Property Description and Location

The Tib Lake PGM Project is located approximately 100km north-northwest of Thunder Bay. The centre of the property is situated at latitude 49°14’22”N and longitude 89°47’35”W. The property is accessible by road from Thunder Bay by travelling west on Highway 17 for approximately 95 km, and then driving 50km to north-northeast from the highway on to the Bow water’s Dog River logging road to the East Dog River. The north-south-trending East Dog River passes through the centre of the property. Driving from this point (i.e. East of the river) is not possible due to major washout but it can be traveled by snowmobile during the winter freeze.

Figure III: Location of the Tib Lake PGM Project

 The Tib Lake claim block is located approximately 100km north-northwest of Thunder Bay and 15km northwest of the Lac des Iles Pd-Pt mine. The claim block covers an area of approximately 20km², owned 100%, and is subject to a 2.5% Net Smelter Royalty.

The claim block covers the southern half and basal part of the Archaean Tib Lake Gabbro. The base of the intrusion contains a large zone of vari-textured gabbro (VTG) which hosts a number of PGE showings. Various types of VTG rocks host the mineralization at the large Lac des Iles Pd-Pt open pit mine while primary layering hosts the PGE mineralization in the underground mining environment. The Tib Lake VTG zone was the principal exploration focus of Magma Metals on the project.

Figure IV: Tib Lake PGM Project Geology and Claim Block