• Historical documents show significant copper discovery also made on the property with grades better than 6% Cu over 8.5 feet in several holes (true width).
• Significant amount of advanced technical studies completed in 1950's on the iron deposit including mineralogical survey of drill core, magnetic separation studies, pelletizing studies and preparation of costs for major equipment for concentration
• Located at tidewater, no railroads required, favourable southern location relative to other iron projects in Nunavut.
• Land package consists of 5,457.2 hectares on Inuit Owned Land, all land title permits in place and production lease appended to exploration licence.
• No work has been performed on property since Belcher Mining Corp. in the 1950's and current owner is first person to have been able to secure title to the property since then.

Location and Access:

The Innetalling Island Iron Deposit is situated on Innetalling Island of the Belcher Islands, Hudson Bay, Nunavut, Canada. Access is by air or by water to the community of Sanikiluaq located at the northern part of Flaherty Island, there are 6 commercial flights per week to Sanikiluaq, 3 from Winnipeg and 3 from Montreal which makes the islands easily accessible. Once in Sanikiluaq access is then by helicopter or boat to Innetalling Island located approximately 65 kilometers southeast of Sanikiluaq. Innetalling Island can also be accessed by helicopter from Kuujjuarapik, Quebec, located approximately 110 km to the southeast. Sanikiluaq is the southernmost settlement in Nunavut and has 815 residents.

Description:

The Innetalling Island Iron Deposit is documented as a cherty magnetite iron formation with an estimated resource of 816 million tonnes grading 32% iron (NM1, 1982). The Innetalling deposit was well defined by drilling by the Belcher Mining Corp Ltd. in the mid 1950’s with 51 drill holes on 800m drill section spacings spread over a 14km strike extent. Drilling was targeted on two separate and parallel limbs of an anticline.

A mineralogical survey of the Innetalling Island Iron Deposit was carried out in 1957 by Battelle Memorial Institute on behalf of the Belcher Mining Corporation. 196 drill-core specimens and a group of Davis-tube products of composite samples prepared from diamond drill core assay rejects were examined by microscopic methods.

Belcher Mining Corp Ltd. commissioned comminution and process testwork during the 1950’s in order to establish a process plant flow sheet.

The predominance of magnetite over hematite in the deposit facilitates the use of magnetic separation methods which were adopted by the early Belcher Mining Corp Ltd testwork. No investigation has been completed to date to assess the potential of recovering hematite mineralization which could further improve Fe weight recoveries.

Processing and pelletizing studies show that a good quality market grade concentrate and pellets could be produced. From a processing standpoint, magnetic separation was demonstrated to produce good quality and marketable concentrate grades. With modern equipment and further testwork there may be an opportunity to recover hematite and further improve the overall weight recovery.

Geology:

• Deposit contains little to no Sulphur, Phosphorous and Manganese.
• Market grade/quality pellets were produced from the deposit in 1950's
• 816 Mt @ 32% Fe in government-documented mineral deposits.
• Large tonnage iron project based on Superior-type banded iron information.

History:

During research on the historical documents of the Innetalling deposit numerous historical newspaper articles and annual reports were recently found which speak to a potential significant copper discovery. Some of the articles are quoted below:

Exhibit A: from the June 30, 1956 Financial Post speaks of 2 drill holes which each intersected 8ft 5in true width of massive chalcopyrite immediately below the magnetite. Assays from the 2 holes were reported at 6.3% Cu and 6.8% Cu spaced ½ mile apart.

Exhibit B: a second article from the July 21, 1956 Financial Post states that cooper had now been intersected in 9 holes over a 2 ½ mile length and ½ mile width on Innetalling Island as reported from Douglas Banks, President of Belcher Mining Corp. It further says detailed assays were not disclosed but Mr. Banks stated results range from 6.31% to 9.1% copper. These intersections are reported to be above the magnetite beds.

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