52A10NW2011 2.20974 TARTAN LAKE

TOTAL FIELD MAGNETOMETER010

SURVEY

ON THE

TARTAN LAKE PROPERTY

TARTAN LAKE TOWNSHIP

DISTRICT OF THUNDER BAY

THUNDER BAY

MINING DIVISION

FOR

COLBY RESOURCES CORP.

BY

Dan Patrie

2QQ74

RECEIVEDMAR 1 9 2001

iEOSCIENCE ASSESSMENT___OFFICE

Dan Patrie March 19. 2001

TABLE OF CONTENTS

PAGE

INTRODUCTION l

SUMMARY AND RECOMMENDATIONS l

LOCATION AND ACCESS 3

GEOLOGY 3

TOPOGRAPHY AND VEGETATION 3

CLAIM DESCRIPTION 4

INSTRUMENTATION AND WORK DONE 4

MAGNETOMETER SURVEY 4

INTERPRETATION 5

CONCLUSIONS 6

RECOMMENDED EXPLORATION PROGRAM 6

PERSONNEL

CERTIFICATE OF QUALIFICATION

LETTER OF CONSENT

BASE MAP

52A10NW2011 2.20974 TARTAN LAKE 0 10C

Page l

INTRODUCTION

Colby Resources Corp., acquired 4 unpatented mining claims 56 units in total located in

Tartan Lake Township in the District of Thunder Bay Ontario, of the Thunder Bay Mining

Division.

As per request of the property owners a geophysics program consisting of 71.6 kilometers

of flagged lines with 25 meter stations marked and 70 kilometers of total field magnetometer

survey which was performed from February 26 to March 11 th 2001 and was carried out by Dan

Patrie Exploration Ltd.

SUMMARY AND RECOMMENDATIONS

The Tartan Lake Property is located in Northwestern Ontario, District of Thunder Bay,

Ontario, and consists of 4 unpatented mining claim numbered TB 1233503, TB 1233683, TB

1233684 and TB 1233685 (56 units) in total.

Further exploration of the Tartan Lake Property is warranted in proving its considerable

merit in hosting economic PGE, Ni, Cu and possible Au mineralization.

A program of 71.6 kilometers of flagged lines with 25 meter stations and 100 meter line

intervals and a total field magnetometer survey of 70 kilometres was done on the property to

cover a mag feature situated in the center of the claim block for its PGE, Ni, and Cu potential.

Due to the lack of geological information the following programs are recommended to

complete the evaluation.

1. Completion of the grid lines over entire property.

2. Magnetometer survey over entire property.

Page 2

3. Induced Polarization over all of property.

4. Follow up diamond drilling I. P. and mag anomalies to establish sulphide content

and geology.

Following completion of this work and contingent upon the results then additional

work should be considered to further evaluate the economic potential of the property for PGE,

Ni, and Cu mineralization.

The following report summarizes the results obtained from the work carried out during the

current program and the interpretation is speculative.

Respectfully submitted,

Daniel F. Patrie

Geology and Geophysics Technologist

March 19, 2001

Page 3

LOCATION AND ACCESS

The Tartan Lake Property is located 30 kilometers north east of the town of Thunder Bay,

Ontario and access is by traveling north on highway 527 towards Armstrong for 22 kilometers

and turning north east onto the Escape lake road by snowmobile to the 9 kilometer marker and

then turning east to the 21 kilometer marker to the center of the property where the east west

base line was started.

GEOLOGY

The Tartan Lake Property is located on the Tartan Lake claim sheet and covers a north

east circular aeromagnetic anomaly, which outlined the ultramafic body of 1600 meters in length,

hence a larger body could occur at depth than is exposed on surface.

There is no records of geophysical surveys except for the aeromagnetic coverage.

To cover the property adequately before drilling is to finish the detailed magnetometer

survey and to cover all of the claims with an induced polarization survey.

TOPOGRAPHY AND VEGETATION

The Plateau Lake Property vegetation is currently a mix of alders, willows, poplars and

large spruce and balsam with outcrops of rock running an east west direction.

Also, some of claim block was logged out leaving thick second growth of poplar saplings

across the claims.

Page 4

CLAIM DESCRIPTION

Consisting of 4 unpatented mining claim (56 units), the Tartan Lake Property, located in

Tartan Lake Township in the District of Thunder Bay, Thunder Bay Mining Division.

TABLE l

TARTAN LAKE PROPERTY

DISTRICT OF THTTNPER BAY

MINING CLAIM

TB1233503

TB1233683

TB1233684

TB 1233685

Total

CLAIM DESCRIPTION

RECORDING DATE

March 12,1999

March 12, 1999

March 12, 1999

March 12, 1999

NUMBER OF UNITS

08

16

16

56 units.

INSTRUMENTATION AND WORK DONE

MAGNETOMETER SURVEY

The magnetometer survey was carried out using an Envi Magnetometer made by Scintrex

Ltd. The Envi Mag has the capability to measure the total field and using an Envi Magnetometer

as a station for correcting magnetic drift. These are total field magnetometers which measure the

magnetic field through the use of proton processional effects caused by the interaction of a

magnetic field with a spin aligned, proton rich fluid. An instrument accuracy precision and

resolution of 0. l nt may be obtained with these instruments under ideal conditions. While in

Page 5

gradient mode the unit has the accurate means of measuring both the total field and the gradient

of the total field and measuring both sensors simultaneously to calculate the true gradient. In

gradient mode the instrument sharply defines the magnetic responses determined by the total field.

It individually delineates closely spaced anomalies rather than collectively identifying them under

one broad magnetic response. In gradient mode the instrument enables you to conduct a gradient

survey during a magnetic storm because of the technique of simultaneously measuring the two

sensors cancels out the effects of diurnal magnetic variations. The VLF allow you to read the

vertical in-phase, vertical quadrature, total field strength, dip angle and the ability to obtain as

many as 3 VLF stations, but at the time the VLF was not read. Microprocessors contained in

these instruments allow for the collection of the readings along with the time and its position in

digital form suitable for downloading to a computer for data processing.

A total of 70 kilometers of magnetic readings were taken and readings were taken along

the lines 100 meters apart with 25 meter station intervals. The field measurements were corrected

for diurnal variations of the earth's magnetic field by direct subtraction of the base station

readings from the reading taken at the same moment in the field units. The corrected data was

then downloaded to a computer and plotted on the total field magnetic map.

INTERPRETATION

The magnetic of the property is quite homogenous overall, with a relatively quiet

background of 58,200 nT being interrupted with a broad higher amplitude anomaly in the order of

200-600 nT above background in the north west part of the survey.

Page 6

Also, within this broad anomaly there are isolated areas of much higher magnitude of magnetic

anomalies which run as high as 2,000 nT above background which should be investigated further.

The total field magnetometer survey proved successful in finding areas of high magnetic

anomalies which merit more exploration work such as extending the mag survey to the west with

a follow up induced polarization survey and drilling known targets.

CONCLUSIONS

With the presence of a favorable geological environment for the localization of PGE

mineralization of economic importance and with the very successful total field magnetometer

survey , to further evaluate the property's potential the writer recommends an on going work

program over the remaining claims and areas not already covered on the property, consisting of

line cutting, magnetometer and induced polarization surveys.

RECOMMENDED EXPLORATION PROGRAM

The following program is recommended to evaluate the property for its potential to host a

PGE, Ni and Cu deposit.

1. Complete the line cutting as required to provide a control for geological, and

geophysical work.

2. Magnetometer survey over areas not covered.

3. Detailed Induced Polarization survey.

Page?

4. Geological mapping and sampling.

5. Stripping, trenching over anomalous areas.

As a result of encouraging data obtained from the recently completed geophysics survey

additional exploration on the property is recommended.

Daniel F. Patrie

Geology and Geophysical Technologist

March 19,2001

PERSONNEL

Dan Patrie

Massey, Ontario

C. Brent Patrie

Massey, Ontario

Bryan Patrie

Spanish, Ontario

Claude Dubreuil

Spanish, Ontario

Arron Andress

Massey, Ontario

R. J. Rousseau

Spanish, Ontario

Claude Grimmard

Spanish, Ontario

Henry Grimmard

Spanish, Ontario

CERTIFICATE OF QUALIFICATION

I, Daniel Patrie do hereby certify:

1. That I am a Geology and Geophysics Technologist and I reside at Hwy. 17 West, P.O.

Box 45, Massey, Ont, Canada, POP 1PO,

2. I graduated from Cambrian College Of Applied Arts and Technology, Sudbury, Ontario,

in 1987 with a diploma in Geological Technology with a one year certificate in

Geophysics,

3. And I have practiced my profession continuously since graduation, as well as being an

active prospector since 1972.

4. That my report on the Tartan Lake Property, Thunder Bay Mining Division, Ontario, is

based on my personal knowledge of the geology of the area, and on a review of published

and unpublished information on the property and surrounding area.

Daniel F. Patrie

Geology and Geophysics Technologist (Dipl. T)

March 19, 2001

LETTER OF CONSENT

I, Daniel F. Patrie, of the Town of Massey, Ontario, do hereby consent to Colby

Resources Corp., using in whole or in part my Geophysics report on the Tartan Lake Property

situated the District of Thunder Bay, Thunder Bay Mining Division in a prospectus of statement

of material facts or for filing with government regulatory bodies as deemed necessary.

Dated at Massey, Ontario, this 19th day of January, 2001, in the District of Sudbury.

Daniel F. Patrie

Geology and Geophysics Technologist.

O-

(JntariO '#^0***** wiuaii of Assessment Work.ndMiw : ;;r vi/' Performed on Crown LandsMnlM Act, SubMctlen Sap). PLS.O. 1MO - - -

Transecllon Number (office use)

Assessment Foes Research Imaging

52A10NW2011 2.20974 TARTAN LAKE

Wily Of subsection 86(2) of the Mining Act. Under Motion S of the Mining Act. w the assessment work end eorrtfpond with tht mining land holder. Questions inlstry of Northern DtvtJopimnl and Mlnee, 6lh Floor, 933 Ramsay Lakt Road,

900

Instruction*: ,i - For work performed on mining lands, use form 0241.'- riease lype or pnni m mn. -i """"""~"'"'"" j"" """ ' ' j

1. Recorded holder(s) (Attach a list H necessary) ' *Name -- - -~- -i .. .. . . . . . L. . .. . . .. . . .

' /" 1 L f? ^ 'Addrees / -. \ " - - -- - - - ; . -. . .

# //70- 999, UA-si- /^W/^rr ^7^ i e. X1 i X .

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Fax Number

Ctfent Number

Telephone Number

Fax Number

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2. Type of work performed. Only regional surveys and prospecting work are allowed on Crown Lands before recording.For work performed after recording a claim or on other mining lands, use form 0241.

Work Type

r yDates Work . . , ^ - , Performed . Flom "2 ^ , ^ , ^Off ^ To l/ \ 3 \ 30&I

Oty 1 Month l V*w D** l Month l Y**Global Positioning System Data (H aviUable) Townahip/Area

7/^- /i^/7 /^?^"e.M or O-Ptsn Number

Office UseCommodity

Total f Value ofWork Claimed o(.(o. 5 /6)

NTS Reference

Mining Division "TJ).. f\^^a\

Resident Geologist District '"^T-ruj/ndtgj IY? 1 1

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Please remember to: - complete and attach a Statement of Costs, form 0212;- provide a map showing contiguous mining lands that are linked tor assigning work;- Include two copies of your technical report;- provide proper notice to surface rights holders before starting work.

3. Person or companies who prepared the technical report (Attach a list If necessary)Name

Dtfn tt*Telephone Number

- j? //yAddress

f* fFax Number

Name -f r Telephone Number

Address ,OFFICE -SUDBURYRECEIVED

Fax Number

NameMAR '92001

Telephone Number

Address A.M FaxNu

4. Certification by Recorded Holder or Agent

MAR H

QEOSCIEHCf

l T) An i* l F- P* f f*__ _______ , do hereby certify that l have personal knowledge of the facts setpflni Nsmt)

forth In this Declaration of Assessment Work having caused the work to be performed or witnessed the same during or after He completion and, to the best of my knowledge, the annexed report la true.

signature 01 Hecoroea Holder or Agent

Agent's Address

Dete

Pt? MTelephone Number Fax Number

OMOiM/M)

mm

il accompany this form. OOOSO

ng Claim Number. Or tt IHumbwol CJatml Vrtuaolwork WM don* on other tajbl* lUnll*. For ottwr l performed on

ng land, enow ktlMa mining tend, IW drtn or ottnr mn Ihe location number Inactara*. | wWngtand. :it*d on Ui* claim map.

Value of work ppned lo thto

Value of work assigned lo other mining cWrna.

Bank. Value ol work lo be distributed el a hrture dale.

TB rear 18 ha t26,S20 N/A 24.000 12.625

1234667 12 S24.000

1234568 f 6. 692 14.000 14.692

l

S

B

7

a B10

1112

13

14

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do hereby certify thai the above work credits are eligible underrtn NMIN)

tosecUon 7 (1) of the Assessment Work Regulation 6/96 for asslgnmant to contiguous claims or for appllcallon to s claim where the work was done.mttur* ol n*oord*d Hoktar or AQW* AutnortMd m WrWng OM*

Instructions for cutting back credlta that ara not approved.

Hne of the credits claimed In this declaration may be cut back. Please check (**) In the boxes below to show howu wish to prioritize the deletion of credits:

GT^i. Credits ara to be out back from the Bank first, foNowed by option 2 or 6 or 4 as Indicated. D 2. Credlta are to be out back starting wtth the claims asted last, working backwards; or D 3. Credlta are to be cut back squatty over s* cfakna Nsted In this declaration; or D 4. Credits are to ba out back aa prioritized on the attached appendix or as follows (describe):

MAR l 9 2001

)te: If you have not Indicated how your credits are to be deleted, credits wW be cut back from the Bank Ural, followed by option number 2 If necessary.

tr Office Use OnlyDMRIM Daw

DawAppravM

Otto NotWcfttton 8*nl

Total VahM of Credtt Approvwi

Ontario Ministry ofNorthern Developmentand Mines Statement of Costs for Assessment CreditTransaction Number (office use)

Personal Information collected on this form Is obtained under the authority ol subsection 6(1) of the Assessment Work Regulation 6/98. Under section 8 of the Mining Acl, the Information Is a public record. This Information will be used to review the assessment work and correspond wllh the mining land holder. Questions about this collection should be directed to the Chief Mining Recorder. Mlnletry of Northern Development and Mines, 6th Floor, 933 Ramsey Lake Road, Sudbury, Ontario, P3E 6B6.

Work Type

^ /tffC/^r * rL*t*,~r tt**tf i f

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rV,?tfr T tbm f

Units of WorkDepending on the type ol work, list the number of hours/days worked, metres of drilling, kilo metres of grid line, number of samples, etc.

pz/^^,',

7-6. ^*s

Associated Costs (e.g. supplies, mobilization and demobilization).

Z 'TrvckJ C/Vi/V U- , Xv ^^*^e^f

f f '

Transportation Costs

Food and Lodging Costs

Cost Per Unit of work

2 0 ^

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________ 8

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Total Value of Assessment Work

Total Cost

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Calculations of Filing Discounts:

1. Work filed within two years off performance is claimed at lOO'Mi of the above Total Value of Assessment Work.2. If work is filed after two years and up to five years after performance, it can only be claimed at SO'M) of the Total

Value of Assessment Work. If this situation applies to your claims, use the calculation below:

TOTAL VALUE OF ASSESSMENT WORK x 0.50 Total S value of worked claimed.

Note:- Work older than 5 years is not eligible for credit.- A recorded holder may be required to verify expenditures claimed in this statement of costs within 45 days of a request for verification and/or correction/clarification. If verification and/or correction/clarification Is not made, the Minister may reject all or part off the assessment work submitted. ^^^^^^^

Certification verifying costs:

F* Prt'tr* , do hereby certify, that the amounts shown are as accurate as may(ploase print lull name)

reasonably be determined and the costs were incurred while conducting assessment work on the lands indicated on

the accompanying Declan

to make this certification. u . p , Q ^

GEOSCIENCE ASSESSMENT OFFICE

holder, agent, or Male company portion wtth signing authority)l am authorized

Signature Date

Ministry of Mlnlstere duNorthern Development Developpement du Nordand Mines et des Mines Ontario

Geoscience Assessment Office 933 Ramsey Lake Road

April 25, 2001 6th FloorSudbury, Ontario

COLBY RESOURCES CORP. P3E 6B51180-999 WHASTINGS! Telephone: (888)415-9845VANCOUVER, B.C. Fax: {877)670-1555V6C-2W2

Visit our website at:www.gov. on. ca/MN DM/MI NES/LANDS/m lsmnpge.htm

Dear Sir or Madam: Submission Number: 2 .20974

StatusSubject: Transaction Number(s): W0140.00080 Approval

We have reviewed your Assessment Work submission with the above noted Transaction Number(s). The attached summary page(s) indicate the results of the review. WE RECOMMEND YOU READ THIS SUMMARY FOR THE DETAILS PERTAINING TO YOUR ASSESSMENT WORK.

If the status for a transaction is a 45 Day Notice, the summary will outline the reasons for the notice, and any steps you can take to remedy deficiencies. The 90-day deemed approval provision, subsection 6(7) of the Assessment Work Regulation, will no longer be in effect for assessment work which has received a 45 Day Notice. Allowable changes to your credit distribution can be made by contacting the Geoscience Assessment Office within this 45 Day period, otherwise assessment credit will be cut back and distributed as outlined in Section #6 of the Declaration of Assessment work form.

Please note any revisions must be submitted in DUPLICATE to the Geoscience Assessment Office, by the response date on the summary.

If you have any questions regarding this correspondence, please contact JIM MCAULEY by e-mail at james.mcauley@ndm.gov.on.ca or by telephone at (705) 670-5858.

Yours sincerely,

ORIGINAL SIGNED BYLucille JeromeActing Supervisor, Geoscience Assessment OfficeMining Lands Section

Correspondence ID: 15884

Copy for: Assessment Library

Work Report Assessment Results

Submission Number: 2.20974

Date Correspondence Sent: April 25, 2001_________________ _____Assessor: JIM MCAULEY___________________ ^^^

Transaction First ClaimNumber Number Township(s) l Area (s) Status Approval Date

W0140.00080 1233503 TARTAN LAKE Approval April 25,2001

Section:14 Geophysical MAG

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.

Correspondence to: Recorded Holder(s) and/or Agent(s):

Resident Geologist Daniel PatrieThunder Bay, ON MASSEY, ONTARIO, CANADA

Assessment Files Library COLBY RESOURCES CORP. Sudbury, ON VANCOUVER, B.C.

Page: 1Correspondence I D: 15884

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