DISKO NI-CU-PGM MAGMATIC MASSIVE

SULPHIDE

D IS C LA I M E R

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THE D IS K O - N UUS S UA Q N I C K E L - C O P P E R - P G M

• Kuugannguaq Valley, looking north, September 2012

The magmatic Cu-Ni-PGM project at Disko-Nuussuaq in West Greenland builds on more than three decades of exploration. Cominco in the 1980's. Falconbridge in the 1990's and Vismand Exploration 2003-2011. The companies interests were sparked by the strong analogies with the Norilsk-Talnakh camp including a showing of massive Ni-Cu-PGM-bearing sulphide body in east Disko. Several failed attempts to drill targets by Falconbridge in 1994-96 and culminating with Vismand Explorations drilling project in 2007, which also failed to reach target due to permafrost, difficult ground and shallow gas.

Avannaa acquired the licence in 2012 (no. 2012/29) as soon as it expired from Vismand Exploration. During 2012 and 2013 Avannaa assessed the project and developed strong drill targets in the valleys Kuugannguaq on Disko and Aaffarsuaq on Nuussuaq. Both project areas are situated close to deep tidal water with ship access for >10 months/year. In September 2016, Bluejay acquired Avannaa and accordingly Disko-Nuussuaq

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Kuugannguaq Valley, looking north

D I S KO - N U U S S U AQ'S AN ALOGY T O N O R ILS K- T ALN AKH, S IB E R IA – THE WORLDS BIGGEST NICKEL D I S T R I C T

Minimum overall resource at Norilsk: 1,26bt @ 1.8% Ni, 3.8% Cu, 10g/t PGM

(Naldrett, 1999)

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(Lightfoot, 2007)

The rich ore bodies (in red) at Norilsk represent sulphide melts settled from intrusive sill complexes in a sedimentary basin during the formation of a plateau basalt province

The magma assimilates sur-rounding sediments and becomes supersaturated with sulphur. Segregating sulphide melt droplets scavenge the magma for Ni, Cu and PGMs, aggregate and settle by gravity to form rich ore bodies

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NORILSK – NATURE’S NICKEL-COPPER SULPHIDE FACTORY

WEST G R E E N L A N D TERTIARY IG N E O US PROVINCE – A R E C O G N I S E D AN ALOGUE T O S IB E R IA N TRAPS AND

NORILSK

The lines of analogy are: 1. Magma composition (picrite lavas and contamination) 2. Lavas erupted through and into sedimentary basin 3. Fault controls on magma conduits 4. Level of erosion 5. Sites of sulphide segregation

Nuussuaq

Disko

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Several papers on this specific subject have been published in international

scientific journals

West Greenland Siberia

LINES OF AN ALOGY WITH N O R I LS K : 1 MA GMA C O M P O S I T I O N - PICRITE AND CONT AMINA TION

• Picrite lavas are hot melts derived directly from the Earth’s mantle and constitute the main source for nickel and platinum-group metals (PGM) and important source for copper.

• West Greenland Igneous Province contains

the largest on-shore accumulation of picrite lavas outside of Siberia.

• Enormous volumes of melt interacted with

sedimentary rocks en-route to surface and lost all their Ni, Cu and PGM in the conduit system. The accumulation of these metals forms the exploration target on Disko and Nuussuaq.

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(Vaigat Fm picrites – rusty lava flows are contaminated units; Pedersen & Larsen, in prep)

LINES OF AN ALOGY WITH N O R I LS K : 1 MA GMA C O M P O S I T I O N - PIC RITE AND CONTAMINA TION

• Vaigat Fm is the lowermost volcanic formation and encompass 2,000-5,000m stratigraphy of lavas, mainly picrites

Typical Naujánguit Mb picrite has 7-29 wt% MgO,

For a lava with MgO at 10-15 wt%:

Ni=200-600ppm

Cu=150ppm

Pt=5.7-9.4 ppb

Pd=4.2-12.9 ppb

• Picrites inherently are hot and have low viscosity, assimilate more crust and can reach sulphur saturation

Important contaminated lava members in grey (Idealized stratigraphic section through the onshore West Greenland Tertiary Igneous Province)

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LINES OF AN ALOGY WITH N O R ILS K : 1 MAGMA C O M P O S I T I O N - P ICRITE AND CONT AMIN A TION

Contaminated lavas demonstrably have assimilated: • up to 40% shale (Asuk Mb) • 12-24% sandstone

(Kuugannguaq Mb)

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LINES OF AN ALOGY WITH N O R I LS K : 1 MA GMA C O M P O S I T I O N - PIC RITE AND CONTAMINATION

Contaminated lavas (red) have lost their Ni, Cu and PGM compared to uncontaminated lavas (blue), which is strong evidence that sulphide melts have segregated from the magmas before eruption

(data from Pedersen, 1985; Lightfoot et al, 1997)

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C O N TA M I N A T E D VA I G A T F M . P I C R I T E S - D I S T R I B U T I O N

Two contaminated units show significant volume:

• Asuk Mb. Known from northern Disko and southern Nuussuaq. Covers more 1,000km2 (red stippled line).

than Of ten

composite dykes/lava flows (andesite/ basalt). Up to 150m thick in northern Disko. Several eruption sites. (A.K. Pedersen, pers com.)

• Kuugannguaq Mb. Known from northern

Disko only. Covers more than 200km2

(yellow stippled line). Mainly basaltic lavas and tuffs. Up to 90m thick, estimated volume is min. 7.5km3.

Known Asuk Mb outcrops

known Kuugannguaq Mb outcrops

Avannaa 2012/29 licence (4 blocks)

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In early Tertiary time, West Greenland was occupied by a large active sedimentary basin with a thick sedimentary package. Photo shows sulphur-bearing shales and coal seams of the Atane Fm sandstone overlain by lavas of the Vaigat and Maligât Fm, as exposed on southern Nuussuaq, east of Bluejay’s target areas.

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LINES OF ANALOGY WITH NORILSK : 2 LAVAS ERUPTED THROUGH AND INTO SEDIMENTARY BASIN

L I N E S OF ANA L O G Y W I T H N O R I L S K : 3 FA ULT C O N T R OLS ON MA GMA C O N D U I T S AND

4 L E V E L OF ER O S I O N

(Dam et al, 2009) (Arndt et al, 2003)

Noril'sk-Kharaelakh fault

• Eruption sites on Disko- Nuussuaq are centred around the long-lived Kuugannguaq- Qunnilik fault complex. This is a crust-penetrating structure and an important component of the volcanic plumbing system.

• Erosion is deep enough to

expose base of volcanic pile both in Norilsk and on Disko- Nuussuaq

Kuugannguaq-Qunnilik fault complex

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LINES OF AN ALOGY WITH NORILSK : 3 FA ULT CONTR OLS ON MAGMA C O N D UI T S

(Marcussen et al., 2002)

Affarsuaq

Kuugannguaq

Evidence for sill complex from off-shore seismic survey (2000 government survey) – 'sills at or near seabed' – located at the trajectory of the Kuugannguaq-Qunnilik fault complex. No t e t he e r u pt io n s i t e s in Kuugannguaq (yellow star) and Aaffarsuaq valleys (red star)

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L I N E S OF ANA L O G Y W I T H N O R I L S K : 5 S U L P H I D E S E G R E G A T I O N . E V I D E N C E FR OM C O N T A M I N A TED

VA I G A T P I C R I T E S – K U U G A N N G U A Q M B

An eruption center in Kuugannguaq Valley, northern Disko contains welded basaltic glass with sulphide inclusion

(Pedersen & Larsen, in prep)

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L I N E S OF ANA L O G Y W I T H N O R I L S K : 5 S U L P H I D E S E G R E G ATION. E V I D E N C E FROM C O N TAMINA TED VAIGAT P I C R I T E S –

K U U G A N N G UAQ MB

Kuugannguaq Mb welded tuff #113321 basaltic glass; composition:

SiO2 52.4wt%

MgO 10.8wt%

FeO 9.5wt%

Ni 39ppm

Cu 18ppm

Avannaa research

Spherical sulphide globules in basaltic glass demonstrate that the contaminated picrite, now a high silica basalt, was sulphur saturated. The low content of nickel (39ppm) compares to about 300ppm for an uncontaminated picrite with at the same MgO content and testifies to the removal of Ni by sulphide melt segregation. This Ni (and Cu+PGM) bearing sulphide must be residing in the conduit system.

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L I N E S OF ANA L O G Y W I T H N O R I L S K : 5 S U L P H I D E S E G R E G ATION . E V I D E N C E FROM C O N TAMINA TED V AIGT P I C R I T E S –

K U U G A N N G UAQ MB

Ni: 3.4% Cu: 2.2%

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Ni: 3.9% Cu: 2.8%

Ni: 6.0% Cu: 0.0%

Ni: 3.9% Cu: 0.7%

Ni: 1.7% Cu: 2.1%

Ni: 1.9% Cu: 0.0%

Sulphide spheres in Kuugannguaq Mb basaltic glass invariably are 10-20 µm in diameter and suggest that larger spheres settled by gravity. Significantly, most spheres have a substantial content of Ni (to 6.0 wt%) and Cu (to 2.8 wt%) despite the glass they segregated from only has 39ppm Ni and 18ppm Cu. This underlines the efficiency of sulphide melts in removal of Ni and Cu (and PGM).

Avannaa research

LINES OF ANALOGY WITH N O R ILS K : 5 S ULP H ID E S E G R E G A TION. E V ID E N C E FR OM

CONTAMINATED VAIGAT P IC R IT E S – ASUK MB A N D E S IT E

Asuk Mb #400285 graphite andesite; composition: SiO2 57.8wt%

MgO 8.1wt%

FeO 9.8wt%

Ni 445ppm

Cu 158ppm

Amoeboid sulphide globules in andesite reflect the more advanced degree of contamination and sulphide segregation. The increased silica content of these melts increased their viscosity to the degree that aggregated sulphide globules could not settle by gravity and thus stayed in the melt. Therefore some high-Mg andesites are enriched in Ni and Cu owing to their content of 'trapped' sulphide melt globules.

MgO

Avannaa research

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L I N E S OF ANA L O G Y W I T H N O R I L S K : 5 S U L P H I D E S E G R E G ATION . E V I D E N C E FROM C O N TAMINA TED VAIGAT P I C R I T E S – ASUK MB

A N D E S I T E

Ni: 3.5% Cu: 0.7%

Ni: 4.2% Cu: 0.0%

Ni: 4.3% Cu: 0.0%

Ni: 4.5% Cu: 2.0%

The amoeboid sulphide inclusions (70-100 µm across, left) in andesites consist of many individual 5-10 µm sulphide spheres. The inclusions range 3.5-4.5 wt% in nickel and 0 – 2.0 wt% in copper.

Some andesites are crowded with sulphide inclusions (below)

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LINES OF ANALOGY WITH NORILSK: 5 SULPHIDE SEGREGATION. SULPHIDE INCLUSIONS HAS BEEN IDENTIFIED FROM ALL THE MAJOR CONTAMINATED LAVA MEMBERS AND IN MORE THAN HALF OF THE SAMPLES STUDIED (>60)

All sulphide inclusions are found to be high-temperature melt inclusions with variable, but consistently elevated contents of Ni, Cu and Co The abundance of inclusions, not only by the number of studied lava samples, but also by the number in each sample suggests that sulphur saturation and segregation of sulphide melts were common and reoccurring processes that affected all of the major crustally contaminated lava units

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L I N E S OF ANA L O G Y W I T H N O R I L S K : 5 S U L P H I D E S E G R E G A T I O N . E V I D E N C E FR OM M A S S I V E S U L P H I D E BODY A T I L L U K U N N G U A Q,

E A S T E R N D I S KO

Dyke in Atane Fm sandstone containing a 28t body of massive sulphide at its lower margin. Falconbridge reported 6.9 % Ni, 0.6% Co, 3.7%Cu, 2g/t PGM as average of rubble collected in 1992. Several attempts to drill nearby geophysical anomalies failed due to difficult ground (New Quebec Mining, 1967 and Falconbridge, 1994).

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AN A L O G Y W I T H N O R I L S K : P H Y S I CAL E V I D E N C E OF M A S S I V E S U L P H I D E S E G R E G A T I O N

Massive Ni-pyrrhotite “sampled” by late stage cross cutting dyke and reworked to surface.

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C O N S T R A I N I N G T ARGETS: 3D I N V E R S I O N OF ZTEM D A T A, K U U G A N N G UA Q V A L L E Y

Mira Geosciences, Vancouver delivered constrained 3D inversions of the ZTEM survey data for Kuugannguaq and Aaffarsuaq valleys.

The three conductors are located along the trace of the Kuugannguaq-Qunnilik fault complex with top of conductors at 400-800m below surface.

Eruption site in Kuugannguaq Mb with volcanic glass containing sulphide inclusions

José

Plácido

Luciano • red line: licence 2012/29 boundary • orange shades: 5, 10, 20 Ωm

isosurfaces

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C O N D U C T ORS IN K U U G A N N G U AQ VA L L E Y

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V I S M A N D 2 0 0 7 D R I L L C O L L A R LOC A T I O N S AAF FARSU A Q V A L L E Y

Vismand 2007 drill sites. Holes did not reach target depth

Jussi S

2525

Jussi N

Enrico

C O N D U C T O R S IN AAF FARSUAQ VA L L E Y

Aaffarsuaq valley showing conductors, looking east. The Enrico conductor is lying just behind the profile slice.

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Jussi N Jussi S

C O N D U C T I V E B O D I E S IN AAFF ARSUAQ V A L L E Y CORRELATE WI T H POS I T I V E MAG N E T I C ANOM A L I E S AND SUGGEST THAT THEY

R E P R E S ENT I N T R U S I O N S

Figure 10: Geologically constrained inversion for sediments

Isosurface ZTEM resistivity <40Ohm m Volcanic Cover

Analysis: Qualititative association between mag sus and resistivity

From a qualitative perspective there appears to be a clear relationship between mag sus recovered in the geologically constrained inversion in the sediment and a low resistivity iso- surface extracted from the ZTEM inversion results.

3D modelling by Mira Geoscience, November 2014

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2013 V IBROS E IS T E S T S URV E Y OF JOS É CONDUCT OR IN K U U G A N N G U A Q V AL L E Y

Northernmost conducting body in Kuugannguaq valley as modeled through inversion of ZTEM data (5, 10 and 20 Ωm isosurfaces) High resolution reflection vibroseis survey lines. 12.5km lines of survey. Geophone spacing 2.5m, source spacing 10m.

2013 Vibroseis test survey of José conductor in Kuugannguaq Valley

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S E IS MIC R E F L E C T O R S C O R R E LA T IN G WIT H JOSÉ CON DUCTOR

Seismic N-S striking section with interpreted intrusions, Line 2013-04

Possible intrusion Probable intrusion Top 20 Ωm from ZTEM 3D inversion (4000 m/s) Fault

TWT [sec] Depth [m]

0.100 200

0.200

400

0.300

600

0.400

800

0.500

1000

0.600

1200

José

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DRILL READY TARGETS

• Environmental Impact Assessment for drilling

programme completed in 2014 shows no

hindrance to drilling

• Drill site surveys to characterise drill site

substrate and road access completed in 2014

– show no hindrance

• Near-shore bathymetry completed in 2014

shows deep water close to shore-line and

easy ship/barge access

• Application to drill can be lodged at anytime

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FINNAUST MINING 31