Northern Shield Updates On Its Copper Porphyry Discover At Root & Cellar

0:00 Hi everyone, today we are joined by Ian Bliss to discuss today's news regarding the assay results from the Creston Discovery. I have some questions prepared for Ian, and he has some graphics and images to provide further context for today's conversation. Now as this is a live event, we do want to hear your questions, so please feel free to submit them using the chat feature at the bottom of your screen. As always, this event is being recorded and will be available for replay shortly after we conclude. Ian, when you spoke with us in September, the Copper at IP-1 was a hand sample weighed in on the lab. Now the assay is in 0.31% Copper across a composite of the whole outcrop. And that composite included a lot of rocks that carried no Copper at all. For people who see 0.31% and shrug, Why don't you explain what that number is really telling you about the Porphyry sitting inside of it?

0:51 Yes, absolutely. And thanks very much for taking the time to sit in on this presentation today. It's really not a full presentation. It's just taking a deeper dive into our press release of this morning. So, yes, 0.31. First of all, yes, you might shrug on it, but let's take a step back first of all, and consider the overall grades of a porphyry Copper systems. If you go to the USGS database, they'll put that the median grade for most Copper porphyry deposits, again, it depends whether it's Alkalic or Calcops Talc, but it typically sits around 0.4% to 0.5%. So we're not far away from that. Higher grades will be around 0.8% perhaps to 1.5%. But again, these are sort of minable resource numbers that are being quoted in the USGS. Right now, we've simply got a grab sample for the start.

1:38 Keep in mind that the average grade of these Copper porphyry is lower than you would typically think. The USGS quotes somewhere around 0.4% to 0.5% if I can recall correctly. So then let's also kind of go back and kind of figure out what we're looking at and actually how we heavily came across this outcrop in the first place. And so We found this outcrop based on following up on the IP geophysical survey. There's this anomaly here in this image that I'm highlighting. This purple dot is an area of relatively high IP chargeability. Before we go drilling, we want to see if there's any indication that's proving that these chargeability anomalies are legitimate or what they may be showing. We were around this area and we found the outcrop on the following page here, but it was following up on this IP chargeability.

2:35 So this bigger image here is basically the minus 15m, so essentially at surface. And that's sort of what we're seeing. If you go down deeper, you see that main part is still in the chargeability, but the hotter portion, the more chargeable starts to move to the Southeast and then you go down deeper to, sorry, 400m, it moves to the Southeast. So that number 1, that tells us that whatever's sitting up here, it's sort of plunging down towards this target here, which of course is one of our main targets. So It's following up on that IP target. If we go in and take a closer look, that actual target is right, or the outcrop we're finding, the Copper Porphyry mineralization is right on the edge of actually the strongest portion of this IP target. So the bigger portion is sort of to the West and to the Southwest. That's why we want to actually trench down in this direction.

3:24 And so the mineralization that we're seeing is all chalcocite. So 0.3% Copper is less than half a percent solid, about half a percent chalcocite in that rock. And so when you see a chargeability anomaly like this, there has to be more. If this IP chargeability is caused by the Copper mineralization, then there has to be more because a small 1 or 2m zone of 0.5% Chalco site is highly unlikely to create this calibre and this size of anomaly. So there's bound to be more And that's why you want to go in and strip it off and sort of follow it downslope to the left of this photograph and to the left of this image. So point 3 is only a starter point.

4:12 And the main thing is it is hosted in true porphyritic rocks. So This is the intrusion that we're looking for. It's the causative intrusion. When we're finding it in the porphyry, this comes from somewhere at depth. There's more to it than what we're seeing on surface. The other thing is 0.5% Chalcosite, it is extremely hard. This is very, very fine-grained mineralization. We'll have a look at it. In fact, we'd have a quick look at it right now. This is one of the samples from that outcrop. All these circles, there's a few more disseminated clusters or chalcocite in here, but I've tried to circle most of them. You can barely see them even on a zoomed in photograph.

5:00 In the field, even under the microscope, it is extremely difficult to see this mineralization. When we were originally sampling this outcrop, we saw a little bit of Malachite, which is a green residue that you often get from surface weathering of Copper minerals. That's what popped out, but it was extremely hard to see. We didn't even know when you're looking at a hand sample in the field, whether you're dealing with mineralized, copper mineralized porphyry, unmineralized porphyry or originally from the surrounding basalts. Some of that original sample probably got diluted with your waste rock or the surrounding basalts, the unmineralized porphyry, because it's extremely hard to see the field. So, yes, I agree, but it's within the realms of a typical porphyry copper system.

5:52 It's just the beginning. The main thing to focus on is it's supposed to do within a porphyry conclusion.

6:03 Do you want me to continue with some questions?

6:08 The Copper is chalcocite, as you say, and it's so fine you can barely see it with the naked eye, yet it's still assayed the way it did. For most retail investors, when they think of a discovery, it looks like a shiny vein you can photograph. Why is Copper you can't see arguably better, or is it a better thing to find at this stage of a porphyry hunt?

6:31 We will see photographs of some shiny veins that we have further to the South-Southwest from this occurrence. Obviously, when you get bigger veins and more visual, it's typically higher grade, but the main thing is, there are several things here. As I said, we're actually finding this mineralization in this intrusion, a porphyritic intrusion. There's more to this. The porphyry, this mineralization comes from somewhere up-depth, so it continues somewhere. You're very unlikely to get porphyry-style Copper mineralization on a very isolated occurrence like this. There's more to it is the principal answer. But also I say it's extremely fine-grained. Chalcopsite contains more Copper than some of the other Copper minerals. Chalcopyrite is the one that we often hear about. It's the more visual, obvious one, a brassy yellow colour. We have some further south, the others showing.

7:32 But the Chalcocyte actually carries a lot higher grade Copper than something like Chalcopyrite. Chalcopyrite only contains about 33% Copper, whereas Chalcocyte contains about 0.8% to 0.83% Copper. If you have 1% Chalcocite and 1% Copper, you're going to get almost an over double the amount of Copper than you do from having Chalcocite and Copper. It's a very high Copper to Sulphur ratio. That's typical of the core of these systems. We have Chalcocyte

8:08 and Bromite. We're getting these very copper-rich minerals in this area, which is also important.

8:16 You or your geologists really went out of their way to use big words in the news release, well detailed, but words like monzodiurite and hypogene, pointing to the near absence of pyrite as the evidence of hypogene. Why don't you walk us through the importance of these in plain English and tell us why it matters whether the copper got there from the hydrothermal system itself versus being concentrated near surface by weathering? Yeah, so let's first talk about the rocks. As I say, This was based most on 2 visual observations of the actual coarser crystals that create the porphyritic texture as well as more conclusively the geochemistry of the rocks. But ichthyous rocks run on a spectrum. You have the dark, heavy rocks like basalt, then you have the intermediate ones like diorite, london diorite, And then you have the paler ones, like Granite. So this kind of sits in the middle, so sort of an intermediate, what we call an intermediate style rock. And it's leaning because of some of the minerals in there, it's leaning a little bit more towards the Alkalic end member of that. And that's important because it's some of these Alkalic porphyry systems that tend to be richer in Copper and also in Gold. Now, so far at this sample, we don't have any Gold mineralization associated with this. So even though it's leaning, it is alkalic or sub-alkalic.

9:37 It's not typical in that regard, is that when you compare it to other places like KDF, so far we're not seeing Gold. Why is that? We don't know. Maybe we have a new subtype of porphyry systems here in the Bering Peninsula of Newfoundland. We know what's Monzo, nitrate or diorite or Stropium on the diorite simply because of the textures that we're seeing and now a little bit more conclusively, the geochemistry. It's not overly important except for that by being able to put a name on this rock, it's like, okay, this fits more into the alkaline or sub-alkaline systems. I mean, can start comparing, even though it's a little bit different than KDF because of the lack of Gold so far. You can at least start comparing and say, yes, this is an alkalic system when you start having these alkalic or sub-alkalic rocks.

10:27 The hypogene versus the supergene, and this is quite important because sometimes when you start seeing minerals like Chalcocite, people jump to the conclusion that these are supergene. There are 2 ways Copper ends up on surface. Number 1, it's a shallow coating of mineralization on surface created by this supergene effect that we'll get into, or it's the top of a real primary system, which means it continues to depth.

10:57 The hypergene mineralization essentially is primary, it's built in, It's carried up from that net from these hot fluids. And again, that means it's usually strengthens increases in size with depth. So Supergene is the opposite. It's sort of like a top-down mineralizing system basically created by surface water, rainwater that percolates down through the rock over time and it concentrates, it scavenges a little bit of Copper mineralization that's around and then takes that further down and then precipitates it. It's sort of upgrading what little Copper mineralization is there, perhaps Chalcopyrite, and now it's jumping it up to Chalcocite. We're going from a mineral that has 30% Copper now to 80% by that sort of upgrading. That's actually good because it can increase the Copper values, but typically it's a very, very thin layer and it doesn't go to depth. The important thing is to determine whether when we start seeing these minerals, is it supergene, which means it's primary and there's a root to it, or if it's hypogene and there may not be a root to it, it's a very thin layer.

12:00 Think of it as a loaf of raisin bread with a glaze on top. I mean, the raisins baked into the loaf all the way through that's supergene, sorry, hypogene mineralization. A little glaze on top is supergene. Yeah, it looks very nice, tastes very nice, but it's very, very thin. And so it is important for us to be able to distinguish whether some of the mineralization we're seeing is supergene or hypergene. A lot of deposits around the world, especially Chalcocite, is associated with Supergene, that thin crust, rather than with Hypergene, which extends to depth. How do we tell it? Part of it is the complete lack of pyrite, which is just iron sulphide. Typically, in a lot of porphyry, especially more of the Calpalkaline systems, you'll get a lot of pyrite on the halo of these systems. We see almost no pyrite associated with this porphyry. A little bit further away, but in this outcrop, we don't see any pyrite.

13:02 Even in the high-grade outcrop that we'll get into a little bit later, there's almost no pyrite. If you have pyrite, which we don't, when you have that pyrite in your surface, it helps turn the rainwater into slightly acidic rainwater. That's what then goes down through the process, extracting some Copper from ChalcoPyrite and re-precipitating it slightly deeper down as ChalcoSite. Since we have no Pyrite, it's hard to get that supergene mineralization. Then there's other textures and mineralogy. We see the Bromite and the Chalcoite locked up in silicate. That's not really indicative of supergene mineralization. Again, in supergene, that Chalcoite is dark, sooty, almost coal-like. That's not what we're seeing. What we're seeing is very, very shiny, reflective Chalco sites.

13:53 Based on what we're seeing in the surface textures and the bigger picture, it looks like it is a hypergene mineralization, which means it's primary and as a source from the depth as opposed to being a thin crust on top. We dropped these words in here. I know a lot of the average retailer may not pick up on them, but of course we also have other geologists and other institutions and analysts following us. We know one of their questions is, is this Chalcocite, Hypergene or Supergene? That's why we dropped them in there as well. Well said. I didn't acknowledge you. Shifting gears, 700m down the road in the quarry, a second feldspar porphyry dike shows up carrying chalcopyrite, boronite, chalcocite and native copper. It isn't just in the dike, it's in the breccia and the rhyolite porphyry around it too.

14:49 When you see the same style mineralization spill out of the intrusion into the host rocks across that kind of distance, what does that tell you about the size of the engine underneath? Hopefully, that indicates it's a sizable source. This is 700m South, as you mentioned, it's not the exact same Diker and Trujan, it's probably another hypothesis. It's very, very thin, this one, at least from what we can tell. Again, we've found other Copper mineralization in the quarries in the past, but we haven't found it in actual porphyry. Now at this new location, we find it in a variety of settings. You find it in the same sort of diorite to monsanite porphyry. We think we have a rhyolite porphyry there, which is also there. We have it as veins and we have it within the diatrium breccia. There are 3 or 4 different hosts rock to that to Copper mineralization that we're seeing in the pits right now. That tells you it's part of a robust system. It's not just an isolated vein, filling a void in the diatrium breccia. It is within multiple, at least 2 different porphyry so it seems, as well as the diatremia breccia.

15:57 So it tells you, the fluids are clearly very rich, and it seems like it's a robust system. It would be able to penetrate out, not just in the vein, but now penetrate out and fill some of the voids, some of the fractures in the diatrium breccia itself. And again, the other interest that I think it was showing, as you mentioned, it contains Chalcopyrite, it contains Boronate, it contains Chalcosite, it contains native Copper. Those are all becoming increasingly rich in Copper and less diluted with some of the other elements you find in these minerals like Iron and Sulfur. Your Chalcopyrite is precipitating and then it's taking up a little bit of iron and what sulphur is there. Then comes Boronite,

16:38 there's less sulphur, less iron around, so you're precipitating Boronite. Then there's next to no sulphur around and no iron, so you're precipitating Chalcocite, which is again 80% Copper. And finally, there's no Sulphur around and no Iron around, so you're precipitating native Copper. So we've got the full sort of gamut of Copper minerals in there from Calcopyrite to native Copper and say It looks like it is primary hypogene mineralization, not supergene. It tells you too that this is a very Copper-rich system. But again, because we're seeing all this, it's a variety of host rocks, it tells you it's a robust system. We have found it within the diatom breadsheet before as big, chunky beanlets and void fillings, but we haven't seen a full gamut of mineralization and we haven't seen it in a porphyry.

17:27 Now we see it in at least 2 different styles of porphyry at that same location.

17:33 For both occurrences, they share this distinctive reddening along the copper. You've put in quotes in the release, even like it's becoming a signature. Is that alteration something your team can now use as a mapping tool across the rest of the property? And how far does it extend beyond the 2 spots you've sampled?

17:53 We have seen a variety of habitat alteration. Again, there's different styles of this, but I mean, some of them are very, very distinct, both on a tens of meters scale, as well as very, very local to the vein. Now that we're seeing the intensity, and again, it's a slightly different variation between what we're seeing at the discovery on this outcrop here and down in the pits, but they're both what we call Redding or Hematite with perhaps a little bit of Potassium alteration as well. But we think now we could begin to use that as a tool. And that's important because specifically, I say that Chalcocite can be extremely hard to see if it's just disseminated. You're now beginning to wonder, how many times have we seen that type of rock and just left it on the ground?

18:42 Because on its own, it doesn't look interesting. Most of the time you can't see that chalcocite mineralization. Understanding this hematite alteration and the potassium hematite alteration is quite important. We think we can begin to use that as a tool. That's partly why we want to do that trenching downslope from the cell crop, not only hopefully find more Copper porphyry mineralization, but to look up that halo around that part of the system and better understand it. It is along with the Tellurium, and there's clearly Tellurium anomalies in this area too. Soil anomalies.

19:21 In certain circumstances, even though there's Copper there, there's no Copper anomaly here, but depending on the conditions of the soil, sometimes it holds Copper, sometimes it holds Tellurium instead. Not always this hematitic alteration is very important. And some places it's quite distinct. You know, you look at this rock here, this is about 10 meters away from this, it was another picture of that Chalcocite feldspar porphyry. And so You see this very distinct reddening of the rock, which at one point was slightly greenish like this one, but you're now into the alteration front where you're just getting a hematite alteration. It is very important to try to understand that. We do see hematite in a variety of places, but it's slightly different. We have to distinguish what's regional hematitic alteration and what's related to the porphyry. We think we're beginning to understand that. And that was one thing, I mean, even years ago back in the conquest Gold zone, only a kilometre away from this, is we started seeing the propolitical alteration, which is what the Green Rock is essentially. That's typically the outer halo, we have either an epithermal system or a porphyry copper system. And then we started seeing this pink or reddening, which is in this case hematite, but sometimes it's hematite plus Potassium.

20:42 We started to see that Potassium

20:45 overlapping and then fringing right on top of this Greenrock. And that's unusual because in a normal poultry system, you expect to see a zonation where your property is your outer alteration. Then you go through some various zones before you get to your potassium alteration in the middle. And We can never understand why we're suddenly seeing the Potassium overprinting this Green Rock. Now we know it's essentially an Alkalic system. That would explain why we're seeing the Potassium. That's what happens at Acadia and these other deposits at BC that are of an Alkalic nature. You have the potassium alteration overlapping with your propolytic. You're missing out those middle zonations.

21:28 You touched on the Tellurium. That's also pushed you further toward the Alkalic Porphyry interpretation. For the audience, Alkalic is a loaded word in Porphyry geology because it usually comes attached to Gold. What would it mean for a root and cellar if this proves out as an Alkalic system rather than a standard Copper porphyry? At this stage, we just want a Copper porphyry, whether it's Alkalic or otherwise. Alkalic does stand out typically because they're higher grade. They do carry Tellurium, which could be an added benefit at the end of the day. It's a critical metal. Typically, they carry a lot of Gold with that Copper within the Copper porphyry system. This sample itself, right from this outcrop, didn't come back with any Gold. Does that mean we're just high up the system for whatever reason, the Gold may not have travelled up there, Or are we dealing with a new type of hybrid of Alkalic systems? Now we compare it to Katy in Australia, which is the type example for Alkalic systems, and it has a lot of Gold with the Copper, same with some of the ones in the BC Gold triangle.

22:31 Perhaps this is going to be slightly different in 10-years' time. There's going to be a new category called gluten cellar or Burantite alkalic systems that may or may not have Gold. This is only one sample. We know for the past there is an enormous Gold down in the quarries. These higher-grade samples are just going into the lab, so we'll see if they have Gold. Typically, they are higher-grade Copper, but they also carry higher-grade Gold. Again, with that Copper, there's typically less Sulphur around, which again, a little bit better for the environment at the end of the day. So, Alkalic or not, yes, Alkalic would be better because they're just hot and sought after. But the main thing is we're chasing a Porphyry Copper. And we know within the Burin, some of these other targets that we have at Fortune, they're more of the classic Calc-Alkaline system where you have these big, big rusty alteration caps. So at Root & Cellar, we seem to see both are more of an inclination towards the Alkaline system, but we know on the Buren there's a mixed bag of both Alkaline and Calc-Alkaline.

23:41 And also with these systems, don't forget they're related to the epithermal Gold. And so I was asking around the other day, is there a relationship between Alkala porphyries that don't have a lot of Gold with the Copper portion and then those that have existing epithermal? There's not a straight linear relationship, but it makes sense that in this case, again, for chemical reasons, the Gold could have been pumped off to form Conquest, Drop Zone, Windfall. The Gold, the epithermal Gold that we have on the fringe, and that was taken away from the Copper porphyry. And that could be the case here. But Alkalic systems are generally liked because of their high grades of Copper and also their association with Gold.

24:25 You've had drill permits in hand since August, right? And the plan now is to trench down slope at IP1 toward the stronger chargeability before the first hole goes in. Some shareholders will ask why not just drill?

24:38 Why don't you make the case for the phased approach and tell us what trenching can show you that the drill core can't?

24:48 If we look at the bigger picture here, so we have, you know, here's our Diatreme breccia outlined in black. All these are proper samples along the edge of the Diatreme breccia. The red dash line is showing the IP from various levels, right from surface down to 400m, 500m. And then we have this magnetic intrusion. And so you're right, we could just go and drill the IP either right underneath IP1 or the bigger, stronger targets over here. But they seem to be wrapped around this magnetic core. So this is now a depth slice from minus 400 meters. And we can follow that magnetic signal down almost from surface down to

25:26 1000 meters. So there's a magnetic core here. Again, that's pretty common of these porphyry systems with a core maybe magnetic. So you have magnetite. The moment we're not seeing magnetite, we're seeing hematite, which is another type of iron oxide. Probably because of the higher oxidation of the whole system, but maybe the core at depth, which is Typically, if you're in a porphyry system, you want to be drilling the magnetic core. So first of all, your dilemma, do you drill the IP? Because that's showing disseminated metal particles. So you drill the magnetic core, which is kind of more where you want to be focused on these true alkalic systems. And Then let's just go back to IP-1. We have this outcropping here with nice descended copper mineralization within a pore-free intrusion.

26:19 There's no way that this anomaly is created just by a few metre patch of mineralization. To get these types of IP chargeability, you need good chargeability and you need good volume. That's a good dilemma because it tells us that, hopefully what it's telling us is there's more Chalcocite or Chalcocite-Calcifier, more Copper mineralization down in here. We also said we have that Redding and you have Specularite, which is Iron Oxide. Sometimes Specularite could be actually charged up as well. Some of these Redmond rocks, this guy has quite a bit of Specularite in it. We want to make sure that this is not creating the chargeability in this case,

27:01 rather than Chalcocite. We have to distinguish, is than Chalco site. And so, we've got to distinguish, is it the copper that's creating this or is it the specularite? Because again, that will help determine whether we're drilling the IP or whether we're drilling the magnetics. The other thing to complicate it even worse, we're going now on

27:26 to the hybrid occurrence 700m to the South. Again, we're looking at surface chargeability. That hybrid occurrence is here, but the chargeability is almost, there's very, very, very little chargeability here. And so we're like, okay, there's

27:44 either a variety of things that can create that. Either the modelling of this IP data is wrong, and IP is a little bit subjective. Either the IP has been modelled wrong, or there's no volume. So even though we're getting some spectacular grades, and we'll look at this a little bit later, here's one of these Calcapyrite veins, lots of Calcapyrite, Boronite in the rocks. So either, we've got no IP here, so again, is the modelling of the IP wrong? Or the other thing that could be causing it here is, when you actually started getting Calcopyrite veins, veins are typically conductive. They're not chargeable. Chargeable is when you basically pump current to the ground and those metal particles hold it while you turn the current off and they slowly dissipate that current after that current's turned off and that's what we're measuring. But in the case of when you have those sulfides, those metal particles are completely continuous, like in a vein, they don't hold that charge. They dissipate it because they're very, very conductive. They're pumping it into the ground. And so they're not actually that chargeable, but they are conductive.

28:51 Native Copper too, because it's obviously extremely conductive, we use it in Copper wire, it doesn't charge up very well. It releases a current. Same with Chalco site. And so Is that the reason why we're seeing low chargeability here? It's because there's just actually so much of it is dominated by veins that it's not actually rechargeable. In this image here, we actually have, as part of the IP survey, we get what's called resistivity. We're mapping the resistivity, or the opposite of resistivity is conductivity. And very siliceous rocks, typically when you're dealing with Gold systems are resistive. So those will be the reds and things. So that's often what you'd be aiming for. Sometimes too, when the cores are Copper porphyry, if you have a lot of cores, it may be resistive. But we know from what we've seen so far, and some of these alkalic systems are the same, they are very poor in silica.

29:39 And so now the blue here is actually low resistivity, in other words, high conductivity. And so right here next to IP1, it actually not only is it chargeable as we saw from over here, but it's actually conductive. Are we actually going to start seeing some Kappa pyrite or bonite veins in here? And that high-grade occurrence of the quartz is down in here. Some of this material will actually be coming conductive. You'd still expect to see some chargeability, at least I think you would. There's no volume there, but then it's hard to believe that because there's a lot of Copper. There's a lot of alteration. We have at least 2 different types of Porphyry coming up, all with Copper. And it's hard to believe, along with these other showings, that there's not more to it at depth. And so that's why we want to take a step back.

30:30 We are still excited about the IP. We have a really strong IP target. It wraps around the magnetics. But even at the best of times, these things are hard to find. We talked about Cady earlier. They were on the 6th or 7th drill hole, I believe, before they actually found the core of the system. Cady is a massive Copper porphyry system. You just want to take a step back and especially finding this outcrop was extremely helpful because we can actually now find porphyry Copper. At the same time, it does ask a few more questions. So, we're just taking a step back, stripping it off, seeing if we can actually relate this IP to the Copper. Then you can aim for this a little bit more with confidence if you know that this IP is created by the Copper mineralization.

31:21 Because then otherwise we're trying to target in 1 drill hole, you're trying to target the magnetic, which sits up in here, trying to target the IP, both this 1 plus the near surface one, and then what do we do with this? When the prospector started finding this, if you're upset, we may take a step back and trench before drilling, then blame the prospector for finding a high-grade Copper mineralization down in here. Because I had posed a few questions, I said, why aren't we seeing IP associated with this? And maybe it, maybe there is, it doesn't continue, but it's a little bit hard to believe with, with the amount we're seeing right now. So we just felt it was better to take a step back. We've got the trenching permits in hand now as well for this area. So hopefully next week we'll get an excavator up in here and we'll know very soon as to what's creating this. And here it's just a matter of kind of mapping it a little bit more.

32:16 Just taking a step back for a few more weeks and getting a trenching and understand what exactly is creating some of these IP chargeability anomalies. Taking a step back and really, Let's zoom out quite a bit here. The release says that, to your knowledge, this is the first porphyry-hosted Copper ever identified on the Burren Peninsula. Copper is still sitting around $6.70 USD a pound, I believe, and the majors are desperate for new districts. Ian, if you're right about this, what does Northern Shield look like 12 months from now? And what does the market have to see to believe it?

32:52 Well, I think number 1, we're going to have a clear, pull-free copper mineralization into the drill hole. That's what I hope. That's what I believe is down there. And I think you're going to see us with a strategic partner of some sort. The reason why I say that, let's take a jump back. This is part of a presentation I gave in Toronto a couple of weeks ago. This is not really new to anybody, but There's a shortfall in demand for Copper. It's about level pegging right now, but by 2030, this is a report by S&P Global, as long as everybody else indicates a Copper shortage by 2030. Right now, that increase in Copper demand is all being met by the expansion of current existing operations. They're not being met by new discoveries.

33:39 But by 2030, that deficit is going to be so big that simply expanding current operations is not going to keep pace with demand. It's going to be about a 25%, 30% shortfall.

33:52 The message in the report was quite clear, that new Copper discoveries are needed to meet that shortfall. And Major discoveries just haven't kept pace with the increase in demand. That sooner or later, or it has to happen right now, is the pipeline.

34:12 As the Copper demand accelerates, the pipeline of new Copper deposit continues to thin. That's where we feel Root & Cellar fits in quite nicely because hopefully we not only have a deposit at Root & Cellar, but we may have a new district because these things don't occur in isolated deposits. They typically occur in districts. We know we have a lot of other alteration caps and indications of porphyry throughout the Bureau, particularly in the fortune trend. We believe we have a whole new district and with the demand for new discoveries, We don't think the opportunities get much better than what we have in the Burean Peninsula, especially with the mining friendliness of the province and the ease of access. We're 10 minutes from downtown Maristown to this Porphyry to Basa along a paved highway and then a gravel road. There are deep water ports there.

35:09 Whereas a lot of these new Copper Porphyry discoveries, one of the reasons why they're not being developed so quickly is because they're isolated and there's a huge infrastructure cost to get those things going. But we don't see that as being a problem in the Buren Peninsula. We've done the hard step. Part of the problem with why people haven't been a believer about the Buren Peninsula is These rocks are 575M years old. And so deposits, Copper porphyrs and Epithermal Gold, they basically form near surface. And so in 600M year old rocks, these things should have been eroded. So nobody believed they existed here because We're in the Appalachians. This is the equivalent of the eroded roots of the Chilean Andes, where you're finding a lot of the world's Copper deposits right now. People assumed that they had been eroded. It was a tough slog to prove that no, they have not been eroded.

36:01 Now with this surface expression of porphyry Copper, and a lot of people think we can only discover porphyry Copper by drilling. We've got a lot of work to do. We do have to drill to prove this thing up, but it is a porphyry Copper style mineralization. So We've done the hard part of finding 1. We have lots of other indications of others existing out there, including what we call a Stewart Lithocap on our fortune trend. This is a massive 5 or 6km long, 800m wide Lithocap. This is a cap of these alteration systems on top of a Copper-Powered Free system. We think the timing is right, that with demand for new discoveries and easily accessible, relatively cheap to develop, and yet we found one and who knows how many more there are up there. That's the same with BC Golden Triangle.

36:49 They're much younger, so easier to find, and that's why they're finding them. You look at Acadia and the Macquarie Arc in Australia, again, quite old rocks, not many found, but some very, very rich ones and large ones. And we think that the Bureau can add to that. And to add that too, not only is it potentially emerging Alkaloc or Kalkalkine porphyry district is, and there's actually, I saw something on LinkedIn the other day where some technical people were discussing this too, that most of the world's Copper-Powder freights are on the Pacific Rim. There's almost none on the Atlantic seaboard. So again, it just, it stands out as being a little bit different. Europeans may be more interested in it because obviously they're very critical metal savvy too, and they don't have the geology that we have here in North America. So it potentially taps into

37:41 other potential strategic partnerships or financing being on the Atlantic seaboard. So I think number 1, we're going to drill into a Copper porphyry sooner rather than later. And I think you'll see a strategic partnership as well. Well, Ian, thank you on the continued success and taking the time out of your day to share your thoughts and enthusiasm. We look forward to seeing you next time as more updates come to the market. But thank you for today and congratulations again.

38:15 Thank you.