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|   Adelaide Project Property Overview The Adelaide project is located in southeastern Humboldt County, Nevada, about 18 miles (29 km) southeast of Winnemucca, NV. The property is accessed from Interstate 80 via 10 miles (16.1 km) of improved dirt road maintained regularly by the county, then via 2 miles (1.24 km) of unmaintained dirt road. The Company controls over 3,700 acres (1,500 ha) covering 3.6 miles (5.8 km) of strike along the mineralized Adelaide structure. The project consists of 185 unpatented claims, of which 165 are leased. The Adelaide property is optioned in conjunction with the Tuscarora Project under an agreement with Atna Resources Corp. (formerly Canyon Resources Corporation). The Company assumed the position of Atna in an underlying agreement with Newmont Mining Corporation to earn-in to 100% ownership of the property subject to a 3% NSR to Newmont in addition to various other NSR's associated with underlying lease agreements. Newmont retains a one-time option on either project to enter into a joint venture whereby Newmont would hold a 51% and the Company a 49% interest. Historical Exploration The Adelaide property is part of the Gold Run Mining District, which has been active since the late 1870's. The largest past producer within the property, the Crown Mine, operated intermittently from the early part of the century into the early 1940's. It has produced approximately 19,000 oz Au and 345,000 oz Ag from a combination of open pit and underground workings. The most recent mining on the property took place from 1988 to 1991; a small open pit operation south of the Crown Mine produced a total of 4,917 oz Au and 53,474 oz Ag from the Margarite and Recovery vein zones. The Adelaide property has been the focus of exploration over the last 30 years by a number of companies including FMC, Franco-Nevada and Newmont. Approximately 220 percussion and RC holes and 18 core holes have been drilled in several areas on the property by previous operators, including the Adelaide-Crown, Margarite-Recovery veins, and the Robbers Knob area. Each of these prospects in the district has various historic resources and reserves announced on them that are not compliant with NI 43-101 resource categories. Mineralization and Geology The property is located at the projected intersection of the Getchell and Battle Mountain-Eureka gold trends. The Adelaide property contains an epithermal vein style gold-silver system. The property is underlain by Paleozoic sedimentary rocks that have been weakly metamorphosed and strongly tectonized, and intruded by Mesozoic and Cenozoic stocks and dikes. Siliclastic and calcareous rocks of the Cambrian Preble and Ordovician Valmy Formations host epithermal veins and stockworks along the Adelaide fault zone, which has significant offset, and brings the two lithologic units into contact. Gold and silver bearing epithermal quartz veins and stockworks in silicified and brecciated host rocks comprise the main ore types in the Crown, Recovery, and Margarite mining areas, and represent the target types sought by the Company. The mineralization at the current level of surface mining indicate a relatively high level in the epithermal system, suggesting potential for increasing gold grades with depth as demonstrated in the Company's drilling (see table below). Current Work To advance the delineation drilling and metallurgical sampling for the Margarite vein structural zone, the Company has initiated permitting for an exploration drift to develop underground workings to approximately 76 m (250 ft) below the surface of the Margarite pit floor and establish underground drilling platforms. These drill platforms will allow the Company to further delineate the known mineralization and continuing testing the same structure down-dip, and also test additional parallel vein targets. The savings in reduced footage of delineation and exploration drilling from underground versus continued surface drilling will significantly offset the cost of underground development work and also allow for metallurgical sampling. Summary of Results The Company has completed 59 drill holes on the property over the past two years, testing multiple targets and advancing the Margarite vein structural zone target to a point requiring delineation to adequately define a potential resource. The Company's completion of 20 holes, in addition to several holes drilled by Newmont, has identified strong continuity of high grade intercepts for up to 900 ft of strike and demonstrated increasing gold grades with depth. The system is open to the north, and down-dip, with exploration drilling identifying anomalous gold bearing veins sub parallel to the Margarite zone, as of yet not tested at the favorable horizon. The Company's drilling to date has focused on delineating zones of high grade on the Margarite and Crown vein zones, along with new target tests on other vein zones with favourable epithermal vein textures and surface geochemistry (Grindstone, Sage and Recovery vein zones). The Company's work has highlighted a zone with 274 m (900 ft) of strike on the Margarite vein zone with increasing grades with depth, and a zone of shallow high grade mineralization on an offset of the Crown vein to the north of historic open pit operations. The Margarite vein structural zone is located in an area containing approximately 160 historic drill holes, the majority of which were testing shallow open pit gold-silver potential in the vicinity of previous production. In November, 2009, the Company announced results for the first 6 drill holes from the 13 hole RC drill program at the Adelaide Project commenced in October, 2009. Intercepts continued to highlight the continuity of the Margarite vein structural zone and increase the tenor of grade with depth. Holes GPA-035, GPA-036 and GPA-037 were drilled on approximate 30.5 m (100 ft) spacing along the trend of the Margarite vein structural zone, and in-fill a 91 m (300 ft) gap in the 2008 drilling at the 1,707 to 1,737 m (5,600 to 5,700 ft) elevation range, located approximately 60 m (200 ft) below the current pit floor. These intercepts demonstrated continuity of +3.43 gpt (+0.1 opt) intercepts for over 274 m (900 ft) of strike and approximately 46 m (150 ft) of vertical extent. This elevation range is interpreted to be the upper levels of the boiling zone in the bonanza vein style system. Drill holes GPA-034 and GPA-037 delineate the mineralized system up-dip of the Margarite vein structural zone, while GPA-039 is the first of several deep drill tests. However down hole surveys are showing GPA-039 flattening with depth, and did not reach planned target depth. In December, 2009, the Company announced results for the final 7 drill holes in the 13 hole RC program totaling 2,240 m (7,350 ft) of drilling at the Adelaide project. Significant mineralization was encountered highlighted by 21.67 gpt (0.632 opt) gold across a true vein zone width of 7.09 m (23.3 ft), including 31.55 gpt (0.920 opt) gold across a true vein zone width of 4.72 m (15.5 ft). The results continue to demonstrate continuity of high gold grades in the bonanza vein-style system, while expanding the tonnage potential for the zone. Specifically hole GPA-042 and GPA-035 infill an important 91 m (300 ft) gap in drilling in the middle segment of the vein zone. The program included 10 RC holes into the Margarite vein structural zone, demonstrating continuity of higher grades with depth and along strike of previous intercepts. Drill holes GPA-034 through GPA-042 and GPA-046 tested the Margarite vein structural zone, with the results for GPA-034 through GPA-039 reported above. Drill holes GPA-040 and GPA-041 were drilled on the same east to west azimuths, testing mineralization along strike to the south with no significant intercepts. GPA-042, is drilled on the same fence as hole GPA-035, testing the Margarite zone approximately 30 m (100 ft) up-dip from the 7.56 m of 4.4 gpt (24.8 ft of 0.130 opt) gold intersected in GPA-035 across true width. Drill holes GPA-043 to GPA-045 were drilled on the newly targeted Sage vein zone located approximately 450 m (1,500 ft) to the northwest of the Margarite area. The Sage vein is located in historic trenching, and intersected by a single historic drill hole GT 3-1 drilled by Grand Teton in 1988, containing 3 m of 4.13 gpt (10 ft of 0.120 opt) gold, including 1.5 m of 7.0 gpt (5 ft of 0.204 opt). The 3 hole program was designed to identify strike direction and potential continuity of the GT 3-1 intercepts. Hole GPA-045 is encouraging, confirming a favourable strike orientation for the mineralized zone in a 122 m (400 ft) offset to the south of GT 3-1. No true thickness of the Sage vein intercepts have been estimated due to the limited understanding of this new zone.
(US) is the Qualified Person for the Adelaide Project and has reviewed and verified the information provided on the Adelaide project. Photos
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