Massive Property Package – 3 Unique Opportunities

0:08 Hello everyone and welcome to Playfair Mining's live summit today. Hosted by 6, I'm joined by Don Moore, CEO and Director of Playfair Mining, as well as Neil Briggs, their director. Don and Neil are gonna walk us through a presentation today and some of their slides, some of their pictures. You can submit questions at any time using the Q&A panel found on the right-hand screen. We'll get to those later. But as always, this summit is being recorded. It'll be available to watch on Six.com in the coming days. Don, Neil, I'd like to pass the floor over to you guys. Thank you, Cameron. Well, first of all, for all of you that are out there listening to us, thank you for listening. It's a nice summer day on the West Coast. It's the middle of summer. There's lots of other things we'd rather be doing. However, the chance for discovery always gets attention. So, you see the little photo here? This is our drill sitting at the Rostevangen target.

0:54 And if in the background, Neil will highlight that area off in the corner there, that's the old Rostevangen mine. So we're drilling in the area of an old mine on a new technology, MMI, AI, MAG, all the good stuff, and we're checking out something that's never been drilled before. So this is where we are today and we've got 30 some odd holes that we're planning on drilling. These are exploration holes. Nobody other than us has come up with the places to drill. Some of them are in areas that have never been looked at by anyone before. And it's all based on our approach using the AI and the MMI. So Neil, if you could show us the map.

1:44 There we are. So right now, Playfair has got roughly 280 square kilometers of prime real estate tied up in Norway. We call the one project to the north there with the big oval around it the RKV project and it's actually 2 different geological terrains in that project. There's a magnetic nickel copper opportunity in the northwest, then we have the Beshi style VMS in the central part and that's where all of our current efforts have been made to date we've also picked up a property to the south incidentally this property was picked up by a deal with EMX and EMX did the initial groundwork and coming up with the area and they got us interested in the area and then we followed up with them and did a deal and here we are today.

2:39 Now, subsequent to that, we've picked up this other area called Falldahl and it's a third type of a geological terrain, sort of a Brunswick mining type of VMS opportunity. We know that there's mines down in that part of the world that have had up to 7 grams gold in some of their stokes, which is really unusual. We have not seen any gold at all up in the upper, in the Beshi style district at all. So we're really looking forward to getting going down there, but we haven't really started yet. We're sitting in a data collecting point at the moment. So You might wonder how a little company like Playfair ended up with such a prime piece of real estate. The answer is oil.

3:25 Norway has spent all of their time and energy on oil over the last 50 years, neglected the mineral industry in every regard. There's been very few drills turning in the exploration game, very little exploration at all. One of the last deposits that we know of drilled in this area is the Vac-Cli and it was drilled by Falcon Bridge back in the 1970s. There's about 400,000 tons of 1% nickel and 0.4% copper in that drilled off deposit. It's got, I think, roughly 300 diamond drill holes in it and it's well-defined. It's not big enough to stand on its own, but it is a nice add-on for other things we might be able to find. So as we've gone through the summer, we had a lot of, let's say, learning to do in terms of operating in Norway.

4:12 Norway, part of the challenges there are their laws and their off-road permitting and the number of people that have to be happy before issuing off-road permits. And we've been very successful in doing that. We originally wanted to use a track drill, but We couldn't make our way doing that. We couldn't get the necessary permits. So we resolved that. Incidentally, our motto was find a way, not an excuse. So there was no excuse for not drilling. So we found a way. We ended up buying a man portable drill down in Mexico. We got parts from Stewart, BC. We got a driller from around the Kelowna area and we packaged that all together. So we're doing our own drilling. We are now our own drilling company also over there. So the idea of manned portable, there is no requirement for any permitting at all to walk on the ground.

5:10 So we get all the permitting you need when you get the license, but you have all these local municipal laws that you have to comply with. And I say that's been the challenge. We have had, I would say, a lot of success in building those relationships with the municipality of Tinset. The administrator has now granted us ATV permits. We are actually, as of tomorrow, going to be using a helicopter permit that was granted to us a while back. We have 1 tough access area, and that's the Cletton opportunity, which we're going to start drilling next week. So the helicopter will be moving our packages in there, I'd say starting tomorrow. After that, we're going to either move to Starborn or to Santa Fe, I'm not sure which at this stage of the game. We make our mind up on the fly depending on logistics.

6:05 Our crew over there, our Canadian crew, with some assistance from the local people around Tinset, we call them the muscle guys, help us move the drill when we're doing the man-portable drilling, our moving stuff. So we're happy with the, in the USA, the welcoming we're getting there. Our drillers are really welcome in the area. I don't know if we have a picture there someplace, Neil. It was just a while back that some hikers in the area came by and entered a conversation with the drillers. And now there they are. And it's really quite unusual. Keep in mind that we were like for Farias there for the first couple of months. And here's a group of hikers, they're all ladies, and they have a sign there.

6:55 And I think it says, reads something like, I love Canadian miners, or something to that effect. The point being that we've made huge strides with these people who are very sensitive about their natural environment, their nature and their reindeer and all these off-road issues. So it's not a straight line. We need permission from property owners and reindeer committees, but we've managed to come up with a proper way of doing it. Our local representative over in Norway is Radar Gopas. Radar has been invaluable to us in terms of getting us the right, pointing us in the right direction many, many times, coming up with the right contacts, developing a trust with the local people over there for our little company.

7:43 And I'd say we're really well set up to operate in Norway. We're probably as well set up as you can be. We've got not only local support now, but we've also got the infrastructure set up. We've got Playfair Norway set up and running properly. We've got the drilling aspect and now we're getting the social engagement that we've been looking for. So I guess you're all interested in the drilling.

8:16 So the only target we've drilled so far is Rostovangan. And Neil, if you could bring up the... This year. This year, you mean? Yeah. Right? Yeah, this year drilling. Last year we drilled at Storborn. Okay, so Rostovangan is down in the central part of our RKV Beshi style project right there and we have drilled, we have got sulfides, we have got some massive sulfides and we have seen a bit of chalcol. Neil, if you want to just fire that up there. So we're in the, I want to say an area where there is copper, our MMI anomaly has put us in the right spot. Keep in mind we started with roughly 300 square kilometers and picking these drill holes and we're actually drilling holes where there's some copper. So it's really encouraging to us to see that our methodology is working.

9:17 There's idiosyncrasies with the MMI. When we're in the field, you must remember that MMI was typically used in very dry climates, but in these moist environments, it's full of trickery. And we're figuring that out and we now are readjusting the way we're drilling our holes and how we're drilling them and where we think the sweet spot within the MMI anomalies are and this is all evolving. We are really, I want to say, explorers

9:46 in the sense that we're using new technology like the AI and the MMI to put us here, and we're also having to interpret the results that we're seeing from these technologies. So in that regard, I think we're the first to try this method. So we have our fingers crossed that this will lead us to more interesting sulfides, a lot more than we've seen to date. And this would be viewed as sort of the first level of exploration in this massive land package. This neat thing about the whole package, there's 3 different types of geological terrains. I mentioned the magmatic at the north, the Beshi style and the Brunswick Bathurst style at the bottom. And each of them represents a different kind of opportunity.

10:34 So over the coming years, given a major measure of success and financing capabilities, we see this area as being a really high potential area for numerous discoveries.

10:48 There's a number of past producing mines in the area. 1 in the Unfoldall, which I say had up to 7 grams of gold in some of their stokes, causes a new level of interest in that part of the world. The Rastavangin was operated at about 2.65% copper back in the early 1900s. And when it shut down, it shut down because the price of copper collapsed. We haven't gone back into that Rostovangan area with any drill holes yet. It's a target that we can go back with, back looking at, but we're going to want to have a bigger drill before we tackle something like that. We're going to have to drill deeper holes to chase the down dip extensions. We think we know where they left off.

11:34 We think we know where there was some, say, resources left in the mine when it was shut down as a result of bankruptcy. And it is a target that we do want to go back to. Rostevangen also was developing concurrently a project called Fallsdahl, no pardon me, it was called Neil Borshaw Hole. Borshaw Hole was meant to be the next place that Rostevangen would get rock from for their mill. And they had apparently, they had 80 men working there from 1916 to 1920, and they developed an adit. They did some cross-cutting on a deposit. They drilled some holes. In 19, excuse me, A little drink of water here.

12:24 1946 NGU geologist estimated some 2 million tons of 2% copper there. Real arm-swinging number not to be relied on. The point being that the Rostevangin was looking to mine that deposit. And of course in those 50 years it got put into a landscape protection area. It's not impossible to get at but it's more difficult. So we left that, I would say, as a more complete to a day where we're stronger and can afford to spend the time and energy needed to actually get in there and look at that particular project. I don't know if I've sort of left anything out. I think that's enough for now. Why don't we just open it up for some questions and go from there.

13:15 I'm sorry, Neil? I've just circled Kvickney mine here, you know, which was a past producer. Yeah, Kvickney is another past producer, and I say altogether, I don't know how many there's a, I think it was 4 past producers in the southern part and a couple up in the northern part. So we got 6 or 7 past producers in the land package as it exists. Rodalum was a small producer and then Negruva, Overgruva, which is the main mine. Producer and then Ní Grúvara, which is the main mine, Ní Grúvara is the new mine, Nóðra Gíðríðr, which is northern goats back and southern goats back down here, were all producers.

14:05 And then, you know, for 400 years ago. Yeah. So, the rocks are good. They've been, they're all proven in the sense that there's been mines made on them in the past and there's incredible opportunity because they haven't been looked at at all with any kind of modern technology. I see Cameron has joined us there. Cameron's usually good for a few questions. Do we have any, Cameron?

14:30 Yeah, absolutely. The first one being, you know, what's the mining history of the area? Before we get to that though, I'd like to remind everyone in the audience to submit your questions using the Q&A tab down on the right hand side of your screen. But yeah, Don, you just mentioned it, but can you reiterate, go over the mining history specifically of the area at all anymore, especially the most more recent mining history? Well, recent mining history is ancient. It goes back to the early 1900s. Rustivangan was the last mine to be shut down within the property boundaries. However, in 1974, Falcon Ridge did drill off the Vakleian nickel deposit, which I mentioned at the beginning is 1% nickel and 0.4% copper. So that's a recent deposit that was outlined.

15:17 The Kivikni was mined back in 1600s, would you believe, and the grade there was intimated to be quite high, but in those days, I'm not even going to try to guess. The Rostevangen, I think the grade was about 2.65%.

15:33 Neil knows more about the deposits in that Fall Doll area. Neil, do you want to take over? Well, I don't have the numbers on the top of my head, but the main mine, Hovedgruva, is the longest operating, but the largest was Sontagittrig and Nigruva was the one with up to 7 grams of gold, and they don't know where it is. But these all finished up within this century, but the last exploration work through this area was in the early 80s. This area basically during the mid-70s.

16:21 You know, it's just oil, everybody got rich on oil and all the geologists went to work on oil and they didn't bother with these things, I guess. That actually segues potentially really nicely into the next question that we have. That being, what was the reason for such little exploration of metals in Norway over the last 50 years? Does that encompass the entire reason? I think so. I don't know what Don thinks, but I do, yeah. Yeah, that's a lay down. That's what happened. The oil went to the bottom of the list. For example, There is no Ministry of Mines. The mines are handled by the Ministry of Industry. And last fall, I went over to Norway for the first ever mining conference in Norway. The first ever.

17:13 So there's been 0 interest in exploration. And the mining conference was based mainly on the guys that were producing. There's a lot of agate production and this type of thing in that in that part of the world. Not many people realize it but you go back far enough, Norway produced the copper that instigated the industrial revolution, it supported the industrial revolution. So it would be kind of nice if we could come up with some worthwhile projects here and have it produce the greening of the planet as we all remember that The big reason we're excited about these base metals is the potential greening of the planet and the use of copper and all these electrification projects that are on the table and are going to be evolving over the next 10, 20, 30 years.

17:59 Fair enough. So what specifically is new since last year? Well, last year we had, last year we finished off our MMI, we organized ourselves to get over there, and basically it was a setup year. We had a very short drilling season, didn't get started until September the 21st and got shut down by the snowfall before the end of November. So it was a really short season and that was a learning season for us also. We're really looking forward to getting back on that project, the store-borne project. Very high MMI values. We've now re-evaluated the MAG targets in the area and some of the other geological information that Neil was able to pick up.

18:46 We've got a minimum of 8 holes planned there but possibly up to 40 holes depending it'll be results driven. So we're looking forward to that. Now over the winter time we got organized to get back into Norway. Our drill was already there. So this year we got started. Our drillers were in the air May the 30th. They were on the ground beginning of June. By the time we were set up it was the first week of June late about the 10th of June by the time we were up and ready to get going. So compared to last year, the first 8 days our drillers were over, they spent in quarantine. So nothing happened during that time. So this year is just going a lot better. We've already completed 11 holes. We're making the move to Cletton tomorrow.

19:32 We managed over the winter to get access to a helicopter permit, which was a bit difficult to get, but there's better improvement in our relationships with the municipality and it's a restricted permit. We have to use it between July the 15th, which is tomorrow in Norway, and August the 15th. So we only have this little window to use it. But we're going to make the best use of it that we can in that time and that's why we're going to Clanton. Just to show you some of the complications, although we have that permit until August the 15th, one of the landowners wants us out of there by August the 10th in order to go hunt reindeer. So there's still issues that have to be addressed. Now going back to this mining conference, there is a major movement to redefine the Mining Act and to come up with laws that will make mining exploration much more accessible and easy. And one of the main things is the ability for the DMF to just grant an exemption to all these local off-road permits that are required by local municipal laws.

20:46 And there's other examples, the forestry industry already has one, the hydro has one, the SAMI have one, the hydro lines have one. So it's possible to get these type of exemptions and we're hopeful that this new legislation, which will be coming down the pike, will address these issues. We're really quite optimistic. At this conference last year, we were showing pictures of us drawing our drill up the hill with horses. A couple of the parliamentarians that were at the conference were quite shocked by such a medieval type of equipment being used in modern Norway, the country with 40 or 50% electric cars already and here we are using horses to bring that, to look for more metal to keep the project going, keep the greening going. So I think we have a really good chance of seeing some positive action in that regard and I would think it's not going to be too long. It won't be anything before this fall, it's not going to help us right now, We just have to be good about what we do and keep everybody on side as we go along.

21:51 But as of right now, we're happy. All right. Leaning into that, what do you expect assay results then? I think it will be in the fall sometime. That's all I can say at the minute. We're logging, we haven't started cutting core yet and the lab backlog will be the same as last year, so it'll be sometime in the fall, best I can say. All right, fair enough. Now Neil, you and I mean both of you, but when you've been referring especially this map what do you mean when you refer to 3 separate geological areas? Okay, can I handle that? First of all, I've become aware of the word terrain, okay? And the word terrain, if you spell it T-E-R-R-A-N-E, it refers to geology and the earth's crust and pieces of the earth's crust that move around.

22:44 Okay? And if you refer to terrain T-E-R-R-A-I-N, it's just talking about the terrain. You go out, you see a hill, you see the terrain. So in this case, there's 3 separate types of terrain, geological terrain that are enclosed in this land package. And that's what we mean when we say there's 3 different types of geological terrain to look for different types of opportunity. Each of these terrains has a different sort of background to them and they provide a different kind of opportunity. So I say we're just scratching the surface of this project and we so far only been looking at the RKV Beshi style part of this opportunity. So there's going to be a long future here for us.

23:32 Mind you, as we look at stock markets and the ability to finance, it's going to be ability to finance that will be the thing that sort of governs how fast we can move ahead on this project. Absolutely. You know, you talk about the historicity of all of these, you know, how many past producing mines and deposits do you guys have? Well, I believe you said earlier, there's probably roughly 7, roughly 7 different projects. 12345678I guess. Oh, there's 8. Krikne. Yeah. There was a small amount of mining of Borshaw, Rostvangen, Rodalen was mined in the 1750s, Niegruwer was in the 1747, I think.

24:27 No, this was 1747, Hovedgruwer, you know? Niegruwer was the new 1, 1783. The other 2 were sort of in between, Nodra Gittrig and Sondra Gittrig. So 12345678. And there's an unmined nickel deposit which has been drilled off and grades and tonnages calculated but back in 75. So they're not kind of compliant with modern 43-101 requirements, but they were done by a reputable company and by reputable people and they're believable numbers.

25:17 All right. It looks like you guys have a lot to look forward to but can you speak it back to how you were able to obtain such highly prospective crowns? I guess the first part is we were looking for something and we started talking to EMX and I was familiar with the Vakadien deposit because I was working for Falkenbridge in 1975 when they were drilling it off. And I had visited some of the Norwegian projects of Falkenbridge at that time, so I was aware of what they were doing. And we saw this as a big opportunity, the RKV, this northern one here, we saw this as a big opportunity that hadn't been explored for like 50 years.

26:19 And so we started with that. Once we got going on that and were comfortable with that, we started to look around and found this project, these old mines down here, which were open for staking. So we just staked them and just acquired them straight up, 100%. No royalties. I think the big thing, Cam, is that there was no competition in acquiring this ground. EMX walked in and got this basically with no competition at all and we did our deal with them. And then further that there's still no active exploration game happening in Norway. It's just starting to light up now.

27:07 And there's more companies starting to look and to start to accumulate some of the different opportunities throughout the country. It's a big country. It goes a long way from north to south. Incidentally, we're operating north of 60 here. So in Canada, that would be a dreadful thing. But over here, we're in the middle of lots of infrastructure and people and towns and maybe a few reindeer. So we're in a great, great, I want to say, physical position to, if we get lucky, there's lots of backdrop and, I want to say, infrastructure ready to go. All right, exciting. Well, listen, gentlemen, I think that's all the questions that we've received for today. I want to thank everyone who did submit questions, as well as you, Don and Neil, for the update. If you didn't get a chance to ask a question or if you think of one later, you can find more information on PlayfairMining.com.

28:00 But Don, I want to hand things back to you for some closing remarks before we wrap up the day. Well, in closing, it's a really exciting time for the company. We've got a lot of holes to drill this summer, and we're getting very efficient at doing it. We all got our fingers crossed that we're going to have something worthwhile to tell you this fall. We're wide open for conversation. If any of you would like to talk to either Neil or I personally, my phone number is readily available at 604-377-9220 and anybody that wants to contact me is welcome to do so. I'm looking forward to talking to everybody again and later on in the drilling season and let's keep our fingers crossed that we've got something really exciting to tell you.