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Cedartree Property

The Cedartree Lake gold property is located approximately 80 km southeast of the town of Kenora, Northwestern Ontario, about 15 km east of Sioux Narrows, a small village along paved highway #71, between the towns of Kenora and Fort Frances. From Sioux Narrows the claims are easily accessible by heading east, 12 kilometres, on the Cameron Lake Road.



The company has identified a high-grade gold zone which lies within 15 metres of the surface and is located 200 metres from the main Cameron Lake Road. The property consists of 198 claim units, which cover over 8,000 acres, and hosts a number of gold showings, shear zones, and sulphide rich-areas, many of which have never been drilled. After purchasing the original claims for $100,000 (equivalent) in 2002, Metalore spent $2.8 M to acquire additional claims, selectively prospect and sample, conduct geophysical surveys (magnetic survey, VLF, electro-magnetic and IP) and drill 95 holes throughout the property, which resulted in the publication of a 43-101 technical report in 2012. The report estimates gold resources of 85,000 ounces [assuming 1.0 g/t cutoff] in 729,000 tonnes of rock.

After the report was published, another 17 holes were drilled (including 9 on IP targets in 2013 and 2014) which extended the main gold zone to the south. The company also discovered a zinc and copper zone associated with the Stephen Lake intrusion. Furthermore, additional structural extensions were identified through the examination of cross-sections in 2016. The company believes these extraordinary results deserve a systematic trenching and drilling program, which would demand a larger budget. To date, $3.0M has been spent on the property.

Earlier exploration work by the Company confirmed the presence of gold mineralization along fracture and shear zones which transect an intermediate composition (granodiorite-quartz diorite) dyke/sill possibly related to the Stephen Lake intrusion. Alteration associated with these fracture and shear zones is comprised of ankerite, sericite, silica, chlorite and pyrite.



Gold occurs within all three rock types found on the property (gabbro, intermediate intrusive, and volcanic tuffs). Silica flooding and the presence of gray quartz veins and veinlets is typically evident of higher grade gold mineralization; at least two generations of quartz veining are found in drill core: gray quartz which usually carries fine to course grained (remobilized?) gold and white fracture-fill veining. Multi-metre wide zones of <1cm-5cm of banded pyrite occur throughout the felsic-intermediate intrusive and typically contain higher gold values particularly when hydrothermally altered.

Several east-west trending steeply dipping shear zones which truncate the granodiorite intrusive contain impressive gold values.  The main shear zone has been given an Initial Resource Estimate (see March 12 2012 NI 43-101 Technical Report) as summarized in the table below:



+ Gold Channel: Plan View & Long Section

2018 EXPLORATION

On June 1, 2018 following meetings and discussions with local indigenous community members, Metalore launched an exploration program in the area shown below:



2018 exploration along the gold corridor resulted in the discovery of an altered and mineralized granodiorite which yielded surface values. Observations of a dioritic to granodioritic intrusive to the southwest shows a possible connection between this intrusive and the main, gold enriched granodiorite to the northwest. This newly discovered intrusive network adds great potential for additional gold resources at Cedartree.

 
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