Update On Root & Cellar with a focus on the Copper Porphyry

0:03 Say good morning, good afternoon, good evening, depending on where in the world you're logging in from. It is, as always, a global audience today, so I really appreciate your time. I'm joined by the CEO of Northern Shield Resources, Ian Bliss, who's recently relocated to Newfoundland, closer to root and cellar. Ian, how are you today? I am doing very well. Thank you very much, Romeo. Awesome. Now here's how today's going to work, just for the folks in the room. Ian's going to run through a bit of a quick presentation, then I've got some questions for him. But this is an interactive event, as always. That chat button in the bottom right of your screen, please do ask questions throughout today's event. I'll try to get to as many as we can. Any that I miss, I will make sure that Ian and Northern Shield team gets them so they can get back to you as quickly as possible. I'll send along the email or phone number or both that you registered with so we can get to you. This event is also being recorded and will be available for replay probably at 3 p.m.

0:50 Eastern. So it'll come right in your inbox. It'll also be available on Six's YouTube channel. But enough out of me, I wanna get into the protein as quickly as possible. So I know, Ian, Northern Shield's recent findings in the Crescent Quarry seem to have opened up a whole new dimension to Root & Cellar. It has raised a lot of questions I've seen. I live on the chat sites and I do see people are asking why explore for copper now? So I'm quite thrilled to throw it to you to explain what's got you, what's got the team at Northern Shield so excited about that copper porphyry potential and how it all fits together with the epithermal gold story. So I'll throw it to you to start off.

1:23 Excellent. And thank you very much, Romeo, for having me again. And I hope that everybody, instead of At the end of this presentation, instead of asking why are we exploring for copper now, you should be asking yourselves or asking ourselves, why didn't we explore for this earlier? But I'm most happy to share with you this is very exciting developments on the copper aspect of our room seller property and very much how this fits in with the epitome of gold that we also have at root and cellar has been the focus to date. Before we get started on our presentation, I do have to bring your attention to this forward looking statement advisory as this presentation will contain such statements. So again, those of you who don't know Northern Shield, we're very well known for thinking outside the box. That's how we ended up here at Root & Cellar.

2:13 We initiate our own projects either by ourselves or in conjunction with prospectors in underexplored regions that have the correct geological conditions to support the notion of a very large deposit. And of course, if you're thinking of a large deposit, you must make sure that the geology supports that. And while many of you green fuel exploration, especially as early stages as Northern Shield undertakes, as a risk, we see it as an opportunity and that's an opportunity to discover a world-class deposit at relatively low cost and near surface simply because no one's looked at it before. That seems to be very much the case, once again, with Root & Cellar. So Root & Cellar is 2 stories really. It's the Gold and the Copper porphyry. We've always known to have had both. In fact, I think the very initial discovery by the prospector was the Copper. He then went on to find Gold at the conquest zone.

3:05 And while I'll explain the data is focused on the Gold, the Crescent Copper zone is actually the largest sort of element anomaly on the property. As many of you know, or I've said before, epithermal Gold and porphyry Copper are related. They're basically end members of the same hydrothermal system. Typically, the Copper porphyry is much deeper sitting on top of an intrusive stock, whereas your epithermal Gold is higher up. Typically, your high solidation is going to be right above your Porphyry in your stock, where your intermediate and your low is off to the sides where there's lower temperature. But typically, this distance here between your Gold and your Copper may be 1,000m or 2,000m, but for various reasons, they can be just opposed to 1 another. You actually see them relatively side by side or the same sort of pavial surface or same level.

3:54 That's what seems to be happening at Root & Cellar. The important thing too is both the Gold and the Copper at Root & Settle also seem to be associated with Taurium. So that's a little bit about Root & Settle. Now, Newfoundland, I say the property is located in the Beerim Peninsula of Newfoundland. We think this is strategic. I say it's on the Atlantic seaboard. Nearly all other Copper core freeze are on the Pacific rim. So if you can find something significant here, we think it's of strategic importance both to Canada, the Eastern seaboard of the United States and perhaps even Europe. In fact, you know, the island for those viewers that are coming in from Europe, Newfoundland is actually closer to Europe than it is to the West Coast of Canada. And I say the Avalon train, which Fruit & Cellar sits in, hosts numerous early stage occurrences of both copper porphyry and high, low and intermediate abituramal gold occurrences.

4:55 So the Beeran Peninsula, I'll start off on a big scale and the importance of certain aspects of the Beerim Peninsula to root and cellar. And in the middle of the Beerim Peninsula, in the center of what we call the ankle bracelet, there's a very distinct topographic glow. This is a topographic digital elevation map on the left and a magnetic map on the right. You can see there's a very distinct break, generally low ground, in that area. On the magnetic map, we see a similar sort of break. To the north and to the south, the magnetic signature parallels the peninsula, whereas in the middle, it cuts across. And We believe that's caused by rifting or some sort of extension. The Avalon terrain, as with most epithermal terrains, are collisional, they're compressional.

5:42 Some of the better porphyrys are in areas where you get slight extension or strand tension, and that creates an opening, So it's much more magmatic activity, it's much more readily to happen. If you're getting increased magmatic activity, you're getting increased hydrothermal activity, which is ultimately what generates your Copper and your Gold minimization. As you can see on these maps in the blue triangles, there's also a number of Fluorite occurrences in the Beirut Peninsula. You go to the parts of the Western United States where they have both Epithermal Gold and Copper Porphyry. There's a lot of Fluorite minimization And that's because fluorite is often linked to these alkaline intrusions. They have fluorine-rich magmatic fluids and that scavenges and transports Copper and Molybdenum in particular much better than some other fluids.

6:28 Then of course, I've said We have a lot of Tellurium at Root & Cellar, as you'll see, and now we're finding Dietrich and Peptia. So certainly on the big picture, we have a lot of those ingredients that are on a regional scale that sets the foundations for a giant Copper porphyry potential and epithermal Gold system. I mentioned Tellurium. Tellurium is a critical metal. It's a key component in solar panels. It's one of the rarest elements on the planet, actually 8 times more rare than Gold. And its primary source is as a by-product of certain epithermal Gold occurrences and Copper porphyry. You very, very rarely find it in minable quantities on its own. And right now about 90% of the world's Tellurium is currently produced in China. So it's a critical metal. But one of the reasons I like Tellurium as well is it's often associated with some of the world's largest epithelial Gold and Copper-Core-free deposits.

7:25 So just to summarise our route in silver for those that you are unfamiliar with, it consists of 5 Gold occurrences over about a 6km strike length, again associated with Silver and Tellurium. Particularly the Gold occurrences along what we call the North flank are associated with very high Tellurium and high Silver values. And I say that The property was originally discovered by a local prospector and Northern Shield is the first company to conduct monothotical exploration on the property. Most of our focus, as you'll know, has been on the conquest zone since we optioned the property in 2019. I said the crest and Copper target is really the largest target within the property and it's really going to be the focus of this presentation today. Before we get into that, we'll just quickly summarise the drilling. I know a lot of you are waiting for asset results. We prompted the lab the other day and we're told it's still going to be probably mid-October before we get those results.

8:21 Part of that is due to we're using a different analytical package than we normally do because we're trying to get lower detection limits for the Tellurium and apparently that's one of the reasons for delaying things as long with the backlog in the labs. So the drilling, I say, just to summarize that, I mean, so the Western targets, what we call the hottest pond, most of this alteration, you know, like Ceraceite-Pyrite, this is typical alterations of low-solidation systems. Hole 30 up here was actually drilling to test a Copper target, but we seem to hit Hydro-Thermal Breadth just similar to what we see in the conquest zone. Not as heavily solidified, so we're interested to see if you see anomalous Gold up in hole 30. A lot of it was down in and around the main central conquest zone. In particular, what's of interest is hole 33 and 34 because it's in those holes that we get number 1, what we call Gingiro banding. This is classic low-sulfuration, epithermal Gold textures.

9:18 These bands typically are high in silver minerals and that's why the black colour is in there and that's also where you're going to get your gold. So this is the first time we're seeing ganguro banding on the property along with some very distinct crustiform, coliform banded quartz veins and typically this is what, this is a classic texture of low sulfonation. So we'll see, we're waiting for assays for this as well as hole number 34. We get about 30 meters, I think 30 meters off the top of my head, perhaps even closer to 40. Slicification, alteration, and a lot of this bladed pyrite. It's a little bit hard to see in there, but a fairly big intersection of silica quartz and pyrite. So, these are holes that we're certainly very encouraged with, along with some other ones that hit a little bit deeper underneath the conquest zone that we're hoping will come back with some elevated Gold to show that those structures do continue to depth.

10:10 Now, moving on to the copper target, which is really where we've been focused the last few weeks since the end of the drill program and waiting for assays. So I'm actually going to step back and again start at a sort of a regional perspective or property scale perspective. And this is actually a diagram we had out years ago showing the Creston Copper anomaly in the sort of green shaded area here. It coincides with soil samples that are highly anomalous in Tellurium, represented by the blue dots. Then we have what we call the shoulder anomalies, which are pretty common in Copper porphyry systems where you get anomalous of arsenic antimony and perhaps Lead Zinc on the fringes. That's exactly what we're seeing here on the shoulders of this Copper target. And of course, that's also where a lot of our Gold sits, both Conquest drops on a little bit further afield, you have Red Rock and Braxton Bradley is further to the north. So you have these shoulder anomalies again, so that right from the get-go reinforces the, or supports the idea that we could be sitting on a large Copper porphyry at Creston.

11:16 Zooming in now, so what is sort of Crescent, it's about a 2km wide anomaly, both based on soil samples represented by the green dots and the squares are grab samples from the surface with copper values. Some of them up to 10.5% grab sample. This is actually chalcocite in a pyroclastic rock, so that's a volcanic rock. And chalcocite is often produced by something called supergene enrichment. So that's again, after the deposits form, you get circulating fluids that's deployed to sulfur and actually hence then enrich that mineral, change it and becomes more enriched in copper relative to sulphide. This is an indication of circulating fluids typically post-mineralisation. But much of the mineralisation could be found by the prospect initially was in and around these quarries, which we're going to have a closer look at. Again, nearly 9% Copper, more typically in the 1% to 2% range, as higher samples and again, some pretty spectacular looking Chalcopyrite sitting in these dietary breccias.

12:17 I'll now zoom in to have a closer look at some of these quarries. These quarries are within Northern Shields property, but there's a difference between quarrying rights and mining rights. What they're quarrying are these diatreme breccias. They're a Rhyolite, which is a very hard rock and they're actually sitting in a Rhyolite matrix. And that's why they're probably using it as road aggregate because it's a very hard rock, but it breaks easily around the contacts. So they've been quarrying this since the prospector first walked on the property, but we've been expanding it from the road westward. Again, all these green squares are Copper samples from surface grab samples. Some of this directly from outcrops, some of this blasted material, but it's all very, very local.

13:03 This white dashed line marks what we think is the boundary between the diatrium breccia pipes on the left and basically the salted country rock on the right. So a lot of these copper samples seem to fall very close to the wall of that diatrium pipe, which we'll have a closer look at a little bit later. So this is the classic view of the diatreme breccia. Again, in these cases, they're rhyolite fragments, but we get a lot of other things in here. Typically, fragments are up to 1 to 2 centimeters, but here you're getting larger fragments. Here's a sort of a credit card size tag here. So these things are on the order of 15 to 20 centimeters. So sometimes you get much bigger blocks and these ones are actually granite over here, some basaltic ones over here. So you're getting very mixed lithology. So these are rocks that are somewhere sitting at depth, not been blasted up by this breccia pipe.

13:56 And so they're actively coring this, and this is actually advantageous to Northern Shield. As they're coring, they're exposing some fresh rock, including over here where a lot of the latest excitement has come as we push westward, they're exposing some new mineralization as we'll see. What is a breccia pipe? I've tried to combine it all into one diagram. This is more of a diatrium breccia. Sometime when they break surface, they're called the diatrium mar complex, where you actually get volcano and pyroclastics falling out on either side. Somewhere at depth, you would have an intrusion. And usually what happens, that hits either the water table or hydrothermal fluids that creates a steam explosion and that's why you get these breccia pipes. Again, they're bringing up material from below.

14:45 They're not usually this simple, just one individual brick or pipe. Clearly, in the pits at Root & Sellar, we see multiple episodes of repeated pipes coming up at different time periods. We're still in the process of mapping it, but there's a lot of clearly violent magmatic activity, constantly explosive activity happening. And I say, amongst other things, they fracture the concrete rock and of course that creates permeability structures for these mineralizing fluids to flow. In particular, as they expand this pit westward, this is a view of the pit about a month ago. Amongst other things, they exposed this hydrothermal retrovane, which we'll have a closer look at.

15:32 And within 25 to 30m, we started seeing, I believe, fragments of primary Copper porphyry mineralization and other rock types that are very conducive to a Copper porphyry system. So here's a picture of, We can't get too close because obviously after the blast there's a lot of loose material. At some point we'll actually use a drone to fly closer to the rock face to have a closer look at it. Basically, map out the rock face from a drone rather than getting too close. As I say, as they're moving deeper and westward, they're exposing some very interesting mineralization. Having a closer look at that hydrothermal breccia, it seems to be at least a couple of meters wide. And actually, we think it forms about 25, 50 meters further to the right of that photograph.

16:19 And this is what it sort of looks like, mixture of both angular fragments and sort of rounded silica ooze. Some of these fragments you can see are very well bedded, and these probably mean that this was actually, again, another geyser pool on surface. So this thing at one point this would have been the paleo surface of that volcanic crater and this thing repeatedly exploded and it started forming a little pond of geyser sediments just like Yellowstone and again this thing exploded, it repeatedly exploded and

16:50 then ripped up some of these fragments. So we assume at one point this was very near to the paleo surface, just like we saw at Conquest Zone. So again, this complete system is intact. It's anomalous in gold, arsenic, moly, as well as elevated lead, zinc, tellurium. Not so much copper. But again, if this is near surface, your copper is transported by hotter fluids. So that would have dropped out and precipitated

17:15 at depth. There's a time it gets to surface, it's just carrying these pathfinder minerals. So this is one of the things that we started getting excited recently is finding this clear evidence of a hydrothermal system within these free-atom magmatic or diatreme breccias. Just having a closer look, because I think there's pretty neat rocks again here. This blackish-gray 1 is a hydrothermal breccia. It's obviously intruded the diatreme breccia. But you can see here's a little finger of a diatreme breccia. The picture actually came after the hydrothermal breccia, because we can see it sort of intruding into the hydrothermal breccia. And here's a fragment of that hydrothermal breccia within the diatrium. So again, this is just evidence of repeated explosive activity

17:57 and various different diatrium breccia pipes coming up, what they call nested pipes coming up into each other. So the hydrothermal bretchy is one of the evidence that points towards a copper porphyry or mineralizing hydrothermal system. We go back to the original samples of prospector that I found in the pit when I was first started. So lots of chalcopyrite, sometimes boronite. Indeed, these are actually now directly hosted in the diatreme breccia. And here you can see chalcopyrite following along what looks like a little bit of a rhyolite veinlet.

18:31 Here again, it's in a very slow-salivite portion of the diatreme breccia, and you're getting chalcopyrite surrounding one of these clasts. So again that's classic indication of these copper-burning fluids infiltrating the diatreme retcher because it's very, very porous.

18:47 But again, perhaps even more exciting than the quite spectacular chalcopyrite which we just saw is this fragment here, which looks like it's showing what's primary copper porphyry style mineralization. We've got a very siliceous fragment. It looks like it's potassium too by its pink color. Perhaps early stage UST textures as well, which is a texture you commonly get at the top of these porphyry systems. But it contains Chalcopyrite, Boronite and some other Silury mineral we have yet to identify, but we believe this is a fragment showing primary copper

19:25 porphyry-style mineralization. So again, this is a fragment, so it's telling us that somewhere down below there's a rock with this style of mineralization. And let's see if we can confirm that's copper porphyry type, and we know there is something at depth.

19:39 There's a few more textures of rocks for the geologists out there. Here's what looks like probably a map light. So this is flowing, again, at the very top of a granite batholith, typically where you're going to get your copper porphyry system, perhaps some USD textures. And this photo was just sent by the prospector today as he was cutting some of these rocks, what we call B-vein. So it has this little suture down the middle. And again, in this rock, you see it's a boronite and chalcopyrite. There's another rock sample with chalcocite, so perhaps again supergene enrichment.

20:13 We do see a lot of molybdenite as well, particularly on the flanks of these diatreme breccias. And again, that goes hand in hand with the fact that this thing is alkaline driven. You typically get more molybdenite in these copper molybdenite gold porphyries when you have alkaline driven systems. As well, just recently, at the same time, we started finding this very weird looking rock here, what we think is a fawn-like porphyry. Again, that would be an alkaline intrusion, but whatever it is, we haven't seen it before on the property as they're expanding that pit. We're very quickly seeing some quick transitions in both geology and mineralization. So again,

20:58 we'll get assays for this more for the whole rock chemistry to tell us whether it's alkaline or not. But it is a rock type we've never seen before. And again, this contains boronite, which is a copper sulfide mineral, a high temperature copper sulfide mineral. So again, very rapid changes in what we're seeing in the pits at

21:18 the Creston zone. So to summarize what we think we may have happening here, some of the original samples, these are hosted directly in the diatreme. These are more vein-like. This is not the classic copper porphyry-style mineralization. That seems to be very close, as I mentioned early on, that it's within the diatreme but perhaps very close to the contact of the country rock, so it's the wall of the diatreme breccia. This is typically where you're going to get

21:44 your better mineralization or it's coming near to surface because there's obviously more weakness along the wall of that diatrium pipe, so the Copper hot fluids came to surface. Whereas in the middle of the quarry where we're seeing that hydrothermal breccia, maybe it's so that structure does come to surface, but for now it's just as the pathfinders, whereas if you follow it down, you might start getting into either Brettue hosted Copper or eventually into the Copper Porphyry, which probably sits closer to the top of the intrusion at depth. And Again, we're seeing fragments in at least 1 phase of that diatreme pipe. So there must have been a later diatreme pipe intruding within it, and it brought up fragments of what looks like primary copper porphyry mineralization. So we have the hydrothermal breccia,

22:30 the diatreme breccia copper, and now fragments of copper porphyry, all of the same diatreme pipe.

22:38 So just throwing on some geophysics now. So these sort of white shaded areas are where we're seeing diatreme breccias to date. And you know, There's obviously a very distinct magnetic glow with a fairly sharp contact. What we're doing now is trying to map out the Western contact to see how big these diatrium pipes are. We actually found 1 exposed on the road, on the highway, originally just outside the claim boundaries, but we've now included that

23:06 in the Nusilla property. So they're already have a significant strike length. It's about 1.6 kilometres from here where we see copper bearing diatreme breccias. And early on this year we started finding diatreme breccias up in here. We haven't done a lot of sampling, but there's certainly diatreme breccias. So there's about a 1.6km strike length at least of these diatreme pipes. They seem to trend to the northeast, But potentially with the geophysics, maybe there's a big ring of these things. We don't know yet. Certainly the gold sort of forms a ring around

23:38 a feature in here. So whether there are big circular structure or more of a Northeast trend, we don't know yet, but there's certainly very, very sizable, both from what we've seen to date and what's suggested by the geophysics. And so we talked about the model of how these things, you know, the very beginning we showed the model of the copper porphyry at depth and then the gold on the side and typically higher up in the system. We'll look at a real-world example of one of these Copper-Porphy Gold systems. This one is Lepanto in the Philippines and off to the side,

24:13 this is the Gold-bearing portion, the low-sulfidation portion of that Lepanto Copper-Gold deposit, that at depth you have the Copper-Porphyry ore.

24:26 If you think back to the image we had in the beginning, that very simplified diagram where you have the Copper at depth and the Gold on the side. That's exactly what we're seeing in a real case scenario, in this case in Lepanto. So you look at what we know at Boot and Cellar where the mineralization is occurring, why can that be this sort of cross-section here, or even coming across here, where you're going from Gold on the fringes into the Copper. We're only just beginning to see that

24:51 in these quarries, but this may be dealing with a situation just like this at Rutten Cellar. The Panto, they're mining both the Gold and the Copper. They're both of minable quantities in grade. We don't know whether Rutten Cellar is the same size or has a graze, but when you see the signature that we're seeing at Rudin Seller, just on the Gold and Copper alone, let alone all the other indications, and then knowing the Copper porphyry epithermal model, and it does happen in real life as we see from Lepanto,

25:20 you very much want to follow up on the Copper potential at room seller. We don't know whether the Gold is more important than Copper, or perhaps they're both there in minable quantities. But when you see a signature the size of this, you certainly wanna pursue it with

25:40 expedience, knowing that things like Lepanto do exist. So the only way we're gonna find that is to continue internally mapping these diatremes to try to understand their internal structure and what phase of diatremes may be bringing up the copper minimalization. We could define their lateral extent so we know how big they are. We're going to do this by prospecting systematic sampling. At some point we need to do geophysics. We've already done magnetics, but we'd like to do IP or

26:11 airborne MT magneto-tellurics over these pipe filters often used for copper-pore fume ionization. The only problem is we've got a lot of metal equipment in those pits. The main target may not be underneath those pits, maybe off to the side, but still there's going to be a lot of surface noise that we have to deal with. At the same time, we're continuing to refine the geological map and geological sections in the conquest zone, probably to see

26:36 how that stands up on its own as a goal target and how it may be related to the Copper pore free potential at Boone Siller. Because again, going back to here, you just never know. We've been following in a certain way, but maybe the trend should be going down towards the centre of the Copper.

26:55 We've always known about the Copper, but suddenly seeing clear evidence of hydrothermal activity and solidification and sulphides. In the core of that, I certainly motivated us along with some opinions that we got along the way from various groups that have visited Root & Cellar to pursue the Copper aspect of this quite vigorously, which is why we've been focused on it since the drill program. We actually drive by these pits. Every day when we go to the drill, you drive by these pits and we often stop in just to see after a few blasts what has changed.

27:31 And I say, we're seeing some very rapid changes in the qualities right now. So I'd say the idea is to do this work very quickly, to generate a drill target within the diet fields or basically on that Preston Copper target. So We're trying to get that up to a drill-ready target by the time we get to going back to conquest sometime this fall so we can be re-drilling conquest along with the Preston Copper target.

28:02 A technical summary of Root Cellar. I say, I'm going to start off on a big scale. We're in a Belt and Extension, so you can check that box. We're in the right area for large-scale Copper and Gold deposits. We got the fluorite, so we got the right fluid scavenging in Copper and Molybdenum. We got Tellurium, which is particularly indicative of a very large

28:21 Copper and Gold deposit. We don't see a lot of Tellurium. We see a little bit of Tellurium in some of the other occurrences in the Avalon, but not to the extent of what we're seeing at Root & Cellar. And now we're finding dietrames, nested dietrames and dietrame-marked complexes. And certainly when you start finding these in the right regions around the world, you want to be looking at them pretty seriously for large-scale

28:45 Copper and heptathermal Gold targets. And of course, We do have 5 other Gold and Silver occurrences, along with some of them associated with Lead Zinc. These are very classic low to intermediate to high-sulfonation Gold occurrences, which are above or on the fringes of Copper porphyry. We now have multiple phases of intrusive porphyric rock that we see in the quarry and most of these Copper porphyries, you don't get 1 with 1 rock type.

29:14 Underlying that Copper porphyry, you get a multiple of these porphyry stocks and we're seeing that right now, including what may be an alkali intrusive. Right from day 1, we've had high-grade diatrium-hosted Copper mineralization and now we're seeing hydrothermal breccias with cinters so we know the system's intact and perhaps primary fragments of Copper porphyry and certainly what looks like B-type veins. So everything is telling us that this is certainly is elephant country when it comes to both the Gold and now certainly the Copper porphyry target at Creston.

29:47 And so The opportunity here is ongoing discoveries at Root & Cellar, both in the Gold and the Copper front, indicate that Root & Cellar is very well positioned as a prime camp scale investment opportunity for Porphyry Copper and epithermal Gold. We're really first movers in this area on both the porphyry and the epithermal Golds. We understand these, we're going to understand

30:11 the regional structure as well very, very well. And you say root and seller, the more we look at it is sharing many characteristics with other well-known world-class Copper, Gold free and Gold jurisdictions. We know that there's a lot of Torium associated with both the Copper and the Gold. These are indications that we have giant systems. The footprint of the mineralization is showing us very large. We know we found the centre both in Conquest and now in the quarry, so we know these things are all preserved.

30:41 Of course, we own 100% of this project. Again, it's located in Newfoundland, minutes away from a paved highway and a deep water port on the Atlantic seaboard. Certainly, Newfoundland has come to mind in the geological community as a prime place for porphyry and epithermal Gold, but certainly, I think, as you see, we've got every indication that we're onto a significant system there.

31:07 We've known that for the Gold and now it's coming true. It seems to be coming true for the Porphyry. We're very eager to get Creston up to drill-ready calibre and try to get a few holes into that absolutely as soon as we can. So with that, I'd like to thank you for your attention and I'm happy to answer any questions. Awesome.

31:31 Thank you for the presentation, Ian. Now, I know there's a lot of people in the room and quite a few questions, but I just had a couple of my own to run through first. I know you did mention it during your presentation, but since it's come up twice in the chat and it's on the boards, just as a reminder to folks in the room, when are assay results coming in? When can investors expect them? We've been told mid-October.

31:53 And so that's when the lab said we pushed them the other day. And they indicated that they apologize for the long time frame. But it is what it is. And it's going to be somewhere around mid-October. Perfect. Thank you very much, Ian. Now, I know the diatreme breccia pipes, they appear to be, based on everything you just said, a key part of the geological model. So what are, to you, the most compelling features that you're observing that suggest these could be similar to those major diatreme-hosted systems elsewhere in the world that you mentioned? Well, the main thing is you've got a diatreme pipe. You don't need a diatreme pipe for a copper porphyry, but they sort of

32:30 enhance the potential of the grade because you have different styles of minimalization and now you're getting more into sort of chunky vein-like minimalization coming up for the breccia pipes and maybe only breccia hosted in the end. But we see quite large and what we call nested diatreme pipes, so your repeated activity of explosive magmatic events. We're now seeing multiple different types of rock types that are forming those intrusions that are creating those explosions. You almost always see that in underlying Copper porphyry camps. It's not just 1 type of rock type, but multiple types of porphyry rock, and we're seeing that. I think one of the critical things is now that hydrothermal retrovane or structure.

33:19 We very clearly have hydrothermal activity coming up in that middle of that pipe, and along with now what looks like Copper Porphyry fragments. All these are ingredients that the big Copper Porphyry districts, whether it's Pacific Rim, Indonesia, Papua New Guinea, or the Oklahoma Chilies, we have a lot of those signatures at Moon Cellar in these diatrium pipes. And as I say, it's very much, you're very quickly beginning to attract some attention and including ours. There you go. I got 1 about tellurium. So it's obviously, I mean, to me, playing multiple roles in the story. It's a critical metal, but it's also a geological indicator.

34:08 How do you broadly look at the element adding value to the project? Yeah, I mean, it's a market is largely controlled out of China. I think Tellurium trades around US$100 a kilo. It may not be a huge value at the end of the day, but it's still a value and it's strategic. Certainly, in the last few months, Europeans are a little bit more critical metal focused than we are. It's attracted attention over in Europe. It has multiple aspects, the critical metal value as well as an indicator of the Copper porphyry and the Gold. It's actually a very useful element to have floating around. That's why we changed the asset package that we used to detect it at a lower level, not just to get it when it was coming into that realm of economic rate, but detecting it at lower values so we can actually use it as a pathfinder and an indicator.

35:12 It's relatively rare. You see it somewhere around in some of the other big mining jurisdictions, as a Colorado, Nevada has a lot of this, and they're associated with some, you know, pretty rich mining, copper, porphyry, and gold mining districts. And so we're, it's pretty exciting to see it here at Root & Sellers, extensive as we are. Great. I know the Berm Peninsula seems to have those unique geological characteristics that caught your attention. So a couple of questions. What drew you to this area in the first place? And then what advantages do you see in developing a project in that location? Well, The first thing was these rocks that the prospector found, the Calca Pirate, the shiny stuff, the visible gold, the gold values he was finding in the trench. But then we got to the property as well. It was the alteration.

36:01 These rocks are actually butchered by alterations, so much so that it makes it a hard time sometimes knowing what we're mapping because they've been altered so much. That's a good thing because both the Gold and the Copper, they're at different times. They're producing their own alteration halo. A big long-lived system is creating a big alteration halo and a complex alteration halo. If you have one, whether it's Copper first or the Gold later, or vice versa, you now have overlapping alteration patterns that are hard to pull apart, but the bottom line is the rocks are really butchered by alteration and that's a good sign. That was one of the early indications that it wasn't just by random, the prospector was finding the minimization that these looked like part of a big system.

36:58 The other thing I liked about Runiciller or the Buren is its accessibility, good infrastructure nearby. As I say, Wooten Cellar is 10 minutes at best from, even for the Peck's are even closer, they're about 500 metres off the highway. So it's accessibility. And then we very early on we noticed we weren't sure what was causing that time this you know this belt has a you know that cuts across the Bering Peninsula. The geological survey of Newfoundland call it the ankle bracelet because they'll take that Bering Peninsula they call the limbs it sort of comes down like a leg and you have the knee and then you have the ankle where the root and solar sits, and the foot, and there's a few other epithermal occurrences. Nobody knew what was happening, but the general perception now that there's some sort of zone of extension there that's creating that. That was a third big factor as to something different was happening here. Then of course the fluoride that's being mined right now, it was actually deposited, it's being mined about 30km down the peninsula from Moonton Cellar.

38:02 There's a lot of other showings and whether that is directly related to Moonton Seller or not, it's hard to say, but it somehow probably is because when you get fluorite, Torium in the same jurisdictions around the world, you tend to find big Copper or Gold deposits. It really doesn't get better than this. It's accessible, easily accessible. Easy accessibility then lowers your overall exploration costs and hopefully your development costs down the road. And again, it's here in Newfoundland, and I think that could be of strategic importance being on the Atlantic seaboard and not the Pacific. Sure. That makes sense. I know with recent drilling complete and plans for the rest of the year kind of taking shape, my question is, what are you most looking forward to testing? Where do you think the highest impact, most exciting discoveries will come from?

39:00 I mean, why not both? You know, We have both at Lepanto and other deposits around the world. Why can't we have both of minable grade and minable quantity? We don't know. Obviously, there's a lot of exciting developments on the Crest and Copper front, so It's going to be exciting to see what's under there. Maybe we actually see more of the Conquest zone coming underneath the Conquest. Maybe Copper is not a red herring, but maybe it's not the main target, but it's part of that. When these epithermal systems bounce around, they're not always at the same level. They bounce between low solidation, high, and even into the mesothermal. So maybe the Copper is being created by that fluctuation in the epithermal system. But at the end of the day, it's hard not to be excited about the Copper based on how quickly things have progressed in the last few weeks, and we haven't even started drilling it, obviously.

39:58 Again, When you think about its location, I mean, I say potentially the copper will have more strategic importance than a gold deposit on the Atlantic seaboard. That makes sense. Now, before I get into the tons of good questions in the chat, I'll just say for investors considering Northern Shield, and I know some of them are in the room, what are the key developments or results you point to as the most important catalyst to watch for? Well, things are changing very rapidly right now, obviously, with what we've been seeing the prospectors as they active in the pits right now, trying to poke around, find some more mineralization. We hope to get to drilling. There's a lot of work to do before that, at least at the Creston zone. Specifically, we should do some geophysics, but we'd like to map out these things. There's a lot of work to do there, but we'd like to try to get to drill it as soon as we can, hopefully this fall, along with the Conquest Zone.

40:54 The big catalyst would be to start drill testing the Copper target. Along with that, it's attracting quite a bit of attention by those people in the Copper world. You don't expect to find these things on Newfoundland, but there is the right terrain. The Avalon terrain is the right terrain for these things. But when you think of big copper porphyry deposits and epithermal gold deposits, or even camps. A lot of people don't think of Newfoundland, but it seems to be very real right now. So it is attracting some attention. There you go. So there's 2 big groups of questions from the chat today. There's folks who I think are clearly already following the story and then new to the story. So I'll start with the questions from folks that I think are familiar with the story. Then I'll jump into the kind of Northern Shield 101 stuff. So that's how we're gonna tackle these questions today.

41:46 So J-Mac from the chat asked, do you have a sense of the anticipated cost to advance the copper targets to a first pass drill phase? Sorry, what would be the cost? Anticipated cost, yeah. I mean, typically to go in there and drill another 3,000 meter, and even if we split that between the Gold and Copper is roughly US$600,000. One of the big steps is doing geophysics. We're trying to decide what type of geophysics that should be. That's probably going to be on the order of another, let's say, a couple of hundred thousand along with some mapping and sampling. We need to keep on mapping and understand the geology here, but clearly we've seen enough to take that next step, which is really geophysics. I mean, you could wing a hole and put it right underneath the pit, but you definitely want to at least try some sort of geophysics.

42:45 So only what are 200,000 to get to that next stage, $300,000 to get to the next stage, including some geophysics and then drilling, which could be split between Conquest and Creston. GB from the chat asks, how is follow-up drilling going to be funded? Well, again, hopefully that will be perhaps some interest that we're getting right now on the project and hopefully the assays will create an opportunity to raise money at a higher price. But right now, we're getting a lot of interest in so I think we'll get that money to go back for another drill program at Conquest as well as the first one at Creston. Awesome. H.J. From the chat asks, any permits needed to drill in the quarry? Is it safe, Bradley?

43:35 Yeah, you need permits to drill anywhere. Once we get a target, we may not be drilling in the pit. We may be drilling outside underneath it. Obviously, we'll have a conversation. It's safe depending where you are. You don't want to be too near the walls of the quarry. We have to have discussions with the operators of that. We don't want to interfere with their work. By the same time, it's a mutual benefit to everyone to continue developing this project. So we need permits to drill anywhere. And as part of that permitting, if you needed to drill within the quarry is to get their permission. We haven't had those conversations yet, but I can't see it being a problem. But anyhow, we can step right outside the pit and drill underneath it, which we'll probably do anyhow, just to get down to the right depth.

44:28 But I think it's just nice to even have that access. I mean, you don't need to have to, you know, bush crash initially, you can just drive up the road and unplunkage all the edge of a road, right? Yeah. Jay Mac asks, once you've changed the risk profile with geophysics and initial first pass drill program, is it feasible to JV only a copper focused area that might have incidental gold while retaining the gold target areas of the property? You can, but it always gets complicated when you try to dice up a property. It's a good size but it's not huge and you never know if you do it on based on commodity, what happens with the little bit of Gold that's within the Copper porphyry? When we say the Gold mains cut underneath the Copper porphyry, it's a second event and it cuts underneath.

45:14 Are you doing it based on commodity or Are you doing it based on commodity or are you doing it based on fencing in an area? But the problem is if you fence an area and say, okay, we're only digging this part, what we think is the Copper and not the Gold, I think ultimately you're kind of losing value in the property because now you're cutting it up. I think we can generate some interest in Root & Cellar, even if it's just on the Copper. There are a lot of people who don't want Copper in their gold. You get the benefit of a critical metal and the most important of the critical metals along with Gold. We know a lot of companies that are typically into Copper really like the aspect of having Gold as a by-product, if that's what it is.

46:02 Our idea is we'd ideally like to keep it whole right now. And what we're really looking for is a strategic partnership rather than a joint venture at this stage. It makes sense. David Whitacrest, and I hope you know what he's referring to here, says he had a paper written a few months ago by a geo student that you were interested in applying to the geology of Root & Cellar. Is his thesis relevant to what you're seeing today with the expansion into the quarry area? Yeah, I mean, his work didn't include, his main focus was not in the Coins, not on the Copper, it was more on the Gold side. We just received a draft of that the other day. We can't make it public until it's finalized and been published. But his work on the geochemistry, the dating, more in the conquest zone has implications, especially the alteration.

46:55 Some of his work was very useful at using geochemical plots to distinguish both the strength of alteration, so how far away you are from the source, and also the vector and what event you're dealing with, whether you're dealing with the Copper event or whether you're dealing with the Gold event. That's going to be very, very useful. As I say, we just got a draft the other day, so we're still plowing through it, but yeah, exceptionally useful work, much more so than we first thought when we got involved with this thesis project, but it just shows that little things can make a big difference. One of the things I noted too on his report is he suggested this is an incredibly well-preserved volcanic package that you don't expect to see in the age of rocks. These are roughly, you know, whatever, 550 to 600 million little rocks. It's a very well-preserved system.

47:57 And hopefully that has implications to any deposit as well. Sure. Okay, I've got a couple of just obviously first timers to Northern Shield questions. So first, do you consider yourself an exploration company not looking to get to production yourself? Correct. We've always been an exploration company. That's where our strength is, especially the early-stage projects. That's where most of our shareholder base is. They're interested in that exploration phase where you go from 0 to 60. Production is a different set of skills. We find something big enough we can acquire those skills, but yes, we are an exploration company. We like this space, this early stage space. That's where I think you can find things like root and cellar, which is simply, even though we're right next to a highway, we're the first company to explore it because we think outside the box and we're willing to tackle these types of projects.

48:59 For relatively small budgets, you can potentially find a world-class deposit where we are, right off a highway, right from a deepwater port, simply because you're willing to go and look. So yeah, we like that early stage exploration. We're definitely an explorer, not a producer, and that's what most of our shareholders are interested in or involved in is that expiration stage. So the idea is to prove something up and get taken out as soon as we can, right? So. Perfect. One question, I know you just mentioned the highway and we've talked about it already today, but let's talk quickly about the existing facilities and infrastructure nearby to support a mine. Are there any nearby mills? Nearby mills, no. I mean, not in the gold, copper front. Obviously, there's a mine at the Floride deposit 30km away, but that's going to be a totally different game than a Copper-Gold system.

50:02 No nearby mills. Obviously, across the bay, there's the Long Harbour smelter for Nickel Copper from Voisy Bay. That's slightly different, but there is a smelter across the bay that's taking all the ore from Hosea Bay. But in the Buren, other than the fluorite deposit, there's no operating mine, so no mills. 2 other questions just about the region. Is there a problem that you find or you can conceive of getting quality staff to come to Newfoundland? And are you near a town with available resources? Yeah, I mean, Maristown, which is about, say, Popledge, I mean, 8 to 10,000 people is, you know, 10 minutes away.

50:53 Seal people, yeah, I mean, about 8,000 to 10,000 people is 10 minutes away. A lot of Newfoundlanders work out of province. They're in the mines in Ontario, they're in the mines in the Northwest Territories, they're in Fort McMurray, they're offshore. They have a lot of these skill sets for mining and development, but a lot of them are working out of province. And certainly after COVID, there's sort of a push for trying to get some of these workers to come home because obviously they're spending a lot of time away from family. So yeah, there's Maristown right there, 10 minutes away. There's other smaller towns up and down the pier, but even within Newfoundland, I think you would quickly get that labour force because even if they're not coming from Marys Town, at least they're in the same province. There are only a few hours drive away as opposed to flying halfway across the country. So a lot of skilled people in Newfoundland that are very familiar with mining and mine development.

51:59 Great. One question. What's generally Northern Shield's cash position right now? How well funded are you for upcoming events? We're about, I think, $250,000 after that drill program. We're good for a little bit, so we have some interest. I'm going to see if any of that can materialise. There's an interest in financing us actually right now in the equity markets. We'll just wait and see. There's some interest there and we'll see if that materialises quickly, but we don't want to delay it too much because we want to try to get this drill ready before the end of the year. And so we want to move on it quite quickly. Great. Temporarily, right now, as I say, we're doing what we can. It's simply trying to map out the parameters here and find any optimization or any other indications that could push us forward quickly. And that's happening. It's quite remarkable how quickly we're seeing a transition in the geology and in minimalization.

53:05 Great. Time for one last question before we jump today. Somebody in the chat asked, the tellurium is very interesting. Do you anticipate any metallurgical challenges to extract it in addition to the more abundant elements? No, I don't think so. I mean, we don't have that skill set, but typically Tellurium is often, you know, they're extracting it from what we call sludges. So they were going back to some of the processing products from the copper mining in certain US mines and now extracting that tellurium from it. So I don't think it has any negative impact on processing. At this stage, I can't be conclusive on that. Awesome. Ian, I know we're towards the end of the hour. I really, really appreciate your time today. I think people learned a lot, and hopefully they understand what you're seeing at the Copper Potential Root and Seller. I know we grilled you about 100 questions, So appreciate your willingness to run through them all.

54:03 And everybody in the chat, thank you so much. If you have any additional questions for Ian, please do let us know. I'll make sure that the team gets them. But thank you all for your time today. I know we ran the full hour, so really appreciate it. And Ian, thank you so much. I'll throw it to you for any last words. No, thank you. Thank you, Raphael And please, anybody who has questions, send them off either directly or through 6. We are certainly very excited by what we've been seeing the last few weeks and so are others. And so we're just going to keep our heads down or keep our boots on the ground in that area and trying to move this forward. And say, we don't know whether the copper story or the gold story or both, but I think it's all very, very positive. It's very exciting times. Awesome, Ian, thank you so much. And I hope everybody has a great end of their day. ♪♪