Property Description

The Peneece Vanadium Project is located at the head of Seymour Inlet, southwest BC, a narrow coastal mainland fjord 85km east of the north tip of Vancouver Island in the Vancouver mining division, and 68km (straight-line distance) from Port Hardy. The property consists of 5 tenures covering 1500.4 Ha and is open for expansion in multiple directions. The property is located along tide-water and is accessible year-round by float plane, helicopter, or charter launch from Port Hardy. Historic barge-logging was completed within the project area, which has created a network of logging roads which run through the center of the property, allowing for low-cost exploration and development.

The property is host to a northwest-southeast trending >4.8km long by 0.8km wide (open to the northwest) pyritic gabbroic complex associated with a very large and intense magnetic anomaly which is believed to be caused by a large body of vanadium-bearing massive titaniferous magnetite. The magnetic survey was flown in the late 1950’s and the author noted that, “an unusually strong and extensive magnetic anomaly [exists] north of Wigwam Bay. It was, and still remains the largest flux gate magnetic anomaly noted by the writer during many years of work on the West Coast. The size and overall magnetic intensity were only exceeded at the multi-billion ton “Klukwan proxenite-amphibolite” deposit in S.E. Alaska.” (McDougall, 1984 – AR 12204). Access problems (heavy snow cover) during this program prevented sampling of the highly magnetic core, and only marginal material samples were obtained downslope. Concentrate results from these samples graded an impressive 0.16% to 0.33% V (0.29% to 0.59% V205 – AR 12204) and up to 6.5g/t Ag2, a precious metal not often found in appreciable quantities in these systems.

The property is located on tide-water less than 68km (straight-line distance) from the Coastal town of Port Hardy. The climate is typical of ‘Inner Coast’ with wet winters and moderate summers allowing for year-round working conditions.

Peneece Property Maps

Locator

Regional Locator

Satellite Map Showing Claim Detail

Cautionary Notes

1Note that these estimations precede National Instrument 43-101, are repeated for historical reference only, and are not to be relied upon. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or reserves; and the issuer is not treating the historical estimate as current mineral resources or reserves.  Nevertheless, the estimates were completed by competent individuals to the standard of the day, and are considered to be relevant to future exploration of the property.

2Historical information contained in this presentation cannot be relied upon as the Company’s QP, as defined under NI 43-101 has not prepared nor verified the historical information.

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