Report on Macho River Area Property Report on Share Mines & Oils Ltd

GM 44321 REPORT ON MACHO RIVER AREA PROPERTY REPORT ON SHARE MINES & OILS LTD. MACHO RIVER AREA PROPERTY BARRY AND SOUART TOWNSHIPS ABITIBI-EAST COUNTRY, QUEBEC CANADA N.T.S. REFERENCE 32-B-13 filnIzare de l'Eragle et des Ressources Service de la Géoinformation Date 8 AVR. 1987 No am.: 44321 Toronto, Ontario, Canada June 3, 1986 Melvill1 14' Rennick, P.Eng. Consulting Geologist TABLE OF CONTENTS Page No. SUMMARY 1 INTRODUCTION 2 SOURCES OF INFORMATION 3 PROPERTY DESCRIPTION, LOCATION, ACCESSIBILITY 4 HISTORY 6 REGIONAL GEOLOGY (i) General 7 (ii) Structure 7 (iii) Mineralization 8 THE MACHO RIVER AREA PROPERTY (i) Geology 9 (ii) Previous Work 9 CONCLUSIONS 10 RECOMMENDATIONS 11 ESTIMATE OF RECOMMENDED PROGRAMME COSTS 12 CERTIFICATE 13 LIST OF FIGURES 1. PROPERTY LOCATION MAP 2. CLAIMS LOCATION MAP 3. GENERAL GEOLOGICAL MAP 1. SUMMARY The Macho River Area property of Share Mines & Oils Ltd. is located in Souart and Barry townships, Abitibi-East county, Quebec, Canada. It is comprised of 40 contiguous, unpatented mining claims which cover 1,600 acres, more or less. The claims are underlain by a complex series of sedimentary, volcanic, and intrusive rocks of Archean age. These rocks host several occurrences of base and precious metals mineralization, although, at the present time, none is known to exist on the Macho River Area property. Because access to the area is difficult, it has not been intensely explored for minerals. However, interest in the region has recently increased to the point where it is being aggressively explored utilizing modern technology and new concepts. Oasis Resources Inc. is currently conducting detailed exploration of the old Nubar gold property located some 3.5 miles south of the Share ground and several other precious and base metals minerals occurrences are being examined north and east of the property. It is concluded that exploration of the Share Mines & Oils Ltd. property is warranted at this time. It is recommended that a staged programme of exploration be carried out on the property at a minimum estimated cost of $50,000.00 and a maximum cost of $100,000.00. 2. INTRODUCTION On May 26, 1986 Mr. Ross E. Munro, President, Share Mines & Oils Ltd., 181 University Avenue, Box 16, Toronto, Ontario M5H 3M7 commissioned the author to prepare a report on the company's Macho River Area property. The scope of this report is to document the history of mineral exploration and development in. the Macho River Area and to compile vital information pertinent to an assessment of the economic potential of the company's holdings which are located in Barry and Souart townships. Because of a paucity of outcropping rock and the fact that, at the present time, no occurrences of economic minerals are known to exist on the claims, no examination of the property was carried out. However, the author conducted a review of published geological maps and reports, compiled geophysical data, diamond drill core and logs produced by Oasis Resources Inc. from current work on the old Nubar gold prospect 3.5 miles south of the Share claims, and other relevant data from the area which are believed to be authentic and reliable. These data provide a reasonable view of the economic potential of the Share Mines & Oils Ltd. property. Conclusions and recommendations presented in this report are based on library research, personal knowledge of the geology and mineral potential of the Macho River Area gained from active participation in other exploration projects in the district, and a sound understanding of the exploration techniques employed in the region. 3. SOURCES OF INFORMATION Graham, R. Bruce Wetetnagami Lake Map-Area, Abitibi-East County, Quebec Dept. Mines, Quebec. Geological Report No. 29, 1947 Ingham, W.N. Report On Gold Bearing Mineralization, Thirty Claims Mining Property, Souart Township, Abitibi-East County, Quebec, 1980. Quebec Dept. Mines File No. GM37200 Larouche, Claude Report On The Gold Property Of Oasis Resources Inc. In Souart Township, Province Of Quebec, Canada, 1983. Commission Des Valeurs Mobilieres Du Quebec, 1985 Milner, R.L. Barry Lake Area, Abitibi-East County, Quebec. Quebec Dept. Mines, Geological Report No. 14, 1943 Government Du Catalogue Des Gites Mineraux Du Quebec, Quebec DPV-744,1981. Map Nos. M-307 and M-310. Scale - 1:250,000 Cart Lithostratigraphique De La Sous-Province De L'Abitibi, DV 83-16. Scale 1:500,000 Department of Mines and Technical Surveys, Canada Geophysics Map 1811G, Lac Mesplet, 1964. Scale 1:63,360 Geophysics Map 1812G, Lac Picquet, 1964. Scale 1:63,360 CH I BOUGAMAU MATA GA MI DESMARAIVILLE PROPERTY LOCATION AMOS SENNETERRE NORANDA MALARTIC ROUYN VAL D'OR HEMLO 540 miles MONTREAL OTTAWA Figure I SHARE MINES a OILS LIMITED MACHO RIVER AREA PROPERTY PROERTY LOCATION MAP * SOUART AND BARRY TOWNSHIPS ABITIBI-EAST COUNTY, QUEBEC 50 M.RENNICK 9 25 MAY 1986 Miles 4. PROPERTY DESCRIPTION, LOCATION, ACCESSIBILITY The Share Mines & Oils Ltd. Macho River Area property consists of 40 contiguous, unpatented mining claims comprising 1,600 acres, more or less. It straddles the boundary between Barry and Souart townships. Parts of the north boundaries of the townships form the north boundary of the property. The claims were staked during the period January 24 to February 3, 1986 and will remain in good standing for one year from the dates of staking by which time the statutory requirements for the maintenance of unpatented mining claims must be fulfilled. The following is a complete list of claim numbers and staking dates: Certificate No. Claim No(s). No. of Claims Date of Staking 442919 1 & 5 2 27/01/86 442920 1 to 5 5 28/01/86 442921 1 to 5 5 29/01/86 442922 1 to 5 5 30/01/86 442923 1 to 5 5 31/01/86 442924 1 to 5 5 01/02/86 442925 1 to 5 5 02/02/86 442926 1 to 5 5 03/02/86 jj 442858 1 to 3 3 24/01/8 !, ,,,~ Total Number of Claims 40 Barry and Souart townships are located in Abitibi- East county and lie approximately midway between the communities of Chibougamau and Senneterre in the northwest part of the province of Quebec, Canada. The approximate centre of the Share property is at 49° 00' North latitude and 75° 49' West longitude. URBAN TWP. CARPIOUET TWP. ryg\g I rygryO I~ g p1 1 L~ ry re 9ryry ' gryg I gryy \ L I aa ♦. a- ab ' aa p Mpry ry Ibpry ry Lati —ry\ 0~ —gry 0 ~ g ryry7 gryy I gryh .. ' b aa:+, I p"~ \ I b°ry h a.pryg ry Ii—gry\h pry ' pry i ~ryb 9ry0 114.41>t. î rygryry rygryh I aary \ aary\ryah a ap, I hp O • 1! •• --~--~-- 1.6 'le D.,'" "I, aprygb ~ ppryg ( PO' orp gP Iao,' ry~\ ye ~ r ~ ryb " r‘')1"' .01" haL g .co' I g I ry - 0'0 „,b T gryh r yry~6 ahryry aary ry I ahry ry ( h,Y-g - ~---1-- 1p SHARE MINES OILS gryb phry ♦ ahry Aj I ahry \ airy M~^ - — ryy r -ry5 1 rye LIMITED ~ aaryg° I aa'4y ~ pa'L"y SOUART TWP. BARRY TWP. Lac aux OASIS SOUART PROPERTY ..~ - Loutres •1 Figure 2 SHARE MINES a OILS LIMITED o MACHO RIVER AREA PROPERTY CLAIMS LOCATION MAP SOUART AND BARRY TOWNSHIPS ABITIBI - EAST COUNTY, QUEBEC M. RiENNICK SCALE : I :50 000 MAY 1986 5. Access to the claims group is difficult. It is most easily afforded by rotary-winged aircraft operating out of the town of Val D'Or or Chibougamau over distances of 105 and 100 air miles respectively. A small lake, approximately one mile south of the south property boundary, provides access for float (summer) or ski-equipped (winter) aircraft operating out of the town of Senneterre 75 air miles to the southwest. Also, during the winter months, snowmobiles and other track-equipped vehicles can reach the property via a network of lumber roads and trails extending from a main highway to within two miles of it. Forest cover in the predominantly flat swampy area covered by the claims is mainly black spruce and alders. Slightly higher and drier knolls or ridges support a mixed growth including poplar, birch and alders. Small streams and ponds on the property will provide sufficient water for exploration requirements. 6. HISTORY Because of relatively difficult access and heavy overburden, the Macho River Area was avoided by prospectors until some interest in it was created with the publication of reports by Milner (1943) and Graham (1947). In 1949, a gold-bearing outcrop was discovered in the east-central part of Souart township and for the next several years a considerable amount of prospecting was carried out in the area. Roybar Uranium and Gold Ltd. acquired the original gold discovery. Subsequently, the name of the company was changed to Nubar Mines Ltd. Nubar put a shaft down 144 feet and carried out some development work on the 125-foot level before abandoning the project. At this time, two zones had been tested. Each is reported to be 200 feet long with average widths of 9.4 feet and 4.9 feet, grading approximately 0.13 ounce and 0.32 ounce of gold per ton, respectively. Oasis Resources Inc. acquired the Nubar prospect in 1983 and since that time has been conducting a detailed investigation of the property. At the same time interest in the entire area has revived and exploration activity is intense. 7. REGIONAL GEOLOGY (i) General Barry and Souart townships are located near the east end of a broad belt of folded and faulted, steeply dipping volcanic and sedimentary rocks which extends from the Grenville Front 60 miles south of the town of Chibougamau, westward into Ontario, a distance of some 280 miles.

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