Draft Only Houston Seattle Section 1.0: Iron Glenn Project: Northeast Queensland, Australia NI 43-101 Report for: Iron Glen Holdings Limited Southport, Queensland Australia By Michael D. Campbell, P.G., P.H. and Jeffrey D. King, P.G. I2M Associates, LLC Houston, Texas and Seattle, Washington February 9, 2011 Houston Seattle Section 2.0 Table of Contents Page 3.0 Summary………………………………………………… 1 4.0 Introduction ……………………..……………………… 2 4.1 Location of Property ………………………. 2 4.2 Scope of Work ……………………………… 3 4.3 Iron Glen Tenement ……………………….. 4 4.4 Units ………………………………………… 6 5.0 Reliance on Other Experts ……….…………................. 6 6.0 Property Description and Location ….………………… 8 6.1 General Description ……………………….. 8 6.2 Property Ownership and Financial Obligations ………………………………… 10 6.3 Current Royalties & Agreements on Land Access …………………………........... 11 6.4 Permitting ………………………………….. 15 6.5 Environmental Issues ………………………15 7.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography ….………….………. 16 7.1 Topography, Elevation, and Vegetation ...... 16 7.2 Accessibility to Properties …………………. 19 7.3 Local Resources ……………………………. 20 7.4 Climate and Seasonal Operations ……..….. 20 7.5 Available Infrastructure …………..……….. 23 8.0 History …………………………………….…………… 23 8.1 Previous Activities ………………...……….. 23 8.2 Previous Exploration Results ……………... 25 9.0 Geology …………………………………………………. 28 1810 Elmen Street, Houston, Texas 77019 Telephone: 713-807-0021 - Fax: 713-807-0985 E-mail:
[email protected] – Website: http://www.I2MAssociates.com Page ii Houston Seattle 9.1 Regional Geology ……………………….….. 28 9.2 Local Geology ……………………………… 29 10.0 Deposit Types …………………………..……………… 32 10.1 Contact Metasomatic Deposits …………… 32 10.2 Magnetite as Gangue Mineral ……………. 33 11.0 Mineralization …………………………………………. 34 11.1 Type of Mineralization ……………………. 34 11.2 Magnetics Modeling for Resource Estimates 35 12.0 Exploration …………………………………………….