Northern Shield Resources: Year in Review

0:08 Hello everyone. Today I'm joined with Ian Bliss, President and CEO of Norgenshield Resources. Ian will be providing a brief presentation. Following that we will have a live Q&A, So please feel free to participate by submitting your questions in the bottom right corner of your screen in that chat box. Also, just to note, this event is being recorded and will be made available for replay later today. With that said, Ian, thank you for taking the time out of your day. The floor is yours.

0:36 Thank you very much, Kyle. Good afternoon, everyone. My presentation today is only intended as a very brief summary of the exploration process and findings of 2024 at Root & Cellar and why we believe we are well poised for success in the next phase of drilling plan for the new year.

0:56 As I say, it's just meant to be a brief summary, but just to provide some background, Rooten Cellar is located on the Burin Peninsula of Newfoundland and is being explored for epithermal gold, silver and tellurium, along with porphyry copper. And it exhibits all the characteristics of a very large and high-grade epithermal system. It sits in the Avalon terrain of Newfoundland, which is broadly similar to the Golden Triangle of BC, which takes a lot more attention than its equivalent in Newfoundland. But we believe that's shortly going to change. What sets Smooten Cellular apart is its association with tellurium, a rare critical metal used in solar panels, and which is often found in conjunction with very large epithermal systems and porphyry Copper. And so that association positions the project as a promising investment opportunity for those that are looking to capitalise on the demand for critical metals, as well as being leveraged by a large-scale epithermal Gold system.

1:52 So again, just to provide a little bit more context before we delve into the conquest zone, Root Cellar hosts both epithermal Gold and Copper Porphyry. The Copper Porphyry is hosting the southwest portion of the property. We call it Creston Copper with up to 10.4% Copper. 3 Gold showings along what we call the North flank of the project, Drop Zone, Windfall and Braxton Bradley, characterised by very high silver to gold ratios and tellurium. And of course, in the centre there, we have the conquest zone with up to 111 grams per tonne gold tellurium as well. And we believe that actually probably eventually merges into the windfall system as indicated there. But even in very large epithermal systems, which we have at Root & Cellular, as you can see from this map, it can be challenging to vector in to the very heart of the system where higher grades are expected.

2:41 And this is due to the cryptic nature of these systems. And also the very complex interaction we particularly have in Root & Cellar, where we have multiple epithermal Gold events and alteration associated with that, and a pre-existing Copper porphyry event, at least we believe is pre-existing. And so you have very cryptic natures of the alteration, which makes it very challenging. And to add to that challenge, Northern Shield is the first junior mining company to conduct exploration in the area. Hence, there's very little background information to work with, which adds to that challenge. As you also know, it's been a very tough year for the junior mining industries, particularly those in early-stage explorers like Northern Shields. With lean budgets, we've had to rely very heavily on what we call our model-driven approach to exploration.

3:26 But that is actually, model-driven approach is actually very suited to this region and the situation we find ourselves in. But tough times breed innovation, and we found a way to advance the project and our understanding of the project more particularly. And we are now quite confident that we've identified sort of the heart of the system in the conquest zone as well as the top of one of the main systems. There are going to be more main systems, but we've clearly identified the top of one of those, which we'll see. But a very large system and I say we've advanced that from some very innovative work. The engagement of MSc thesis students this year has provided very valuable insight, particularly for the use of some innovative geochemistry, which we're going to have to look at a little bit later. And that very much further enhances our understanding of the system at Root & Cellar.

4:18 But many of you or those that are involved in early-stage projects are very aware of the feeling that in the early stage, there's often more questions than answers. That can be very frustrating in not understanding the property in its entirety. I remember after the first drill program in 2021, Christine, our chief geologist, we were talking and we were frustrated how we didn't understand the system. At the beginning of this year, we were chatting about that And she said, well, 1 day in hindsight, we're going to look back and say, well, that was obvious. Now we understand it all. And that pivot from not understanding the system in its entirety to now understanding the obvious, so to speak, is not an instantaneous eureka moment or very rarely is. It's a cumulative effect of understanding the property. A lot of little things go into that.

5:09 What I can tell you today is that we are basically at that stage. A lot of little things have been gleaned over the year and in the past years, they've added up to create a very robust and confident model to go forward in our exploration. And each individual item on its own may not seem overly important, but collectively, they have a very significant impact on the understanding of the project. On top of that, I think we've reached the stage where new knowledge and understanding of a project is now becoming exponential. In other words, the more we know, the more we're learning. And it's a cumulative effect. There's a name for that phenomenon, and it's called a snowball effect. So as I run through some of the key slides that summarize where we are today and how we got there, please keep in mind the snowball effect because a lot of little things have been gleaned, as I say, over the year, and that cumulative effect of those learnings have provided a lot of momentum and a lot of confidence in the exploration model going forward.

6:09 I like this photograph of this outcrop because it actually covers a lot of the things that we've gleaned this season. This is an outcrop in the Discovery trench area, the latest one we've trenched later on, late in the season. First of all, visible Gold, more visible Gold. This is the actual highest Gold sample in bedrock to date at 78g per tonne. As we'll see, it's in one of the centre zones of the outflow zone. We don't usually expect to see high-grade Gold there in their outflow zone, but we are, so that's a very positive indication. On top of this, I'd say there's a layer of cap rock. It happens to be basalt, but don't worry about the name. The interesting thing is it has almost no chemical signature of what's below it. It's sitting only about 2m above that visible goal, yet the only indication, or the subtle indication of these little fractures are filled with Epidode filtration.

7:02 But As you'll see a little bit later, that has an implication to other features within the property. We of course then have some of the centre and we'll look at these muddy geyser-like sediments but centre is a big component of what we've learned about the Compass area, because the centre is marking basically the top of one of those vein systems. It was the identification of that that really started to snowball our understanding of Root & Cellar. And of course, we have the classic coliform-clostroform veining, which you expect to start seeing in the boiling zone and that's often associated with your higher grade. If we look through some of these components individually, first of all, this capping layer of basalt, That will explain why in some areas we don't see either the pathfinder elements or the Gold itself.

7:53 You can see there's a large zone up here, these white ash or IIP anomalies, which we believe is where some of the Gold and or Copper is hiding. In some areas in and around the main conquest zone, we see a lot of manifestation of the Gold, either in the soils or in the rock. In some areas we don't. We now know that there is a post-mineralisation sequence of rocks that are generally Basaltic up here. They're a little bit different, but they're Basaltic in this area and they're masking the signature. They're covering up the mineralization and providing next to no signature whatsoever. Other than these very tiny little fractures that are epidode altered, here's another outcrop just south of the discovery zone and it has these epidote fractures and lo and behold it's sitting right on top of an IP anomaly indicated by this white hash mark. So these are subtle features, they're masking some of the Gold signature but their little fractures do indicate or potentially indicate that we're sitting on top of Gold mineralisation.

8:52 So we thought this was happening, but it's quite important to see it quite conclusively in multiple outcrops. So let's talk about these hot spring sediments. This is an example from near Waihi, New Zealand of a current modern day geyser and sort of muddy pools of hot water and sediment. We don't have a lot of sediment at Rutansewa at all, whether it's these hot spring sediments or any other, we just don't see a lot. And that's largely because we believe that when this thing was forming, was actually in an Alpine area, much like sort of the Andes are today. So not a lot of flat ground for sediments to accumulate. And part because of this, the activity of this system, sometimes they're very quiescent, like this picture indicating here where you will get your sedimentary layers forming. But Most of the time, as again, this photograph from the same area in New Zealand, some of these geysers are not like a gentle water fountain like Yellowstone. They can be quite explosive, as indicated here. And that's probably what was happening at Wooten Salad because number 1, we see the lack of fine sediments, which indicate a period of quiet. We also see a lot of abratiation, which an activity like this would cause.

10:09 To have your outflow occurring periodically, this is important because as we'll see later, that's how you can get Gold forming high up in the sequence. So it was very critical to start identifying these sediments. I know when we first saw them in one of the drill holes from 2023, we were kind of wondering what they were. We thought, hey, these look like muddy geyser sediments and then somebody else had a look at them, said the same thing. And that really started, I'd say, cluing us in that we were on the upper levels of an epithermal system near the outflow zone. And once we got that in our head and understood that and accepted that, we started looking back at some of these other rocks that we thought were sintered. Now clearly it makes sense if you're getting these are sediments that tells us we're on surface, you're going to get sintered nearby. And that reinforces, you know, it's sort of a circular motion that doesn't just tell you how focused you went on other rocks, but now it reinforces your interpretation of some of the earlier interpretations. So, sort of a circular process of reinforcing the understanding of the model.

11:13 And then once we understood that there's a discovery zone area, it was the upper levels of an epithermal system, started to make sense to some of what we were drilling in 2021. We knew we were drilling these flatline, very shallow depth extent IP anomalies, a lot of gold on surface and near surface. We have these odd-looking rocks, very brecciated, again, kind of muddy, piratic, brecciated sediments. Now it makes sense that these are actually part of what we call lateral outflow. We now know we're at the upper level. So these are centre terraces. Sometimes you get centre mounds forming right on top. Other times you get a little bit of flow and they form flat-line terraces. Or the lateral floor where those floors will actually exploit a contact between 2 different geological units. So now Once we understood that from the 2020 drill, what we drilled in 2021 began to make sense. And then, hey, that's why what we drilled underneath them, we didn't hit anything, but it just reinforces the exploration model that we now have quite a large center terrace or center mound, and that's indicating again, proximity to the upflow zone and the main vein.

12:25 And so that tells us we're up here, the very top of the system. This diagram itself doesn't show lateral flow very well. So we'll superimpose another diagram on top of that. Here's your main vein, you might get a breadth of your pipe, you're getting lateral flow either on surface or between flatline contacts. That's what we were drilling in 2021, particularly holes 2, 5 and 6 where we actually drilled through that central level. Whereas then 3 and 8, we ended up drilling underneath and that now explains why we didn't hit anything at depth. But I say once we understood we're in the upper levels, we went back to have a look at that core from hole number 5 and we actually do see centre material very similar to the holes in 2023.

13:11 You can get centre at the ends of these outflow zones, but it may also be indicating that somewhere in our hole number 5, there may be a centre mound, which would represent the top of another vein system. We know we have a vein system over here, basically outflow, and though we do have lateral flow, it could also be hiding the top of another vein system. That's what this bit of centre may be indicating. There's more evidence of that we'll look at a little bit later from a different angle. Then, of course, as many of you will know, 2023, the drilling hit a lot of these quite spectacular hydrothermal vent breccias, all mineralised, some high-grade, some carrying visible gold, others just anomalous in gold, but over wide widths hitting these hydrothermal vent breaches.

13:58 These type of vent breaches, again, are quite common at the top of the system. Wahi is another great example where you have these sort of umbrellas, these caps of hydrothermal vent breccias above some of the vein systems. And there may be again a gap between the vent breccias and the main vein, but they're forming very, very close, basically above those vein systems. So we have the centre, we have the geyser sediments, we have the chemistry, and now we have vent breaks, just all telling us that not only are we on the top of the system, but the veins should be very close to just being below that. But it's also important to understand Gold distribution and boiling in these systems because I say we now know we're up here in the centre mound of the centre terrace above the main systems.

14:47 Sometimes these are usually barren of Gold. Obviously, in our case, they're carrying some quite significant Gold. But the interval between that centre terrace or centre mound and the main vein system can be quite significant and it is very variable. In Fuente del Norte in Ecuador, there are 0m, it goes right from the centre blanket into the main vein. But for NEO in Mexico, it's different, there's a 300m gap. You think, if we know we're in the cinch, let's just drill under here. We will, but you have to keep in mind, for Neil, there's going to be a big gap here of unmineralised rock. That's why when we're going into this next drill program, even though we have a good understanding of the system, there are still all those variables.

15:33 You need to understand that there may be a gap in here of tens of metres, there may be no gap, or there may be a 300m gap. It's important to keep that in mind when we continue to advance through the drill program at Root & Cellar. The other key is understanding boiling. The boiling in these systems is what's creating your Gold precipitation. There's a variety of ways of creating boiling and a lot of people think Boiling is created by adding heat, but that's not really the case, especially when it comes to geology. Boiling is created by a drop in pressure. As many of you may remember from your physics days, if you go to the top of Everest, you can't really make tea because water boils at around 70 degrees because of the lower pressure. You go deep into a mine and your water's gonna boil about 110,120 degrees.

16:26 So boiling in geological systems is brought about by a drop in pressure, not increase in heat. And so one way you create that boiling and the drop in pressure is you have the hot fluids coming out of the vein system and they interact with cold water from the water table. You know what happens when you throw water on a hot stove or anything else? You get steam. That steam creates an explosion and now fractures that rock. There's an initial increase in pressure, but once that rock is fractured, you're now dropping the pressure and so you get instantaneous boiling. You can get boiling and fracturing, but that's only going to happen at the interaction of the water table with the hot flows coming from below. Your boiling window, and hence where your goal is going to be precipitating, may have limited depth extent.

17:16 Another way of dropping pressure, of course, is if you're in an extension environment. In my past presentation, we talked about how we thought that Root & Cellar was in a part of the Buren Peninsula, it seemed a lot of extension going on because of the low-lying terrain and the break in the geophysics. The MSc thesis student has actually found more evidence of that through geochemistry that were probably beaten in extension regime. And that has an important implication on the boiling window because as we look at this right-hand diagram, it's like you have, this is marking the depth of the geology, you have a fault. If you have an extension where you're basically pulling apart the rocks, what happens? It pulls apart. That pulling apart is creating a drop in pressure and then you're going to get instantaneous flash boiling and boiling in a Gold in the system, you're going to get Gold precipitation.

18:06 When you have an extension regime, you actually have an opportunity for your boiling window to have considerable depth extent. It's not just the result of boiling at the interaction of the water table and the hot fluids below. But when you're in an extension regime, you have an opportunity for much larger and more frequent boiling windows and hence hence cold precipitation. We know RuneSeller has a very extensive lateral footprint, but now there's also an opportunity based on extension and of course supported by geophysics that there's room for very deep boarding windows and hence cold precipitation. One of the real key ingredients again to reinforce some of our visual identifications of the upflow zones at Roonso this year was the work by Kane Johnson, the MSc student at Montmorency University.

18:57 What he did, he went to a case study at Wahi, New Zealand, which is a 6Moz Gold deposit, epithermal system, been around for a number of years and so it's been well researched.

19:09 Of course, the main pathfinders in epithermal systems is to look for these alteration minerals, one of which is Agularia. Agularia is the one that creates closer to the main system. It's a hot mineral, so it's showing the hottest portion of the system. Then you have a whole bunch of other ones, Illite, Sphectite, etc. It's harder for the geologists to identify these minerals, especially Agularia, it can look like other minerals. You've got to identify it first, and then secondly, you've got to put a number of how much of that mineral is in there. That's also a difficult task to get accurate. What they did in New Zealand was they converted that to chemistry. Because chemistry, you get your rocks analysed and they give you a very definitive answer of what's in there based on the chemistry. They converted that mineralogy, the alteration minerals to a chemical plot.

19:59 They basically plotted Pedastrian versus Sodium. If you're up here, they looked at the rocks and said, well, we have this chemistry. We look at the core and we see that adulary is dominant. If you have this chemistry, we look at the core and yes, adulary is present, but it's not dominant, etc. And you have other other minerals. So it was a way of the color coordinate based on the chemistry and what they saw in the rocks. And of course, chemistry is much more accurate way of a data and define where you are rather than based on

20:33 the geologist's observations. And so he took those same plots and applied them to gluten-cellular. So he plotted up all our data, potassium versus sodium, and just to double check that it's working, So here he's plotted up on the chart. He then also colour coded it according to Gold value. So you can see here all the warm colours, the yellow, the orange, the red dots are in here where you get high Potassium, just like we saw in the diagram from Wahi. So this is showing that, yeah, not only we're getting the same sort of distributions of plots of these Wahi, but we know that these high potassium ones are Goldberry. So it's working at Root & Cellar. So we colour-coded it, again, what they did in Wahi, Then we plot them on the map and see where they're plotting. And again, lo and behold, the red ones, which are Agularia dominant, which is what you want to see, are in the conquest zone. We seem to have another trend up here, which is a mixture of Agularia dominant and present.

21:29 That's also a good sign. And interesting, too, if you go 700 meters

21:34 west from the conquest zone, you see a bunch of rocks that have adularia present. It's not dominant, but at least they're present. So first of all, that suggests that maybe this conquest zone does continue to the west, it's just much deeper down because we're getting into higher topography over here. So again, very good initial start to the work that he was doing, taking a case study from Wahi and applying it to Root & Cellar. And again, if we zoom into the Discovery Trench area where we drilled in 2023, you can see how nearly every sample from the drill hole is plotting as Agileria dominant with these red squares based on those plots. You zoom back out again, you can see the discover area, all the samples of Aguilaria are present. So that's indicating we're right above the system. As you move away, it gets more into your smectite illite. So these are moving out in your zonation, but you expect so so positive is telling you there is a zonation scheme for this. But interesting too, there are a handful of samples from hole number 5 here

22:36 and hole number 6 that do come back with acetic venule adularia. And as we saw on the previous slides, we did see some center in hole number 5. So that may be indicating that there is another vein somewhere in this area and that's being supported by the chemistry plots that Kane has come up with and the presence of Agilea. So again, visually we saw an indication that maybe there is a top of another vein system here, and that's being supported by chemistry. So this was some very innovative work, applying a case study from New Zealand and applying it to Rutan Seller, and it's worked extremely well.

23:18 So that leads us to where we are today, which is we know we're at the top of the system, at least in what we call the discovery trench area or the center vein. The geophysics are showing we have both the magnetics and the IP in multiple vein systems. And that's being supported by the gold being corresponding to these magnetic lows. Those lows continue to depth. And this section is about a thousand metres. You got to take that with a pinch of salt because these things are not always accurate, the depth penetration, the magnetics, but they are fairly deeply continuing structures. And again, that would support the idea that we're in an extension regime and we may have these very deep boiling windows in its Gold precipitation. So this kind of summarises where we are right now. We're at the top of the system.

24:07 You don't usually expect to get a lot of Gold up in here. We are getting Gold

24:12 and that's a very positive sign as to what you may be finding at depth. The drilling program will start testing these theories, these, what we think of as these vein structures. They may continue right up to surface, so there may be a gap and that's why we need to go in there with a bigger drill program than I originally thought earlier on in the year. But a very comprehensive model that's been built over a lot of detailed amalgamation of data over 2024. Just to add in a little bit more on some other things we've gleaned this year, This is more to do with the Copper, say the main Copper area is what we call Creston, but we are beginning to find Copper in the central Copper zone. That was really found in drill holes 11 and 9 from 2021 with some grades of up to 1% Copper.

25:01 You can see quartz vein here with Calcopyrite right down the middle. This is probably what we call a B vein, which is a good indicator of Copper porphyry systems. But you can see these 2 holes, the greens are the Copper samples,

25:13 the blue is Tellurium. You can see there's quite a strong correlation between the IP underneath these, the background image, and the copper and the tellurium mineralization. And hole number 11 just sort of skimmed the IP anomaly, which kind of suggests that this could be one of the copper porphyry targets. And if you add on the magnetics, this IP target is sitting right on the flanks of a magnetic high. Again, that's pretty typical of a Copper porphyry target when you often have a very magnetic core to the system and your Copper is flanking it on the fringes. Again, the focus has been the Gold the past year, the past few years, but we're slowly beginning to gather some information on the Copper potential, particularly in the conquest area. I know the student has been looking at chemistry and again, trying to unravel a different alteration assemblages and has come up with some quite unique

26:07 pathfinder methods to focus in on the Copper. Right away, it's paying dividends by, you know, clearly we have Copper here, but his other data reinforces that this may be a nice Copper-Porphy target. So this will be added in to the drill program plan for the new year. The focus is obviously the Gold. There's obviously Gold in some of these holes, but this is quite a nice Copper porphyry target that we'll test out. And regardless, it's going to help us build information on where the main Copper porphyry may be. The plan for 2021, the idea is once we finish this financing is to try to get up to a 2,500m-3,000m drill program. Obviously, most of that's going to focus in on what we call the discovery outcrop or the centre vein.

26:56 Then hole number 5 and 6 area where we think we have another top and another vein based on that centre. The high-grade boulders up to 111g are in this area and they look very similar to some rocks that we've recently trenched and opened up in here. So we think they're coming from nearby. And of course, the Hodder's Pond fault, which is a really nice geophysical target. Then maybe 1 or 2 holes to the north into what we believe may be the Copper target. Then up in here, we think this is really a continuation of the Gold system. Not a lot of information because again, that's capped by a very thick sequence of late volcanic rocks that's masking the signature on top of the bridge. But it looks otherwise very similar to what we're seeing down in here. So we think these are a continuation of the mineralization from the heat engine, which is just down here.

27:49 So I'd say mostly focusing in on the Gold, but 1 or 2 targets testing the Copper Porphyry potential. So there's this landing photograph of the Boonton Siller Plossy or part of it. There's been a large contribution to the geological survey of Newfoundland who have been on the property multiple times this year. They're remapping the Burin Peninsula, particularly one of their geologists is focusing on the Copper-Porphyr potential of the Burin, which is only now just beginning to realise how significant it is. But I very much appreciate their interaction, a lot of back and forth on knowledge sharing with the survey. And of course, Kane Johnson, the MSc thesis students, who's really thought outside the box and similar to our Northern Shield's own philosophy and come up with some really neat ways to, on a relatively low budget, to gather more information and that's really paid dividends for Northern Shield this year.

28:46 And Jeff Breschette, the prospector, who's constantly on the property and has a wealth of information on this area of the Bering Peninsula and has worked extremely hard over the years. We feel it's been a very good year. We've done a lean budget, but we've gathered a lot of information and we have a lot of confidence moving forward with the drill program. Just like we tap into case studies from projects around the world, whether it's Wahi, whether it's Futebdel Norti, we tap into these case studies and I fearfully believe that 1 day someone is going to be using lutein-7 as a case study to find their own epithermal system because as I say it's really panning out, you know, a lot of sort of due diligence, a lot of hard work and innovative science has got us to a position where we feel very confident moving forward into the drill program next season.

29:40 So we're continuing to raise some money right now. We did a little bit of flow through a couple of weeks ago. You'll see more coming in shortly. And I'm reasonably optimistic that we're gonna have some sort of strategic partner on the project sometime next year, nothing material there, but it's moving in the right direction. So thank you very much for your time today. And if you have any questions, I'd be happy to try to answer them. Thank you. Excellent. Thank you, Ian, for the thorough presentation. A lot of new material there that we haven't seen before, so I appreciate that. Now, for anyone that came in late, this is a live Q&A. I see some individuals already asked questions. As this is a 2024 wrap-up 1, I'm just going to kick it off and kind of put you in a corner here, Ian, and ask you what was the most significant discovery or revelation at Root & cellar in 2024 in your eyes?

30:33 Well, as I say, I don't think there was an individual one because it's that snowball effect. A lot of little things came into play, but I guess if you have to pick one, it was the identification of that, conclusive dedication of those muddy sediments in drill hole 21, 21 from 2023 that really kicked off the understanding that we're high up in the system that snowballed. It took a lot of knowledge. So again, it's a little thing you always think of it, okay, you know, of course, we hit gold, but spectacular visible gold, but we know the goals there is more a lot of this other information that was really vital into understanding this system. So it's a combination of a lot of little things, but probably identification of those.

31:30 These are sediments in the mandrill hole. Excellent. Thank you. James has 2 questions in the chat here. First question, what is your cash position? And the second question, are Americans allowed to participate in the private placement? The cash position right now is about 350. We know we have some indications that there's at least a couple of the groups coming in on the flow through. So we all can wrap up a lot of this. The flow through will be wrapped up by the end of this year, and then we'll continue working on the hard dollars both this year and probably into next year. But yes, Americans can participate in the financing. Excellent, thank you. David's wondering if drilling is the only way to figure out the size of the gap between the center and vein?

32:24 Yes, essentially. You can stare at geophysics all you want, but at the end of the day, you've got to drill. We're trying to also couch ourselves. The IP has been very useful to date, but we also understand that maybe at depth that's going to change because in these systems you typically don't get a lot of pyrite. In some epithermal systems you do, but we're not sure whether that's going to continue to depth. Normally you're going to get low sulphide content and a lot of quartz vein, a lot of silicification. Right now we're following the IP, which appears to continue to death, but we don't want to totally rely on that and say, just because there's no IP, right where we want, we'll still drill it because, say, many of these systems, an epithermal system, you won't have an IP target with your better stuff.

33:19 The only way is to drill and find out. You can look at the geophysics, but at the end of the day, you have to drill. I don't know how much you're allowed to disclose here, but I think a few people's ears perked up when you mentioned strategic partners. David's wondering, the hope for a partner is based on results from the proposed drilling, or are they willing to participate in a financing now possibly? Potentially. Some want to wait, but the past few months, the project has garnered some interest and there are some institutions doing some due diligence on it. Maybe it doesn't pan out, but I have a good feeling a lot of these other groups understand the work that we've highlighted today.

34:16 There's obviously nothing material, but like most juniors, we spend a lot of time talking to other institutions. Just like our data is snowballing, I think the interest in the markets and the institution is beginning to snowball as well. We would like that as an investment partner more so than a JV partner. That's what we're aiming right now. Nothing concrete but just a lot of general interest that is getting to snowball. James is wondering what the cost of a 15-drill hole, 3,000m drill program would look like? 3,000m drill program, we're kind of budgeting on around $600,000.

35:09 Actually, if we do it in the new year, the plan is to do it in the new year, so the winter months, there'll be a little extra cost there just because of temperatures and snow conditions, you have to heat water, etc. So it may go up a little bit, but essentially we're looking at about a $600,000-$650,000 budget for a 3,000m program. Regarding drilling again, David has a question. How much will it take to kill the target? Will drilling 1 or 2 holes through the center reveal in the core as you're drilling if you're successful? If you're not seeing what you want, does it cause you to move on to other targets? We have to drill multiple holes into that center zone.

36:00 The idea is to start shallow and so we might just hit more centre, which is good. It's continuing to depth moderately. You might drill underneath and it might be that window gap and then you don't know how big that window gap is. You don't want to step back too much and say, okay, well, there is a gap, we'll step back and hit it 300m down. That's a big jump. So you're going to do it in increments. So it's 1 or 2 holes. You need to go into that with the philosophy that you need to drill multiple holes into that zone because these big deposits can be quirky and you can be drilling the wrong way, you can be drilling into that gap and you just don't know. 1 or 2 holes into that one zone is not going to kill it.

36:48 You know, after half a dozen holes, you might begin to worry. But 1 or 2 holes is missing, you know, 1 or 2 holes there just is not, not going to kill it. It's, it's there. It's a matter of, you know, is there a gap there? Which orientation is it? Sometimes these things are a little bit offset from the centre mound. That's why we have to go in there with them. My original idea was so confident, okay, let's just go in there with a 500m program, but it's just too risky. There's too many variables still in there. An individual in the chat is wondering if you're seeing a change in sentiment from investors lately. Yeah, it's slowly coming around.

37:35 I think we all thought that once Gold prices started to swing that the sentiment would change to the juniors, but it's been a little bit quiet. But I do see that transition beginning to happen. Copper too, like this renewed interest in copper, which is good timing just because, like I say, there's a lot of work that's gone on by us and the survey and others into this area of Euphemeline for the Copper potential. That's reinvigorating a different interest as well. I do see that change. It's been too slow in coming, but I think finally we're getting there. Thank you, Ian. Why don't we wrap up here? We addressed all the questions.

38:23 I'll ask you one last one to bring it home and you can follow with closing remarks and any individuals that came in late just know this is being recorded. So you can watch the replay shortly after here. For the next 3-months in the new year, the first quarter of 2025, what are your top priorities and your closing remarks here in for today's discussion? To get a drill program going, it would be great to have a strategic partner on board as just as reinforcement. But we need to get that money in the door to get the drill program because that's clearly the next step right now. And we have a lot of information that's pointing in the right direction and it's all pointing in the same direction so it's a matter of getting that program going as soon as we can and build from there.

39:12 Certainly. Ian, thank you so much for your time and everyone Thank you for submitting your questions. It was a great Q&A session as well as a presentation. So, Ian, I know you're a little under the weather. Hope you feel better. But you did a great job. Really appreciate the update. And we're going to be watching the story in the new year. Thank you for your time. Thank you, Kyle.