Pele Gold Corporation 51%
Ardeen Claim 835311 Pele Gold Corporation 51%
Ardeen Claim 835312 Pele Gold Corporation 51%
Ardeen Claim 835313 Pele Gold Corporation 51%
Ardeen Claim 863760 Pele Gold Corporation 51%
Ardeen Claim 873515 Pele Gold Corporation 51%
Ardeen Claim 873516 Pele Gold Corporation 51%
Ardeen Claim 873517 Pele Gold Corporation 51%
Ardeen Claim 873518 Pele Gold Corporation 51%
Ardeen Claim 873519 Pele Gold Corporation 51%
Ardeen Claim 873520 Pele Gold Corporation 51%
Ardeen Claim 873522 Pele Gold Corporation 51%
RainyRiver Claim 4250316 CoventryRainyRiver Inc. 100%
RainyRiver Claim 4250319 Coventry Rainy River Inc. 100%
RainyRiver Claim 4265461 Coventry Rainy River Inc. 100%
RainyRiver Claim 4265465 Coventry Rainy River Inc. 100%
RainyRiver Claim 4265462 CoventryRainyRiver Inc. 100%
RainyRiver Claim 4265463 CoventryRainyRiver Inc. 100%
RainyRiver Claim 4274467 Coventry Rainy River Inc. 100%
RainyRiver Claim 4274468 Coventry Rainy River Inc. 100%
RainyRiver Claim 4274469 Coventry Rainy River Inc. 100%
RainyRiver Claim 4274460 Coventry Rainy River Inc. 100%
RainyRiver Claim 4260559 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260560 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260561 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260562 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260563 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260564 English,PerryVern Earningin,option agreement
RainyRiver Claim 4260565 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205809 English,PerryVern Earningin,option agreement

18

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
RainyRiver Claim 4205814 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205815 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205816 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205817 English,PerryVern Earningin,option agreement
RainyRiver Claim 4205818 English,PerryVern Earningin,option agreement
RainyRiver Claim 4214438 English,PerryVern Earningin,option agreement
RainyRiver Claim 4214439 English,PerryVern Earningin,option agreement
RainyRiver Claim 4214440 English,PerryVern Earningin,option agreement
RainyRiver Claim 4214441 English,PerryVern Earningin,option agreement
RainyRiver Claim 4214442 English,PerryVern Earningin,option agreement
RainyRiver Claim 4267980 English,PerryVern Earningin,option agreement
RainyRiver Claim 4267981 English,PerryVern Earningin,option agreement
RainyRiver Claim 4267982 English,PerryVern Earningin,option agreement
RainyRiver Claim 4267983 English,PerryVern Earningin,option agreement
South Cedar Claim 4254638 English,PerryVern Earningin,option agreement
South Cedar Claim 4257501 English,PerryVern Earningin,option agreement
South Cedar Claim 4257508 English,PerryVern Earningin,option agreement
South Cedar Claim 4257510 English,PerryVern Earningin,option agreement
South Cedar Claim 4257511 English,PerryVern Earningin,option agreement
South Cedar Claim 4257515 English,PerryVern Earningin,option agreement
South Cedar Claim 4257516 English,PerryVern Earningin,option agreement
South Cedar Claim 4257517 English,PerryVern Earningin,option agreement
South Cedar Claim 4260366 English,PerryVern Earningin,option agreement
South Cedar Claim 4260515 English,PerryVern Earningin,option agreement
South Cedar Claim 4260516 English,PerryVern Earningin,option agreement
South Cedar Claim 4263609 English,PerryVern Earningin,option agreement
South Cedar Claim 4272273 English,PerryVern Earningin,option agreement
South Cedar Claim 4266941 English,PerryVern Earningin,option agreement
South Cedar Claim 4266942 English,PerryVern Earningin,option agreement
South Cedar Claim 4266943 English,PerryVern Earningin,option agreement
South Cedar Claim 4266944 English,PerryVern Earningin,option agreement
West Cedar Claim 4260514 English,PerryVern Earningin,option agreement
RainyRiver Patent 56046-0030 Joan Solomon Earningin,Option agreement

19

Project Tenement Type Patent, PIN Number Claim Number Registered Holder Percentage Ownership
RainyRiver Patent 56046-0007 Joan Solomon Earningin,Option agreement
RainyRiver Patent 56046-0077 Shane & Rachel McQuaker Earningin,Option agreement
RainyRiver Patent 56046-0079 Jan Wullum Earningin,Option agreement
RainyRiver Patent 56046-0086 Gene Boyce Earningin,Option agreement
RainyRiver Patent 56046-0076 Stevan Michael Earningin,Option agreement
RainyRiver Patent 56046-0031 KipSharp Earningin,Option agreement
RainyRiver Patent 56046-0034 Wade Kempka Earningin,Option agreement
RainyRiver Patent 56046-0038 Wade & Shane Kempka & Madison Earningin,Option agreement
RainyRiver Patent 56046-0044 Wade & Shane Kempka & Madison Earningin,Option agreement

20

Appendix 2 – Cameron Gold Camp Project Drill Results

Hole ID Prospect UTM Coordinates* UTM Coordinates* UTM Coordinates* Dip
(°)		 Azim
(°)		 EOH
(m)		 Intercept (m) Intercept (m) Intercept (m) Grade
Aug/t		 Predominant
lithology
**East(m) ** North(m) RL(m) From To **Width **
CAD-14-001
Ajax
CAD-14-001
Ajax		 450540
5458513
365
-45 180
208
14.80 15.30
0.50
3.18
Dolerite
24.55 25.35
0.80
1.23
Dolerite
CAD-14-002
Ajax		 450397
5458451
354
-45 360
185
32.30 33.00
0.70
1.44
Dolerite
CAD-14-003
Ajax		 64.00 65.05
1.05
2.00
Dolerite
CAD-14-004
Ajax
CAD-14-005
Ajax		 450481
5458452
350
-60 360
221
24.00 25.00
1.00
1.52
Dolerite
103.50 104.20
0.70
4.43
Chlorite-dominant schist
CCD-14-240
Jupiter		 446277
5460542
361
-60 225
125
No significant intersections
CCD-14-241
Jupiter		 446363
5460627
365
-60 225 138.5 109.85 110.75
0.90
2.78
Basalt
CCD-14-242
Jupiter		 446475
5460729
365
-60 225
152
94.00 95.00
1.00
1.95
Basalt
CCD-14-243
Jupiter		 446426
5460565
372
-60 225
182
96.90 97.90
1.00
2.56
Basalt
CCD-14-244
Jupiter		 446548
5460538
366
-60 225
128
No significant intersections
CHD-14-001 Hermione 450623
5459167
367
-45 180
244
No significant intersections
CHD-14-002 Hermione 450545
5459149
368
-45 180
181
No significant intersections
CJD-14-001
Juno
447715
5459659
376
-45
45
200
No significant intersections
CJD-14-002
Juno
447850
5459780
375
-45 225
199
No significant intersections
CJD-14-003
Juno
447915
5459845
378
-45 225
163
91.00 92.00
1.00
3.35
Dolerite
CJD-14-003
Juno
138.60 139.60
1.00
3.80
Chlorite-dominant schist
  • UTM (NAD83) Zone 15 - to within 3m accuracy, collected by hand-held Garmin GPS MAP62st

21

Appendix 3 – Mogoraib North Drill Results

Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend Table 1. Drilling results from Mogoraib River VMS trend
Hole ID UTM Coordinates* Dip Azim EOH Intercept (m) Grade
**East(m) ** North(m) RL(m) (°) (°) (m) From To Width Aug/t Ag g/t Cu % S % Zn %
MOGD00006 338025
1731090
509
-60
90
252
No significant assays
MOGD00021
and
and
and		 339900
1730799
506
-60
270
204
133.00
134.00
1.0
0.04
<0.5
0.02
5.59
0.22
145.00
150.00
5.0
0.10
7.48
0.86
37.08
1.33
151.00
152.00
1.0
0.06
<0.5
0.03
11.96
0.55
154.50
157.00
2.5
0.28
8.22
0.49
22.54
1.18
MOGD00024
and
and		 339940
1730800
507
-60
270
336
199.00
200.00
1.0
0.05
1.70
0.08
11.80
0.14
206.00
209.00
3.0
0.16
4.95
0.42
27.34
0.09
215.00
217.00
2.0
0.08
1.43
0.16
21.10
0.60
MOGD00025 339900
1730960
506
-60
270
189
128.00
129.00
1.0
0.03
10.30
0.25
17.53
1.08
MOGD00026
and		 339820
1730800
506
-60
270
90
21.00
22.50
1.5
<0.005
3.27
0.01
0.69
0.02
26.00
27.50
1.5
0.02
8.10
0.01
0.64
0.003
MOGD00027 339569
1729703
522
-50
135
78
48.00
58.00
10.0
0.02
1.10
0.11
8.29
0.01
MOGD00028
and
and
including qu
and
including qu		 339425
1729000
506
-60
270
141
93.00
100.00
7.0
0.11
5.19
0.40
11.33
0.62
103.00
104.00
1.0
0.07
2.80
0.43
4.66
0.30
146.00
149.00
3.0
0.31
10.73
0.81
27.71
1.34
arter core samples within well defined mineralised interv 146.30
148.10
1.8
0.39
12.34
1.12
28.85
1.96
153.00
156.00
3.0
0.33
17.80
1.86
24.49
0.47
arter core samples within well defined mineralised interv 153.05
155.85
2.8
0.40
18.35
2.07
23.93
0.63
MOGD00029
including
including		 339900
1730720
507
-60
270
240
168.00
172.00
4.0
0.31
3.05
0.24
13.28
0.78
168.00
169.00
1.0
0.08
0.90
0.02
19.51
2.01
170.00
172.00
2.0
0.56
5.65
0.46
13.39
0.53
MOGD00030 340880
1732800
494
-60
270
93
No significant assays**
MOGD00031 339465
1729012
506
-60
270
164
145.00
148.00
3.0
0.02
2.50
0.18
10.67
0.45
MOGD00032
including
and
and
including
and
and		 339875
1732796
500
-60
270
177
90.00
93.00
3.0
0.01
3.97
0.04
9.29
0.89
90.00
92.00
2.0
0.01
5.55
0.05
11.59
1.24
96.00
97.00
1.0
<0.005
<0.5
0.01
4.84
0.41
114.00
116.00
2.0
<0.005
0.85
0.02
5.93
0.23
114.00
115.00
1.0
<0.005
<0.5
0.02
2.47
0.29
119.00
122.00
3.0
0.00
2.35
0.00
3.49
0.14
124.00
125.00
1.0
<0.005
1.20
0.02
6.62
0.13
MOGD00033 339840
1731970
502
-90
143
No significant assays**
MOGD00039 343850
1741800
502
-60
240
140
No significant assays**
MOGD00045
and
and
and
including
including		 340055
1730880
506
-60
270
394
324.00
326.00
2.0
0.02
<0.5
0.16
4.15
0.04
332.00
333.00
1.0
0.02
<0.5
0.08
1.47
0.01
340.00
340.50
0.5
0.01
<0.5
0.15
6.38
0.01
343.00
346.50
3.5
0.20
1.50
0.25
13.63
0.08
343.00
343.50
0.5
0.01
0.70
0.11
7.49
0.02
344.50
346.50
2.0
0.33
2.45
0.37
18.77
0.12
MOGD00046
including
including
and
including
including
and
and		 340000
1730880
505
-60
313
313
252.00
256.00
4.0
0.01
0.40
0.10
4.32
0.09
253.00
254.00
1.0
<0.005
<0.5
0.07
2.96
0.06
255.00
256.00
1.0
0.05
1.60
0.22
7.25
0.08
264.00
268.00
4.0
0.01
0.28
0.06
6.06
0.22
264.00
265.00
1.0
0.01
<0.5
0.05
6.16
0.54
265.00
266.00
1.0
0.02
1.10
0.14
5.06
0.06
271.00
272.00
1.0
0.01
1.30
0.34
16.77
0.02
279.00
281.50
2.5
0.06
3.20
0.43
10
0.06
MOGD00047
and
and		 340000
1730960
505
-60
270
304
238.00
239.00
1.0
0.02
0.60
0.07
3
0.07
245.00
248.00
3.0
0.04
1.13
0.23
6
0.02
264.00
268.70
4.7
0.01
0.92
0.11
12
0.06
MOGD00048
and
and
and		 340000
1731040
504
-60
270
283
225.00
228.00
3.0
0.01
<0.5
0.09
2.54
0.02
230.00
231.00
1.0
0.02
<0.5
0.10
2.77
0.01
243.00
246.25
3.3
0.03
0.79
0.09
10.33
0.02
250.50
251.20
0.7
0.05
2.30
0.17
26.68
0.06
MOGD00049 339910
1732850
225
-60
285
229
No significant assays**
MOGD00050
and
and		 340035
1735299.4
486
-60
270
99.00
100.00
1.0
0.05
<0.5
0.01
6.39
0.21
106.00
107.00
1.0
<0.005
<0.5
0.01
1.57
0.29
112.00
115.00
3.0
<0.005
<0.5
0.01
1.88
0.42
MOGD00053
and
and
including		 339425
1729015
506
-60
325
205
100.00
107.00
7.0
0.13
7.04
0.52
12.61
1.00
108.00
110.00
2.0
0.03
1.95
0.15
6.385
0.28
181.00
186.55
5.6
0.13
8.91
0.95
20.54
0.68
183.00
186.55
3.6
0.19
13.06
1.38
31.42
1.03
MOGD00054 340034
1732000
503
-60
270
100
No significant assays(IP target)
MOGD00055 339993
1732800
500
-60
270
100
57.00
58.00
1.0
0.07
1.80
0.05
8.77
0.44
MOGD00056 339793
1733000
501
-60
270
91
No significant assays(IP target)**
MOGD00057 339850
1732575
500
-60
270
274
No significant assays(IP target)
MOGD00058 340265
1731100
507
-75
270
340
No significant assays**
MOGD00059 339504
1729300
514
-70
270
195
Highest assay= 0.027% Cu,0.01% Zn
MOGD00060 339426
1729098
513
-60
270
203.5
44.00
48.00
4.00
0.07
3.70
0.37
13.39
1.11
and 52.00
54.00
2.00
0.05
1.00
0.15
3.51
0.23
and
and
including
including
including
and
and		 88.00
90.00
2.00
0.00
<0.5
0.06
3.35
0.00
125.00
140.00
15.00
0.07
4.51
0.44
10.17
0.60
125.00
129.00
4.00
0.14
12.63
1.19
10.93
0.31
127.00
128.00
1.00
0.09
29.00
1.80
14.90
0.27
133.00
134.00
1.00
0.04
2.70
0.22
31.57
3.84
146.00
147.00
1.00
0.02
0.70
0.17
2.14
0.08
150.00
151.00
1.00
0.05
<0.5
0.08
3.17
0.04
MOGD00061 339515
1729200
512
-60
270
314
Highest assay= 0.04% Cu,0.01% Zn
MOGD00062 339714
1730149
514
-60
270
224
Highest assay= 0.014% Cu,0.02% Zn
MOGD00063 339654
1729632
553
-55
270
239.5
151.00
158.00
7.00
0.06
1.68
0.23
5.30
0.09
MOGD00064
MOGD00064
including		 339411
1728935
510
-60
270
251
121.40
122.00
0.60
0.04
0.90
0.22
6.55
0.06
156.50
159.00
2.50
0.20
2.91
0.42
7.11
0.29
156.50
157.05
0.55
0.81
12.30
1.60
28.98
1.16
MOGD00065 339340
1729700
507
-60
270
126
No samples collected - no visual mineralisation
* WGS84 Zo ne 37N - to within 3m accuracy, collected by hand-held Garmin GPS MAP62s
** No signifi cant mineralisation: 1m samples collected at 10m intervals

22

Table 2. Drilling results Table 2. Drilling results Table 2. Drilling results from Mogoraib North Silver Anomaly Prospect from Mogoraib North Silver Anomaly Prospect from Mogoraib North Silver Anomaly Prospect from Mogoraib North Silver Anomaly Prospect
Hole ID
UTM Coordinates*		 Dip Azim EOH **Intercept ** (m)
Grade
**East(m) ** North(m) RL(m) (°) (°) (m) From To width(m)
Aug/t
Ag g/t
Cu %		 S % Zn %
MOGD00007 335760 1731700 505 -60 90 234 224.00 225.00 1.0
<0.005
21.00
0.00		 3.73 0.03
MOGD00008 333445 1728820 523 -60 112 159 No significant mineralisation***
MOGD00009 334190 1733590 495 -60 225 309 No significant mineralisation***
MOGD00010 334200 1732865 499 -60 90 150 No significant mineralisation***
MOGD00011 336890 1737050 483 -60 270 300 No significant mineralisation***
MOGD00015 335015 1731500 511 -60 90 141 No significant mineralisation
MOGD00016 334190 1732900 498 -75 90 140 No significant mineralisation***
MOGD00017 334194 1732900 498 -75 270 126 No significant mineralisation***
MOGD00018 335200 1731390 513 -70 90 81 No significant mineralisation***
MOGD00019 335621 1731603 509 -75 90 176 No significant mineralisation
MOGD00020 336110 1731605 500 -60 90 181.5 97.00 98.00 1.0
<0.005
<0.5
0.17		 0.87 0.01
* WGS84 Zone 37N - to within 3m accuracy, collected by hand-held Garmin GPS MAP62s
*** No significant mineralisation: 1m samples collected at 20m intervals
Table 3. Drilling results from Lokage Gossan Prospect
Hole ID
UTM Coordinates*		 Dip Azim EOH **Intercept ** Grade
(m)
**East(m) ** North(m) RL(m) (°) (°) (m) From To width(m)
Aug/t
Ag g/t
Cu %		 S % Zn %
MOGD00034 345900 1732600 506 -75 270 159 128.00 129.50 1.5
0.01
4.68
0.23		 >10% 0.04
Hole ID UTM Coordinates* UTM Coordinates* UTM Coordinates* Dip Azim EOH **Intercept ** **Intercept ** (m) Grade Grade
**East(m) ** North(m) RL(m) (°) (°) (m) From To width(m) Aug/t Ag g/t Cu % S % Zn %
MOGD00034 345900 1732600 506 -75 270 159 128.00 129.50 1.5 0.01 4.68 0.23 >10% 0.04
Table 4. Drilling results from Central Granite
Hole ID UTM Coordinates* Dip Azim EOH **Intercept ** (m) Grade
**East(m) ** North(m) RL(m) (°) (°) (m) From To width(m) Aug/t Ag g/t Cu % S_% Zn %
MOGD00035 342950 1739100 502 -75 90 135 No significant mineralisation***
MOGD00036 338100 1740130 485 -60 90 99 85.00 89.00 4.0 <0.005 1.60 0.02 5.59 0.02
MOGD00037 338510 1740200 482 -60 90 51 No significant mineralisation***
MOGD00038 342690 1738420 500 -60 135 99 35.00 36.50 1.5 0.12 10.20 0.08 7.30 0.41
MOGD00040 341555 1741825 497 -60 90 180 99.00 101.00 2.0 0.02 2.50 0.02 4.57 0.66
MOGD00051 344120 1741500 502 -60 90 275 No significant mineralisation***
MOGD00052 341550 1741800 495 -60 90 127 No significant mineralisation***
* WGS84 Zone 37N - to within 3m accuracy, collected by hand-held Garmin GPS MAP62s
*** No significant mineralisation: 1m samples collected at 20m intervals
Table 5. Drilling results from Area C
Hole ID UTM Coordinates* Dip Azim EOH **Intercept ** (m) Grade
**East(m) ** North(m) RL(m) (°) (°) (m) From To width(m) Aug/t Ag g/t Cu % S % Zn %
MOGD00041 346550 1748445 516 -60 225 129 No significant assays
MOGD00042 345720 1748830 520 -60 135 198 104.00 107.00 3.0 <0.005 <0.5 0.00 2.52 0.19
and 147.00 148.00 1.0 <0.005 <0.5 0.00 1.35 0.10
and 152.00 155.00 3.0 0.02 <0.5 0.01 1.69 0.53
MOGD00043 346028 1748022 517 -60 200 201 49.00 50.00 1.0 0.66 <0.5 0.01 0.89 0.01
Table 5. Drilling results from Area C 5. Drilling results from Area C 5. Drilling results from Area C 5. Drilling results from Area C 5. Drilling results from Area C
Hole ID UTM Coordinates* Dip Azim EOH **Intercept ** (m)
Grade
**East(m) ** North(m) RL(m) (°) (°) (m) From To width(m)
Aug/t
Ag g/t
Cu %		 S % Zn %
MOGD00041 346550 1748445 516 -60 225 129 No significant assays
MOGD00042 345720 1748830 520 -60 135 198 104.00 107.00 3.0
<0.005
<0.5
0.00		 2.52 0.19
and 147.00 148.00 1.0
<0.005
<0.5
0.00		 1.35 0.10
and 152.00 155.00 3.0
0.02
<0.5
0.01		 1.69 0.53
MOGD00043 346028 1748022 517 -60 200 201 49.00 50.00 1.0
0.66
<0.5
0.01		 0.89 0.01
* WGS84 Zone 37N - to within 3m accuracy, collected by hand-held Garmin GPS MAP62s
Table 6. Drilling results from regional holes(Southwest Layered Gabbro, Hashekito, Bisha trend)
Hole ID UTM Coordinates* Dip Azim EOH **Intercept ** Grade
(m)
**East(m) ** North(m) RL(m) (°) (°) (m) From To width(m)
Aug/t
Ag g/t
Cu %		 S % Zn %
MOGD00001 340940 1725795 516 -60 90 191 No significant assays
MOGD00002 341030 1725990 518 -60 90 151 No significant assays
MOGD00003 341413 1726322 514 -50 100 120 No significant mineralisation***
MOGD00004 342872 1725818 518 -65 325 252 No significant mineralisation***
MOGD00005 341700 1728955 507 -60 105 240 No significant mineralisation***
MOGD00012 330355 1725855 532 -60 90 102 No significant mineralisation***
MOGD00013 330150 1725905 533 -75 270 50 No significant mineralisation***
MOGD00014 330380 1726210 530 -65 80 138 No significant mineralisation***
MOGD00022 344708 1727396 511 -60 250 126 No significant mineralisation***
MOGD00023 345450 1728098 519 -60 250 211 No significant mineralisation***
MOGD00044 346240 1730200 506 -60 270 135 No significant mineralisation***
Table 6. Drilling results from Table 6. Drilling results from Table 6. Drilling results from **regional holes(Southwest Layered Gabbro, ** **regional holes(Southwest Layered Gabbro, ** **regional holes(Southwest Layered Gabbro, ** **regional holes(Southwest Layered Gabbro, ** **regional holes(Southwest Layered Gabbro, ** Hashekito, Bisha trend) Hashekito, Bisha trend)
Hole ID UTM Coordinates* Dip Azim EOH **Intercept ** (m) Grade
**East(m) ** North(m) RL(m) (°) (°) (m) From To width(m) Aug/t
Ag g/t
Cu %		 S % Zn %
MOGD00001 340940 1725795 516 -60 90 191 No significant assays
MOGD00002 341030 1725990 518 -60 90 151 No significant assays
MOGD00003 341413 1726322 514 -50 100 120 No significant mineralisation***
MOGD00004 342872 1725818 518 -65 325 252 No significant mineralisation***
MOGD00005 341700 1728955 507 -60 105 240 No significant mineralisation***
MOGD00012 330355 1725855 532 -60 90 102 No significant mineralisation***
MOGD00013 330150 1725905 533 -75 270 50 No significant mineralisation***
MOGD00014 330380 1726210 530 -65 80 138 No significant mineralisation***
MOGD00022 344708 1727396 511 -60 250 126 No significant mineralisation***
MOGD00023 345450 1728098 519 -60 250 211 No significant mineralisation***
MOGD00044 346240 1730200 506 -60 270 135 No significant mineralisation***
* WGS84 Zone 37N - to within 3m accuracy, collected by hand-held Garmin GPS MAP62s
*** No significant mineralisation: 1m samples collected at 20m intervals

23

Appendix 4 – Cameron Gold Camp Project JORC 2012 Tables

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary
Sampling
techniques		 Nature and quality of sampling (eg
cut channels, random chips, or
specific specialised industry
standard measurement tools
appropriate to the minerals under
investigation, such as down hole
gamma sondes, or handheld XRF
instruments, etc). These examples
should not be taken as limiting the
broad meaning of sampling.
Include reference to measures taken
to ensure sample representivity and
the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of
mineralisation that are Material to
the Public Report.
In cases where ‘industry standard’
work has been done this would be
relatively simple (eg ‘reverse
circulation drilling was used to
obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g
charge for fire assay’). In other
cases more explanation may be
required, such as where there is
coarse gold that has inherent
sampling problems. Unusual
commodities or mineralisation types
(eg submarine nodules) may
warrant disclosure of detailed
information.		  Diamond drilling was used to obtain a
continuous core from the overburden
bedrock interface to a final end of hole depth
which was based on the geology intersected.
Intervals of recovered core selected for
analysis were identified based on geological
criteria including a combination of lithology,
alteration assemblage and or the presence of
sulphides.
Sample
intervals
were
predominately 1.0m in length, but ranged
from 0.4 to 1.0m. Each interval was
preceded and followed by 1.0-2.0m of
shoulder samples extending out beyond the
interval of interest.
The core selected for sampling was split and
samples of half core were dispatched to a
certified
commercial
laboratory
for
preparation and analysis of gold according to
industry standard practises.
Drilling
techniques		 Drill type (eg core, reverse
circulation, open-hole hammer,
rotary air blast, auger, Bangka,
sonic, etc) and details (eg core
diameter, triple or standard tube,
depth of diamond tails, face-
sampling bit or other type, whether
core is oriented and if so, by what
_method, etc). _		  Drilling was NQ diamond core. Core was
oriented using a Reflex ACT III tool.
Drill sample
recovery		 Method of recording and assessing
core and chip sample recoveries and
results assessed.		  Diamond drillhole core recoveries and RQD
are logged. Measurements are taken
systematically down hole between core
blocks i.e. ~3 metre increments. Recoveries
are generally good with majority > 95%

24

Criteria JORC Code explanation Commentary
Measures taken to maximise
sample recovery and ensure
representative nature of the
samples.		  Based on drilling method being diamond
core and the near 100% core recovery the
sampling is representative.
Whether a relationship exists
between sample recovery and grade
and whether sample bias may have
occurred due to preferential
loss/gain of fine/coarse material.		  Whilst no assessment has been undertaken
the competency of the core would tend to
preclude any potential issue of sampling bias.
Logging Whether core and chip samples
have been geologically and
geotechnically logged to a level of
detail to support appropriate
Mineral Resource estimation,
mining studies and metallurgical
studies.		  Geological logging of major characteristics
such as rock type, alteration, sulphide
abundance etc has occurred in summary and
detail. Basic geotechnical logging including
RQD, orientation data for structures (faults,
veins, bedding etc).has also been undertaken
The geological and geotechnical logging is at
an appropriate level for the stage of
exploration being undertaken.
Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel, etc) photography.		  The logging of the geological features was
predominately qualitative. Parameters such
as sulphide abundances are visual estimates
by the logging geologist.
Core is photographed after metre marks and
sample intervals have been clearly marked
on the core. The core was photographed dry
and wet.
The total length and percentage of
the relevant intersections logged.		  The entire length of all holes, excluding any
surface casing was logged.
Sub-sampling
techniques
and sample
preparation		 If core, whether cut or sawn and
whether quarter, half or all core
taken.		  Core was cut longitudinally with a masonry
saw and a half core sampled for analysis, the
residual half core is retained in the core box
for reference
If non-core, whether riffled, tube
sampled, rotary split, etc and
whether sampled wet or dry		  Only diamond drill core was sampled.
For all sample types, the nature,
quality and appropriateness of the
samplepreparation technique.		  The splitting of core by masonry saw is an
appropriate sample technique
Quality control procedures adopted
for all sub-sampling stages to
maximise representivity of samples.		  Documented procedures are in place to
ensure that core is sampled systematically
and the same methodology is applied to each
sample and every drilling campaign.
Measures taken to ensure that the
sampling is representative of the in
situ material collected, including for
instance results for field
_duplicate/second-half sampling. _		  Replicate samples are submitted with each
sample submission at a ratio of 1:20. A
replicate sample consists of the original half
core sample cut by masonry saw into 2 equal

25

Criteria JORC Code explanation Commentary
halves and submitted
Whether sample sizes are
appropriate to the grain size of the
material being sampled.		  The sample sizes are considered appropriate
Quality of
assay data
and
laboratory
tests		 The nature, quality and
appropriateness of the assaying and
laboratory procedures used and
whether the technique is considered
partial or total.		  Samples are submitted for preparation and
gold analysis to an accredited lab, Actlabs
(Thunder Bay, Canada). Sample preparation
comprised:
(i) drying for a minimum of 8 hours,
(ii) mill crushing to >70% passing 2mm,
(iii) riffle splitting (using a Jones Splitter)
to approximately 250g,
(iv) disk pulverizing of subsample to 85%
passing 75 microns.
(v) sample is then split to 30g for
analysis, by fire assay and determination
by atomic absorption. The detection
limits are 5 ppb (lower) and 3000ppb
(upper).
Above detection are re-analysed by fire assay
and gravimetric determination The detection
limits are 0.03ppm (lower) and 10,000ppm
(upper).
The analysis technique is considered total
and is appropriate for the determination of
the level of gold anticipated.
For geophysical tools,
spectrometers, handheld XRF
instruments, etc, the parameters
used in determining the analysis
including instrument make and
model, reading times, calibrations
factors applied and their derivation,
etc.		  No geophysical tools of these types were
used.
Nature of quality control procedures
adopted (eg standards, blanks,
duplicates, external laboratory
checks) and whether acceptable
levels of accuracy (ie lack of bias)
and precision have been
established.		  At this stage of the prospects evaluation, QC
procedures involve a review of laboratory
supplied internal QA/QC and in house
controls, including routinely inserting
commercial (and appropriate grade) certified
reference standards, samples of “barren”
material (Uncertified Blanks) and replicate
samples with each sample submission
Verification of
sampling and
assaying		 The verification of significant
intersections by either independent
or alternative company personnel.		  The significant intersections have been
reviewed by the Exploration Manager
The use of twinned holes.  No twinned holes were drilled during this
round of drilling.
Documentation of primary data,
data entry procedures, data		  Primary data was recorded on laptop
computers directlyinto standardized Excel

26

Criteria JORC Code explanation Commentary
verification, data storage (physical
and electronic) protocols.		 logging templates with built in look-up codes.
This information is merged with the assay
certificate data into an in-house database
system managed internally.
Discuss any adjustment to assay
data.		  There was no adjustment of assay data
Location of
data points		 Accuracy and quality of surveys
used to locate drill holes (collar and
down-hole surveys), trenches, mine
workings and other locations used
in Mineral Resource estimation.		  Drill collar locations coordinates were
surveyed using handheld Garmin GPS
Downhole surveys were collected as single
shot readings during drilling. The first survey
was taken as soon as practical beyond the
casing and then at every 30 to 40 m intervals
down hole
Specification of the grid system
used.		  The grid system is UTM_NAD83, Zone 15
Quality and adequacy of
topographic control.		  Topographic control is taken from an aerial
survey flown by ATLIS Geomatics of
Winnipeg, Manitoba in 2010. The survey
provided a Digital Elevation Model (DEM)
contoured at one metre intervals.
Data spacing
and
distribution		 Data spacing for reporting of
Exploration Results.		  The drill hole spacing is specific to each
prospect, refer to figures in main text
Whether the data spacing and
distribution is sufficient to establish
the degree of geological and grade
continuity appropriate for the
Mineral Resource and Ore Reserve
estimation procedure(s) and
classifications applied.		  The drilling undertaken was exploratory in
nature and no mineralized geological
domains have been defined to support the
definition of Mineral Resources
Whether sample compositing has
been applied.		  No compositing has been applied
Orientation of
data in
relation to
geological
structure		 Whether the orientation of
sampling achieves unbiased
sampling of possible structures and
the extent to which this is known,
considering the deposit type.		  Due to topographic constraints and variation
in strike of the stratigraphy at the various
prospects, drilling was completed at various
orientations to ensure that the holes were
drilled perpendicular to stratigraphy and
intersect the target areas. For this early
stage of exploratory drilling in this manner is
acceptable to provide initial geological
control and intersect potential
mineralization. With limited drilling at these
prospects it is unknown at this stage if the
drilling orientation produced biased
sampling.
If the relationship between the
drilling orientation and the
orientation of key mineralised
structures is considered to have
introduced a sampling bias, this
should be assessed and reported if		  At this stage no orientation based sampling
bias has been identified.

27

Criteria JORC Code explanation Commentary
material.
Sample
security		 The measures taken to ensure
sample security.
The core samples are placed in polyweave
sacks and sealed with zip tie security tags by
the sampler. A list of security tags with the
corresponding sample numbers for each
dispatch is recorded on site.
The samples are either collected by or
delivered to a commercial transport
company who forward the samples to the
laboratory.
Upon arrival at the laboratory, personnel
will verify the sample submission list and
will send an e-mail to confirm receipt of
samples, notify if any security tags or
polyweave sacks are not intact and if there
are additional or missing samples to those
indicated on the sample submission sheet.
Audits or
reviews		 The results of any audits or reviews
of sampling techniques and data.		  No audit or review of the sampling
techniques and data for this release has been
carried out

Section 2 Reporting of Exploration Results

Criteria JORC Code explanation Commentary
Mineral
tenement and
land tenure
status		 Type, reference name/number,
location and ownership including
agreements or material issues with
third parties such as joint ventures,
partnerships, overriding royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings.		  Ajax and Hermione are located wholly within
CLM 306,
Juno and Jupiter are located wholly with
CLM305 both of which comprise the Mine
Lease 108400
The Mine lease108400 is held 100% by
Cameron Gold Operations Ltd. a fully owned
subsidiary of Chalice Gold Mines Ltd.
The security of the tenure held at
the time of reporting along with any
known impediments to obtaining a
licence to operate in the area.		  The Lease 108400 is in good standing and no
known impediments exist to continued
exploration.
Exploration
done by other
parties		 Acknowledgment and appraisal of
exploration by other parties.		  Modern exploration at the Cameron Gold
Project commenced in the 1960s and over
the subsequent years numerous companies
at various times have carried out
prospecting, line cutting, geological mapping,
trenching, soil and outcrop sampling, ground
magnetic and ground geophysical surveys.
The first drilling was undertaken in 1960 at
what is now the Cameron Gold Deposit. To
the best of Chalices knowledge with the
exception of the Jupiter prospect no
exploration drillinghas occurred on the other

28

Criteria JORC Code explanation Commentary
prospects highlighted in this report
Geology Deposit type, geological setting and
style of mineralisation.
The Cameron project setting is an Archaean
granite-greenstone terrane. It is situated in
the western end of the Late Archaean
Savant Lake- Crow Lake Belt in the Western
Wabigoon Subprovince of the Superior
Province in north-western Ontario. The
Savant Lake-Crow Lake Belt comprises a
number of individual greenstone belts that
are most commonly separated by large-
scale faults and shear zones.
Gold mineralization is being sought, with no
deposit style being exclusively targeted.
Drill hole
Information		 A summary of all information
material to the understanding of
the exploration results including a
tabulation of the following
information for all Material drill
holes:
o easting and northing of the drill
hole collar
o elevation or RL (Reduced Level –
elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and
interception depth
o hole length.
If the exclusion of this information is
justified on the basis that the
information is not Material and this
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly
explain why this is the case.		  Refer to tabulations in the main text and
Appendix 2.
Data
aggregation
methods		 In reporting Exploration Results,
weighting averaging techniques,
maximum and/or minimum grade
truncations (eg cutting of high
grades) and cut-off grades are
usually Material and should be
stated.
No averaging techniques or truncations
were used. An 0.5g/t lower cut-off has
been applied when reporting significant
intersections.
Where aggregate intercepts
incorporate short lengths of high
grade results and longer lengths of
low grade results, the procedure
used for such aggregation should be
stated and some typical examples of
such aggregations should be shown
in detail
Aggregated assays for ‘significant’
intervals are based on individual
average weighted values for the interval
of >1g/t Au

29

Criteria JORC Code explanation Commentary
The assumptions used for any
reporting of metal equivalent values
should be clearly stated.		  No metal equivalent values were quoted.
Relationship
between
mineralisation
widths and
intercept
lengths		 These relationships are particularly
important in the reporting of
Exploration Results.
If the geometry of the
mineralisation with respect to the
drill hole angle is known, its nature
should be reported.
If it is not known and only the down
hole lengths are reported, there
should be a clear statement to this
effect (eg ‘down hole length, true
_width not known’). _		  Down hole lengths have been reported, true
widths not known.
Diagrams Appropriate maps and sections
(with scales) and tabulations of
intercepts should be included for
any significant discovery being
reported These should include, but
not be limited to a plan view of drill
hole collar locations and
appropriate sectional views.
Refer to figures and tabulations in the main
text and Appendices
Balanced
reporting		 Where comprehensive reporting of
all Exploration Results is not
practicable, representative
reporting of both low and high
grades and/or widths should be
practiced to avoid misleading
reporting of Exploration Results.		  A summary of analytical results based on a
0.5g/t lower cut-off has been reported for all
drill holes.
Other
substantive
exploration
data		 Other exploration data, if
meaningful and material, should be
reported including (but not limited
to): geological observations;
geophysical survey results;
geochemical survey results; bulk
samples – size and method of
treatment; metallurgical test
results; bulk density, groundwater,
geotechnical and rock
characteristics; potential deleterious
or contaminating substances.		  All relevant exploration data is reported in
the main text and Appendices
Further work The nature and scale of planned
further work (eg tests for lateral
extensions or depth extensions or
large-scale step-out drilling).
Diagrams clearly highlighting the
areas of possible extensions,
including the main geological
interpretations and future drilling
areas, provided this information is
not commercially sensitive.		  Future work programs are being assessed
but at this stage no additional drill follow-up
is being contemplated.

30

Appendix 5 – Mogoraib North Project JORC 2012 Tables

According to Clauses 18 & 19 of the 2012 JORC Code, the criteria listed in the following tables need to be addressed when reporting exploration results.

Section 1: Sampling Techniques and Data

JORC Criteria Explanation Explanation
Sampling • Chalice has sampled diamond drill core, usually at 1m intervals unless geological contacts
techniques dictate otherwise.
• Following geological and geotechnical (RQD) logging, core is cut lengthways down the axis
to provide half core for assay, the remainder being retained in the core trays for record and
future reference/re-sampling.
Drilling • Chalice has conducted diamond drilling, with most drilling, including all drilling through
techniques mineralised zones, being NQ with standard tube.
• Roller-cone drilling was used to the top of competent rock (typically 10-15m depth), where
the holes were cased off and diamond drilling commenced.
Drill sample • Core recoveries are recorded by measuring actual versus theoretical core drilled and
recovery monitored for excessive core loss.
• In zones of ‘bad ground’ there is the option to triple-tube but this has not been deemed
necessary to date.
• No relationship that might negatively affect representivity has been noted between
mineralisation and core recoveries to date.
Logging • Core samples have been photographed, geologically and geotechnically logged with
lithology, mineralisation, alteration and structural features recorded in detail.
• Core was not oriented but structures were measured relative to the core axis.
• Bulk density determinations using water immersion method are carried out on every metre
of core within expected mineralisation and every 10m within waste zones.
• 100% of the core was logged.
Sub-sampling • Core was sampled using a diamond saw, with half core selected for assaying.
techniques and
•		 Pre-collar roller-cone sections of the holes were not sampled.
sample
preparation		 • Within visually mineralised zones, in this case >5% sulphides, samples have been taken at
1m intervals unless geological contacts dictate otherwise.
• Outside of these zones 10cm samples have been collected at 10m intervals for geochemical
characterization purposes.
• One half of the core is retained on site whilst the other half (1-2kg) is bagged and
dispatched to the Africa Horn Preparation facility (a division of NATA-accredited Intertek-
Genalysis Laboratories) in Asmara for crushing to -2mm and splitting.
• The coarse reject is stored and the split sub‐sample is pulverized to a nominal 95% passing ‐
75 micron using an LM2 pulverizer.
• The pulverized pulp is further split into two 100g to 150g sub‐samples; a primary pulp
sample is sent for analysis and a duplicate pulp sample is kept as a reference and the
remaining fine (-75 micron) reject is stored.
• A quartz wash is pulverized between samples and is stored for random testing of
preparation contamination.
• The sample size is regarded as appropriate to the mineralisation being sampled (fine- to
medium grained, banded massive to semi-massive base metal sulphides).
Quality of • The sample pulps are transported by air to NATA-accredited Intertek-Genalysis Laboratories
assay data and in Perth Western Australia for assay.
laboratory • Gold assaying is completed using a lead collection of 50g fire assay method with an atomic
tests absorption spectroscopy (AAS) finish.
• Multi‐element assays are carried out by ICP‐OES on 25g sub‐sample prepared using aqua
regia digest.

31

JORC Criteria Explanation Explanation
• Certified reference materials (CRMs) are submitted with all sample batches at the rate of 1
per 20 samples. The CRM’s inserted have values ranging from very low to high grade.
• Blanks are inserted at 1 per 20 samples.
• QA/QC monitoring is applied to all drill core assays as per the protocols described above to
ensure acceptable levels accuracy & precision.
• Periodic external audits of QA/QC are conducted.
• Random sample batches are periodically re-assayed at an alternative lab.
Verification of • Senior geological staff routinely checks logging and sampling procedures and sampled
sampling and intervals vs visual mineralisation.
assaying • Data is physically recorded on paper logs then entered on site into an AcQuire database.
• Data validation is conducted by a data base manager.
• Physical and electronic datasets are backed up and stored on-site, in Asmara and in Perth.
• No adjustments are made to data other than check assays when inconsistent results are
obtained.
• No independent sampling has been undertaken to date.
• No holes have been twinned to date.
Location of • Drillhole collars were located using a hand held Garmin GPS MAP62s with an accuracy of
data points <3m.
• All drillholes were surveyed using a Reflex camera at 50m intervals minimum, and
sometimes at 30m intervals.
• Grid system used is WGS84 UTM Zone 37 North.
• External topographic controls have not been established.
Data spacing • As noted above, sampling within mineralised zones has been conducted over nominal 1m
and intervals with broader spaced sampling over non-mineralized zones.
distribution • No pre-assay sample compositing has been used.
• The sample density is regarded as appropriate for the deposit style in question.
Orientation of • Core is cut to provide as close as possible duplicate halves based on structure and
data in relation mineralisation (particularly visual bedding/banding) to minimise sampling bias.
to geological • Core has not been oriented with down-hole orientation devices.
structure
Sample • Samples are held securely under the control of senior project staff from the drill rig until
security submittal to the sample prep lab in Asmara.
Audits or • No audits or reviews of Chalice’s sampling procedures or data has been conducted for the
reviews Mogoraib Northproject to date.

32

Section 2: Reporting of Exploration Results

JORC Criteria Explanation Explanation
Mineral • Chalice’s tenure consists of a single Exploration Licence, Mogoraib North, held under a
tenement and 60:40 Joint Venture between Chalice subsidiary Sub Sahara Resources (Eritrea) Pty Ltd and
land tenure the Eritrean National Mining Corporation (ENAMCO)
status • The EL is in good-standing as of the date of this announcement.
Exploration • The property was held previously by Sanu Resources Limited. Sanu conducted stream
done by other sediment and soil sampling, ground gravity, airborne EM over selected areas and drilled 3
parties diamond drillholes. The core was not assayed by Sanu and a visual inspection confirmed no
significant mineralisation was intersected.
Geology • The Mogoraib River mineralisation is of stratiform VMS type, mainly pyrite and pyrrhotite,
in a bi-modal volcano-sedimentary sequence that has been intruded by a late-tectonic
granitoid.
Drill hole • Refer to previously reported results.
Information
Data • All assay data provided is uncut.
aggregation • Aggregated assays for ‘significant’ intervals are based on individual average weighted
methods values for the interval of >1g/t Au, >5g/t Ag, >0.5% Cu or >1% Zn.
• No metal equivalence values have been used.
Relationship • Down-hole lengths reported.
between • Based on core to bedding angles and correlation of mineralised zones on sections true
mineralisation widths are estimated at ~80% of intersection width.
widths and
intercept
lengths
Diagrams • Refer to previously reported results.
Balanced • Results reported reference all available data including high and low grade results.
reporting
Other • Results of geological mapping are reported.
substantive • Results of geophysical surveys (FLTEM & MLTEM) noted in this announcement are being
exploration analysed and will be reported in greater detail at a later date.
data • No other material results are available.
Further work • Given the sub economic results of the last round of drilling no further drilling is
contemplated at this point.

33

Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013

Name of entity

Chalice Gold Mines Limited

ABN 47 116 648 956

Quarter ended (“current quarter”) 30 June 2014

Consolidated statement of cash flows

Cash flows related to operating activities
1.1
Receipts from product sales and related
debtors
1.2
Payments for (a) exploration & evaluation
(b) development
(c) production
(d) administration
1.3
Dividends received
1.4
Interest and other items of a similar nature
received
1.5
Interest and other costs of finance paid
1.6
Income taxes paid
1.7
Other (provide details if material)
Net Operating Cash Flows		 Current quarter
$A’000		 Year to date
(12 months)
$A’000
27
(1,960)
-
-
(449)
-
23
-
-
(705)		 117
(3,437)
-
-
(1,536)
-
95
-
-
(2,231)
(3,064) (6,992)
Cash flows related to investing activities
1.8
Payment for purchases of:
(a) prospects
(b) equity investments
(c) other fixed assets
1.9
Proceeds from sale of:
(a) prospects
(b) equity investments
(c) other fixed assets
1.10
Loans to other entities
1.11
Loans repaid by other entities
1.12
Other (provide details if material)
Net investing cash flows
1.13
Total operating and investing cash flows
(carried forward)		 -
(1,270)
(43)
-
-
-
-
108
(50)		 (877)
(1,770)
(107)
-
4
-
-
203
(102)
(1,255) (2,649)
(4,319) (9,641)
1.13
Total operating and investing cash flows
(brought forward)		 (4,319) (9,641)
Cash flows related to financing activities
1.14
Proceeds from issues of shares, options, etc.
1.15
Proceeds from sale of forfeited shares
1.16
Proceeds from borrowings
1.17
Repayment of borrowings
1.18
Dividends paid
1.19
Other (provide details if material)
Net financing cash flows		 -
-
-
-
-
(1,401)		 50
-
-
-
-
(1,572)
(1,401) (1,522)
Net increase (decrease) in cash held
1.20
Cash at beginning of quarter/year to date
1.21
Exchange rate adjustments to item 1.20
1.22
Cash at end ofquarter		 (5,720)
50,365
(441)		 (11,163)
56,443
(1,076)
44,204 44,204

Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities

1.23
1.24		 Aggregate amount of payments to the parties included in item 1.2
Aggregate amount of loans to the parties included in item 1.10		 Current quarter
$A'000
205
Nil
1.25 Explanation necessaryfor an understandingof the transactions
Item 1.7 – represents costs associated with business development activities.
Item 1.8 (a) – represents the costs associated with the acquisition of the Cameron Project from
Coventry Resources Inc.
Item 1.8 (b) – represents the cost of acquiring a 24% interest in GeoCrystal Limited. During April
2014, the Company exercised 2,100,000 options at an exercise price of 20 cents ($420,000) held
in GeoCrystal Limited and subscribed for an additional 4.25 million shares at an issue price of 20
cents ($850,000), with 4.25 million free attaching options. Each attaching option is exercisable at
25 cents on or before 31 March 2016.
Item 1.19 – represents costs associated with the on-market share buyback. The Company
acquired 9,021,260 shares during the quarter, for a total of $1,401,553 (including brokerage).
Total shares acquired to 30 June 2014 is 10,036,591 for a total cost of $1,549,243.
Item 1.23 – Amounts paid to related parties include remuneration, directors’ fees, consulting fees
and reimbursements of out of pocket expenses to directors.

Non-cash financing and investing activities

  • 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

Nil

  • 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Nil

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1
Loan facilities
3.2
Credit standby arrangements		 Amount available
$A’000		 Amount used
$A’000
Nil Nil
Nil Nil

Estimated cash outflows for next quarter

4.1
Exploration and evaluation
4.2
Development
4.3
Production
4.4
Administration		 $A’000
(2,300)
-
-
(434)
Total (2,734)

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as
shown in the consolidated statement of cash flows)
to the related items in the accounts is as follows.		 Current quarter
$A’000		 Previous quarter
$A’000
5.1
Cash on hand and at bank
5.2
Deposits at call
5.3
Bank overdraft
5.4
Other (provide details)		 22,959 28,726
21,245 21,639
- -
- -
Total: cash at end of quarter(item 1.22) 44,204 50,365

Changes in interests in mining tenements and petroleum tenements

6.1
Interests in mining
tenements and
petroleum tenements
relinquished, reduced
or lapsed
6.2
Interests in mining
tenements and
petroleum tenements
acquired or increased		 Tenement
reference and
location		 Nature of interest
(note (2))		 Interest at beginning
of quarter		 Interest at
end of
quarter
Australia:
Marla:
EL4655
EL4656
EL4657
EL4658
EL4659
EL4660
EL4661
EL5390
Oodnadatta:
EL4679
EL4682
EL4683
EL4684
EL4686
EL4687
EL4688
EL4959
EL5144
Canada:
Rainy River:
4268070
4268071
4264665
4264664		 0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
0% - earning up to 70%
Owned
Owned
Owned
Owned		 0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
100%
100%
100%
100%		 0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Canada:
Cameron
Gold
Project:
Mining lease -
108466		 80% interest 80%. Owned - 100%

Issued and quoted securities at end of current quarter

Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates.

Total number Number quoted Issue price per
security (see
note3) (cents)		 Amount paid up
per security (see
note3) (cents)
7.1
Preference
+securities
(description)		 Nil Nil N/A N/A
7.2
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital, buy-
backs,
redemptions		 N/A N/A N/A N/A
7.3
+Ordinary
securities
7.4
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital, buy-
backs		 287,491,719 287,491,719 N/A N/A
-
(9,021,260)		 -
(9,021,260)		 Nil
N/A		 N/A
($1,396,944)
7.5
+Convertible
debt
securities
(description)
7.6
Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
securities
matured,
converted		 Nil Nil N/A N/A
Nil
Nil		 Nil
Nil		 N/A
N/A		 N/A
N/A
7.7
Options
(description and
conversion
factor)
Performance
Rights
7.8
Issued during
quarter
Options
Performance
Rights
7.9
Exercised
during quarter
Options
Performance
Rights
7.10
Expired during
quarter
Options		 750,000
100,000
1,050,000		 Nil
Nil
Nil		 Exercise price
0.35
0.35
0.30		 Expiry date
14 September 2014
30 November 2014
30 June 2016
2,754,149 Nil Nil 30 June 2016
Nil Nil Nil Nil
Nil Nil Nil Nil
Nil Nil Nil Nil
Nil Nil Nil Nil
187,500
187,500
375,000		 0.45
0.55
0.65		 30 April 2014
30 April 2014
30 April 2014
Performance
Rights		 Nil Nil Nil Nil
7.11
Debentures
(totals only)		 Nil Nil
7.12
Unsecured
notes(totals
only)		 Nil Nil

Compliance statement

  • 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

  • 2 This statement does give a true and fair view of the matters disclosed.

Sign here: Date: 30 July 2014 (Company secretary) Print name: Leanne Stevens

Notes

  • 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

  • 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

  • 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

  • 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

  • 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == ==

More from CHALICE MINING LIMITED

Major Shareholding Notification 2026
May 21
Major Shareholding Notification 2026
May 13
Investor Presentation 2026
May 13
Investor Presentation 2026
May 6
Interim / Quarterly Report 2026
Apr 29
Major Shareholding Notification 2026
Apr 9
Share Issue/Capital Change 2026
Apr 8
Investor Presentation 2026
Apr 8
Share Issue/Capital Change 2026
Apr 6
Regulatory Filings 2026
Apr 6
View all filings →