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Iron Ross Project

INTRODUCTION

LOCATION and ACCESS

CLAIM STATUS

HISTORY

REGIONAL GEOLOGY

LOCAL GEOLOGY and MINERALIZATION

PROPOSED PROGRAM 2001

SAMPLING in 1983 at IRON MIKE MAIN ZONE

GEOPHYSICS 1983 AIRBORNE and GROUND MAGNETOMETER

CONCLUSIONS and RECOMMENDATIONS

ESTIMATE of COSTS for FUTURE WORK

REFERENCES

APPENDICES

Appendix I Statement of Qualifications

Appendix II Images

INTRODUCTION

The Iron Ross Project is approximately 6 km from tidewater, west of the Community of Sayward, B.C. The main showings of massive magnetite are 700m west of the Iron Mike Mine, which operated in 1965-1966, producing from 168,735 tonnes about 112,799 tonnes of 62.26% iron concentrate.

Extensive airborne and ground magnetometer surveys were completed in 1983 by Dickenson Mines Limited, which outline 4 additional large massive to skarn and magnetite zones to the west of the Iron Mike main pit.

Magnetite concentrates from the Iron Mike were apparently shipped (by large ship) out of Menzies Bay 52.2 km to the south. However, as part of a major reorganization of their island operations, the large dryland dog sort operated in Sayward by Weyerhaeuser is scheduled to be phased out during the near future, which may open up opportunities to barge out of Kelsey Bay. Most Weyerhaeuser logs will now go out of Menzies Bay. The Eve River log sort has already been shut down.

Much of the magnetite produced in British Columbia at the present time is from a sophisticated reprocessing of tailings (Craigmont) or hit and miss reprocessing coarse waste dumps (Texada Island). Possible markets for magnetite are: heavy aggregate for high-density concrete, heavy media for coal washing, sandblasting abrasives, high-density filter media and radiation shielding aggregates. Two major construction projects that may start in early 2002 are the expansion of the sub-atomic research TRIUMF facility at the University of British Columbia and the Sumas-Duncan Natural Gas Pipeline (for pipe anchors) by BC Hydro and Williams Pipeline Company. There may also be increasing application to special designed heavy concrete foundations in areas of high hydrostatic ground pressure in areas like Richmond B.C.

An alternative market may be as a raw material for cement plant use. The current supply from Anyox slag assays 36.4% SiO2, 5.1% Al2O3 but only 45% Fe2O3. Anyox slag also assays typically about 3% SO3 and has a relatively high Bond work index of >23. Bond work index of 10.7 and 15.0 have been obtained for magnetite from other properties on Vancouver Island.

  Location Map

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LOCATION and ACCESS

The Iron Ross Project is located about 6 km from tidewater at the town of Sayward, B.C. Access is currently from the Elk Creek Mainline logging road, which crosses the Island Highway (Hwy 19) just east of the Keta Lake rest stop.

The magnetite showing on the Iron Ross (formerly the Iron Dick) is the 4.5 km along the Elk Creek diameter from the Highway.

The area is within Tree Farm License #39 owned by Weyerhaeuser (North Island Timberlands, Block 2). Some of the logging in the Sayward Area is done on contact to Weyerhaeuser by Dyer Logging, Superintendent: Bruce Flower, phone 250-282-3381.

Formerly, the Iron Mike Mine area was accessed by the White River road, Branch A and then along the Branch A-32. However, The Bridge on A-30 and 4-32 over tLowlis (lower Elk) Creek has been recently removed.

The claims have a variety of second growth and old growth patches of forest. Some of the second growth and old growth patches of forest. Some of the second growth dates to the 1950's and 1960's along a-32 road. The second growth on the Elk Creek Mainline appears to be in the late 1980's and some harvesting is still taking place along A-30 and Elk Creek 500 branch. Elevations range from 800 feet on the east to 2000 feet on the west.

  Access Map 1
  Access Map 2
  Location Access Map

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CLAIM STATUS

The Iron Ross Project consists of 3 claims as listed in Table I and shown on Figure 3.

TABLE I

List of Claims

Claim Name

Tenure #

Size

Units

Date Located

Current Anniversary Date

Owner

Ross

389167

4N4W

20

August 30, 2001

August 30, 2002

J. T. Shearer

Iron Bethea

389168

2 post

1

August 29, 2001

August 29, 2002

J. T. Shearer

Iron Ross

389169

2 post

1

August 29, 2001

August 29, 2002

J. T. Shearer

   

Total 22 Units

     

Mineral title is acquired in British Columbia via the Mineral Act and regulations, which require approved assessment work to be filed each year in the amount of $100 per unit per year for the first three years and then $200 per unit per year thereafter to keep the claim in good standing.

Under the present status of mineral claims in British Columbia, the consideration of industrial minerals requires careful designation of the products end use. An industrial mineral is a rock or naturally occurring substance that can be mined and processed for its unique qualities and used for industrial purposes (as defined in the Mineral Tenure Act). It does not include "Quarry Resources". Quarry Resources includes earth, soil, marl, peat, sand and gravel, and rock, rip-rap and stone products that are used for construction purposes (as defined in the Land Act). Construction means the use of rock or other natural substances for roads, buildings, berms, breakwaters, runways, rip-rap and fills and includes crushed rock. Dimension stone means any rock or stone product that is cut or split on two or more sides, but does not include crushed rock.

The north part of the Ross Claim is taken up by two 2-post claims Iron Mike (231490) and Iron Joe (231489). These two claims are owned by Elsie Caldwell 20%, John Caldwell 20%, Roland Hartt 20%, and the estate of Margaret Hartt 40%.

  Claim Map
  Trim Map

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HISTORY

The mining history of the area is closely tied to the development of the Iron Mike mine. A summary of the main events is as follows:

1959 – Iron ore discovered by R. Hartt.

1960 – Property optioned to Marwell Construction from R. Hartt.

- 19 drill holes for 1924 feet (Ex diameter)

- 13 were drilled on Iron Mike claim.

- Dip needle survey over Iron Mike (Main Zone) deposit and Iron Mac, Iron Dick and West Zone deposits (all on Pete #1 claims.)

1961 – Hartt & Associated diamond drilling (Ex diameter) (24 drill holes of

2100 feet) and prospecting of claim.

1963 – Inter-Can Development Ltd. optioned the property on a ten year

renewable lease royalty agreement.

- Stripping and diamond drilling began, claims assigned to Orecan Mine

Ltd.

1964 – 5,000 feet diamond drilling by Orecan.

- Stripping in preparation for open pit mining.

- Reserves 700,000 tons to 1.15 million tons at 62% Fe.

1965-66 – Most of magnetite on Main and West Pit Zones that was available to

open pit mining, no methods are recorded.

- Mine closed, mill sold.

1966-1983 – No known work on claims.

1983 – airborne Magnetometer by Dickenson Mines Limited followed by

geological mapping, extensive sampling and ground magnetometer

surveys.

1997 – Area staked by J. L. Paquet of Campbell River, who held the claims till

2001.

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REGIONAL GEOLOGY

Regional geology has been mapped by Muller etal (1974) (92L) and Roddick (1980) (92K) and is published as Geological Survey of Canada Paper 74-8 on the general area to the west of the Iron Ross Project (Muller, Northcote and Carlise, 1974). Northern Vancouver Island and Adjacent Mainland has a complex structural history with frequent rejuvenation of previous structures. All Paleozoic rocks are affected by a series of southeast trending, upright to overturned, southwest-verging folds. An inspection of the regional geology map, Figure 5 (Roddick, 1980, O.F. 480), shows several elongate, fault-bounded slices of metasedimentary rocks sandwiched between separate plutons of the Coast Plutonic Complex.

The rocks underlying the claim group are part of the eastern limb of regional synclinal structure. The oldest rocks in the area are Late Triassic, pillowed and porphyritic basalt of the Karmutsen Formation. This formation is estimated to be greater than 3000m thick.

The Quatsino Formation conformably overlies the Karmutsen formation. The formation consists of limestone up to 900m thick. Granitic intrusives are common within the formation and the limestone has been, in places, converted to marble and skarn.

The early Jurassic Bonanza Formation conformably overlies the Quatsino limestone. The lower part of the formation is composed of carbonaceous shale, calcareous shale and greywacke, occasional tuff units are present. The upper half of the formation is composed of dacitic to andesitic lavas with tuffs and breccias.

The Adams River intrusive intrudes all of the above rock types. In the Adams River area the intrusive is mainly granodiorite in composition with some quartz diorite along the lower contacts. The intrusive is early Jurassic in age. The contact with the lower Quatsino Formation is concordant in most places.

  Regional Geology Map

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LOCAL GEOLOGY and MINERALIZATION

The area around the Main and West Pit (Iron Mike) areas is underlain by Karmutsen Formation basalt and an intravolcanic band of limestone, which is thought to be part of the Karmutsen Formation rather than the Quatsino Formation. The magnetite occurs on the same horizon as the limestone band and within the basalt (Atherton, 1983).

The volcanics that underlie the limestone and magnetite are pillowed to massive, fine-grained to porphyritic basalts. The pillows indicate tops to be to the west. The volcanics are slightly magnetic to non-magnetic and are generally fine grained. The rocks strike north-south and dip about 25º west. The volcanics are light grey to buff on the weathered surface to dark grey on the fresh surface. The porphyritic rocks contain hornblende phenocryst up to 1 cm long. Slickensides are present along some of the joint planes indicating some movement.

The upper basalt is similar to the lower basalt with more massive porphyritic lava than the pillowed variety. The rock is basically unaltered except in the area of magnetite concentrations. There is a 1-2m band of highly sheared basalt above the magnetite in the Main Pit. The volcanics in the magnetite zone in the West Pit show amphibolite and garnet facies metamorphism. Epidote is common throughout the rock unit.

There is an exposure of limestone along the access road below the Main Pit. The rock is crystalline, granular weathered and pitted. The unit strikes 160º and dips 40º west. Earlier drilling by Orecan indicates the limestone is not continuous (Atherton, 1983).

The magnetite in the Main Pit is a dark black crystalline nearly pure magnetite. The magnetite occurs as mainly massive to occasional thin bedded layers. In the West Pit area the magnetite occurs as irregular bands and lenses in a highly altered volcanic. The ratio of magnetite and altered volcanics is variable from section to section. The distribution of magnetite in the pit is shown on the sample sections accompanying this report from the 1983 work by Atherton.

A reference in the Annual Report of the Minister of Mines (ARMM) for 1965 mentions:

"On the Jim Mineral Claim some 1,400 feet westward from the southwest corner of the Iron Mike Mineral Claim, sic holes have been drilled in an area of about 100 by 200 feet. Massive magnetite was cut in core lengths of 27 to 63 feet, all near surface. On the Ken Mineral Claim, about 1,300 feet south-southwest of the same Iron Mike corner, three holes have been drilled, all of which cut magnetite in core lengths of up to 10 feet. The Jim and Ken areas are about 1,300 feet apart; a line joining them is sub-parallel to the Iron Mike zone."

It would appear that this reference is to the currently named Iron Ross and Iron Bethea magnetometer anomalies.

The rocks underlying the grid #1 area appear to be higher in section than those in the Main Pit area. It is not known if the limestone that occurs on this grid is a second horizon above the Main Pit area of whether the section is repeated by faulting. The geology is shown on Map 7.

The volcanics below the limestone and magnetite are massive porphyritic to fine grained basalts. All of the outcrops are weakly magnetic. The rock strike north and dip 20º to 40º west.

The limestone occurs as a thin band in the volcanics. The rock has granular texture with some mica. The limestone occurs south of the baseline and is continuous for the length of the grid.

The magnetite occurs in two lensitic bodies. The outline of the occurrences has been outlined by the ground magnetic survey and is described in the magnetometer report. The magnetite is poorly exposed. The Iron Bethea (formerly Iron Mac) occurrence is located between lines 7W and 8W. It is fine grained, massive nearly pure magnetite. On grab sample taken from the outcrop assayed 58% magnetic Fe. The Iron Ross (formerly Iron Dick) occurrence is exposed in magnetite outcrops located between lines 11W and 12W. Grab samples taken from these outcrops assayed 58.1% Fe and 66.6% Mag. Fe.

The magnetite in the Iron Ross (formerly Iron Dick) and Iron Bethea (formerly Iron Mac) occurrences is very similar to the magnetite in the Main Pit Zone indicated by the massive texture and lack of volcanic lenses in the magnetite.

Sampling in 1983 (Atherton, 1983 page 14) from the Iron Ross and Iron Bethea occurrences gave the following results:

 

Sample #

% Mg. Fe Satmagan

% Sol. Fe

Description

Iron Bethea

1735

58.1

63.1

Massive magnetite

Iron Ross

1761

58.1

59.0

Massive magnetite

Iron Ross

1762

66.6

69.3

Magnetite and skarn

Tuff is present above the limestone. It consists of silicified tuff bands separated by limestone or other carbonate rich bands. The tuff is exposed on line 62W 1S and L O 1+25S. Abundant pyrite was seen in these two outcrops.

The upper basalts are fine grained and massive. They are mainly non-magnetic but some outcrops were faintly magnetic. This disseminated magnetite and the disseminated magnetite in the porphyritic basalt below the limestone is likely the cause of the airborne magnetic high in the southeast part of the grid.

The magnetite outcrop of the Iron Herb II deposit is much different than in the other occurrences. The Iron Herb II occurrence is located between lines 0 and 1E. The occurrence has one outcrop of lower grade magnetite and skarn that gave the following assay (Atherton, 1983):

 

Sol Fe

Mag Fe (Sat)

1758

26%

20.9%

The outcrop is not in the area of the highest magnetic anomaly and might not be representative of the whole occurrence. The magnetite occurs as lumpy concentration up to 1" in diameter in a greenish brown skarn. This showing is on a bench that extends north from the steep hill to the south of the grid. The position of the occurrence in relation to the Iron Herb I occurrence indicates faulting has occurred since the two occurrences have about 50 feet difference in elevation.

The Iron Herb I occurrence is not exposed in outcrop. Several large boulders occur north of the baseline that show the same lumpy appearance as the Iron Herb II shows.

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PROPOSED PROGRAM 2001

The work proposed in 2001 and 2002 is outlined below:

1)      Sampling & geological mapping

2)      Road rehab and trenching

 

Line 11W

Trail Building – 100m

Iron Ross

Line 10+75W

75m

 

Line 11+25W

90m

 

Saw Cuts Trench

31m

 

7W

70m

Iron Bethea

7+50W

100m

 

8W

60m

   

Total Trail - 525m

3)      Trenching, 150m of excavating

4)      Excavate 10 tonnes for sandblasting media,

Crush to ½ inch minus.

Deliver to OCL in Surrey

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SAMPLING in 1983 at IRON MIKE MAIN ZONE

The Main Pit area supplied most of the magnetite ore when the mine and mill were operating. The bulk of the magnetite ore that was amenable to open pit mining was removed during this operation. The 1983 survey by H. E. Neal & Associates Ltd. including chip sampling of the open pit (Atherton, 1983). all samples were sent to Lakefield Research Ltd., Lakefield, Ontario. The sampling was done on vertical sections with the following results:

Section

Sample Number

*Interval Relative Height In Metres

Thickness in Metres

Mag. Fe Satmagan%

Grade Sol Fe %

2

1701

437.1-437.5

0.6

53.6

58.5

East Wall

1702

437.5-438.3

0.8

15.8

17.3

 

1703

438.3-439.2

0.9

41.6

45.8

 

1704

439.2-441.1

1.9

16.3

26.5

 

1705

441.1-442.2

0.9

25.9

29.8

3

         

East Wall

1706

437.1-441.7

4.6

49.0

52.0

           

4

1707

437.3-439.0

1.7

37.7

42.7

East Wall

1708

444.6-447.5

2.9

55.6

58.7

           

5

1709

437.0-439.0

2.0

48.6

53.5

South Wall

1710

440.1-442.2

2.1

44.6

49.2

           

6

1711

436.6-439.2

2.6

53.3

57.7

South Wall

1712

439.2-441.8

2.6

57.2

60.0

           

7

1713

437.7-440.2

2.5

53.4

57.3

South Wall

1714

440.2-442.7

2.5

53.4

56.7

           

8

1715

439.0-442.0

3.0

45.5

49.1

South Wall

1716

442.0-445.0

3.0

48.4

52.7

 

1717

446.9-448.5

1.6

56.6

60.3

           

9

1718

439.7-443.2

2.5

57.6

61.9

South Wall

1719

443.2-446.8

3.6

31.2

36.4

           

10

1720

437.1-441.1

4.0

39.9

43.3

South Wall

1721

441.1-445.5

4.4

50.9

56.4

12

         

West Wall

1722

438.5-439.5

1.0

62.0

65.6

13

         

West Wall

1732

438.5-440.8

2.3

34.9

38.1

           

14

1724

437.9-439.9

2.0

45.1

49.1

West Wall

1725

439.9-441.9

2.0

53.2

56.1

           

15

1726

438.6-440.6

2.0

45.2

49.5

West Wall

1727

440.6-442.9

2.3

59.3

62.5

* refers to elevation shown on Map #5 only (in Atherton, 1983).

Section

Sample Number

*Interval Relative Height In Metres

Thickness in Metres

Mag. Fe Satmagan%

Grade Sol Fe %

16

         

West Wall

1728

439.2-442.8

3.6

53.8

57.4

17

         

West Wall

1729

438.8-441.9

2.1

50.0

53.1

18

         

West Wall

1730

439.2-441.5

2.3

51.9

55.6

           

19

1731

437.9-439.9

2.0

48.5

52.1

West Wall

1732

439.9-441.9

2.0

44.8

58.6

20

         

West Wall

1733

438.2-441.3

3.1

48.7

54.1

21

         

West Wall

1734

439.9-441.9

2.0

28.1

37.0

* refers to elevation shown on Map #5 only (in Atherton, 1983).

The Sample Sections were located at 5m intervals. The geological description of each section is shown on (Sheet #6 in Atherton, 1983).

Sections were chip sampled at 10m intervals in the West Pit. The sections and sample locations are shown on Sheet #7(in Atherton, 1983). The results are as follows:

Section

Sample Number

*Interval Relative Height In Metres

Thickness in Metres

Mag. Fe Satmagan%

Grade Sol Fe %

22

1736

475.7-478.0

2.3

56.6

59.0

South Wall

1737

478.0-479.7

1.7

33.9

36.1

 

1738

479.7-480.9

1.2

54.6

57.0

           

23

1739

474.7-475.8

1.1

43.5

46.7

South Wall

1740

475.8-477.4

1.6

21.1

23.7

 

1741

477.8-479.8

2.4

51.4

54.5

           

24

1742

474.8-477.3

2.5

54.6

57.4

South Wall

1743

477.3-479.3

2.0

26.6

29.1

           

25

1744

475.4-477.4

2.0

21.4

23.9

South Wall

1745

477.4-479.4

2.0

37.3

39.3

           

26

1746

475.1-478.1

3.0

24.8

27.7

South Wall

1747

478.1-481.1

3.0

31.6

34.5

 

1748

481.1-483.1

2.0

30.8

33.3

           

27

1749

476.4-478.9

2.5

31.5

33.4

South Wall

1750

478.9-481.4

2.5

47.5

50.2

           

28

1751

477.5-480.0

2.5

18.0

20.1

South Wall

1752

480.0-482.5

2.5

14.7

16.7

* refers to elevation shown on Map #5 only (in Atherton, 1983).

Section

Sample Number

*Interval Relative Height In Metres

Thickness in Metres

Mag. Fe Satmagan%

Grade Sol Fe %

29

1753

478.2-480.5

2.3

20.5

22.5

West Wall

1754

480.5-482.5

2.0

33.3

35.4

           

30

1755

478.2-480.5

2.3

14.5

18.0

West Wall

1756

480.5-482.8

2.3

24.5

26.9

* refers to elevation shown on Map #5 only (in Atherton, 1983).

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GEOPHYSICS 1983 AIRBORNE and GROUND MAGNETOMETER

The purpose of the ground magnetic survey in 1983 was to follow up broad magnetic anomalies located by an airborne magnetic survey conducted during April 1983. Two grids, grid #1 and #3, were located along the axis of broad magnetic highs (Atherton, 1983).

The instrument used was a Scintrex MF-1 Fluxgate magnetometer, which has the following accuracy scale ± .5% 100 to 10,000 gammas and ± 1% 10,000 gammas.

The method used for diurnal correction was a progressive adjustment for each survey loop and using a BL 7+00W on grid #1 and BL 3+00E on grid #3 as the base station. The time interval for base station checks was 1 to 2 hours.

The results are presented on map #8 with the unit measured in gammas. The contour interval is 1000 gammas, which is considered adequate for locating magnetite concentrations. The readings were measured at 25m intervals and less over anomalous areas.

The values represented vertical intensity and are relative only to the individual base stations for each grid. The primary base station for both grids was BL 2+00E on grid #3 and all values are relative to that station.

The survey outlined four areas of interest on the two grids. They are designated Iron Bethea (formerly Iron Mac), Iron Ross (formerly Iron Dick), Iron Herb I and Iron Herb II. They are shown on Figure #8, scale 1:5,000.

The Iron Mac anomaly is located between lines 7W and 8+25W south of the baseline on grid #1. Readings up to 15,550 gammas were obtained. The anomaly represents an area 60m by 40m. The shape of the anomaly indicates a shallow SW dip to the magnetite concentration. The anomaly is confirmed by the presence of magnetite occurrence between 7+50W and 7+25W along the logging trail.

The smaller magnetic loop located at line 7W 0+50 MS is likely and extension of the Iron Bethea (formerly Iron Mac) anomaly.

The Iron Ross (formerly Iron Dick) anomaly is located between 10+75W and 11+50W on grid #1. The anomaly is 100m south of the baseline. Readings up to 11,000 gammas were obtained. The anomaly covers an area 120m by 60m as defined by the 5,000 gamma contour. Outcrop evidence confirms that this anomaly is caused by magnetite.

The Iron Herb I anomaly consists of two magnetic highs with readings up to 18,100 gammas. The magnetic highs are separated by a magnetic low. The south anomaly is from 1+75E to 2+00E on the baseline to 75m north on lines 2E and 2+50W. This anomaly represents an area 85m by 50m. The northern anomaly centred at 1+00N on line 2+50E and 0+75N on line 3E.

The anomaly covers an area 35m by 95m. No outcrop evidence was found to confirm this anomaly. The presence of large boulders located in the same area as the magnetic low dividing the two anomalies indicate magnetite is the source.

The Iron Herb II anomaly is located from 0+12.5W as the baseline to 0+50E as the baseline to 0+45N on line 0+50E. The anomaly covers an area 120m by 50m by the 5000 gamma contour.

A smaller anomaly was located at 1+50N on line 3+00W. This was located over an area of slightly magnetic basalt.

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CONCLUSIONS and RECOMMENDATIONS

The known massive magnetite zones covered by the Ross Mineral Claim have been known for some time. Assays by previous workers indicate over 62% iron as relatively coarse crystalline magnetite.

Extensive airborne and ground magnetometer surveys were completed in 1983 by Dickenson Mines Limited, which outline 4 additional large massive to skarn and magnetite zones to the west of the Iron Mike main pit.

Much of the magnetite produced in British Columbia at the present time is from a sophisticated reprocessing of tailings (Craigmont) or hit and miss reprocessing coarse waste dumps (Texada Island). Possible markets for magnetite are: heavy aggregate for high-density concrete, heavy media for coal washing, sandblasting abrasives, high-density filter media and radiation shielding aggregates. Two major construction projects that may start in early 2002 are the expansion of the sub-atomic research TRIUMF facility at the University of British Columbia and the Sumas-Duncan Natural Gas Pipeline (for pipe anchors) by BC Hydro and Williams Pipeline Company. There may also be increasing application to special designed heavy concrete foundations in areas of high hydrostatic ground pressure in areas like Richmond B.C.

An alternative market may be as a raw material for cement plant use. The current supply from Anyox slag assays 36.4% SiO2, 5.1% Al2O3 but only 45% Fe2O3. Anyox slag also assays typically about 3% SO3 and has a relatively high Bond work index of >23. Bond work index of 10.7 and 15.0 have been obtained for magnetite from other properties on Vancouver Island.

Respectfully submitted,

J. T. Shearer, M.Sc., P.Geo.

Consulting Geologist

September 15, 2001

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ESTIMATE of COSTS for FUTURE WORK

Phase I – Reconnaissance, Geological Mapping and Sampling

1) Road Rehab along Elk Creek Mainline $ 2,000.00

1a) Supervision and mapping 3,000.00

2) Linecutting and sampling 2,000.00

2a) PRA Test Work, mineralogy, assays 2,470.00

Phase I Total $ 9,470.00

Phase II – Trenching, Bulk Sampling

3) Trenching for fresh material 16,000.00

4) Detail geological mapping 4,000.00

5) Excavation & sorting of 10 tonnes for extended 3,000.00

trials as sandblasting media 2,000.00

2,000.00 Trucking

Phase II Total $ 27,000.00

Phase III – Diamond Drilling

6) Road Building for Drill access from both

north and south 20,000.00

7) Diamond Drilling, 2,500 ft. @ $26/ft. 65,000.00

8) Drill Supervision, Core Logging, Core Splitting 18,000.00

9) Core handling facility 4,000.00

10) Report Preparation 2,500.00

Phase III Total $109,500.00

Grand Total Phases I, II & III $144,970.00

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REFERENCES

Annual Report of the Minister of Mines:

1961 – pg 92, 1962 – pg 96, 1963 – pg 99, 1964 – pg 152, 1965 – pg 255 & 420.

Atherton, P. G., 1983a:

Report on Geological Survey and Sampling of the Pet #1, Iron Mike, Iron Joe Claims, Sayward Area, Vancouver Island, British Columbia for Dickenson Mines Limited, Dec. 29, 1983 10pp. Assessment Report 12,102 part 1.

1983b:

Report on Ground Magnetic Survey of the Pete #1 Claim Group Sayward Area, Vancouver Island, British Columbia for Dickenson Mines Limited, Dec. 29, 1983 10pp. Assessment Report 12,102 part 2.

Carson, D. J. T., 1973:

The Plutonic Rocks of Vancouver Island, British Columbia: Their Petrography, Chemistry, Age and Emplacement, Geological Survey of Canada, Paper 72-44, Department of Energy Mines and Resources.

Fischl, P., 1992:

Limestone and Dolomite Resources in British Columbia. B.C. Geological Survey, Open file 1992-18, 152 pp.

Goudge, M. F., 1944:

Limestones of Canada, Their Occurrence and Characteristics, Report 811, part 5, pages 163-164, 175-176.

Hancock, K. D., 1988:

Magnetite Occurrences in British Columbia, B.C. Energy and Mines, Open File, 1988 – 28, 154 pp.

Hill, H. and Starck, L., 1963:

Report on the Hartt Iron Property of InterCan Development Ltd. Private Report.

Hill, H., Starck, L. and Associates Ltd., 1964:

Property Report (Iron Mike); BCMEMPR Property File 92K.043, Sept. 29, 1964.

1965a:

Property Report (Iron Mike); BCMEMPR Property File 92K.043, Jan. 6, 1965.

1965b:

Property Report (Iron Mike); BCMEMPR Property File 92K.043, May 15, 1965.

McKechnie. N. D., 1960:

Iron Mike, Mines and Petroleum Resources Report 1960, pp. 105, 106.

Muller, J. E., Northcote, K. E. and Carlise, D., 1974:

Geology and Mineral Deposits of Alert-Cape Scott Map Area (92L), Vancouver Island, B.C., Geological Survey of Canada, Paper 74-8, 77pp.

Roddick, J. A., 1980:

Geology of 92K Map Sheet (Bute Inlet) and Notes on the Stratified Rocks of Bute Inlet Map Area Geological Survey of Canada, Open File 480.

Roddick, J. A. and Hutchison, W. W., 1972:

Plutonic and Associated Rocks of the Coast Mountains of British Columbia. Int. Geol. Gonfr., Twenty-fourth Session, Canada, Guidebook A04-Cor, 71p.

1974:

Setting of the Coast Plutonic Complex, British Columbia. Pacific Geology, 8, 91-108.

Sangster, D., 1969:

The Contact Metasomatic Magnetite Deposits in Southwestern British Columbia, Geological Survey of Canada, Bulletin 172.

Sheldrake, R. F., 1983:

Report on a Helicopter Magnetometer Survey, Pet 1, Pete 2 and White 1 claims, Nanaimo Mining Division, Sayward Area, Vancouver Island, British Columbia for Dickenson Mines Limited.

Woodsworth, G. J. and Roddick, J. A., 1977:

Mineralization in the Coast Plutonic Complex of British Columbia, South of Latitude 55ºN. Geological Society of Malaysia, Bulletin 9, Nov. 1977, pg 1-16.

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Appendix I

STATEMENT OF QUALIFICATIONS

I, JOHAN T. SHEARER, of 1817 Greenmount Avenue, in the City of Port Coquitlam, in the Province of British Columbia, do hereby certify:

1.    I am a graduate of the University of British Columbia (B.Sc., 1973) in Honours Geology, and the University of London, Imperial College (M.Sc., 1977).

2.    I have over 30 years experience in exploration for base and precious metals and industrial mineral commodities in the Cordillera of Western North America with such companies as McIntyre Mines Ltd., J.C. Stephen Explorations Ltd., Carolin Mines Ltd. and TRM Engineering Ltd.

3.    I am a fellow in good standing of the Geological Association of Canada (Fellow No. F439) and I am a member in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (Member No. 19,279) and a member of the CIMM and SEG (Society of Economic Geologists).

4.    I am an independent consulting geologist employed since December 1986 by Homegold Resources Ltd. at #5-2330 Tyner St., Port Coquitlam, B.C.

5.    I am the author of the present report entitled "Summary Report on the Iron Ross Project, Nanaimo Mining Division" dated September 15, 2001.

6.    I have visited the property on September 13 & 14, 2000. I have carried out mapping and sample collection and am familiar with the regional geology and geology of nearby properties. I have become familiar with the previous work conducted on the Iron Ross Project by examining in detail the available reports and maps and have discussed previous work with persons knowledgeable of the area.

7.    I own an interest in the Ross, Iron Ross and Iron Bethea Claims and own Homegold Resources Ltd.

Dated at Port Coquitlam, British Columbia, this 15th day of September, 2001.

_______________________________________________

J.T. Shearer, M.Sc., F.G.A.C., P.Geo.

Quarry Supervisor #98-3550

September 15, 2001

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Appendix II Images







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