Northern Shield Resources: Market Update

0:08 Hello everyone and thank you for joining today's live discussion with Ian Bliss, President and CEO of Northern Shield Resources. Today Ian will be providing us with a brief update regarding the company, but really this is your opportunity to ask Ian any questions you may have. So please feel free to submit your questions in the bottom right corner in the chat box there. Now, this event is being recorded and will be available for your viewing shortly afterwards. With that said, Ian, the floor is yours.

0:35 Thank you very much, Kyle, and thank you everyone for taking the time this morning or this afternoon, depending on where you are, to get an update on Northern Shale Resources and our root and cellar project. I say this is meant to be a more brief update. It's not a full detailed explanation of all the exploration that's gone on to date, but just an update. I will go into detail on a few things, but if anyone wants more detail at the end, I'll be happy to send along one of the more detailed presentations or you should find it on the website. So before I begin, I do have to bring your attention to this forward-looking statement advisory as this presentation will contain forward-looking statements. As many of you may know, the Moot & Sellar is located on the Buren Peninsula of Newfoundland, about 3 hours drive from the capital of St. John's. There are numerous other epithermal and related copper porphyries in the Avalon terrain, of which the Buren occupies a good portion of the Avalon. But we're in a very sort of distinct area of the Avalon terrain and compared to other epithermal belts like down in the nearest one is in the Carolinas where you have the Hale Gold Faucet and the Carolina Gold Belt, this area has received very, very little exploration.

1:50 One thing when you listen to this update of this presentation, one thing is, you know, the lens to kind of look through is, is this elephant country? It's sort of a question that you should be asking yourself. And so is it an Elvin country? And if so, where is it?

2:09 And so just to give a quick overview of Ruben's Cellar, it was discovered by a prospector in 2012. Nolan Shield was the first company to conduct methodical exploration on the entire property. Minor exploration happened at Braxton Bradley, but nothing on the other showings. The property hosts 5 Gold, Silver and Tellurium occurrences of our very large area. This seems to overprint a pre-existing Copper porphyry style mineralization that's more dominant in the southwest portion of the project. As you can see, some very high grades up to 1,365g Silver, 700ppm Tillerium, which is very, very high and up to 111g per tonne Gold and 10.5% Copper indications of Moly as well.

2:56 The conquest is really the focus of this presentation and our work to date. We believe Conquest and Conquest has been intermerged in just some of the other showings like Windfall, but we believe Conquest specifically has all the ingredients to form a giant and high-grade epithermal occurrence. So I said I wasn't going through a detailed presentation, just sort of a list, a quick overview of the key ingredients, why we think number 1, this could be a very large epithelial system. And also then where it is. And so some of those evidence is more sort of circumstantial. Some of it is more in-depth and detailed and sort of from big picture to very, very fine detail. So, you know, we're talking about an elegant country and a very large deposit. First of all, you must have the geology that supports that. We certainly see that at Ruben's Seller in a variety of manifestations.

3:55 We have a very large footprint of Gold, Silver and Tolerane mineralization and Copper, as you'll see, and as you already know. More importantly, we also backed this up by all the pathfinder elements that you expect to see in an epithermal occurrence, namely aristic antimony, mercury and potassium. We see these related to the mineralization. That's very important. It helps substantiate the fact that we are doing with a very active and long-lived epithermal system. Tellurium is really a key ingredient here. Not only is it an added potential value at the end of the day, because Tellurium is a critical metal used in the destruction of solar panels on certain batteries. But tellurium is also known to be associated with very large and high-grade epithelial deposits. Think of cripple creep, pore drop, etc. Are all examples of tellurium bearing epithelial systems. And they're often related to the alkaline or subalkaline and those themselves, I'll say, are associated with very large systems.

4:56 The copper porphyry mineralization is not only important because we may have a copper porphyry and of course copper porphyries and epithermals are related They're end members of the same system. But if you look around the world, many of the really high grade and large epithermal occurrences, I'm thinking of Bruce Jack and Futa, I don't know what they in Ecuador, as an example off the top of my head. These are both sort of in the shadows of copper porphyry or aborted copper porphyry. So they all have indications that copper porphyry minimization was once present. And I say a lot of these large systems are often in the shadows of these copper porphyry systems. And we certainly see that at Ruben's Cellar. Alteration, any deposit, especially the larger, the longer-lived they are, they have very large and intense alteration halos and we see that at Ruben's Cellar. In fact, it's somewhat of a problem because these alterations are changing the rocks so much that we don't know what the original protolith was, but that's a good problem because all large high-grade systems here are usually a sort of intense alteration and we certainly see that at Ruben's Eller.

6:01 And As you'll see later on in this presentation, the level of erosion is now just eroding the rocks down to the level of this system as it formed hundreds of millions of years ago. So the whole system is intact. Other deposits on the Bering Peninsula have been known that they're eroded down below the Bonanza grade, Bonanza level, so you're not going to get a lot of high-grade Gold. The complete system is intact at Root & Cellar and that bodes well against most of the potential grades we will encounter at depth, but also the size of the deposit. Geophysics, large systems usually disrupt the physical characteristics of the rocks. And we see that at Root & Souther, particularly in the magnetics, where there's a very strong correlation between mineralization and magnetic lows. And again, the alteration will destroy the magnetic signature of the rock. And we certainly see that at Ruben's Heather. So a lot of evidence here of a very large system.

6:57 This is one of the, what I call sort of circumstantial evidence of something big, and you know, it's just, it's not direct evidence, but clearly something is different happening in this portion of the Buren Peninsula. These images, the one on the left is a digital elevation model, so topography. The one on the bottom right is magnetics. And you can clearly see there's something disrupting the topography here. It's basically a low-lying sloth. And you see the same thing on the geophysics, whereas in most parts, the magnetic signature is following the trend of the Bering Peninsula. In here, there's a break. So something is happening. We believe this is to what we call an extension regime where at one point the rocks are sort of being pulling apart and as I pull apart of course that allows fluids and magma to come up and so there's a better opportunity for lots of magmatic activity and hydrothermal activity when you have that sort of an extensional regime.

7:49 Then of course, to get down into some of the main direct evidence, and that is we have a large footprint of gold mineralization, both in rocks, surface sampling, soil sampling, and in drill holes. So You see the conquest zone, and conquest we begin to think may be linked up to windfall. We have an area of about 2km by 2km with Gold mineralization. Some of this you may say is low-grade, it's 0.1, but that's still Gold mineralization. That's mineralization that we're not in the heart of the system. This is just mineralization that's been leaking through cracks and along geological contacts from depth. There's a very large footprint in here. We almost have continuous mineralization in the Southern Conquest Zone. A lot of high grades, 111g, that's a boulder. We now have 78g in the Discovery Zone based on work at the end of the summer. At the bottom line, a large footprint of Gold mineralization, shown by the red squares.

8:45 Again, the red dots are showing soil samples, anomalies and Gold. So clearly, especially out here, you can see there's a nice trend to these anomalies and we haven't found any rocks. So that's telling us there's another subcropping mineralization somewhere in this area that we haven't found yet. The red hash marks are IP chargeability anomalies. So we know in the main conquest zone, there's quite a strong correlation with the mineralization we're seeing so far and IP chargeability. And of course in conquest north, we've got quite a large IP, it's fairly deep underneath this ridge, But you can see on the fringes of it, you can see both anomalous soils and Gold and a handful of rock samples. So that's strong to suggest that this is also potentially Gold-bearing or at least parts of it at depth. So a very, very large footprint of Gold mineralization in the greater conquest zone.

9:36 Now, I'm going to, this is one of the, I said, I said some of it's very direct detail and large scale. Now I'm going to go to some really fine detail. And this was some of the latest evidence that we picked up at Root & Cellar. This has been carried out by an MSc student at Memorial University who wanted to use some innovative application of geochemistry. It's a little bit complicated, but at the same point, I think it's really neat and that's why I want to share it to you. What he did, he went back and read a paper from Wahi, New Zealand. Wahi is a 6Moz Epithermal Gold deposit in New Zealand and it's been around for quite some time. Work there showed that if you basically plot these Potassium versus Sodium ratios, And the idea is that in epithermal systems, we have a certain set of minerals that we look for. Agularia is the main one. And as you get into the boiling zone, you start seeing Agularia, which is a potassium rich mineral. Sometimes it's hard to identify these minerals. And so what the student has done through looking at this paper at Waddington Museum was try to use chemistry as a proxy for the minerals.

10:39 So adularia is high in potassium. And so if you're getting adularia, which would be closer to the boiling zone, you'd expect higher potassium ratios. And in this case, these are the color coded on this plot with gold values. So the oranges, the yellows, the reds, and the purples are all samples that are also high in gold. So you can clearly see there's a strong association with gold-burnt samples and those that have high potassium and relatively low sodium. So we did that both for drill holes and in surface samples, but we see the same thing that the Gold is associated with Agularia but we're using potassium as a proxy for Agularia. So we then take these samples, color code them according to Wahi, and plot them up. And as you can see, in the main conquest zone, the red, which are your Agularia dominant samples, are clearly see that in conquest zone. And then the purple, which is Agularia present.

11:33 Here we have present and dominant and interesting enough, as we move westward from conquest, we see a bunch of samples that also have Agularia present. Again, this is a fairly topographically high area, so maybe we're further above the system. That's why it's Agile area present and not dominant. But it kind of suggests that the conquest zone may continue another 750 metres further west. And lo and behold, drop zone sits somewhere over here. So almost a long trend of that, a long strike of that same trend. So very innovative work from this MSc student and it's just one more dataset, semi-independent from what we're doing, but that's helped support the same notion that we're exploring in the right area.

12:19 To take an even closer look, again, now we're kind of zooming into that Southern Conquest area. This is what we call the Discovery Trench area. We did a lot of drilling in 2023. So Again, the red and the purple samples are Agilaria dominant or Agilaria present. As you can see in this area, all the drill holes, and here zooming into the drill holes from last year, they are all dominated by the Agilaria dominant sequence. As you move further away, you have Agilaria or some of the other minerals, Smectonite, Kaolinite and Wheat Clay, which happens as you move away. But clearly, as you move into this portion of the conquest area, the alteration is dominated by Agilaria. We had other evidence that this was what we call the outflow zone, but this was a very different style of tool to use, completely independent of what we were using and seeing in the field, but it comes up with the same answer. So it's much more sort of scientific and in depth than some of the rocks and the textures that we see. But again, it all reinforces the same interpretation that we're seeing. So from the big scale down to the really mundane detail, which is thesis is student work is working on, we see the same thing and that's pointing to this area as to one of the upflow zones.

13:37 And again, as from previous, now we're zooming into that upflow zone again, and this is where we found a lot of visible Gold in drenching in early 2023 last year, followed up by the diamond drilling, where again we saw 3 drill holes came back with visible Gold, 7 of the 8 holes drilled in this area came back with mineralisation. As you can see from this map, which shows both drill hole samples and surface samples, there's almost continuous mineralisation in this area. So again, that would suggest you're getting closer to the main fluid flow of where this Gold mineralisation was coming up. So this is the latest occurrence of visible Gold in outcrop discovered at the end of the summer, running 78g per tonne, again in a quartz vein. It was found very close just behind hole number 21, which we hit visible Gold at the top of that hole. But this was a different style. So we know if he had actually backed off that drill hole, we would have got a better intersection of, and with higher rays, but, you know, continuous minimization in this area.

14:41 One of the important things that we noticed both in drill hole and on surface is the identification of what we call center material, which forms basically the top where these epithermal fluids basically breach the surface at the time of formation. And we see that very well in this outcrop that we stripped off. So this is about 30 meters west of where we found the visible Gold last year. First of all, we're finding a lot of visible Gold, as you can see from this photograph here. It's in Arbreccia. We have these centre fragments here that appear to be sitting on top of the vertical layer behind where the Gold is. But then lying on top, we have a layer of basaltic rock, which is altered but it's not that strongly altered, next to no Gold limisation.

15:28 We know this layer of lava came after or very late in the minimising sequence. So what it does is cap, even though you're getting 78g per tonne Gold, not even a metre below it, you're not seeing any evidence of it in this rock because that was post-minimisation. That's critical to think of when we were walking around the rest of the property is you might find really, really subtle alteration like this, no Gold, but it's indicating that that epithelial system may be right below it, even though there's no Gold and very little indication of your pathfinder elements. These things very effectively capped the mineralization. So it's something we've got to keep in mind when walking around the rest of the property. But this outcrop is a sort of shows it all. It shows a capping rock, these centre fragments, which we'll have a closer look at later to see where they are in the system.

16:19 Color from crust and from veining, this is where you're meaning you are getting closer to the boiling zone. And of course, visible gold. And the fact that we're basically in the center mound with visible Gold is a very good sign as to how much Gold we might find in this system at depth. So again, that's Cintermound. That forms on top. Cintermound, think of Yellowstone too where you have these hot fluids spurting to surface and you have these geyser pools and the centre mound. We first of all saw it in drill core. We were kind of surprised. We didn't know. We weren't 100% sure what it was last year, but we're quite convinced they're hot spring sediments. That tells us we were at the paleo surface. Now we see these center fragments and lots of brecciations. So it's all telling

17:07 us we're very, very high in a system right at the very top. So at least we now know, you know, basically the outflow and can use up the chemistry as well as the textures to vector us in, but we're sitting right on top and that's why we expect somewhere very close to below. Sometimes it can be offset a little bit, but we're essentially right on top of one of the main vein systems. When it comes to the conquest zone, essentially the whole conquest zone will be in here. You could be drilling in between some of these brick-tier pipes or little vein systems. You also get lateral flow. I think a lot of the drilling in 2021 was drilling a lateral flow. That's why we only stepped back and tried to drill underneath it, thinking it extended the depth. It didn't because that fluid flow has actually flowed horizontally along the contact between 2 different lithological units.

17:58 We were very comfortable that We're right at the top of the system. You don't usually expect to see a lot of Gold, especially visible there. We are, so that bodes very well to what we may find down in here when we get around to the next round of drilling. We have a very good correlation between magnetics and the mineralization and IP and magnetics. This is a cross-section through what we call a 3D magnetic conversion. This is a bit offset, but this is where We've just been looking at all that centre mound is sitting up in here. This is what we call the centre vein. You can see the strong correlation to minimalization on surface and drilling to this magnetic lobe.

18:43 That magneto lobe continues down almost in branch-like form. And again, all these red bars are marking IP chargeability anomalies, and they seem to correlate very, very well to these magnetic lows. These are discordant features, so they're cutting vertically through the stratigraphy, strongly suggesting structure. And so, you know, in this area here, okay, this is the center mound, so that's probably on top of one of the main veins. In this area here, as we move east, we can see both lateral flow and potentially some other veins coming up. So These are, and this is where we found 111 gram boulder, which hasn't traveled far at all. The line 4900 or Hodder's Pond vein system. We don't see a lot of minimization on surface, a little bit of leakage, but a very distinct, if one of the best IP anomaly on the project sits right here and it corresponds to one of the strongest magnetic loads. So very good correlation and it sort of matches up to the classic epithermal system that you would expect to see just like we saw in this previous diagram here. So We're looking at all these different branches in that cross-section of the magnetics.

19:52 What does that look like on surface in the plan? The idea is to implement a 2,500m to 3,000m drill program. Originally, we were aiming for another 5 or 6cm program like we did last year, but we need to go deeper to hit those main IP and magnetic lows. So, the idea is a 3,000m drill program. And Those will be focusing firstly on the centre vein where we have the best control of that system based on Gold on surface, Gold in drill hole, good IP and a magnetic low. A lot of it will focus in here. In fact, some of these lines, and it doesn't look like there's a lot of drilling, some of these are going to be drilling 3 fence tolls from the same setup. So the real focus is what we call the center vein in here, the hottest pond vein, which is a very strong medic low and the most robust IP anomaly we have on the project. And then still hitting what we call the 5-hole vein and the Boulder vein. There's no doubt there is mineralization in this area. We're quite certain now that the Boulder comes from somewhere in here.

21:00 We did some trenching in here and see rocks that look very, very similar to that 111-gram boulder. Then eventually we'll start tracing them up north. We'll ideally like to get 1 or 2 holes into what we call the Conquest North target just because it's buried so we don't have a lot of information on it. So by the end of the program, I'd like to hit the main target but at least get more information as to what may be underlying this area up in here. We feel very confident with the data we have. We're on the right track. Multiple data sets are pointing in the right direction. Initially, much of the drilling is going to happen in and around the centre vane, first hitting it fairly shallow, but then continually going down to about 300m depth, 400m holes to hit these things where they have coincident magnetic and IP targets.

21:53 The investment opportunity, we talked about this being elephant country. Elephant country doesn't necessarily mean there's a bunch of big deposits. Some elephant countries just have one, but we believe we've now got that elephant by the tail, so to speak. The investment opportunity is 100% in Root & Cellar, which we believe is now we've got the elephant by the tail. Low-solidation epithermal Gold systems are renowned for their bonanza grades of Gold, Silver and other metals, typically related to relatively small tonnages. That still add up to ounces because of their grades. We have, as I mentioned, grab samples up to 111gpt Gold, nearly 1400ppm Silver, 1,700ppm Tellurium and Copper. Without a doubt, the high grades are there.

22:42 But a select few of these low-solidation Gold deposits are also associated with very large tonnages. As you've seen from a summary of this presentation, we have a very comprehensive exploration model and multiple data sets suggest that Root & Cellar has all the ingredients to form 1 of those very few giant and high-grade ebithermal occurrences. Those opportunities don't always come around very often. Sometimes they're found a little bit by luck or unexpectedly. But at Root & Cellar, we see all the ingredients that could be a very large and fertile epithermal Gold, Silver and Tellurium system here at Bloomsilver. We're keen to commence the next round of drilling, hopefully next month, but all the data is pointing very strongly And that's what gives us great confidence going into the drill program is we have a lot of data sets that are pointing in the right direction from the large scale down to the small scale features.

23:45 So that really summarizes my presentation. I say it was just a quick run through. We have a lot more detail on the full presentation on the website, which will also be updated in the coming days with some more detail. Thank you very much. Amazing. Thank you, Ian. And for any individual that came in a little late, we are doing a Q&A session right now. There are a few questions already. Now, Ian, you summarized this rather nicely on the second last slide, slide 16, regarding the conquest zone. But if you want to, maybe I'll intertwine Rock's question as well. But if you could walk us through your prioritized drill and exploration targets for the next 6 to 12 months and what specific indicators have led you to focus on these areas? I'll just add on, is it fully funded right now?

24:34 So right now, no, it's not fully funded. We'll get back to that. We have a lot of interested parties, which we'll get into, but it's not fully funded. And the idea is we want that 2,500m or 3,000m drill program. I think we're going to be getting there. As far as prioritising the targets, that's what that last map showed. Clearly, we want to start getting around that Southern Conquest zone, the centre mound. We have the best grades there, both in drill core and surface samples. Everything is pointing us in that direction. We were successful in 2023 with a very small drill program going in there and hitting mineralization. Now it's just a matter of going in there and just keep hitting it deeper and deeper and deeper and following it down. Obviously, we've got the geophysics there to help control, but it's a matter of just following that deeper and deeper and deeper and I think you're going to get into the main system.

25:31 The other priority obviously is what we call the Hotter's Pond rain system. It has some of the best geophysics. We just don't have the best geochemistry on service. Partly there's a lot of bogs in that area, so we're not seeing the rocks. I think we have later volcanic rocks dumped on top of that. So that Gold signature, Pathfinder signature is not coming through in every place. We do have the Rhyolite dome right next to us, which always carries Gold minimization, low-grade 100-800 ppb, but that suggests that there's probably something leaking from below. That's a priority target too. It's a little bit deeper than the centre zone, but it looks a lot bigger. That's really the immediate focus for the drill program is on those 2 zones and of course, a little bit east where we may be hitting smaller branches or some of the lateral flow of the vein system, but the focus is what we call the centre vein system and the Hodder's Pond. I think once we start intersecting those, filling in the gaps is going to become a little bit more routine, but that's definitely the focus right now on the drill program.

26:43 Further surface exploration will then be trying to, as I said, We've got that student on the mapping, understanding the geology a little bit better to what we call a conquest north. When we get to drilling, we can carry out more exploration and have a little bit more confidence by understanding the rocks a little bit more. Then branching out again back to drop zone. Braxton-Bradley, we've done very little work, but the rocks there that we've seen from the past drilling and being on surface look extremely interesting. At some point, we need to get over to Braxton-Bradley and start upgrading that to the same level as the Conquest. The immediate focus is that center zone and the Hotters Pond fault. We'll go back to the drill in here because Rock has a follow-up question. What depths are you planning to reach? I believe you mentioned 400m during the presentation.

27:37 The 400m hole is the planned length of the drill hole. That's not the vertical depth because we have to step back. In that area, which is the deepest drilling right now, is the Hottest Pond fault area. So we're trying to hit targets as deep as 250m and there's multiples of those, so we're sort of stepping back. So it's a 250m vertical depth, but the hole is going to be around 400,450 because we need to step back to hit that at a certain angle. Plus some of those holes, we're trying to hit multiple targets, trying to get the IP. In some places, the magnetic loads are offset from the IP, they're sort of parallel to it, right next to it. And so, you know, We think the mineralization is more related to the chargeability, but sometimes that could be more the alteration and then your big vein system, your still suffocation could be the magnetic low. We want to hit both scenarios in the same drill hole, So that's why some of these are fairly long.

28:33 And with the ones in the center zone, same thing, not as deep, maybe hit them as deep as 200 meters, but several holes will be about 400 meter in length just because we're trying to hit several targets on the way down. Right. Now, does it make sense to bring on a potential partner or joint venture to help accelerate development?

28:54 Well, I mean, it would be nice to accelerate development with an actual JV partner. But Right now, just because we think we may be on something very sizable, we'll prefer to keep that opportunity for a later date when there'll be better reward for the shareholders. But we are looking and have been entertaining some strategic partnerships more on the equity side and I'd say there's several parties that are interested that know these systems very well. And that's why they're gonna start delaying moving forward on a financing for the markets. That's where we'd really like one of these institutions and who know these systems very well as a strategic investment partner. And once we have that, that will move forward. It's an immediate stamp of approval, but then I think the speed of development and further exploration would come with that.

29:49 So yeah, I mean, the trade-off of a JV right now is giving up a big chunk of the property for relatively low gain for the shareholders other than the speed, which is important. But yeah, there's some parties that are showing some interest and I'm just trying to wait as long as I can to see if that will come to fruition. What key technical milestones or de-risking events do you anticipate could drive value creation in the near term?

30:19 Obviously, the drill program, getting in there and just continuing to hit mineralization and tracking to depth and start seeing some continuity between holes to holes. That would be the main derising factor. I think Prior to that drill program, we've almost done as much as we can. Even the work that the students have done, I've just shown 1 geochemical method that he's used. He's used multiple methods that all show the same thing. So we felt we've de-risked it almost as much as we can from surface work and now it's a matter of drilling it. But again, being a little bit more methodical, I'm trying to track this thing down. At Otter's Pond, we kind of just have to go for the jugular, so to speak, because we don't have a lot of other data other than the magnetics and the geophysics.

31:15 Whereas at least in the center zone, we have a lot of supporting data and so you can't just step back and get it deep into the bulling zone right away, but we'd much rather just try to track it down slowly and understand it. That was a little bit of our mistake in 2021 when we did the very first drilling. We had these IP targets, we drilled on their surface and we have seen they continue to depth. We just stepped back and pumped holes deeper into these IP anomalies, but the IP anomalies didn't continue to depth.

31:49 Now we have a lot of control in that centre zone, so in that drill program, we'll hit them shallow and slowly start stepping back and hitting these targets deeper. I think the work to date has done a lot at de-risking it as much as we can, especially on a relatively shoestring budget this past year, we've had our heads down to really try to squeeze as much information as we can out of the rocks of the geophysics and the geochemistry. So I think we've done essentially, we can always do more, but and things always sort of pop up along the way, but you know, all the data sets keep pointing in the same direction. That gives a lot of confidence.

32:35 Yeah, the data compilation is extremely important and you kind of addressed Greg's question here but I just want him to know that I am reading the chat so I'm going to ask it again here but you just kind of addressed it, but what is the risk given the hopeful characterization? Sorry, say that again please. He says also, what is the risk given the hopeful characterization?

32:59 What's the risk? I mean, I'm not sure I understand, but I guess the risk is it's not there. Right. Yeah. You know, maybe it's maybe it's not an elephant. Maybe it's small. Of course, with exploration, there is a risk, but you just you have to go with the data you have. We have a large footprint of low-grade Gold, which we're not in the heart of the epithermal system at all. So you assume that's leakage based on the grain and textures that we're seeing and the geochemistry. And then we clearly have indications that we're seeing classic epidermal alteration assemblages, chemistry, textures. I'm getting a further commentary here regarding the drilling in November, risk of not drilling in November.

33:52 Weather there in the winter is not going to be a problem. The only problem is obviously is Christmas gonna get in the way. But the idea of What we're working towards right now is trying to get a drill program underway that we can complete before Christmas. A 3,000-metre drill program is going to be somewhere on the order of 30 to 45 days. Perhaps we can downsize it or split it on either side of Christmas, But the aim right now is to still try to get a drill program in before Christmas, if not, then early in the new year. Is it year-round access to the site, Rock is inquiring? Yes, it's really year-round access. That part of Newfoundland does not get a lot of snow, and even if they do, it melts quickly. It's not that deep. I mean, last year, these guys were hardly snowmobiling. There just wasn't enough snow on the ground for a few days here and there.

34:47 You have to be careful of mud and stuff like that, but you can really drill there year-round. Now, you have quite a few long standing shareholders, but Rock's wondering about the jurisdiction of Newfoundland in regards to mining and exploration. For anyone new to the story, how is it operating out of Newfoundland? I love Newfoundland for exploration. From day 1, both as an individual and a corporation, I've never felt more welcome. And one of the reasons I like it is because it's vastly under-explored. And Nolan Shields' forte is looking at essentially untouched ground. That's typically meant being more remote areas, which require logistics, helicopters. And in the past, when we worked up in Northern Quebec, North Ontario, you do a huge amount of your budget on helicopters before even getting on the ground.

35:47 But in Newfoundland, you have that unexplored terrain, but it's accessible by roads. I'd say we're about a 10 minute drive from Marystown to the end of the road, and then it's a 10, 15 minute walk, and you're right at the center mound. So access is exceptional. People are very welcoming when I've been there on the ground myself. I mean, you're made to feel welcome right away and they're almost like what can we do to help you succeed here. So as a jurisdiction I very much a proponent of exploring in Newfoundland. Excellent. My uncle's Newfie. We have Jig's dinner every once in a while.

36:36 That's it for the questions in the Q&A chat though, Ian. So if you have any closing remarks, but anyone that came in a little later, this event is being recorded, so the replay will be available on YouTube within a couple of hours. Oh, one more question just jumped in the chat here. What infrastructure is available that you won't have to build? Power is one of them. Well, I mean, yeah, I mean, that's the question for 10 years down the road, but I mean obviously there's power there There's there's a town that it's been powered. There's there's You know a few industrial facilities like ship repair yard on the coast so You know the basic infrastructure is there. The roads are there, power is there.

37:22 Of course, mine may need more and you're right on the coast, so there's easy access to deep water ports. The Boise base melter is right across the bay. There's no shortage of basic infrastructure, but the basis of infrastructure is right there. Any closing remarks before we head out here, Ian? No, let's say we like where this is heading. Markets have been a little bit tough. Even Gold price is moving. It's only just beginning to see some effects of filtering down to the juniors. A lot of science has gone into this project and it's painting, to me, a very compelling picture of a large and high-grade epithelial gold occurrence.

38:18 Perfect. Thank you so much for your time and thank you everyone that attended and asked questions. Again, the replay will be made available shortly here, but thank you