Sinter to Center: Why Root & Cellar's Gold Findings Are Just the Beginning

0:07 Good morning, good afternoon, or good evening, depending on where in the world you're signing in from today. That was a bit of an international audience. Appreciate you joining us. Today I'm joined by Ian Bliss, CEO of Northern Shield Resources. Ian, it's great to have you back. Thanks very much for having me, Romeo. It's good to be back too. Awesome. Today we're going to be talking about Northern Shield's most recent press release, announcing more visible gold showing at root & seller, and update broadly on work done and upcoming at the project. But a bit of housekeeping on my end before I pass it straight to Ian. So today's event is being recorded and will be available at both 6.com and YouTube by

0:40 this afternoon, because we're getting up nice and early today. But I should say this event is also interactive. It's not just me and Ian talking to a blank screen. If you have any questions, please feel free to put them in the chat at any time during today's presentation. I'd even say the earlier the better. I'll be monitoring it while Ian's presenting. We'll get to as many questions as we can with the time we have today, but if we don't get your question for whatever reason or you feel like you want more details, please still put that in the chat. I'll make sure Ian gets the question and gets back to you as soon as possible. But thanks again, really everyone for joining us today. And without further ado, I'm gonna pass it to Ian for a presentation. Thanks very much, Romeo, and good morning or good afternoon to everyone, depending on where you're sitting in the world. And welcome to this presentation on Golden Sheep Resources, entitled Center to Center, and why we think our recent gold findings are just the beginning.

1:31 I'm going to march through our development at Root & Cellar fairly methodically, and I hope you too, by the end of it, understand why we think Root & Cellar may be the next big gold discovery in Canada. Before I go on, many of you have heard the well-known saying, I skate to where the puck is going and not where it has been. I'm sure I don't have to tell you who said that. A lot of good businesses use that mantra as well, but it very much applies to the exploration process as well. So as I march through this presentation, just try to keep that in the back of your mind about getting to where the puck's going and that's where it's been. Because of course, Wayne Gretzky, when he said that, and when he puts that into action it's not where he doesn't go there randomly, you know, obviously has a lot of knowledge and understanding of the game, those are all clues that he's picked up and it's the same thing with exploration, so keep that in the back of mind as we march to the presentation.

2:31 Before I begin the main part of my presentation, I do have to bring your attention to this forward-looking statement advisory as this presentation will contain forward-looking statements. A little bit about Northern Shale, as many of you know, our strength, our space is exploring new or very early stage projects. We like going where no man has gone before, so to speak. And while some view Greenfield exploration as a risk, we see it as an opportunity and not just a risk. But we implement what we call a model-driven approach in our exploration strategy to reduce the risk to ourselves, our shareholders and the environment. And it's that sort of approach that led us to our principal asset, Root & Cellar, where we're exploring a very large footprint system of epithermal gold associated with silver, tellurium and potentially copper porphyry as well.

3:22 The project is located on the beautiful island of Newfoundland. Routen Cellar is on the Buren Peninsula, a three-hour drive from St. John's, an area that's very underexplored and it appears remote, but it has absolutely excellent access compared to a lot of jurisdictions. So it's in the southern, southeastern portion of Newfoundland. As many of you will know, a lot of the Queensway and Newfound Gold exploration and marathon is more in this area here. We're sort of operating alone, we're quite happy to be on the Buren Peninsula of Newfoundland. And having talked about forward looking statements here, here's 1 right here. This is actually a sign put up by some of the locals that I just noticed on my last trip down to the property. Mine Road, they actually put this up on where one of our drill access trails comes out and joins pre-existing roads. And I got down there now, and obviously the locals are very optimistic that perhaps 1 day they'll have a mine there as well.

4:21 But as I say, it is a very welcoming place to work. I've never worked in a place that's more welcoming as an individual or as an exploration company. As you see from this top photo, the pier is very sparsely populated yet it's easily accessible. The centre of the concourse zone, we're going to have a look at some of the minimization today is a 10, 15 minute drive from the motel or rentals in Maristown, followed by a 10 or 15 minute walk. And as I say, excellent infrastructure includes a deep water boat facility just outside of Maristown. So, this whole region of the Burin has the benefits of being very underexplored yet accessible. And in the past, you have to go further afield, a lot of helicopters to find those underexplored areas, but we have that here within a few minute drives from paved highways in the Beirin Peninsula.

5:15 So a little bit about epithermal targets and Newfoundland, I say, is in an area called the Avalon Terrain. There are a number of known epithermal occurrences and related Copper porphyry, you can see by these dots, up and down the Burr peninsula and a few in the very eastern portion of the Avalon terrain. Now, this is the same terrain that continues through Nova Scotia and down into the Carolina Gold Belt. And obviously we're seeing a lot of activity in the Carolina Gold Belt. It's kind of actually a little bit full right now. A lot of staking has been going on. And yet we're in the same geological terrain and we literally have all the space. There's a handful of other explorers along the Buran, but we're the ones that are already, the only ones that are active right now. And I'm saying the root and cellar property sort of sits in the middle of that trend of epithermal occurrences.

6:04 But vastly underexplored compared to the Carolina Belt, for instance, and that's underexplored compared to the more classic ones in Nevada and South America. But we're right at the beginning. We noticed something very different is happening in this area of the Buren Peninsula, and you can see that on this digital elevation model, as well as magnetics on the bottom right. You can see there's a clear break, they call the Buren Peninsula a limb, and right here at the ankle, I used to call it a broken ankle but someone more politely told me no, it's an ankle bracelet. At NAL, you can see this distinct break in the topography on either side of the root and cellar project. And if you look at the magnetic image, you see a similar sort of thing.

6:49 The magnetic is basically trending with parallel to the limb until you get into the root and cellar area when there's something cross-cutting it. No one's really sure what that is, but we believe it's to an extensional event. In other words, for most of the geological history, the rocks were sort of colliding here. But at one point, there was a brief episode of relaxation or extension. And that extension is a great opportunity for magmatic activity and of course hydrothermal activity. A lot of the large deposits around the world and epithermal systems are related to a period of extension.

7:31 Jumping into a little bit more detail about what we really have at Root & Cellar. Gold was first discovered in the conquest zone by our local prospector in 2012. Northern Shield was the only company to conduct methodical exploration of the property. A little bit of work in the early 2000s done at Braxton Bravely, but the maximum of really work that that came to was 3 winky holes totaling about 100m. But none of this other area has seen with particle exploration. The project on a whole holds 5 Gold, Silver, Palladium occurrences over about a 6km strike length. The mineralisation is hosted in a very distinct volcanic complex, a lot of indication of violent volcanic activity, which again is a point for a lot of mineral deposits.

8:18 And it does seem to be Alkaline related or at least sub-Alkaline related. And that's important because Alkaline related epithermal currencies tend to drive very large and high-grade epithermal Gold systems. And so with all these 5 Gold showings and the Copper, our real focus is on the conquest zone, which I think as we march through this presentation, you'll begin to appreciate. We will be getting to the other showings bit by bit and putting more time, but there's good reason to be focusing on the conquest zone. Because the conquest zone, we believe, has all the ingredients to form a giant and very high-grade epithermal gold system. I know that alteration is probably one of the least favorite topics when it comes to shareholders, but I'm gonna add the slide in here, probably because it's my presentation and I can, but probably also to my late father once told me that everybody has their story to tell and I should always listen.

9:14 And whether you're young, you're old, whether you're the president of NASA or you're someone that's considered boring, you all have a story to tell and I should listen. And the same goes with alteration. It's telling us a story. I actually sent a picture similar to this to my younger brother a few years ago and he said, well that looks like mouldy ham, which is probably why we tend to go out to dinner around the Needon when I go and visit him in Calgary. But if rocks look like mouldy ham, it's actually a good thing. These are all highly altered rocks. In fact, I was talking to our master's thesis student who's doing a 2-year project at Memorial University on Root & Cellar. He called me the other day because he was looking through some of these rocks at thin sections and we gave him the least altered rocks to begin with because that would be always a starting point to try to get your chemistry.

10:04 He told me that there's almost no original texture and no original mineralogy left in these rocks, even the unaltered rock. They're all altered to some degree, some very highly. This rock in the top right-hand corner was a rhyolite. Originally, it looked something like this one in the bottom right. It should not look like this, but this has absolutely been bombed by alteration fluids, which are part of the mineralising package. Interestingly enough, this one was found very close to where we found the 111-gram boulder. The black in here, just as an aside, is a lot of Chlorite. And we're seeing this Black Chlorite associated with some of the visible Gold, including what we just announced later on in this week. And now we start seeing this in parts of other rhyolites. So we're going to track it down. But right from the beginning, it wasn't when I first visited the property, along with our geologists were evaluating it prior to optioning it.

10:58 Other than the high grade numbers, the prospector was showing me one of the key points that drove us to optionist property was the amount of alteration. It's widespread and it's intense. And when it comes to deposits, especially large deposits, they leave an alteration signature and we're sure seeing that at Rutan Seller. So sorry, I guess the only other worse thing than talking about alterations, talking about structure, right, I'm going to jump on it here just for a few minutes. I'm going to sort of back off before going into detail about mineralogy. Just look at the big picture here. Here's a topographic map. There's the DEM underlying this image here. We really have 2 main structures that are controlling the mineralisation at Root & Sellar. These North trending structures or trending 000 to 020 and these East-West structures which fluctuate between 80 degrees and 110. There's a lot of other structures in here, but these are the important ones for mineralization.

11:59 And the North trending ones, I think, are related to the pull apart. And so they're extensional. And then as they pull apart, of course, they allow room for fluids to come up. And certainly a lot of the IP, which are these red shaded areas, these are not all the IP, these are more of some of the deeper ones or the ones that we see at a variety of levels. They seem to follow both structures, but particularly the most trending ones. And I say these are pull apart. So there's more of them than these 2 or 3 that we see. And we know this one continues through, it just gets a little bit messy. You can actually see another one winding up through here. It goes right through the windfall, which is probably not coincidental. So there's more of these around, but we think this is one of the majors for bounding. I'm going to think of it as a grab and extending. And probably this one on the east side is a major one too. But certain immunization seems to be following this and the IP does.

12:51 The other interesting thing to note when you just concentrate on the DEM model below, so the white shaded areas are higher up, think of them as tops of mountains. So this portion of Conquest is actually fairly low line in this block right in here. Obviously, there's lower terrain over here and there's swamps. We don't see much outcrop, but it's fairly low line here. So probably erosion has actually cut it down to the level that we're now just beginning to see the minimization. Whereas up here in Conquest North, where you have a nice IFP anomaly, that's actually underneath this elevated portion. So that's much deeper down. This has not been eroded. There's been more rocks piled on top and that's what we'll see later, where we don't see a lot of minimisation, is because the target actually is much more deeply buried. But through various uplift and downlifts of these blocks and erosion, it's been eroded a little bit more deeply at Conquest. And that's why we're starting to see the hints of the very top of the epithermal system in the conquest zone.

13:51 Now adding on some of that more detail, particularly the mineralisation on top of the structure and the very coarse representation of the IP. First of all, you see in the compost zone a lot of Gold minimisation, both high-grade and low. These boulders are up to 111g per tonne. This one we still haven't found a source for. Then the more recent discovery of Gold in Alprop is over here, where we already have visible Gold about 50m to the east and in Drupore. But obviously some very high grades here out together with some very low grades. But these low-grade occurrences or Gold anomalies, whether it's 100ppb or even 25ppb, that as geologists, they consider anomalous because background in these rocks is 0, essentially 0 Gold or certainly less than 5ppb.

14:42 And it's important to realise that because these numbers, We're not in the mineralised zone. All these anomalous samples here, these pink squares, even if they are low-grade, are indicating leakage from something down deeper in the system. These are not part of the main epithermal system. We're not in the levels of the crustiform and coliform banding. So to see this footprint of Gold mineralization is very important. It's indicating that there's a source to it and they're often structurally controlled. So this is leakage from below. Mostly Gold mineralization is hosted in a variety of hydrothermal breccias, as you've seen in the past presentation, particularly from the drilling from last year. We'll have a look at those a little bit later. Then they're often associated with, again, the classic alteration assemblage of Silica, Marksite and or pyrite and illite, and particularly in the main conquest zone, we're seeing that and that's a good vector towards the minimization.

15:41 We do have these odd rocks. This is a rhyolite dome. It actually has next to no sulphide in it whatsoever. It's basically potassium-altered rhyolite with quartz veinlets and specular hematite. It's always running in this area 0.1 to 0.8g per tonne Gold. That rhyolite came up very light, so that may be a sort of remobilisation. Again, that's why we're very encouraged to drill this target beside Peach later on because we got a lot of Gold, anomalous Gold on the surface nearby and an intrusion that's come up later that may remobilise some of the Gold from that depth. So bottom line, a very large footprint of both Gold mineralization and anomalous Gold in the conquest zone. Just going back to conquest north too, I said it's basically buried underneath this ridge, but you can see how on the fringe of this IP anomaly, we do see soil samples, anomalous and Gold represented by these red dots and the odd mineralization represented by red or pink squares. So we're not seeing it obviously in the middle because it's too deep, but where that almost comes to surface at the edge of the IP, outcrops on either side of that ridge, we're picking up hints of mineralization.

16:53 Along here too, we have quite a string of anomalous Gold soil samples. Ice direction basically almost was subparallel to this fault. We're not sure where these samples are telling us that this fault zone is mineralised, or whether we should be going to the west following it, which is the ice direction, to find the Gold source. But clearly, there's more boulders around to be found based on the soil samples and these boulders, which we still haven't found the source for, but we're pretty sure that they're in this area. We could try to trench, but so far haven't got deep enough.

17:29 We talk a lot about the anomalous Gold, but we also have a lot of VG. I think we have about a dozen occurrences to date. The latest one is this one here, where we actually have 4 little flakes of clusters, sort of amalgamations of fine-grained Gold in these quartz veinlets and quartz blebs. Most of the Gold we see, we do have rocks with disseminated mineralization and pyrite, but the higher-grade Golds are coming in these quartz veins, including say the Discovery trench last year, 3 drill holes drilled in the same area and now this quite spectacular-looking rock with Gold associated with hematite again, and very, very coarse pyrite. We haven't seen this type of coarse pyrite Again, and associated also with that in a matrix of the black chloride, which we now know is quite important for the phase bringing in the visible Gold. So a lot of an anomalous Gold, but clearly also we're seeing a lot more visible Gold, which is very, very encouraging, particularly where we're seeing it right now.

18:36 We talked about the structures of the big in the slideshow, the North trending structure structures along the East West, the top left and images IP chargeability along with the Goldmanization. So you can see there's a general trend East-West, whereas at depth, if you peel that layer back and look at depth, there's definitely a North-South component to some of the IHB chargeability anomalies. We didn't really figure that out until after the 2021 drill program and that's why these holes drilled in 2021 missed those targets. We assume the East-West trending anomalies continue to depth and they don't for a large degree. So it was these North-South ones that over the last few years began to realise are important. We don't really see them on the geophysics but last year we actually started to see them in outcrop, particularly the Discovery outcrop. Here the main outcrop trends east-west and you can just make out there's a fabric in this rock about a metre and a half wide, and these are trending more South, or actually 0-0 degrees. So this is exactly what we see on the regional scale. And now we're seeing it on a smaller scale. And of course, this is where we're getting some of our better grade and Where we just trenched the other day and announced the visible Gold, it's a very similar setting, just about 50m further to the east.

19:55 The interesting thing too is some of these rocks up in here, certainly when you get to the road about another 3m up, you see a hint of a little bit of veining, but not to the degree that you're seeing down here. So we're pretty sure some of these volcanic rocks were being dumped on top of the system during the late phases of the epithermal system. There is capping rock, basically capping that mineralisation. You can step from unmineralised rock down to high-grade within a few metres with very little indication of it other than some fracturing. And again, just on smaller scales too, this is a rock sample from this outcrop. You can clearly see the quartz veins in 2 different directions, which matches the structure.

20:43 And again, we also have the hints now of getting crustiform, coliform, banded rocks. You want to see this as you're approaching the boiling zone. The boiling zone is where you're going to get your higher-grade mineralization. We're just beginning to see these more frequently in this portion of the conquest zone. We're actually now zipping into a tiny portion of the conquest zone. It stretches about 750m of near-continuous mineralization. We're now in what we call the discovery trench area, which we now know is what we call pot flow. But in that we have an area about 100m long, 35m wide where everything is minimised, or at least heavily anomalous in Gold, whether it's in drill hole, and this is a combination of drilling and surface data.

21:30 So a fairly substantial area of continuous mineralization. Obviously, it's been very high grade both on surface where we had the original trench discovered, 45g of Gold. Big intersections of moderate grade in drill hole, 34m of 0.6 and the visible Gold in the top of 21 last year. It's just right next to that or behind it that the new occurrence of visible Gold was trenched as we pulled off a little bit more rock from essentially that drill pad. We'll have a look at that in a minute. But it's actually behind that collar so that drill hole did not intersect that vertical sequence of rocks in that drill hole. We did get visible Gold at the very top of this hole, but it looks completely different from the vein that we just found. And as I clearly from where it's located, it was drilled ahead of the new trench. There was more Gold in this area than what we found to date.

22:31 But one of the key things too is everything is telling us in the conquest zone as we move west towards this point that we're getting near what we call the upflow zone, which you'll see in the next few slides. We're getting more consistent grade, we're seeing more visible Gold, we're seeing hints of crustiform, coliform banding, which as we go eastwards, we tend not to see. We do pick it up in a few places, but we're seeing more Potassium. Potassium is a good pathfinder in alteration, which is telling us you're getting towards the hotter zone. And even something called crystallinity numbers, which a lot of the experts use these epithermal deposits around the world. And that's basically not just looking at the alteration mineral, which in this case is Illite, they're looking at certain factors in it. We're getting consistent IC numbers above 1 and experts will tell you that's the threshold of what you want to see immediately above your epithermal vein systems.

23:30 Certainly, the paper we've been reading on Lepanto, it's exactly that, you know, further away it's around 0.5 and above 1, you're right above the main veins in Lepanto. And we're seeing consistent IC numbers above 1 as we move towards, well, pretty, almost all of this area, but certainly very, very strong in around hole 21. And we just done more tests in this area and background to try to see how accurate that is and whether we can use it more. But everything is telling us that, you know, this is a not full zone. And as we move westward through this portion of the contrast, we're getting into the more likely area for heavier Gold minimization and certainly at the very top of the system. Here's the recent trenching.

24:17 This dot here marks more west where hole 21 was collared into that outcrop. The other drilling for 16 was about 50-75m to the west here. We had a little vein running through here and the contact between a very heavily red shaded unit and then down here just heavily Slicified and Pyritic. But as you can see, quite a spectacular aggregate of fine-grained Gold in these quartz veins. And in that case, you see Marcosite on one side. Marcosite is essentially pyrite, it's just formed at lower temperatures and then the coarser pyrite. And within that, you see, that's the contact, there's a brecciated unit. Above it we have centre, centre is what forms that mound at the top of the outflow zones where these fluids would have essentially reached surface at the time of formation, which we don't know how old it is, whether it's 300,500,600M years old.

25:12 The surface we're on right now is essentially the surface that existed when this epithermal system was formed. If you just go up in here, there's very little indication of certain mineral wise. You might get 25Pb occasionally out of some of this stuff, but it's not very altered other than you see a few fractures of Epidote.

25:34 Quite a few fractures of Epidote actually and that's the only hint, but the chemistry is not really passing through there and that's some of our problem is we can be a few metres vertical from visible Gold and yet you're seeing very little signature indication of it geochemistry wise. There are subtle indications in the rock, this epidode alteration, but I say you can go from 0 to high grade very, very quickly in a matter of a few metres. That's why it's important that when we look at these lower-grade samples of 0.1g per tonne, it's not taken over them. We can be extremely close to high-grade minimisation. But A lot is going on in this outcrop, a lot of quick transitions from different textures. This little breccia zone is quite small.

26:22 It's different from the one down in here. And again, that's an indication you're really close to the upflow zone. We're just getting repeated pulses of hot fluids under significant pressure, blasting its way to surface. So that also tells us that we're really close to the, essentially right above one of the main epithermal systems. And here it's small, but this is more

26:45 classic crustiform, polyform banded vein. And so again, another indication that we're getting near to the boarding zone. Here's a schematic diagram of a classic intact epithermal gold system where you have the centre mount on the top, that's exactly what we're seeing. Up here, you get a lot of brecciation. We've seen that in drillpore. I'm sure many are familiar with it from last year's drilling, a lot of brecciation. And here's some of the indication of what look like muddy hot spring sediments, which you would expect where these things come to surface. Think about the Yellowstone and Gieser, for instance. This is elevated in Gold, elevated in Arsenic, a little bit of Mercury. That's a classic signature for this high up in the signature. Now we've got these fragments of what look like centre. So everything that's telling us is that we're up here in the epithermal system.

27:41 Your high grades, particularly your Bonanza can be typically a few hundred metres, at least 50 metres below that. But we're obviously, we're now seeing visible Gold at the same level. That bodes really well as to this is an extremely fertile system. The boiling level does fluctuate.

27:59 Generally, it's in boiling zones, not happening up here. You never know something could happen in the one episode of fluid migration could create boiling at different levels. That level fluctuates. But the fact that we're seeing visible Gold this high up in the system, I think boils very, very well as to what may be found deeper in the system. We may not have to go that deep. There are examples where the centre form almost immediately above the main mineralisation. I'll have a look at an example later on in the slideshow, but clearly the evidence is telling us, at least in that conquest zone, we're right up in here. So very encouraging to see that goal now matters, just tracking it down through drilling, hopefully this fall, to get into the main part of the vein system.

28:49 And here's a very interesting slide. So first of all, on the top left here, I'm really just zooming in. I'm zooming into the top portion. If I go back here, we're just kind of zooming in up, up here to this top portion of the epithermal system to show, you know, you often get breccia pipes at the top rather than the classic veins. You have your main centre mound right above it. It may again form a little bit to the side, but you often get outflow going laterally. And we certainly see that in the conquest zone. In fact, much of the drilling in 2021, we were drilling, it was very pyridic, it does carry Gold, we were drilling this horizon. And that's why we drilled underneath it, thinking it was a vertical sheet. We didn't get anything because we had a lateral flow. And so We're really seeing the classic intact top portion of the outflow zone of an epithermal system.

29:40 Here's a diagram taken from a paper we recently read on Futa del Norte, a Gold Silver Deposit in Ecuador. It's an excellent paper. I really recommend you reading it. It's quite long. There's technical parts, but there are parts that anybody can take away. You don't need to be a geologist to have some good takeaways from this project, especially how it has covered this system by just marching through

30:06 very methodically a process to find this. Unlike Root & Cellar, we actually see Gold minimisation because here in yellow is actually their centre. That's where we are right now on surface. They didn't even have the centre. They were still 100m above that, but they're finding very subtle hints of slissification with some of the pathfinder elements, weekly anomalous Gold, maybe 100ppb, along with arsenic, mercury, antimony. They clearly saw signs, evidence of an epithermal system. Obviously, they did a lot of homework, a lot of mapping, a lot of geophysics. They originally drilled an IP anomaly out here, didn't hit much. They drilled another target and bang, hit the centre, still low-grade Gold, but they recognised it as a centre, hit other fragments in that hole of vein material, steepened the hole up and got 237m of 4g. A few holes later, 204m of 8g per tonne.

31:07 This was essentially a blind deposit found by just marching through in a methodical fashion and understanding epic thermals systems. As I say, the Gold that we're seeing on surface would probably be equivalent to here, just above or the same level as the centre that they're hitting.

31:28 That's what's important to keep in mind is we're not in the main part of the system yet, but all that Gold we're seeing holds very well as to what's hiding at depth. Clearly, there's a source for that Gold. Let's just hope that we have these sort of rates, but when we're finding all the Gold at conquest that we are, it strongly suggests that that's all leakage from something at below. But somebody else, if you have time, I strongly recommend you looking at this paper from time to time. And it's a big credit to their geological crew of how they marched through and exploration progress to find this literally completely buried epiphyllum system in the jungle. And that's what we're hoping to find at Northern Shield. There are a lot of other similarities to Futa Danoti, the alteration and the fact that Futa denoted it too, it was originally a Copper porphyry cable and the Gold mineralization overprinted that and then we're seeing the same sort of thing at Luton Cellar.

32:29 So anyhow, It's a very interesting paper that I say I recommend you to read. And this is what we think we're in, in the root and cellar, just at this silver portion. As I usually, these centers can be much higher than the vein system, but fructate anorhea is unusual. It's right on top of the main systems and we're getting that sort of impression

32:51 from this recent trenching where we're getting visible gold in the centre. So we think we're right above that portion of at least one of the veins. Again, just stepping back, just looking at this as a magnetic image actually taken from 300 metres depth with our anomalous gold samples on surface. And so you can see how closely the gold that we're finding on surface is matching this magnetic low. And of course, these mineralising systems, the alteration often leaches out the magnetism of the rocks and get magnetic destruction. And so when you start seeing magnetic lows, they don't always have to be the blues, which are lowest. Even here is low because it's low compared to what it should have been, the hot pink colours. But you can clearly see a very strong correlation to the Gold we're on surface to the deeper magnetic signature, which is low. And when you see that, it's really hard to believe that the Gold is number 1 related to whatever is causing this magnetic low.

33:53 For various reasons, you assume that magnetic low is structurally controlled, but very close correlation between Gold mineralisation and magnetic low. On top of that, the classic pathfinders like in Futa del Norte, we have Arsenic, Antimony and Mercury. Here's Antimony here, these are just rock samples in our soils.

34:16 These are the 2 main Gold trends in the centre of the conquest zone. You can see it's a very distinct halo, probably on the order of a kilometre surrounding what we're seeing, the outcropping portion of that vein system. Little hints of it along the other showing, a little hint of drop zones or windfall, Braxton Bradley, but quite clear large footprint of antimony at the conquest zone. And same with arsenic in the rock sample. So we got the classic pathfinders that were, again, that you expect to find high up in the system in epithermal systems. Adding now so the magnetics to the IP, I know there's a lot going on this diagram, so we have the original main structures, the north trending structures on the east-west.

35:01 Don't worry about the different colors of all these little lines, but they're marking some of the IAP anomalies from the different surveys and different depths. So wherever you see, not only the thick lines or a whole cluster of them, that means a lot's happening. And you can see in here, there's a lot in every survey. We've done 2 different IP surveys and both surveys have been modeled in 2 different methods. And in this area here, what we call line 4900, we see an IP chargeability on both surveys and on both renditions of the modeling. So essentially 4 different manifestations of the IPERS fee survey. So that's, you know, when you see it on 4 different processes, you know, you're, you know, have strong confidence that it does exist. It's perfectly legitimate.

35:50 The strong 1, it goes to depth and more importantly, it's right next to this very distinct mag low. You can see a lot of the IP are paralleling it, sometimes just off to the side. When it comes to drilling, I'm not sure if we target the IP or do we target the mag low, but that's why when we go into the next drill program, we need to go into the bigger drill budget to make sure we test everything, both the IP and the magnetic lows. But again, you see in this portion, the conquest zone, a magnetic low right underneath where we're getting some of the better grades. So very strong correlation to IP and magnetic lows again, and conquest north. You can see how long these IP targets are on the fringe of this magnetic high as it drops down into this low.

36:37 And again, now these are the same idea, but just dropping deeper down into the system from 300m depth from the big image down to 600m. And again, if you look at that one, the really strong magnetic low right where we have our best IP target and a lot of Gold on surface. So, we have the IP matching the Gold that we're getting near surface And now we're seeing a strong correlation between the magnetic lows and the IP as well. So all multiple datasets supporting our interpretation. So what does that bring us to right now? So, based on the VIP, our drilling and our understanding of these various systems, the idea is to run a larger drill program right now this fall.

37:27 The money we gained from Brevity Quebec is enough for a very small drill program, perhaps another 500m, but we really need a much larger drill program to target these things at depth and give us some option. Much of that drilling, 4 to 7 holes, we're looking at in the western portion of the conquest zone where we're finding that upflow zone. So we'll hit it a few holes, fairly shallow to follow it down, but otherwise step back and with the mag and the IP hit these things a little bit deeper, 2 to 4 holes in that area where we have that very nice deep IP and a magnetic low. And then 1 or 2 in the eastern conquest zone, partly just trying to follow up where we're seeing that high-grade Boulder. We have a good indication of where it is based on structure and the IP.

38:15 And then probably 1, maybe 2 holes into conquest north more to try to get a better understanding of what's going on in there. Because we have a lot of rock that was post-mineralisation dumped on top. So the only way to begin to understand what's happening down here is to put a few drill holes into it. We really want to focus on this portion of the conquest zone. Everything is telling us that this is where the top of the vein systems are. That will be the focus of a drill program this fall. We are also running a new drone magnetic survey, hopefully by actually probably even next week, end of next week, hopefully end of the month for certain. And that will be run in a different direction as to this original magnetic data, because this is original magnetic data was run north-south and that's parallel to the structures that we want to see so we now want to fly in a different direction and a much tighter spacing and everyone we talked to says a key component in epithermal exploration is getting a really high density, high resolution magnetic survey. So very, very shortly we'll be flying this by a drone and have that results prior to implementing the drone program. But we're very excited to see that because that should help highlight these targets even better than what we see right now.

39:35 What does that look like? As a compilation, we've seen it from plan view. Now let's look at a cross section. The main image here is magnetics, roughly down to about 1,000m. I'll just take that with a pinch of salt for its accuracy. Clearly, you can see here the Gold in 3D draped on surface. This is the conquered zone. Here's that Rye Lake dome I talked about. This is where all the activity is going on, both last year and the recent trenching. And you can see now on the very strong low that continues to depth. We have another one over here, we call the line 4900 and there's a nice, really nice IP chargeability anomaly at the top of that. The IP doesn't see as deep as the magnetics, nowhere near. The IP is really just seeing, you know, 100m, you might see something down to 150m.

40:25 So it's only seeing the very, very tops of these systems, it's not seeing what's at depth. And we're also a little bit leery too that about strictly chasing the IP chargeability targets, because at depth, these may turn into more of a vein system and most epithermal systems don't have a lot of pyrite. So we want to be careful about targeting specifically the IP and that's why having the magnetic data is very important. But this type of target doesn't get much better. You clearly get a magnetic logo into depth, a big pocket or very low grade and you have a chargeability that's more or less overlapping it. And we see the same thing, line 5200, we see a nice IP target in and around the current trench.

41:10 And so these will be the targets in the drill program. I'd say most of what we've probably been targeting in the Eastern Conquest portion, particularly in the first-year drill program, was basically the lateral flow. And so that's why we didn't hit it at depth, sort of like a blade or a hole-shaped body that's sort of emanating from one of the main vein systems, which we think we're onto right now in and around the whole 21 area. But this is just a small part of a root and cellar, but it's a large system. When you look at this, 300m apart, what we think are the 2 main veins, there's probably another one in the middle based on the magnetics. We still think there's going to be a main system outcropping somewhere around hole number 5 or hole number 6 from the 2021 drilling.

42:01 Certainly, that's where we have the high-grade Boulder. But this is not a small system when you look at the IP and the surface footprint, and that's why we're really encouraged about where this thing may lead to. To begin to summarise the opportunity, we now have 100% interest in the Root & Seller project. We made the final payment to the prospector just a few months ago after the Revenue Quebec payment. And Root & Seller has, as I said, all ingredients to form a giant and hydrated epithermal gold system. We see a very large footprint, 2 to 3 square kilometres on surface, and that's really just talking about a conquest zone, perhaps conquest zone links up to windfall. But basically all this represents leakage. It's not the main part of the system.

42:50 We see geophysics, whether it's IP or magnetic, supporting a vein system continuing to depth. And again, that magnetic low footprint is very large and it matches the Gold we see on surface. We've identified the centre zone and the outflows. That means the system is intact. A lot of these things get eroded. Actually, Hickeys Pond, which is an epithermal occurrence further north in the Buren Peninsula, when they started looking at that chemistry, they began to deem they were below the boiling zone. So they had a little bit of Gold and it had been eroded. We now know at Boon Seller that the system is essentially intact, hasn't been eroded. And so the best part is still below us. A lot of data based on the chemistry of the rocks, including the tillery, suggests that this is an alkalic or probably more likely a sub-alkalic driven system.

43:40 And alkalic systems are known to form not only large deposits, but high-grade, cripple-free, for example, of alkaline driven systems. And so it appears that we have that at Root & Cellar and that again supports the very large footprint that we're seeing. And as I say, we also have Tellurium, the highest grades are at drop zone and windfall, but actually have much more extensive Tellurium mineralization in the conquest zone. So a very good indicator of both Copper porphyry and epithermal Gold, particularly in the upper portions of the system. It is not a potential value to learn as a critical metal, but more importantly, it's indicative of very large Gold systems.

44:28 And of course, we have the Copper porphyry, which again, we're focused on the Gold at the conquest zone. We think that's the big prize at the end of the day. But there are some good grades of Copper, particularly to the southwest of the conquest zone. We're beginning to understand that. These are being exposed in a series of quarries. At some point, we'll go back and try to get the Copper potential up to speed. But right now, clearly the focus, for good reason, is the conquest Gold. As I say, we are in the stage of planning, or not in the stage, but we're through the planning stages of a drill program. We want to expand that from 500m to something on the order of 2,500m or perhaps 3,000m. We're just in the process of getting the funds together for that. I think it's going to be a very exciting drill program. I feel very confident, at least on the various datasets and the Gold that we're finding on, continue to find on surface.

45:27 And so I think this represents a rare opportunity to potentially get involved in a, you know, we're starting to see the indications of what could be a very large epithermal Gold discovery. I hope you believe too, we believe us too, that we're on to something very significant. As I said at the beginning, exploration is a lot like trying to follow where the puck is going and not where it's been. We think when it comes to the next big gold discovery in Canada, the puck's going to be right here at Maristown and Roomseller. So thanks very much for your time, and happy to take any questions. Thanks so much, Ian. I appreciate it. So we do have some great questions from the audience, so we'll get to in a couple of seconds. I just had a couple of questions myself to get through, just so we can jump through a couple of them, then we'll get to the ones from the audience. Hopefully we'll get to all of them today, but again, if we don't, I'll make sure Ian gets your question, you'll get it answered soon enough.

46:23 So first Ian, and I think you covered this a little bit, but just for clarity for folks in the audience, you noted in the press release that although this new occurrence is proximal to drill hole 23 RC21, where visible gold was previously noted in that previous news release, the mineralization styles are different. So I'm curious if you can explain the significance of this to investors. So central bank space, we haven't tested this zone. So right at the top of 21, the zone would be here and the drill hole was in front of it, so we never hit that zone continuing to depth. I think at the top of hole 21 was 21g over 0.5m, maybe 10g over 2.5m. If we had stepped back, if we had known about that zone, you don't know what the grades are. We are still pending assays on these grab samples, but it just hasn't been tested.

47:17 That top interval of 21 would be wider and higher grade, but it's just showing that there's another zone there that was missed. It's a very complicated system. You get quick changes in geology, but it just means there's another zone there that we should be targeting in the next round of drilling back off, perhaps drill it in another direction. One of the things too in that new showing is We clearly see the intersections of those North-South structures and the East-West. That drill hole did not intersect the North-South features, it was off to the side. I think it actually hit it at depth and interestingly enough, at depth in 1 area we do have 3g or 4g and that may have been the same zone just at depth. So we'll drill it at a different orientation. But it just means that there's more gold there than even what we know about in last year's drilling. Yeah, right on.

48:15 Now I want to talk about centers really, really quickly because I'm not a geologist obviously, but I know that a center is often a great indication of a potential epithermal system, which I think you've covered. I'm curious, do you intend to drill the center to see if it hosts mineralization? Because from my understanding, they're often or at least sometimes barren? Essentially, Pole 21 was partly in-centre. We hit these muddy sediments, so that was part of the centre. Some of those breccias were centre, so we've drilled it. In that area, we'll continue drilling it because we're finding rate in it. But really what we want to do is start getting below that where that transitions more into strict veins. What we want to be careful of is not chasing all these IP anomalies. There's certainly a lot of pyrite in the center zone, bringing anomalous gold, but we really want to get below that.

49:12 So in that particular region, we're getting visible gold in the center by veins that are coming up, so probably late in the system. So we're not going to totally ignore it. But yeah, we don't want to spend too much time drilling the centre in other places intentionally because we really want to find out where these veins are. When it comes to conquest North, some of that big IP anomaly may be a big centre blanket, in which case, if you can get a hold on that, then at least you know you're in the area of a vein system. Some of those IP targets we will test and intentionally drill them as potential centres because then it's just a matter of keep tracking it back into where the vein system is.

50:00 The centre in the eastern conquest portion where we drilled 21, we won't do too much as a 1 or 2 holes at one end where we think another vein may be coming up. That portion no, but certainly where we're all 21 area and where we just drenched, we'll put some holes in it because it seems to be the centre right on top of that main vane system. That clearly fluctuated. At one point, Gold-bearing fluids came up and the centre is not entirely intact. I guess things have been butchered by multiple episodes of radiation, hydrothermal explosions. It's not eroded down, but it's seen better times. But that's good, because every other vent is clearly bringing up, at least some of them are bringing up high-grade visible gold.

50:46 So yes, drill it, but the main thing is now start tracking these Bain systems to depth. Right, makes sense. Look at your press release. The images, they're chip samples, that's correct? They're, yeah, sort of composite samples from the outcrop, yes. So are you expecting, slash, can investors expect an updated news release with assay results? Yeah, we've rushed those samples. So hopefully within a week, we'll have those results. Other ones are going in, but we did rush a batch in that trenching program. Awesome. Which are in the lab right now, and they expect it hopefully any day now. Love any day now. That's a good timeline. So I do want to get to questions in the chat, but I just want to talk really quickly because I know this has been a long time coming, but I saw the news release you put out, and you referenced in your presentation on the long-awaited refund from Revenue Quebec that obviously must be relieving.

51:39 Yeah, I mean, what's a relief? I mean, there's been so many twists and turns in the last little bit. Thank goodness, get the money in the bank and move on. So It's unfortunate that small companies like Northern Shield have to go through these type of battles, but it's shareholders' money. We felt right from the beginning, we were confident that we were entitled to this money. We were told multiple times, no, no, you're not.

52:31 We understood the regulations and it was a matter of perseverance and it paid off. But it's unfortunate mistakes are made, but it took a lot out of us for that time period. The good thing is we got the money at a good time when otherwise markets were not so fluid. It was a relief that it finally came in. You never know when you're going to the courts, but we always felt confidence. And this, again, has implications to exploration too. If we didn't think there was anything at the root and stuff, I would drop the project. Just as if we didn't think we had a valid reasoning for that refund we would have dropped that but when you know you make sure you push through.

53:25 It's a perseverance game for sure. Yeah, it's a good one to do, yeah. Yeah, a question from the chat from Tony is curious when exploration season ends in November or in the Newfoundland. Pardon. Ah, in that portion, I would say it doesn't really end. I mean, they get very little snow. They might get a few snow storms, but at the melts, I would probably say, you know, December is typically when they may late December when they may start getting some snow, and then January, February, by the end of February, it's gone. Of course, it could be wet in the fall or in the spring, but snow is not going to be a problem there. Even in the winter, you can drill, but as far as field work, by end of November or even beginning of December, you kind of want to be out. You're going to see the ground, but it's going to start getting a little bit wet.

54:14 So We don't have to worry about it too much in that part of Newfoundland, but really sort of, you know, December, mid-December to mid-end of February. Great, I appreciate that. For non-Canadians in the audience, not all of Canada is under snow for 6 months. It's a different part of the world. Charlie from the chat asks, first he says thanks for the explanation on on root and cellar and notes the emphasis on this discovery is understandable, but he's wondering if you could do a, I know we've only got a few minutes left, a quick update on on Shot Rock, just to see if there's any geological similarities with with root and cellar. Yeah, well the Sunrise, the terrapinthermal systems, one of the key components, the reason why we're not at Shot Rock right now is the data told us we were in the heart of the system. We were intersecting beautiful crustiform, coliform banded quartz veins with Agularia, so the higher temperature minerals, a little bit of sulphide.

55:10 Everything was telling us we were in the heart of the system. In the first drill program, we got a little bit of Gold, but every time we went back and drilled, we thought we were going to get good results because the veins looked beautiful, we didn't have the Gold. In Shark Rock, the data told us that it wasn't a Gold-rich system. There might be more Gold there, maybe somewhere else, but everything was telling us that the Gold wasn't there because in these veins we should have been getting higher-grade Gold or just Gold. Some places they were hardly detectable, which is completely different from Root & Settle where we're not even in the boiling zone and we're seeing Gold. And a lot of Gold. At Shot Rock, even on surface, we hardly saw any Gold, yet we're seeing these things. The highest surface sample at Shot Rock was 5g.

56:00 Then it quickly dropped off as a few in the 1g, but we didn't have a lot of Gold. If we knew we were way above the system, like they were at Ft Hitanota, you could say, well, fine, you don't expect to see Gold, but we were in the heart of that epipyramidal vein system and we weren't getting Gold. When you look at that, it's like, okay, it's telling us that this is just not a fertile Gold system. If you don't tie it back up, it's like, no, we're going to go where the data is telling us it's fertile and it's a night and day difference. But it's a good question because, yeah, the data at ShotRock told us, you know, essentially to pack it up because it's not there.

56:49 Great, thank you. Someone in the chat notes, raising funds is obviously challenging in the current environment. And they ask if there's consideration, answer the best of your abilities, you know, it's a long-term consideration, but if there's been thinking around offloading other discoveries in order to fund continued exploration at Root & Sallow? Well, we certainly want to, there's a lot of building interest in Root & Sallow, we're trying to steer that towards, you know, strategic financing. So there's obviously we have, the big one I think is on our mind to generate some sort of the demonetizes is Edifice. This Nickel Copper PG project that we have in Quebec, which has a lot of merit. It's more of a PG project. There is Nickel Copper assets there too. And it's a fabulous project.

57:36 I mean, in better days, in an early lifespan, we would be back up there. Again, a lot of data is showing that this is a conduit system, which is when you're exploring for Nickel, Copper, PGs, you want to be in it. They're very different from everything else in the Labrador trough. I think it holds one of the keys to the Nickel minimization in the Labrador trough. We're trying to monetize that for some reason. People haven't jumped on it right away. I think a lot of companies just don't understand these systems. But there's always interest and that's what we're trying to leverage to help finance Root & Siller. Awesome. With about 30 seconds left, unfortunately, I just want to get the one last question. John asks, what funds are required for 3,000m?

58:26 3,000m is essentially about $600,000. We'll have to wait for the quotes to come in from the drilling companies. Typically an all in cost is around 200 a meter there. You know, the last time we'll see if that's the same, but it's on the order of $600,000 to do a 3000 meter drill program. Perfect, right into the wire. Ian, thanks so much. This is a great deep dive and everybody who joined, obviously, thank you. And those watching the replay at home, if you have any additional questions, please do reach out. I'll make sure Ian gets them and they get back to you as soon as possible. But everyone, thank you so much. Have a great afternoon.