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Jackpot Lithium

The Jackpot Lithium property, located in the Georgia Lake Area about 140 km NNE of Thunder Bay, Ontario, is situated approximately 12 km by air from the TransCanada Highway (Hwy 11) and the main railroad which connects to the port town of Nipigon, on Lake Superior. The property has a historical resource on the Dyke No. 2 pegmatite zone, reported as 2Mt @ 1.09 Li2O estimated in 1956 by Ontario Lithium Company Limited*.

The No. 2 pegmatite dyke, which was discovered by diamond-drilling, was intersected at intervals of 30 to 100 meters over a strike length of 215 meters and at intervals of 30-60 meters over a distance of 365 meters across strike. Dyke No. 2 is 4 to 20 meters thick, averaging 11 meters.

Lithium was first discovered near Georgia Lake in 1955 within granitic pegmatites. The current Jackpot property covers the Jackpot lithium deposits, described in a 1965 report by E.G. Pye published by the Ontario Department of Mines. The Jackpot deposits were tested by a total of 32 diamond drill holes in 1955 by Ontario Lithium Company Limited, an associated company of Conwest Exploration Co. Ltd. The drilling confirmed the presence of at least two spodumene-bearing granitic pegmatite bodies, one at the surface (Dyke No. 1) and a second body (Dyke No. 2) lying beneath the Dyke No. 1.

Dyke No. 1 is a 6 to 9 meters thick, flat-lying body occurring as outcrops and further exposed by historic trenching.  A review of Ontario government assessment files suggest little drilling was completed on Dyke No. 1 as efforts appear to have been focused on the larger (No. 2) Dyke. The 1955 drill logs extracted from archived files indicate assaying from only one drilled section within the No. 1 Dyke, even if spodumene is identified in several drill logs. Records from DDH 428 intersected 1.47 wt. % Li2O over 3.96 m from the surface. The Company has not verified the reported assays. The No.1 Dyke represents a readily accessible target for trenching and bulk sampling and to acquire sufficient material for metallurgical testing.

The Dyke No. 2, is not exposed at the surface and was discovered by diamond drilling. Dyke No.2 has been described by Pye (1965) as follows: "… Historical drill intercepts include 1.52 per cent Li2O over 10.6 metres (drill hole 411) and 1.17 per cent Li2O over 21.2 metres from drill hole 407." All drill intercepts reported are historical in nature and are taken from assessment files available at the Ontario Ministry of Northern Development and Mines. The assay results have not been verified by the Company.

* The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company as not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.

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