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Zone Resources Update

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Four trenches totaling 2600 feet and 26 test pits were completed on the north end of this zone where the overburden was lightest and a minimum of water was encountered. High iron assays were secured but the silica content was also high, but as work preceded south the silica content decreases. However, in this work, quartzites were encountered and test pits were then put down to determine the strike, widths and dips, but as yet this work has not been carried through to a definite conclusion."

The following table gives a summary of the trench results.

----------------------------------------------------------------------------No.   Location                   Fe%     SiO2%       Mn%        P%        S%----------------------------------------------------------------------------65A   1 Trench North End       41.75     40.25----------------------------------------------------------------------------64A   1 Trench 105W 63A        33.25     33.95----------------------------------------------------------------------------65A   1 Trench 20W 63A         28.37     54.85----------------------------------------------------------------------------66A   1 Trench 30W 63A         39.50     41.85----------------------------------------------------------------------------67A   1 Trench 40W 63A         40.50     40.45----------------------------------------------------------------------------68A   1 Trench 50W 63A         50.25     37.75----------------------------------------------------------------------------69A   1 Trench 60W 63A         43.25     34.70----------------------------------------------------------------------------70A   1 Trench 70W 63A         47.25     33.80----------------------------------------------------------------------------71A   1 Trench 80W 63A         44.12     35.85----------------------------------------------------------------------------52A   2 Trench North End      50.158     24.24      0.10     0.013      0.01----------------------------------------------------------------------------53A   51 S 52A                 42.36     37.31      0.24     0.013     0.026----------------------------------------------------------------------------54A   68 S 52A                 52.79     22.82      0.08     0.017      0.01----------------------------------------------------------------------------55A   83 S 52A                 57.08     16.84      0.10     0.026     0.011----------------------------------------------------------------------------56A   83 S 52A                 50.77     26.28      0.09     0.015     0.016----------------------------------------------------------------------------57A   94 S 52A                 58.43     15.81      0.11     0.019      0.01----------------------------------------------------------------------------58A   100 S 52A                49.23     28.48      0.22     0.016     0.009----------------------------------------------------------------------------59A   109 S 52A                59.75     13.48      0.09     0.024     0.009----------------------------------------------------------------------------60A   116 S 52A                65.24      5.85      0.08     0.024     0.011----------------------------------------------------------------------------85A   4 Trench SW End          46.78     31.50      0.09     0.018      0.01----------------------------------------------------------------------------86A   3 NE 85A                 46.86     31.32      0.16      0.02     0.009----------------------------------------------------------------------------87A   8 NE 85A                 48.07     29.72      0.09     0.016     0.008----------------------------------------------------------------------------68A   13 NE 85A                44.03     35.15      0.07     0.014     0.011----------------------------------------------------------------------------89A   20 NE 85A                40.12     42.65----------------------------------------------------------------------------9QA   25 NE 85A                35.25     48.80----------------------------------------------------------------------------91A   28 NE 85A                45.50     33.60----------------------------------------------------------------------------76A   Pit No 4                 48.75     36.95----------------------------------------------------------------------------79A   Pit No 5                 50.60     28.30----------------------------------------------------------------------------72A   Pit No 6                 40.37     40.75----------------------------------------------------------------------------61A   Pit No 7                 59.26     13.59      0.10     0.016      0.01----------------------------------------------------------------------------51A   Pit No 8                 54.33     21.36      0.11     0.017     0.013----------------------------------------------------------------------------50A   Pit No 12                51.01     25.61      0.11     0.022      0.01----------------------------------------------------------------------------85A   Pit No 14                46.00     34.00----------------------------------------------------------------------------80A   East End Pit 15          37.87     45.00----------------------------------------------------------------------------80    East End Pit 15          33.75     51.45----------------------------------------------------------------------------77A   East End Pit 16          35.37     48.50----------------------------------------------------------------------------78A   East End Pit 16          50.16     27.09      0.11     0.016     0.011----------------------------------------------------------------------------73A   East End Pit 17          52.41      9.08      0.32     0.029     0.012----------------------------------------------------------------------------82A   East End Pit 18          56.70     17.93      0.05      0.02     0.008----------------------------------------------------------------------------74A   East End Pit 22          43.00     31.75----------------------------------------------------------------------------75A   East End Pit 22          40.75     32.00----------------------------------------------------------------------------84A   East End Pit 23          47.50     30.95----------------------------------------------------------------------------

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