First Year Assessment Report - Newfoundland and Labradorgis.geosurv.gov.nl.ca/geofilePDFS/ReceivedBatch58/002E_1601.pdf · First Year Assessment Report ... 5.0 HISTORY OF MINING,

First Year Assessment Report

on the

Magnetic and Electromagnetic Airborne Geophysical Survey

Pilley’s Island Property

Pilley’s Island, Newfoundland NTS 2E/12

by

D.T.W. Evans

& S. V. Vatcher

for

Golden Dory Resources Corp.

March, 2009

Required Expenditure: $7,800.00 Actual Expenditure: 34,302.20

Excess Credits: $26,502.20

TABLE OF CONTENTS 1.0 SUMMARY ................................................................................................................. 1 2.0 INTRODUCTION....................................................................................................... 1 3.0 PROPERTY DESCRIPTION AND LOCATION ................................................... 1 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, PHYSIOGRAPHY............................................................................................................ 3

4.1 Accessibility .............................................................................................................. 3 4.2 Climate..................................................................................................................... 3 4.3 Local Resources / Infrastructure............................................................................. 3 4.4 Physiography ............................................................................................................ 3

5.0 HISTORY OF MINING, EXPLORATION AND GEOLOGY.............................. 3 5.1 Mining and Exploration .......................................................................................... 3 5.2 Geology ..................................................................................................................... 5

6.0 REGIONAL SETTING.............................................................................................. 5 7.0 LOCAL GEOLOGY................................................................................................... 6 8.0 MINERALIZATION.................................................................................................. 9

8.1 Bull Road Showing ................................................................................................ 10 9.0 2008 EXPLORATION WORK................................................................................ 14 10.0 RECOMMENDATIONS........................................................................................ 14 References........................................................................................................................ 15 Appendix I High-Resolution Magnetic & Electromagnetic Airborne Survey Report & Map .............................................................................................................................. 17 Appendix II Licence Expenditures............................................................................... 18

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1.0 SUMMARY Golden Dory Resources’ Pilley’s Island property is located on Pilley’s Island, Notre Dame Bay, Newfoundland. The area has a long history of mining and mineral exploration beginning in 1891 with the opening of the Pilley’s Island pyrite mine. Approximately 450,000 tonnes of pyritic ore was mined between 1881 and 1908. Since than a number of companies, including Frobisher Mines, Brinex, Brinco, Consolidated Morrison Exploration, Phelps Dodge and Altius Resources have explored the area. Several pyritic massive sulphide deposits including the Old Mines, Jane’s Cove, Rowsell’s Cove, Spencer’s Dock, 3 B Zone and the Bull Road showing have been discovered. The geology and mineral deposits of the southern Pilley’s Island area are typical of the felsic-dominated, bimodal class of volcanogenic massive sulphide deposits. The Bull Road showing, which was discovered by Brinex in 1967, was exposed in five trenches and tested by diamond drilling. Indicated reserves were estimated at 27,377 tons grading 2.00% Cu, 0.52% Pb, 5.02% Zn, 0.62 oz/t Ag and 0.008oz/t Au (non-NI 43-101 compliant).The mineralization is hosted by re-sedimented, polylithic breccia containing abundant high grade (Zn-Pb-Cu) sulphide clasts and is analogous to the breccia ores at Buchans. While small, the showing is significant as it suggests the potential for an ore- grade deposit source. Golden Dory carried out a deep penetrating airborne EM survey over the Pilley’s Island property in September-October of 2008. Trenching and an examination of historic drill holes from the area is also planned. 2.0 INTRODUCTION This report summarizes Golden Dory Resources’ Pilley’s Island property which includes licences 014108M, 014110M, 014112M and 014113M. These claims were staked to cover the Bull Road showing; one of several significant volcanogenic sulphide deposits hosted by felsic volcanic rocks in the area. 3.0 PROPERTY DESCRIPTION AND LOCATION The Pilley’s Island property contains the Bull Road showing (UTM E593250, N5485210), which is a breccia-hosted volcanogenic sulphide style of mineralization. The Pilley’s Island property, which is located on National Topographic Map Series 2E/12, is located on Pilley’s Island, Notre Dame Bay, north-central Newfoundland (Figure 1). The Pilley’s Island property consists of 39 claims in 4 licences and covers 975 hectares or 9.75 square kilometers (Figure 1). The claims were initially staked in October of 2007 by David Evans and Stares Prospecting, but have since been transferred to Golden Dory Resources Limited. Under an option agreement with Stares Prospecting, Golden Dory Resources acquired a 100% interest in the Stares Prospceting property for a one time payment of $5,000, 10,000 shares and staking costs. Stares Prospecting also

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Figure 1. Pilley’s Island Claim Location Map retained a 2% NSR. Golden Dory Resources acquired a 100% interest in the Evans property for repayment of staking cost. Table 1 summarizes the mineral licences. There are no known environmental liabilities associated with the Pilley’s Island property. Licence Staked By # of Claims Required

Expenditure Expenditure Date

014108M Stares Prospecting 1 $200 Nov. 8/08 014110M Davis Evans 15 $3000 Nov. 8/08 014112M Stares Prospecting 20 $4000 Nov. 8/08 014113M Stares Prospecting 3 $600 Nov. 8/08 Table 1. Golden Dory Resources mineral licence information, Pilley’s Island property.

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4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, PHYSIOGRAPHY

4.1 Accessibility The Pilley’s Island property is located on Pilley’s Island, north-central Newfoundland (Figure 1). Route 380 a paved highway, connects Pilley’s Island with the Trans Canada Highway. Old logging roads and trails lead north from the community of Pilley’s Island to the property. 4.2 Climate The climate is typical Newfoundland moderate temperate, with short, moderate to warm summers and long, generally moderate, winters. Although extremes of hot and cold can be encountered the ocean around the island has a moderating influence and temperatures in winter seldom go below – 15º to – 20º C and in the summer seldom rise above 25º to 30º C. Fall conditions, with variably dry to wet weather and some frost in September, usually extend into November, when snow fall starts although no significant snow falls are usually encountered until late December or early January. Spring is generally late with snow lingering in the woods and on north facing slopes until mid May or later. 4.3 Local Resources / Infrastructure Most resources needed for exploration and mine development are available within the nearby communities of Robert’s Arm or Springdale. The latter has long been a mining supply centre. The town of Grand Falls-Windsor, a major service centre, population 15,000, is located approximately 120 km from Pilley’s Island. A regional airport is located in Deer Lake, approximately a 175 km to the west. 4.4 Physiography The relief within the area is generally steep. Hills vary from steep sided to rounded and result in a rolling or hummocky landscape. The area is covered by a thick forest of stunted spruce, fir, birch and aspen. Low-lying areas are generally underlain by bogs or ponds. The area was glaciated during the Wisconsin and is thinly blanketed by a coarse till. Bedrock exposure varies from poor in the low-lying areas to extensive along the barren ridge and along coastal sections. 5.0 HISTORY OF MINING, EXPLORATION AND GEOLOGY 5.1 Mining and Exploration The Pilley’s Island area has a long history of mining and mineral exploration. In 1875 massive sulphide mineralization was first discovered by prospectors. Between 1891 and 1908 the Pilley’s Island Pyrite Company Ltd. produced approximately 450,000 tonnes of

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massive pyritic ore from the Pilley’s Island Mine (Old Mines). The pyrite was mined as a source of sulphur. The property was purchased by the Blast Furnace Corp. and from 1919 to 1921 the company carried out 2019 m of diamond drilling in 8 holes adjacent to the old mine workings. In 1951 the Blast Furnace Fee Simple Grant was leased by the Pilley’s Island Copper-Pyrite Ltd. and from 1951 until 1956 the company explored the area surrounding the old mine. The Copper Pyrite Ltd. completed an airborne EM survey and 8,019 m of diamond drilling in 43 holes. Frobisher Mines, a majority shareholder, assumed management control of the company in 1959. Frobisher reevaluated the property, relogged the earlier diamond-drill core and completed geophysical surveys over the area. (Walker, 1960). In relogging the core from diamond-drill hole 42, a Zn-Au rich massive sulphide intersection was discovered that assayed 12.45%, Zn, 5.5% Pb, 0.94% Cu and 0.102oz/t Au over 8 ft. The vertical hole had been collared just east of Mine Pond and the mineralization was intersected between 166.5 ft and 174.5 ft. In 1966, Brinex acquired the property and initiated an extensive exploration program consisting of geological mapping, soil geochemistry, VLF-EM surveys, core relogging and 10,299 m of diamond drilling in 65 holes. This program led to the discovery of the Bull Road Showing (Grimley, 1968). Brinex estimated that reserves in the old mine were 1,159,010 tonnes grading 1.23% Cu (this reserve is historical in nature and is not NI 43-101 compliant). The area adjacent to historic diamond-drill hole 42 was also tested by 2 diamond-drill holes; no significant mineralization was reported. Brinex terminated its exploration program in 1971. In 1973, Consolidated Morrison Exploration Ltd. carried out Gravity and HLEM surveys and in 1977 followed up with 194.2 m of diamond drilling in 2 holes in the area of the Bull Road Showing (Consolidated Morrison Ltd., 1979). The holes failed to intersect any mineralization. A Brinco-Getty joint venture saw an extensive exploration program carried out from 1981 to 1985 consisting of a helicopter-borne mag/EM survey, line cutting, geological mapping, IP and mag/VLF surveys, applied potential and borehole TDEM survey, and 5,665 m of diamond drilling in 29 holes, including 3 holes that tested the Bull Road showing. This phase of exploration work resulted in the discovery of the 3B-Zone which was estimated to contain approximately 200,000 tonnes grading 3-4% Cu (Epp, 1984). This estimate is historical in nature and is not 43-101 compliant. A vertical hole was also drilled adjacent to historic hole 42, however, no significant mineralization was reported. The Blast Furnace area was explored by Au Pell Resources Inc. from 1987 to 1988. The company carried out 1,949 m of diamond drilling in 8 holes; mostly in the area of the 3B Zone. This drilling intersected the extension of the 3B-Zone and some of the higher grade intersections included 4.42% Cu over 4.2 m, 6.4% Cu over 2.74 m and 7.69% Zn and 10.48 g/t Au over 2.29 m (Tuach, 1989).

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In 1993 Phelps Dodge Corp. of Canada Ltd. acquired the area and initiated an extensive program of relogging of historic drill core and geological mapping of the southern portion of Pilley’s Island. In 1994, Aerodot Inc. was contracted to fly a helicopter-borne magnetometer, radiometric and VLF-EM survey over the Bumble Bee Bight area (Woolham, 1995). A new geological interpretation was developed and the company subsequently focused its efforts on the Spencer’s Dock area where they carried out line cutting, environmental base line sampling, diamond drilling (18 holes), and a gravity survey. As a result of this program the Spencer’s Dock, Rowsell’s Cove and Jane’s Cove massive sulphide deposits were discovered (Thurlow, 1996). Phelps terminated its exploration program in 1993. Altius Resources currently holds the mineral rights to the Bumble Bee Bight and Spencer’s Dock areas. The company has drilled 5 holes to the southeast of Bumble Bee Bight and completed lithogeochemical analysis of core samples. Borehole EM surveys have been completed (Thurlow, 2004). The diamond drilling has extended the alteration zone well to the southeast. 5.2 Geology The geology of the Pilley’s Island area was first mapped by Espenshade (1937). Bostock (1978) included the area in his regional mapping of the Roberts Arm Group. Extensive exploration work during the 1950s to the early 1970s provided a database by which Appleyard and Bowles (1978) developed a simple three stage model for the geology and sulphide deposits of the area which included an early stage extrusion of a dacitic dome onto a basement of basaltic pillow lavas with concurrent development of a hydrothermal system and sulphide deposition. This was followed by extensive explosive volcanism, brecciation and slumping. Extensive sericite, silica and pyrite alteration was associated with this stage. The final stage involved subsidence and intrusion of a variety of felsic plugs and dykes. The volcanic complex was interpreted to be preserved largely intact. The Phelps Dodge exploration program led to a significant reinterpretation of the geological history of the Pilley’s Island area. A series of low-angle, southeast dipping thrust faults were identified which bisect the bimodal volcanic sequences. Two antiformal stack structures which control the distribution of mineralized and unmineralized sequences were also identified (Thurlow, 1996). 6.0 REGIONAL SETTING The Pilley’s Island property is located on Pilley’s Island in western Notre Dame Bay, Newfoundland. Pilley’s Island is underlain by Ordovician submarine volcanic rocks of the Roberts Arm Group and lies within the Notre Dame Subzone of the Dunnage Tectonostratigraphic Zone (Williams et. al., 1988). Regionally the group is part of a mature arc sequence referred to as the Buchans-Roberts Arm Belt. Felsic volcanic rocks from the group have been dated at 473 +/- 2 Ma (Dunning et. al., 1987).

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Bostock (1978) mapped the northern Roberts Arm Group at a scale of 1:50,000 for the Geological Survey of Canada. Kerr (1996) as part of regional mapping by the Newfoundland Department of Mines and Energy subdivided the group in to four distinct basalt-dominated calc-alkaline terranes (Boot Harbour, Pilley’s Island, Mud Pond and Triton) and the tholeiitic Crescent Terrane (Figure 2). The terranes are separated by variably steepened, south to southeast dipping north-directed faults. The Boot Harbour Terrane, which forms the structural base, contains submarine, probably deep marine, felsic volcanic rocks. The Pilley’s Island Terrane structurally overlies the Boot Harbour Terrane and contains fragmental felsic volcanic rocks probably deposited in a shallow-marine setting. The Pilley’s Island Terrane is structurally overlain by the Mud Pond Terrane which is dominated by a regionally hematized and epidotized basalt sequence. The Triton Terrane comprised of fresh basalts and abundant mafic intrusive rocks structurally overlies the Mud Pond Terrane. The four calc-alkaline terranes are in turn structurally overlain by tholeiitic basalts and associated sedimentary rocks of the Crescent Terrane. The calc-alkaline sequences are interpreted to form the disrupted, lower limb of a north-ward overturned anticlinal nappe structure. The emplacement of the nappe structure is thought to be mainly pre-Middle Silurian as sedimentary rocks of the Silurian Springdale Group sit unconformably upon different Roberts Arm Group terranes (Kerr, 1996). Subsequent deformation was largely of a brittle nature related to dextral transcurrent and/or southeast-directed reverse motions along the Lobster Cove Fault and similar structures. 7.0 LOCAL GEOLOGY The geology and mineral deposits of the southern Pilley’s Island area are typical of the felsic-dominated, bimodal class of volcanogenic massive sulphide deposits (Thurlow, 2001; 2004). A thick sequence of basaltic pillow lava is intruded and overlain by dacitic breccia and flows that host the massive sulphide mineralization. A series of low-angle, southeast-dipping thrust faults cut the volcanic sequences in the southern Pilley’s Island area and control the distribution of alteration and massive sulphide mineralization (Figure 3).

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Figure 2. Geological terranes of the northern Roberts Arm Group (modified after Kerr, 1996). Also shown is the location of Figure 3. The sulphide mineralization and associated alteration occur within two antiformal stack structures that occur at the same structural level. The western stack underlies the Spencer’s Dock area and hosts the Spencer’s Dock, Jane’s Cove and Rowsell’s Cove deposits. The eastern stack underlies the Old Mines/Bumble Bee Bight area and hosts the Old Mines, 3B-Zone and Bull Road showing. The two stacks are separated structurally by a culmination of unaltered basalt. The Liquor Street Fault Zone forms the floor thrust to both stacks and emplaced the mineralized and altered sequences above unaltered pillow lava of the Boot Harbour

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Figure 3. Generalized geology of southern Pilley’s Island with sulphide deposits projected to surface. TZ = Tectonized Zone, UF = Upper Fault, SF = Steep Fault, CDF = Ches’ Dome Fault, HPF = Head’s Pond Fault. Stippled areas represent mainly altered felsic volcanic rocks (from Thurlow, 1996). The Rowsell’s Cove deposit lies 220 m above the Jane’s Cove deposit. Terrane. The Hoskins Cove Fault forms the roof thrust to the Spencer’s Cove stack. The Loadabats Fault emplaces hematitic pillow lava of the Mud Pond Terrane to the south over the altered and mineralized sequences to the north. Both the Spencer’s Dock and Old Mine stacks are comprised mainly of felsic volcanic rocks which have been dissected internally by several faults into a series of panels with mineralized and altered footwall rocks lying structurally above the massive sulphide-bearing panels. Stratigraphy within the Old Mines stack is as follows; basaltic volcanics at the base of the sequence are overlain by dacitic intrusive, flow and volcaniclastic rocks which host the massive sulphide deposits and these are in turn overlain by a thick sequence of post-mineralization dacitic hyloclastic breccia and flows. Two types of synvolcanic, post mineralization dacite sills intrude the volcanic sequence.

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8.0 MINERALIZATION On Pilley’s Island, sulphide mineralization occurs as: low grade (Spencer’s Dock, Jane’s Cove), medium grade (Old Mines) and high grade (3B-Zone) deposits that are of both sub-seafloor replacement and exhalative varieties. The deposits are dominantly pyritic and are underlain and flanked by an extensive chlorite, sericite, silica, K-feldspar and epidote alteration system. Low grade, pyritic (Rowsell’s Cove) and high grade (Bull Road) breccia deposits are also present. Figure 4 shows the location of sulphide occurrences discussed in the text. Descriptions of the occurrences are presented in Table 2.

Figure 4. Map showing distribution of diamond-drill holes in the Bumble Bee Bight area (modified from Thurlow, 2004). Also shown are the locations of the significant volcanogenic sulphide occurrences. The areas outlined are based on significant drill intersections.

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Occurrence Description Old Mines Reserves: 1,159,000 tonnes at 1.23% Cu, includes

>500,000 tonnes at >2.0% Cu (Tuach, 1989) Hole 42 Pilley’s Island Copper Pyrite Ltd. diamond-drill hole

5.51% Pb, 12.45% Zn and 4.11 g/t Au over 2.4 m (Tuach, 1989)

Mansfield Stringer py, sp, gn, Fragmental Zone (6000N) Sulphide fragments in dacite breccia Bull Road Showing Sulphide clasts in polylithic breccia 3 B-Zone Massive sulphide cp, sp, gn, Ag, Au Henderson Pyrite fragments/clasts in breccia Table 2. Major sulphide occurrences, eastern Pilley’s Island. 8.1 Bull Road Showing In 1967, local prospector George Bayly discovered “fragments of a light weight gossan” along a trail (the Bull Road) leading from Heads Pond to Mud Pond (Grimley, 1968). Trenching by tractor revealed a zone of high grade pyrite, sphalerite, chalcopyrite and galena boulders in sandy clays. Brinex exposed the mineralization in 5 trenches and intersected the zone in at least 3 diamond-drill holes (BBF-27, BBF-29, BBF-33) (Consolidated Morrison Ltd., 1979). Assay results from the trenches and the diamond drilling is presented in Table 3; drill and trench locations are shown on Figure 5. Consolidated Morrison Ltd. (1979) reported that the mineralization strikes southeast at about 125º, dips to the northeast at about 35º and plunges less than 25º due east. The average true thickness of the massive sulphide as exposed in the trenches is 10 feet and the average grade from trench samples and the drill intersection in BBF-27 are 2.00% Cu, 0.52% Pb, 5.02% Zn, 0.62 oz/t Ag and 0.008 oz/t Au. Indicated reserves were estimated at 27,377 tons (not NI 43-101 compliant). They also reported that ore-grade fragmental sulphide fragments in a dacite breccia were intersected in four holes drilled by Brinex (BBF-22, 54, 58 and 60) to the northwest of the Bull Road Showing. This zone was interpreted to strike about N58ºE and dip steeply (77º) towards the southeast. The following description of the Bull Road mineralization is taken from Consolidated Morrison Ltd. (1979).

The Bull Road massive sulphide zone has been described from the exposure in trench # 1 from southwest to northeast as follows: 6 ft. brecciated-dacite with disseminated and stringer pyrite; 5.6 ft. massive cupriferous pyrite; 1.6 ft. semi-massive pyrite-sphalerite-chalcopyrite in “sticky sulphide clay”; 5.6 ft. disseminations, veinlets (4 in.) and rounded blocks of massive sulphide – frequently Cu and Zn rich – in weathered breccia; and 2.6 ft. altered and weathered tuff/breccia with pods of massive sulphide (mainly pyrite, but some sphalerite).

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In 1983, Brinco tested the Bull Road showing with 3 diamond drill holes (Figure 6) (Hum, 1983). Hole PI-83-1 was collared to the north of Head’s Pond near where the showing outcropped. The hole intersected several zones of sulphide mineralization including 0.65 m assaying 0.1% Cu, 4.4% Pb, 22.2% Zn and 0.96 oz/t Ag. The deepest hole PI-83-2 drilled at an angle of 45º to the north was collared to the south of Heads Pond. The hole intersected several narrow intervals of sulphide mineralization including 2.25 m which assayed 3.58% Zn and 0.32 oz/t Ag. The Bull Road showing is a re-sedimented, polylithic breccia containing abundant high grade (Zn-Pb-Cu) sulphide clasts similar to the breccia ores at Buchans. The showing while small is significant as it suggests the potential for an ore-grade deposit source. Interval %Cu %Zn %Pb Ag oz/t Au oz/t Bull Road BBF-27 10 ft. 0.93 3.51 0.89 0.89 Tr. Tr-2 15.1 ft. 3.87 12.42 0.95 0.71 0.013 Tr-6 17.2 ft. 1.40 2.06 0.17 0.44 0.008 15.6 ft. 1.93 2.66 0.11 0.46 0.010 Fragmental Zone BBF-22 17.5 ft. 1.03 1.79 0.19 0.22 0.01 BBF-54 18 ft. 1.40 7.32 0.76 0.66 BBF-58 6 ft. 0.45 1.05 0.16 0.50 8 ft. 1.10 3.40 0.45 1.66 BBF-60 17.5 0.90 0.28 0.06 0.16 Table 3. Assay results from the Bull Road Showing and the Fragmental Zone (Consolidated Morrison Ltd., 1979).

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Figure 5. Geology map of the Bull Road showing. Also shown are Brinex trenches and diamond- drill holes (from Consolidated Morrison Exploration Co., 1979).

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Figure 6. Drill section, Bull Road showing, view looking east (modified from Hum, 1983).

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9.0 2008 EXPLORATION WORK A deep penetrating airborne EM survey was flown over the property by Golden Dory Resources between September and October of 2008. Results of the airborne survey are included in Appendix I (Note: the Pilley’s Island survey is denoted by Sterling Block 2 in the airborne survey report). According to the Aeroquest report, there was only one anomaly identified from the survey, located at UTM coordinates 594513.8E, 5485776.7N, which occurs in the east central part of licence 014110M. It is interesting to note that nothing in the area of the Bull Road Showing was deemed anomalous, yet there are indicated reserves of over 27,000 tons, with semi-massive and massive pyrite zones. However, the main ore mineral is Sphalerite which does not generate a highly conductive target so this may explain the lack of a significant EM anomaly. 10.0 RECOMMENDATIONS The southern Pilley’s Island area is underlain by bimodal, felsic, calc-alkaline volcanic rocks with demonstrated potential to host volcanogenic massive sulphide deposits. Analogies have been drawn between the Pilley’s Island and the Buchans massive sulphide deposits. At Pilley’s Island, examples of low, medium and high grade massive sulphide deposits have been discovered; with examples of in-situ and transported sulphide mineralization. High grade, in-situ mineralization, has thus far eluded exploration efforts. However, recent revisions to the geological interpretation of the area, and the presence of an extensive alteration system suggests the potential for further discoveries. Based upon previous exploration activities, diamond drilling, and revisions to the geological interpretation of the area, it is recommended that the Bull Road Showing be re-trenched, and drill core from the area of the Bull Road Showing be examined.

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References Appleyard, E.C. and Bowles, E.G.

1978: The geology of the West Mine, Pilley’s Island, Newfoundland. Geological Survey of Canada, Paper 78-1A, pages 199-203.

Bostock, H.H.

1988: Geology and petrochemistry of the Ordovician volcano-plutonic Roberts Arm Group, Notre Dame Bay, Newfoundland. Geological Survey of Canada Bulletin 369, 84 pages, with 1:50,000 colour map.

Consolidated Morrison Exploration Company

1979: The Bull Road showing, Pilley’s Island, Nfld. Consolidated Morrison Exploration Company unpublished report. [NDNR 2E/12]

Dunning, G.R., Kean, B.F., Thurlow, J.G. and Swinden, H.S.

1987: Geochronology of the Buchans, Roberts Arm and Victoria Lake groups and Mansfield Cove Complex, Newfoundland. Canadian Journal of Earth Sciences, Volume 24, pages 1175-1184.

Espenshade, G.H.

1937: Geology and mineral deposits of the Pilley’s Island area. Newfoundland Department of Natural Resources, Geological Survey, Bulletin 6, 56 pages.

Epp, W.R.

1984: Brinco/Getty Joint Venture Dawes Pond Project Pilley’s Island 1984 diamond drilling report Blast Furnace Option, C.B. 2400, Lic. 2240, Newfoundland. Brinco Mining unpublished report. [NDNR 2E/524]

Grimley, P.H.

1968: Geological and other notes on Pilley’s Island. Brinex unpublished report. [NDNR 2E12/274]

Hum, P.

1983: Report on the 1983 diamond drilling Pilley’s Island Blast Furnace Option and C.B. 2400, Licence 2240, Newfoundland. Brinco Mining Document No. G83005. [NDNR 2E/487]

Kerr, A.

1996: New perspectives on the stratigraphy, volcanology, and structure of the island-arc volcanic rocks in the Ordovician Robert’s Arm Group, Notre Dame Bay. In Current Research, Newfoundland Department of Natural Resources, Geological Survey, Report 96-1, pages 283-310.

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Thurlow, J.G. 1996: Geology of a newly discovered cluster of blind massive sulphide deposits, Pilley’s Island, central Newfoundland. In Current Research, Newfoundland Department of Natural Resources, Geological Survey, Report 96-1, pages 181-189. 2001: Report on diamond drilling and Downhole Time Domain EM surveys on Mineral Licence 7528M Pilley’s Island, Notre Dame Bay (2E/12), central Newfoundland. Inmet Mining and Altius Resources Inc. unpublished report. [NDNR 2E/1220] 2004: Report on diamond drilling and borehole transient electromagnetic surveys on Mineral Licence 9464M Pilley’s Island, Notre Dame Bay (2E/05 and 12), central Newfoundland. Inmet Mining and Altius Resources Inc. unpublished report. [NDNR 2E/1345]

Tuach, J.

1989: Diamond drilling at Pilley’s Island, Newfoundland January – February 1989. Licence 2278 and Fee Simple Grant Vol. 1, Fol. 28 (NTS 2E/12). Au Pell Resources Inc. unpublished report. [ NDNR 2E/656]

Walker, W.B.G.

1960: Report on Pilley’s Island Copper Pyrites Ltd. Frobisher Ltd. private report. [NDNR 2E/242]

Williams, H., Colman-Sadd, S.P., and Swinden, H.S.

1988: Tectonic-stratigraphic subdivisions of central Newfoundland. In Current Research, Part B, Geological Survey of Canada, Paper 88-1B, pages 91-98.

Woolham, R.W.

1995: Report on a combined helicopter-borne magnetic, radiometric and VLF-EM survey Pilley’s Island project Extended Licence 2278, Pilley’s Island, Notre Dame Bay, Newfoundland Canada NTS 2E/5. Phelps Dodge Corporation of Canada, Ltd. unpublished report. [NDNR 2E/941]

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Appendix I High-Resolution Magnetic & Electromagnetic Airborne Survey Report & Map

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Report on a Helicopter-Borne AeroTEM System Electromagnetic

& Magnetic Survey

Aeroquest Job # 08-146

Sterling Blocks 1 & 2 Springdale, NFLD, Canada 012H09, 002E05, 002E12

For

Golden Dory Resources

by

7687 Bath Road, Mississauga, ON, L4T 3T1

Tel: (905) 672-9129 Fax: (905) 672-7083 www.aeroquest.ca

Report date: December 2008

Report on a Helicopter-Borne

AeroTEM System Electromagnetic & Magnetic Survey

Aeroquest Job # 08-146

Sterling Blocks 1 & 2 Springdale, NFLD, Canada 012H09, 002E05, 002E12

For

Golden Dory Resources 50 McCurdy Drive

Gander, NFLD, A1V 1A2

By

7687 Bath Road, Mississauga, ON, L4T 3T1

Tel: (905) 672-9129 Fax: (905) 672-7083 www.aeroquest.ca

Report date: December 2008

Job# 08146

Aeroquest International - Report on a Helicopter-Borne AeroTEM IV Electromagnetic & Magnetic Systems Survey

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TABLE OF CONTENTS TABLE OF CONTENTS ................................................................................................................... i

LIST OF FIGURES........................................................................................................................... 2

LIST OF MAPS SCALE (1:10000) ................................................................................................... 2

1. INTRODUCTION ......................................................................................................................... 3

2. SURVEY AREA ........................................................................................................................... 3

3. SURVEY SPECIFICATIONS AND PROCEDURES .................................................................... 4

3.1. Navigation ............................................................................................................................. 5 3.2. System Drift ........................................................................................................................... 5 3.3. Field QA/QC Procedures ........................................................................................................ 5

4. AIRCRAFT AND EQUIPMENT .................................................................................................. 5

4.1. Aircraft .................................................................................................................................. 5 4.2. Magnetometer ........................................................................................................................ 6 4.3. Electromagnetic System ......................................................................................................... 6 4.4. AeroDAS Acquisition System ................................................................................................ 7 4.5. RMS DGR-33 Acquisition System ......................................................................................... 8 4.6. Magnetometer Base Station .................................................................................................... 9 4.7. Radar Altimeter ...................................................................................................................... 9 4.8. Video Tracking and Recording System ................................................................................... 9 4.9. GPS Navigation System ....................................................................................................... 10 4.10. Digital Acquisition System ................................................................................................. 10

5. PERSONNEL ............................................................................................................................. 11

6. DELIVERABLES ....................................................................................................................... 11

6.1. Hardcopy Deliverables ......................................................................................................... 11 6.2. Digital Deliverables .............................................................................................................. 11

6.2.1. Final Database of Survey Data (.GDB) ......................................................................... 11 6.2.2. Geosoft Grid files (.GRD) .............................................................................................. 11 6.2.3. Digital Versions of Final Maps (.MAP, .PDF) ............................................................... 11 6.2.4. Google Earth Survey Files (.kmz) .................................................................................. 12 6.2.5. Free Viewing Software (.EXE) ....................................................................................... 12 6.2.6. Digital Copy of this Document (.PDF) ........................................................................... 12

7. DATA PROCESSING AND PRESENTATION .......................................................................... 12

7.1. Base Map ............................................................................................................................. 12 7.2. Flight Path & Terrain Clearance ........................................................................................... 12 7.3. Electromagnetic Data ........................................................................................................... 13 7.4. Magnetic Data ...................................................................................................................... 13

8. General Comments ...................................................................................................................... 14

8.1. Magnetic Response .............................................................................................................. 14 8.2. EM Anomalies ..................................................................................................................... 14

APPENDIX 1: Survey Boundaries .................................................................................................. 17

Job# 08146


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APPENDIX 2: Mining Claims......................................................................................................... 18

APPENDIX 3: AeroTEM Anomaly Listing ..................................................................................... 19

APPENDIX 4: Description of Database Fields ................................................................................ 20

APPENDIX 5: AeroTEM Design Considerations ............................................................................ 21

APPENDIX 6: AeroTEM Instrumentation Specification Sheet ........................................................ 28

LIST OF FIGURES Figure 1. Project Area ....................................................................................................................... 3 Figure 2. Project flight path and mining claims with shaded topography ............................................ 4 Figure 3. Helicopter of the type used as survey platform .................................................................... 6 Figure 4. The magnetometer bird (A) and AeroTEM IV EM bird (B)................................................. 7 Figure 5. Schematic of Transmitter and Receiver waveforms ............................................................. 7 Figure 6. AeroTEM III Instrument Rack ............................................................................................ 9 Figure 7. Digital video camera typical mounting location ................................................................ 10 Figure 8. AeroTEM response to a ‘thin’ vertical conductor .............................................................. 15 Figure 9. AeroTEM response for a ‘thick’ vertical conductor ........................................................... 15 Figure 10. AeroTEM response over a ‘thin’ dipping conductor ........................................................ 16

LIST OF MAPS SCALE (1:10000) • TMI – Coloured Total Magnetic Intensity (TMI) with line contours EM anomaly

symbols. • ZOFF1 – AeroTEM Z1 Off-time with line contours and EM anomaly symbols. • EM – AeroTEM off-time profiles Z5-Z15 and EM anomaly symbols.

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1. INTRODUCTION This report describes a helicopter-borne geophysical survey carried out on behalf of Golden Dory Resources on their Sterling survey, Springdale, Newfoundland. The principal geophysical sensor is Aeroquest's exclusive AeroTEM IV (‘Oscar’ System) time domain helicopter electromagnetic system which is employed in conjunction with a high-sensitivity caesium vapour magnetometer. Ancillary equipment includes a real-time differential GPS navigation system, radar altimeter, video recorder, and a base station magnetometer. Full-waveform streaming EM data is recorded at 36,000 samples per second. The streaming data comprise the transmitted waveform, and the X component and Z component of the resultant field at the receivers. A secondary acquisition system (RMS) records the ancillary data. The total survey coverage is 917.6 line-km, of which 869.6 line-km fell within the defined project area (Appendix 1). Sterling Block 1 was flown at 75 metres line spacing in a N-S (0˚/180˚ azimuth) flight direction, while Sterling Block 2 was flown at 50 metres line spacing in a W-E (90º/270º azimuth) line direction. The survey flying described in this report took place from September 28th – October 11th 2008. This report describes the survey logistics, the data processing, presentation, and provides a brief overview of the results.

2. SURVEY AREA The Project area is located in north eastern Newfoundland near the town of Springdale (Figure 1). The project was made up of two blocks, Sterling Block 1 (50.2 km²), and Sterling Block 2 (6 km²) over rocky, coastal terrain. The project area covers 12 mining claims. Claim ownership is tabulated in Appendix 2. The base of survey operations and crew accommodation was in Springdale, NFLD.

Figure 1. Project Area

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Figure 2. Project flight path and mining claims with shaded topography

3. SURVEY SPECIFICATIONS AND PROCEDURES The survey specifications are summarised in the following table:

Project Name

Line Spacing (metres)

Line Direction

Survey Coverage (line-km)

Dates flown

Sterling 1 75 N-S (0º / 180º) 777.9 September 28 – October 11,

2008

Sterling 2 50 W-E (90º / 270º) 139.7 October 6 – 11, 2008

Table 1. Survey specifications summary

The survey coverage was calculated by adding up the along-line distance of the survey lines and control (tie) lines as presented in the final Geosoft database. Block 1 was flown with a line spacing of 75 metres, while Block 2 was flown with a line spacing of 50 metres. The control (tie) lines were flown perpendicular to the survey lines with a spacing of 750 metres for Sterling Block 1, 500 metres for Sterling Block 2. The nominal EM bird terrain clearance is 30 metres, but can be higher in more rugged terrain due to safety considerations and the capabilities of the aircraft. The magnetometer sensor is mounted in a smaller bird connected to the tow rope 31 metres above the EM bird and 21 metres below the helicopter (Figure 4). Nominal survey speed over relatively flat terrain is 75 km/hr and is generally lower in rougher terrain. Scan rates for ancillary data acquisition is 0.1 second for the magnetometer and altimeter, and 0.2 second for the GPS determined position. The EM data is acquired as a data stream at a sampling rate of 36,000 samples per second and is processed to generate final data at 10 samples per second. The 10 samples per second translate to a geophysical reading about every 1.5 to 2.5 metres along the flight path.

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3.1. NAVIGATION Navigation is carried out using a GPS receiver, an AGNAV2 system for navigation control, and an RMS DGR-33 data acquisition system which records the GPS coordinates. The x-y-z position of the aircraft, as reported by the GPS, is recorded at 0.2 second intervals. The system has a published accuracy of less than 3 metres. A recent static ground test of the Mid-Tech WAAS GPS yielded a standard deviation in x and y of under 0.6 metres and for z under 1.5 metres over a two-hour period.

3.2. SYSTEM DRIFT Unlike frequency domain electromagnetic systems, the AeroTEM IV system has negligible drift due to thermal expansion. The operator is responsible for ensuring the instrument is properly warmed up prior to departure and that the instruments are operated properly throughout the flight. The operator maintains a detailed flight log during the survey noting the times of the flight and any unusual geophysical or topographic features. Each flight included at least two high elevation ‘background’ checks. During the high elevation checks, an internal 5 second wide calibration pulse in all EM channels was generated in order to ensure that the gain of the system remained constant and within specifications.

3.3. FIELD QA/QC PROCEDURES On return of the pilot and operator to the base, usually after each flight, the AeroDAS streaming EM data and the RMS data are carried on removable hard drives and FlashCards, respectively and transferred to the data processing work station. At the end of each day, the base station magnetometer data on FlashCard is retrieved from the base station unit. Data verification and quality control includes a comparison of the acquired GPS data with the flight plan; verification and conversion of the RMS data to an ASCII format XYZ data file; verification of the base station magnetometer data and conversion to ASCII format XYZ data; and loading, processing and conversion of the steaming EM data from the removable hard drive. All data is then merged to an ASCII XYZ format file which is then imported to an Oasis database for further QA/QC and for the production of preliminary EM, magnetic contour, and flight path maps. Survey lines which show excessive deviation from the intended flight path are re-flown. Any line or portion of a line on which the data quality did not meet the contract specification was noted and reflown.

4. AIRCRAFT AND EQUIPMENT

4.1. AIRCRAFT A Eurocopter (Aerospatiale) AS350 B2 "A-Star" helicopter - registration C-FRKY was used as survey platform. The helicopter was owned and operated by Wendake Hélicoptère, Wendake, Québec. Installation of the geophysical and ancillary equipment was carried out by Aeroquest Limited personnel in conjunction with a licensed aircraft engineer. The survey aircraft was flown at a nominal terrain clearance of 270 ft (82 metres).

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Figure 3. Helicopter of the type used as survey platform

4.2. MAGNETOMETER The Aeroquest airborne survey system employs the Geometrics G-823A caesium vapour magnetometer sensor installed in a two metre towed bird airfoil attached to the main tow line, 21 metres below the helicopter (Figure 4). The sensitivity of the magnetometer is 0.001 nanoTesla at a 0.1 second sampling rate. The nominal ground clearance of the magnetometer bird is 61 metres (200 ft.). The magnetic data is recorded at 10 Hz by the RMS DGR-33.

4.3. ELECTROMAGNETIC SYSTEM The electromagnetic system is an Aeroquest AeroTEM IV time domain towed bird system (Figure 4). The current AeroTEM IV transmitter dipole moment is from 230 kNIA. The AeroTEM bird is towed 52 metres (170ft) below the helicopter. More technical details of the system can be found in Appendix 6. The wave-form is triangular with a symmetric transmitter on-time pulse of 1250 µs and a base frequency of 90 Hz (Figure 5). The current alternates polarity every on-time pulse. During every Tx on-off cycle (180 per second), 200 contiguous channels of raw X and Z component (and a transmitter current monitor, itx) of the received waveform are measured. The channel time widths are defined in Section 4.4 below. This 200 channel data is referred to as the raw streaming data. The AeroTEM system has two separate EM data recording streams, the conventional RMS DGR-33 and the AeroDAS system which records the full waveform (Figure 5).

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Figure 4. The magnetometer bird (A) and AeroTEM IV EM bird (B)

Figure 5. Schematic of Transmitter and Receiver waveforms

4.4. AERODAS ACQUISITION SYSTEM The 200 channels of raw streaming data are recorded by the AeroDAS acquisition system (Figure 6) onto a removable hard drive. The streaming data are processed post-survey to yield 33 stacked and binned on-time and off-time channels at a 10 Hz sample rate. The timing of the final processed EM channels is described in the following table: Average TxOn -26.2278 us Average TxSwitch 976.0524 us

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Average TxOff 1901.2540 us Channel Sample Range Time Width (us) Time Center (us) Time After TxOn (us) On1 4 - 4 27.778 97.222 123.450 On2 5 - 5 27.778 125.000 151.228 On3 6 - 6 27.778 152.778 179.006 On4 7 - 7 27.778 180.556 206.783 On5 8 - 8 27.778 208.333 234.561 On6 9 - 9 27.778 236.111 262.339 On7 10 - 10 27.778 263.889 290.117 On8 11 - 11 27.778 291.667 317.895 On9 12 - 12 27.778 319.444 345.672 On10 13 - 13 27.778 347.222 373.450 On11 14 - 14 27.778 375.000 401.228 On12 15 - 15 27.778 402.778 429.006 On13 16 - 16 27.778 430.556 456.783 On14 17 - 17 27.778 458.333 484.561 On15 18 - 18 27.778 486.111 512.339 On16 19 - 19 27.778 513.889 540.117 Channel Sample Range Time Width (us) Time Center (us) Time After TxOff (us) Off0 71 - 71 27.778 1958.333 57.079 Off1 72 - 72 27.778 1986.111 84.857 Off2 73 - 73 27.778 2013.889 112.635 Off3 74 - 74 27.778 2041.667 140.413 Off4 75 - 75 27.778 2069.444 168.190 Off5 76 - 76 27.778 2097.222 195.968 Off6 77 - 79 83.333 2152.778 251.524 Off7 80 - 82 83.333 2236.111 334.857 Off8 83 - 85 83.333 2319.444 418.190 Off9 86 - 88 83.333 2402.778 501.524 Off10 89 - 93 138.889 2513.889 612.635 Off11 94 - 98 138.889 2652.778 751.524 Off12 99 - 104 166.667 2805.556 904.302 Off13 105 - 114 277.778 3027.778 1126.524 Off14 115 - 128 388.889 3361.111 1459.857 Off15 129 - 150 611.111 3861.111 1959.857 Off16 151 - 185 972.222 4652.778 2751.524

4.5. RMS DGR-33 ACQUISITION SYSTEM In addition to the magnetics, altimeter and position data, six channels of real time processed off-time EM decay in the Z direction and one in the X direction are recorded by the RMS DGR-33 acquisition system at 10 samples per second and plotted real-time on the analogue chart recorder. These channels are derived by a binning, stacking and filtering procedure on the raw streaming data. The primary use of the RMS EM data (Z1 to Z6, X1) is to provide for real-time QA/QC on board the aircraft. The channel window timing of the RMS DGR-33 6 channel system is described in the table below.

RMS Channel Start time (μs)

End time(μs)

Width(μs)

Streaming Channels

Z1, X1 1269.8 1322.8 52.9 48-50Z2 1322.8 1455.0 132.2 50-54Z3 1428.6 1587.3 158.7 54-59Z4 1587.3 1746.0 158.7 60-65Z5 1746.0 2063.5 317.5 66-77Z6 2063.5 2698.4 634.9 78-101

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Figure 6. AeroTEM III Instrument Rack

4.6. MAGNETOMETER BASE STATION The base magnetometer was a Geometrics G-859 caesium vapour magnetometer system with integrated GPS. Data logging and UTC time synchronisation was carried out within the magnetometer, with the GPS providing the timing signal. The data logging was configured to measure at 1.0 second intervals. Digital recording resolution was 0.001 nT. The sensor was placed on a tripod in an area of low magnetic gradient and free of cultural noise sources. A continuously updated display of the base station values was available for viewing and regularly monitored to ensure acceptable data quality and diurnal variation.

4.7. RADAR ALTIMETER A Terra TRA 3500/TRI-30 radar altimeter is used to record terrain clearance. The antenna was mounted on the outside of the helicopter beneath the cockpit. Therefore, the recorded data reflect the height of the helicopter above the ground. The Terra altimeter has an altitude accuracy of +/- 1.5 metres.

4.8. VIDEO TRACKING AND RECORDING SYSTEM A high resolution digital colour 8 mm video camera is used to record the helicopter ground flight path along the survey lines. The video is digitally annotated with GPS position and time and can be used to verify ground positioning information and cultural causes of anomalous geophysical responses.

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Figure 7. Digital video camera typical mounting location

4.9. GPS NAVIGATION SYSTEM The navigation system consists of an Ag-Nav Incorporated AG-NAV2 GPS navigation system comprising a PC-based acquisition system, navigation software, a deviation indicator in front of the aircraft pilot to direct the flight, a full screen display with controls in front of the operator, a Mid-Tech RX400p WAAS-enabled GPS receiver mounted on the instrument rack and an antenna mounted on the magnetometer bird. WAAS (Wide Area Augmentation System) consists of approximately 25 ground reference stations positioned across the United States that monitor GPS satellite data. Two master stations located on the east and west coasts collect data from the reference stations and create a GPS correction message. This correction accounts for GPS satellite orbit and clock drift plus signal delays caused by the atmosphere and ionosphere. The corrected differential message is then broadcast through one of two geostationary satellites, or satellites with a fixed position over the equator. The corrected position has a published accuracy of less than 3 metres. Survey co-ordinates are set up prior to the survey and the information is fed into the airborne navigation system. The co-ordinate system employed in the survey design was WGS84 [World] using the UTM zone 21N projection. The real-time differentially corrected GPS positional data was recorded by the RMS DGR-33 in geodetic coordinates (latitude and longitude using WGS84) at 0.2 s intervals.

4.10. DIGITAL ACQUISITION SYSTEM The AeroTEM received waveform sampled during on and off-time at 120 channels per decay, 300 times per second, was logged by the proprietary AeroDAS data acquisition system. The channel sampling commences at the start of the Tx cycle and the width of each channel is 27.78 seconds. The streaming data was recorded on a removable hard-drive and was later backed-up onto DVD-ROM from the field-processing computer. The RMS Instruments DGR33A data acquisition system was used to collect and record the analogue data stream, i.e. the positional and secondary geophysical data, including processed 6 channel EM, magnetics, radar altimeter, GPS position, and time. The data was recorded on 128 Mb capacity FlashCard. The RMS output was also directed to a thermal chart recorder.

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5. PERSONNEL The following Aeroquest personnel were involved in the project:

Manager of Operations: Duncan Wilson Manager of Data Processing: Gord Smith Field Data Processors: Lauren Montpetit, Khorram Khan Field Operator: Troy Will, Terry Martin Data Interpretation and Reporting: Ali Latrous, Chris Kahue, Matt Everson, Marion Bishop

The survey pilot, Antoine DesRosiers, was employed directly by the helicopter operator –Wendake Hélicoptère.

6. DELIVERABLES

6.1. HARDCOPY DELIVERABLES The report includes a set of three 1:10,000 maps. The survey area is covered by a single map plate and three geophysical data products are delivered as listed below:

TMI – Coloured Total Magnetic Intensity (TMI) with line contours and EM anomaly symbols. ZOFF1 – AeroTEM Z1 Off-time with line contours and EM anomaly symbols. EM – AeroTEM off-time profiles, channels Z5-Z15, and EM anomaly symbols.

The coordinate/projection system for the maps is NAD27 – UTM Zone 21N. For reference, the latitude and longitude in WGS84 are also noted on the maps. All the maps show flight path trace, skeletal topography, and conductor picks represented by an anomaly symbol classified according to calculated on-time conductance. The anomaly symbol is accompanied by postings denoting the calculated off-time conductance, a thick or thin classification and an anomaly identifier label. The anomaly symbol legend is given in the margin of the maps. The magnetic field data is presented as superimposed line contours with a minimum contour interval of 10 nT.

6.2. DIGITAL DELIVERABLES

6.2.1. Final Database of Survey Data (.GDB) The geophysical profile data is archived digitally in a Geosoft GDB binary format database. A description of the contents of the individual channels in the database can be found in Appendix 4.

6.2.2. Geosoft Grid files (.GRD) Levelled Grid products used to generate the geophysical map images. Cell size for all grid files is 15 metres for Sterling Block 1 and 10m for Sterling Block 2.

Total Magnetic Intensity (08146_magU_Blockname.grd) AeroTEM Z Offtime Channel 1 (08146_Zoff1_Blockname.grd)

6.2.3. Digital Versions of Final Maps (.MAP, .PDF) Map files in Geosoft .map and Adobe PDF format.

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6.2.4. Google Earth Survey Files (.kmz) Flight navigation lines, EM anomalies, EM Profiles, geophysical grids and contours in Google earth KMZ format. Double click to view flight lines in Google Earth.

6.2.5. Free Viewing Software (.EXE)

Geosoft Oasis Montaj Viewing Software Adobe Acrobat Reader Google Earth Viewer

6.2.6. Digital Copy of this Document (.PDF) Adobe PDF format of this document.

7. DATA PROCESSING AND PRESENTATION All in-field and post-field data processing was carried out using Aeroquest proprietary data processing software and Geosoft Oasis Montaj software. Maps were generated using 36-inch wide Hewlett Packard ink-jet plotters.

7.1. BASE MAP The geophysical maps accompanying this report are based on positioning in the NAD27 (Canada) datum. The survey geodetic GPS positions have been projected using the Universal Transverse Mercator projection in Zone 21 North. A summary of the map datum and projection specifications is given following:

Ellipsoid: Clarke 1866 Ellipse major axis (meters): 6378206.4 Ellipse Eccentricity: 0.08227185422 Prime Meridian of Datum: 0 Datum: North American 1927 - Canada (N.B., NF., N.S. & QC.) Datum Shifts (x,y,z) : -22, 160, 190 metres Map Projection: Universal Transverse Mercator Zone 21 (Central Meridian -75ºW) Central Scale Factor: 0.9996 False Easting, Northing: 500,000m, 0m

For reference, the latitude and longitude in WGS84 are also noted on the maps. The background vector data is derived from Natural Resources Canada 1:50000 NTDB data and the background shading was derived from NASA Shuttle Radar Topography Mission (SRTM) 90 metres resolution DEM data.

7.2. FLIGHT PATH & TERRAIN CLEARANCE The position of the survey helicopter was directed by use of the Global Positioning System (GPS). Positions were updated five times per second (5 Hz) and expressed as WGS84 latitude and longitude calculated from the raw pseudo range derived from the C/A code signal. The instantaneous GPS flight path, after conversion to UTM co-ordinates, is drawn using linear interpolation between the x/y positions. The terrain clearance was maintained with reference to the radar altimeter. The raw Digital Terrain Model (DTM) was derived by taking the GPS survey elevation and subtracting the radar

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altimeter terrain clearance values. The calculated topography elevation values are relative and are not tied in to surveyed geodetic heights. Each flight included at least two high elevation ‘background’ checks. These high elevation checks are to ensure that the gain of the system remained constant and within specifications.

7.3. ELECTROMAGNETIC DATA The raw streaming data, sampled at a rate of 36,000 Hz (200 channels, 180 times per second) was reprocessed using a proprietary software algorithm developed and owned by Aeroquest Limited. Processing involves the compensation of the X and Z component data for the primary field waveform. Coefficients for this compensation for the system transient are determined and applied to the stream data. The stream data are then pre-filtered, stacked, binned to the 33 on and off-time channels and checked for the effectiveness of the compensation and stacking processes. The stacked data is then filtered, levelled and split up into the individual line segments. Further base level adjustments may be carried out at this stage. The final field processing step was to merge the processed EM data with the other data sets into a Geosoft GDB file. The EM fiducial is used to synchronize the two datasets. The processed channels are merged into ‘array format; channels in the final Geosoft database as Zon, Zoff, Xon, and Xoff The filtering of the stacked data is designed to remove or minimize high frequency noise that can not be sourced from the geology. Apparent bedrock EM anomalies were interpreted with the aid of an auto-pick from positive peaks and troughs in the on-time Z channel responses correlated with X channel responses. The auto-picked anomalies were reviewed and edited by a geophysicist on a line by line basis to discriminate between thin and thick conductor types. Anomaly picks locations were migrated and removed as required. This process ensures the optimal representation of the conductor centres on the maps. At each conductor pick, estimates of the off-time conductance have been generated based on a horizontal plate source model for those data points along the line where the response amplitude is sufficient to yield an acceptable estimate. Some of the EM anomaly picks do not display a Tau value; this is due to the inability to properly define the decay of the conductor usually because of low signal amplitudes. Each conductor pick was then classified according to a set of seven ranges of calculated off-time conductance values. For high conductance sources, the on-time conductance values may be used, since it provides a more accurate measure of high-conductance sources. Each symbol is also given an identification letter label, unique to each flight line. Conductor picks that did not yield an acceptable estimate of off-time conductance due to a low amplitude response were classified as a low conductance source. Please refer to the anomaly symbol legend located in the margin of the maps.

7.4. MAGNETIC DATA Prior to any levelling the magnetic data was subjected to a lag correction of -0.1 seconds and a spike removal filter. The filtered aeromagnetic data were then corrected for diurnal variations using the magnetic base station and the intersections of the tie lines. No corrections for the regional reference field (IGRF) were applied. The corrected profile data were interpolated on to a grid using bi-directional gridding with a grid cell size of

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15metres & 10 metres. The final levelled grid provided the basis for threading the presented contours which have a minimum contour interval of 10nT.

8. GENERAL COMMENTS The survey was successful in mapping the magnetic and conductive properties of the geology throughout the survey area. Below is a brief interpretation of the results. For a detailed interpretation please contact Aeroquest Limited.

8.1. MAGNETIC RESPONSE The magnetic data provide a high resolution map of the distribution of the magnetic mineral content of the survey area. This data can be used to interpret the location of geological contacts and other structural features such as faults and zones of magnetic alteration. The sources for anomalous magnetic responses are generally thought to be predominantly magnetite because of the relative abundance and strength of response (high magnetic susceptibility) of magnetite over other magnetic minerals such as pyrrhotite.

8.2. EM ANOMALIES The EM anomalies on the maps are classified by conductance (as described earlier in the report) and also by the thickness of the source. A thin, vertically orientated source produces a double peak anomaly in the z-component response and a positive to negative crossover in the x-component response (Figure 8). For a vertically orientated thick source (say, greater than 10 metres), the response is a single peak in the z-component response and a negative to positive crossover in the x-component response (Figure 9). Because of these differing responses, the AeroTEM system provides discrimination of thin and thick sources and this distinction is indicated on the EM anomaly symbols (N = thin and K = thick). Where multiple, closely spaced conductive sources occur, or where the source has a shallow dip, it can be difficult to uniquely determine the type (thick vs. thin) of the source (Figure 10). In these cases both possible source types may be indicated by picking both thick and thin response styles. For shallow dipping conductors the ‘thin’ pick will be located over the edge of the source, whereas the ‘thick’ pick will fall over the downdip ‘heart’ of the anomaly.

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-15

-10

-5

0

5

10

15

0 100 200 300 400 500 600

50 SConductance

50 mDepth

300 mWidth

300 mLength

50 SConductance

50 mDepth

300 mWidth

300 mLength

Distance (m)RES

P ON

SE (

nT/

s)

Figure 8. AeroTEM response to a ‘thin’ vertical conductor

-150

-100

-50

0

50

100

150

200

250

300

350

0 100 200 300 400 500 600

50 SConductance

50 mDepth

50 mThickness

90oDip

300 mWidth

300 mLength

50 SConductance

50 mDepth

50 mThickness

90oDip

300 mWidth

300 mLength

DISTANCE (m)

RE

SP

ON

SE

(nT

/s)

Figure 9. AeroTEM response for a ‘thick’ vertical conductor

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-30

-20

-10

0

10

20

30

40

0 100 200 300 400 500 600

50 SConductance

45oDip

50 mDepth

300 mWidth

300 mLength

50 SConductance

45oDip

50 mDepth

300 mWidth

300 mLength

DISTANCE (m)

RES

PO

NS

E (n

T/s)

Figure 10. AeroTEM response over a ‘thin’ dipping conductor

All cases should be considered when analyzing the interpreted picks and prioritizing for follow-up. Specific anomalous responses which remain as high priority should be subjected to numerical modeling prior to drill testing to determine the dip, depth and probable geometry of the source.

Respectfully submitted,

Ali Latrous, Aeroquest Limited December, 2008 Reviewed by: Gord Smith, Aeroquest Limited December, 2008

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APPENDIX 1: SURVEY BOUNDARIES

The following table presents the Insight block boundaries. All geophysical data presented in this report have been windowed to 100m outside these outlines. X and Y positions are in NAD27 UTM Zone 21N. Block 1 X Y 565077.5 5487213.2 566066.9 5487203.7 566077.8 5487710.3 566577.8 5487710.3 566577.8 5488210.3 567077.8 5488210.3 567077.8 5488710.3 568077.8 5488710.2 568077.8 5489210.3 568577.8 5489210.3 568577.8 5489710.3 569077.8 5489710.3 569077.8 5490210.3 570577.8 5490210.3 570577.8 5491210.3 571077.8 5491210.3 571077.8 5491710.3 572077.8 5491710.3 572077.8 5491210.3 574077.8 5491210.3 574077.8 5490710.3 576577.8 5490710.3 576577.8 5491210.3 577077.8 5491210.3 577077.8 5488203.3 575577.8 5488210.3 575577.8 5487710.3 575077.8 5487710.3 575077.8 5487210.2 574077.8 5487210.2 574077.8 5486710.3 572577.8 5486710.2 572577.8 5486210.3 572077.8 5486210.3 572077.8 5485710.3 571577.8 5485710.2 571577.8 5485210.2 568577.8 5485210.2 568577.8 5484710.2 567077.8 5484710.2 567077.8 5484210.2 565077.8 5484210.2

Block 2 X Y 591077.9 5486710.2 595077.9 5486710.2 595088.2 5485212.5 591077.9 5485210.2

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APPENDIX 2: MINING CLAIMS From Government of Newfoundland and Labroador Geological Survey (December 2008)

LICENCE NUMBER OWNER LOCATION WORK DUE

014113M STARES PROSPECTING PILLEYS ISLAND,CENTRAL NFLD 20090107



012287M GOLDEN DORY RESOURCES LIMITED SPRINGDALE,CENTRAL NFLD 20090911








014110M GOLDEN DORY RESOURCES LIMITED PILLEYS ISLAND,CENTRAL NFLD 20090107

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APPENDIX 3: AEROTEM ANOMALY LISTING

Sterling Block1

Line Anom ID Cond (S)

Tau (µs)

Flight #

UTC Time Bird

height (m)

Easting (m)

Northing (m)

10630 A K 1.9 137.6 9 18:03:40 26.6 569677.4 5485028.1

10660 A K 3.1 176.4 6 13:56:24 23.8 569910.3 5488787.8

Sterling Block2

Line Anom ID Cond (S)

Tau (µs)

Flight #

UTC Time Bird

height (m)

Easting (m)

Northing (m)

20150 A K 1.2 110.8 14 20:09:35 25.0 594513.8 5485776.7

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APPENDIX 4: DESCRIPTION OF DATABASE FIELDS

The GDB file is a Geosoft binary database. In the database, the Survey lines and Tie Lines are prefixed with an "L" for "Line" and "T" for "Tie".

COLUMN UNITS DESCRIPTOR line Line number flight Flight # emfid AERODAS Fiducial utctime hh:mm:ss.ss UTC time x_nad27 m UTM Easting (NAD27, Zone 21N)

y_nad27 m UTM Northing (NAD27, Zone 21N) galt m GPS altitude of Mag bird ralt m Radar Altimeter based on helicopter height above terrain bheight m Terrain clearance of EM bird dtm m Digital Terrain Model basemag nT Base station total magnetic intensity

magU nT Final levelled total magnetic intensity Zon nT/s Processed Streaming On-Time Z component Channels 1-16 Zoff nT/s Processed Streaming Off-Time Z component Channels 0-16 Xon nT/s Processed Streaming On-Time X component Channels 1-16 Xoff nT/s Processed Streaming Off-Time X component Channels 0-16 pwrline powerline monitor data channel

Grade Classification from 1-7 based on conductance of conductor pick Anom_labels Alphanumeric label of conductor pick Off_Con S Off-time conductance at conductor pick Off_Tau µs Off-time decay constant at conductor pick Anom_ID Anomaly Character (K= thicK, N = thiN) Off_AllCon S Off-time conductance

Off_AllTau µs Off-time decay constant TranOff s Transmission turn-off time TranOn s Transmission turn-on time TranPeak A Transmission peak current TranSwitch s Transmission peak current time Off_Pick EM Off time anomaly pick

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APPENDIX 5: AEROTEM DESIGN CONSIDERATIONS

Helicopter-borne EM systems offer an advantage that cannot be matched from a fixed-wing platform. The ability to fly at slower speed and collect data with high spatial resolution, and with great accuracy, means the helicopter EM systems provide more detail than any other EM configuration, airborne or ground-based. Spatial resolution is especially important in areas of complex geology and in the search for discrete conductors. With the advent of helicopter-borne high-moment time domain EM systems the fixed wing platforms are losing their only advantage – depth penetration.

Advantage 1 – Spatial Resolution

The AeroTEM system is specifically designed to have a small footprint. This is accomplished through the use of concentric transmitter-receiver coils and a relatively small diameter transmitter coil (5 m). The result is a highly focused exploration footprint, which allows for more accurate “mapping” of discrete conductors. Consider the transmitter primary field images shown in Figure 1, for AeroTEM versus a fixed-wing transmitter.

The footprint of AeroTEM at the earth’s surface is roughly 50m on either side of transmitter Figure 1. A comparison of the footprint between AeroTEM and a fixed-wing system, highlights the greater resolution that is achievable with a transmitter located closer to the earth’s surface. The AeroTEM footprint is one third that of a fixed-wing system and is symmetric, while the fixed-wing system has even lower spatial resolution along the flight line because of the separated transmitter and receiver configuration.

At first glance one may want to believe that a transmitter footprint that is distributed more evenly over a larger area is of benefit in mineral exploration. In fact, the opposite is true; by energizing a larger surface area, the ability to energize and detect discrete conductors is reduced. Consider, for example, a comparison between AeroTEM and a fixed-wing system over the Mesamax Deposit (1,450,000 tonnes of 2.1% Ni, 2.7% Cu, 5.2 g/t Pt/Pd). In a test survey over three flight lines spaced 100 m apart, AeroTEM detected the Deposit on all three flight lines. The fixed-wing system detected the Deposit only on two flight lines. In exploration programs that seek to expand the flight line spacing in an effort to reduce the cost of the airborne survey, discrete conductors such as the Mesamax Deposit can go undetected. The argument often put forward in favour of using fixed-wing systems is that because of their larger footprint, the flight line spacing can indeed be widened. Many fixed-wing surveys are flown at 200 m or 400 m. Much of the survey work performed by Aeroquest has been to survey in areas that were previously flown at these wider line spacings. One of the reasons for AeroTEM’s impressive discovery record has been the strategy of flying closely spaced lines and finding all the discrete near-surface conductors. These higher resolution surveys are being flown within existing mining camps, areas that improve the chances of discovery.

The footprint of a fixed-wing system is roughly 150 m on either side of the transmitter

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Figure 2. Fixed-wing (upper) and AeroTEM (lower) comparison over the eastern limit of the Mesamax Deposit, a Ni-Cu-PGE zone located in the Raglan nickel belt and owned by Canadian Royalties. Both systems detected the Deposit further to the west where it is closer to surface.

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The small footprint of AeroTEM combined with the high signal to noise ratio (S/N) makes the system more suitable to surveying in areas where local infrastructure produces electromagnetic noise, such as power lines and railways. In 2002 Aeroquest flew four exploration properties in the Sudbury Basin that were under option by FNX Mining Company Inc. from Inco Limited. One such property, the Victoria Property, contained three major power line corridors.

The resulting AeroTEM survey identified all the known zones of Ni-Cu-PGE mineralization, and detected a response between two of the major power line corridors but in an area of favorable geology. Three boreholes were drilled to test the anomaly, and all three intersected sulphide. The third borehole encountered 1.3% Ni, 6.7% Cu, and 13.3 g/t TPMs over 42.3 ft. The mineralization was subsequently named the Powerline Deposit.

The success of AeroTEM in Sudbury highlights the advantage of having a system with a small footprint, but also one with a high S/N. This latter advantage is achieved through a combination of a high-moment (high signal) transmitter and a rigid geometry (low noise). Figure 3 shows the Powerline Deposit response and the response from the power line corridor at full scale. The width of power line response is less than 75 m.

Figure 3. The Powerline Deposit is located between two major power line corridors, which make EM surveying problematic. Despite the strong response from the power line, the anomaly from the Deposit is clearly detected. Note the thin formational conductor located to the south. The only way to distinguish this response from that of two closely spaced conductors is by interpreting the X-axis coil response.

Advantage 2 – Conductance Discrimination

The AeroTEM system features full waveform recording and as such is able to measure the on-time response due to high conductance targets. Due to the processing method (primary field removal), there is attenuation of the response with increasing conductance, but the AeroTEM on-time measurement is still superior to

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systems that rely on lower base frequencies to detect high conductance targets, but do not measure in the on-time.

The peak response of a conductive target to an EM system is a function of the target conductance and the EM system base frequency. For time domain EM systems that measure only in the off-time, there is a drop in the peak response of a target as the base frequency is lowered for all conductance values below the peak system response. For example, the AeroTEM peak response occurs for a 10 S conductor in the early off-time and 100 S in the late off-time for a 150 Hz base frequency. Because base frequency and conductance form a linear relationship when considering the peak response of any EM system, a drop in base frequency of 50% will double the conductance at which an EM system shows its peak response. If the base frequency were lowered from 150 Hz to 30 Hz there would be a fivefold increase in conductance at which the peak response of an EM occurred.

However, in the search for highly conductive targets, such as pyrrhotite-related Ni-Cu-PGM deposits, a fivefold increase in conductance range is a high price to pay because the signal level to lower conductance targets is reduced by the same factor of five. For this reason, EM systems that operate with low base frequencies are not suitable for general exploration unless the target conductance is more than 100 S, or the target is covered by conductive overburden.

Despite the excellent progress that has been made in modeling software over the past two decades, there has been little work done on determining the optimum form of an EM system for mineral exploration. For example, the optimum configuration in terms of geometry, base frequency and so remain unknown. Many geophysicists would argue that there is no single ideal configuration, and that each system has its advantages and disadvantages. We disagree.

When it comes to detecting and discriminating high-conductance targets, it is necessary to measure the pure in phase response of the target conductor. This measurement requires that the measured primary field from the transmitter be subtracted from the total measured response such that the secondary field from the target conductor can be determined. Because this secondary field is in-phase with the transmitter primary field, it must be made while the transmitter is turned on and the transmitter current is changing. The transmitted primary field is several orders of magnitude larger than the secondary field. AeroTEM uses a bucking coil to reduce the primary field at the receiver coils. The only practical way of removing the primary field is to maintain a rigid geometry between the transmitter, bucking and receiver coils. This is the main design consideration of the AeroTEM airframe and it is the only time domain airborne system to have this configuration.

Figure 4. The off-time and on-time response nomogram of AeroTEM for a base frequency of 150 Hz. The on-time response is much stronger for higher conductance targets and this is why on-time measurements are more important than lower frequencies when considering high conductance targets in a resistive environment.

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Advantage 3 – Multiple Receiver Coils

AeroTEM employs two receiver coil orientations. The Z-axis coil is oriented parallel to the transmitter coil and both are horizontal to the ground. This is known as a maximum coupled configuration and is optimal for detection. The X-axis coil is oriented at right angles to the transmitter coil and is oriented along the line-of-flight. This is known as a minimum coupled configuration, and provides information on conductor orientation and thickness. These two coil configurations combined provide important information on the position, orientation, depth, and thickness of a conductor that cannot be matched by the traditional geometries of the HEM or fixed-wing systems. The responses are free from a system geometric effect and can be easily compared to model type curves in most cases. In other words, AeroTEM data is very easy to interpret. Consider, for example, the following modeled profile:

Figure 5. Measured (lower) and modeled (upper) AeroTEM responses are compared for a thin steeply dipping conductor. The response is characterized by two peaks in the Z-axis coil, and a cross-over in the X-axis coil that is centered between the two Z-axis peaks. The conductor dips toward the higher amplitude Z-axis peak. Using the X-axis cross-over is the only way of differentiating the Z-axis response from being two closely spaced conductors.

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HEM versus AeroTEM

Traditional helicopter EM systems operate in the frequency domain and benefit from the fact that they use narrowband as opposed to wide-band transmitters. Thus all of the energy from the transmitter is concentrated in a few discrete frequencies. This allows the systems to achieve excellent depth penetration (up to 100 m) from a transmitter of modest power. The Aeroquest Impulse system is one implementation of this technology.

The AeroTEM system uses a wide-band transmitter and delivers more power over a wide frequency range. This frequency range is then captured into 16 time channels, the early channels containing the high frequency information and the late time channels containing the low frequency information down to the system base frequency. Because frequency domain HEM systems employ two coil configurations (coplanar and coaxial) there are only a maximum of three comparable frequencies per configuration, compared to 16 AeroTEM off-time and 12 AeroTEM on-time channels.

Figure 6 shows a comparison between the Dighem HEM system (900 Hz and 7200 Hz coplanar) and AeroTEM (Z-axis) from surveys flown in Raglan, in search of highly conductive Ni-Cu-PGM sulphide. In general, the AeroTEM peaks are sharper and better defined, in part due to the greater S/N ratio of the AeroTEM system over HEM, and also due to the modestly filtered AeroTEM data compared to HEM. The base levels are also better defined in the AeroTEM data. AeroTEM filtering is limited to spike removal and a 5-point smoothing filter. Clients are also given copies of the raw, unfiltered data.

Figure 6. Comparison between Dighem HEM (upper) and AeroTEM (lower) surveys flown in the Raglan area. The AeroTEM responses appear to be more discrete, suggesting that the data is not as heavily filtered as the HEM data. The S/N advantage of AeroTEM over HEM is about 5:1.

Aeroquest Limited is grateful to the following companies for permission to publish some of the data

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from their respective surveys: Wolfden Resources, FNX Mining Company Inc, Canadian Royalties, Nova West Resources, Aurogin Resources, Spectrem Air. Permission does not imply an endorsement of the AeroTEM system by these companies.

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APPENDIX 6: AEROTEM INSTRUMENTATION SPECIFICATION SHEET

AEROTEM Helicopter Electromagnetic System

System Characteristics

• Transmitter: Triangular Pulse Shape Base Frequency 90 Hz • Tx On Time – 1,900 (90 Hz) µs • Tx Off Time – 3,600 (90 Hz) µs • Loop Diameter - 12 m • Peak Current - 410 A • Peak Moment – 230,000 NIA • Typical Z Axis Noise at Survey Speed = 10 nT/s peak to peak • Sling Weight: 1200 lb • Length of Tow Cable: 52 m • Bird Survey Height: 30 m nominal

Receiver

• Two Axis Receiver Coils (x, z) positioned at centre of transmitter loop • Selectable Time Delay to start of first channel 28 , 55, or 83 ms

Display & Acquisition

• AERODAS Digital recording at 36000 samples per second (27.778 µs channel width)

• Recording & Display Rate = 10 readings per second. • On-board display - six channels Z-component and 1 X-component

System Considerations

Comparing a fixed-wing time domain transmitter with a typical moment of 500,000 NIA flying at an altitude of 120 m with a Helicopter TDEM at 30 m, notwithstanding the substantial moment loss in the airframe of the fixed wing, the same penetration by the lower flying helicopter system would only require a sixty-fourth of the moment. Clearly the AeroTEM system with 230,000 NIA has more than sufficient moment. The airframe of the fixed wing presents a response to the towed bird, which requires dynamic compensation. This problem is non-existent for AeroTEM since transmitter and receiver positions are fixed. The AeroTEM system is completely portable, and can be assembled at the survey site within half a day.

Appendix II Licence Expenditures

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Licence Expenditure Summary

Licence #14108M

# Claims: 1

Wages & Salaries $850.00 Field Expenses Accommodations $75 per person $0.00Meals/Groceries $25 per person $0.00Assays $60 day $0.00Consulting Fees $50 day $0.00Trucks $0.00ATV’s $0.00Airborne Survey $978.25 x 1 claim $978.25Gasoline $0.00Miscellaneous Rentals $30 Sample $0.00Exploration Supplies (Airphotos, topo maps, shipping, etc) $100.00 Subtotal: $1,928.25 Administration and Overhead (15%) $289.24 Total: $2,217.49 Expenditures Required: $200.00 Actual Expenditures: $2,217.49 Excess credits: $2,017.49

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Licence #14110M

# Claims: 15 Wages & Salaries $1,700.00 Field Expenses Accommodations $75 per person $0.00Meals/Groceries $25 per person $0.00Assays $30 Sample $0.00Consulting Fees $0.00Trucks $60 day $0.00ATV’s $50 day $0.00Airborne Survey $978.25 x 14 claims $13,695.50Gasoline $0.00Miscellaneous Rentals $0.00Exploration Supplies (Airphotos, topo maps, shipping, etc) $100.00 Subtotal: $15,495.50 Administration and Overhead (15%) $2,324.33 Total: $17,819.83 Expenditures Required: $3,000.00 Actual Expenditures: $17,819.83 Excess credits: $14,819.83

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Licence #14112M

# Claims: 20 Wages & Salaries $1,700.00 Field Expenses Accommodations $75 per person $0.00Meals/Groceries $25 per person $0.00Assays $30 Sample $0.00Consulting Fees $0.00Trucks $60 day $0.00ATV’s $50 day $0.00Airborne Survey $978.25 x 6 claims $5,869.50Gasoline $0.00Miscellaneous Rentals $0.00Exploration Supplies (Airphotos, topo maps, shipping, etc) $100.00 Subtotal: $7,669.50 Administration and Overhead (15%) $1,150.43 Total: $8,819.93 Expenditures Required: $4,000.00 Actual Expenditures: $8,819.93 Excess credits: $4,819.93

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Licence #14113M

# Claims: 3 Wages & Salaries $1,700.00 Field Expenses Accommodations $75 per person $0.00Meals/Groceries $25 per person $0.00Assays $30 Sample $0.00Consulting Fees $0.00Trucks $60 day $0.00ATV’s $50 day $0.00Airborne Survey $978.25 x 3 claims $2,934.75Gasoline $0.00Miscellaneous Rentals $0.00Exploration Supplies (Airphotos, topo maps, shipping, etc) $100.00 Subtotal: $4,734.75 Administration and Overhead (15%) $710.21 Total: $5,444.96 Expenditures Required: $600.00 Actual Expenditures: $5,444.96 Excess credits: $4,844.96

Documents

First Year Assessment Report - Newfoundland and Labradorgis.geosurv.gov.nl.ca/geofilePDFS/ReceivedBatch58/002E_1601.pdf · First Year Assessment Report ... 5.0 HISTORY OF MINING,