review of the mackenzie igneous event property for … · watts, griffis and mcouat - ii - table of...

Revised April 29, 2005 April 5, 2005 Watts, Griffis and McOuat Limited Toronto, Canada Consulting Geologists and Engineers

REVIEW OF THE

MACKENZIE IGNEOUS EVENT PROPERTY

FOR

5050 NUNAVUT LIMITED

AND

ADRIANA VENTURES INC.

prepared by

Pierre LaBrèque, P.Eng. Senior Associate Geologist

Watts, Griffis and McOuat

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TABLE OF CONTENTS

Page

1. SUMMARY ..........................................................................................................................1

2. INTRODUCTION................................................................................................................52.1 INTRODUCTION ........................................................................................................5 2.2 TERMS OF REFERENCE ...........................................................................................5 2.3 SOURCES OF INFORMATION .................................................................................6 2.4 UNITS AND CURRENCY ..........................................................................................6 2.5 RELIANCE ON OTHER EXPERTS ...........................................................................6

3. PROPERTY LOCATION AND DESCRIPTION.............................................................73.1 LOCATION ..................................................................................................................73.2 PROPERTY DESCRIPTION .......................................................................................7

4. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTUREAND PHYSIOGRAPHY ..................................................................................................124.1 ACCESS .....................................................................................................................124.2 CLIMATE...................................................................................................................124.3 LOCAL RESOURCES ...............................................................................................12 4.4 INFRASTRUCTURE .................................................................................................13 4.5 PHYSIOGRAPHY AND NATURE...........................................................................14

5. HISTORY ...........................................................................................................................155.1 REGIONAL ................................................................................................................155.2 MIE PROPERTY........................................................................................................16

6. GEOLOGICAL SETTING ...............................................................................................216.1 REGIONAL GEOLOGY............................................................................................21 6.2 LOCAL GEOLOGY...................................................................................................25

7. DEPOSIT TYPES AND MODELS ..................................................................................27

8. MINERALIZATION .........................................................................................................31

9. EXPLORATION................................................................................................................33

10. DRILLING........................................................................................................................34


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TABLE OF CONTENTS (continued)

Page

11. SAMPLING METHODS, PREPARATION, ANALYSES AND SECURITY...........36

12. DATA VERIFICATION...............................................................................................37

13. ADJACENT PROPERTIES ...........................................................................................38

14. MINERAL PROCESSING AND METALLURGICAL TESTS .................................40

15. MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES .......................41

16. OTHER RELEVANT DATA AND INFORMATION .................................................42

17. INTERPRETATION AND CONCLUSIONS ...............................................................43

18. RECOMMENDATIONS.................................................................................................45

CERTIFICATE.......................................................................................................................48

REFERENCES........................................................................................................................50

APPENDIX 1: IOL MINERAL EXPLORATION AGREEMENT ...................................57

LIST OF TABLES

1. Land holdings..................................................................................................................92. IOL lands mineral exploration agreements schedule of payments and work

commitments .................................................................................................................11 3. Drillhole and collar location, MIE property .................................................................35 4. Budget ...........................................................................................................................47

LIST OF FIGURES

1. Location map...................................................................................................................82. Land Status....................................................................................................................103. Simplified geology of the Muskox Intrusion ................................................................23 4. Schematic model of layered mafic-utramafic intrusions ..............................................28 5. Potential gravity model cross-section ...........................................................................30


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1. SUMMARY

Watts, Griffis and McOuat Limited ("WGM") was engaged by 5050 Nunavut Limited

("5050 Nunavut") to prepare a National Instrument 43-101 ("NI 43-101") report on the

Mackenzie Igneous Event Property ("MIE Property") in support of an application for the

reactivation of Adriana Ventures Inc. ("Adriana").

The writer visited the property on August 12, 2004, and reviewed relevant reports, surveys,

studies, maps and government assessment records pertaining to the geology and the past

exploration activities.

The MIE Property is located 60 kilometres south of the coastal hamlet of Kugluktuk (formerly

called Coppermine), in Nunavut. The property is approximately 540 sq. km. in size and is

centred over the northern half of the exposed portion of the Muskox Intrusion. Mineral claims

and Inuit Owned Lands Exploration Agreements held by Gordon Addie have been acquired

by 5050 Nunavut.

The Muskox Intrusion is a textbook example of a layered mafic to ultramafic intrusive body

with a well formed feeder dyke ‘keel’, giving it a martini glass or sailboat hull shaped vertical

cross-section. Post-emplacement tilting of this area (approximately 5° to the north) and

subsequent erosion resulted in exposing the full igneous sequence; from underlying feeder

dyke, through the entire igneous sequence, up to the hangingwall contact and overlying cover

rocks. The Muskox Intrusion was a subvolcanic magma chamber that acted as a conduit for

the lower portion of the overlying Coppermine Volcanics. The Muskox Intrusion (MIE),

Coppermine Volcanics, and the Mackenzie Dyke Swarm comprise the Mackenzie Igneous

Event. The Mackenzie Igneous Event, or Mackenzie Event, is referred to as a Continental-

type Large Igneous Province ("LIP"). This type (Continental) and scale (5-10 million km3) of

LIP host world-class Copper-nickel and PGE (Platinum Group Elements) deposits elsewhere,

including Bushveld, Great Dyke, Noril’sk-Talnakh, Stillwater, and Jinchuan.


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The MIE Property contains exposures of the upper half of the igneous stratigraphy of the

Muskox intrusion as well as footwall rocks of the Coronation Supergroup and overlying

Dismal Lakes Group sediments and Coppermine volcanics. The lower portion of the igneous

stratigraphy is projected to occur below surface on this property, as these layers have been

intersected in deep drillholes, and are corroborated by continuous geophysical anomalies.

Two of three deep stratigraphic drillholes drilled by the Geological Survey of Canada

("GSC") are located within the MIE Property. Modelling of geophysical data (Thomas, 2002

and 2003) indicates that immediately north of All Night Lake, the western flank of the

intrusion breached a large sedimentary basin, potentially providing a large surface area for

metal-bearing fluids to have accumulated along the footwall of the magma chamber.

Exploration within this magmatic complex has identified concentrations of sulphides

containing Copper- Nickel (Cu-Ni) and Platinum Group Element ("PGE") mineralization

located within or in close proximity to the footwall contact, as well as anomalous PGE

mineralization in specific layers, including chromitite-bearing horizons. Geophysical surveys

have demonstrated that the approximate location and depth of the magma chamber’s axis and

footwall contact can be determined, and that some conductive targets are mineralized.

Exploration efforts to date on the Muskox Intrusion have not discovered any significant

economic deposits.

WGM concludes that this property has the potential to host large Copper-nickel and/or PGE

deposits.


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This conclusion is based on:

1. Type (Continental) and estimated scale of the regional Mackenzie Igneous Event (5 to

10 million km3) that includes the Muskox Intrusion. Comparable event: Siberian Traps,

host of the prodigious Noril’sk - Talnakh deposits (Continental type magmatic event;

estimated at 6 million km3).

2. Size and geometry of the Muskox Magma chamber: Based on surface exposure and the

Bouguer gravity signature that extends northwards, and the Feeder Dyke to the south, this

rift style magma chamber may have been similar in size to the Great Dyke, Zimbabwe.

3. Footwall sulphide accumulations may accumulate at or near the juncture of the underlying

feeder dyke and the base of the magma chamber. Example: Jinchuan.

4. Although no economic deposits have been located within the Muskox Intrusion, there are

PGE-enriched layers on the MIE property, and localized high-grade Copper-nickel-PGE

occurrences have been noted on the footwall flanks of the Muskox Intrusion, on an

adjacent property to the south. Note: There is nothing to suggest that specific mineralized

sites on an adjacent property extend onto this property, only that the same style of

mineralization may occur on the MIE Property.

It is on the basis of these generalized similarities with world-class deposits, anomalous PGE

values in layers sampled on the MIE property, and demonstrated localized metal enrichment

on an adjacent property, that the following recommendations are made.

WGM recommends a two phase exploration program at an estimated cost of $2,960,000.

Phase 1: $640,000

The initial phase should commence with acquisition of digital base map and registration of

the property boundary. A property scale airborne gravity gradiometry, magnetic gradiometry,

Laser Scanner (LIDAR) and digital photogrammetry survey should be flown when the ground

is mostly snow-free (July-August). During this stage a small helicopter or float-plane

supported program would use GPS to ground-truth positions and permit mapping and


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sampling for a physical properties database (location, lithology, composition, structure,

density, magnetic susceptibility, and spectral signature). The final component of this phase

involves integrating data to create a 3-D interpretation of the Muskox magma chamber and

surrounding rocks.

Phase 2: $2,320,000 – contingent upon the results of Phase 1.

The second phase of the exploration program would drill-test ‘high-ranking’ geophysical and

geological targets generated from Phase 1. Site-specific gravity and SQUID EM geophysical

surveys should be carried out over 8 priority targets. A 3,000 m drill program is proposed,

this would include downhole geophysical testing of the drillholes.


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2. INTRODUCTION

2.1 INTRODUCTION

This report is prepared at the request of the directors of 5050 Nunavut Limited ("5050

Nunavut") to review available data and make recommendations regarding future exploration.

The report will also assist Adriana Ventures Inc. ("Adriana") in determining if acquisition

of this property is appropriate, with respect to their plan to reactivate as a mineral exploration

company. 5050 Nunavut Limited has acquired a large (540 km2) property situated 60 km

south of Kugluktuk in Nunavut, Canada. The property is centred on part of the Muskox

Intrusion, a layered mafic-ultramafic intrusive known to contain Ni-Cu-PGE sulphide

mineralization along its basal contact and PGE-Chromite mineralization within layers.

5050 Nunavut plans to conduct exploration with the goal of locating economic concentrations

of mineralization. The company plans to compile and model existing geophysical data and

complete additional detailed surveys designed to locate and outline potential structural traps

that may host sulphide mineralization, primarily along the ‘keel’ and elsewhere along the

basal contact.

2.2 TERMS OF REFERENCE

Watts, Griffis and McOuat Limited ("WGM") has undertaken an independent technical

review of the property and has prepared this report in compliance with National

Instrument 43-101 ("NI 43-101") standards. WGM considers the Mackenzie Igneous Event

("MIE") property as a property of merit, suitable to support the reactivation of a public

company, Adriana Ventures Inc. This report describes the materially significant aspects of the

MIE property and recommended exploration program but is not intended as a full or detailed

property description or review due to the vast amount of work and data that has been

accumulated by previous industry, government and academic workers on the Muskox

Intrusion. The author of this report examined information available as listed under


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"References" and presents his summary of the information he deems material to this technical

review.

2.3 SOURCES OF INFORMATION

The author visited the property together with G. Addie in August 2004, examined the host

stratigraphy and confirmed that no field work had been undertaken on the property since

2001.

The author has reviewed assessment files available on the internet and at the Geological

Survey of Canada ("GSC") in Ottawa, as well as numerous publicly available technical

reports by previous explorers and provided by the property owner. Numerous discussions

were also held with the Principals of GPR Geophysics Inc. and ARKEX Limited to

investigate the capabilities of modern geophysical techniques.

WGM has also reviewed the land tenure and legal agreements covering the MIE Property.

2.4 UNITS AND CURRENCY

Metric units are used throughout this report unless noted otherwise. Currency is quoted in

Canadian dollars ("C$").

2.5 RELIANCE ON OTHER EXPERTS

WGM has verified land tenure by reliance on records or copies of records provided by the

Mining Recorder’s Office, or the office of NTI.


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3. PROPERTY LOCATION AND DESCRIPTION

3.1 LOCATION

The property is located in Nunavut, Canada, 60 km south of the coastal hamlet of Kugluktuk

(formerly called Coppermine), approximately 540 km north of Yellowknife, (Figure 1).

3.2 PROPERTY DESCRIPTION

The property is composed of 37 contiguous staked claims on Crown lands (subject to the

Canada Mining Regulations) covering approximately 85,000 acres and two adjacent Inuit

Owned Lands Mineral Exploration Agreements (CO62-04-01 & CO62-04-02), between

Nunavut Tunngavik Incorporated and Gordon Addie, signed April 1, 2004. These agreements

cover 19,711 hectares (ha) of mineral rights. 5050 Nunavut acquired 100% interest in this

property from Gordon Addie. Property rights are sub-surface only (Table 1 and Figure 2).

Crown land mineral claims were located with handheld GPS. IOL Agreements were acquired

via a paper-staking application process. Outside boundaries of IOL CO62 have been

surveyed. Internal boundaries are described by latitude and longitude. There are no known

workings or improvements on the MIE property. Permits to conduct the first phase of

proposed exploration are in place.

Work Commitments and Annual Fees

Mineral claims require $2.00/acre of allowed work to be performed annually, or money paid

in lieu. The next deadline for completing field work is October 5, 2006. The cost of

maintaining Inuit Owned Land parcels escalates with time. CO62-04-01 and CO62-04-02

became effective April 1, 2004. The first anniversary date has been extended by six

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TABLE 1 LAND HOLDINGS

Inuit Owned Lands Acquired Hectares Expiry date NTS CO62-04-01 April 1, 2004 9,847 hectares Oct 1, 2005 86O/03 CO62-04-02 April 1, 2004 9,864 hectares Oct 1, 2005 86O/03

Mineral Claims GA 1 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 2 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 3 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 4 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03,04 GA 5 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 6 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 7 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 8 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 9 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 10 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03,04 GA 11 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 12 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 13 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 14 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 15 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03,04 GA 16 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 17 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 18 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 19 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/04 GA 20 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03,04 GA 21 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 22 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 23 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 24 Oct 5, 2004 2401.75 acres Oct 5, 2006 86O/03 GA 25 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 26 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 27 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 28 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03 GA 29 Oct 5, 2004 2517.94 acres Oct 5, 2006 86O/03 GA 30 Oct 5, 2004 2582.5 acres Oct 5, 2006 86O/03,04 GA 39 Oct 5, 2004 778.35 acres Oct 5, 2006 86O/03 GA 40 Oct 5, 2004 573.26 acres Oct 5, 2006 86O/03 GA 41 Oct 5, 2004 1903.88 acres Oct 5, 2006 86O/03 GA 42 Oct 5, 2004 1903.88 acres Oct 5, 2006 86O/03 GA 43 Oct 5, 2004 611.56 acres Oct 5, 2006 86O/03 GA 44 Oct 5, 2004 356.49 acres Oct 5, 2006 86O/03 GA 45 Oct 5, 2004 1771.37 acres Oct 5, 2006 86O/03

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months, to October 1, 2005 by payment of an additional $9,855.50. The first anniversary

work commitment then increases from $4/hectare to $6/hectare to incorporate the additional

½ year extension. Phase 1 of the recommended work program will fulfil current work

commitment obligations on the listed mineral claims and IOL parcels up to October 2006. An

IOL fee payment of $39,422 will come due on October 1, 2005.

TABLE 2 IOL LANDS MINERAL EXPLORATION AGREEMENTS

SCHEDULE OF PAYMENTS AND WORK COMMITMENTS Anniversary Oct 1 Annual Fees Work Commitment (On Signing) $1.50/hectare (Paid) 1 2005 $2.00/hectare $6.00/hectare 2 2006 $2.00/hectare $4.00/hectare 3 - 5 2007 - 2009 $2.00/hectare $10.00/hectare 6 - 10 2010 - 2014 $2.50/hectare $18.00/hectare 11 - 15 2015 - 2019 $4.00/hectare $30.00/hectare 16 - 20 2020 - 2024 $4.00/hectare $40.00/hectare

Nunavut Tunngavik Incorporated retains the right to a 12% Net Profits Interest if portions of

IOL CO62 are converted to lease and are brought into commercial production. Mines

established on Crown land are subject to royalties as prescribed by Sections 64 to 69 of the

Canada Mining Regulations ("CMR").


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4. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND

PHYSIOGRAPHY

4.1 ACCESS

The MIE property is located 60 km (northern edge) to 90 km (southern edge) south of

Kugluktuk, Nunavut, and is 500 to 530 km north of Yellowknife, N.W.T.

Access to the nearest community, Kugluktuk, is by air. Kugluktuk has a municipal airport

with daily commuter flights to and from Yellowknife. Float, wheel, and skied aircraft and

helicopters are all supported from Kugluktuk, but are based and chartered out of Yellowknife.

The MIE property contains several lakes large enough for planes (typically Twin Otters) to

land on. These include Mouse, All Night, Speers, and Drill Lakes.

Vehicular travel on the property is prohibited during the summer to protect the tundra and

permafrost. Winter haulage roads may be permitted to allow ground transport of bulk fuel

and equipment. Snowmobiles are permitted during the winter.

4.2 CLIMATE

The region is a sub-arctic desert with limited rainfall. Kugluktuk receives 200 mm

precipitation annually, with most arriving in the summer as rain. Lake ice typically begins

melting in mid-June, and freezing begins again in late September or early October.

4.3 LOCAL RESOURCES

Water is available throughout the property for all exploration needs.


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4.4 INFRASTRUCTURE

Kugluktuk

Kugluktuk (population 1,200) is on the shore of the Coronation Gulf. Most heavy materiel

(such as building supplies, vehicles, and bulk fuel) arrives by summer barge from Hay River.

Daily flights from Yellowknife provide fresh provisions and air transport for the community.

There are two hotels, a taxi, two general stores, and other basic infrastructure for a small

community. Bulk fuel (diesel, heating oil, Av-gas, and helicopter fuel) is usually available.

The availability of supplies and services in Kugluktuk is limited.

A preliminary survey confirmed the opportunity to establish a deep-water port at Kugluktuk,

if economics justified its development.

Unskilled labour is available locally, but most skilled workers will need to be brought in. As a

condition of exploration, local Inuit are to be hired and trained, and Inuit companies

contracted, when possible. Experienced workers for all phases of exploration and

development, and most supplies and services are readily available in Yellowknife, a well-

established mining and logistics centre.

MIE Property

There is no permanent infrastructure inland from Kugluktuk. Permits to create winter road

access from Kugluktuk to the property have been approved in the past. The nearest

exploration camp is located at the western edge of the MIE property, where Hornby Bay

Exploration Limited maintains a large camp on the shoreline of Mouse Lake. With

appropriate permits, temporary camps can be constructed within the property.


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4.5 PHYSIOGRAPHY AND NATURE

The property is located in an area of moderate relief. Elevations range from 270 m to 650 m

above sea level. Vegetation is typical of the South Arctic ecozone and consists of lichens,

mosses, wet sedge meadows and willows. Small stands of stunted spruce trees exist within

the valleys of the Coppermine River and Melville Creek. Wildlife includes herds of caribou

and occasional muskoxen. Grizzly bears occasionally traverse the area. The West Kitikmeot

Land Use Plan provides details on individual species found in the region.


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5. HISTORY

5.1 REGIONAL

Pre-European Mining

Until recently, the Inuit of this region collected native copper from surface and used it to

create implements. As a result early European and Canadian explorers called the Inuit of this

area the Copper Eskimo.

Early Exploration

In the 1770s, the Hudson Bay Company dispatched Samuel Hearne to search for the source of

the copper used by the Inuit. He eventually found native copper, but not in economic

quantities.

Twentieth Century Exploration

Exploration of the Coppermine volcanics took place in the 1930s and in the 1960s. The

Coppermine staking rush of the 1960s resulted in the discovery of over 250 separate copper

mineral occurrences within 1:250,000 scale mapsheets 86O and 86N (Carriere and Kirkham

1992). This exploration resulted in the discovery of the DOT 47 (or Wreck Lake) deposit. It is

a tabular copper deposit, located within a conjugate fault associated with the regional-scale

northeast-trending Teshierpi Fault. The 1970s saw large scale uranium exploration in the

region. A number of uranium occurrences were found within Hornby Bay Group sedimentary

rocks. In the 1980s the area was the focus of copper-nickel-PGE exploration, primarily within

the exposed portion of the Muskox Intrusion. Exploration in the 1990s included the Muskox

Intrusion, and the commencement of large-scale diamond exploration throughout the arctic.

Twenty-first Century Exploration

Present exploration in the area involves all the previously known mineralized areas, and for

all the above-mentioned minerals.


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5.2 MIE PROPERTY

Records indicate that various companies mapped and conducted detailed exploration on the

MIE property during the periods: 1955-59 Inco Limited/Canadian Nickel Company Limited;

1977 BP Minerals; 1986-1988 Equinox and International Platinum; 1996-2001 Muskox

Minerals.

The Muskox Intrusion was discovered in 1956 by Inco Limited/Canadian Nickel Company

Limited ("INCO") as the result of an airborne reconnaissance survey. During the summers of

1957-59, INCO conducted extensive surficial and near-surface exploration for Ni-Cu

mineralization at the Muskox Intrusion. Nineteen of 117 shallow holes they drilled on the

intrusion are located on this property (Hulbert, 2005). Despite the good results obtained from

two of these holes:

1. 7.6% Cu, 3.21% Ni, 16 g (Pd+Pt+Au)/t over 5,48 m in the Pyrrhotite Lake area; and

2. 9.3% Cu, 3.5% Ni and 22 g (Pd+Pt+Au)/t over 1.3 m in the Speers Lake area, they

abandoned the property. It is not known if INCO carried out any follow up work, they

only reported that they did not consider this property to be of economic interest to them at

that time.

C.H. Smith of the Geological Survey of Canada ("GSC") produced a preliminary geological

map of the Muskox Intrusion in 1959-60. In 1961-62, the GSC flew aeromagnetic and

conducted gravity surveys (GSC geophysics paper 1739). The following year the GSC

conducted a drilling programme consisting of three holes for a total of 10,000 feet (3,400 m).

Two of the three stratigraphic holes, labelled North (1,130 m deep) and East (700 m deep),

are located on the property. This drilling was designed to provide a complete stratigraphic

section of the Muskox Intrusion, from the roof to the basal contact and to test the nature of the

unexposed part of the layered intrusion for petrological and structural purposed to assist in

determining the origin and cooling history of the structure. These holes were subsequently

surveyed with a variety of down hole geophysical instruments used to conduct geophysical

profiles of the strata. The drilling and testing were designed for the purposes of scientific


- 17 -

study, mineralization was not targeted with these drillholes. The total stratigraphic thickness

was determined to be at least 2,000 m, depending where it is measured. The resultant

stratigraphic profile and model generated from the results is shown in Figure 5. When Hulbert

later re-sampled drillhole GSC South, a horizon was found, (311 m above the bottom) that

graded 2.01 ppm Pt and 3.13 ppm Pd. This lower horizon has never been followed up..

From 1959 to the present, the GSC have authored approximately forty articles related to the

Muskox Intrusion - including maps, papers, open files, compilations and presentations. These

include the 1965 mineralogical studies on the native metals of the Muskox Intrusion, (paper

65-02). Between the years 1965-69, the geochemistry of the sulphides and sulphur isotopes of

the intrusion was studied by (Chamberlain and Sasaki) and the 1971, T.N. Irvine published

his theory of the emplacement of the Muskox Intrusion (paper 71-1).

In 1977, BP Minerals ("BP") acquired most of the Muskox Intrusion as part of a huge

property. Although their focus at that time was uranium exploration, they also examined and

sampled the chromitite layers located within the MIE Property. P. Laznicka, on behalf of BP,

estimated an unclassified resource of 5 million tons grading 15.3% Cr2O3 with some

anomalous values of Ni, Cu, Pd and Pt. This historical estimate was not prepared according to

NI 43-101 standards and neither WGM nor 50-50 Nunavut nor Adriana has audited these

estimates nor made any attempt to classify them according to NI 43-101 standards. It is

presented because WGM considers it to be relevant and significant (see Section 8:

Mineralization, for details). These estimates should not be relied upon. After the field season

of 1977, they abandoned further exploration of the Muskox Intrusion.

In the late 1980s, Equinox Resources Ltd and International Platinum Company carried out

extensive exploration work including mapping, surface sampling, shallow drilling and local

geophysics. Within the MIE property, International Platinum drilled eleven holes (1,182 m)

and Equinox drilled four (769 m). Equinox reported values of up to 4.3 oz Pd/t, 0.3 oz Pt/t

and 0.2 oz Au/t from trench samples. Only one drillhole returned significant assay of

4.8% Cu, 2.0% Ni, 5.8 g (Pd+Pt+Au)/t over 13.74 metres of core length. Most of this


- 18 -

drilling, tested the Pyrrhotite Lake area, in the southern part of the intrusion, south of the

property.

The Government of Nunavut, archives record numerous geophysical surveys, namely

horizontal loop-EM were carried out on the claims held by 50/50 Nunavut. These EM

surveys outline a number of conductors most of which, were categorized as “near surface”.

Equinox tested several of these by drilling without significant results.

In 1995, Muskox Holdings Ltd. which later became Muskox Minerals Corp., staked the

Muskox Intrusion and commenced exploration in 1996. Airborne geophysical surveys

(HummingbirdTM Magnetic and Electromagnetic) were flown over much of the exposed

intrusion, including the northern (475 line-km) and southern portions (880 line-km) of the

current property. They also mapped and sampled chromite-bearing horizons.

The gravity survey delineated a North-South trending dense body more than one km long

which coincides with the interpreted massive sulphide anomaly detected by the UTEM survey

(Seeman, 1996).

In 1999, a deep penetrating ground geophysical survey was carried out by Zonge Engineering

and Research using the Controlled Source Audio-Frequency Magnetotellurics ("CSAMT")

technique. The survey which covered 42 line-km with readings at every 100 m outlined a very

strong conductor, 400 m wide on three adjacent lines spaced 500 m apart. The conductor was

located over the base of the southernmost end of the layered series, (south of the property of

50/50 Nunavut Limited) and is consistent with interpreted sulphide concentrations in the

feeder dyke.

In 2000 and 2001, additional geophysical surveys including ground magnetics, AMT and a

Controlled Source Audio-frequency Magnetotellurics were carried out to detail existing

anomalies and to test areas of known sulphide concentrations reported by previous operators.


- 19 -

Muskox Minerals drilled 40 holes totalling 9,300 m to test the main geophysical targets and to

confirm values previously reported from the holes drilled by INCO and Equinox. Records

indicate that some of these holes reportedly have been surveyed using the Crone Pulse EM

techniques. The current Muskox Minerals web site portrays the summary of their previous

work but does not detail the results of their most recent surveys. They do however provide a

table of mineralized intersections from within the Basal Margin.

Basal Margin Occurrences Grades Widths (m) Pyrrhotite Lake 16.0 g Pd/t, 7.6% Cu, 3.2% Ni 5.5 N.Speers Lake 43.1 g Pd/t, 0.6 g Pt/t 0.1 S.Speers Lake 47.7 g Pd/t, 5.0 g Pt/t, 4.6 g Au/t 0.4 SE McGregor Lake 126.2 g Pd/t, 11.5 g Pt/t 5.6 g Au/t 0.8 Sulphide Breccia 9.3 g Pd/t, 1.4 g Pt/t 0.1

Complete details of these exploration programs and their results are contained within several

volumes of assessment reports for each of: Equinox, International Platinum, and Muskox

Minerals (see references).

In 2002, a “Spectrem” airborne survey was flown over much of the area as part of a

option/joint venture agreement between Anglo American Exploration Canada ("AAEC")

and Muskox Minerals. This program also included data compilation, targeted UTEM and

PEM ground geophysics, over the western margin area. Eight holes totalling approximately

2,030 metres were drilled to follow up targets identified in 2003-2004. These results have not

been published. AAEC did not exercise its option.

Except for the above airborne survey, exploration on the 50/50 Nunavut property has been

idle for the last few years.

Mike Thomas, a research geophysicist with the GSC, collected and compiled density and

magnetic susceptibility measurements of each lithology in and around the intrusion. He then

performed inverse modelling of gravity and magnetic data across several cross-sections. This

work has improved the definition of the footwall geometry of the intrusion, re-aligned the

intrusion’s footwall axis and demonstrated that both magnetism and gravity are effective


- 20 -

exploration tools on this property (Thomas 2002, 2003). In 2004, 5050 Nunavut Limited hired

a graduate student to collect more magnetic susceptibility measurements from archived core

and hand specimens.

In 2005, Larry Hulbert is expected to release a new GSC Open File; a digital geology map of

the Muskox Intrusion. It will include a compilation of copper and nickel samples taken over

the intrusion and will indicate the collar locations of all previous drillholes. Three hundred

and eighty-five copper-nickel samples plot within the MIE property.

The GSC holes remain significant to the future development of this property. Core from these

historic holes is maintained in the GSC core library in Ottawa. Data from the core established

the stratigraphic column for the Muskox Intrusion, and has allowed a wide range of scientific

investigations to be carried out, resulting in progressive refinements of the geological model.

Re-sampling by Hulbert identified new mineralized layers of interest. Most recently,

measurements of physical/geophysical rock properties has allowed new geophysical inverse

modelling techniques to be applied. If the GSC holes had been drilled to day it would have

cost 50/50 Nunavut Limited in excess of $680,000.

There are no known resources on the property.


- 21 -

6. GEOLOGICAL SETTING

6.1 REGIONAL GEOLOGY

The Muskox Intrusion is located within the Bear Province of the Precambrian Shield.

Basement rocks in this area are Paleoproterozoic in age and are mapped as Coronation

Supergroup: Akaitcho Group, Recluse Group, Epworth Group, Hepburn Intrusive Suite, and

the Hornby Bay Group. The Hornby Bay Group sits unconformably above the other Groups.

Coronation Supergroup rocks are unconformably overlain by Mesoprotorozoic Dismal lakes

Group sediments.

The Mackenzie Igneous Event was then injected into existing strata at 1.267Ga ±2Ma.

The Coppermine Homocline subsequently tilted the rocks of the region approximately 5° to

the North.

Erosion and glaciation produced the current exposures and surficial landscape. Local

depressions are till covered, and there are minor eskers present.

Detailed regional paragenetic sequence, stratigraphy and structural history are described in:

Barager and Donaldson, 1973; Kerans, 1981; Hoffman and Hall, 1993; Cook and MacLean,

2004; and Hulbert, 2005.

6.1.1 MACKENZIE IGNEOUS EVENT

The Muskox Intrusion, Coppermine Volcanics, and the Mackenzie Dyke Swarm comprise the

Mackenzie Igneous Event. The Mackenzie Igneous Event, also described as the Mackenzie

Event, is classified as a Continental-type Large Igneous Province ("LIP"). The Mackenzie

Igneous Event, dated at 1.267Ga ±2Ma, is one of the largest continental magmatic events

known. The Mackenzie Dyke Swarm has been exposed by erosion over 100° of arc (that


- 22 -

equates to an area of exposure of 2.7 million square kilometres). This Giant Dyke Swarm

radiates southwards from a focal point in Nunavut, throughout the Canadian Shield, extending

as far as south as Quebec and Ontario (Buchan and Ernst, 2004). This type, ‘Continental’, and

scale of igneous event - magma volume estimate: 5-10 million km3 (Ernst, per comm., 2004)

is similar in size to the Siberian Traps, which are estimated at 6 million km3. Much of the

magma was expelled to surface, forming laterally extensive flood basalts called the

Coppermine volcanics where exposed, and the Tweed Lake volcanics further to the west. This

three kilometre thick package of flows and related sills extends for hundreds of kilometres

east (Bathurst Inlet) and west (Mackenzie River) of the Muskox magma chamber, and extends

from the MIE property northwards.

Muskox Intrusion

The Muskox Intrusion exhibits a ‘hull and keel’ shaped vertical profile (Figure 3). The

Muskox Intrusion has a north-south trend and an exposed strike length of approximately

120 km.

North of the Coppermine River the "main body" of the intrusion is exposed. It has a funnel-

shaped cross-section with walls dipping inwards approximately 25° to 35°. The entire

intrusion plunges to the north at about 5° and has an exposed maximum width of about 12 km.

It is between the East and West margins of the magma chamber that laterally-extensive layers

have developed.

The Muskox Intrusion has been subdivided into marginal zones, a layered series, a

granophyric roof zone and a feeder/keel dyke.

Feeder Dyke

The feeder dyke (150 to 400 m wide) is comprised of segments consisting of fine-grained

gabbro and picrite. According to Irvine and Smith (1967), this dyke was fed only a small

portion of the magma (cycle 1) that makes up the main body. It is believed that most of the

Historical Outline ofMuskox Minerals Property

Section Can

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MIE PROPERTY

StarbridgeLake

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Coppermine River

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SIMPLIFIED GEOLOGY

Coronation Supergroup

Copper Creek Formation

Keel Dyke

Roof Zone

Muskox Intrusion

Margin Zones

Layered Series

GSC drill hole location

Location ofoccurrences

referencedbasal margin

N. SpeersLake

S. SpeersLake

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Simplified Geology Of The Muskox Intrusion

Figure .3

MIE PROPERTY, NUNAVUT

GAN REV \ GAN_02_SimplifiedGeol_MuskoxIntrusion.cdrLast revision date: April 2005Thursday, 28


EastHole

NorthHole

SouthHole


- 24 -

magma in the main body entering laterally from the north (Irvine counted 25 cycles) or from

other magma chambers located at depth. Hulbert (per comm. 2005) has identified at least two

sites along the exposed feeder dyke where more than one magma pulse entered the magma

chamber from below. His evidence includes breccia fragments from an earlier pulse, and

identification of a later Cu-Ni-PGE rich sulphide magma with a distinct isotopic signature.

The feeder dyke walls are approximately vertical. External contacts are sharp and in places

show some metamorphism with the host metasediments. Within the dyke itself, the contacts

between the gabbro and picrite are gradational and are generally symmetric from the walls to

the core.

Marginal Zones

The marginal zones are described as grading upwards from tholeiitic gabbro along the

footwall contact, through picrite, to a feldspar peridotite. The margins of the intrusion are

sulphide-rich, and are gossanous along much of their surface exposure.

Layered Series

The layered series occupy the bulk of the intrusion and consist of a differentiated series of

mafic-ultramafic magma layers. This sequence comprises 42 mapable layers of 18 different

rock types, distributed in some 25 cyclic units. Generalizing, dunite is found at the base,

followed stratigraphically upward by pyroxenite, then gabbro and at the top a granophyre-rich

gabbro. Much of the olivine in the exposed portion of the intrusion has been serpentinized.

Individual layers range in thickness from 10 to 1,100 feet (3-350 m); have well developed

contacts, and relatively constant compositions. Cookenboo et al (1998) and Williams (2003)

note that the Muskox Intrusion acted as a subvolcanic chamber conduit for the lower portion

of the overlying Coppermine Volcanics.


- 25 -

6.2 LOCAL GEOLOGY

Outcrop Lithologies within the MIE Property

The northern part of the property consists of flows and sills of the Coppermine volcanics.

These continental flood basalts were extruded onto stromatolitic carbonates of the Dismal

Lakes Group.

Dismal Lakes sediments are thinner (300 m) on the east side of the property than on the west.

The western half of the property lies on the eastern edge of a major sedimentary basin. Sills

(related to the Muskox Intrusion) outcrop within the sedimentary package in the southwest

quadrant of the property.

The Muskox Intrusion is well exposed along the eastern side of the MIE property. The

southeast corner of the property has exposures of the upper half of the layered sequence and

the east footwall and hangingwall margin rocks. Two chromite-rich horizons (each less than a

metre thick) are located near the top of the Layered Series and have been traced continuously

for more than 17 kilometres on surface. These laterally extensive mineralized horizons are

thought to underlie much of the MIE property.

Contact metamorphism is visible along the edge of the intrusion in the form of a gossanous

aureole. This metamorphic aureole overprints the metasedimentary schists of the Epworth

Group and gneisses and granitic migmatitic rocks of the Hepburn metamorphic plutonic belt.

A conspicuous major fault at the south end of the property is the Canoe Lake Fault. Where

exposed it cuts the western flank of the intrusion. South of All Night Lake it has a north-south

strike with a sub-vertical dip. There are no exposures of the fault north of All Night Lake.

Kerans (1981) projected the fault northwards, and split it into splays; one extending north

from the exposed fault trace and an eastern splay modelled as shallowing into a thrust fault,

located above the Muskox Intrusion and below the Coppermine volcanics. The northward

projection of the western splay of Canoe Lake fault is not supported by recent work. Recent


- 26 -

mapping by Henderson (2000) confirmed the synform displayed on the original 1967 GSC

map and did not note any major offset in the stratigraphy. This interpretation is corroborated

by geophysical data (Thomas, 2002 and 2003).

The same geophysical modelling by Thomas, GSC, indicates that the Muskox magma

chamber breached a sedimentary basin located on the west side of the MIE property, north of

All Night Lake. This modelling explains differences in the western and eastern flanks of a

Bouguer gravity anomaly caused by the Muskox Intrusion. The model is supported by

exposures of Muskox-related sills, directly over this interpreted western embayment of the

Muskox magma chamber.

Note: Lower layers of the Muskox Intrusion are inferred to underlay the exposed layers for the following reasons: continuity has been confirmed where holes have drilled deep enough reach those layers; continuous geophysical signatures such as gravity imply continuity; and remanent magnetism measurements of the layers demonstrate a north to south flow direction (Robertson 1969).


- 27 -

7. DEPOSIT TYPES AND MODELS

Ultramafic to mafic layered intrusions derive from primitive magmas, formed by the melting

of the mantle. The deep cracking of a craton permits copper-nickel-PGE bearing magma to

rise. When sulphide minerals form from the magma they may precipitate and accumulate in

cavities, in breccias, along shear zones, in layers, and in fractures which can be called

"structural traps". If there is sufficient enrichment of metals of economic interest, and a large

enough volume of those concentrated metals, a deposit of economic size can be formed.

Most models for the formation of magmatic Cu-Ni and PGE ore mineralization note that

mineralization tends to concentrate along stratiform layers, at the margins around the rim of

the intrusive, in portions of feeder dykes that remained open for more than one magma pulse,

at the base of layered complexes, and in a few other places mostly associated with gabbroic

phases (Figure 4).

Noril’sk-Talnakh, the Great Dyke of Zimbabwe, the Stillwater Complex in Montana, the

Bushveld Complex in South Africa, and Voisey’s Bay in Labrador are locations that exhibit

these types of deposits. These important deposits/mining regions are all associated with

Continental-type Large Igneous Provinces ("LIPs").

Most of the copper-nickel-PGE mineralization found in these intrusions is located at the

contact between the intrusive rocks and the basement (host rocks). At Jinchuan, massive

sulphides are located within the upper part of the feeder dyke right at the bottom of the

"funnel".

Recognition of footwall traps and local changes in flow regime are becoming increasingly

important exploration criteria. Example: Basal sulphide accumulations in Komatiitic olivine-

rich channel flows. Flow regime/footwall traps in magma conduits also are described for

Jinchuan, Noril’sk-Talnakh, and Voisey’s Bay.

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- 29 -

Layered PGE targets are modelled from Bushveld, Stillwater, Great Dyke, and other layered

mafic/ultramafic complexes. Grades and/or thicknesses may improve toward the axis of the

intrusion, ‘up-stream’ in the direction of flow, and where later fluids have contacted or

penetrated the layers. A rich deposit sub-type of these layered complexes are pipe-like bodies

that cross-cut the igneous stratigraphy.

Several references, including Cookenboo and Soever (2002), go into further detail with

respect to these deposit models and how they might assist in focussing future exploration

within the Muskox Intrusion.

Applying Cu-Ni and PGE Exploration Models to the MIE Property

The MIE property covers the northern portion of the exposed Muskox Intrusion. WGM

believes that this area should be systematically examined for copper-nickel and PGE deposits.

Recent advances in ground and airborne geophysical techniques and geophysical inversion

models should permit delineation of the intrusive-basement contact and identify potential

structural traps that may host concentrations of sulphide minerals.

Geophysical studies by Thomas, aimed at defining the geological structures within the

Muskox Intrusion, have provided excellent insights for exploration crews on which to focus

future field exploration.

A cross section based on an inverse gravity model (Figure 5) shows the western flank of the

intrusion flattening to the west. This indicates that potential structural traps for mineralizing

fluids exist within the western part of the intrusion, as well as the intrusion’s primary axis.

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- 31 -

8. MINERALIZATION

Disseminated sulphides are found throughout the intrusion. A detailed study of the sulphide

minerals undertaken by Chamberlain in 1967 was followed in 1969 by a study on sulphur

isotopes, by Sasaki. Most of the sulphides are concentrated either along the inward dipping

footwall contacts with the basement formations or in close association with two chromite-rich

horizons. Massive sulphides found within the basal complex consist mostly as a pyrrhotite-

matrix breccia.

The granophyre-rich gabbro and mafic granophyre constituting the top of the layered series

and base of the roof also contain iron-rich sulphides. Minor amounts of sulphides are also

found scattered throughout the intrusive.

Sulphide mineralization shows a preferential association with gabbro instead of picrite in the

margins of the intrusive body. Sulphide concentrations along the basal contact zone are better

developed in granitic gneisses than pelitic schists.

Sulphides associated with the chromite-rich horizons (chromitite reefs) contain anomalous

palladium, platinum, nickel and copper. These horizons are continuous across the intrusion

and have a variable thickness between 45 cm to 1 m (Cookenboo and Soever, 2002). Equinox

drilled below the chromite horizons, intersecting other anomalous layers that also contain

minor sulphides. There have been no follow-up investigations of these lower horizons.

In 1977, Professor P. Laznicka, on behalf of BP Minerals, estimated 5 million tons (20 cm

thickness x 6 km long x 1 km down dip, using a specific gravity of 4 for the ore) with a tenor

of 15.3% Cr2O3, 0.15% Ni, 0.25% Cu and minor Pt and Pd. This historical estimate was not

prepared according to NI 43-101 standards and neither WGM nor 50-50 Nunavut nor Adriana

has audited these estimates nor made any attempt to classify them according to NI 43-101

standards. It is presented because WGM considers it to be relevant and significant. These

estimates should not be relied upon.


- 32 -

Problems with this estimate are listed below:

1. The estimation used only surface data.

2. Lateral variability in thickness was not considered.

3. Extrapolated a constant grade down-dip 1,000 m without corroborating drill data.

4. Only in-house assays were used, and based on later sampling (1986-2001).

5. The Pt and Pd values do not fall within the range of values noted by independent assay

labs.

This work does however confirm that these chromite horizons are laterally extensive and that

they may carry anomalous concentrations of Cu, Ni, Pt and Pd mineralization.


- 33 -

9. EXPLORATION

5050 Nunavut has not carried out exploration work on the MIE property, but is in the process

of compiling available geophysical and geological data for modelling. In 2004, a graduate

student collected magnetic susceptibility measurements from the historic GSC drillholes and

from archived hand specimens. This high quality data, collected under the supervision of

Thomas, GSC, will be used for geophysical modelling of the data collected in Phase 1 of the

proposed exploration program.

Proposed exploration is outlined in Section 18: Recommendations.


- 34 -

10. DRILLING

The North and East GSC stratigraphic drillholes are on the property.

Seventeen holes (totalling approximately 3,700 m) were drilled by the GSC, Equinox, and

International Platinum (IPCO). Another 19 holes were drilled by Inco on this property, but the

drill depths are not public. Total holes drilled within the MIE Property: 36.

A new compilation map of the Muskox Intrusion, prepared by Hulbert for release in 2005,

displays the locations of all historic drill locations, including those not noted in previous

assessment reports. Although information about these shallow holes would assist in

geological modelling, this older data does not include any important ore intercepts or assays

on the MIE property that could be incorporated into a resource calculation.

Drillhole and collar locations (Table 3) within the MIE Property are listed from north to

south. Locations are in UTM metres, North American Datum 1927, Canada ("NAD27,

Canada").


- 35 -

TABLE 3 DRILLHOLE AND COLLAR LOCATION, MIE PROPERTY

Hole Name Easting Northing Depth (m) Company IPCO88-07 581 830 7 451 996 86 IPCO IPCO88-22 581 568 7 451 602 93.6 IPCO INCO-14195 580 037 7 449 232 ? INCO INCO-14194 581 065 7 448 744 ? INCO INCO-14135 580 465 7 448 381 ? INCO INCO-14134 580 147 7 448 218 ? INCO INCO-14133 580 182 7 447 769 ? INCO INCO-14132 580 209 7 447 600 ? INCO INCO-14128 580 071 7 447 264 ? INCO INCO-14127 580 014 7 447 110 ? INCO INCO-14126 580 095 7 446 779 ? INCO INCO-14129 580 068 7 446 032 ? INCO IPCO88-04 580 071 7 445 917 48.3 IPCO IPCO88-05 580 336 7 445 886 69 IPCO INCO-14130 579 884 7 445 509 ? INCO GSC-EAST 577 972 7 444 909 700 GSC IPCO88-03 579 854 7 444 761 121 IPCO INCO-14131 579 877 7 444 393 ? INCO IPCO88-06 579 043 7 443 115 109 IPCO GSC-NORTH 575 425 7 442 820 1130 GSC IPCO-88-02 579 748 7 442 588 130 IPCO IPCO88-09 579 650 7 441 600 90.5 IPCO IPCO88-08 578 926 7 441 367 161 IPCO IPCO88-01 578 629 7 439 636 92.5 IPCO IPCO88-10 578 718 7 439 621 81.4 IPCO INCO-14198 579 260 7 437 753 ? INCO EQNX86-1 577 026 7 437 335 200 EQUINOX INCO-14199 579 030 7 437 087 ? INCO EQNX86-3 574 443 7 436 981 260 EQUINOX INCO-14174 573 764 7 436 625 ? INCO EQNX86-2 575 381 7 436 452 133 EQUINOX INCO-14175 573 779 7 436 368 ? INCO INCO-14200 578 989 7 436 073 ? INCO INCO-15810 578 500 7 435 961 ? INCO EQNX86-4 574 716 7 435 315 176 EQUINOX INCO-14170 577 398 7 434 902 ? INCO


- 36 -

11. SAMPLING METHODS, PREPARATION, ANALYSES AND SECURITY

In the course of the work done on the Muskox Intrusion, two types of rock samples have been

taken. The first are surface rocks: grab samples and channel/trench samples. The second are

core samples collected from drillholes. According to available information from past records,

sampling procedures were typical of major mining companies doing exploration. Drill cores

have been split and half of the core was sent to the lab while the other half was kept as a

reference.

From the programs in the 1980s to 2002, samples have typically been analyzed for multi-

element ICP plus semi-quantitative fire assay followed by an ICP-MS finish for Pd, Pt and

Au. Wherever it had been essential, other analytical techniques have been used. Most of the

assays have been done by the independent and accredited ACME and ALS-Chemex labs.

Reference samples, check assays, and blanks have been used for quality control.

With respect to prior analyses, two items are flagged for caution. The first is that BP’s (1977)

in-house platinum and palladium assays of a chromite-bearing horizon are orders of

magnitude lower than subsequent assays of the same horizon sampled repeatedly by

subsequent companies. The 1977-era BP platinum/palladium assays should not be used. Also,

most of samples (1980s to present) analysed for chrome are ICP only. As chromite is only

partially digested in the ICP process, chrome ICP values should not be used for resource

estimates or for metal ratio calculations.


- 37 -

12. DATA VERIFICATION

The writer found no evidence of work done on the property since 2001. Given the nature of

the mineralization targeted, re-sampling of surface exposures was not considered relevant. It

was the writer’s opinion that considering the quality of the technical data available from

previous studies, primarily the GSC data and assessment reports, additional surface sampling

was not warranted for this report.

Previous independent reviewers of the adjacent Muskox property, (Cookenboo and Soever,

2002) confirmed that adequate supervision was in place for core logging and sampling.

WGM was unable to verify all the data prior to the 1990s, but the writer found no reason to

doubt the accuracy and the validity of previously reported assays, with one exception. BP’s

in-house platinum and palladium assays were substantially below subsequent, independent

assays of the same layer.


- 38 -

13. ADJACENT PROPERTIES

There is no assurance that the high-grade mineralization described below on adjacent

properties continues onto the MIE Property. The author has not verified the information

published on adjacent properties, and the information is not necessarily indicative of the

mineralization on the MIE property.

Muskox Minerals has two properties on the Muskox Intrusion, a large parcel immediately to

the south, and a smaller block to the north. The following results are all from the Muskox

Minerals property immediately south of the MIE Property. Hulbert re-sampled drillhole GSC

South and found a horizon (311 m above the bottom) that graded 2.01 ppm Pt and

3.13 ppm Pd. This lower horizon has never been followed up. Inco, Equinox, and Muskox

Minerals all encountered localized areas of high-grade material on the flanks of the east and

west footwall.

Selected High-grade Examples:

Equinox 1986 East margin - surface samples one kilometre apart, south of Speers Lake:

A53MX113F: Gold: 0.118 oz/ton Pt: 0.262 oz/ton Pd: 1.379 oz/ton Cu: 6.1% A53MX118F: Gold: 0.132 oz/ton Pt: 0.124 oz/ton Pd: 1.448 oz/ton Cu: 8.8%

Equinox 1987 East margin - trench samples VAL1 area south of Mcgregor Lake:

P53MX1052: Pt: 2.2 ppm Pd: 45.3 ppm Cu: 6.52% Ni: 0.17% P53MX1053: Pt: 8.9 ppm Pd: 76.2 ppm Cu: 9.3% Ni: 0.37%

Muskox Minerals drillhole data for Pyrrhotite Lake area, in Cookenboo & Soever (2003):

Drillhole From (m) To (m) Interval (m) Pd+Pt+Au (g/tonne) Cu% Ni% 00-MU003 99.7 109 9.30 6.71 2.11 3.91 Including 102.7 103.3 0.60 8.36 8.82 4.05 103.3 104.2 0.90 15.12 10.00 8.13 104.2 105.2 1.00 32.36 10.00 7.61 105.2 105.45 0.25 14.71 5.06 0.70


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Drillhole 00-MU003 was drilled vertically, and the stated intervals are core length, not true

thickness of the sulphides, which would be less than the stated core length.

Hornby Bay Exploration Limited has a large block of claims adjacent and southwest of the

MIE property. Their interest is in uranium occurrences in the Hornby Bay sedimentary

formation. Hornby Bay sediments are presumed to underlie the Dismal Lakes carbonates

along the southwest edge of the MIE Property. Hornby Bay maintains a large camp located at

Mouse Lake on the western edge of the MIE Property. It may be practical to share

camp/logistics costs with Hornby Bay, as they are also planning a field program for 2005.


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14. MINERAL PROCESSING AND METALLURGICAL TESTS

No records were found that indicated that mineral processing or metallurgical tests have been

made on material from the Muskox Intrusion to date.


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15. MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

In 1977, Laznicka on behalf of BP Minerals attempted to do a quick estimate of the

chromium-rich horizons as detailed in this text (Section 8). This historical estimate was not

prepared according to NI 43-101 standards and neither WGM nor 50-50 Nunavut nor Adriana

has audited these estimates nor made any attempt to classify them according to NI 43-101

standards. It is presented because WGM considers it to be relevant and significant. These

estimates should not be relied upon.


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16. OTHER RELEVANT DATA AND INFORMATION

No other relevant data or information was encountered in the course of the preparation of this

technical report.


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17. INTERPRETATION AND CONCLUSIONS

The Muskox Intrusion has been a target of research and sporadic exploration since 1955.

Various portions of the intrusion have been explored by ground and airborne geophysical

techniques, by surface mapping and sampling, and by diamond drilling. Exploration to date

has failed to outline a sulphide deposit of economic significance. Records indicate that

previous work however, has been limited to testing the surface and shallow targets.

WGM has previously studied a number of similar igneous, layered intrusive complexes and

their various styles of mineralization. Concentration of mineralization, especially in structural

traps and along the basal contacts is well documented in many of these. Based on WGM’s

experience, exploration to search for structural traps and bodies of sulphide mineralization

along the basal contact between the intrusive and the basement/host rocks at depth is

warranted. Recent geophysical inversion modelling tools provide a three dimensional view of

various geological components and help in locating potential structural traps, where sulphides

may be concentrated. Airborne and ground gravity surveys may also help to outline zones of

higher densities possibly containing sulphides rich in nickel, copper and PGE.

The Muskox Intrusion may host potential ore structures at or near the top of the feeder dyke,

and along the base of the magma chamber. A good example of this type of deposit is Jinchuan

where the Ni-Cu and PGE sulphides are located at the top of the feeder dyke.

Footwall/basal contacts are the most prospective places to find rich copper-nickel-PGE

mineralization. Noril’sk-Talnakh and the Sudbury irruptive are good examples.

The Bushveld, Great Dyke, and the Stillwater Complex are examples of large PGE deposits

found within specific layers (or horizons related to a specific time or magma pulse).

WGM believes that 5050 Nunavut should carry out the recommended program consisting of

state of the art geophysical surveys and data modelling, including magnetic, electromagnetic,


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and gravity to maximize their opportunities to identifying the potential structural traps where

sulphides could accumulate at the basal contact of the intrusion and the upper part of the

feeder dyke. As the footwall/basal targets do not outcrop on the property, (they are below the

surface) drilling will be required to test them.


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18. RECOMMENDATIONS

The primary exploration targets on the property are accumulations of massive sulphides

located on structural traps along the basal margin of the intrusive, and at the top or within the

keel. Further definition of these targets is dependant upon the modelling and interpretation of

existing geophysical data, and new surveys. The resulting targets, which are expected to be

found at depths of 350 to 1,500 m, will need to be drill tested. A secondary target, the

potential of PGE mineralization associated within specific layers, may require additional

surface surveys, mapping and shallow drilling. Drilling for footwall sulphides will penetrate

overlying PGE-enriched layers.

WGM recommends a two-phase exploration program:

Phase 1:

Before field work commences, a current digital base map needs to be acquired and basic

property location information needs to be recorded. This is the critical first step required

which will serve as the base for the compilation of all historical data and the registering of all

new digital datasets as they are acquired.

The focus of further exploration for the property is dependant on the development of a

detailed structural and stratigraphic model of the intrusive body. Prior gravity and magnetic

surveys completed during the past 35 years have provided only partial coverage of the

intrusion. To allow the required modelling coverage of the complete intrusive would be

required. Recent advances in airborne gravity and magnetic data acquisition hardware and

resolution software, especially the capability to collect and resolve gradient gravity and three

dimensional magnetic data, now provide the tools to enable the development of such a

detailed model. The completion of such a survey should be the first step. While several

options are available, a combined fixed wing gravity gradiometry, magnetic gradiometry,

LIDAR, and digital imagery survey may be the most cost effective. This will result in a very

accurate DEM surface/topographic map, a digital orthophoto, and two independent physical

properties data sets for mapping and modelling. Ground truthing of locations and geological


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features, combined with systematic sample collection for physical properties, is required for

accurate modelling. A short (1 or 2 week) ground program with helicopter or float plane

support could commence at the same time as the airborne survey or shortly thereafter.

Mathematical inversion analysis and modelling of all available historical data generated from

geophysical surveys, whether from the federal government or mining companies, will also be

very helpful in helping to develop the detailed structural and geological models to focus

further exploration and define drill targets.

Phase 2:

A ground-based SQUID EM geophysical survey should be employed over the detailed follow

up targets requiring better definition. The SQUID EM system has proven useful in selectively

resolving and defining near surface targets, and as such can help eliminate those anomalies.

Other ground based geophysical surveys, capable of defining target depths would be viable

alternatives.

Well defined targets, deemed drill ready could be drilled immediately upon permitting. If

deep holes are planned, it may be prudent to plan for a winter drilling program, given the

short summer drill season, the length of time required to arrange permits and the current

shortage of drills and drillers. Down hole geophysical surveys of all holes drilled will be

critical to maximizing the search radius of each hole.

WGM considers the proposed budget summarized in the following table as reasonable to

achieve the objectives of the program as outlined.


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TABLE 4 BUDGET

Items Costs Phase 1 – Data Compilation / Target Identification

Part A: Acquisition and preparation of digital base map $10,000 Part B: Airborne Gravity Gradiometry / Magnetic Gradiometry /

LIDAR / Digital Photogrammetry 3240 line-km @US$125/km (converted to C$150) Mob/Demob

486,000

15,000Part C: Reconnaissance geology/sampling/surveying 25,000 Project supervision/report preparation 5,000 Part D: Geophysical data interpretation 9,000 $550,000 Contingency 90,000

TOTAL PHASE 1 $640,000

Phase 2 – Target Refinement / Testing the targets SQUID EM Ground Survey/ or equivalent, 8 target sites $80,000 Ground Gravity Survey, 8 target sites 40,000 Diamond drilling: 3,000 m @ $250/m 750,000 Down hole geophysics est. @ 10/m 30,000 Lab/assays 45,000 Fuel Costs: 450 drums @ $850/drum 382,500 Core logging, sampling, and facilities etc 20,000 Consulting : 100 days @ $750/day 75,000 Aircraft support and transportation charges etc. 225,000 Accommodation: food, lodging, etc…. $1,200/day x 90 days 108,000 Helicopter support: 60 @ $4,000/day 240,000 $1,995,500 Contingency 324,500

TOTAL PHASE 2 $2,320,000

GRAND TOTAL PHASES 1 AND 2 $2,960,000


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CERTIFICATE

To Accompany the Report titled"Review of the Mackenzie Igneous Event Project for

5050 Nunavut Limited and Adriana Ventures Inc." dated April 5, 2005,and revised April 29, 2005

I, Pierre C. LaBrèque, do hereby certify that:

1. I reside at 245, des Chrysanthèmes, La Prairie, Québec, Canada J5R 4G4.

2. I graduated with a degree in Geological Engineering from Ecole Polytechnique, University of Montreal in 1971 and I have practised my profession continuously since that time.

3. I am a member of the Ordre des Ingénieurs du Québec.

4. I am a Senior Associate Geologist with Watts, Griffis and McOuat Limited, a firm of consulting engineers and geologists, which has been authorized to practice professional engineering by the Professional Engineers Ontario since 1969, and professional geoscience by the Association of Professional Geoscientists of Ontario.

5. I have read the definition of "qualified person" set out in National Instrument 43-101 and certify that by reason of my education, affiliation with a professional association and past relevant work experience, I fulfil the requirements to be a "qualified person" for the purposes of NI 43-101. I have been involved with a number of property evaluations for projects of “magmatic type” Cu- Ni mineralization, most recently the evaluation, in Central Asian, of the Tajikistan, Cu-Ni belt.

6. I am responsible for the preparation of the technical report relating to the Mackenzie Igneous Event Project for 5050 Nunavut Limited.

7. I visited the property on August 12, 2004.

8. I have not had prior involvement with the property that is the subject of the Technical Report.

9. I am not aware of any material fact or material change with respect to the subject matter of the technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.

10. I am independent of the issuer applying all the tests in section 1.5 of NI 43-101.


- 49 -

11. Neither I, nor any affiliated entity of mine, is at present, under an agreement, arrangement or understanding or expects to become, an insider, associate, affiliated entity or employee of 5050 Nunavut Limited or any associated or affiliated entities.

12. Neither I, nor any affiliated entity of mine own, directly or indirectly, nor expect to receive, any interest in the properties or securities of 5050 Nunavut Limited or any associated or affiliated companies.

13. Neither I, nor any affiliated entity of mine, have earned the majority of our income during the preceding three years from 5050 Nunavut Limited or any associated or affiliated companies.

14. I have read the NI 43-101 and Form 43-101F1 and have prepared the technical report in compliance with this NI 43-101 and Form 43-101F1; and have prepared the report in conformity with generally accepted Canadian mining industry practice.

signed by " Pierre C. LaBrèque "

Pierre C. LaBrèque, P.Eng. April 29, 2005


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- 51 -

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Gall, Q.

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- 53 -

Hulbert, L. and Muskox Minerals Corp.

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- 54 -

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- 55 -

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- 56 -

Thomas, M.D.

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West Kitikmeot Regional Land Use Plan – Preliminary Draft plan March 10, 2004.


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APPENDIX 1:

IOL MINERAL EXPLORATION AGREEMENT

review of the mackenzie igneous event property for … · watts, griffis and mcouat - ii - table of...

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