Buchans Resources Limited Buchans VMS Project, Newfoundland - Update - - PowerPoint PPT Presentation

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Buchans Resources Limited Buchans VMS Project, Newfoundland - Update - - PowerPoint PPT Presentation

Buchans Resources Limited Buchans VMS Project, Newfoundland - Update November 2018 Buchans Resources Forward-Looking Statements Buchans Resources Limited (Buchans or the Company) has prepared this presentation for information


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SLIDE 1

BuchansResources Limited

Buchans VMS Project, Newfoundland - Update

November 2018

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SLIDE 2

Forward-Looking Statements

Buchans Resources Limited (“Buchans” or the “Company”) has prepared this presentation for information purposes only. The information contained herein was prepared by management on a best efforts basis and is believed to be accurate. This presentation contains or refers to "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements in this release, other than statements of historical fact, which address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking information. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipates" or "does not anticipate", "believes", "intends" and similar expressions or statements that certain actions, events or results "may", "could", " "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. In particular, all statements in this presentation that address estimated resource quantities, grades and contained metals, possible future mining, and exploration and development activities are forward looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Shareholders and prospective investors are cautioned not to place undue reliance on forward- looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. This presentation may contain certain information derived from official government publications, industry sources and third

  • parties. While we believe inclusion of such information is reasonable, such information has not been independently verified by

us or our advisers, and no representation is given as to its accuracy or completeness. The TSX Venture Exchange nor any other exchange has reviewed and nor do they accept responsibility for the adequacy or accuracy of material presented in this document.

BuchansResources

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SLIDE 3

Outline

  • Company Introduction
  • Project Background
  • Current Strategy & 2018 Program
  • Results
  • where we are headed…

BuchansResources

  • a new company formed from base metal assets spun out of Minco Plc after Minco taken over

by Dalradian Resources (Aug-2017)

  • Not Currently Listed - “… postpone the planned listing of the Company’s shares pending more

favourable market conditions.”

  • … continue in good standing as a Reporting Issuer in the Provinces of British Columbia,

Alberta, Nova Scotia, and Newfoundland & Labrador… in compliance with…Securities Acts and Regulations in Canada…including NI 43-101… public filings available on SEDAR

BuchansResources Limited (formerly Minco Plc)

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SLIDE 4

International Presence: Trans-Atlantic Resource Opportunities

Toronto

North Pennine Orefield (Zn-Pb-Ag)

  • Exploration Irish-Type Zn-Pb

Buchans (Zn-Pb-Cu-Ag-Au)

  • PEA & Exploration
  • historic mining district
  • very high-grade VMS deposits

Woodstock (Mn)

  • PEA Plymouth deposit (Mn carbonate)

Xtierra Ag-Zn-Pb (22% - TSXV:XAG)

  • PEA Bilbao (skarn)
  • Laguna Project (Ag-Tailings)

BuchansResources

Irish Midland Orefield (Zn-Pb-Ag)

  • Moate – Exploration Irish-Type Zn-Pb
  • Navan – JV Tara Boliden

(adjacent - Boliden’s Tara Mine)

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SLIDE 5

Volcanic/epiclastic rocks Ophiolite Deposits >200,000 tonnes

(production and/or reserves)

AVALON ZONE CENTRAL MOBILE BELT

  • St. John’s
  • Buchans Resources controls

several undeveloped deposits

(Ord. - Buchans Group & Cambro-Ord. Victoria Lake Group)

(after Swinden,1991 and Evans & Kean, 2002) 100 km

Buchans VMS Camp

BuchansResources

Buchans

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SLIDE 6

BUCHANS PROJECT - BACKGROUND

BuchansResources

Asarco - 16.2 Mt - 23.4% CBM - 14.5%Zn, 7.6%Pb, 1.3%Cu, 1.37g/t Au, 126g/t Ag (mined 1928-84)

  • 2007 - resources left behind - large resource - lower-grade stockwork -

potential for open pit development - Lundberg

  • 2008 - Inferred Resource - Lundberg
  • 2011 - Positive PEA (Inferred Resource - Lundberg)
  • 2013 - expanded & upgraded to Indicated & Inferred resources - Lundberg
  • 2017 - RDC metallurgical study (Lundberg + district’s satellite deposits - central mill)
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SLIDE 7

Map Area

District Opportunity

Cambro-Ord. Volc. Millertown

BuchansResources

20 km

Buchans

Buchans Resources Properties Canadian Zinc Properties NI 43-101 Compliant Resource Historic mine

Boomerang Deposits 100% NZC (1% Zn cut-off)

Indicated - 1.36 Mt @ 7.1% Zn, 3.0% Pb, 0.5% Cu, 110.4 g/t Ag, 1.7 g/t Au Inferred - 0.28 Mt @ 6.7% Zn, 2.9% Pb, 0.4% Cu, 96.5 g/t Ag, 1.3 g/t Au Domino (Inferred) – 0.41 Mt @ 6.3% Zn, 2.8% Pb, 0.4% Cu, 94 g/t Ag, 0.6 g/t Au Hurricane (Inferred) – 0.06 Mt @ 13.4% Zn, 7.0% Pb, 1.2% Cu, 159 g/t Ag, 0.9 g/t Au

Lundberg – 100% BRL

Indicated – 23.4 Mt @ 1.41% Zn, 0.60% Pb, 0.35% Cu, 5.31 g/t Ag, 0.07 g/t Au Inferred – 4.3 Mt @ 1.29% Zn, 0.54% Pb, 0.27% Cu, 4.47g/t Ag & 0.08 g/t Au ($15US NSR cut-off)

Bobbys Pond (1.1% CuEq) - 100% BRL

Indicated - 1.1 Mt @ 4.6% Zn, 0.4% Pb, 0.9% Cu, 16.6 g/t Ag, 0.2 g/t Au Inferred- 1.2 Mt @ 3.8% Zn, 0.3% Pb, 1.0% Cu, 11.0 g/t Ag & 0.06 g/t Au

Lemarchant 100% NZC (4% zinc equiv. cut-off)

Indicated - 2.42 Mt @ 6.2% Zn, 1.6% Pb, 0.7% Cu, 64.0 g/t Ag, 1.22 g/t Au Inferred – 0.56 Mt @ 4.7% Zn, 1.1% Pb, 0.5% Cu, 44.7 g/t Ag, 1.1 g/t Au

Daniels – 100% BRL

Indicated-0.93 Mt @ 5.1% Zn, 2.5% Pb, 0.3% Cu, 101.4 g/t Ag, 0.6 g/t Au Inferred- 0.33 Mt @ 4.6% Zn, 2.1% Pb, 0.3% Cu, 85.9 g/t Ag, 0.53 g/t Au (2% Zn cut-off)

Long Lake 100% NZC (using a 7.0% zinc equiv. cut-off)

Indicated – 0.41 Mt @ 7.8% Zn, 1.6% Pb, 1.0% Cu, 49 g/t Ag, 0.57 g/t Au Inferred – 0.08 Mt @ 5.8% Zn, 1.2% Pb, 0.7% Cu, 34 g/t Ag, 0.48 g/t Au

Duck Pond Mine (past prod.)

5.0 Mt @ 4.4% Zn, 2.7% Cu, 53 g/t Ag, 0.6 g/t Au (Teck, 2007-15)

Buchans (past prod.) 16.2 Mt

14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au & 126 g/t Ag (Asarco, 1928-1984) Tulks Hill – 49% BRL:51% Prominex

Indicated-0.43 Mt @ 4.0% Zn, 1.6% Pb, 0.9% Cu, 35.1 g/t Ag, 1.2 g/t Au (1.1% CuEq)

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SLIDE 8

500 1,000 1,500 2,000 2,500

Zn (lbs) Pb (lbs) Cu (lbs) 851 361 207 1,179 357 136 2,030 718 342 Millions

  • District hosts >2 billion lbs Zn,

>700 million lbs Pb, & >300 million lbs Cu

  • Lundberg hosts more than half

district’s Cu & Pb, and almost as much Zn as all other deposits combined

* combined Indicated & Inferred resources

Lundberg – District’s Pivotal deposit

Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be considered for estimation of mineral reserves, and there is no certainty that inferred mineral resources will be realized.

BuchansResources

District Total VLSG (all NI 43-101) Lundberg

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SLIDE 9

metallurgy - recoveries

2PEA based on Inferred Mineral Resources, not Mineral Reserves, and do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative

geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is therefore no certainty that the conclusions of the PEA will be realized. PEA assumptions: metal prices - ($US) $1.22 Zn/lb, $1.10 Pb/lb, $3.62 Cu/lb, $22.74 Ag/oz; Exchange Rate: $1.012 CAN$:US$.

1Resources that are not mineral reserves do not have demonstrated economic viability. Resource Estimate reported from: Technical Report prepared by Michael Cullen, P.

  • Geo. & Andrew Hilchey, P.Geo., of Mercator Geological Services Limited. * “cut off” based on operating & processing costs estimated by Tetra Tech (2011 PEA). Feb 2013 - 3yr

trailing average metal prices: $0.95 /lb Zn, $1.00 /lb Pb, $3.68 /lb Cu, $29.00 /oz Ag, $1,493.65 /oz Au.

LUNDBERG RESOURCE BuchansResources

processing - central mill upgraded resource

  • pen pit – bulk tonnage

Since 2011…

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SLIDE 10

Red Indian Lake

deposits (past producers-projected to surface) sulphide prospects favourable alteration 5 km

Lundberg (near surface - stockwork)

below Lucky Strike (massive sulphides)

Outline of Buchans Camp rocks after GSC 2016

Buchans camp rocks

BUCHANS Lundberg Deposit

Asarco mined 16.2 Mt 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au & 126 g/t Ag (1928-1984)

  • 80% historic production from Buchans Resources property -

BuchansResources

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SLIDE 11

Schematic block diagram of the MacLean channel, Lucky Strike area, illustrating hydrothermal vents along synvolcanic faults, diatreme activity associated with subvolcanic plutonic body, ore bearing slumps and debris flows (modified after Kirkham and Thurlow, 1987; and Thurlow, 2001).

stockwork ore

sulphide-rich vein networks (2-6% Zn-Pb-Cu) (not mined)

transported ore

debris flow deposits (16-22% Zn-Pb-Cu) (52% of ore mined)

VMS DEPOSITS (Buchans model) BuchansResources

in situ ore

massive sulphides (25-28% Zn-Pb-Cu) (48% of ore mined)

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SLIDE 12

Mineralization

LUNDBERG Bulk Tonnage Resource

BuchansResources

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SLIDE 13

Lundberg H-3356 – 37 m

LUNDBERG

STOCKWORK DEPOSIT BuchansResources

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SLIDE 14

200 m

Resource Limits - projected to surface 2012 drill hole Previous surface drill hole Workings projected to surface 2013 – Indicated & Inferred (US$15 NSR) Historic underground drill hole 2008 drill hole

Lundberg Zone

14

BuchansResources Lundberg

Engine House Zone

*Figure excludes holes drilled after 2012

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SLIDE 15

Section A (looking Northeast)

0 m 200 m 400 m

NW SE 700 m

2013 Resource Model ($15 US cut off) $0.95 lb Zn $1.00 lb Pb $3.68 lb Cu $29.00 oz Ag $1,493.65 oz Au

LUNDBERG

Bulk Tonnage Resource

15 to 25 25 to 50 50 to 75 75 to 100 100 to 150

NSR ($ US)

>150 resource blocks 5 m includes Indicated & Inferred

(2013 Resource Block Model)

* excludes holes drilled after 2012

BuchansResources

Lundberg

300 m

  • ld workings

Two Level glory hole

  • ld workings

Lucky Strike

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SLIDE 16

SW NE

2013 Resource Model ($15 US cut off) $0.95 lb Zn $1.00 lb Pb $3.68 lb Cu $29.00 oz Ag $1,493.65 oz Au

LUNDBERG

Bulk Tonnage Resource

15 to 25 25 to 50 50 to 75 75 to 100 100 to 150

NSR ($ US)

>150

BuchansResources

0 m 200 m 400 m 300 m

400 m Section B (looking Northwest)

Lundberg

glory hole

  • ld workings - Lucky Strike

resource blocks 5 m includes Indicated & Inferred

(2013 Resource Block Model)

* excludes holes drilled after 2012

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SLIDE 17

NW SE

2013 Resource Model ($15 US cut off) $0.95 lb Zn $1.00 lb Pb $3.68 lb Cu $29.00 oz Ag $1,493.65 oz Au

LUNDBERG

Bulk Tonnage Resource

15 to 25 25 to 50 50 to 75 75 to 100 100 to 150

NSR ($ US)

>150

  • ld workings

Lucky Strike

  • ld workings – Engine House

BuchansResources

glory hole 0 m 200 m 400 m 300 m

300 m Section C (looking Northeast)

Engine House

resource blocks 5 m3 includes Indicated & Inferred

(2013 Resource Block Model)

* excludes holes drilled after 2012

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SLIDE 18

SW NE

2013 Resource Model ($15 US cut off) $0.95 lb Zn $1.00 lb Pb $3.68 lb Cu $29.00 oz Ag $1,493.65 oz Au

LUNDBERG

Bulk Tonnage Resource

15 to 25 25 to 50 50 to 75 75 to 100 100 to 150

NSR ($ US)

>150

BuchansResources

0 m 200 m 400 m 300 m

300 m Section D (looking Northwest)

Engine House

resource blocks 5 m3 includes Indicated & Inferred

(2013 Resource Block Model)

* excludes holes drilled after 2012

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SLIDE 19

2018 PROGRAM

  • Drilling (~8,000 m)
  • Borehole Geophysical Surveys
  • SkyTEM AEM surveys (~1,000 line km)
  • Lundberg – Updated Resource Estimate (fill in gaps in the 2013 resource)
  • Lundberg - Internal Scoping Study...recent technical inputs - since 2011 PEA

STRATEGY

  • continue to advance evaluation of Lundberg - incorporating improve results - recent

work completed since 2011 PEA (expanded resource, improved metallurgy, milling options)

  • explore for additional nearby resources that could complement Lundberg

BUCHANS PROJECT

LUNDBERG

  • substantial base metal inventory – large potentially open

pitable resource

  • brownfield site - excellent infrastructure
  • potential access - existing mill (65 km road)

Mill (~2,000 t/d mill)

BuchansResources

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SLIDE 20

SkyTEM AEM Surveys

~1,000 ln km in 2 blocks some areas - 1st AEM since 1980’s

2018 Program

Exploration

BuchansResources

Buchans Resources Properties NI 43-101 Compliant Resource Historic mine Cambro-Ord. Volc. Millertown

10 km Buchans

Bobbys Deposit Daniels Deposit Lundberg Deposit Buchans Drilling (5,200 m)

2,200 m - Lundberg - (16 ddh) 3,000 m - “other targets” – (10 ddh)

Tulks North Drilling (2,800 m)

1,100 m - Bobbys - (2 ddh) 1,700 m – Daniels - (3 ddh)

BHEM surveys

Buchans & Tulks North exploration potential at depth

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SLIDE 21

underground workings projected to surface 100 m

BuchansResources

2018 Results – Lundberg Resource Drilling

1.0 m - 21.99% CBM & 1.8 m - 32.22% CBM

0.10 m - 36.53% CBM

4.8 m - 15.48% CBM 23.8 m - 9.11% CBM

  • incl. 8.0 m - 20.38% CBM

0.5 m - 5.22% CBM

N

2013 Lundberg Resource Outline

28.0 m - 2.63% CBM 152.0 m - 2.49% CBM

0.8 m - 1.7% CBM

29.0 m - 1.86% CBM

6.0 m - 1.23% CBM 10.0 m - 1.0% CBM

  • wk. min.
  • wk. min.
  • wk. min.
  • wk. min.

35.7 m - 2.57% CBM 8.9 m - 3.93% CBM & 64.0 m - 1.25% CBM 34.7 m - 4.53% CBM

  • incl. 23.0 m - 6.18% CBM

4.0 m 19.61% CBM

0.8 m 24.95% CBM

2.7 m 9.87% CBM

2.65 m 4.61% CBM

5.05 m 5.98% CBM

0.94 m 12.04% CBM

2018 drill hole (angle hole) 2007-12 drill hole historic surface/ underground hole

topographic contours 2 m

2014-15 drill hole

…although further work is needed, we believe availability of remnant high-grade mineralization above Lundberg may ultimately enhance - open pit development...

%CBM- combined Cu+Pb+Zn% - complete assays available on www.buchansresources.com

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SLIDE 22

underground workings projected to surface 100 m

BuchansResources

2018 Results – Lundberg Resource Drilling

N

2013 Lundberg Resource Outline

28.0 m - 2.63% CBM 152.0 m - 2.49% CBM

0.8 m - 1.7% CBM

29.0 m - 1.86% CBM

6.0 m - 1.23% CBM 10.0 m - 1.0% CBM

  • wk. min.
  • wk. min.
  • wk. min.
  • wk. min.

35.7 m - 2.57% CBM 8.9 m - 3.93% CBM & 64.0 m - 1.25% CBM 34.7 m - 4.53% CBM

  • incl. 23.0 m - 6.18% CBM

2018 drill hole (angle hole) 2007-12 drill hole historic surface/ underground hole

topographic contours 2 m

2014-15 drill hole

…although further work is needed, we believe availability of remnant high-grade mineralization above Lundberg may ultimately enhance - open pit development...

%CBM- combined Cu+Pb+Zn% - complete assays available on www.buchansresources.com

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SLIDE 23

underground workings projected to surface 100 m

BuchansResources

2018 Results – Lundberg Resource Drilling

1.0 m - 21.99% CBM & 1.8 m - 32.22% CBM

0.10 m - 36.53% CBM

4.8 m - 15.48% CBM 23.8 m - 9.11% CBM

  • incl. 8.0 m - 20.38% CBM

0.5 m - 5.22% CBM

N

2013 Lundberg Resource Outline

4.0 m 19.61% CBM

0.8 m 24.95% CBM

2.7 m 9.87% CBM

2.65 m 4.61% CBM

5.05 m 5.98% CBM

0.94 m 12.04% CBM

2018 drill hole (angle hole) 2007-12 drill hole historic surface/ underground hole

topographic contours 2 m

2014-15 drill hole

…although further work is needed, we believe availability of remnant high-grade mineralization above Lundberg may ultimately enhance - open pit development...

%CBM- combined Cu+Pb+Zn% - complete assays available on www.buchansresources.com

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SLIDE 24

100 m

2013 Lundberg Resource Outline

Two Level underground workings projected to surface

BuchansResources

Lucky Strike Drilling

N

2018 BRL drill hole

2007-15 BRL drill hole historic surface/ underground hole

topographic contours 2 m

H-18-3500 (-58°) H-18-3501 H-18-3502 H-18-3503 H-18-3504 H-18-3505 H-18-3506 (-45°) H-18-3516b (-45°) H-18-3515 (-84°) H-18-3520 H-18-3519 H-18-3514 H-18-3521 H-18-3518 (-48°)

H-18-3526 in progress H-18-3523 - no significant mineralization horizon faulted out at this location H-18-3524 1.80 m 9.48% CBM 0.76% Cu, 3.15% Pb, 5.57% Zn, 90.5 g/t Ag & 0.37 g/t Au

  • incl. 1.00 m 14.83% CBM

1.26% Cu, 4.87% Pb, 8.70% Zn, 133.2 g/t Ag & 0.47 g/t Au

Two Level (proximal-transported)

0.30 Mt - 0.5% Cu, 4.6% Pb, 8.0% Zn, 125 g/t Ag, 1.6 g/t Au (mined)

North Orebody (proximal-transported)

0.55Mt @ 0.5% Cu, 4.5% Pb, 8.2% Zn, 123 g/t Ag, 1.7 g/t Au (mined)

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SLIDE 25

1 km

N

Lucky Strike

  • thers
  • thers

BRL BRL BRL BRL Sandfill

(transported) Oriental

Lundberg

Sandfill Target Area Clementine Target Area Oriental East Target Area West Orebodies Target Area Lucky Strike North Target Area Middle Branch Target Area Old Buchans North Target Area

BuchansResources 2018 Drilling

Other Target Areas

“other targets” 2018 drilling

Target Areas

(relogging)

Orebodies (historic/ mined out) (mined 1928-1984 - 16.2 M tonnes 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au & 126 g/t Ag

Stringer Mineralization (projected to surface) Prospect (undeveloped, projected to surface) Lundberg & Engine House Zone (projected to surface) Lundberg Model Open Pit

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SLIDE 26

500 m

breccia-tuffs conglomerate

(granite cobbles)

Sandfill Prospect – 2018 Drilling BuchansResources

thrust panel - “other rocks” (above Buchans rocks)

BRL

  • ther

Lundberg (stockwork)

Lucky Strike (in situ & proximal-transported) 5.6 Mt @ 1.6% Cu, 8.6% Pb, 18.4% Zn, 112 g/t Ag, 1.7 g/t Au (mined) Middle Branch (transported) (hist. intercept) 1.8 m - 0.4% Cu, 3.1% Pb, 4.8% Zn, 48 g/t Ag & 0.7 g/t Au Oriental (in situ & transported) 3.3 Mt -1.47% Cu, 7.90% Pb, 14.18% Zn, 154.0 g/t Ag & 1.96 g/t Au (mined) Sandfill (transported) (historic, non-43-101 compliant) 68,000 tonnes – 1.5% Cu, 4.7% Pb, 10.0% Zn, 85.7 g/t Ag & 0.34 g/t Au

Buchans Lake

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SLIDE 27

500 m

barren rocks thrust over prospective Buchans rocks

Middle Branch (transported)

H-1910 (historic) 1.83 m - 8.3% CBM (0.4% Cu, 3.1% Pb, 4.8% Zn, 48 g/t Ag, 0.69 g/t Au)

1582 3350

BuchansResources

2018 Sandfill Drilling - Buchans

Thrust Fault Ski Hill (basalt/ intermediate fragmentals)

Geology

Sandy Lake (prominent qtz rhyolite/ arkose/basalt) Diabase Buchans River (rhyolite/ m.sulphs./ basalt/ felsic tuffs Surface/ underground DDH & historic assays BRL DDH (2007-15)

2018 BRL drill hole

N

too shallow too shallow too shallow too shallow?

  • min. debris
  • min. debris

limits - transported sulphides (projected to surface)

3.1 m - 2.4% CBM 0.1% Cu, 0.7% Pb, 1.6% Zn, 7 g/t Ag 1.52 m - 4.9% CBM 0.3% Cu, 2.0% Pb, 2.6% Zn, 93 g/t Ag, 1.03 g/t Au 1.22 m - 17.7% CBM 0.2% Cu, 3.9% Pb, 13.7% Zn, 62 g/t Ag, 1.20 g/t Au 3.35 m - 21.7% CBM 2.6% Cu, 6.5% Pb, 12.6% Zn, 87 g/t Ag, 0.34 g/t Au 3.66 m - 11.2% CBM 0.5% Cu, 3.1% Pb, 7.7% Zn 0.46 m - 31.3% CBM 1.4% Cu, 8.6% Pb, 21.3% Zn, 219 g/t Ag, 2.74 g/t Au 0.24 m - 13.4% CBM (one sample) 1.6% Cu, 1.8% Pb, 10.0% Zn, 26 g/t Ag, 0.38 g/t Au

H-18-3513 - transported sulphides - 7.0 m - 7.4% CBM Upper Zone

  • incl. 1.0 m - 23.6%CBM - 2.96% Cu, 5.13% Pb, 15.5% Zn, 96 g/t Ag & 0.27 g/t Au

and 3.10 m - 6.4% CBM Lower Zone

  • incl. 1.0 m - 17.5%CBM - 0.56% Cu, 5.50% Pb, 11.40 % Zn, 153 g/t Ag & 0.70 g/t Au

assays pending

Sandfill (transported) narrow diam. drilling 300-400 m depth - 25-35 m OB

assays pending

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SLIDE 28

500 m

barren rocks thrust over prospective Buchans rocks

Middle Branch (transported) H-1910 (historic) 1.83 m - 8.3% CBM (0.4% Cu, 3.1% Pb, 4.8% Zn, 48 g/t Ag, 0.69 g/t Au)

1582 3350

BuchansResources

Sandfill - Middle Branch Drilling Buchans - 2018

Thrust Fault Ski Hill (basalt/ intermediate fragmentals)

Geology

Sandy Lake (prominent qtz rhyolite/ arkose/basalt) Diabase Buchans River (rhyolite/ m.sulphs./ basalt/ felsic tuffs Surface/ underground DDH & historic assays BRL DDH (2007-15)

2018 BRL drill hole

N

too shallow too shallow

3.1 m - 2.4% CBM 0.1% Cu, 0.7% Pb, 1.6% Zn, 7 g/t Ag 1.52 m - 4.9% CBM 0.3% Cu, 2.0% Pb, 2.6% Zn, 93 g/t Ag, 1.03 g/t Au 1.22 m - 17.7% CBM 0.2% Cu, 3.9% Pb, 13.7% Zn, 62 g/t Ag, 1.20 g/t Au 3.35 m - 21.7% CBM 2.6% Cu, 6.5% Pb, 12.6% Zn, 87 g/t Ag, 0.34 g/t Au 3.66 m - 11.2% CBM 0.5% Cu, 3.1% Pb, 7.7% Zn 0.46 m - 31.3% CBM 1.4% Cu, 8.6% Pb, 21.3% Zn, 219 g/t Ag, 2.74 g/t Au 0.24 m - 13.4% CBM (one sample) 1.6% Cu, 1.8% Pb, 10.0% Zn, 26 g/t Ag, 0.38 g/t Au

H-18-3513 - Sandfill Prospect transported sulphides (assays released October 17, 2018) Upper Zone 7.0 m - 7.4%CBM - 0.69% Cu, 1.58% Pb, 5.15% Zn, 33.5 g/t Ag, & 0.21 g/t Au

  • incl. 1.0 m - 23.6%CBM - 2.96% Cu, 5.13% Pb, 15.5% Zn, 96 g/t Ag & 0.27 g/t Au

Lower Zone 3.1 m - 6.4%CBM - 0.22% Cu, 1.99% Pb, 4.19% Zn, 52.04 g/t Ag & 0.25 g/t Au

  • incl. 1.0 m - 17.5%CBM - 0.56% Cu, 5.50% Pb, 11.40 % Zn, 153 g/t Ag & 0.70 g/t Au

H-18-3522 - Middle Branch transported sulphides 0.30 m - 0.23% CBM - 0.07% Pb, 0.16% Zn, 162.8 g/t Ag & 0.054 g/t Au

Sandfill (transported)

H-18-3525 assays pending

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SLIDE 29

Daniels Pond deposit Bobbys Pond deposit

District Opportunity

BuchansResources

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SLIDE 30

Tulks North Property (VLSG)

Advanced Exploration Opportunities

Footwall volcanics Hanging wall volcanics Massive to semi-massive sulphides - Daniels – SW Zone

Approximately 5 metres

BuchansResources

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SLIDE 31

Bobbys

Exploration Potential At Depth

0 m 100 m 200 m 300 m 400 m 500 m

depth m

Relative NSR Value

High Low

uncategorized resource block model

(5x5 m blocks)

Drilled Pierce Point

Bobbys Deposit

LONGITUDINAL VIEW (looking northwest)

100 m 100 m

BP-18-41 (600 m)

  • Mass. pyrite over 0.85 m with

visible base metal sulphides (assays pending) BP-18-40 (328 m) 10-15% pyrite with base metal sulphides

  • ver 14.8 m (assays

pending)

* 2018 program to include

surveying of new and select historic drill holes by BHEM

BuchansResources

slide-32
SLIDE 32

Excellent depth potential below 300 m

4 m

blue shading & contours grade (Zn) x thickness (m)

(contour interval 10 units & incl. 2008 drill results)

drill hole pierce point

SW Lens NE Lens

100 m 100 m 100 m 200 m 300 m 400 m depth m

DN-52 – 6.1 m 1.2% Zn, 0.2% Pb, 0.2% Cu, 8.4 g/t Ag

500 m 600 m

8 m 12 m 16 m 24 m 4 m 4 m

Massive Pyrite Lobe

Contoured True Thickness (m)

4 m 16 m

proposed hole with Borehole TDEM search radius (~75 m) Indicated Resource Inferred Resource 2008 drill hole - post 2007 resource estimate

(all holes returned low grade

  • ver width, but meet resource

threshold >1% Zn)

500 m 600 m 700 m

Daniels

Exploration Potential At Depth

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DN-18-130 - 3.5 m semi-massive pyritic sulphides

1.5 m - 0.11% Cu, 0.65% Pb, 1.46% Zn, 24.5 g/t Ag & 0.33 g/t Au

  • incl. 0.5 m - 0.15% Cu, 1.36% Pb, 2.67% Zn 46.6 g/t Ag & 0.23 g/t Au

DN-18-131

8.6 m massive pyrite & 5.70 m semi- massive pyrite (assays pending)

DN-18-132

~2 m semi-massive pyritic sulphides (assays pending)

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SLIDE 33

Summary

Buchans Project

  • substantial metal inventory with excellent potential for discovery of additional

resources

  • underpinned by large, potentially open pitable resource - brownfields setting
  • excellent infrastructure - potential access to an existing mill

Looking Forward

  • exploration results pending
  • drilling - Buchans “other targets” + Bobbys & Daniels deposits
  • borehole geophysical surveys
  • airborne SkyTEM surveys
  • pre-development-related results pending
  • updated resource - Lundberg (Q4)…appropriately consider higher-grade

Lucky Strike remnants - may enhance open pit development

  • internal scoping study - identify optimum scenarios that could be incorporated

into a new PEA

THANK YOU

Special thanks: Town of Buchans Department of Natural Resources - Buchans Core Library Department of Natural Resources - Junior Exploration Assistance Lucky Strike

BuchansResources

www.buchansresources.com