The Company is seeking to consolidate all available data into a new exploration direction that will build on the airborne geophysical survey flown in April 2022, the satellite-based structural study commissioned in October 2022, and the planned ground follow-up soil geochemistry program scheduled for Q1-2023. This will seek to identify the preferred targets for a maiden drilling campaign scheduled for later in 2023.

• Airborne Geophysics – The recently acquired Tri-Axial magnetics survey across the property now provides additional information which may be used to comprehensively refine and synthesize the existing geological knowledge base recorded in the historical assessment reporting. Based on the magnetics survey it is evident that the structural complexity on the property is significant, and a comprehensive analysis and interpretation is required to identify areas of potential dilation zone between 2nd and 3rd order structures emanating from and crossing the regional Doucers Valley Fault Zone which straddles the west of the Simms Ridge property and is the focus for gold mineralization in the region.
• Structural Study – This recently commissioned work will be undertaken by Murphy Geological Services and involves the processing and structural interpretation of European Space Agency [Sentinel-2] satellite imagery for district coverage at 1:50,000 scale combined with the acquisition and interpretation of high-resolution WorldView-2 imagery for a more detailed analysis of the property at 1:10:000 scale. It will deliver in digital and GIS format, a better understanding of the structural controls across this part of Newfoundland, detailed fault kinematics (which are known to host potential gold mineralization), an interpreted cross-section and target generation table for follow-up beyond what is already known historically.
• Soil Geochemistry – The structural study will be used as guidance on the ground for the soil sampling and geochemical work over the initial areas of interest where the previous airborne geophysics also identified anomalous targets for follow-up. It is intended that soil geochemistry grids will initially focus on the western side of the property where clear targets are presented and will form the basis for a maiden diamond drilling program. The eastern side of the property will form a second phase of exploration to compliment the results of the first phase in the west.
• Drilling Program – The above geophysics, structural and soil sampling studies will form the basis for target selection of the maiden drilling program which may also involve some ground IP geophysics and selective trenching before a rig is positioned for first drilling of the interpreted geology model.