geophys surv assessment rpt regarding ip surv boon tp

46
Quantec Geoscience Inc. P.O. Box580,101 King Street Porcupine, ON RON 1CO Phone (705) 235-2166 Fax (705) 235-2255 Quantec Geoscience Inc. Geophysical Survey Assessment Report 9 O A RECEIVED SEP 1 9 2GC1 GEOSCIENCE ASSESSMENT _____OFFICE-————. Regarding the INDUCED POLARIZATION SURVEY at the PARISIEN LAKE GRID, East Bull Lake Project f Falconbridge JV, in Boon Township, ON, on behalf of MUSTANG MINERALS CORP. y, Ontario QGI-QGI-QGI-QGI J. M. Legault J. Warne D. Eastcott July, 2001 Project QG-769 41J08NE2017 2.22104 BOON 010

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Page 1: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

Quantec Geoscience Inc. P.O. Box580,101 King Street Porcupine, ON RON 1CO Phone (705) 235-2166 Fax (705) 235-2255

Quantec Geoscience Inc.

Geophysical Survey Assessment Report

9 O A

RECEIVEDSEP 1 9 2GC1

GEOSCIENCE ASSESSMENT _____OFFICE-————.

Regarding the

INDUCED POLARIZATION SURVEY

at the PARISIEN LAKE GRID, East Bull

Lake Project f Falconbridge JV,

in Boon Township, ON,

on behalf of MUSTANG MINERALS CORP.

y, Ontario

QGI-QGI-QGI-QGI J. M. Legault J. Warne D. Eastcott July, 2001 Project QG-769

41J08NE2017 2.22104 BOON 010

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

1. INTRODUCTION..........................................................................................................................................^2. GENERAL SURVEY DETAILS .....................................................................................................................4

2.1 LOCATION.............................................. .................................................................................42.2 PROPERTY TOPOGRAPHY AND VEGETATION: ...............................................................................42.3 ACCESS. ..................................,........ .. .................................................................................52.4 SURVEYGRID .......... ..... .................... ............ .... ..................................................................5

3. SURVEY WORK............................................................................................................................................/3.1 GENERALITIES....................... ......................................................... ........................................73.2 PERSONNEL.............................................................................................................................?3.3 SURVEY SPECIFICATIONS ..........................................................................................................73.4 SURVEY COVERAGE................... ..............................................................................................73.5 INSTRUMENTATION.................................. .............. ..................................................................83.6 PARAMETERS ..................... ........................................................,............,..............................837 MEASUREMENT ACCURACY AND REPEATABILITY........ ... ..............................................................93.8 DATA PRESENTATION........................................................................................................ .......9

4. RESULTS AND INTERPRETATION..........................................................................................................114.1 OVERVIEW.............................................................................................................................114.2 SURVEY RESULTS......... .. ......... ............................................................................... ............12

5. CONCLUSION AND RECOMMENDATIONS............................................................................................16

APPENDIX A: STATEMENT OF QUALIFICATIONSAPPENDIX B: THEORETICAL BASIS AND SURVEY PROCEDURESAPPENDIX C: INSTRUMENT SPECIFICATIONSAPPENDIX D: PRODUCTION SUMMARYAPPENDIX E: OPERATOR COMMENTSAPPENDIX E: LIST OF MAPSAPPENDIX F: MAPS AND SECTIONS

Figure 1: East Bull Lake Project General Location Map ......... ....................... .........................................4Figure 2: East Bull Lake Project/Parisien Lake Grid - Claim and Property Location................. . ...........6Figure 3: Dipole - Dipole Array Layout...... .......................................... ...................................................8Figure 4: Pseudosection Map Format.... ................................ . ............................................................10Figure 5: East Bull Lake Project and Parisien Lake Grid General Geology.............................................11

Table l. !P Survey Coverage........................................................................... ...................................,. ..7Table II: Iris ELREC 6 Decay Curve Sampling Specifications................................,... ...... ...... ...............9Table MI: Parisien Lake Grid Dipole-Dipole Chargeability Anomalies S Targets.....................................13Table IV: Recommended Dnll-Holes tor Parisien Lake Twp. Project.....................................................16

Q G-169-July, 2001

41J08NE2017 2.22104 BOON 010C

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

* QGI Project No:

* Project Name:

* Grid Name:

* Survey Period:

* Survey Type:

* Client:

* Client Address

* Representatives:

* Objectives:

QG-169

East Bull Lake Project l Falconbridge Joint Venture

Parisien Lake Grid

Phase l: March 24th to April 2nd , 2001 Phase II: May 9th-12th , 2001

Dipole-Dipole Time Domain Induced Polarization

Mustang Minerals Corporation

1351E Kelly Lake Rd., Unit #8 Sudbury, Ontario Canada P3E 5P5

Mr. Ken LaPierre, Mr. Peter Wood

To locate and delineate, using TDIP\Resistivity, favourable chargeability signatures po tentially associated with reef-type PGM-bearing sulphide mineralized deposits within the East Bull Lake anorthositic intrusion, in the vicinity of Parisien Lake grid (Fig. 1). In Phase M, additional intermediate lines were surveyed to surrounding a region of favour able soil geochemistry (D. Eastcott, QGI pers. comm., 05/01). The Dipole-Dipole array was chosen based on its high resolution and shallow mapping capability, due to the thin overburden cover and the shallow nature of the drill-targets sought after.

Report Type: Summary interpretation, suitable for OMNDM assessment filing.

QG-169-July, 2001

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

2. GENERAL SURVEY DETAH.S

2.1 LOCATION* General Location:

* Country:

* Township:

* Nearest Major Settlement:

* NTS Map Reference :

Situated on Highway 553, west of Parisien Lake and south of Bull Lake (see Figs. 1 -2).

Canada

Gerow and Boon (Parisien Lake Grid) Townships

Massey, Ontario

41 J/8

East Bull Lake Location Map

C(*W*2,

QuiWceN i-afc*

ELLIOT LAKE

East Bun Lake . PGM-Cu-Ni Intrusion

Map Area

Affie* Lake

WanapXei Lake

V. ~~MASSEY

North Chai"*1 . '."f

LakePanache

,- ^^———~^~^-,s-^TSUDBURY ^-c

A,'

20

km48"

Figure 1: East Bull Lake Project General Location Mao fref. Mustana Min. website. 06/01)

2.2 PROPERTY TOPOGRAPHY AND VEGETATION:The topography of the property is characterized by steep hills with many escarp ments. Topographic relief is approximately 5 meters with excellent outcrop expo sure. The area is spotted with small ponds and swamps that drain into Parisien Lake to the southeast via small creeks. The grid is heavily wooded consisting of spruce, Douglas Fir, cedar, pine, poplar, birch, hemlock and alder. The occurrence of cedar and alder increases in swampy areas and around the periphery of Parisien Lake (S. McLenaghan, QGI, pers. comm., 04/01).

QG-169-July, 2001

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

2.3 ACCESS* Base of Operations:

* Access to Grid:

* Mode of Access to Grid:

* Mode of Access to Line:

Mohawk Motel, Highway 17, Massey

The Property was accessed by travelling approx. 25km northwest on highway 553 (see Fig. 2), which transects a majority of the lines on the survey grid.

4x4 vehicle

Truck and on-foot

2.4 SURVEY GRID* Established by: Previously established by Mustang Minerals Corp.* Coordinate Reference System: Local exploration grid (not UTM referenced)

Grid Origin Location:

Line Direction:

Line Separation:

Station Interval:

Claims No. Surveyed(20)1 :

Xoz408385mE, 5140878mN (ref. Mustang Parisien Lake Grid CAD basemap - see map plans, Appendix E)

Azimuth N-0000 (Grid N-S )

100 metres (every 2nd line surveyed)

50 metres (25m stations interpolated)

113447411344771134480113448711344901134473

11344751134478113448111344881162192

11344761134479113448211344891162193

1 Note: Claim numbers from Parisien Lake Grid CAD basemap (ref. ParisienJTop&Claims.DWG, Mustang Minerals Corp., 05/2001).

QG-169-July, 2001 5

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

12268533"fc 1134480 l, 1134413 j

^-- BB

TWP. PROPERTY SURVEY AREA A CLAIMS

Figure 2: East Bull Lake Project/ Parisien Lake Grid - Claim and Property Location (from OMNR/MNDM website. www.mnr.com. 06/01).

QG-169-Jufy,2001

Quantec

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

3.1 GENERALITIES* Survey Dates:

* Survey Period:

* Survey Days (read time):

* Weather/Standby Days:

* Survey Coverage:

* Number of Lines Surveyed:

* Approx. Area Surveyed:

3.2 PERSONNEL

* Project Manager:

* Geophysical Technician:

* Field Technicians:

3.3 S URVEY SPECIFICATIONS* Electrode Configuration:

* Array Specifications:

* Line Interval:

3.4 SURVEY COVERAGE

Phase l: March 24th to April 2nd , 2001 Phase II: May 9th to 12th , 2001

13 days

10 days

O days

12.5 line km

11

1.92km2 (-1.2 x 1.6km)

G. R Jeff Warne, South Porcupine, ON, Canada

Sean Mcclenaghan, Quispamsis, NB, Canada

Sylvester T'Omala, Toronto, ON, Canada Kevin Galley, Port Elgin, ON, Canada

Dipole dipole array (see Fig. 3)

a = 50 metres, n s 1 to 6

200 metre-spaced (100m detail)

No.

12.34.5.6.7.8.9.10.11.

LINE

0+OOE2+OOE4+OOE6+OOE8+OOE1 0+OOE11+OOE1 2+OOE13+OOE1 4+OOE16+OOE

SOUTHERN EXTENT200S200S150S200S200S200S450N200S450N200S200S

NORTHERN EXTENT250N11 SON1200N1200N1200N1200N1200N1000N1200N850N1200N

Total

TOTAL (m)

4501350135014001400140075012007501050140012500

Table l: IP Survey Coverage

QG-169 -July, 2001

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

DIPOLE-DIPOLE ARRAY

P2 P, C, C2

U-M

N=4

N=6

PLOT-POINT(At Mid-Point S

Depth sa(N*1)y2)

Figure 3: Dipole - Dipole Array Layout

3.5 INSTRUMENTATION* Receiver:

* Transmitter:

* Power Supply:

3.6 PARAMETERS

* Input Waveform:

IRIS IP-6 (6 channel l Time Domain) andIRIS IP-10 (10 channel l Spectral Time Domain)

Phoenix IPT-1B (3 kW l 75 - 1 200V output)

Phoenix MG-2 (400 Hz 1110V x 3phase) * Honda/Phoenix GX 160 (5.5 HP)

0.125 Hz square wave at 500Xo duty cycle (2 seconds On/Off)

* Receiver Sampling Parameters: 1 0 semi logarithmic windows (see Table II)

* Measured Parameters:

1) Chargeability units are in millivolts per Volt. The Total Chargeability is cal culated (internally, within receiver) over the full integration period of 40 to 181 Oms (10 time slices).

2) Primary Voltage in millivolts and Input Current in amperes for Resistivity calculation according to the electrode array geometry factor (Appendix C).

QG-169 -July, 2001

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

SliceTdTtT2T3T*

TsTsT7TRT9Tin

Total Tn

Duration (msec}403060801101501902302703103801810

Start (msec)0

407013021032047066089011601470

End (msec)4070130210320470660890116014701850

Mid-Point (msec)NA55100170265395565775102513151660

Table II: Iris ELREC 6 Decay Curve Samp/ing Specifications.

3.7 MEASUREMENT ACCURACY AND REPEATABILITYgeneral^ ± 0.5 mV/V but acceptable to ±1.0 mV/V.* Chargeability:

* Resistivity: less than 507o cumulative error from Primary voltage and Input current measurements.

3.8 DATA PRESENTATION

* Maps:

Pseudosections:

Plan Maps:

* Digital Data:

Raw data:

Processed data:

Stacked posted and contoured sections and profiles (3=50 / n^-6) of the apparent resistivity, total charge ability and calculated metal factor. Included Interpreta tion overlay, at 1: 5000 scale (11 maps - see Fig. 4).

Compiled posted and contoured plan maps of the Fil tered Total Chargeability and Apparent Resistivity (using inverted—V-shaped (flt1 leg.fit) deconvolution filter), and Geophysical Interpretation, with CAD basemap (UTM translated), plotted at 1:5000 scale (3 maps).

IP-6 and IP-10 digital dump file (See Appendix D).

a) ASCII GEOSOFT .DAT file format with filename relating to profile (for example: L16E.DAT = Line 9+OOE) using the following format:

Linel: TitleLine 2: Header information, including Line, Array, Dipole, UnitsLine 3: Column headingsColumns 1-4: Electrode station positions (metres)Column 5: Primary Voltage (millivolts)Column 6: Transmitted Current (amperes)Column 7: Spontaneous PotentialColumns 8-19: Chargeability Windows (msec)

QG-169-July, 2001

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

b) ASCII GEOSOFT IPPLOT file format with file-name relating to profile, and file-spec re lating to data type (RES = app. resistivity, IP = total charg., MF = metal factor), for ex ample:

7500e.RES = Line 75+OOE Apparent Resistivity, using the following format:

Line 1: Line 2: Line 3: Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:

TitleHeader information, including Line, Array, Dipole, UnitsColumn headingsStation/Plot Point (metres)Filter Data Value (using Geosoft Fltlleg.flt)N::"! Data Value (Res z ohm-metres, IP = mV/V, MF = unitless)1^=2 Data Value1^=3 Data Value11=4 Data Value^5 Data Value1^=6 Data Value

c) ASCII GEOSOFT .XVZ format, for Plan Map data (ex. Mmsr.XYZ), using the following format:

Header Lines:

Column 1: Column 2: Column 3: Column 4: Column 5:

Identified by T in 1 st column, containingHeader information, including Line, Array, Dipole, Units, etc.Plot-point Station Easting (metres)Plot-point Station Northing (metres)Station Number (optional)Filtered Total Chargeability (millivolts per volt)Filtered Apparent Resistivity (ohm-metres)

JDUCED POUUiiZ4T4CN SW

s^df-MS^a! ™T?J

Figure 4: Pseudosection Mao Format

QG-169-July, 2001 10

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

4. RESULTS AND INTERPRETATION

4.1 OVERVIEW

The time-domain induced polarization and resistivity surveys at the Parisien Lake f Falconbridge JVProperty were designed to define and delineate polarizeable signatures relating to subcropping to shallow- buried {*:lOO-150m) mineralized targets, potentially associated with layered copper-nickel and PGM bear ing, disseminated to massive sulphides. In response to the survey objectives, in the initial survey phase (Phase l), eleven (11.0km) line-Kilometres of TDIPVResistivity coverage were obtained along nine (9), north-south oriented, 200m spaced lines, using the dipole-dipole array configuration, with a station-spacing of 50 metres and up to 6 n-separations. In a 2nd , fotlow-up phase, an additional 1.5km of similar TDIP surveying were obtained along two (2) 100m-spaced intermediate lines - totaling 12.5km along eleven (11) profiles surveyed. The survey covers nearly 2 square kilometres of territory, and encompasses 16 mining claims (see Sec. 2.4), between Parisien and East Bull lakes, in western Boon Twp. near the boundary with Gerow Twp. Exploration concentrates on "reef-type" primary PGM-Cu-Ni mineralization, associated with the East Bull Lake Gabbroic Anorthosite Intrusion (ref. Mustang Minerals Corp., East Bull Lake PGM Prop erty. MMC web site, http://www.mustanQminerals.com/paQes/plat properties.html).

The full extent of exploration is not fully known to the authors, however, Mustang has been actively ex ploring the property since the fall of 1998. To date 32 holes have been drilled in three locations on the property. During the 2000 field season an active mapping and sampling program was implemented to cover approximately 20 kilometers of the prospective contact of the intrusion. The work resulted in the outlining of several high priority drill targets. Limited activity took place between 1950 and 1962 involving a number of mining and exploration companies that were exploring a portion of the property for copper and nickel deposits. The potential for PGM deposits on the property was not considered until the late 1980's, by which time the central part of the property (including the Moon Lake Target area) had been withdrawn from staking. In 1990, the Ontario Ministry of Northern Development provided funds to Laurentian University to study the mineral potential of intrusive rocks between Sudbury and Elliot Lake. These studies focused mainly on the East Bull Lake Intrusive. From 1990 to 1995 fieldwork including geological mapping, sam pling (over 1,000 samples), and analysis of Atomic Energy of Canada's drill core was completed. Metallur gical and petrographic studies were also completed. In 1993 the Ontario Geological Survey reported on the potential for large-tonnage to massive sulphides along the base of the intrusion which have platinum- group element-enrichment levels equating to reef environments. The nature and extent of previous geo physical surveys are unknown to the authors (ref. Mustang, 06/2001).

East Bull Lake PGM Property Falconbridge-Mustang JV

Figure 5: East Bull Lake Project and Parisien Lake Grid General Geology (ref. MNC website. 06/01).

QG-169-July, 2001 11

Quantec

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Quantec Geoscience Inc. Mustang Minerals Corp. TDIP Dipole-Dipole Survey East Bull Lake t Falconbridge JV

4.2 SURVEY RESULTSThe IPVResistivity results over the Parisian Lake Grid ( PLG) discriminate a variety of signatures

potentially associated with lithology, fault-fracture structures, chemical alteration, and, most importantly, chargeability responses related to sulphides and precious/base metals mineralization. The Parisien Lake I P\Resistivity survey results are characterized by moderately anomalous weak to moderately strong apparent chargeabilities and resistivities, having a moderately broad range (^ 0-26 millivolts per volt l PA = 400-56k ohm-metres). The relatively high average for the resistivity (15k Q-m avg.) is consistent with the dominantly felsic intrusive geology and likely also the thin, resistive nature of the overburden. The lower threshold of resistivity values obtained is consistent with clay-altered fault-fracturing and/or wet, marshy overburden - but are not sufficiently anomalous to suggest significant amounts of stringer to massive sulphides at PLG. In the pseudo-sections, the apparent resistivities and chargeabilities both gradually increase with depth/higher n-spacings - reflecting the presence of the thin overburden layer, but also suggesting that the anomalous sources are, for the most part, subcropping and largely disseminate in nature. The moderate nature (w SmV/V) of the average chargeability and the weak backgrounds ^3-5 mV/V) obtained at PLG are consistent with normal, weak to moderate sulphide levels, in the ^-50Xo range, within the country rocks. The moderately high peak chargeabilities (:-10-25mVA/), obtained in nearly all the sections surveyed, indicate the presence of important amounts of either disseminated sul phides (in the S-10% range) or, rarely, when conductive, possibly matrix to stringer mineralization at Pa risien Lake. C learly, these anomalous values and patterns point to the potential for PGM-bearing sul phide mineralization at Parisien Lake

In plan, the dipole-dipole survey results likely reflect the bedrock geology (Fig. 5) and structure, but also are clearly influenced by the geomorphology - particularly the influence of Parisien Lake to the south-west and the East Bull Lake drainage to the north, where characteristic resistivity low/chargeability low responses are obtained (see IP and Res plan, App. F). The East Bull Lake Anorthositic rocks coin cide with a region of high resistivity and high chargeability - consistent with the felsic geology and PGM- sulphide occurrences (see Fig. 5) - with the synformal-shaped intrusive contact to the south discernable in both the IP and Res plans. Overprinting these lithologic features, are multiple, distinctive narrow ESE to EW trending, low resistivity linears which likely mark fault-fracture zones, and occasional breaks and offsets along strike also possibly relating to NE-SW faults - as shown on the interpretation plans (see Appendix F).

Of greatest significance to the proposed survey objectives is the identification of chargeability high signatures potentially related to either sulphides or, otherwise, possibly magnetite. Up to seventy-five (75) separate IP anomalies have been identified in the pseudosections - the majority of which ^6007o) are in the weak to questionable strength range, which represent less than 1.5x to 2x background ^7- 10mVA/), but are unlikely to host significant amounts of sulphides ^2-50/)). Anomalies of significance ^1.5-2x background) number 28 and account for nearly two thirds of all IP anomalies identified - all of which represent viable targets, particularly the 7 strong ^20mVA/) IP highs defined at PLG. For the most part, the chargeability anomalies are resistive in nature (accounting for 5507o), suggesting dissemi nated sulphides (or magnetite) within non-porous, significantly altered/felsic rocks. At least one third of all IP anomalies (25) either occur along geoelectric contacts or feature a flat resistivity signature - these anomalies either represent unaltered, possibly barren mineralization (or possibly magnetite) or lie in al tered features which are too thin to provide sufficient resistivity contrast. Finally, fewer than nine (9) IP anomalies feature low resistivity associations - the strongest of which (4) either representing stringer to massive sulphide or, otherwise, disseminate sulphides in strongly clay-altered/fractured rocks. Closer scrutiny of the resistivity association and strength of the anomalies both provide important insights on the nature and mineralogy of the features of interest.

Most of the IP anomalies can be correlated along strike, from line-to-line along east-westerly linea ments, and as many as five to six (5-6) separate, broad zones of increased chargeability are defined at Parisien Lake - identified as Zones A-E on the compilation plan and on the interpreted pseudosections (see also Table III). Of these, only Zones A-B represent targets of significance, based on the geophysi cal evidence alone:

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

* Zone A appears to mark the southern edge of the EBL intrusive and represents the strong est, most strike-extensive IP feature discerned at PLG - easily visible on the chargeability plan and pseudosections. A can be traced from L800E/350N to L1600E/375N, where it is open to the east. Its symmetrical nature in the pseudosections suggests that it is largely upright, and it is likely 50-100m wide in NS-extent. However, while it is subcropping ^50m deep), its hollow, pant-leg shape sug gests in does not extend below 100-150m depths - it appears to plunge from east to west. Yet, its strength and occasional low to weak resistivity association make Zone A one of the best targets for strong concentrations of either disseminate or stringer-massive sulphides on the property.

* Zone B-B' represents a series of discontinuous weak to strong chargeability features which subparallel and lie south-west of Zone A - possibly representing an associated splay or fault- displaced zone, but apparently lies within the country rocks (see MMC Fig. 5). It consists of two closely-spaced, subparalleling horizons (B-B 1 ), possibly extending from as far west as LOE/050N and extends as far east as L1200E/175N, but is best resolved between L200E/250N and L800E/175N. The pseudosections indicate that it is subcropping ^50m burial depth), and appears to represent a thin, subhorizontal or shallow-dipping zone without significant depth extent (^OOm). At its widest point (250m NS), along L600E, it also features its strongest chargeabilities.

* Zone C i s the weakest of the three main horizon, and is formed by a series of weak to mod erate IP anomalies which lie inside the mapped EBL anorthosite and are aligned along a synformal, curving pattern. Zone C i s defined from L200E/650N, where it pinches-out, to L1600E/525N and ap pears to remain open to the east. As with A and B , Zone C subcrops ^50m burial depth) and ap pears to dip widely, from shallow north to south - however, in nearly all pseudosections, it appears to strengthen down-dip - particularly L6E-L8E, L11E-L12E-L13E and L16E. Zone C a lso represents the only axis of significance identified during Phase II. We recommend drill-testing this feature along with Zone A.

With the exception of these three horizons, none of the remaining features (Zones D-E) represent targets based on the geophysics alone - it is unlikely that these host significant amounts of suJphtde^S- 50Xo), based on their weak strength and combined with their subcropping nature (i.e., no deep/buried anomalies have been identified in the PLG pseudosections). Furthermore, this includes the northermost IP anomalies which were discerned in Phase II, along lines 11E and 13E, which targeted the geochemi cal anomaly. Nevertheless, these anomalies, as well as all other chargeability features identified in the pseudosections, are described in Table III, below. Specific drill-holes designed to test the best portions of selected targets of interest are described in Table IV.

LINE000

200200200200200200200200200400400

STN MIN-200

0200-200

502003504756006508501050-100

0

STN MAX-150

100250-100

1003004255506507509501150-50

100

CHARACTERMod-Weak Chargeability and Moderately Resistive; EOL anomalyZone B' ?: Mod-Weak Chargeability and Highly Resistive; S-dip?Zone B ?: Weak Chargeability and Moderately Resistive; EOLWeak Chargeability and Contact-type ResistivityZone B'?: Weak Chargeability and contact-type Resistivity; thin/S-dip?Zone B: Moderate Chargeability and Moderately Resistive; S-dip?Weak Chargeability and Moderately ResistiveZone C?: Moderate Chargeability and Moderately ResistiveZone C: Moderate Chargeability and Mod-Resistive; thin/S-dipZone D: Moderate Chargeability and Mod-Resistive; thin/S-dip?Weak Chargeability and Highly ResistiveZone E: Mod-weak Chargeability and Highly Resistive; EOLWeak Chargeability and Weakly Resistive; EOL anomalyZone B': Mod-Chargeability and Contact-type Resistivity; shallow/thin

Table III: Paris/en Lake Grid Dipole-Dipole Chargeability Anomalies A Targets.

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

LINE400400400400400400400600600

600600

600600600600600800800

80080080080080080010001000

1000100010001000100010001100110011001100

L 110011001200

STN WIN1502002505507008001000

050

100150

2005006508501000-150

100

3004505506507501000-100

125

25035050070095010504505006007008501050-150

STN MAX200250350600750875110050100

150200

2506007509251075-50

250

4005006007008501050

0200

350500575800100011005005506508009001150-100

CHARACTERi/Veak Chargeability and Moderately ResistiveZone B: Moderate Chargeability and Contact-type Resistivityi/Veak Chargeability and Highly Resistive; edge anomaly to BZone C?: Weak Chargeability and Moderately Resistive; thinZone D: Mod-Chargeability and Highly Resistive; thin/shallowi/Veak Chargeability and Highly ResistiveZone E: Mod-High Chargeability and Highly Resistive; N-dip?Zone B': High Chargeability and Resistive; thin/near-surfaceModerate Chargeability and Highly Resistive; edge anomaly to B-B'Zone B: High Chargeability and Poorly Conductive; thin, shallow, possibly north-dipping; DDH target from north.Weak Chargeability and Contact-type Resistivity; edge anomalyZone B?: Moderate Chargeability and Mod Conductive/Low Resistivity; DDH est with Zone B drill-hole.Zone C: Moderate Chargeability and Flat Resistivity; north dip?Zone D: Moderate Chargeability and Highly Resistive; shallow dipWeak Chargeability and Moderately Resistive; poorly resolvedZone E?: Weak Chargeability and Contact-type Resistivity; poorly resolvedWeak Chargeability and Contact-type Resistivity; poorly resolvedZone B'-B: Moderate Chargeability and Contact-type Resistivity; S-dip?Zone A: High Chargeability and Moderately Resistive; subcropping, possibly S-dip A/or depth-extensive 0*N4); 2ND priority DDH target from south.Zone C: Moderate-Chargeability and Contact-type Resistivity; target with AWeak Chargeability and Poorly ConductiveWeak Chargeability and Highly ResistiveZone D: Moderate Chargeability and Resistive, poorly resolved, thin/shallowZone E?: Weak Chargeability and Weakly Resistive; poorly resolvedWeak Chargeability and Moderately ResistiveZone B?: Moderate Chargeability and Moderately Resistive; possible edgeZone A: High Chargeability and Highly Resistive; likely multiple, subcropping; lat-lying and thin or subvertical and not depth-extensive (-:150m); High priority DDH target - test from north.Weak Chargeability and Contact-type ResistivityZone C: Moderate Chargeability and Moderately Resistive; diffuse anomalyZone D": Weak Chargeability and Highly Resistive; poorly resolved/diffuseWeak Chargeability and Weakly Resistive; questionableWeak Chargeability and Mod Conductive/Low ResistivityWeak Chargeability and Flat Resistivity; EOL anomaly/poorly resolvedZone C: Moderate Chargeability and Moderately Resistive; EOL/N-dip?Questionable Chargeability and Poorly ConductiveZone D?: Weak Chargeability and Contact-type Resistivity; thin/shallowWeak Chargeability and Highly Resistive; poorly resolved, thin/S-dip?Zone E?: Weak Chargeability and Contact-type Resistivity; EOL * noisyWeak Chargeability and Flat Resistivity; EOL anomaly

Table HI (continued): Parisian Lake Grid Dioole-Dipole Chargeability Anomalies A Targets,

QG-169-July, 2001 14

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

LINE120012001200

1200

120012001200

13001300130014001400

14001400140014001600

j 1600

16001600

160016001600

STN MIN-25

150250

300

450650900

4506501000-200

50

300550700800-200

50

325425

500700850

STN MAX75

200300

400

525750950

6007501100-150

100

450600750850-150

200 n

425500

550750900

CHARACTERWeak Chargeability and Contact-type ResistivityWeak Chargeability and Contact-type Resistivity; questionable/poorly resolvedWeak Chargeability and Moderately Resistive; edge anomaly to AZone A: High Chargeability and Contact-type Resistivity; subcropping, thick and flat-lying or subvertical and depth-limited (":100m depth-extent); DDH test with Zone C.Zone C: Moderate Chargeability and Highly Resistive; subcropping, probable moderate south-dip; DDH test with Zone A with south-dipping drill-hole.Zone D?: Weak Chargeability and Contact-type Resistivity; poorly resolvedZone E?: Questionable Chargeability and Flat Resistivity; EOL anomalyZone C: Moderate Chargeability and Highly Resistive; EOL anomaly; warrants better definition (i.e., possibly thick S depth-extensive).Zone D?: Weak Chargeability and Flat Resistivity; thin/shallowZone E?: Weak Chargeability and Contact-type Resistivity; poorly resolvedWeak Chargeability and Highly Resistive; EOL anomaly; diffuseQuestionable Chargeability and Poorly Conductive; poorly resolved/diffuseZone A: High Chargeability and Mod Conductive/Low Resistivity; subcropping ^50m depth), likely flat-lying and not depth extensive ^100m depth to base); DDH test using subvertical hole, or target inside of feature.Zone C?: Weak Chargeability and Highly Resistive; diffuse/poorly resolvedZone D?: Weak Chargeability and Highly Resistive; weak/poorly resolvedQuestionable Chargeability and Moderately Resistive; weak EOL anomalyWeak Chargeability and Moderately Resistive; EOL anomalyWeak Chargeability and Poorly Conductive; diffuse, possibly OB-inducedZone A: High Chargeability and Contact-type Resistivity; shallow/subcropping ^50m), possibly thin/depth-limited ^100m) or shallow S-dipping; DDH test with Zone C.Weak Chargeability and Contact-type Resistivity; edge anomaly to A * CZone C: Moderate Chargeability and Highly Resistive; subcropping ^50m; likely moderately south-dipping and strengthens with depth (^2); DDH test deeper anomaly with steep drill-hole at 500N, also tests deep Zone A.Zone D: Moderate Chargeability and Contact-type Resistivity; thin/S-dipWeak Chargeability and Moderately Resistive; poorly resolved

Table III (continued}: Parisien Lake Grid Dipole-Dioole Charaeabilitv Anomalies A Targets.

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

The time-domain dipole-dipole induced polarization and resistivity surveys over the Parisien Lake Twp. PGM Project have successfully identified geophysical signatures consistent with possible layered copper-nickel and PGM-bearing disseminated to massive sulphides. The Parisien Lake results are characterized by moderately anomalous chargeabilities, occasionally approaching SOmV/V, which are primarily associated with moderate to high resistivity consistent with relatively abundant ^S-10%), but largely disseminated to possibly stringer sulphides. As many as twenty eight (28) moderate to strong (M .5-2X background) chargeability zones have been identified in the pseudosections, and these can be correlated, along strike, to form up to six (6) strike-extensive zones of anomalous chargeability trends (Zones A-E). In our opinion, Zones A, which appears to mark the anorthosite intrusive contact, Zone C which lies inside the EBL intrusive and, to a lesser extent, B-B', because it appears to lie in the country rock, are the three only targets of exploration interest based on their strong associated IP anomalies and occasional low-weak resistivity - implying possible stringer-massive sulphides. The remaining anoma lies, however, cannot be recommended for drill-testing, based on the geophysics alone, due to their weak strength and subcropping nature (i.e., weak sulphides likely). The six (6) recommended drill-holes, de scribed in Table IV, are designed to test the best portions of the strongest high chargeability zones - however, any of the significant (moderate or strong) chargeability features identified can be drill-targeted with reasonable confidence, also, and hopefully supported with other favourable geologic/geochemical evidence.

No.1.2.3.4.5.6.

LINE1400E1200E600E1600E1000E800E

STATION300N525N250NSOON350N275N

AZIMUTH/DIPN-000, 45degN-180, 45degN-180, 45degN-180, TOdegN-180, 70degN-000, 60deg

COMMENT1 bl priority, targets shallow Zone A1 bl priority, targets deep Zone A and C2NU priority, targets shallow Zone B S B'2NLJ priority, targets deep Zone C 8. Zone A1 bl priority, targets Zone A3 priority, targets Zone A and deep C

Table IV: Recommended Drill-Holes for Parisien Lake Twp. Project.

We recommend that these data be combined with the existing geoscientific database and the results carefully considered prior to drill-testing. Following the drill-testing of these shallow anomalies, deeper penetrating Induced Polarization, preferably using Gradient-Realsection, would allow depths of investi gation exceeding 100m, as well as providing superior resolution and resistivity discrimination. Compari sons against both ground magnetic and soil geochemical results should assist in discriminating barren and mineralized targets. Borehole IP may also prove useful in delimiting the extent, and direction of matrix to disseminate mineralization, using both peripheral and radial-directional arrays. Borehole physi cal property work should be used to cross-correlate the geologic and geophysical signatures. Finally, these results should be combined into a common earth model, using GOCAD, in order to provide better corroboration between the measured physical parameters and the geology.

RESPECTFULLY SUBMITTED QUANTEC GEOSCIENCE INC.

David Eastcottt, Senior geophysicist

Jean M Legault Senior Geophysicist

G.R. Jeffrey Warne Field supervisor

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

STATEMENT OF QUALIFICATIONS

l, JEAN M. LEGAULT, DECLARE THAT:

1. l am a consulting geophysicist, with residence in Waterdown, Ontario, and am presently employed in this capacity with Quantec Geoscience Inc. of Waterdown, Ontario.

2. l obtained a Bachelor's Degree, with Honors, in Applied Science (B.A.Sc.), Geological Engineering (Geo physics Option), from Queen's University at Kingston, Ontario, in spring 1982.

3. l am a registered professional engineer, since 1985, with license to practice in the Province of Ontario (#90534542).

4. l have practiced my profession continuously since May, 1982, in North America, South-America and North Africa.

5. l am a member of the Association of Professional Engineers of Ontario, the Prospectors and Developers Association of Canada, and the Society of Exploration Geophysicists.

6. l have no interest, nor do l expect to receive any interest in the properties or securities of M ustang Miner als Corp.

7. l have reviewed the survey results and logistical portion of the report, and am the interpreter and author of the interpretative portion of the report. The statements made in this report represent my professional opinion based on my consideration of the information available to me at the time of writing this report.

Porcupine, Ontario June, 2001

Jean M. Legault, P.Eng. (ON)Chief Geophysicist

Dir. Technical Services

Quantec Group

QG-169-June, 2001

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

STATEMENT OF QUALIFICATIONS

l, G.R. Jeffrey Warne, hereby declare that:

1. l am a geophysicist with residence in South Porcupine, Ontario and am presently employed in this capacity with Quantec Geoscience Inc. of Waterdown, Ontario.

2. l studied Engineering Geophysics in the Faculty of Applied Science at Queen's University in King ston, Ontario, completing all but two of the course requirements for a B.Sc. (Eng.) in 1981.

3. l have practiced my profession continuously since May, 1981 in Canada, the United States, Aus tralia, Argentina, Ireland, Mexico and Chile.

4. l am a member of the Ontario Association of Geoscientists, and the Porcupine Prospectors and Developers Association.

5. l have no interest, nor do l expect to receive any interest in the properties or securities of M us tang Minerals Corp.

6. l supervised project and the preparation of the report and final maps. The statements made in this report represent my professional opinion based on my consideration of the information avail able to me at the time of writing this report.

Porcupine, Canada April, 2001

G.R. Jeffrey Warne Senior Geophysicist, QGI

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

THEORETICAL BASIS AND SURVEY PROCEDURES

The resistivity is among the most variable of all geophysical parameters, with a range exceeding 106 . Because most minerals are fundamentally insulators, with the exception of massive accumulations of metallic and submetal lic ores (electronic conductors) which are rare occurrences, the resistivity of rocks depends primarily on their poros ity, permeability and particularly the salinity of fluids contained (ionic conduction), according to Archie's Law. In contrast, the chargeability responds to the presence of polarizeable minerals (metals, submetallic sulphides and oxides, and graphite), in amounts as m inute as parts per hundred. Both the quantity of individual chargeable grains present, and their distribution with in subsurface current flow paths are significant in controlling the level of re sponse. The relationship of chargeability to metallic content is straightforward, while the influence of mineral distri bution can be understood in geologic terms by considering two similar, hypothetical volumes of rock in which frac tures constitute the primary current flow paths. In one, sulphides occur predominantly along fracture surfaces. In the second, the same volume percent of sulphides are disseminated throughout the rock. The second example will, in general, have significantly lower intrinsic chargeability.

More detailed descriptions on the theory and application of the IP/Resistivity method can be found in the fol lowing reference papers:

Cogan, H., 1973, Comparison of IP electrode arrays, Geophysics, 38, p 737 - 761.

Langore, L, Alikaj, P., Gjovreku, D., 1989, Achievements in copper sulphide exploration in Albania with IP and EM methods, Geophysical Prospecting, 37, p 925 - 941.

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

DIPOLE-DIPOLE TDIP

The collected data sets are reduced, using the Geosoft™ program IPRED™ to apparent resistivity, total chargeability and metal factor as explained in the following figures and equations: Using the following diagram (Fig. C1) for the electrode configuration and nomenclature: 2

DIPOLE-DIPOLE ARRAY

Picture C1: D/po/e-D/po/e Electrode Array Geometry

the apparent resistivity is given by:

VPpa = 7tw(fi 4- /)(n + 2)a x —— ohm - metres

where: " a" i s the MN dipole spacing (metres)V is the separation parameter between CiC2 and Pi?2 "Vp" is the primary voltage measured between PiP2 (volts) "l" is the output current between CiC2 (amperes)

From Telford, et al., Applied Geophysics. Cambridge U Press, New York, 1983.

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

Using the following diagram (Figure C2) for the Total Chargeability:"

f Measured Voltage Line One half of Transmit Cycle

Figure C2: Measurement of the IP Effect in the Time-Domain

The total chargeability: 4 is given by:

lMTotal Vp

T Vs (t) dt millivolt -seconds per volt

where t j, t/^ are the beginning and ending times for each of the chargeability slices.

The sets are then ready for plotting, profiling using the Geosoft Sushi™ program. The Apparent Resis tivity, total Chargeability a nd Metal Factor results of the dipole-dipole surveys are presented in pseudo section format. All resistivities are in Q-metres and the chargeabilities in mV/V.

3 From TerraplusXBRGM, IP-6 Operating Manual. Toronto, 19874 From Telford, et al., Applied Geophysics. Cambridge U Press, New York, 1983..

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Quantec Geoscience Inc. """DIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

INSTRUMENT SPECIFICATIONS

PHOENIX IP TRANSMITTER MODEL IPT-1B

Power Sources:

Output Voltage:

Output Power:

Maximum Current:

Ammeter Ranges:

Meter Display:

Current regulation:

Output waveform

Operating Temperature:

Frequency Stability:

Transient Protection:

Dimensions:

Weight

Phoenix MG-3 (2.5KVA, 60V, 3 phase, 400 Hz) motor generator

75 to 1200V in 5 steps.75-150-300-600-1200VVoltage is continuously variable ± 200Xo from each nominal step value.

Maximum continuous output power is 2.5KW.

10 Amps

50m A, 100m A, 500mA, 1A, 3A, and lOAfull scale.

A meter function switch selects the display of current level, regulation status, input frequency, output voltage, line voltage

The change in output current is less than D.2% for a 100Xo change in input voltage or electrode impedance. Regulation is achieved by feedback to the alternator of the motor generator unit.

Square wave at frequencies of 0.062, 0.125, 0.25, 1.0, 2.0 or 4.0 Hz with duty cycle of 250Xo, 500Xo, 75yo or lOQo/o and also DC.

-400C to *600C

±10/0 from -400C to *600C is standard. A precision time base is optionally available for coherent detection and phase IP measurements.

Current is turned off automatically if it exceeds 15QO/0 full scale or is less than 5Vo full scale.

18cm x 40cm x 53cm

4kg

CG-169 -June, 2001

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

INSTRUMENT SPECIFICATIONS:

IRIS ELREC 6 Receiver

from IRIS Instruments IP 6 Operating Manual)

Weather proof case

Dimensions: Weight:

Operating temperature:

Storage: Dower supply:

input channels:input impedance:Input overvoltage protection:! nput voltage range:

SP compensation: Noise rejection:

O rimary voltage resolution: Accuracy:

Secondary voltage windows:

Sampling rate: Synchronization accuracy: Chargeability resolution:

Accuracy:

Battery test: Grounding resistance: Memory capacity: Data transfer:

31 cm x 21 cm x 21 cm6 kg with dry cells7.8 kg with rechargeable bat.-200 C to 70"C(-400C to 70 0C with optional screen heater)HO-C to 700C)6 x 1.5 V dry cells (100 hr. @ 200C) or2 x 6 V NiCad rechargeable (in series) (50 hr. @ 20"C) or1 x 12 V external610 Mohmup to 1000 volts10 V maximum on each dipole15V maximum sum over eh. 2 to 66 automatic ± 10 V with linear drift correction up to 1 mV/s50 to 60 Hz powerline rejections100 dB common mode rejection (for Rs= 0)automatic stacking1 uV after stackingQ.3% typically; maximum 1 over wholetemperature rangeup to 10 windows; 3 preset window specs.plusfully programmable sampling.10 ms10 ms, minimum 40 ^V0.1 mV/Vtypically Q.6%. maximum 207o of reading ± 1mV/VforVp> 10 mVmanual and automatic before each measurement0.1 to 367 kohm2505 records, 1 dipole/recordserial link @) 300 to 19200 baud

OG-169 -June, 2001

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

IRIS IP 6 Dump File Format

ELREC 6 V9.41 *

t*191 Aug 5 1999 12:29dipole l trigger l domain Time T wave Programmable wind. Grad. RCTGL array

\^ 9 5.814 Sp= 83 Ro= 577.3 Ohm.m Ml^ 24.71 H2 = 2 1.35 M5= 14.47 M6= 1 1.03 M9= 5.62 M1O 4.58

I= 7000.00 Rs= 0.20H^ 8 .60 E= 0.0M3= 19.29 H^ 1 7.87M7= 9.06 I^^ 7.18

cycl= 10 Time= 4000 VJ^ 2620 M_D= 60TJ^^ 60 T^M2^ 60 TJ"^ 60 TJ*^ 60T_M5= 360 T_M6= 360 TJ*T^ 360 TJ"^ 720TJ^^ 720 T~M10= 720 ~~ ~

Spacing config. : Imperial XP^3600.0 li.P= 800.0 D^ 100.0 )G^ 2450.0

XB=~5000.0 l.AB^ 1200.0

-i 192 Aug 5 1999 12:29dipole 2 trigger l domain Time T waveProgrammable wind. Grad. RCTGL array

V= 84.644 Sp= -57 Ro= 569.4 Ohm.m M^ 24.14 M2= 21.01 N^ 14.14 M6= 10.81 M9= 5.44 M1CM 4.48

I= 7000.00 Rs= 0.12M= 8.40 E= 0.11^^ 18.95 M4= 17.48M7= 8.83 iv^ 7.00

cycl= 10 Time= 4000 V_D= 2620 M_D= 60 TJ4^ 60 T_M2= 60 ^1^^ 60 ^M4^ 60 T_M5= 360 ^l*^ 360 T^M7= 360 ^1^^ 720 T_M9= 720 T_M10= 720

Spacing config. : Imperial XP^3500.0 li.P= 800.0 D= 100.0 XA= 2450.0

XB=-5000.0 1.AB= 1200.0

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

PRODUCTION SUMMARY

QUANTEC GEOSCIENCE INC.___ 101 KingJJtreetporcupine, Ontario Client: ^ ~ Client Representative: Project Manager: Project #:

Mustang Mineral Corp.Mr. Ken LaPierre, Mr. Peter Wood Jeffrey Warne ^^^^ ^^

^QG-169Project Title: Project Location: Survey Type: Sampling Interval: Survey Date:

East Bull Lake, Parisien Lake Grid i Gerow Twp., ON ___ Time Domain IP50 metersMarch 24tn to April 2 na , 2001

DATE DESCRIPTION Line Start End TotalPhase l

24-Mar-01

J Warne, S. Mcclenaghan mob Field to Massey. Check n to Motel, drive to site, locate grid start array set up. Picked up Sylvester T'Omala arrive ~ 10:00 pm by bus in Sudbury

25-Mar-01

3 man crew. Complete array set up and start survey. Data very noisy in some sections due to low resistivity/ low current, edge effects associated with high resistivity con- :rasts and minimal chargeability response. Data consid ered acceptable if repeatability ~ +I- 1 OR reasonable confidence that chargeability low and/or -ve. Line cut only to SOON Kevin Galley arrive ~ 10:00 pm.

0+OOE 2+OOS 2+50N 450

Total Survey 450

26-Mar-01Survey Sean Mcclenaghan off sick, worked 3 man crew. 2+OOE 2+OOS 8+50N 1050

Total Survey 1050Survey. Sean Mcclenaghan off sick, worked 3 man crew.GPS:ON @ 408395E,5141107N;1100N @ 408403E, 5142191N.

27-Mar-01 Increased magneto-telluric noise required additional stacking, repeats, slowed progressGPS: 11 SON @ 408636E, 5142266N.

2+OOE

4+OOE

8+50N

12+OON

11+50N 300

5+50N 650

Total Survey 950Survey.GPS: ON@408594E, 5141113N.

28-Mar-01GPS: 100N @ 408792E,5141205N.

4+OOE

6+OOE

5+50N

2+OOS

1+50S

9+50N

700

1150

Total Survey 1850

29-Mar-01Survey.GPS: 1100N @ 408806E,5142205N. 6+OOE 9+50N 12+OON 250

GPS: 900N @ 409007E,5142006N:100S @ 408990E, 5141002N 8+OOE 12+OON 2+OOS 1400

Total Survey 1650

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

DATE

30-Mar-01

31-Mar-01

1 -Apr-01

2-Apr-01Phase M

9-May-01—— i ——

10-May-OI- - ——————

11-May-OI

12-May-01

DESCRIPTIONSurvey.GPS: 1 0ON@ 4091 99E, 51411 94N; 1100N @ 409224E, 5142192N.

GPS: SOON @ 409411 E, 5141 593N.

Survey. Occasional Magneto-telluric noise.GPS: 100S @ 409376E, 5141008N.GPS: 100N @ 409588E, 5141217N; SOON @ 409595E, 5141897N.

Survey. Magneto-telluric noise a little more evident.GPS: 900N @ 409802E, 5141979N; 100S @ 409786E, 5140991 N.

De mob to Timmins.

Remobilize Timmins to Massey.Survey. Showers off/on all day.

Survey. T-storm in morning, waited it out, start at 1pm.

Demob Massey to Timmins

Line

10+OOE

12+OOE

12+OOE

14+OOE

16+OOE

11+OOE

13+OOE

Start

2+OOS

10+OON

\J ' *J\Jt^t

2+OOS

12+OON

4+50N

12+OON

Total line k

End

12+OON

5+50N

Total Survey9-i-nnQ

8+50N

Total Survey

2+OOS

Total Survey

12+OONTotal Survey

4+50NTotal Survey

=m

Total

1400

450

1850

750

1050

1800

1400

1400

750750750750

12.5

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

OPERATOR COMMENTSExcellent weather conditions allowed the geophysical survey to proceed efficiently with very few problems.

However, unseasonably warm weather towards the end of the survey period reduced the snow-pack considerably creating unfavorable conditions for the use of snowmobiles and snowshoes. In spite of these conditions the snow- oack was sufficiently thick enough to force field technicians to shovel through the snow in order to establish ade quate contact between electrodes and overburden These factors increased the time required to complete meas- irements on each line.

The property is overlain by rich soil that was saturated with moisture for the duration of the survey, providing good electrode contact with the surrounding overburden. Overall contact resistance was low to moderate, typically ranging between 1000 and 10000 ohms. However, regions with extensive outcrop exposure and a correspondingly thin soil horizon resulted in contact resistances as high as 15000 ohms. High topographic relief made sections of some lines impassable and required short detours to avoid steep cliffs and crevasses. Highway 553 transects a najority of the lines on the grid providing excellent access. With the exception of route 553, and the established exploration grid, human encroachment on the property was minimal. Hence, there is no evidence of culture in the "cinity of the grid lines surveyed.

Between March 24th and April 2nd , 2001, active region AR9393 of the sun evolved to become the largest sunspot since 1991 (14 times the size of the earth) Increased solar flare activity during this event triggered magnetic storms and hence generated considerable magneto-telluric noise. The decrease in signal to noise ratio required lumerous repeat readings and an increase in read times to ensure the accuracy of the data collected.personal comments Sean Mcclenaghan .lunior Geophysicist April, 2001

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Quantec Geoscience Inc. TDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

LIST OF MAPS

Plan Maps at scale of 1:5000

DESCRIPTION DRAWING NUMBER1 Posted/Contoured Filtered Total Chargeability QG-169-PLAN-ROT-CHG-12 Posted/Contoured Filtered Apparent Resistivity QG-169-PLAN-ROT-RES-13 Geophysical Interpretation QG-169-PLAN-ROT-INT-1

TOTAL PLANS

Posted/contoured Profiled Pseudosections at a scale of 1:5000

No.1.2.34.5.67.89.

10.11

LINE0

2+OOE4+OOE6+OOE8+OOE10+OOE11+OOE1 2+OOE13+OOE1 4+OOE1 6+OOETOTAL

Drawing NumberQG-169-IP-DD-LINE 0

QG-169-IP-DD-LINE 2+OOEQG-169-IP-DD-LINE 4+OOEQG-169-IP-DD-LINE 6+OOEQG-169-IP-DD-LINE 8+OOE

QG-169-IP-DD-LINE 10+OOEQG-169-IP-DD-LINE 11+OOEQG-169-IP-DD-LINE 12+OOEQG-169-IPDD-LINE 13+OOEQG-169-IP-DD-LINE 14+OOEQG-169-IP-DD-LINE 16+OOE

11

TOTAL PLANS= 3 TOTAL PSEUDOSECTIONS= 11

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Quantec Geoscience Inc. rDIP Dipole-Dipole Survey

Mustang Minerals Corp. East Bull Lake l Falconbridge JV

MAPS AND SECTIONS

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ONTARIO MINISTRY OF NORTHERN DEVELOPMENT AND MINES

Work Report Summary

Transaction No: W01 70. 30742 Status: APPROVED

Recording Date: 2001-SEP-19 Work Done from: 2001-APR-16

Approval Date: 2001-NOV-01 to: 2001-JUN-01

Client(s):

303851 MUSTANG MINERALS CORP.

Survey Type(s):

IP

Work Report Details:

Claim*

S

S

S

S

S

S

S

S

S

S

S

S

S

S

S

S

S

11344^3

11344 V 4

11344^5

1134476

11344^7

11344^8

11344^9

1134480

1134481

1134482

1134487

1134488

1134489

1162192

1162193

12279-1

1231270

Perform

31,536

S802

31,788

3481

S630

S458

S516

S562

S493

81,261

S412

S550

S527

31,310

31,219

31,780

SO

314,325

Perform Approve

31,536

3802

31.788

3481

3630

3458

3516

3562

3493

31,261

S412

S550

3527

31.310

31,219

31,780

SO

314,325

Applied

SO

sosoSO

so30

30

SO

sosososo

S127

sososo

3400

3527

Applied Approve

SO

SO

sosoSO

sososososososo

S127

sososo

S400

S527

Assign

sosososososo30

sososoSO

soS400

30

sososo

3400

Assign Approve

0

0

0

0

0

0

0

0

0

0

0

0

400

0

0

0

0

S400

Reserve

31,536

S802

31,788

3481

S630

S458

S516

3562

3493

31,261

3412

S550

SO

31,310

31,219

31,780

SO

313,798

Reserve Approve

S1,536

S802

31,788

3481

3630

3458

S516

S562

S493

31,261

3412

S550

SO

31,310

51,219

31,780

SO

313,798

Due Date

2004-JUL-23

2004-JUL-23

2004-JUL-23

2003-JUL-26

2003-JUL-26

2003-JUL-26

2004-JUL-26

2004-JUL-26

2004-JUL-26

2004-JUL-26

2004-JUL-26

2004-JUL-26

2004-JUL-26

2004-AUG-31

2004-AUG-31

2002-JUN-09

2002-SEP-30

Status of claim is based on information currently on record.

41J08NE2017 2.22104 BOON 900

2001-Nov-09 08:34 Armstrong_d Page 1 of 1

Page 31: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

Ministry ofNorthern Developmentand Mines

Date: 2001-NOV-01

KEN J. LAPIERRE MUSTANG MINERALS CORP. 1351 E. KELLY LAKE RD. UNIT 8 SUDBURY, ONTARIO P3E 5P5 CANADA

Ministere du Developpement du Nord et des Mines Ontario

GEOSCIENCE ASSESSMENT OFFICE 933 RAMSEY LAKE ROAD, 6th FLOOR SUDBURY, ONTARIO P3E6B5

Tel: (888)415-9845 Fax:(877)670-1555

Dear Sir or Madam

Submission Number: 2 22104 Transaction Number(s): W0170.30742

Subject: Approval of Assessment Work

We have approved your Assessment Work Submission with the above noted Transaction Number(s). The attached Work Report Summary indicates the results of the approval.

At the discretion of the Ministry, the assessment work performed on the mining lands noted in this work report may be subject to inspection and/or investigation at any time.

If you have any question regarding this correspondence, please contact LUCILLE JEROME by email at [email protected] or by phone at (705) 670-5858.

Yours Sincerely,

Ron GashinskiSupervisor, Geoscience Assessment Office

Gc: Resident Geologist

Mustang Minerals Corp. (Claim Holder)

Assessment File Library

Mustang Minerals Corp. (Assessment Office)

Visit our website at http://www.gov.on.ca/MNDM/LANDS/mlsmnpge.htm Page: 1 Correspondence 10:16545

Page 32: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

o oCN

fl1oH

|.: : : 128734

'i : w'l^fli : •--'-' • :-'-'

o toGeneral Information and L imitations

. AddHlontri InToimitnr mut tan H D bralnBd Ihraunh t*

tMMIIt IHHtl, •n*MT)HHI*l HV^ J) n)rt. IKlUllhll) l ^ilfk, IKMIIVM. Li

nfdtaKpilikMirrikihli wirilmiBiil tturr IhiCruw *Un i*1*fci wni

iHBIC'OF

MINING LAND TENUREMAP

Date /Time of Issue May 14 2001

TOWNSHIP l AREA

BOON

10:1011 Eastern

PLAN

G-3180

ADMINISTRATIVE DISTRICTS i D IVISIONSMining Division Sudbury

Land Tltles/Registry Division ALGOMA

Ministry of N mural Resources District SUDBURY

TOPOGRAPHIC

g -,~....a ,,,,,,,

LAND TENURE

Q E

a aQ

Q

G 0a

LAND TENURE WITHDRAWALS

IMPORTAMT N OTICES

"JffiM HBM1 H

LAND TENURE WITHDRAWAL DESCRIPTIONS

* K. ifr W W. Mid 31

W Li P2znte tfnin "* 4

IMPORTANT NOTICES

riihlng in* mintrJ rimUnmH^i srtwii-st.

Page 33: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

EAST BULL LAKE PROJECT l FALCONBRIDGE LTD JV - APPARENT RESISTIVITY (ohm-m) \i JPARISIEN LAKE TARQET AREA)

EAST BULL LAKE (FALCONBRIDGE-MUSTANG JV) PROPERTY BOUNDARY

2.22104Dipale-Dipote Array

a na

Scale 1:5000100

BASELINE BASELINE

EAST BULL LAKE PROJECT l FALCONBRIDGE LTD JV PARISIEN LAKE GRID, Boon Twp., near Massey ON

TIME DOMAIN IP SURVEY

DIPOLE-DIPOLE ARRAY (a-50m, 11=1-6)

APPARENT RESISTIVITYo*

4o8)OOE m 0 409500E 0 41g)OOE m

0.125 Hz (6014 duty cycle)0.03 to 0.8 Amps

IRIS IP-6 Logarithmic Windows10 Gates (40ms to 1850ms)

50 metres

Transmitter Frequency: Transmitter Current: Decay Curve:

Bi-Directional

25 units (1x Manning Fitter Applied)

10 levels/log decadeEqual Area Zoning

Gndding Method: Grid Cell Size: Contour Interval: Colour Scale:

Survey Date: March-April, 2001

Instrumentation: Rx * IRIS IP-6 (6 channels)Tx = PHOENIX IPT-1 (3kWn.2kVoutHMG-2(2 kVA)

DWG. #: QG-169-DPDP-PLAN-ROT-RES-1

Surveyed A Processed by:

OKO^HTIIC*Map Generated by Ml Legault (May-1001) UTM Tontlation Applied: Xo- 4M3t5mE, Yo- SHOSTSmN. Rotation^ O degrees.

Page 34: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

EAST BULL LAKE PROJECT l FALCONBRIDGE LTD JV - TDIP INTERPRETATION v i iPARISIEN LAKE TARGET AREA)

Over FILTERED DPDP CHARGEABILITY

EAST BULL LAKE (FALCONBRIDGE-MUSTANG JV) PROPERTY BOUNDARY

LEGEND

CHARGEABILITY ANOMALIES

StrongZone D''mfiff- BHX ^S High Resistivity Association

(Major, Minor Axis

Contact or No Resistivity Association

(Major, Minor Axis

Low Resistivity Association

(Wajor, Minor Axis

Interpreted Chargeability Zone (from pseudosectionsj

and Associated Resistivity SignatureZone CZone of Anomalous Sulk Chargeability

(Increased Sulphides A/or Magnetite)

Contrasting Zone of High Resistivity

(Low Porosity=Qtz-Carb Altered or Weak Fracturing)

Zone A Interpreted Fault-Fracture Struture

(Low Resistivity Se Low Chargeability)

Recommended Drill-Hale (see Text)

(1st Priority, 2nd Priority)DDH#4Interpretation by: Quantec Geoscience - JM Legault (May-2001)

Dipole-Dipole ArrayZone B DDH#I

one B-B

Scale 1:5000100 200

BASELINE BASELINE

DDff#3

^ki IfI:- .EAST BULL LAKE PROJECT l FALCONBRIDGE LTD JV

PARISIEN LAKE GRID, Boon Twp., near Massey ONHff.'ff RES TIME DOMAIN IP SURVEY

DIPOLE-DIPOLE ARRAY (3=50171, 11=1-6)

INTERPRETATION PLAN MAP

CI

40S?)OOE m0.125 Hz (SO0/, duty cycle)

0.03 to 0.8 AmpsIRIS IP-6 Logarithmic Windows

10 Gates (40ms to 1850ms)SO metres

Transmitter Frequency Transmitter Current Decay Curve:

Bi -Directional25 unrts (1x Manning Filter Applied)

Equal Area ZoningJM Legault (May-2001)

Grtdding Method: Grid Cell Size: Colour Scale: Interpretation by:

Survey Date: Instrumentation

March-April, 2001

* I RIS IP-6 (6 channels)

Tx = PHOENIX IPT-1 (3kW71.2kVoutHMG-2(2 kVA)

DWG. #: QG-169-OPDP-PLAN-INT-ROT-1

QuantecSurveyed A Processed by:H V X l C S MfOffL

Map Generated by JM Legault (May-2001) UTM Translation Applied: Xo= 4Q8385mt, Y^ 5140878mN, Rotatlon= O degrees.

Page 35: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

EAST BULL LAKE PROJECT l FALCONBRIDGE LTD JV - TOTAL CHARGEABILITY (mV/V) \i J[PARISIEN LAKE TARQET AREA)

o to

g o ea

r-HO

LAKE (FALCONBRIDGE-MUSTANG JV) PROPERTY BOUNDARY

Map Generated bf JM Legault (May.2001) UTM Translation Applied: Xo- 40S3KmE, Vo- SHOSTtmH, Rotation' O degrees.

EAST BULL LAKE PROJECT, FALCONBRIDGE LTD JV PARISIEN LAKE GRID, Soon Twp., near Massey ON

TIME DOMAIN IP SURVEY DIPOLE-DIPOLE ARRAY (a^SOm, n

TOTAL CHARGEABILITYTransmitter Frequency: Transmitter Current- Decay Curve:

Station Interval:

Q ridding Method: Grid Cell Size: Contour Interval: Colour Scale:

0.125 Hz (SO'/, duty cycle)0.03 to 0.8 Amps

IRIS IP-6 Logarithmic Windows10 Oates (40ms to 1850ms)

60 metres

Bi-Directional25 units (1x Manning Filter Applied)

0.6, 2.SmVft/Equal Area Zoning

Survey Date:

Instrumentation:

March-April, 2001Rx = IRIS IP-6 {6 channels)

TX = PHOENIX IPT-1 (3kWri.2kVout)*MG-2(2 kVA)

DWG. #: QO-169-DPDP-PLAN-ROT-CHG-1

Surveyed A Processed by:

Page 36: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

o

SiSE.S^E S

S!^B s

i^^^^^MHC: 41

RES IP MF MF IP RESfin.™ 4 ft 9 Q { 9.9 4 5 fifVlfi

i r̂\! N V^ r '301 a. 2.3^ 1.4. f /\ . . \/^—- - 1 ' 4 r2 - 3 ^018

, 1 - .... . ............ . r j.

iOj n ! o i i i i i i i i i i o n i n

Int^rpr^t^tion 'Y! . , ,i, i , i ! Y ! Infprprptntinn

Appnrfint Rpsktivity ,- 1-^os , , , ^ , , , ^ N, , App^r^n^ Rf^ipttvity/L- \ Filtpr 1879 177t 5487 5075 2580 2239 Filter i u . \(ohm~m) M ller N ller (ohm-mj

n*1 2642 1805 - 2799 ^...m^ 2575 3766 n = 1

n=2 *2?9 2893 1973 — 2676 2668 5063 11=2

11 = 4 5763 J 1 SJ3~-^ 434 0\ W2 ^=4

r^S 2741 Ox956~-^699 11=5

r^6 2981^- 1638 n=6

l n t p r n r P t" o i to f i ^^2^^^^^ ^iwffiftMiwisiiBii!iW!?ii [^^^^^3 l nt p r r? rpt n t on

Tntnl rhorg^nhiiity , 1"tf30s , , , ^ , , , 1 4PON , Tntnl nhnrgprihility(mVA) Filter 2' 9 J' 3 *" 1 *'' 2' B 2' 8 Filter (mV/V)

^=1 3.8 1.9 4.J \^^6/ y i-!/ ( 4.1 n=1

[1=2 4.9. __ 4.8 4.4^^-- 2.5 XJ.8 ) 3.6 n=2

n=3 5.9 5.1 /fej5~\**l 2 - 5 3 n=3l /ffr^\\ \

n=4 7.4 ((OM \i.4l 3 n=4\N^*. ;/ '

^=5 *.lNSo^j\)3.2 n=5

n=6 6.1^1.1 n=6

Intfirprptntinn , . , , , , , , , , , Intsrpretntinn

VHol Fn^t^r , 1'f)QS . , , ^ , , , 1'fXJN , . Mfitnl Fnri-nr

(IP7Res)*10GO F ilter 1' 4 2' 6 1 l00 1' 2 l l3 l l4 Filter (IPXRes)*10QO

r-1 ,3 -^2.2- 1.5 *(Hp 0.50 } 1 .1 n~1

n-2 l!T^-v 1.7x^"2.2^i ^.90 0.70- 0.70 n~2

ns3 O^eo i \j.3 3-1 \ 0.90 0.70 n ^3

^=4 l.j'^oii^V 3.1 -v^O.B 0=4

n-5 2^2N: 0.80 N\ 4.6 n-5

n=6 2 X- S*S' 0.60 r^6

Line 0

Dipole-Dipole Arraya no a

Filter ,—rv^ r-(9v-,* * f~^T. J^^"!

* ** * v /

* * " , ' c = 50 M V \/

plot point

INTERPRETATION

wmmm Strong increase in polarization

Liisb^i Well defined tncreose in potan'zation

i - i Poorly defined polarization increase

Lpw resisiwfty feature. T T -7 sfrong, Moderate, weakbfgh resistivity feature. A A A Strong, Moderate, Weak

SURVEY SPECIFICATIONStetrumentafon: RE P-6, RxeniK PT-1

hput Wtwefbrm: 0. 125 Hz @ 50^ duty cycte Operatora: J. Wane, S. Mcclenaghan

hterpfBlxition: JM Legault, E. Stma

MAP SPECIFICATIONS

^^1,1.5.2,3,5,7.5,10,.. Contours

Scale 1:500050,^,0 _ 50 100 150,.. 200 250 300

(meters)

MUSTANG MINERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParisien Lake Grid, Boon Twp. , ON

Processing Date: 01/06/05 Drawing Number: QG-169-IP-DD-LJne 0

^fc j- . ^— T i

Q Ouant&c Geoscience Inc.Geosoff Software for the Earth Sciences

Page 37: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

Oin 01

i

S

RES IP MF 26K-, 8.5. 1.5' i

4.2J 0.77.

* J

oJ oJ

MF IP RES J. 5 -8.5 ^26K

*.0.77 L4.2 -13K

i '-O Lo -O

Interpretation

Apparent Resistivity(ohm-m) Filter

y i A

0+00H"——-*———h- 1*00 N 2+00 N 3+OON 4tOON 5+OON 6+OQN 7+00 N 8+00 N 9+00 NH———'———t— 10*00 N

6465 6907 4739 5904 3798 4103 9786 l SK 12K UK 11K 8602 8912 12K 16K 21K 18K 10K 4994 UK 2* 15K 11K 12K Filter

Interpretation

Apparent Resistivity(ohm-m)

0=2

0=3

0 = 1 2056 3553 -- 4814 - 3856 4777 , 1 429 ^- 5W7 N. 17K ^ 13K i 33K - 17K N 7285 5946 5257 v 11K , 1BK _ l,

2123 l 7 153 X^TlK J 2613 2936 4513 4406 X^ 12K 17K 17K J 1 2K Mil"" 66M 7007 17K C 23K)

3879 . 'm' 55,, ^ 3964 /6362 \ 3692 3379 VOSK 13K 13K 14K "93*7 ~~ 7675' jf 1 2K ^ 16K-— mO.^ 4095'

0=4 5751 —5007 7408—6949 4650 3527 3912 ^\ l OK UK 13K 13K UK—— I2K 11K —" M!l" — '47!1"*VN //—\N / \XN S /^S J////,6286 f m V 4846 4J64 4494 2895 \ 92B5. UK 12K .15K——16K 9383 S 4876 ^ 3 126. .7X 45K o x

0=5

[1=629J5 6286 \ UK ^ 4846 4J64 4494 2895 \ 9285 UK 12K 1SK——16K 9383 S 4876 - 3126 , , ™ ^m,

~" —- "" "" "'' 1.W l '4146 WK ̂ 'mt. \ 5SK ' 33K4170 s U K 4574 5086 3283 — 3044

44K l

56Kf 27K l yn'K

13K 14K' 20K "IJK ' ' 41'46 "~ 2246 '/S/ 28K v S5K ^ 33K 20K

Interpretation 3 Interpretation

Total Chargeability(mV/v) Fiiter

i+oo s —t—i—i— OtOO 1+00 N 2+00 N 3+OON 4+00 N &+OON 6+OC N 7+00 N 8+00 N 9+00 N 10+00 N6.1 4.7 4.9 4.1 5.4 6.3 6.6 5.6 5.9 5.8 5.4 6.4 5.3

Total Chargeability7.7 6.6 5.2 4.6 B.2 7,2 6.5 6.1 6.8 Filter (mV/V)

,1, -3.3 4,7'

[1=5

[1=6

4.5 4.9 5.3 3.8-^ 2.J ___ 2.3 5.8 , 8.1 5.8 6.6 5.2 4.3 6.4 y 3 .9' ' . t ^\,\,5.7 (.5 i.\" 5 .3 5.4 B 6.5 6.8 5.6 7.4 4,2 7.1 6.6 6.9

x il.i 4 .3 X 7.7 B.9 5.5 5.4 5.2

) ^—^ 7 x x~j x S.9 ' 7.2 4.6 --^ 7,7 ' 6 .7 7 '3.8 4.4 x 7.

6.7 5.3 5.9 5.8 6.2 f 4 .2 5.3 6.1

5 7.3 ^ 6.5 6.4 /4.4 .5.2 /^4.6

6.5 8.5 ^ 6.6 4.7 4.7 4.3 3.9

4 5^ 5.5 5.S _7^ nil

4.6\ E.6 X^2 7.9 0=2

B.i__6,8 6.7 l 4,1 5 8.1 B.I 0=3

0=4

0=5

Interpretation

Metal Factor (IP7Res)*1000

o+oo 1+00 N 2+00 N 3+OON 4+00 N 5+OON 6+OON 7+00 N 9+00 N 10+00 NFilter 1-1 0.90 1.00 0,90 1.2 1.4 0.70 0.80 0.70 0.60 0.70 0.70 0.80 0.60 0.60 0.50 0,50 0.80 1.2 1.3 0.80 0.80 0.90 0.80 niter

YV/2.4 0.80

Interpretation

Metal Factor (IP/Res)*! 000

0=1 2.2

11=2

[1=3

[1=4

[1=5

11=6

0.70 ^ 1.00 i 0.50- 1.6-^ ̂ - S fS

0.40 0.80 1.5 1.1

1.2 1.1 -x. 0.80 - 0.80 1.3

_2 ' "0.80 - O'.BO" - 1.00 0.90 1.3 1.3"*"- "O.BO 0.40 - 6.80 ' 0.30 0.50 d.

.I*/ O JO ^s 2.2 -^ 0.80 0.80 0.50 0=1

i/.ju a.-™ u.uu u.uu i.uu u.ji/ uiv i.uu \ .jff 0 .40 0,50 VA 2.8 ^- d.90 0.50 0.40 0=2' ,.-- ' ' ' s'lr^/"' '^ ps\vV'''.50 0.40 ^ 0.50 0.40 0.90 , 0 .60 - 0.40 0.40 Ml? J, 0 .20 0.30 0.70 \ 3.3 Y 0.60 0.40 0=3\ -' ( .' v,^ -----.iX ^^- \x\Xs^ \vi\0.60 0.50 0.60 ( 0.30 , 0.70 0.60 0.70 ^0.70 " 0.90 ^0.20 0,20 0.40 \ 0.90^-2.1 V 0.40 0=4

1 00 -y 1,2 \ 1".6.\ 0.60 0.60 /' 0.40 0.50 -0.50 0.70- X C,90 ^1.4 J/. 0,20 0.20 0,30 0.50 -""o.?!)^ 1.6 n*5

,0 :50 0.50 0.20 0.30 0.60 ^1.1 ^ 0.70 0.80 , 0.30 ^.BO f . 0..90

0,40 0.30 0.40 '0.80' 0.60 ' 1.00,' ' 0.30 fl,40\ 'l.i

i.50 0.!

.9 ' '0.30 0.20 0.30 0.30 0.40 ' fl'.SO

Line 200 E

Dipole-Dipole Arraya noa

Filter

* *

a = 50 M

V plot point

INTERPRETATION

Strong increase In polarization

Well defined increase in polarization

Poorly defined polarization increase

Low resistivity feature. , Strong, Moderate, Weakfeh resi! ong,

SURVEY SPECIFICATIONShstmmentatJon: IRB IP-6, Pnoerfo FT-1

Input WMsfbrm: 0.125 Hz @ SOJS duty cydeOperators J. Vfcme, 5. McOenaghan

InterpreWon: JM Legault, E. Serra

MAP SPECIFICATIONS

Contours 7. )

. 3, 5^7.5.40, h

Scale 1:500050 O 50 100 150 200 250 300

•J"" 11"""*- ~ (meters)

MUSTANG MINERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParisian Lake Grid , Boon Twp . , ON

Processing Date: 01/06/05 Drawing Number: QG-169~IP-DD-Line 200 E

Quantec Geoscience Inc.iorrrt'ore for tns tartn Sciences

Page 38: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

Ovo

orH M

O Ol

0}o

RES IP MF 24K^ 9.7 1.2.

\l

12K. 4.8-j 0.61.

l

\

Oj Oj 0..

MF IP RES 1.2 .9.7 ^24K

.61 1.4,8 -12K

LO LO

nterpretation v ——-v Interpretation

Apparent Resistivity Of" , , . ™ N , , 2f N . , . *rc", , . 4*P0 " , ^^ , . s*)"", , 7*" N. , 8^ON . , 9*pON , 10+00 K | , 11+00 N Apparent Resistivity

(ohm-m) FIIter 6939 62i8 8"' 991B 1 2lt l ttK 1 4K 1 7K ™ 1 iK 1 2K 1 3K 2 (K 1 5K m 22K 20K 2 1K 20K ! 3K 1 1K 825? 1 7K 1 7K Filter ( h m-ml

0=1 S377 11Ky 2876 ,, 17K

(1=2 2764 \\J2K A/ 3095 548B

0=4

4172 — 3527 5141 5959 O" "K t l ™ —— '5K———! X \\ 7 — _____^ S" ^1604 , 5361 6119 5350 \ \ UK l ™ , UK 12* 7 18K 16K

2163 \ 6076 5674 6549 * I7K 1BK "8135"! 17K ( 21Kv x \\ v y f J~/2587 x 5702 67t2 7600 ;5K -^ 1 IK ——"^12K

, A r^ l \ i ) /Y ^ '40K l \ 8527, \ X 26K^-^30K j 9915

44K x 23K ^~ 13K VJ^22K ^ 1 5K 9181 ~ IW/^, 21X 20K ^) '3934

\\in^^ i w UK \^ 3059 //26K 24K / , 7404

^ -rait -̂ r l in ( 26K f 14K \ | 37K 28K\\ ".6004 "\" 11K I2K ,^-^'l9K 28K j 8460

I8K ^6274 -^15K - 22K - 17K 20K ^~ 30K 19K ^"^ 5059 ^ 9396 ' /m 20K ~~~' 1 0K

7030

^=3

^=5

n=6

Interpretation Interpretation

Total Chargeability(mV/V) Filter

o+oo 1+00 N 2+00 N 3+00 N 4+00 N 5+OON 6+OON 7+OQN 8+00 M 9+00 N 10+00 N

6.7 7.9 8.3 7.9 B.8 7,6 6.9 7.3 S.7 6-3 6.8 5.5 6.4 6.2 6.1 6.2 5.S 5.4 6.6 8.8 8

8.3 8.4 5.5 i i 14 17,4- 7.8 10 v

5.9 \ 8.7 s y 4 .3 ) 8.1\ 12 10 7j 10^-^ y 7 \ V l ( \ \.

n=3

n=6

8.3 J. 4

7.7 5.5 v 4,6 5.6^ 4,4 4.7 6.5 ^4.8 5.9\ r s ~8.9 \ 6.9 5.5 6 J 4 ,3 5.2 S 7 .8

11 "\ 8.6 V 6.2 E.3 / 4 4.5 18.2 J B 5.7 5.7 6.3 \ 3.5 j 6 .6 /^ B

'6.2 6.4 G.'7—^.B.3 fl.4 8.9 ^"10 8.2^-^7 / 3-9 4.5 7 .4 6.2 7 5,7 4.9-^. 5.7 6.3 l 8 .'

4.7 6.6 5"———4,7. "7.9 9.5 8.3 9.6 8,7 j , 4.1 4.5 7.5 5.4 7 7.2 4,9 3.9 l .8.3 "~7'.6-cC~"7f \ \ l ( S \ ) i

5.2 5.4 3.6 3.9 x 9.4 9,6 8.4 9.7 ' 5 ,6 4.9 7.4 4.9^ 6 7,2 72 ' 3.8 / 6,B 9,4 9.3

.5 5.7 6.

Interpretation

Metal Factor (IP7Resl*1000 Filter

Total Chargeability Filter (mV/v)

n=1

r^4 n=5

^=6

Interpretation

O+OO I+OO 2+OOM J+OO 4+ON 5+OON 6+OQ H 7+ON 3tON 9+QON 10+00 N 11+00 N

1lCO 0 lBO C|5C 0 ' 60

li00 t ? '

D ' W 0' 60 O l50

0 '. 70- — O. i9.0 ' D ' W C l5D

0|W 0l8C D l60

Ol20

[1=2 2.1 s) 0,80 J 1,4-——1,5 O lo" " 0.90 0.70 i 0.30 0.30 l a.W ~ ''v.Wt \^S "^ s" ( s \

^=3 1.5 1,1 1.1 1.4 1.00 f 0 .50 - 0.50 - O.SO " 0.60 0.50 ~ 0,50 - ' I .'OO "' 0.40 0.2D OJO 0.40 0.30 0.40 0.40 - ' 0.60 ^ 0^40 0.40 ' 'l,3

, 20 0' 40 "x4"/' 1'™-- 1 ~ l)-, /9B

.3^ ' 0.30 0.20 0.50 0.20 0.20 0.40 0.40 0.80 ' 0.50 -, 0.70 l 2 .3

^=4

^=5

J,00 1.3 y 0.60 0.40 ( 0.70 ' 0.80 0.40 O.W t | 1j'/ 6.30 0.30 0.20 0.20 0.60~" - 0,40 0.40 0.80 i 0 .30 0.30 ,' 1.00

0.902.2 \ I.I 0.90 , 0.70 0.50 ^ 0.50 i *1.1 l f O .EO 0.40 , 0.90 s 0 .40 0.30 0.40 0.20 0.30 0.80 0.40 f 0 ,70 0.40 0.30S \ \ ^ "~ .' \~^ i' \ *-' , s' ' \ ^J ^--' ,

2 v 0.90 0.50 0.50 0.60 - 0.90 0.70 0.50 0.30 0.30 0,30 0.30 0.30 0.20 0.40 0.70 D.70 0.40 0.50

Filter

[1=1 [1=2

[1=4

[1=6

Metal Factor (IP/Res)* 1000

Line 400 E

Dipole-Dipole Arrayo na a

Filter * *

a = 50 M•t,'

plot point

INTERPRETATION

Strong increase in polarization

Well defined increase in polarization

Poorly defined polarization increase

Low resistivity feature. Strong, Moderate, Weak

SURVEY SPECIFICATIONSInstrumentation: IRS IP-6, Phoerix FT-1

Input WcMsfCTin: 0.125 Hz @ 5QK duly cycleOperators J. Wjne, S. McQenaghan

Interpretation: JM Legal, E. Sbma

MAP SPECIFICATIONS

Logarithmic ,Contours

'1, 1.5, 2, J, 5, 7.5, 10,,.

Scale 1:500050 O 50 100 150 200 250 300

i^f-!S(meters)

MUSTANG MINERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParisien Lake Grid , Boon Twp. , ON

Processing Date: 01/06/05 Drawing Number: QG-169-IP-DD-Line 400 E

Quantec Geoscience Inc.Geosoft Software for the Earth Sciences

Page 39: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

o f-

Im

oM

gm o

RES28K-

IP MF16., 1.9.

14KJ

OJ

0.94-

oJ o.

MF IP RES .1.9 ..16 -28K

r

j.0.94 p.8 .14K

l

\

.o Lo LO

interpretation

Apparent Resistivity (ohm-m)

A- ---j--y—h- interpretation

+ s 0*00 1+00 N 2+00 N 3+001 4+03 N 5+ODN &+OOI 7+00 N 8+00 N 9+00 N 10+00 N 11+00

4124 1 5K UK 1 2K 12K 1 CK 1 4K 1 6K 1 5K 1 3K 18K 1 7K 20K 2tK 26K 18KApparent Resistivity

2B7t Filter (oh ——— 3

5=1 2798 6822 vx 33K , 22K , 7 7263 - 17K - , 6256 ^, 9971 , 28K , 9 621

^=2

n=3

0=4

0=5

0=6

4012

CKM ^^ JJN j 22K , i WU - l n -^^^ fi(i y2 6999 Ov25K ) , 9471 -J 1 1K -^ B954

5253 ~~ 4599 ^. 12K 13K 7 7508

3764 """"2575 \J5K 7978 - ilk

2460 3085^-8476 r* 11K 15K 18K

11K2914 1991

IBK, 7514 v25K

13K X. .822

V "fi l ^ a-^^J -8320 Xy iQlf —

/'^C\^\\{ \13K f 1 7K \ 6377 \ V. Z6K

IBK 19K i 36K 34K

IBK m

v UK, 4002

27K 23K \, 17K l SK A 3231 2533

16K 17K ^ 1 0K

15K 17K v UK/ 4Q02 216? — 1542 0=1

J ' y/ J^ai t3 j j

. — , .-,. 19K ^ 25K 26K 2BK 25K 25K \ 17K S 4673 2562 'V;'4K 0=3

8^17 \28K __ 26K 25K 22K 25K m. 24K J 5 103 TiKA ^V& n=4

13K 14K 13K\ 20K \ 9924 \ \ 39K \ 25K 22K /- 20K 26K ZW//^ 3470 X/17K 0=5i x xv ^ V v ' N / ///y //s/

12K 14K 12K 17K 24K ̂ I4K X 39K x 22K 20K 20K 24K /- 6400 4473 ''m. 0=6

Interpretation

Total Chargeability(mV/V) Filter

Interpretation

1+QOS o+CO 1+OON 2+00 N 4+CON &+OON &+OON 7+QON 8+CON 9+00 N 10+00 N

9.1 B.8 B.2 9.B 12 9.1 7.8 9.8 9.J 8.6 8.1 7.7 6.3 6.2 6.4 4.7

5.7^——5,3 5.7 6.7 y 12 ^ 8 .7 8.9- It.——— 11 ,9,9. 7,7 7,5 6 5.8 5.5-- 4,7 2,28.7 8.9- It.

11

14 11'

,,(,7.4, 9.7^ 11 X 8- 4 ( 6.2 6.6 5.7 f 3.9 5.1

6.5

12 v 5.7——5.3 5.7 6.7 , 1 2

0=2 SAY/ W H 12 13 H "-^ia NH 12 vV 4.6 \-5.9 S S.S^s W ^ v.v .

11 f̂1-\ ^ 11 10 __ 10 ——— 50 \ 19 V 11 11 \ 4 5 J 'B.9 ' ^ f /^.l^\ 9 .4 14 11' ~ 7.S —^. B.5

t ^ ^—~~ ^— \ \ \ --x xXj M 7 ' M ^\ \ X0=4 6.9^^-7.9 8.9 6.1^6^1 11 N. W \ 9.7 X 11 O~ 7.2 'l/ 6' 8 B- 9 V 11 " 1 ! \ 6' 5 B'' 9' 1 X 7' 2 _ 7- 2 5- 8 6*

__ Vx \ \ "O ^^-^. l——^ y ^ X-—————x \ \ ^--^4.1 \ B.7 9.9 \ 16 \ K H 10 /- 6.3 7.3 S.9 8.5 \ 12 12 \ x 6.6 6.5 \ B.

\ V \W ^ l x X -—x \ \ V- - - - -^ f -l / n t J, a ^ \ n \ 1 fl * ? \

4.6

n=5

^=6 5.B \ 8.4 9.5 ^~ IB - 14 '4.8— 6.6 9.3 ^ B.? 12 H y 5.B 6,9

5.6 7.1

Interpretation

Metal Factor (IP/Res)* 1000

H———i———h-

Total ChargeabilityFilter (mV/V)

11=2

11=3

11=4

11=5

r^6

Interpretotion

1+00 s 0+00 1+00 N 2+00 M 3+ON 4+QON 5+00 M 6+OON 7+OON 8+00 M 9+00 N______________________________ ^__________ ^_________ - ^ _______ 10+00 N 11+00 Ni———i———i——————i———i——^———,———^———^—————-i———,———i——i———,———*-—~f——————p———i———i———i——————i-——r——~i~—^^.——^———i———,———i———'———^————.—^———,———^——^———i———i———^———i———t———i—-—i———i———h——,———i———i

Filter 1.7 0.60 1.00 1.00 1.5 1.5 1.3 0.80 Q.60 0.60 3.80 0.7D 0.60 0.70 0.60 0.40 0,50 0.40 0.50 0.60 0.60 0.70 0.60 1.4 1.7 FilterMetal Factor (IP7Res)*1000

r^2

r^3

r^4

r^5

0=6

1.8

0,50 ; VJ.3 1.2 1.5,——.1.6 0.80 - O.SO" ~~ 0.50 0.30 ^ 0.80 VJ-^X 0' 50 ~ 0' 60 a - m ! 0 - 30 D- M ^ - K ^ M M0 O-.*"'. 7 . l'.7 1.6'x'0 - 40 n=2

0.90 - 0.80 1.4 y elb "^1.1 X^JO ^1.1 } ;' 0.20 , 0,70 0.70^ 1.00 \ 0.40 s 0.70 0.40 0.30 0,30 0,40 0,30 0.40' ^1.4' 2 J "0-30 n=3\ \ S.' ~~ ^. Xv

..60 .1.00 **, 0.60 0.6D -^ .1.1 '.2/^ 0.50 - - 0.60 0,70 0.50 "" O.BO ^ ' 0.40 0.40 0.50 0.30 0.30 0.40 0.30 //\.4' \ .l ^, 0 .50 n^4

3.8

' ; 0.20 , 0,70 0.70 J1 1.00 \ (L40 s 0.70 f 0 .40 0.30 0,30 0,40 0,30 0.40

'0.50 - -J).60 0,70 0.50 ^ O.BO ^ X 0.40 ~ 0.40 0.50 0.30 0.30 0.40 0.30 //l."~- y"\^ x . ' v

f 2 V^ 0.70 ' 0.4D \ 0 .60 0.50 4 (1.8) l D .50 ^ -l.l 1^ 0.70 0.50 0.40 . 0.90 1 0.20 0.50 0.50 0.30 0.30 0,40 ^ 1.2 t 1.7/. 0.*X\V l s A \——^/J ,/ V 1 --" \ S --f ^ "-, 's'/ ^~/^

A 2 .3 x ^ 0.20 0.40 ~ 0.50 1.00 0.80 1.2 1,1 ^ 0.40 0.40 0.40 0.50 0.20 0.50 0.60 0.30 0.30 - -1.3 1.3 - 0.40

n=5

Geosoft Software for the Earth Sciences

Line 600 E

Dipole-Dipole Arrayna .a

Filter

a = 50 M

plot point

T v v

INTERPRETATION

Strong increase in polarization

Well defined increase in polarization

Poorly defined polarization increase

resistivity feature, ong, Moderate, Weak

High resistivity feature. Strong, Moaerate, weak

SURVEY SPECIFICATIONSbstrumentation: IRS IP-6, Phoenix IFT-1

Input Wnefcrm 0. 125 Hz ® 5t^ duty cydeOperators J. Vtame, S. McOenaghan

Interpretation: JM Legault, E. Stoma

MAP SPECIFICATIONS

LogarithmicContours

l, 1.5, 2 , J , 5, 7.5. 10,..

Scale 1:500050 O 50 100 150 200

^SSSSSSi(meters)

250 300

MUSTANG MINERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParisien Lake Grid, Boon Twp. , ON

Processing Date: 01/06/05 Drawing Number: QG-1 69-IP-DD-Line 600 E

Quantec Geoscience Inc.

Page 40: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

O CO (N

RES 27K.,

HICi

IP MFH 1.3,

0.66.

OJ Oj

MF IP RES .1.3 1 4 .27K

.0,66 L6.8

-O LO

1-14K

uO

Interpretation

Apparent Resistivity(ohm-m)

uas 2)N| t , MQN 4tpoN 5^00 N. 6400^ 7+00 N. BtooN MON 10) N II-KION14K 17K 21K 1SK

0 = 1 2462 vx 27K s 1 4K•^ir X

0=2 3079 ^T 14K

0=3 1571 \. 15K 1BK \ 12K f 7025 -- 9586

n=4 1788 ,v\ 19K 16K 9333. 4917.1 f 20K——-17K

Z3K - 16K 1SK — - 9326 27K 32K

1tK

23K -UK v. 9959 I2K t1K , 5491

Interpretation

Apparent Resistivity (ohm-m)

2139 CJ*^1691 ^ 13K

-^ —— j . ^,—— -- MT. ,

^. , .,. 15K f 24K\ V 11K' V V38K 30K 20K 1BK l 11K f 1 7K ) 9873 7307 S960

v O l l S J t \bA\ ^ l /—^ v—y j l S16K-~^23K\ M3K \ 24K J 1 4K UK/ 22K 26K ^^ 18K v x 35K 33K V UK 16K _1BK y I 2K f 6440 6776

,- v -. . . 14K ,-l5K" 17K X22K t 40K \ " 17K , \ 39K 32K \\ 14K l 23K J 13K f ' 8994 \5970

. . . x M M \ t f 1 1 \ O X^L ^ ) ~ ^y l l XUK l 5519 ^ 9 560 \ 25K 12K 13K l 2SK l 9666 16K 20K 17X 33K 38K \ 21K 27K 20K 19K 16K 9818 9250

. ^ . ^x^-^y ^ - \ li U ! J V^ \ O^-^ ~————^\ ^ "^"~*13K 12K - 17K^^- I5K " 1 9K - I6K 12K s 20K 19K -^ 24K 31K 4W x x 14K 22K 26K ' 12K 12K 11K

0=1

0 = 2

0 = 3

0=4

0=5

0=6

Interpretation

Total Chargeability(mV/V) Filter

1+00 s OKH 1+00 N —i——i- 2+OON 3+00 N

0=4

11=5

0=6

6.4 8.5 6.3 8.5 9.4 11 11

5.5 4,6 3.3 i 7 ,3y 12 9.7 , t ,Z, 1 5\ V——~—^ f f / '

4.3 \.5.2 5,7 6,6 f 12 10

4.1 \ 5.7 7.8' 9.3V H./

3.9 ^ 7.2 9.9 8,6 8.3/ 13 H 12

9+00 N 10+00 NH————.————l————————l————————l————————|————————|-

8 5.B 5.9 6.5 5.1 4.3

4.8__4.3,- 6.2 5.3 ~2.3 3,3 n = 1

\ 11 13 9.

.7 8.8\ 4.6 3.2 4.9

8,4 7.6 \ H 12 10 6.8 6.b 6.6. , .\^\ x \12 14 * B.J ^ 11 " 7.4 ' 8.9 16 9.7

Interpretation

Total ChargeabilityFilter (mV/V)

interpretation

Metal FactorIVICI.UI rUOLUf

flPXRes)*1000 rilter

H———i———l— -l————c————l————————l————l————1-

4tOON 5*OCN 7tOON 8tOON 9fOON 10+00 N 11+00 ND ' 8fl 1l00 0l7C Ol40 O lto Q' 5Q 0 ' 40 F' lter

Interpretation

Metal Factor (IP/Res)*! 000

1.6 \v 0.20 D.30 0.40 x 0.60 - O.+D - \ 1.6 1.4 v 0.40 0.50 0.30 0.50 0.40 0.80 0.70 ^ 1.00 - 0.20 0,20 0.50 0,30 0,40 ,. 0.40 0.50 O.bO 0.40 - 0,70 (1=1" ' 'U. ^

n=4

^=5

n=6

0.30^ 0.60^ 0.30 0,30 0.20 Q.50 . - 0.50 0.40 0.50 0.7011 = 2 1.4^ 0,40 0,40 0,50 | iT^-To.BD v 1.5 1.1 V 0.40 0.50 " 060 0.30 ! 0 .90 0.90, ^0.40 ,^ 0,80 V^ 0.20 0.30 0.40 0.40 ' 0.70 l 0.30 0.50 ~0.50 0.70 o-2

^ ",M 0.40 ' 0.80 1- 6 \ O.BD^-1.1 ^^ 0.90 ^J*.60 OJBO ^ 0,40 ^ Z."' ~-~ ' - -~ - - ̂ - --"

^\40^ 'o.M ^ ' 0.90 \ 1.7 \ 0^70" " 0.80 1,00 ^T 0.70 f . 0 .50 ' 0^90

T(i^' 0.60 0.70 "0.70 l.sN'o.EO { 1 .00 1.2i i 0,40 't.K) C.'

Js^ V0,60 0.60 0.80 1,1 ^ 0.60 1.00^0.60 0.80 0.70

2.6 AN O.M 0.40 0.80 1.6 V 0.80^-1.1^^,0.90 ^0.60 O.BO 0,40 ' C .70 ~ 0.70

V^V l V \ \\\ -- " '-' "-N \ \ l2.2 \X_fl.40 0.60 ' 0.90. \ 1.7 \ .0.70 "0.80 1,00^0.70 .0.50 '0.90 f 0 .60^ - - 0.50 0.60 0,30^^0,70 \ 0.20 0,30 0.40 0.40 0.50-^0.40, 0.8

-.70 0.40 0.50 - " 0.40 0,30 " 0.50 0,30 0.30 0.40 0.50 0.70 0.70

0.50 0.40 0.40 0,50 0,20 O.M 0,30 O.JO 0.40 0.60 " 0.80

0=4

0=5

0=6

(Seosoft Software for the Earkh Sciences

Line 800 E

Dipole-Dipole Arrayna

Filter* *

* *

a = 50 M

plot point

INTERPRETATION

Strong increase in polarization

Well defined increase in polarization

Poort/ defined polarization increase

resistivity feature, ong , Moderate , Weak

Jjqh resistivity feature. , itrbng, Moderate, Weak

SURVEY SPECIFICATIONSInstrumentation: IRK P-6, Phoenix IFT-1

Input Wavefcfln: 0.125 Hz ® 5C^ duty cydeOperators J. Wdme, S. Mcclenaghan

Interpretation: JM Legault, E. Sfcma

MAP SPECIFICATIONS

Loganthmic .Contours

'1, 1.5, 2, 3, 5, 7.5, 10,..

Sea e 1:500050 O 50 100 150 200

3!? (meters)

250 300

MUSTANG MINERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParisien Lake Grid, Boon Twp. , ON

Processing Date: 01/06/05 Drawing Number: QG-1 69-IP-DD-Line 800 E

Quantec Geoscience Inc.

Page 41: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

PI c*

RES IP MF30K 17 1.6..

15K, 8.3J 0.82.

OJ 0.

MF IP RES J. 6 17 p30K

-O . 82 L.8.3 15K

-O LO LO

Interpretation

Apparent Resistivity(ohm-m) Filter

H———i———l———i———I--A-

1toos (HOO 1+00 N 2+MN 3+00 N 4KX1N 5+00 N 6+00 M 7+00 N 8+QON 9+00 N 10+00 N

3796 13K l SK 15K 16K 15K 17K 20K 19K 11K 7702 18K 21K 2DK 23K 23K 20K 27K 22K 21K 13K 15K 10K 4411 7609

n = 1 3212 3286 6948 s 1 2K ; i 23K 26K , 9828 , 33K

[1=2

[1=3

[1=4

[1=5

3422 2786 V "12K / 1 9K

2972 — 3825 ,\\ 16K

3829

3409 ,- 7186,v^28K 20K 2DK 24K 24K .—- 29K 29K 3JK s I 4K ^. 5927 B43B 4744 = 3244 f 1 340\ S \ \ l { ~~~~\ \\ s—~^~^

20K 16K l 4260 3480 ' If •^-^'50^

4741 — 5240 X 15K f 29K

5578 3732 ' /27K I9K ' 1 2K 9565 -" It K'

SB^B i jjis i Tin UK j jwa ,- neo x^ ass ain Ain ^ ™' —' vi ̂ \ —^( ^-— ^s^-n ^iK 1flK I9K V 9682 1QK ~"" B955 6853 x. 16K y 22K . 18K J

25O fm"^ 1 fiK 6552 //^iTN 9146 5760 v 17K 19K .^23K

M LV K \\\\ )\ ^- CIK 7 16K 9503 ——10K ^-16K \ Z5K \x 9066 ~~ 8696 ^. UK 24K s/; \ . i /^-^ V Vxr^x ^ ^ l ^

,17K X I2K. 7226 l f 24K \ 17K X 23K^v.14K\ 7197 \ 17K 32K

i f \ ~J l l X \ N\\ ^ \ \ \ V-IK ' 12K 9565 -^ ItK 25K X 15K ' J4K ^ t1K 9472 ' 2tK

26K ' 39K 20K \K ); / i\36K 3IK 23K 24K 22K l B862 ^2302 B464 \ 1BK

' 31K /-- 29K 34K f 15K A 26K J m/ 4539 — 5149 x 9371

27K 30K 22K \, m ̂ 1 3K J 5679 / '^~~~~ S7M

28K 27K 19K 27K^ 8225 " 6079 -^11K UK

Interpretation

Total Chargeability(mV/V) Filter

p.! i-i :Ji ; 5i;!;p!nni

1+QOS o+oo 1+00 N 2+00 N 3+00 N 4+00 N 5+00 N 6+00 N 7+00 8+00 N 9+00 N 10+00 N

3.7 B.7 8.2 7.8 8.2 9.3 11 H 15 4.310 10 9.7 8.3 6.9 6.6 6,8 6.3 5.4 4.4 4,2 4.1

14 IB 16 v S.I 8,1 8.8 8.4 7.9 v 6,4

8.1 7.7^ 6.6 6.3 6,2

8 8.1 ^7,3 5.9 6.1 5.9 5.4) 4.4 4.7

sTV 4.7^ 7.1 f 1 3 12 11 II\ \ l l /-~-

6.4 1 4,5 ' ' 12 12 11 f 7 .9

8.5 8.7 B. 2 6.8 4.6 5.6 5.7 6.9 4.7 2.8t ^~--

.6 V 4.4 i10 8.5 8.6 7. B 5.6

Interpretation

Apparent Resistivity Filter (ohm-m)

[1 = 2

r^4 n=5

n=6

Interpretation

Total Chargeability Filter (mv/v)

Interpretation

Factor[ Ul^LUI

(IP7Res)*1000

1tOOS 1 'rf)ON 4fOON 10+00 N 11+00 NOJO O l60 "- 70

0=2[1=3 [1=4

(Slo ~

3 0.60

0.40 0.40

Ol40 O l30 Ol40

Interpretation

Metal Factor(IP7Res)*10QO

0 - 20

J/' 0,30 ~"fl.50r' 0=2

0=3

0.80 0.80 _ O.SO - 0.60 0.30 O.JO s 0.70 0.40 v 1,3 1.2 /- \ l \ X x ^ r———'

0.80 1.3 l 0,50 0,50 0.30 0.40 0.70 ' 0.90 1.7 1.6^^1.2 1.4 X 0.50 0.4D 0.40 0.30 0.20 0,30 0.20 0,30 0.30 , 0.80 ' 1.3

1.3 0,90 v 0.50 0.40 0.40 0,50 l (f.2 1.1 ( 2.3' ) 0 ,70^^1.2 f 1.7 N' 0.50 0.40 0.40 0.20 D.20 0,30 0.20 0.20 0.50 f 2 ) 0.40 0.10

^——^^ \ ' ' \\ \ ^f//' V \ \J^ l\ "x ' *) ^//',1.00 1.1 s 0.40 0.50 0.50 0.70 \ 1.4 1,4 ^0.90 0.70 Vl-5 1-00 ' 0-60 0.40 0.30 0.20 0.20 0.30 0.20 O.W 0/1.2 ~ 0 .80 0,20 [1=4

\ \ V . ' ~ ! \ sT,~ N s^^L-—,—^VN v . ,,/ x^-- s^=5 1.2 0.90 ^ 0.50 0.50 0,70 - 0,90 1.5 ./0.6C 0,80 ~ 0.70 - O.BO v 1.3 \ 0.50 0.30 0.30 0.20 0.20 0.30 0.40 t f 1 .2 f 0 .50 0.40 r^5

l s .- ,n=61.1 1.2 N 0.50 0.70 0.90 0,80 ~ OJO O.S)' 0.90 O.SO 1.00 1.1 0.40 0.30 0.30 0.30 0,2Q 0.40 -r.l -^0.50 0.30

Line 1000 E

Dipole-Dtpole Arraya na a

FilterJ±L

a = 50 M

plot point

INTERPRETATION

Strong increase in polarization

Well defined increase in polarization

Poorly defined polarization increase

resistivity feature.-ate, Weakv Strong, wooer*

High resistivity f A Strong, Moden:

SURVEY SPECIFICATIONSfon: IRE IP-6, flioenix IPT-1

Input Waueform: 0.125 Hz @ 50K duty cydK Operates: J. Wame, S. Mcclenaghan

Interpretation: JM Legault, E. Sara

MAP SPECIFICATIONS

Logarithmic , Contours

, 1 .5, 2, 3, 5, 7.5, 10,.,

Scale 1:500050 O 50 100 150 200 250 300

id b(meters)

MUSTANG MINERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParisian Lake Grid, Boon Twp. , ON

Processing Date: 01/06/05 Drawing Number: QG-1 69HP-DD-Line 1000 E

Quantec Geoscience Inc.Geoson b ottware for the Earth Sciences

Page 42: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

RK IP y28K-, 11. 0.46.,

14K.H 5.4J 0.23.

0-, oJ

yr IP RK^0.46 .11 ,.28K

.0.23 L5.4

.0 LO

.14K

Interpretation

Apparent Resistivity(ohm-m) Fi1ter

Interpretation

6+00 N 7+00 N 8+00 N 9+00 N 10+00 N N Apparent Resistivity26K 18K 21K IBK 24K 20K 22K I4K 15K 15K UK 7314 filter fohm-m)

20K.,-—28K x 14K - 17K , 8404 — 7931^ 96440=1 IBK !6K t7K 17K

0=2 16K f 24K

0=3 I9K 27K

[1=4 20K

[1 = 5 22K 24K 27K x\UK ^-'m. 23K , 17K' /" 7222 -j 5218

[1 = 6 16K ^ 38K ' ' 12X ' 20K—^ 21K - 18X ' t IK 8223

0=1 \\

m V.14K7 l 40K J IflK 19K 15k \ 5551 — 5798 \ 9679 0 = 2j ^ v—^ ^— \ y H i ^~-^-1K-^ 20K 26K ^20K 27K \ 17K i U K \\18BZ 2945 ^ = .^

l 7 — /^ l \ J ^^—'Vl?K /32K f 1 2M 29K 2BK 13K X 8651 ^ 5536v— LX y/ l i j s /^ A\K)

( /ir- m f m 11=6

Interpretation Interpretation

Total Chargeability(mV/V) Filter

6+00 K 7+00 N 8+00 N 9+OON 10+00 N 11+00 N Total Chargeability9.9 7.1 6.2 5.2 7.2 6.2 5.7 4.8 4.5 3.S 4.5 3.2 Filter (mV/V)

O Om

0=2

0=3

0=6

12 9.9 v 5.8 6,1 5.4 5.8 6.5 , 3 ,4 4.7

8.9 S.7 X6.+ 5.4 5,6 7.4 4,7 4.2 4.5

7.3 9.3 7,3 5.7 6.4 1 .1 6 ,3 \ i.6 4,3

7

2.9 4,4

Qo \6.3 6,4 5.5 7.1 6.3 5.5

B.3 3.1 7.4 f *,.l 5 .2 5,9 5.9 '

7.1 9.9 l 4 ,9 5 3,9' 9.1^ 4.8 ~ - 7'.5

3,9

5.3 0=2

:2.7 0=3

7,1 0=4

n=6

Interpretation

Metal Factor(IP/Res)* 1000

6+00 N 7+00 N 8+00 l 9+00 N 10+00 N 11+OON

Filter 0.42 0.40 O.Jt 0,35 0.32 0,33 0.29 0.37 0,32 0.20 0.40 0,34 Filter

Interpretation

Metal Factor (IP/Res)* 1000

0 = 1 0,66 Q.62 0,33 0.37 0.47 0.23 0.23 0.2* 0.28 0,38 0.37 - 0.45 [1 = 1 x r ^ -" ^ ~ ~- t

0=2 0.55 ' 0.37 0.33 0,29 0,41 0,19 0,26 O.J2 0.28 0.52 - . 0.86^ 0.24 [1 = 2

0=3 0.39 0.34 0.34 0.29 0.25 0.36 0.24 0.21 0.39 -0.47 -D.92 [1 = 3

0=4 0.38 0.33 O.J6 0.20 0.44 0.25 0.24 0.43 v ^0.56 r~~,~\,l 0 = 4

0=5 0.38 0.37 0.27 3.33 0.29 0.25 fl.34 D.071 ^0.47 0 = 5

0=6 0,44 0.26 0.42 0.25 0.19 0.46 0.46 - o".92 0 = 6

Line 1100 E

Dipole-Dipole Arrayno

Filter * *

Q = 50 MV'

plot point

INTERPRETATION

Strong increase in polarization

Well defined increase in polarization

Poorly defined polarization increase

T f v axxig, Moaerate, Weak

A A A!Ufe

SURVEY SPECIFICATIONS

instrumentntbn: RE IP-6, Phoenix PT-1hput Wweform: 0.125 Hz @ 5CK duty cyde

Operators: J. Vfane. S. McOenoghanInterpretation: JM Legault, E. Serra

MAP SPECIFICATIONS

Logarithmic , Contours , 1.5, 2, 3, 5, 7.5, 10,..

Scale 1:500050 O 50 100 150 200 250 300

^^^5(meters)

MUSTANG MINERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParisian Lake Grid, Boon Twp. , ON

Processing Date: 01/06/06 Drawing Number: QG-169-IP-DD-Line 1100 E

Quantec Geoscience Inc.Geosoft Software far the Earth Sciences

Page 43: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

o i-tro

o HMM

O M

RES IP MF 31K 15 Z.4.,

16K.

Oj 0.

Mf IP RES .2.4 p15 r

l^ i.1.2 [.7.6

l

l.o Lo

Interpretation

Apparent Resistivity(ohm-m) Filter

-4 - V- V H—t

18K 16K 18K 28K 2tK I5K '7K 23K 2IK 20K 10K 7230 16K 24K 2IK 20K 16K 13K 20K 17K 15K

4134 x 11K x 1134 !9K 2BK , p 12K 12K 9777

42K ; 19K

11 = 1 22K ^ !5K 16K \ 13K , v 31K 9012 L 3IK 19K

UK X 24K l 16K. HK V JOK I7K___ ZOK———21K 25K 1SK V 8168 \ 14K 8934

28K , 1BK 15K 27K — BK \ I6K 23K 'X, 6107 I , 1 BK X 11K 15K 25* 22X ' 20K 1SK X 8527 ^v I2K

20K 17K J UK UK. SDK 26K ^~~ 18K ^x +901 f/ 1 4K 20K ^ I5K 16K 27K ^— 30K 1SK

37K 29K /. 40+6 f/ 1 2K 15K 26K \ 15K Z3K

14K 14K -^ 2JK ^ I7K v 4!K UK ' 19K 25K 22K 2272 x x 22K ~ — 29K 25K 17K

Interpretation

Apparent Resistivity Filter (ohm-m)

Interpretation

Total Chargeability(mv/v) Filter

[1=2 [1=3

[1=5 n=6

Interpretation

1+00 s o+oo 1+00 N 2-00 N 3+00 N 4+00 N 5+00 N 6+OON 7+00 N 3+00 N 9+00 N

6,6 6.6 7.8 8 7.2 6.7 7.4 9.7 13 14 11 5.7 12

4,4 7,1 6,7 6,6 5,3 4.9

f! VI

} \

/5.6

14 \\ 3.8 \ 7.9 7.9 -~ 5,9 \ 3.8 4.9 5.7 4.9i \\\ \ \ ^\ \ \12.X4.4\ fl.1 B.6 \5.4 3,6 N 5.5

.9 7,1 |?.S 7 9.6" 12 13 //5-7 l 10 15 •^'^J H 13 ^\ 4,t J) 8,8 8.5\ 5.4^ 4,1 \ 5.6

6.8 5.7 8 ' 13 14 /6.I 7 ' 13 12 14 14 14 ~~~ 9.9 7.;

4.8___4.8 4.!

7.2 8.4"- 5.9-

Interpretation

Totci | ChargeabilityFilter (mV/V)

^=2

r^3

^=4

nterpretation

Metal Factor (IP7Res)*1000

1+oas o+oo 1+00 N J+QON 4+00 N 5+CON 6+OON 7+00 l 8+00 N 9+00 N

Filter 0,40 0.40 0.50 0,30 0,40 0.50 0.60 0.50 0.70 1.00 1.4 2.2 1.3 0.70 0.50 0.40 0.60 0,90 0.30 0.30 0.40

0.60 0.20 0.20 0.30 0.50 0.50 ^ 0.20 0.30 ; 0.6

3' ]\ 0.40 0,20 0.30 0,30 0.30 ' 0.60 x 0.30 0.50

[1=1 0.20 0,50 0,40 .0,50 0,20 0.20 0,30 0.20 0.50 O.SO i 3

(1=2 0.50 0,30 0.50 ^0,50 0,20 0.20 0.30 , 0,5!)' C.50

^=3 0.30 0.40 0.40 \ 0 .60 0.20 0,20 0.60 0.50 S 1 .5 0.90 1.6 0.90 \ 1.8") \ 0,30 0.30 0.30 0.20 0,30 \ 070 "0,40i ^ v ,y /i / \ -~ / v^-^ v.-.11=4 0 .40 0.40 0.50 .. 0.50 0.23 0.40 ~ 0,60.^ 1.6/ . D.BO 1.00 — 1.00 0.80 ^ 1-4^J^ 0.50 0.30 0.20 0.20 0.30 ~\ 0.70

[1=5-~ .

0.40 0.50 0.40 0.40 030 0,50 f 1 .4 O.M 1,00 0.60 . 0.90 0.60 f 2.4 ^S 0.50 0.20 0.20 0.20 0.30'- ' ' l S- .' \ i A\I r^x^-0.50 0.40 0.30 f 0 .73 - 0.3D ' 1 .00 *" C.60 ' 1,00 0.60 0.60 ~ 0.70 1.00 ' 4.4 xN^ 0.30 0.30 0.20 0.20

Filter

[1=1

[1=2

[1=3

[1=4

[1=5

[1=6

Metal Factor(IPXRes)*1000

Filter

Line 1200 E

Dipole-CIpole Arrayo na a

I l

a = 50 M

Vplot point

NTERPRETATION

Strong increase in polarization

Well defined increase in polarization

Poorly defined polarization increase

Lpw resistivity feature,derate , Weakv v Strong

A A !e, Weak

SURVEY SPECIFICATIONSInstrurerfatm RIS P-6, Phoenix IFT-1

input Waveform: 0.125 Hz @ 50^ duly c^deOperators: J. Wame, S. McOenaghan

Interpretation: JM Legal, E. Stoma

MAP SPE2',104

Logarithmic Contours

1, 1.5, 2, 3, 5, 7.5, 10,..

Scale 1:500050 O 50 100 150 200 250 300

•J " U(meters)

MUSTANG MINERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParisien Lake Grid, Boon Twp. , ON

Processing Date: 01/06/05 Drawing Number: QG-169-|P-DD-Line 1200 E

Quantec Geoscience inc.Geosoft Software for the Earth Sciences

Page 44: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

CM IN

0}a

I

RES IP MF 35K- 8.5. 1.1.,

18KJ

OJ

JL2J 0.54.

J

l

oJ

MF IP RES .1.1 -8.5 -35K

U..0.54 U.2 L1SK

LO

interpretation

Apparent Resistivity ^(oh ———) Filter 32K

6+00 N 7+00 ll ———

9+00 N—— l ——— i ——— l

10+00 Nl ——— i ——— H

11+00 l22K 19K 12K 15K 16K 12K

3904 ^ 13K I5K t W* ™9

11K 7203 4157

Interpretation

Apparent ResistivityFilter (ohm-m)

[1 = 1 51K 27K

11=2 31K 3BK

n=3

0=4

6082' (Y MK" JSK ^ 24K f 18K 1BK\ } 6334 3280 _3024

2820

y MW /JIM DSfli *x^J2K' 5996 , 3156 11 = 1

19K——~ 20K t 9047 6657 867S . 7179 "~ 6533 5497 11=2\ \ \\ y ^ ^—-25K l SK v 7S64 ^ SIM s 6004 -^4008 5187 0=3

30K—^28K 22K' 15K 8983-^5719 3304 3346 nM

0=5

Interpretation

Total Chargeability ^ (mv/v) F ilter 7- 7

6+00 N 7+00 M 8+QON 9+00 N 10+00 N5 - 3 4.3 J.9 4.2 4.3 J.6

Interpretation

Total ChargeabilityFilter (rnV/V)

n=4

^=5

S.1 4.9 3.8 3.2 3.3

7.9 7.7 \ 6.9 4.8 4.4 5.5 fi

7.4- 7.6

Interpretation

Metal Factor (IP7Res)*1000

6+00 N 7-HX) N B+OON lOt DON 11-KB NFilter 0,29 0.18 0.28 0.37 0.53 0.54 0.60 0.49 0.53 0,43 0.65 0,98

[1 = 1 0.16 0.24 0,27 j yj^3-^ O.J7 0.26 0.50 x 0.45 D.44 0.40 tt.57 C

[1=2 0.28 0.21 0.25 S 0 .66"^ 0.28 0.23 0,46 0.54 -" 0,46 0.65 ~" 0.4B ^ 0.50 s ' l - - ^ v.0=3 0.37 0.24 , ' 0 .66^,'' 0.20 0.20 O.JO 0.54 0.59 ^0.75"- 0,90 N (0.49

[1=4 0.45 ~̂ 0 .66 , ' 0 .23 0.16 0.24 0,31 0.46 . 0^90 ^ 0.49 ;1,00

n=5

^=6

1.3. 0.26 0.20 0.20 0.24 0.31 ' , 1.1 f , 2 .1 ,1 ' i \ . V —0.50 0.23 0.!5 0,19 0,22 0.35 ^ 1,8 1.3

1.3

Filter

0=1

0=2 0=3 0=4 0=5

nterpretation

Metal Factor (IP7Res}*1000

Line 1 300 E

Dipole-Dipole Arraya noa

Filter* *

a = 50 M

plot point

INTERPRETATION

Strong Increase in polarization

Well defined increase in polarization

PoorV defined polarization increase

low resistivity feature Strong, Moderate, Weak

SURVEY SPECIFICATIONSInstrumentation IRE IP-6, Ftioenix IFT-1

Input Wbvefbrm 0.125 Hz ® 3K duty c^deOperotors; J. Wame, S. Mcclenaghan

Interpretafon: JW legault, E. Slama

MAP SPECIFICATIONS

LogarithmicContours

'1, 1.5, 2, 3, 5, 7.5, 10,..

Scale 1:500050 O 50 100 150 200 250 300

BH55ii(meters)

MUSTANG MINERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParisien Lake Grid, Boon Twp . , ON

Processing Date: 01/06/06 Drawing Number: QG-1 69-IP-DD-LJne 1300 E

Quaniec Geoscience Inc.Geosoft Software for the Earth Sciences

Page 45: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

o m m

IA

RES20-

MF

1 SK 1OJ 2.1.

OJ O J i i i i i i i i i i o

IP-20

RES J9K

-10

Lo

15K

Interpretation

Apparent Resistivity(ohm—i) n lter

-A-

1-tOOS (WW 1+00 N 2+00 N 3+00 l 4+00 N 5+OON 6+OON 7+00 N

Interpretation

Apparent Resistivity21K 22K 16K I6K UK 13K 17K 13K UK 7095 17K 26K 23K 19K 1BK 9968 Filter

n = •^ 22K 24K x I9K -̂ W. 1 9K ,

[1=2 39K l 20K 17K \ 22K \ 14K J B7I2 __1DK

!BK

11=5

19Kx 11K \ 393B v 1090 y , 9851

21K \ m 1 4X

25K 22K 20K 16K'——16K " 15K l 698! ^ 9JO: J 623!

29K 22K t5K /^VJT~\ 1 5K . B1B5 5691 "" '

30K ' 1 6K 22K 22K ' 8187 5540 ' 4248 ' ' 18K' '35K 28K

Interpretation

Total Chargeability(mv/v) Filter

n=2

n=4

^=5 11=6

Interpretation

nterpretation

1+OOS 0+00 1+00 N 2+OON 4+00 N 5+OON &+QON 7+00 N

6.9 B.5 7.1 S.I 8.7 7.8 B.5 9.4 15 18 12 10 11 10Total Chargeability

8.6 8.4 5.9 Filter (mV/V)

7.4 6,4 6 6.5 5.5 5,4 i 4.3 5 .5 s 1 4 21 26 s 1 7 -x. 11 -8.4^ 7.4 6.3 5.8 2.8

T? 6.3 6,7 6.2 5.6 4.8 15 5.3 8.5 B.2 3.3 4,6

15 ^_^ X 9 ' 1 l

,,5 7.4 5.6 6// H 1 B | I J X* 7 - 8 1 0 1 5 I B 1 5 —- H \\*- 3 J 7

8-3 ' 6.2 6.1^/14 ' 15 18 '5.7 '9.5 12 12^ 17 17 ' 14*^6.7

n=4

11=5

Metal Factor(IP/Res)*! 000

1+OOS —l——— 0+00 1+00 N 2+OON 3+00 fi 4+00 N 5+00 N &+OON 7+00 N

Filter 0.30 0,30 0.30 0,60 O.I 0.70 0.8 2.2 3.8 2.8 0,90 0.50 0.60 0.50 0.60 0.70 Fiiter

Interpretation

Metal Factor (IP/Res)*! 000

6.7 v W S/1 1-1, 0 -20 0.40 0.20 0.40 0.50

0.20 0.20 0,50 0.30

(1 = 1 0.30 OJO 0.30 O.JO O.JO 0.50 * 0.80 x 0.30 ,B.70

0.20 0,30 0,40 0.30 0.40 0,60 - 0.40 , 0,60

0,40 0,30 0.30 0.50 0,30 ' 1.00 '.4 \ 2.3

D.30 0.30 0.30 0.30 0,30 ''0.90 X 2 .1—-^],*

0.20 0.30 0.30 0.30- - ^~

0.30 0.30 0,40 0.30 , 0.90 0.90 1.4 1.00 -- 0.50 0.30

Q.X 0 .40 0.30 0.60 '1.9 2.4 0.30 0.40 - 0,60 1.6 1.8 0.40

n=^

n=4

^=5

0=6

Filter * *

Line 1 400 E

Dipole-Dipole Arraya no a

l

a = 50 M

plot point

INTERPRETATION

Strong increase In polarization

Well defined increase in polarization

Poorly defined polorization increase

sng, e, WeakT v 7

SURVEY SPECIFICATIONSInstrumentatiort BS IP-6, F'hoenk IPT-1

IrpU Waveform; 0. 125 Hz @ 5C^ duty c^cieCperatasiJ. Wame, S, Mcclenaghan

hterprelatim: JM legault, E. 3arna

MAP SPECIFICATIONS

Logarithmic .Contours

'1, 1,5, 2, 3, 5, 7,5, 10,..

Scale 1:500050 O 50 100__150 200 250 300

-l b(meters)

MUSTANG M INERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParislen Lake Grid, Boon Twp., ON

Processing Date: 01/06/05 Drawing Number: QG-1 69-iP-DD-Line 1400 E

Quantec Geoscience Inc.Geosort Software for the Earth Sciences

Page 46: GEOPHYS SURV ASSESSMENT RPT REGARDING IP SURV BOON TP

RES23K-

11KJ

IP MF 18 1.8.,

0. 88.

OJ OJ J———L.

MF IP RES ,-I.B 18 -23K

.0.88 IB.8 L 11K

-O -O LO

Interpretation-•A- t- ^v-

l———P———l———————H r T

Apparent Resistivity 1'flos t.(ohm-m) Filter ™

JMM 2tTON J+QON 4*oN 5+o 7iQON, 8tQON 9+00 N KMJO N II-KMN18K 15K 13K 12K 18K 17K 18K 11K I2K I3K I8K 19K 21K 19K UK 11K 7391 11K 9387 9197 6172 2613 2753

27K 21K

0=2

^=6

20K , 8954 10K^~- 16K -X 24K 18K 11K 8474 5343 , 22K/ 12K , , 3BK j 1 8K ^ 26K i 5693 5010 , 1 3K y 7429 7966 1DK - x 2507 ^ J387 ^ '

23K 21K 2QK /!2K L 9321 f I 9K 13K V^J5' j B1B f"^ ) -S"X I 3K 12K/X 27K 27K 19K—19K ) \ WW^/ 11K B736 '3^79~X ^6372^/ 3092 — 340T7J7435B

!!K 2QK X 13K 12K 15K 2DK l SK -~~12K 14K 10K ^— 15K /^ 7127 f (26K x 17K \ 2SK \ 13K 12K __ UK x-' 3013 7781 \ 3081 — 2935 4376 X^m7 7 ^—^ x ^-x x^j -, /̂ \\ J\ ^-s \ i l r^ /^^\ \ \ l -~-N ^ //^

x -- HK^^ 17K 17K 17K y 7682 [ mj 9 614 ' fm} 9511 -^ 15K 17K 1BK \_22K j 7520 //^ 28K \ 8673 9073 5955 l 137D ^ 3856 /y 13K

^ '"" n* 14K , 8702 x11K 12K X\ 21K .^15K ^-- 21K 9527 \ 18K 14K ""^ 12K^-^ 1BK. 23K Os 9223 r 6681 J 2451 1686\ f s ^s y^-N yx y x^ P o v ^ ^— /^^\\ \\\ rl t in -KCA x^iif /^ lOOi / .M S U K X .UK l 13K ^——1IW N ISK /^7im 'X 31K \ 14K^ ?4t \ BB1I

20K

14K 19K .

' 1 8K ' 17K 7564 72B+

1BK^ 23Ks\ 9223 r 6681 X 2451 . 1686 \ { 1 1K

24K\ 6616 2806 2926 -^ 4576

Interpretation

Apparent Resistivityniter (ohm-m)

^=2

^=4

^=6

Interpretation

Total Chargeability(mV/V) Filter

n^1

n=2

1-KJOS OKWH———i———1-1+00 N 2-K10N 3*00 N 4+00 N 5+OON 6+00 N 7+00 N 8+00 N 9+00 N 10+00 N

8.3 5.5 5.1 4.5 3.B J.2 1.6 1.6 Filter7.1 S. 2 6.3 7.3 7.2 7.4 B. 3 9.1 11

4-.S 5.9 7.1 5.* - s 1 3 5,1 3.3 2,8 J.I /y 0,60 -1.2 v,-0.10 0 =3 v 6.2 5.6 6.3

9.5 ^ 13 8.5 7.9 —— 7.9 4.2 2.1 V. 3.7 1.5 ^1 0.60 1.28.8 ^-7,2 6.5 /4.5 4.5 ; 5.4 6,6 7.3

IE 18 17 169.2 \ 6.7 6.4 6.2 7.6 y 13 13

15 —— 15 -21 '118.9 l 6.6 6.9 7.7 ^ 13 6.5 5.9 3.1 4.3

Interpretation

Chargeability(mV/V)

g Interpretation ea

Metal FactorR 1*1000 Filter

OtOO 1-tOON MOM itQON 5+00 N 6+OON 7-KB 8H10N 9+00 N 1(WX)N 11+OON

Qi30 0|70 Oi(tl D' 70

net 0.30 O.JO Q.30 O.JO 0.50 0.5D 0.40 0.30 0.30-^-1.2 -^-2.4 1.9

^=2 0.40 0.30 0.30 0.40 O.SO O.JO fl.40 OJO X/ 1 .3 1 .00 \ 3 ) 1.4

0 ' 80 l iCO 0' 60

1l1

0i8

[1=3^—x-^x—,\\ lf.3 —— 1.4 f 2 .7 J 0.40

Op50 0' 50 C |50 O i50 0' 70

'^ 0' 311 0' 20 v 0' 90 ' ' 0M " O l50 ^ 1 ' 4 — ' ' ' M S.' 40 0' 40 "'

0.40 ' 0,70 O.So'VVl.a) 0.70 ^ 0.50 - 0.50 ~ ~ ILW . . ' O.SO 0.20 ~0.30

0.50 0.40 0.40 0.30 0.30 0.3D 0,4tt ix* 1.2 1.00 1.3 —— 1.4 ( 2 .7 J 0.40 0.50 ~ 0.50 0.70 0.60 -- 0.80 0,80 0.50 0.40 -" 0,90 , 0.50 0,10" ' -' -^. ~~ -^ -^ N ^"- ^ f

0,50 - 0.50 0.30 0.30 0.4G 0.40 Y . 1 .7] 0.80 IjJ,^ ",70 l^—^ i. 2 -^OO 0.80 0,50 ^' O, BO ] 0.30 \ 0.80 0.90 ~ 0.60 -1,9 0.50 0.20

0.70 0.50 0.30 0,30 0.50 jT 1 ,5 -—^^1.2 ^ 0,90 0.70 ' ,1.1x",0.80. M,7\ 0.80 '' 0.70 " 'o.90 ^ 0.50 0.30 x 0,80 f 1 .2 ^0.90 p^l.'S ^ 0.20

0.60 ' 0.40 0,30 0.50 ^ 1.8 7 0.90 0.60 -' 1.00 0.50 ' 1.1v v

0'.70 ' 1*P 'fl,40 0.50 0,20 " ' 1.00 ' 2,1 \ 1.1 0.90

Filter

0 = 1

n-2

r^3

^=4

0=5

0=6

Interpretation

Metal Factor(IP/Res)*! 000

Line 1600 E

Dipole-Dipole Arrayno

Filter* *

* *

a - 50 Mt*'

plot point

A A A

INTERPRETATION

Strong increase in polarization

Well defined increase in pdarization

Poorly defined polarization increase

Low resistivity feature, Strong, Moderate, Weak

a — r . r CL rang,

High resistwity feature. , Strong, Moderate, Weak

SURVEY SPECIFICATIONSInstrumentation: IRIS P-6, Phoenw PT-1

hput Wcneform: 0.125 Hz @ 50K duly cydeCperntors:J. Wane, S. McOenaghan

Interpfetatian: JM Legauit, E. Stoma

2 .2210 4MAP SPECIFICATIONS

Logarithmic Contours 1, 1.5, 2, J, 5, 7.5, 10,..

Scale 1:500050 O 50 100 150 200 250 300~ """-J""" 1 'C"

(meters)

MUSTANG MINERALS CORP.INDUCED POLARIZATION SURVEY

EAST BULL LAKE PROJECTParisien Lake Grid, Boon Twp. , ON

Processing Date: 01/06/05 Drawing Number: QG-169-IP-DD-Line 1 6QO E

Ouontec Geoscience /ne.Geoson Software for the Earth Sciences