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BC Geological Survey Assessment Report 33692

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BC Geological Survey Assessment Report 33692 NTS 092H/057 ASSESSMENT REPORT FOR THE TULAMEEN PROPERTY, TULAMEEN, BRITISH COLUMBIA Approximate Property Location Latitude: 49o 32’ 30”N Longitude: 120o 45’ 00”W Similkameen Mining Division NTS Map 092H/057 Completed By: APEX Geoscience Ltd. Suite 200, 9797 45 Avenue Edmonton, Alberta T6E 5V8 Completed For: Nolat Holdings PTY Ltd. 7 Swan Street Ravenswood, WA 6208 May 30 2012 Kristopher J. Raffle, B.Sc., P.Geo. Edmonton, Alberta, Canada Assessment Report for the Tulameen Property, Tulameen, British Columbia TABLE OF CONTENTS SUMMARY ........................................................................................................ 1 INTRODUCTION AND TERMS OF REFERENCE ............................................ 2 PROPERTY DESCRIPTION AND LOCATION ................................................. 2 ACCESSIBILITY, CLIMATE, LOCAL REOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY .............................................................................................. 7 HISTORY .......................................................................................................... 7 GEOLOGICAL SETTING ................................................................................ 11 2011 EXPLORATION ...................................................................................... 15 SAMPLING METHOD AND APPROACH ........................................................ 19 SAMPLE PREPARATION, ANALYSES AND SECURITY ............................... 19 INTERPRETATIONS AND CONCLUSIONS ................................................... 19 RECOMMENDATIONS ................................................................................... 21 REFERENCES ................................................................................................ 22 CERTIFICATE OF AUTHOR ........................................................................... 24 Tables Table 1: 2011 Tulameen Property Claim Disposition ............................................ 3 Table 2: Similkameen District Placer Gold and Platinum Production (ounces) 1885 - 1945 ........................................................................................................... 8 Table 3: Calculation of Gold and Platinum Grades for 2011 Till Sample ............ 17 Assessment Report for the Tulameen Property, Tulameen, British Columbia TABLE OF CONTENTS (CONTINUED) Figures Figure 1: Property Location ................................................................................... 4 Figure 2: Mineral Tenure ....................................................................................... 5 Figure 3: Geology ............................................................................................... 13 Figure 4: Total Magnetic Intensity ....................................................................... 18 Appendices 2011 Exploration Expenditures…………………………………...…………...AT END 2011 HMC Analytical Certificates and Sample Descriptions……………….AT END 2011 HMC Analytical Procedures …………………………………….………AT END Assessment Report for the Tulameen Property, Tulameen, British Columbia SUMMARY The Tulameen Property is 100% owned by Nolat Holdings PTY Ltd. and is located within the Similkameen Mining Division in southern British Columbia, approximately 180 kilometres east of Vancouver and 20 kilometres northwest of Princeton within NTS mapsheet 092H057. The Property comprises 7 placer claims totaling 374 Hectares. In the fall of 2011, Nolat Holdings retained APEX Geoscience Ltd. (“APEX”) to conduct exploration at the Property. The Tulameen Property lies along the western margin of the Intermontane Belt within the Quesnellia tectonostratigraphic terrane. The Quesnel Terrane is a volcanic arc terrane found along most of the length of the Canadian Cordillera. In southern British Columbia the terrane is largely represented by Middle and Upper Triassic volcanic and sedimentary rocks of the Nicola Group. The western margin of Quesnellia experienced Early Tertiary “transtensional” block faulting related to regional right-lateral transform motions along the Fraser River-Straight Creek fault system. The Tulameen complex, an Alaskan-type mafic-ultramafic intrusion, is located approximately 6 kilometres to the west of the Property. The origin of platinum within the Tulameen Placers has been linked to cumulate chromite layers within Tulameen Complex. Gold was first found in small amounts on the Similkameen River in 1853 however it was not until 1885 and the discovery of gold on Granite Creek that a reliable record of early production exists. Between 1885 and 1945 the Similkameen District produced 41,938 ounces of placer gold. It is reported that total platinum production between 1886 and 1905 reached 9,860 ounces platinum. By 1891 the Tulameen was recognized as the most productive platinum region in North America. During 2011, APEX collected a total of 5 heavy metal concentrate (HMC) samples. The samples were analyzed at the Saskatchewan Research Council (SRC). The 5 analyzed samples produced visible gold grains from fluvial gravel terraces within the Tulameen Property. The total cost to complete exploration during 2011 at the Tulameen Property was CDN$5,604.80. 1 INTRODUCTION AND TERMS OF REFERENCE This report is written as an Assessment Report (the “Report”) for the Tulameen Property (the “Property”) which is currently held by Nolat Holdings PTY Ltd. (“Nolat”). The Property is comprised of 7 placer claims, 100% owned by Nolat and is located in southern British Columbia, within the Similkameen Mining Division (Figures 1 and 2). This Report is a technical summary of available geological, geophysical and geochemical information for the Property in addition to the work completed during 2011. APEX Geoscience Ltd. (APEX) was retained in the fall of 2011 as consultants by Nolat to conduct exploration on the Property. The 2011 exploration program was completed between the dates of August 5 and 6, 2011. Mr. Kristopher J. Raffle, P.Geo., a qualified person, visited the Property on August 5 and 6, 2011. PROPERTY DESCRIPTION AND LOCATION The Tulameen Property is 100% owned by Nolat and is located within the Similkameen Mining Division in southern British Columbia. The Property is approximately 180 kilometres east of Vancouver and 20 kilometres northwest of Princeton (Figure 1). The Property comprises 7 placer claims totaling 374 Hectares (Figure 2). In a number of instances the claims overlap somewhat with previously staked placer claims which are not owned by Nolat; thus the total area of the Property is currently 324 hectares. Should these previously staked claims lapse, ownership of the overlapping potion would automatically revert to Nolat. The Property is located within NTS 1: 50,000 mapsheet 092H010 and within BC TRIM 1:20,000 mapsheet 092H057. In British Columbia, the owner of a placer claim acquires the right to the placer minerals which were available at the time of claim location and as defined in the Mineral Tenure Act of British Columbia. Surface rights are not included. Claims are valid for one year and the anniversary date is the annual occurrence of the date of record (the staking completion date of the claim). To maintain a claim in good standing the claim holder must, on or before the anniversary date of the claim, pay the prescribed recording fee and either: (a) record the exploration and development work carried out on that claim during the current anniversary year; or (b) pay cash in lieu of work. The amount of work required is $2 per hectare per year. Only work and associated costs for the current anniversary year of the mineral claim may be applied toward that claim unit. If the value of work performed in a year exceeds the required minimum the value of the excess work can be applied to cover work requirements on the claim for additional years (subject to the regulations). A report detailing work done and expenditures must be filed with, and approved by, the B.C. Ministry of Energy and Mines. 2 There are no known placer mineral reserves or resources at the Property; it remains an early-stage, grass roots exploration property. The 7 claims which comprise the Tulameen Property were acquired by Mr. Derek N. Moore. The claims are currently held in trust by Mr. Derek N. Moore on behalf of Nolat. At present the author does not know of any environmental liabilities, or any other agreements and encumbrances associated with the property. Table 1: 2011 Tulameen Property Claim Disposition Tenure Claim Good To Area Owner Tenure Type Issue Date Number Name Date (ha) Moore, Derek Newell 414326 HONDA #1 Placer 2004/sep/29 2013/jun/29 50.00 (100%) Moore, Derek Newell 414327 HONDA #2 Placer 2004/sep/29 2013/jun/29 50.00 (100%) Moore, Derek Newell 414328 HONDA #3 Placer 2004/sep/29 2013/jun/29 50.00 (100%) Moore, Derek Newell 414329 HONDA #4 Placer 2004/sep/29 2013/jun/29 50.00 (100%) Moore, Derek Newell 414330 HONDA 5 Placer 2004/sep/29 2013/jun/29 50.00 (100%) Moore, Derek Newell 559242 HONDA 6 Placer 2007/may/25 2013/jun/29 104.83 (100%) Moore, Derek Newell 559324 HONDA 7 Placer 2007/may/28 2013/jun/29 20.96 (100%) 3 0 500000 1000000 Yukon NWT 0 0 0 0 65000 65000 Fort St. John Dawson Creek Alberta Prince Rupert 0 0 0 0 Prince George 60000 60000 Williams Lake Pacific Ocean Revelstoke Kamloops Kelowna 0 0 0 Cranbrook 0 Penticton Nelson Nanaimo Greenwood 55000 55000 Vancouver Montana Victoria Washington Idaho 0 500000 1000000 WEDGE RESOURCES LTD. Legend Tulameen Property Tulameen Property Property Location Cities and Towns Kilometers 0 50 100 200 300 Roads 1:9,000,000 British
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