Porphyry Copper Mineralization Confirmed at Root & Cellar Newfoundland

0:00 Okay, as folks start filtering into the room, and I appreciate you coming in quite quickly, I'll say good morning, good afternoon, or good evening, depending on where in the world you're signing in from. I know the audience is a little international today, so thanks for making time for wherever you are to pop in. I'm thrilled to have with me today Ian Bliss, CEO of Northern Shield Resources. Haven't had a chance to have an update in a while, so I'm very excited for it. Here's how today's gonna work. Ian's gonna run through a quick presentation. Then I got some questions, but this is an interactive event. So please do use the chat button at the bottom of the screen to ask questions at any point during today's event. I know some of you sent in questions already over email. I will be tackling those first. We're going to try to keep it a little short today, so if you do have questions, try to throw them in as early as you can. If I don't get to them for whatever reason, I'll make sure the Northern Shield team gets them and they'll get back to you as soon as possible. So don't distress if I don't get your question.

0:51 There's also a meeting request button at the bottom of your screen. Please do press that if you'd like to meet with the Northern Shield team. I'd be happy to connect you. And this is being recorded and will be available for replay probably midday Eastern time. It'll come right in your inbox, but it'll also be on Six's YouTube channel. Without further ado, Ian, I'm gonna throw it to you for our presentation. Thanks very much, Romeo, for that introduction. Thank you all for taking the time to get an update on our Rootin Seller project entitled The Tip of the Iceberg, the discovery of porphyry Copper mineralization at Rootin Seller in Newfoundland.

1:28 Before I begin the presentation, I do have to bring your attention to this forward-looking statement advisory, but you can read it on your own time at a later date. Just a little bit of background on Root & Cellar. We believe the Berm Peninsula is part of Canada's new porphyry copper and epithermal gold district. It's strategically located on the Atlantic seaboard with year-round access. Most of epithermal and porphyry copper deposits are on the Pacific Rim. This would want to be few on the Atlantic seaboard. Very good infrastructure and access for minutes from a paved highway and a deep water port outside of Marys Town. Only a three-hour drive from the capital of St John's and of course, these projects are 100% owned by Northern Shield, where we have the right to earn into 100% ownership.

2:18 As you can see, it's a very mineral-rich district and under-explored and very money-friendly as well. I think we got the drill permits for the last round of drilling in less than a week. Just to understand a little bit what we're looking for, epithermal Gold systems of porphyry Copper are already end members of the same system. They're all being driven by an intrusion at depth, a magma body. Typically, the Gold is a little bit further away and nearer surface. You have the heat engine at depth, typically 1,000m or 2,000m down. It's on the top of that where typically you get your Copper porphyry mineralization. As those fluids cool and travel away from the intrusion, they start dropping off Gold, Silver, Tullurium, perhaps some other metals like Lead Zinc.

3:04 And we certainly see that at Root & Cellar where Concast is a mixture of low and intermediate, and we have a bunch of targets that are intermediate. But the real focus right now is a porphyry Copper system. You sometimes get these diaphragm breccia pipes associated with them, sometimes on the side, sometimes right on the top, or you may not get them at all. Sometimes the mineralization is within the pipe, sometimes they're barren, but they are very good indicators of porphyry copper systems. So we're looking at really an intact Porphyry Copper and Epithermal Gold system at Boot and Cellar. But the problem with that is, as I say, these things form relatively near surface. Even the Copper Porphyry may have been 1,000m or 2,000m down, but that's relatively near surface. There's always been a scepticism about the existence of porphyry coffer deposits in the Avalon terrain, which is where we're looking in Newfoundland.

3:55 This scepticism was based on a preservation argument, not a formational one. In other words, how could these deposits form at or near surface and still survive when they've been faced with about 500 plus million years of erosion? And however, the district does provide empirical evidence that answers that preservation question, including one of them is we see epithermal gold clearly, and by definition that forms above the porphyry Copper deposits. So as I've seen the epithermal Gold, the porphyry Copper should also be there. But I say the Avalon terrain has been conceptually prospective for porphyry Copper, but completely ignored simply based on a bias towards its age. From the beginning, we thought it was right to challenge conventional wisdom on the thought process.

4:40 As you'll see by the end of this presentation, that's now paid off. Looking at these, not only Alkalic porphyry Copper systems, which we believe we have at Root & Cellar, but all porphyry Copper systems. It's very rare to survive in older terrains because they're formed near surface and should have been eroded. So this chart here shows the age of host rocks of a whole series of porphyry Copper deposits around the world from essentially very, very young forming today, like Papa, the ones in Papua New Guinea to root and cellar at 575 million years old. So you can see the younger one, there's a lot more Porphyry Copper, of all types, Calc, Alcal, Calcoyne, being found in younger rocks. Whereas as you get older, you almost get down to almost 0% chance of finding these things because they should have been eroded.

5:30 And so you even look at Macquarie Arc in Australia, which holds the Acadia Copper Gold porphyry deposit. Quite old, but now they're actually finding more and more porphyry Copper deposits. So age has always been a killer for looking for porphyry Copper deposits. So Why are they hard to find? First of all, as I said, the rock should have been eroded, so there should not be any remnants of these porphyry copper deposits. But more specifically, the alkalic ones have a much smaller footprint than the more common calcalic. Not only is there a smaller visual cue, but there's a smaller geochemical footprint. Alkalic systems also have very small or low volumes of pyritic alteration zones which are obviously more above it or to the side, whereas chalcalic have a lot of pore free. So these pyritic zones can create geophysical signatures, but at their low volume and small have very weak geophysical signatures.

6:23 And also generally alkalic systems do not have a lot of quartz stock work. And quartz stock work is, you know, again, very easy to see and identify. Your eyes are right away drawn into any rocks that have quartz raining on surface. But the core of these systems in particular are often devoid of quartz stock work. And again, the core of these systems can contain very, very fine grain disseminated boronite and chalcocite. And That could be actually invisible to the naked eye. In fact, there are some deposits, there's 1 in Aram, which is almost all microscopic sulphides, yet it has economic concentrations of Copper. It's very, very difficult to find, but why do we look for these things? First of all, they can have very high grades of Copper. The Alkalic ones in particular generally have a strong association of Gold with the Copper.

7:12 Some of these include some of the highest-grade Gold grades in porphyry systems in the world, specifically these ones in the Macquarie Arc in Australia, Bridgeway, KDFR East, they're really more of a Gold deposit than a Copper deposit. I say other than Gold, some of these systems, a handful in BC that actually have PGE, Platinum Group Element enrichments. And as we see at Irun Seller and the Beirut Peninsula, they are also associated with Tellurium. Tellurium is one of the rarest of the critical metals. And it's a great, not only a pathfinder for these systems, but is also an added value because you can only extract Liurum as a by-product of these types of Gold and Copper deposits. You don't find it in economic quantities on its own. That's why we look for these alkalic systems.

8:03 Now starting to get our heads around, we would say, we would say really host 5 Gold, Silver and Tellurium occurrences. They sort of surround what we call the Creston Copper target. The main focus for the Gold the past few years, from our point of view, has been the Conquest zone. But interesting too, on the Northern flank of the area, we have Drop Zone, Windfall and Braxton Bradley. They are characterised by very high Silver to Gold ratios and highly anomalous Tellurium. Conquest also has Tellurium, but in slightly lower quantities, but a very distinct signature of high Silver and high Tellurium. Northern Shield is the first company to methodically explore this property. It's been discovered and owned by a prospector since 2012. We're the first company to actually carry out methodical exploration at Root & Cellar and actually much of the Buren Peninsula.

8:57 You just think about Root & Cellar, one of the reasons we've been focusing on it since day 1 is it's less deformed than some of the other regions of the Beeran Peninsula. We believe everything is upright and relatively undeformed, so it's easier to try to get our heads around the geology and alteration here than in other parts of the Beeran Peninsula.

9:17 Much of the focus has been on the goal up until last year when we started focusing more on the Copper. We have this very large, what we call the Creston Copper target. It's manifest as about a 2km diameter anomaly where you both get anomalous soils in Copper represented by the green dots and then grab samples represented by the green squares. You can see there's some very high grade around 10.5% these are grab samples, so not really represented what's there, but nonetheless, high grade of Copper. Much of it has been found in this area, in these quarries that are quarrying for road gravel. That's where the prospector initially started finding some of this Copper mineralization. If you're taking a step back further, again, this is all evidence. We're going to jump to the end, to the actual porphyrite Copper mineralization, but it's important to mind that none of this happens in a vacuum. It's all happening with other evidence and support of a porphyrite Copper system.

10:13 And this is one of the very early indications of porphyrite Copper at Ruin Cellar. So the green, again, The green shaded area is the area of Copper anomalism, both in soils and rocks. And outside of that, we have what we call pathfinder or shoulder anomalies where we're getting elevated Lead Zinc or Zn-Atomonine. That's a very, very classic signature of a pore-free system where you're getting these elevated elements on the outside, but devoid within the Copper bearing area itself. And then very didoxic to it, is Tellurium represented by these blue dots. Again, these are all soil samples and knobs and tellurium. You can see how very well it correlates to the Copper-bearing zone. In fact, as we'll see a little bit later on, the main IP target that we're going to be beginning to chase up is sitting right in here. So, this would be a very strong correlation to where it's the Tellurium and the core of the Copper-Porphyry system.

11:08 So we mentioned that much of the previous mineralization was hosted in these dietary breccias. These are very important. They're often associated with very large porphyry Copper and Gold systems. There's some large carrot-shaped bodies of broken rock that have been blasted up by superheated volcanic gases, created by when that magma interacts with groundwater that creates a steam and then an explosion and just blast up like a pressure relief valve. These are actually not one single diatring pipe, they're basically nested. We have a whole complex of these things in the centre of that cresting Copper zone. They're almost like nature's natural drill core because they're bringing up rock from below. We begin to get an idea of the geology that's happening at depth and looking at those fragments. We see a lot of porphyric fragments and a lot of these rock types that you expect to see associated with porphyric copper systems.

12:09 Let's say they also act as a natural sort of chimney to allow vapor and mineralization because a lot of cracks and fractures and broken rock can hear and voice any escaping fluids. It's a natural place for them to go. That's probably why initially we started seeing a lot of Copper within the diatreme breccia pipe. But these pipes are also double-edged swords Because to get a large perfect copper system works better under pressure. And so the system needs a very long lifespan to be able to grow. But every eruption of that diatreme breccia events gases and releases that pressure. It's exactly like trying to cook with a pressure cooker. Once you take that lid off, it's really hard to get the system or your heat back in that pot to continue cooking your meal. It's a double-edged sword. You like these dietary and breakfast because of their association with porphyry Coppers, but they are double-edged sword because every time they blow off, they release pressure, which has the potential of killing the system that's forming the Copper porphyry.

13:14 But importantly, we actually see 3 different phases of Copper mineralization within that diatom breccia. We see fragments containing quartz Calcopyrite, basically Copper veins within fragments. And these fragments, because they are within the diatom breccia, must have fallen before that initial explosion. So We have Copper that's pre the explosion of the Dietrin Breccia. We then see a lot of very coarse-grained Calcopyrite, occasionally Boronite, basically filling voids within the fragments that compose the Dietrin Breccia. These are basically syn Dietrin Breccia Copper mineralisation. Then perhaps most importantly, we have Copper mineralisation that we see after the exposure. You can see here these Calpaphyrate-Boronite veins in quartz, they're cutting both the fragments and the matrix to the diatreme. These definitely formed after the last explosion of the diatreme breccia.

14:11 We have 3 phases of Copper mineralisation and that's important because it's telling us, particularly this last one, number 3, is even after the diatom breccia keeps on exploding and releasing pressure, that the Copper system builds back up and it's still in existence. You know it's a very robust system and you know it's long-lived based on these 3 phases, particularly the last phase. We've had over the years all the sort of indications and evidence of a copper porphyry system, but never actually put our hands on the copper porphyry minimization since it's strict to itself. We ran a 3D IP survey over the Crescent target, figuring out the obvious target was gonna be somewhere underneath this diatreme breccia.

14:58 And what that 3D inversion modeling showed was 3 priority targets. So IP1 in the center here, just on the edge of the diatreme breccia. And then, sorry, this would be 2 and 3 down here, just again, paralleling the diatreme breccia. And then IP4 is off to the side. The magnitude of these is in the range of 8.5 to 12.5, what we call millivolts per volt. A lot of people look at that and say, well, that's a relatively low chargeability. It is compared to some deposits, but in these alkaline systems, they tend to have very, very low charge abilities, partly because they're associated with very small amounts of sulphide. In fact, this is an example from Abitibi Jews, a website showing a case study from a same type of survey that we used over Kazakhstan. And they have a very similar sort of order of magnitude. I know it's hard to see on this reproduction, but their highest legend here is 13.5MV for Vaults, which is really what we're seeing at root and cellar and these dark blue lines here are the outlines of their known Copper-Porphyry minimization.

16:09 The magnitude of the chargeability anomalies we're seeing is very much consistent with other ALK line and even Calc-Alkaline systems. IP1 is a near-surface anomaly. It seems to be linking up, we'll look at it in a different perspective later on, but it appears to be linking up to IP2 and IP3 over here. IP4 may be Copper-Pore free, but for various reasons, we think it may be actually associated with the conquest of Copper zone. These are 3 different level sections going down 100m down to 400m. And what you see, this one on the edge here, with depth increases both the size, Its strength is increasing with depth as is its size. It was growing at depth, which is what you really want to see.

16:56 As soon as we got the geophysical results, we went to ground through some of the anomalies that were modelled to be coming near surface. We went to IP1, which is what we identified was this porphyry dike. Porphyry dike is a type of rock type that has some larger crystals in it, and that's what you expect to find the Copper mineralisation in it. We did see, say, disseminated Boronite and Chalcocite in rock samples collected from this porphyry dike. You can see it's dipping around 40 degrees and actually dips back down towards the bigger IP anomaly. So This is the first true discovery of porphyry-type Copper mineralization on Root & Cellar, and to our knowledge, too, in the Iberian Peninsula. The Copper mineralization is hosted within the porphyry intrusion itself. It's not in the diatom, breccias, or country rock. It's in the porphyry intrusion.

17:51 Why does this matter? Well, a porphyry is a causative of rock. It's the rocks that the Copper porphyry is going to be hosted in and we see that. It's the first time we've seen it on the property. It's not in the diestrian breccia, it's hosted in the porphyry. This is the Copper porphyry system. Not only that, we see the right minerals, that's Boronite and Chalcocite. Some of this is very, very fine grain, but these are the minerals, Boronite and Chalcocite, both Copper sulfides that you expect to see in the core of an Alkalic system. Chalcopyrite is better known as a Copper sulfide, partly because it's easier to see, but it contains actually lower Copper than these other minerals. But what we're seeing is Boronite and Chalcocite. And thirdly, the feldspar porphyry that we're sitting in, it's very highly altered. It's even hard to recognize really what it is, but it's highly altered.

18:44 And it seems to have seen several phases of alteration, but again, it's very consistent with the alteration for a porphyry system. So it's the right minerals and the right settings, the right geophysics and the right alteration package. So now this is all very indicative of sort of ticking all the boxes for a porphyry copper system and particularly what we think is an alkalic porphyry system. So here's a look under the microscope of that feldspar porphyry showing disseminated boronite and chalcocite. This is a fairly rich cluster. It's actually extremely hard to see. When I first saw this rock, even under the microscope, I couldn't pick out any of the mineralisation, neither could the geologist, and it wasn't until it really dried that we turned it around and it got really solid reflectivity of these minerals and it started to pop out. That's when we realised how much we may have. Very, very fine-grained.

19:41 Not a lot of quartz veining. Again, diagnostics of alkaline systems, but quite considerable disseminated boronite and chalcocite. Again, this is a rock enhanced specimen here again under the microscope, and then it can just barely make out a little bit of boronite in the middle here. But one thing you notice, it's not overly eye-catching. I say any of the time, but then a little bit of Malachite staining, which is a green alteration product of some Copper sulphides, which you saw on the surface, it's a rock that a lot of people would have just picked up and thrown back down. It's very, very hard to see the Copper minimization in this sample. But as I say, here's the fell spot porphyry and here's some of the Copper minimization within that. This is, I say, the first time we've been finding this on on Rupenskuller itself.

20:34 Going back to the geophysics now, this is a 3D modeling of IP1, IP2 and 3. So IP1, here's a plan section and this view here, the 3D view, we're looking basically from a South looking North. So here's IP 1, you can see how it seems to be an apophasy of this much larger target, which is a combination of IP 2 and 3, which has about 1000 meter strike length. We're looking at a vertical depth of about 600m, but once you get below

21:05 500m in the survey we used, we begin to lose a resolution and confidence in the data. So it could go much deeper. We don't know yet, but certainly the combined strike length is quite sizable at about 1,000m and about 560m vertical depth and could actually extend further. The geophysics shows it's an apophasy and showed us that little dike that we have coming out of the surface suggests that it's an apophasy. We've got geophysics matching what we see. What we're hoping is what the mineralization we see up here at IP1 is what we're gonna find when we eventually get to drilling these targets, IP2 and 3.

21:46 And so just sort of a summary and compilation of that target. So if you look at this left-hand map, here's the outline of the diatreme, red, green and black, which is really where we're expecting initially to find the geophysical anomaly. But the main one we see is over here. This background image is now magnetics and that actually taken from about a 400 meter depth slice. So when you add up sort of IP 1, 2 and 3 and even 4, which it sits up in here, you can clearly see how it wraps around this deep seated magnetic and target.

22:17 Now the cores of these porphyry systems are often magnetic. So again, this is exactly what we want to see, a magnetic target at depth coinciding with some IP. And so when you look at that sort of schematic, that general model that we looked at early on of a porphyry Copper system. This is what we've just found. It's an apophasy, a little dike or a protrusion coming off what we think is the main body at depth. And that's what we're finding, Bonite and Chalcoxydin. We have this magnetic target sitting down here and we have the IP sitting all around it. This is what we've just found. When we get to drilling, obviously this is what we want to start targeting, but we have found porphyry Copper mineralisation at Moon Seller.

23:05 Moving on, I really wanted to focus on the Copper. Just quickly on the Gold, we will be going back and drilling the Conquest Gold zone. The Conquest Gold covers about 4km2 both of surface sampling, drilling and soil samples. Some very high-grade sitting around up to 111g per tonne Gold with considerable visible Gold. That source of that is still yet to be found. Most of the drilling is in the Western Conquest zone, which we've been drilling on and off since 2021. A lot of low grade, but sporadic high grade, but there's been a big footprint of Gold minimization and it may actually at depth be linked up to windfall a few kilometres away. We have had a little bit of trouble following consistently

23:52 the Gold and the reason why we now understand that is because we are chasing the Gold of 1 package. But when we looked at some geochemical signatures of this the past year, we actually realised there's 3 phases of Gold minimisation at Conquest. We sort of picked those apart and only follow 1 set, in this case, the low-solidation Gold. We come up with a very, very clear vector of those, the orientation and the geometry of those Gold zones, or they're more like horseshoes.

24:21 And that was done partly on our own report, partly we fed AI a little bit of information, not a ton, and it came up with 2 orientations, basically East-Northeast and East-Southeast. And as you can see, we actually, we didn't even give AI the geophysics. We only gave them all the sample data in 3D. And that's what they came up with. And you can see very clearly, but these on these blue arrows, you can see it follows a structure in the geophysics that these blue arrows follow these pods of low magnetism and the geology. It made sense. Same with the Southeast, East-Southeast trending zone. It follows a very, very similar to what we're seeing on surface and then some structures that we're beginning to pick out.

25:08 And this one was most interesting because again, this is where AI suggested we drill to find the downplunge continuation of what we've been seeing drilling on the last few years, including these coliform crust support veins, suggest that we drill here about 100m down and not only is there a nice magnetic low sitting in there, but there's also a chargeability high. So this is IP and it sits right in here. So a very strong correlation

25:33 with the geophysics and with what AI had predicted these oceans to be landing at.

25:40 So planned exploration, I say right away we have on Monday and Tuesday of next week, the crew are going back to do more sampling on that outcropping Feldspar porphyry dike with a copper mineralization. We'll be doing detailed channel sampling on that, perhaps even get with a small backpack drill because it's fairly narrow. We can drill a 2m or 3m hole, stand on top of it and get some good not only Geo-K Manassas results from that, but from that drill core, hopefully get some good structural measurements and understanding more of the mineralogy. We may even pop a few short holes into that with a backpack drill, but otherwise will be channel sampling and chip sampling, trying to outline a dimension on that. You can actually see on the DEM, it's hard to see here, but there is a linear feature that pops out on the LIDAR digital elevation model that you can see that dike popping out on surface. We will be looking for any other indications on the LIDAR of similar trending structures that we'll follow up on.

26:43 There is more chip sampling and trenching to do at Conquest. In fact, the rain over the summer has washed off some of the drill pads that we made last year and in doing so has actually exposed a little bit more of what looks like mineralization behind the drill holes. So, we'll be in there very soon trenching and channel sampling that conquest Gold zone.

27:06 Meanwhile, we're continuing on our reconnaissance of various targets on the Fortune property, particularly right now around Jasper Brook and Rattle Brook. I was down there just last week with the prospectors doing some work along the coast where we've seen some occurrences of both Copper mineralization and the alteration that we expect to see. This is a sample again from the Rattlebrook area. It's a Rhyolite Porphyry, so it's a Porphyritic rock that you want to see, Hosts Mineralization, nice and loggy quartz veins with again, Chalcocite and Boronite mineralization. We're certainly going to be following up on these regional targets. But the main focus of course right now is to get a drill program up and running to test these IP and the magnetic anomalies at Conquest and follow that policy down to what we think is the main body at depth here, as well as some drill holes back at Conquest to test those theories of those low plunging, shallowly plunging, horseshoes.

28:05 So We've got permits for these current diamonds and dots here are all currently permitted drill holes, some are from last year. Then we quickly added the ones in red this year. We'll probably add a few more as we're beginning to understand a little bit more of the geometry of the geophysics, but nonetheless, we've got permits in place for those. We do have to wait for a few sort of

28:27 ancillary permits to do with that drilling, but they should be very forthcoming and expect to have those within a few weeks. The big slowdown right now in Newfoundland is it's very busy, so it's harder to get drill rigs, but the idea is to get to drilling here sometime late this fall.

28:46 Just quickly looking at some of our regional targets, the focus has been Root & Cellar. You can see again, the East North trending corridor of Copper, Porphyrin and Gold at Root & Cellar. That's mimicked in the Fortune property too, where we see the exact sort of trend, the East-Northeast trending. So these are clear corridors. There's a whole bunch of known targets in here and some new ones that we're coming up with almost daily. I'd say Point Rosie, sort of epithermal Gold, perhaps high sulfidation indication to Copper Porphyry too.

29:16 Stewart's one of the ones that's most advanced, which we'll have a quick look at. And then more recently, we've been working in the Rattlebrook area, which wasn't one of my highest priorities, unfortunately, at the beginning of the season, but with what the prospector has been finding the last few weeks,

29:33 and a little bit of boat work that we did in this area as well last week. We're very excited that there's clearly a very strong signature of a copper pore free copper moly system up in the Rattlebrook and Jasper Brook area. So, big belts, 40 kilometre long corridors, and I say we're finding more indications even outside those corridors as we work through our reconnaissance program at fortune. So just a little bit about Stuart, because it really comes to interplay with some of the things that's happening in BC's Golden Triangle. And you have very good examples there that we can export to what we're seeing at Stuart and the difficulties. And so Stuart is a known occurrence. They have what we call a lithocap.

30:22 It's large by all standards, about 850 to 900 meters wide and 5 or 6 kilometers long. And a lithocap is simply an intensely altered blanket of rock that forms above a porphyry system. And say it's a cap to the system and it's formed when these hot fluids and hot gases leak up from the porphyry system, often exploiting chemical traps and contacts. And so it forms a very large blanket of altered rock above the porphyry itself. Typically, it's much, much larger than

30:52 the porphyry. The 1x skewer contains the minerals that we expect to see in a Lithocap, halamite, diaspora, pyrophyllite, etc. The presence indicates that this was a fertile system. A lot of Lithocaps are actually barren of the main metals, Copper and Gold, but this whole Lithocap is anomalous in both Moly Gold and Copper. You can trace anomalous amounts over a 100m, several 100m channel samples that have been done in the past through that LithoCat. But all the work in the past, the drilling and the prospecting has been in that LithoCat. When Really what you want to be focusing on is underneath that to find the Copper porphyry. This is really very well exemplified in work that's going on in BC's Golden Triangle, where you actually get almost 3D exposure because of the mountains. This is taken from King Pictures Metals website.

31:48 And you can see all these rusty mountain tops. Those are the Lithocaps. Those are exactly what we've been seeing at Stewart, except for everything at Stewart has been pushed on its side. But they're not drilling these. No one's drilling up the Lithocap. They're drilling underneath those. Here's the drill paths where they're drilling the Copper-Gold-Porphyry systems, also Alkalic and Calc-Alkalic. And so it's a great example of what we believe you have at the Iberian Peninsula, but this hasn't been explored as much as BC's Golden Triangle. But the emphasis is you have your Lithocap, your Porphyry Copper is somewhere underneath. And so that again just legitimises what we're seeing at Stewart in particular. There's a lot more work to go on there. We have this massive Lithocap. It's just a matter of drilling and finding the porphyry system below it.

32:35 As I say, we've actually found the porphyry Copper system in 575M-year-old rocks on the Beerim Peninsula. We bucked the odds here and found a system. We now have proof of that Boronite chalcocite-bearing feldspar porphyry. So we've proven now that this is the first porphyry Copper on the property and to our knowledge of the Irish Peninsula. We see the right minerals, Boronite chalcocite, It's sitting over an IP target. That IP goes to depth, which is associated with magnetites. And so all told, we have a very well-behaved and well-zoned Alkalic Gold system at Root and Semi, going from the porphyry copper core to your intermediate sulphides to your low sulphidation Gold systems up at Glans Quest. We very much believe that the Beard is an emerging Alcala Copper Gold district and has all the hallmarks of the Macquarie Arc in Australia and the Stikine Belt in BC's Golden Triangle.

33:32 Now we're proving it does happen on the Bering Peninsula. We're proving it and we're the first ones to prove it. So we've taken time. We've just found one. Of course, we've got to drill into the heart of it, but we have found a perfect Copper system at Moon Cellar. And we believe it's in due course, we'll start increasing that number of discoveries on the Bearing Peninsula. Now that we've found one, there's going to be a lot more interest in the area, a lot more backing. And now that we understand the systems, we know that we should forge ahead with exploring the regional properties as well as Root & Sell. So I say we've come up with a camp scale discovery at Root & Sell and with a lot of district scale upside as we explore the Fortune property. We have by far the largest land position in the area, about 450km2 and 2 trends totalling over 50km of fertile corridor.

34:28 It's a confirmed porphyry Copper and epithermal geosignatures, not just at Root & Cellular, but we're beginning to see those elsewhere among fortune trends. And certainly it has all the hallmarks of a world-class alkalic Copper-Gold district, much like Cady in Australia and BC Golden Triangle, where everybody is getting a lot more traction than we are because they're exploring in proven belts. We've only just begun that aspect of actually proving out the fertility of the Buren porphyry district. We also have district-wide tellurium, so it's not only a critical metal and we can leverage that, but it's often associated with very large Copper-Gold systems. We now have a sort of a pipeline of projects in the work.

35:14 At the Creston Copper Porphyry, we've got to go back and drill Conquest, the Gold Zone down plunge. We have Stewart, which is almost drill ready and we have a whole bunch of other projects, including Rattlebrook and Jasper Brook area, which is clearly showing signs of a copper pore-free system in that area. And again, this is all a new discovery in a very money-friendly jurisdiction, minutes away from paved highways and deep water ports. So yeah, we believe that early stage exploration opportunities don't get much better than this. And we're very much looking forward to the ride going forward. And thanks very much. As you have any other questions, I'll be happy to try to answer them.

36:06 Awesome. Thanks, Ian. I know there's some questions that came in over email in the chat, but I certainly have a couple myself, if you don't mind. Some of them are going to be a little technical, so I apologize in advance, but I am curious. But the first thing I want to say, I know last time we spoke, the 3D IP survey at Creston was just kind of getting underway. Since then, results have come in. Your team found Copper, as you just talked about, sitting in the porphyry itself while ground-truthing the anomalies and the drill permits are now in hand. So before we kind of get into target by target, which I do plan to do, how would you just in brief sum up the last 4-months of Northern Shield? It's been a little bit of a roller coaster to say, you know, the geophysics was a little bit delayed. That program, we're hoping to get it done very early in the spring. It was delayed just because of availability of contractors.

36:56 So that took a while to get that up and running and then get the results. And then seeing the results to say was, we can talk about a little bit later, but it was a little bit of up and down in interpreting the results and even the discovery of the porphyry Copper mineralization, it wasn't instantaneous Eureka moment, it was almost a slow roll. And throughout the summer, I thought that some of the bigger news prior to getting to drilling in Creston Copper was going to come from the regional targets. We still have a lot of targets to test in the Fortune area, but I thought the smoking gun was going to come from one of the regional targets because I thought we weren't going to find porphyry Copper mineralization on surface at Root & Cellar. I was sure we were going to have to get to that drilling stage, but I felt because these regional targets hadn't been looked at, there was a chance of walking out there and finding perfect Copper, reputable Mineralization on surface.

37:51 And in hindsight, it's come back to Root & Cellar and we're finding it at Root & Cellar. So very much a little bit of a rollercoaster ride, but I think it's going to be a lot of fun from here on. Awesome. A rollercoaster ride has its fun parts. I do want to slow down for a second on that ground-truthing moment, because to me anyway, it might be the most important rock anybody's picked up on the property. Your team walks up to check the IP-1 anomaly and finds an outcropping feldspar porphyry carrying fine-grained boronite and calcocite. Every bit of copper found before this was sitting in retro or country rock. Can you share with the crowd here today, why is finding copper in the causative intrusion itself such a different animal? Yeah, it's basically the proof we are looking for and we're expecting to have to wait until July to find that. For all the other copper mineralization, which has actually been very high grade that Jeff, the prospector has been finding in the Diatreme-Bretscha and elsewhere.

38:50 They were all very clear indications of a porphyry system, but they weren't actually copper porphyry style mineralization. In fact, we didn't even have in that area a porphyritic rock. Forget about whether it was mineralized or not. We saw some of the porphyritic rock fragments within the diatrium breccia, but we never saw any actually porphyritic intrusive rocks on surface, mineralized or non-mineralized. And So I guess that was a lot of the concern is are there really porphyritic intrusions here, let alone ones that were mineralized in Copper. So when we actually walked out there, it was now, this is intrusion. This is exactly what we're looking for. It should taper into or feed into something much larger, but that is the mineralization and the whole shrock that we're looking for. And again, it was a little bit of a slow roll because we were out there, we had, In fact, that day, our star prospector, Jeff, was out of action with an injury.

39:53 I went down and hooked up with one of the students from the university that we hired for the year. Went in there with the GPS coordinates of the IP and as we were getting closer, The student said, hey, there's something over here. There's an outcrop. We started sampling it or breaking rock when I just because it basically overlay the IP anomaly. We didn't see a lot, but finally we saw a little bit of Malachite, which is the bright green alteration that you often see with Copper minerals. We saw a little bit of it, but still it wasn't enough to get me super excited. We took some samples, took them back to the warehouse we have in Marystown and cut it. And then I was actually disappointed. Even under the microscope, I couldn't see much of this copper mineralization, despite all the malachite we saw on surface. And I was pondering this, looking at it a little bit disappointedly, and by that time the rock dried off, and in holding it, I just happened to turn it the right way, that it hit some of the light from the microscope, and suddenly I see all these sparkles. So then, then at a closer look, I really focused in, and That's when I started to see all that Boronite and Chalcolite.

41:08 We all just came down and had a look, but even though I went back home and it wasn't until over the weekend that I began to slowly sink in. It was like, wait a minute, This is a porphyry Copper mineralization. We found porphyry Copper at Root & Zeller because again, the rock was highly altered. We weren't really sure what the rock type it was at the beginning until we cut it. Then you see all the phenocryst of belt spars. It was kind of a slow roll discovery And it took a few days to kind of sink in. But it's important because it's this is the intrusion. This is the Warfree Copper system. I appreciate that. And I think it's super interesting for viewers in the room. I want to get into geophysics for a second because I know 4 targets came out of the 3D IP. And the picture is that IP1 at surface is just a shallow offshoot of the much bigger IP2 and IP3 anomalies, which run about, as I understand it, a kilometer of combined strike and grow in size and strength with depth, wrapping around a magnetic high that you interpret as the intrusion powering the whole system. When you first saw those inversion models, What jumped out to you personally?

42:18 Well, first of all, nothing actually, or very little. I was quite disappointed. I mean, first of all, we're expecting these anomalies underneath the diatreme breccia. And even though we had sort of coached ourselves, no, it may not be there. And that's partly why, I mean, originally we were going to, 2 years ago, just drill underneath the diatreme breccia, thinking that's where the porphyry must be. But then we backed off saying, no, that's not the right way to conduct exploration. We'll do the geophysics because it quite possibly is off to the side. And so results came in. And first of all, there was nothing underneath the diatrine breccia, nothing very obvious. Even some of the lead, zinc and the copper mineralization that we're finding in the diatrine breccia was not showing up. And then, you know, they were a little bit weaker anomalies than what we're all led to believe to follow copper porphyry. So in the initial glance at it, it was a little bit disappointing. And I actually went back to the geophysicists and said, is this it? Are you sure your modelling is correct?

43:19 But then we settled down, we looked at it, we talked to geophysicists and experts on porphyry systems. They were, first of all, don't worry about the magnitude, These are perfectly within the realms of alkaline systems. We have an example from Abitibi Geophysics themselves. Then we started focusing more on those targets and that's when we began to realise, okay, you have 1 IP, it grows into a larger 1, 2 and 3 at depth. And then you combine that with the magnetics. And we've always been curious about that magnetic target at depth because it looked like it could be an intrusive stock. And that's when it all started to blend together, where your magnetics and your IP married up really, really well.

44:04 We were getting a curtain of IP around that magnetic target. And then eventually, now that we actually see the porphyry intrusion dike, it dips back down towards, it's almost pointing at that magnetic intrusion. So initially it was disappointing because we didn't see a big strong anomaly underneath the diatrium breccia that we're expecting it. But then you calm down and you start looking at it in detail and things begin to make sense. And then the bonus, of course, was finding the porphyry Copper mineralization bang on top of one of those IP anomalies. Yeah. I want to, if we can, just get a little nerdy about copper minerals for a second, because I think this flies over most people's heads, until I did research it flew over mine too, just for everybody watching. But Boronite runs about 63% copper and Chalcocite around 80, versus 35% for the Chalcopyrite that dominates most morphine deposits.

45:05 Can you explain to the audience why the specific Copper mineral showing up at Creston matters for the grades that you could eventually pull out of the system? Yeah. Well, thanks for the question, partly because I never need a second invitation to get nerdy about rocks and minerals. Chalcopyrite, which is a Copper sulphide, is a more common Copper sulphide-bearing mineral, but it only carries 35% Copper. Bonite is 63% Copper and then Shelcosite is around 80%. They are much more metal-rich, Copper-rich than Sulphur, so better for the environment all around. But the bottom line is they're richer in Copper. So, if you had a rock that contained 1% Calcopyrite, it's going to come back with 0.35% Copper, more or less. Whereas if you have 1% Bonite, it's going to come back with about 0.63%.

46:01 And If you have 1% Chalcocite, it's going to come back with 0.8%. So you don't need a lot of these high Copper Sulfide minerals like Boronite and Sulfide to make an economic grade. Whereas with Chalcopyrite, you need more disseminated Chalcopyrite or veins Chalcopyrite to bring up the grade. Typical grades of porphyry copper deposits are anywhere from roughly 0.3% to 1%. You get higher grades of Ores, just over a percent, but they're not super, super high-grade. You only need, let's say, 1% Bonite and Chalcozite to get something in the realms of somewhere between 0.6% and 0.8% Copper.

46:49 1% Sulfide, especially Bonite and Chalcozite, which are very dark mineral and when you blend it in a dark rock, it's hard to see. You don't need a lot of Sulfide to get an economic grade of Copper and you have the tonnage. That's partly why we see these very relatively low IP signatures of chargeabilities because there may not be a lot of Sulphide in there, but they can still carry the grade. As a Chalco site carries nearly 3 times the Copper as Chalcopyrite. They are Copper-rich, but that's 1 benefit of seeing them. But the other thing is, in the core of these systems, that's what you want to see is your Boronite and Chalcocite. Chalcocite can also be super enriched formation or late-stage weathering and enrichment, but Boronite and Chalcocite often form the core of these systems.

47:44 When you see just that, not the calcified, it tells you you're in the core. We've been looking at the maps the other day, myself and the geologists, of some of the other occurrences that we have there. Now that we know we have that porphyry intrusion with the Boronite Chalcopyrite, as we move one way towards the pits, sort of Southwest, you start seeing Boronite Chalcopyrite, then you see Chalcopyrite, then you see Chalcopyrite, Pyrite, and then just Barren Pyrite on the end. Now that we see all the other mineralization, it's a nice donation which you expect to see surrounding a porphyry deposit. So 2 things, that's rich, rich in Copper relative to Chalcopyrite. And it's the right minerals that you expect to see in the core of a system. Awesome. I appreciate it. Thank you. Thank you for indulging me. I was a big reader over the last week and I just found it really interesting. So thanks for letting me know. One thing I've been really, really eager to ask you, because I think you've been a contrarian on this, I think you're increasingly being proved right, is for decades the conventional wisdom said for free deposits couldn't exist on the Avalon because anything formed at surface should have eroded away over 5 million years, et cetera. You've been arguing that that's an age dated bias, not evidence. And now the model is kind of ticking box after box. Have you noticed the skepticism start to crack, whether that's from geologists, peers, institutions, the market, have you seen that start to crack now that the evidence is building up? Yeah, it's just started to crack and it will continue to grow. In fact,

49:14 the first thing it was, it changed not our skepticism or optimism. Obviously, you always thought there was something there, there's a porphyry copper there, otherwise we wouldn't have been exploring. But when you constantly find the indicators and not the cost of intrusion at a fallacy, you sometimes do begin to doubt yourself. I said, I thought the smoking gun evidence was going to come from one of our regional projects. It first of all changed our optimism. We have it here. We are right to keep pounding away at this. We have a porphyry copper and now it's just a matter of getting that news out there to the market, whether it's the retail market like most of yourselves or other geologists and technically minded institutions. So obviously, Labor Day is passing now. Everybody's back at their desk and now's the time. I mean, we've already got a few calls asking for a little bit more details. I'll be going on a few more roadshows, both retail and based on technical requests to show some of these rocks. I actually have them here in the office, more are being brought up today to be polished.

50:20 So yes, any doubt that we had is now gone. We found a porphyry bearing system And now I think you're going to see things quite rapidly change in their viewpoint because we still have to drill into the centre of this thing, but we do have a porphyry copper. So I think the scepticism, you can push that aside now. And now it's a matter of who wants to be the first one in there with us, with Northern Shield, to bring this whole district to life. Because say these things do occur in camps, we have 1 camp in Root & Sellar, and you only need one of these systems, one of these deposits to make a company. And we have a whole jurisdiction under our belt. And I think before too long, you're going to see some institutional support and interest in the Beerim Peninsula. We've already had that for a year, people, I don't want to say kicking tires, but legitimately showing interest, but always telling us to go back and get more meat in the bone and go and find the porphyry. Well, now we found the porphyry.

51:30 Hopefully everyone is out of excuses, but it's exciting. It's a brand-new porphyry Copper District. There's a lot more work to be done, but at least we've proven that these things really do exist. And now all the alteration and other indications we see, we can take more seriously. I think you're going to see a very rapid change. And that's always been sort of the challenge in the buffer, despite all the, what to us was pretty obvious indications of forfeit Copper and epithermal systems. What a reason until you actually find it, no one wants to jump on board yet. Look what's happening in Chile now. Some of these juniors are without even drilling, they're almost getting bought out because they just have the right technology, the right indications.

52:18 Obviously, a lot of activity and support in and around BC's Golden Triangle, and with good reason. It's a very fertile region and very rich. We think it's only a matter of time, It won't be long before people begin to realize that here's another opportunity. And it is a brand new district. It's not like you're moving into a known district. You're moving into a totally underexplored Porphyry Copper district. I know we're running out of time soon. I wanted to ask one question. I think we'll loop in some audience questions because I want to talk about the opportunity as a whole for where Northern Shield is right now. Copper is trading all-time highs near US$670, US$470. Gold is around US$4,400. The majors are, I think, genuinely starving for new porphyry districts.

53:06 And Northern Shoe controls an entire emerging one with a drill-ready target and a market cap of only $7M. So Ian, I'm going to throw it to you. Make the case for what the next 6-months could mean for a company price like yours right now? I think you see a lot of significant changes. I think finally, you don't see, as I just mentioned, the narrowing of the gap between share price of someone like Northern Shield with those exploring in the DC's Golden Triangle or wherever else around the world with exploring known districts. I get it, it's an unproven district, but that's now changed. I think even before drilling, obviously drilling is going to be the major catalyst, But I think even before that, you can see much more increased retail and even technical interest in Northern Sheila and Root & Cellar. We've now gone out and found the one key bit of evidence that everyone's been asking for for some time.

54:05 Hopefully, that now paves the way for larger funding and greater interest in Northern Sheila. It's not often you can find a brand new district of any mineral commodity, especially porphyry Copper. The access here is great. Our drilling costs are typically around US$250 a metre, probably even less. Obviously, down the road, development costs and exploration costs, if you get there, are going to be equally as low. So it's, you know, you got excellent infrastructure and access, and, you know, basically a clean slate to work off in a brand new Porphyry district. So I think there's going to be, you can see a lot of interest in the coming weeks in Northern Shield and what we have.

54:55 Awesome. And I'll close on a combination of 2 questions from the chat that I think work well together. Greg asks, is the company funded for a 2,000 to 3,000 drill program? And Wesley asked, will there be an opportunity to participate in the financing this year? So I'll let you answer both those questions at the same time. Yeah, we got money for a small drill program right now, but obviously the depth of these things We need to expand that to at least 2,000m, ideally a 3,000m program. At some point, we may go and raise money for that very soon, but we're not going to do that right away. We're going to let this percolate with the market and with the technical institutions that have shown interest in the past and others that are now showing interest. The idea is to get to drilling for the end of the year as soon as we can. There's no 1 who wants to drill this more than I do, but we'll let this news sort of percolate for a little bit and I think we'll get some backing to undertake that drill, probably 1 that we want, which is at least 2,000m and probably 3,000m because ideally we'd like to drill a few holes at Conquest as well. Yes, I mean, as long as you're a credit investor, you should be allowed to participate in the financing.

56:08 Maybe, you know, sometime when certain investors come in, they want to close those bonds and for various reasons. But the short answer is you should be allowed to participate as long as you meet all the requirements for accredited investor. Awesome. Well, Ian, thanks so much for running through this presentation, but also indulging me on being more technical than I usually am. I was just interested, So I really appreciate it. And anybody in the room, thanks for coming. If you have any additional questions, you can reach out directly to Ian Northenshield, or you can reach out to me, and I'll pass them right along. But thanks for joining. And Ian, thanks so much for sharing your insights. Thanks very much for having me. Cheers, everyone. Thank you very much, everyone. Thanks. Thanks, everyone.