Tom Cat Property SummaryH. Sigurgeirson, P. Geo.
January 28, 2018

Property Location

The property is about 25 km southeast of Merritt in south-central British Columbia. It is in the southern portion of an area of hilly upland situated in the centre of the Aspen Grove copper camp, known as the Fairweather Hills (Figure 1). It is accessed by taking highway 5A southeast from Merritt to Bates Road, then east along Bates Road until 674290 E, where a logging road heads south onto the property. The property is covered by forest on the higher ground, with grassland at lower elevations. Slopes are generally gentle to moderate. The property ranges in elevation from about 1285 m in the area of high ground in the central to northwest of the property, to about 1040 m in the north-south trending valleys on the east and west sides of the property. Snow can be expected from November to April.

Property Description

The Tom Cat Property consists of claim 1053089, shown in Figure 2. The claims are 100% held by Sierra Iron Ore Corporation. A Statement of Work (EV#5656408) was filed for the work described in this report on July 14, 2017. The claim covers 687.06 ha and is good to July 21, 2018. Six mineral claim crown grants are shown on the property (Figure 2). All but the southernmost Crown Grant (Edith, DL 1553) have reverted to the crown. The exact status of the Edith is unclear (“converted”), but MTO indicates that the ground is held by the crown. Two private lots overlie part of the western side of the property (Figure 2).

Geology

The Fairweather Hills region is underlain by the Central Volcanic Facies of the Upper Triassic Nicola Group, comprising intermediate, feldspar and feldspar augite porphyritic pyroclastics and flows, associated alkaline intrusions, and minor sedimentary rocks (Figure 3). The intrusions vary from diorite to monzonite in composition and are thought to be comagmatic with the Nicola Group, ranging in age from Late Triassic to Early Jurassic.

Property History

Old workings, including pits, trenches, short adits and shafts, are encountered frequently on the property. Some of these date back to at least the early 1900's. Approximately 15 – 20 diamond drill holes were drilled on the property up to 1967, but are poorly documented. Various soil and geophysical surveys have been conducted intermittently over most of the property from the 1960's to 2006. Bold Ventures Inc. Drilled 4 holes on the property in 2007, totalling 754.1 m. One of the holes drilled at the Tom Cat Prospect returned 0.54% Cu over 5.6 m (Garrow, 2010). A considerable amount of work has been done on the property, but the soil and geophysical surveys are difficult to interpret due to a lack of detailed mapping.

Mineralization

The following Minfiles (locations shown on Figure 3) are on the property:

Tom Cat (092HNE086) – A several meter wide zone of steeply dipping, fractured and mineralized rock within green volcanic breccia. Mineralization consists of clots of pyrrhotite or pyrite +/- chalcopyrite or chalcocite. A hole drilled by Pyramid Mining Company Ltd. in 1965 assayed an average of 0.32% from select samples taken every 1.5 m over two 15.2 m sections in a 45.7 m interval (McKechnie, 1965).

Bluey (092HNE167) – Chalcopyrite and malachite occur as disseminations and fracture coatings in trenches in porphyritic andesite. Chalcocite, galena and azurite are also reported. A 4 m chip sample taken in 2006 (Kerr, 2007) yielded 0.92% Cu, 0.16% Pb, 0.8% Zn and 10.9 g/t Ag.

Bunker Hill (092HNE089) – Chalcopyrite, chalcocite, malachite and pyrite are exposed in pits and trenches in fractured and altered andesite. A 2 m chip sample yielded 3.73% Cu (Kerr, 2007).

Portland (092HNE088) – A shaft was sunk in volcanic breccia and flow rocks. No mineralization was seen in bedrock, but a sample from the dump returned 0.17% Cu (Kerr, 2007).

AM (092HNE166) – A shaft is reported in a shear zone of altered andesite, though it's exact location is not known. Reported assays range up to 2% Cu over 1.5 m (Mark, 1978).

Bloo (092HNE257) – Chalcopyrite, pyrite and hematite occur trenches in fine grained diorite. A rock sample returned 0.48% Cu and 1.7 g/t Ag (Lisle, 1985). Sampling in the area of a shaft about 250 m to the northwest returned 0.43 – 0.80% Cu (Gourlay, 1990). The Bloo showings have not been recently located.

Boomerang (092HNE087) – Chalcocite, bornite and malachite occur in brecciated zones within choritized diorite. Three of five rock samples analyzed 0.18 to 2.34 % Cu, 0.4 to 7.9 g/t Ag and 0.016 to 0.980 g/t Au (Lisle, 1985). the Boomerang showings have not been recently located.

Exploration Target

The target deposit type is an alkalic porphyry. A diorite intrusive, mapped by Preto, dominates the east half of the property. Seven Minfiles documenting bedrock copper mineralization, often associated with old workings, occur within and around the diorite. A comprehensive mapping and sampling program directed at characterizing the alteration, mineralization and host rock(s) should be done over the property to properly assess it's potential to host an alkalic porphyry system. The surficial materials should also be examined to aid the interpretation of past soil surveys.

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