Frostmoen

Location & licenses

• 5 fully granted exploration licences (20 km2) - subject to a 2% NSR

• The Frostmoen project is is located 1 hour drive south of Bodø

• Bodø is easily accessible year round with multiple flights each day from Oslo

• The project is accessible on foot of by boat from a nearby dock

• The project is wholly located within Municipality-owned forest land

• Good communications and an existing working relationship established with the local community

Geology

• Frostmoen is situated in the Beiarn Nappe Complex, part of the Uppermost Allochthon of the Scandinavian Caledonides

• Age of rocks are thought to be approximately 630 Ma and the main phase of deformation approximately 400 ma

• Dominated by Suarvatn Group meta sedimentary sequences and carbonate units bounded by granites to the east and marble units to the west

• Complex structural geology with two principal phases of deformation are recognized. The earlier deformation phase is divided into F1 and F2 with the later folding termed F3

• Much of the dolomite is thought to reside in depressions, often beneath bogs

• Cu-Co sulphide mineralization is hosted in the dolomite and thought to be strike extensive

Work to Date

• Licence wide mapping and soil geochemistry – identified a multi-kilometer geochemical anomaly in soil:

• Trenching around adit and the main area of interest – identified continuous mineralization >1% Cu:

• Adit channel sampling

• Induced Polarization Survey

• A total of 1,655 soil samples collected by hand auger in late 2020

• A multi-element (Cu, Ag, Ni, Co, As, Sb) soil anomaly is present across a 6.5 km strike length of the Frostmoen project

• Mineralization is hosted in a sanded dolomite, which are associated with topo-lows and bog areas, thus giving depressed anomalism

• Mineralization in trenches open to the north west and south east and continues under a bog

• Suspected element zonation with Cu rich zones and Co rich zones

• Geological model indicates grade increasing towards base of stratigraphy (to the NW)

Next steps

H2 2022

• Complete a 1,200 meter drill program testing IP targets and mineralization intersected in trenches. Drill program is fully permitted and commences mid-September

Q1 2023

• Complete NI 43-101 technical report ready for a transaction

The video below shows the 6.5km soil anomaly and the high-grade copper results from trenching, depicted on the geophysical (IP) chargeability anomaly, with the planned drill holes plotted: