New Raven Project

Overview

The New Raven Project, located near Lillooet in southwestern British Columbia, holds excellent potential for discovery of a gold-quartz vein deposit. The property's geology and setting are similar to the Bralorne-King-Pioneer project, which lies 45 km to the northwest and produced 4.15 million ounces of gold from 7.9 million tons of ore.

A non-contingent, two-phase exploration program is planned for New Raven. Phase 1 will consist of detailed prospecting and mapping, a VLF-EM geophysical survey and trenching followed by a 1,500m diamond drill program with additional trenching in Phase 2.

New Raven's 2,707 hectare claim area lies within the Lillooet Mining Division and encompasses six promising zones: Discovery and Zones A-E, all within the 600m by 150m Raven showing characterized by extensive quartz-carbonate veins carrying gold. The veins range from a few centimeters to 2-3 meters wide. Recent prospecting extended the New Raven strike length to at least 2.7 kilometers.

Numerous Gold Showings

The New Raven claims were staked after road building uncovered pyrite-bearing float assaying 12.21 grams/tonne Au. Soil sampling and trenching subsequently identified a number of gold showings (Discovery and A to E) over a northerly trend (see map). Limited drilling (481m in 10 holes) returned significant results from the D zone, including 15.64 g/t Au over 1.5m, despite poor core recovery.

Significant Gold Values in Prospecting

Significant gold values from grab samples were obtained in 2008 over a 20m-by-35m area in the Discovery zone (see map). Values reached 12,109 g/t Au and 44.41 g/t Au. The zone is open along strike to the north and south. Exploration in 2010, 2011 and 2015, which included magnetic and VLF-electromagnetic geophysical surveys, mapping and rock, soil and geochemical sampling, encountered additional gold showings and extended the New Raven Trend to at least 2.7 km.

Potential to Host a Vein Gold Deposit at New Raven

Based on the high gold values obtained in six zones over the 600m x 150m area within the prospective New Raven Trend (open along strike to the north and south), the presence of a second subparallel gold-in-soil anomaly and limited exploration undertaken to date, there is potential to discover a gold-quartz vein deposit on the New Raven Project similar to the Bralorne-Pioneer mine located 45 kilometers to the northwest which produced 12.6 million tonnes grading 9.3 g/t Au.

To date the property has received very limited exploration. Programs of mapping, soil surveys, trenching and diamond drilling have been proposed.

Discovery Zone

In the Discovery Zone, significant gold values from grab samples over a 20m-by-35m area were produced during the 2008 program. Maximum values reached 12,109 g/t Au and 44.41 g/t Au. The zone remains open along strike to the north and south.

Samples consisted of oxidized sulphides, grey quartz veinlets and sheared buff phyllite. A sample of the rusty soil from the Discovery zone shear was panned and yielded 1-3 mm blebs of visible gold. The pan sample returned 6.5 g/t Au by metallic gold assay. All samples indicate the presence of gold at the Discovery outcrop.

A 1.3m chip sample across the flat quartz vein at the base of the Discovery outcrop returned <0.03 g/t Au by metallic gold assay (sample 14552). This vein probably correlates to the flat vein exposed in Trench 90-2, which did not contain significant values. A folded quartz vein hosted by phyllite 13m east of the visible gold occurrence at DZ-7 returned 0.91 g/t Au by metallic gold assay (1.01 g/t Au by standard fire assay) over 0.3m (sample 14572).

Zone A

Zone A consists of a 2-3m wide North West trending shear zone in orange-brown weathering pyritized, carbonate altered cherty argillite with dusty arsenopyrite and minor chalcopyrite along fracture surfaces and 5-15 cm quartz veinlets. Results include 17.0 g/t Au over 3.5m including 27.9 g/t Au over 2m in Trench 90-1. A shear zone exposed in the western end of Trench 90-3, 30m to the northwest, returned only 0.82 g/t Au over 1m.

Zone B

Zone B covers an area of quartz-arsenopyrite-pyrite bearing shear zones hosted by listwanite which has not been adequately tested by trenching (RTR 90-2) or drilling (DDH 91-9) due to the rugged terrain. Hand trenching at the 682.5 g/t Au locality uncovered two quartz veins, 2-2.5m and 0.2m wide, apparently folded into an antiformal structure which plunges at a shallow angle probably 20-30º at an azimuth of 020º.

Zone C

Zone C covers three mineralized shear zones, two trending North West hosted by sheared cherty argillite with pyrite, lesser arsenopyrite, chalcopyrite and quartz veins, returning a value of 5.2 g/t Au over 1.5m in RTR 90-4. The third shear, trending 030º/45- 50ºW, occurs in listwanite and returned 8.7 g/t Au across 2m in RTR 90-5. Check samples collected in 2008 verified work completed by previous operators on the property with 9.36 g/t Au over 1m and 16.75 g/t Au in a grab sample.

Zone D

Zone D encompasses a mineralized northerly trending shear and a number of quartz veins hosted by listwanite and lesser argillite generally trending North West and 010-020º, dipping 50-60ºW, although one trends 330º/50ºNE. Values include 28.8 g/tover 3.5m in RTR91-9, and 36.6 g/t over 0.7m and 57.7 g/t over 0.5m from two veins in RTR92-12. A grab sample grading 12.13 g/t Au over 0.3m and 7.35 g/t Au over 1.2m was also produced during the 2008 program.

Zone E

In Zone E a number of quartz veins cut listwanite with maximum values of 15.0 g/t Au and 16.29 g/t Au over 1m from a South trending quartz vein in trench RTR92-4.