Northern Shield Resources: Assay Results & Market Update

0:08 Hello everyone and welcome to Northern Shield Resources live event hosted by SICKS. I'm pleased to introduce our speaker for today, CEO Ian Bliss. Ian will provide us a quick update to corporate tech here and we will be accepting questions and answering them at the end of the session. So please feel free to submit your questions in the bottom right chat box at any point during the conversation.

0:30 As always, this is being recorded and will be available on Six.com to watch afterwards. So without further ado, I'll hand things over to you Ian to kick things off. Thanks very much, Kyle, for that introduction. Good afternoon everyone or good morning, depending on what time zone you're sitting in. Welcome to an update on the root and cellar project after our latest drill program. There's certainly quite a lot of exciting developments that have been taking place the last few weeks since that drill program and I look forward to bringing those to your attention today. I do have to start with this forward-looking statement advisory as this presentation will contain forward-looking statements. As I say, most of you are familiar with Northern Shield's focus and strength, and that is new and early-stage projects. And by the end of this presentation, I hope you'll begin to understand a little bit more why we like these early stage initiatives.

1:22 While many of you greenfield the very early stage projects as a risk, we also see as an opportunity and that's an opportunity to find a tier 1 asset near surface and hence at relatively low cost. We implement what we call a model-driven approach in our exploration to try to reduce the risk to ourselves, to yourselves as shareholders and the environment. And Please keep this in mind as we march through this presentation. This model-driven approach is just not a marketing jargon. It's our strategy for exploration. And I think it's really beginning to pay off now, as you'll see. And that strategy, that model-driven approach has led us to our asset and your opportunity, that being root and cellar on an underexplored tract of land on the Bury Peninsula of Newfoundland, a three-hour drive from St. John's.

2:15 The property hosts Gold, Tellurium and Silver mineralization hosted in a very distinct volcanic complex within what we think is a much larger collapse caldera. That's one of our new objectives or new interpretations that we've come across the past few weeks. The exploration model is still being based on an alkaline-driven epithermal system, perhaps with copper porphyry or copper IOs CG. Northern Shield is the first company to conduct methodical exploration on the project. It has 6 Gold shillings and a Copper bearing area in the southwest, along the northern flanks of this sort of uplands, this volcanic complex. We have drop zone, windfall on Brax and Bradleys.

3:01 These are characterised by quite high Silver content as well as Tellurium. And in the centre of this, we have Conquest, the zone, which is really the main portion of this presentation. But we believe, as I say, the Mutant Settlement property is now part of a collapse caldera. The actual caldera to that is somewhere just north of, still within the property, but in the north of where we're exploring. But it's created a whole bunch of radial fractures, ring and radial fractures, which we there think are quite important to, not just the volcanic activity, but all the mineralization that we are seeing. Just as an example of this, we don't have very many sedimentary rocks in the project. This is a boulder but there's enough of them that it's very local And all we see here are little bands of mudstone, which represents a very small lake, along with pyroclastics, pyroclastics are things that would have flown out of a volcano, bits of rock and gravel and ash. And I say, so we were quite certain when we saw that we thought this was the remnants of a crater lake and incidentally that came from right in here where we think we had another episode of volcanic activity.

4:10 So just to you know since we're talking about collapsed calderas it's good to understand a little bit what they're about. Calderas are very large-scale features that allow for ongoing volcanic activity, magmatic activity, and hydrothermal activity. And they're typically for a very large array of faults and fractures associated with volcanic or magmatic eruptions. And ultimately these leads to a caldera collapse. And if you look at this bottom left hand diagram, this is sort of a cartoon of a caldera and you have a depth, very large magmatic body. And that magma is pumping magma to surface where it may form volcanoes. Sometimes it pumps it almost right above it, could also pump it tens of kilometers away. But what happens is as that magma chamber gets kind of depleted, it's like a balloon deflating the ground on top of it, all the rocks begin to sink. And that's why it's called that collapse called the air because as the magma is pumped to surface, as they can no longer support all the rock units on top of it, and it collapses.

5:11 And in doing so, it creates quite a wide array of fracturing. Of course, because of that large magmatic body, there's also a heat source for a lot of hydrothermal fluid flow. So they're great areas to form very large Gold deposits in particular. Here's an example of Ladollum on Lahir Island in Papua New Guinea. A very large Gold deposit, very young too, it's still very active. And here's a cross-section, across a portion of the island and you see here, you see these sort of ring faults surrounding the centre of that caldera. You get mineralisation in these ring faults, you get them in the centre and again, ring faults on the other side. So, a great place to look for very large-scale deposits because of the fracturing and the large volume of hot fluid flow.

6:08 So we'll focus on the conquest zone and for those that are not familiar, that sits in the centre of the Root & Silo property, where most of our exploration has gone on to date. We have an area of about 1 square kilometre with both rock and soil sampling as defined an area highly anomalous in Gold. The Gold mineralization is dominantly hosted in a variety of hydrothermal breccias, and we'll have a closer look at those a little bit later, but also in crustiform banded quartz veins, often associated with disseminated sulphides. It's both the 2021 and the 2023 program that we focused in on the conquest zone. You can see here some of the grades we're getting, quite spectacular, up to 111g per tonne Gold. This isn't a boulder, but we have 48g per tonne in a channel sample, very close to where we've just finished drilling.

6:58 The red dots here are soil samples, anomalous in Gold. The ice direction is from the right-hand side to the top left of this image. These areas represent possible sources of more Gold in subcrop. We haven't done a lot of work in these areas. It's varied by overburden, but the soil samples clearly suggest there's more gold to be found in, say, in the northeast corner of this map. But also, if you look on the very left-hand side, we have 2 samples here, anomalous and gold. And we'll have a look at later some geophysics in this area, which points to a very nice target indeed. So the original work focused on, I say the conquest zone, the map here in the top left, the yellow squares are representing surface samples, anomalous and gold, as well as the drill core from 2021.

7:50 And underlying that is IP from essentially that surface. So clearly you see it's an east-west dominated trend. And you see that on the main end, but here stacked, We've got 2 layers here. This is the surface and you can see the east-west trend of the IP chargeability anomalies, but at depth, at 80m depth, it swaps around to a north-south trend. We didn't appreciate that in the 2021 program and it wasn't until after that build program that we began to realize the importance of a North-South trending structure and IP at depth. So the 2021 program largely missed these main North-South structures, which we believe are the feeder to the minimisation. And so earlier on this year, prior to drilling, we started to look quite diligently for these North-South structures. They don't come to surface in very many places and where they are, they're generally weak.

8:46 But here in the sort of called the discovery trench, which we stripped off more with an excavator, we clearly see evidence of these north-south structures in the middle of the photograph along and they're intersecting the outcrop itself, which is trending east-west. You know, It was when we excavated this, we took a number of samples and about 8 of them came back with visible Gold. Clearly, where these structures intersect is a place where fluids are coming to surface and we're starting to see visible Gold and overall some better grades. That was the impetus of focusing the drill program in around this area where we see the structures intersecting on surface as well as in the IP geophysics where we see at depth a North trending IP anomaly and then East-West on surface.

9:41 So, as released early on, I'm sorry, last week, the drill results from the 2021 program. This was a very small drill program, about 695m total drilling, 8 drill holes, 7 intersected mineralization consistent with epithermal Gold systems. 5 occurrences of visible Gold in 3 different drill holes, 16, 18 and 21. Overall, out of the 200 samples collected from drill core, 135 came back with greater than 0.1g per tonne Gold. So there's a lot of Gold in this area. And we're going to begin to see the importance of that in the coming slides. So the better grades were in hole number 22 on the Western side of the drilling pattern in hole 18, 5.9g over 2m.

10:35 Hole number 21 right at the very top, including some visible goals and quartz veins as indicated in this image to the bottom left. That was up to 23 and a half grams over 0.5 metres and a wider zone of 10.4 grams over 1.5 metres. The numerous other occurrences of sort of lower grade 1 grams to sort of 3 grams and then in several places including in hole number 16 a much larger width of 34 metres running a 0.6 gram per tonne with again shorter intervals of higher grade, including 9.0g over 0.65m. This image here again shows a combination of surface sampling and the drill core. The drill core is in red circles, the surface samples in squares.

11:24 You can begin to see a lot of lower-grade material, but also sporadic high-grade. One of the important things about this drill program, which is now the first time we can actually sort of follow the mineralization from hole to hole along these northerly or northeasterly trending structures. You can see again, these purple lines represent some of these fractures and mineralized zones. So we kind of pick out 2 in this clusters of hole. The only place where you really didn't hit it was at the base of 19. We actually pick it up in the base of 15, but at least on surface here, we get gold is exactly along the structures. And now we can join those up through holes 17, 16 and hole number 20. Similarly on the Western side, we can pick up these structures in holes 21, 22 and 18.

12:15 And again, that sort of blurred with some of these hydrothermal breccias, but we do pick out the structures. So one of the objectives of this drill program was to target the geophysics quite shallow, near to where we had control by a good surface exposure. And we, yeah, and to try to pick out these North trending structures and prove that they were minimized. So we didn't want to jump down too deep. The idea was to stay near surface and try to get control over what was happening, particularly with this wide pool of low-grade mineralization and try to find out where that was coming from and track it back to these fractures. So here's an example of some of the drill core. A lot of brecciation, unusual amount of brecciation.

13:01 You see these broken up quartz veins, some of them containing visible gold. This is 1 we sort of call the oatmeal breccia. And particularly, obviously, the higher grades are occurring where you get visible gold, but a lot of brecciated textures. And this one is important because these are actually really tiny crustiform coliform banded quartz veins that have been fractured and brought up. So again, it's indicating at depth that true crustiform veining does exist, but quite spectacular and unusual textures. And that's drawing a lot of attention to the work at Root & Cellar. I just came back from a technical conference in Newfoundland and a lot of people were very interested in some of these red shaded textures that we're seeing at Root & Cellar. So We just looked at a plan view and just going back actually 2 slides.

13:52 This dash line here is line 5200 from the IP Geophysics. We're going to have a look at it a little bit later on, but it's just a few tens of metres west of holes 21 and 18 where some of the better mineralization was seen. This is an IP line, but just off the drill pattern we'll have a closer look at in a few slides time. We just looked at the data from surface. Again, here's the data. We're now looking at Gold and these orange squares, we're looking at Arsenic, which is a very good pathfinder element in epithermal systems, particularly where you're at the top of the system. We also see very strong correlation to enriched potassium in these zones, but you can see this white dash line is outlining sort of 100 ppm, which is quite anomalous in arsenic. So we see that on surface,

14:41 and now we can start compiling that information into a cross-section. So you can see the same gold grays that I just mentioned from the surface view now in cross-section. So now we're kind of looking at these veins or at least the vein structures. But within that we also have these sort of bay shaded areas which is dominated by these various hydrothermal breccias including the oatmeal breccia.

15:05 But there are hydrothermal mill breccias, vent breccias, very complex, but we have a wide or a very thick patch of that very near a surface. It seems to die off to the west and we have another thinner layer in holes 21 and 22 and 18. That's partly coincident with, again, now we're looking at 200ppm Arsenic on the cross-section. Arsenic is a very good pathfinder to the mineralisations in a lot of epithermal systems And certainly we're seeing that at Root & Cellar. When we were drilling these holes, we thought the oatmeal breaches and these other hydrothermal breaches are part of the main mineralized structures. And Now we're having a little bit of doubt that maybe they are a part of what we call a capping system to the main epithermal veins.

15:55 We'll see that happens in some other deposits around the world. We can now begin to get a better idea of modelling the data in a cross-section, taking the gold along with the pathfinders and some of the textures we're seeing. We're certainly seeing this near-surface zone of fairly low-grade, but good widths of minimization in these very unusual and sort of hybrid hydrothermal breccias. So we now sort of look at the IP and connect it to the gold in the drill pore. Again, we can develop the model a little bit further. So this is the background image is the IP chargeability for mine 5200, which is a few tens of meters west of drill holes 21, 22 and 18. So this data has just been projected back a few tens of meters onto that geophysics and they all sort of plot along this sort of isolated IP chargeability anomaly very near surface.

16:53 But you have to assume that may be related to this much bigger and stronger anomaly at depth that for whatever reason some of that mineralization has leaked up probably along the intersections of several fracture sets, allowing it to come through. We know we have a Rhyolite layer in here, which is often capping the mineralization, but you can see again, a very close correlation between some of the better drill holes and this isolated IP chargeability sitting directly above this much deeper target, which based on the IP is a model that about 130m depth going deeper. We think it might be a little bit deeper than that, but it's hard to believe that it's not related to this deeper IP target, which would be one of the targets for the next drill program.

17:39 Again, the idea behind this, because we were very limited in our budget and the metres we can drill in this program, we wanted to stay targeting things near the surface to better understand those before drilling deeper and deeper holes. That's again, developing a model from looking at the IP and the Gold in the drill core. If we now add magnetics and Gold on surface to that, we really begin to get a better idea of what's happening. First of all, this box here is a cross-section we saw previous slides back of the current drilling. We're now looking at this on a bigger scale here. All that is contained within this little black window right in here. The background image is basically a magnetic inversion model, so a cross-section of roughly 1,000m in depth with the reds and the purples are your more magnetic, the blues are your low magnetic.

18:34 First of all, you have the drilling in here in a very small section and all the Gold on surface, directly corresponding to this area, a very strong magnetic glow. We then jump over here where we have line 4900. We'll look at the geophysics of that in a minute. But when you look at the Gold we've hit on surface and in drill core, it's really hard to believe that that Gold is not somehow associated with this magnetic low. And of course, that magnetic low appears to penetrate to depth sub-vertically or at a fairly steep angle. So we think these are structural weighted, not specifically different geological units. And so what we've drawn on here, based on the magnetics, partly on the IP, where we think some of these bigger veins could be heading.

19:23 There's clearly a strong correlation to the Gold we're seeing on surface and the magnetic loads. Here's line 5200 where we saw that really nice IP target at depth. And so it kind of matches up to either this red line, which may be one of the veins or even deeper down here, but it's seeing a chargeability target at depth. When you marry it up with a magnetics, it's either that vein system that we hit coming down the edge or a deeper one down here. And that's the sort of discrepancy we're having. The IP is showing you it's relatively shallow, 130 meters, whereas the magnetics may be showing it could be 3 or 400 meters down if it's picking up this one. So there's a slight discrepancy in vertical height, vertical dimensions.

20:09 But spatially, there's a strong correlation between IP anomalies and this magnetic low. And again, we have line 48,900 coming through here. It is a very strong magnetic low. And here we have one of our better chargeability anomalies in the Southern Conquest zone. And that target is sitting right in here where we have a rhyolite dome which came in very late and may have remobilised some of the Gold. And we had 2 anomalous Gold and soil samples just off to the west here, which is down nice from this target. So we have a really nice chargeability sitting in here at depth, maybe corresponding to this lower portion of the magnetic load. Not only do we have a chargeability anomaly, but when you look at resistivity, which is part of that geophysical survey, What we see on top at surface is a strong resistivity low.

21:05 A lot of the rocks we drilled in the current program were associated right on the context of resistivity low. Those resistivity lows are probably created by clay alteration, which is your dominant alteration high up in the system, in epithermal Gold veins. And below that, we have one of our strongest resistivity. So resistivity high, so that's probably, you know, typically that's going to be a very slicious rock, like a quartz vein. And so This is one of our very compelling targets where you have everything coming together. You're having the magnetic low structure, getting good chargeability, and that chargeability sits in a very resistive rock, so probably something like a quartz vein or strongly silicified. And above that, you have this clay alteration halo, which I say matches the epithermal geometry extremely well. So again, we're building up the levels of data here.

22:03 Previous slide was just the IP and the drilling Gold. Now we're adding Magnetics and Surface Gold. One of the main takeaways is that very strong as a correlation between the Gold resting on surface here and it's sitting right on top of this magnetic feature, which goes to depth. So obviously at some point in the next drill program, we want to start targeting these magnetic lows with a coinciding IP anomaly. So it's always good to see multiple data sets supporting your exploration model. And just to show that in a real life scenario, several years ago, we started comparing a deposit called Wahi in New Zealand to what we're sitting at, Boot & Cellar.

22:50 That's holding together now even more so and providing a lot of information. One of the things they have at Wahi is a hydrothermal breccia. You can see it here on a smaller scale, overlying what they call a Favona and Moonlight vein. You can see it over here as well. There's this cap of hydrothermal breccias, some of it carrying low-grade Gold 0.9g, patches of higher-grade Gold. These are hydrothermal vent breaches, they call them. They don't occur over all the veins, but over some of the vein systems they do. It's also quite interesting that there's generally a gap between the veins and those vent breaches. There's not always a physical connection between the veins and the cap. This is looking very similar now to what we see at the Conquest Cones, Root & Cellar, where those oatmeal breadshares and the other breadshares that we intersected in the current drill program may be one of these umbrella

23:49 hydrothermal vent breadshares that are hiding and capping the main vein system, which may maybe slightly disconnected, but it's probably not too far away at depth. One of the other interesting things here are these post mineral ignimbrites, which is a type of volcanic rock that's been blown out of a volcano.

24:10 The ash slides down the flanks of volcanoes. We see that in the Northern Conquest Zone, where it's capping some IP and omnis that we think are some more vein systems. So a very strong analogy to what we see at Wahi. Wahi

24:31 has produced about 7Moz of Gold and 42Moz of Silver, so a considerable deposit. We now start to see some very strong analogies between the 2 of these things. These hydrothermal vent breaches are more important to draw that analogy to Wahi because it kind of tells us, okay, maybe we should be chasing those as such, but it reinforces us to now drill deeper underneath that umbrella cap to the veins. And of course, that's what we see on the both the magnetics and the IP. So a very strong similarity to Wahi. They also have a very good arsenic halo around these systems, both in the hydrothermal vent breaches as well as in the vein system.

25:23 Our key takeaways from the current drill program, I would say visible Gold 3 out of 8 drill holes. All the mineralization we hit, including the visible Gold is within 40m of surface. Since day 1, we highlighted that there may be a potential for a near-service resource at Root & Cellar and that continues to hold true. It may be low-grade, but with that sporadic high-grade we see around at the end of the day, it might prove up to be a resource as we continue to sort of try to locate the higher grades in the heart of the system. Certainly the textures of the geochemistry, We see the drill core and on surface tells us that we're not in the heart of the boiling zone, we're only on the very margins. The fact that we are seeing so much Gold is actually a good indication that once you get into that boiling zone, you're expected to be considerably enriched in Gold.

26:17 The complex array of breaches and courts that we see is evidence of a very multi-generational system. And every explosive event has the opportunity to bring in more Gold and more hydrothermal fluids, which makes mapping the system a little bit more complex. But at the end of the day, big deposits and rich departures are grown by basically having a multi-generational system. And again, when you have a very large heat engine, as you may do in a collapse caldera. That again goes hand in hand with what we're seeing in the drill core of these very complex breccias. Drilling target, also IP chargeability near surface at the edge of resistivity lows.

27:04 So again, we think these lows are basically the clay alteration on the salvages of these systems. So we're beginning to now fine tune the geophysical targeting and prioritise chargeability anomalies associated with high-low contrast. And again, critically, the results from the drilling, the assays combined with the IP, the magnetics, the geology, the geochemistry, all support a very robust model for a substantial epithermal system centered on the concho zone. I think that's a key takeaway is, you know, we all were hoping perhaps for better grades, but what we got out of this drill program was kind of what we went in there looking for. We even got more information than we expected, but we now see these structures and now we begin to expand on the model with a lot more confidence.

27:57 I think it's also critical to keep in mind this is a very small drill program, 1-fifth the size of what we had in 2023. But we hit Gold on all but 1 drill hole and we got higher grades and more Gold than we did in that much bigger drill program. We're moving the ball forward here, sort of incrementally, what we think is a fairly major pivot point, that drill program and the work leading up to that drill program to get to where we are today. So we certainly feel a lot more confident about moving forward based on this developing exploration model. So that was sort of on the more detailed scale of this, taking a step back now to bring in the collapsed caldera. So again we're going to look at a cross-section along line 5200, looking at both the IP and the magnetic. If you go back to the bottom right-hand image, this sort of cartoon of what a collapsed caldera may look like, the root and cellar property is this portion here. We're not in the centre of it, we're on the flanks of it, where we're going to see a lot of volcanic activity.

29:09 A lot of people think that that caldera is creating a volcano itself. No, it's creating a whole bunch of volcanoes, particularly around these ring faults. And so that's what we're seeing at Root & Cellar, there's a lot of volcanic activity and magma activity coming up along these ring faults. And so this portion here is what we think, the bulk of the Root & Cellar property is equivalent to sort of the flanks of this Caldera. And if you look at this magnetic again, section running North-South, we believe we can see those, these what we call Listeric ring faults on the magnetics. And they come back into this very distinct, again, magnetic low up in the Northern Conquest zone. We have a really strong IP anomaly sitting right above that and we see one of those Listeric faults right there.

30:00 We see another IP in this area here where we see a Listeric fault, a Ring fault, plus another cross-cutting fault. And of course, here is where we're drilling right now, again, on a Ring fault, Ring Listeric fault that ultimately probably taps back into one of these magmatic feeder zones that's feeding volcanic activity as well as driving all the hydrofluidic fluids up these ring flows. So that's now, you know, taking it back and kind of looking at the bigger picture for root and cellar, but it all begins to hang together. And it's good to see this modeling developing, say with multiple data sets, but all in the same direction. And so this is again, kind of a 3D summary of what we see is that we have, I believe, a center of that collapsed caldera is somewhere down here. We're not really interested in that area, but what we do see is these ring fractures. They're often filled with the source of the volcanic activity. You see actually the flows, the volcanic flows within this portion, often emanating from these ring fractures, as well as along some of these radial fractures.

31:08 We see these 2 big radial factors that all aim back to this point here at the bottom of this topographic high. And the height here has been exaggerated 4 times just to try to enhance the visuals. But we think this is one of the eruptive centers. And of course, we have a really strong IP anomaly sitting right underneath that where we get these inner ring faults next to this volcanic eruptive center. They actually continue under here. And the mineralization that we hit at windfall in 2021 is probably on the very periphery of this IP anomaly over here. So it's probably giving us a hint of what's under the Northern Conquest Zone. But Braxton Bradley also sits on one of these ring structures. Drop zone is on, actually on the more of this radial fracture.

31:58 There may be a ring structure there too, but it's certainly on this radial fracture point. And of course, conquest sits in here, right, right sort of in the heart of where you're getting a lot of these radial fractures. And that's where we see the, you know, coincident with these IP anomalies and these ring fractures. And so that's why we see both in the geophysics and in the structure, overall we're seeing these mixtures of East-West flowing structures, trending structures and the North-South, which are largely these radial faults along with some other faults, which have been shown, but it's a clear interaction of sort of East-West dominated faults, most of these ring faults and what may be radial fractures. So this is the overall sort of model for room cellar and I say we're pretty excited about it because these collapse Calderas can produce very large systems.

32:49 At one point, we were thinking that when fall drops on Braxton Bradley, we're also isolated, but they may not be all physically connected by mineralisation, but there certainly seem to be connected in the model as far as being fluids being pumped out from this collapse caldera. And again, the fact that you're having higher Silver and your Tellurium and some of your base metals closer to your volcanic centre is pretty common. Whereas further away you're going to be getting Gold dominant, which is what we see in the conquest zone. So, The model for this has moved forward quite a bit in the past few weeks. There's a little bit more to do, but we're certainly very excited in the direction it's heading, partly understanding this potential collapse of Aldera, as well as understanding in more detail the geophysics and the local modeling.

33:48 So The opportunity is, of course, Northern Shield will have a 100% option on a very large epithermal Gold system. We very nearly met our earning requirements for a root and cellar. As I mentioned earlier, there's an indication of potential for near-surface Gold. So all the recent drilling has taken place within 40m of surface. The data suggests this is an Alkline-related system, which tends to produce very large Gold deposits as well as part of a collapsed caldera. And you don't often recognize these systems in Canada, especially with these age of the rocks, it's sometimes harder to recognize a collapsed caldera, but for whatever reason, the geology at Roon Southers is relatively well preserved and actually intact in a sort of upright environment.

34:33 Normally after several hundred million years of plate tectonics and geology, these things get twisted and turned and over-churned and you can't often recognize them, but for whatever reason it's fairly intact at Root & Cellar, so we can identify this Collapsed Caldera. And I say that's pretty rare and we're beginning to see that at Root & Cellar. I think one of the real key criteria is here, it's your key takeaways is it's a very robust and developing exploration model that's supported by multiple data sets. It's not just 1 data set or 1 idea, it's all these interactions of various geophysics, geochemistry, assays, geology, that's all pointing in the same direction for this exploration model. And that gives us a lot of confidence and it should give you as shareholders a lot of confidence that, you know, when the model hangs together, often you'll adapt the model as you go along, but bottom line from day 1, we've pointed in a certain direction and we kept on going down that in the same direction, but just adding more and more evidence to the story.

35:42 I haven't talked about the Copper or the other Gold showings in this presentation so much this time, but obviously there is a Copper porphyry or IOCG potential that we'll have a closer look at down the road. But now we feel pretty confident moving forward with trying to track down these vein systems at depth at Moon Cellar. And also very important to remember is that Newfoundland is a very politically and economic safe jurisdiction to operate in. We've seen in the news a lot recently, Unfortunately, some jurisdictions being very negative to mining and mineral exploration, but certainly Newfoundland, as I say, I don't think I've ever felt more welcome as an individual or a business opportunity than I have in Maristown and in Newfoundland. So that really concludes my presentation for today. If you have any questions I'll be happy to try to take them otherwise reach out by email, by phone, at your convenience. Thank you very much.

36:48 Perfect. Thank you Ian for the thorough update on the Root & Cellar project. For anyone that came in a little late, just a reminder, we are taking questions in the bottom right corner, you'll see a chat box. You can feel free to ask your questions there. We did have some pre-submitted questions so I'll dive into those right now. One individual is wondering if there's any update on the money from Revenue Quebec. Yes, you know I don't want to go into too much detail because of the sensitive nature of it but we believe we have you know we've filed our objection as the court allowed months ago. We've been assigned an officer from Revenue Quebec to where dialogue has commenced between Northern Shields and our representatives and Revenue Quebec. And I think we're now down on to, you know, a timeframe of weeks rather than months or half years for this to be resolved. So The files is in the hands of everybody in Quebec right now. There's a dialogue going back and forth.

37:51 And I say, I think now we're on the scale of weeks for this to be resolved and no longer months or half years or uncertainty. So, you know, it's hard to put exact timeframe on it, but as I say, I think we're down to a few weeks here. Thank you. Now, anyone tuning in can see that you provide a multiple reasons why you're more confident in the room seller drill program or property because of this drill program. But this individual is wondering, so maybe I'll just spin it and ask you if any other investors or other stakeholders are more confident. Have you heard any positive feedback from the recent updates? Yeah, I mean, we've heard positive feedback from a lot of other technical people, particularly at this conference in Newfoundland.

38:42 They may or may not have been shareholders, but it's always good to hear back from academia on these systems. And then, for instance, the prospector who owns the property, obviously, he's got a lot of shares from Northern Shield from the option deal. And he told me that he hasn't sold one of these things. I believe we're onto something significant. And I say it's great that he has confidence in this property because he knows it probably better than anyone Since he's been walking over it for nearly 10 years and then with his developing understanding even more so. I'd say it's great that the prospector who knows, say knows this property better than anyone is all in and hasn't sold a single share yet.

39:38 Thank you. One last question via email, and then I'll go to the chat here. When does the drill season start or is planned for 2024 and what targets are next? We're sort of aiming for February. There may be 1 really small drill program, 1 or 2 holes that if the permit comes in beforehand, we'll squeeze in, because there'll be a different drill or trying to get in and put a few short holes into drop zone. But otherwise we're really aiming for February to go back and do a larger drill program. Obviously, we saw those IP anomalies on line 5249. Those are clearly targets that we'd like to drill. We'd like to go back in the area of some of the 2021 drill holes and simply turn the drills around and drill more in the east-west direction, especially around hole number 5 and hole number 6. This is where the 111g Boulder comes from.

40:36 Now that we understand the model better, we'll drill in around what we call Eastern Conquest. As well, we'll probably get to drill a couple of holes up into the Northern Conquest IP target. We haven't got as much control in geology and understanding in that area as we do in the main conquest zone, but sometimes you just not even get anything unless you drill. Particularly in that area, we have these post-mineral ignimbrites and other volcanic rocks that's capping the mineralization or what we believe is mineralization based in the IP. And so We don't see any geochemical signal coming through there because as I say, there's rocks that have been dumped on top post the formation of that minimization.

41:28 The only way we're going to get data is to drill. There are some very nice IP targets there that we'll probably like to, depending on the drilling budget, but at least start aiming for those targets and building up a picture in that area. Right away, we have those very compelling targets on line 4900 and 5200 that I showed you in the presentation. There's no shortage of targets. We've got to fine-tune them down to a few meters right now, but we already have targets picked off, ready for drilling. Are you sticking with the gold targets? An individual in the chat is wondering if you're going to allocate any holes to the copper in the next program? Not the Copper that we're finding in the quarry. We just don't have the information to start pumping and drill holes there. It's too big and too complex.

42:26 We don't have IP in there, for instance, so we won't be drilling that Copper target. But there may be an indication that as they start marching towards Conquest North, we certainly see a little bit elevated base metals in Braxton, Bradley, even windfall, there's higher lead, Zinc and Copper sort of comes and goes along with Moly. So, we might start seeing an increase in Copper as we drill that Conquest North IP target. And also, 2 or 3 locations along that northern flank, we pick up rocks with Chalcocite. This is a very Copper-rich Copper Sulfide, often associated with supergene enrichment.

43:13 Again, surface flow of fluids post-late mineralization process. There is indication of Copper as we move North and perhaps, it somewhat makes sense because you're getting closer to your magmatic source. Your Copper is associated with hotter temperatures. We might start picking up more Copper in that Northern Conquest IP area. But I'm not going to chase right now the Copper porphyrin in the quarries yet. I think that's going to be too dilutive. I think we're onto something now with these big vein systems and we're going to stick with that. And as I say, we may come up with some copper as we move north into the conquest IP area.

44:02 Thank you. You were mentioning layering on different models. An individual in the chat, Ren, was wondering if you're considering AMT surveys in addition to this. Yes. Absolutely. I was thinking about this the other night and chatting with a geologist about it because typically in epithermal systems, you don't get a lot of sulfides. So using chargeability IP is not always the way you'd go with with epithermal systems. But in root and cellar, we all saw there was a lot of sulfides. That's why we decided to do the IP. But now maybe maybe the IP is, or the sulfides that we're seeing are these hydrothermal vent breaches, which are not part of the, which may not be the main system.

44:51 And in which case, the idea is to go back and do, yeah, CSAMT or, or airborne MT that really focuses on resistivity. And so at some point we would like to go back and run, yeah, a CSAMT survey or an airborne MT over that same area, because it may be that we should be focusing more on resistivity at depth and not the chargeability anomalies. Right. That's a very good question. Yes, the short answer is we at some point would like to run the CSAMT survey. An individual in the chat has 2 questions. I'm just going to pair them together because they're rather similar.

45:38 How is the treasury and do you expect to need to raise some funds in the next 6 months? Well, I think the treasury is about $200,000. Right now we are eating through that with the drill program. We don't want to raise a lot, but we're going to, fingers crossed that issue with Revenue Quebec is solved in the timeframe that I'm looking at, which we think is down to weeks and not months. So, you know, if we get an opportunity to put a few more drill holes in before Christmas, particularly drop zone or just after, along with some trenching, we might raise a few, you know, a really small amount of flow through under a hundred thousand. But at this stage, I think we're going to wait and see if that Riverdale Quebec money materializes in a timeframe that's useful for the work.

46:32 Right, right. We have one more question in the chat and I think it's a good way to end, or add onto it a little bit. The individual is asking, what is the high level vision for the next drill program in brackets, timing, holes, meters? Then you can just do your closing remarks for what to look forward to in 2024. Yeah, the high-level view, I mean, ideally we'd like to go in there with a, you know, a 2,000 or 3,000-metre drill program and say, with a 500-metre program, which is what our plan was for the one we just finished, it limits you to going deep, even markedly deep, because suddenly 1 drill hole eats up half your drill budget. That's why we stayed very shallow partly because of the limited budget but we also wanted to understand what was going on better near surface before going too deep.

47:27 Ideally, in the 2,000m or 3,000m range, at least 1,000m, I'd like to go back there and start testing some of these deeper targets. What I think will come out of them, I think, yeah, I think we'll start hitting, you know, these true epithermal vein systems. And, you know, a pick without target on line 4900 is very compelling. 52 looks very good. So I think the objective is to start aiming for these, these deep physical targets, a little bit greater depth, they're still not too deep. And they may take, you know, The good thing about near surfaces, there's less error in modelling your geophysics. You tend to hit these things with 1 drill hole. The deeper you get, there's a little bit more ambiguity.

48:15 That's why you might want to budget, you know, 2 or 3 holes for each target. And that's why you want a bigger drilling budget for the next program. But overall, I see targeting, you know, the continuations of these structures that we hit in this current drill program and just try to hit them deeper. And I feel quite confident we're going to start getting into these bigger quartz vein systems and perhaps more classic epithermal crustiform, coliform banded veins. So I think there may have been a second part to that question. I forget what it was. I was just adding on for wrapping up what people can expect and look forward to.

49:02 Yeah, I mean, that's I think the drilling, we're still going to try to do some trenching. This is both to find a source of that Goldbering boulder, but also to gather more information to better plan the drilling. I'm going to try to head down there once more before Christmas just to pick out some more structure in certain areas with our field crew. But the main thing is look forward to another drill program. I think The model is coming together really, really nicely here. I think it's good no 2 deposits are alike, but it's really important to sometimes see real scenarios like Wahi and remind ourselves that you could get these, in this case, these vent breaches capping the system and they may not be physically connected to it, but they're capping it.

49:58 The model has developed very nicely over The last part of the year, particularly the drilling, I think as we continue to interpret that data from drilling, we're gonna even fine tune it more and more, but I feel very confident that we're on to something quite significant here. And I look forward to another drill program, hopefully early in the new year. Great. Ian, thank you for providing more context to the press release. I know the market and investors appreciate that. And thank you everyone that joined and asked questions. If you did come in a little late, there is a recording so it will be available on YouTube probably within the day if not tomorrow. So stay tuned for that. Again, Ian's contact information is right there on screen. Take a screenshot quickly but besides that, thank you everyone and thank you Ian for the presentation.

50:47 Thank you all. Have a good day.