north american palladiu ltdm . lac des iles ......access is obtained by travelling approximatel 20ky...

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NORTH AMERICAN PALLADIUM LTD. LAC DES ILES MINES LTD. RECEIVED APR 0 1 2010 GE0 SC<ENC€ assessuemt Of^lCE 2008-2009 MECHANICAL STRIPP AND CHANNEL SAMPLING ASSESSMENT REPORT on the NORTH VT RIM PROJECT LAC DES ILES PROPERTY THUNDER BAY MINING DIVISION NORTHWESTERN ONTARIO NTS: 52H/04NE Lac des Mes Area G-0739 2 - 4 4 4 9 8 Prepared by Krista Nelson, P.Geo Michael Grieve Corey Wendland Completed February 22, 2010

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Page 1: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

NORTH AMERICAN PALLADIUM LTD. LAC DES ILES MINES LTD.

RECEIVED

APR 0 1 2010

GE0SC<ENC€ assessuemt Of lCE

2008-2009 MECHANICAL STRIPP AND CHANNEL SAMPLING

ASSESSMENT REPORT

on the

NORTH VT RIM PROJECT LAC DES ILES PROPERTY

THUNDER BAY MINING DIVISION NORTHWESTERN ONTARIO

NTS: 52H/04NE Lac des Mes Area G-0739

2 - 4 4 4 9 8

Prepared by

Krista Nelson, P.Geo Michael Grieve

Corey Wendland

Completed February 22, 2010

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TABLE OF CONTENTS

1) Introduction 1 2) Land Tenure, Location and Access 1 3) Regional Geology 5 4) Local Geology 5 5) Previous Work 6 6) Summary of 2008-2009 Overburden Stripping and Channel Sampling .... 8 7) Daily Log of Trench Mapping Activities 12

a) Description of IVIapped Rock Types 12 b) Description of IVIapping Activities 12 c) Summary of Trench Mapping Activities 15

8) Conclusions and Recommendations 15 9) References 16

TABLES 1) Lac des Iles Mines Ltd's Claim Group 3 2) 2008-2009 Trenching Summary 8

FIGURES 1) Location and Access Map 2 2) Claim Map 3 3) Work Done in the North VT Rim Area Prior to 2008 7 4) Historic Channel 'Grab' Sample 9 5) Photo of Cat312 Excavator at Work 9 6) Photo Looking North Along Trench TR09-3 10

MAPS (Back Pocket) Planview map of Trench locations and individual trench map locations

f Planview map of TR09-01 3) Planview map of TR09-02 4) Planview map of TR09-03 5) Planview map of TR09-05 6) Planview map of TR09-06 7a & b) Planview map of TR09-07 8a & b) Planview map of TR09-08 9a&b) Planview map of TR09-09

1) 2)

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APPENDIXES

Appendix A—Daily Woric Log

Appendix B—Channel Sample Descriptions

Appendix C—Assay Certificates

Appendix D—Signatures of Persons Performing Assessment Work

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1) Introduction

This report, submitted to obtain assessment work credit, details the results of two mechanical stripping and channel sampling programs performed on mining lease CLM253 (lease #107909; G4000192; land registry parcel 2985) between October 20* to December 2008 and July 21®' to November 2"^ 2009. Lac des Iles Mines Limited, client number 217699, is the 100% owner of CLM253 with mining and surface rights covering 395.73 hectares.

Lac des Iles Mines Ltd operates the Roby open pit and underground mine which was put on care-and-maintenance in late 2008. Presently, the underground operations are in the process of reopening. The current (2009) economic focus is the underground development of the Roby Zone and the fault displaced Offset Zone.

The North Varitextured Rim (NVTR) project area is located approximately 200m northeast of the mined Roby pit. This area has received limited historic exploration. The main purpose of the 2008-2009 mechanical stripping and channel sampling programs was to test the potential up-dip extension of mineralization encountered in 2008-2009 diamond drilling. Further, these programs were designed to test the structural relationship of the mineralization.

Results of the 2008-2009 mechanical stripping and channel sampling programs (e.g. 5.91 g/t over 2.06m in trench TR09-7 and 3.36g/t Pd over 3.20m in trench TR09-8) successfully traced mineralization encountered in drilling to surface. These results have also expanded the NVTR mineralization to 600m strike length along the northern margin of the Lac des Iles Mine Block intrusion. Mapping of the stripped areas show that the NVTR mineralization is hosted in a varitextured gabbro which differs from the known pyroxenite-related Roby Zone. Additionally, the best palladium values from channel samples appear to be associated with shear Zones. With further work, this mineralization could potentially be joined with the Creek Zone mineralization, approximately 1.6km further to the east.

2) Land Tenure, Location and Access

The 2009 North VT Rim drilling was performed on mining lease CLM253 (lease #107909; G4000192; land registry parcel 2985), located approximately 90km north of Thunder Bay in northwestern Ontario.

Access is obtained by travelling approximately 20km east on Highway 11/17 from Thunder Bay, then 95km north along provincial highway 527. A gravel road maintained by Lac des Iles Mines Ltd leads to the claim group 15km to the west of Highway 527 where a manned security entrance limits access to the property (figure 1). The 2008-

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2009 mechanical stripping and cliannel sampling locations were then reached via secondary gravel roads and trails.

Figure 1: Location and Access Map

Lac des Iles Mines Ltd holds the mining and surface rights for CLM253 under a 21 year lease with an expiry date of August 31, 2027. This lease is part of a larger, approximately 8600 hectare, land package consisting of 54 staked mining claims and 6 mining leases (figure 2; table 1), on claim maps Lac des Iles (G-0739), Heaven Lake (G-0729) and Shelby Lake (G-2512) in the Thunder Bay mining division. The approximate UTM coordinates for the center of CLM253 is 309900mE and 54501 OOmN (NAD83, UTM Zone 16).

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Figure 2: Claim Map

Staked Claims Claim # Township Recording Date Area (ha) Type

845318 LAC DES ILES 1985-Dec-04 9.03 Staked

864416 LAC DES ILES 1985-NOV-19 12.92 Staked 864417 LAC DES ILES 1985-NOV-19 15.98 Staked

864418 LAC DES ILES 1985-NOV-19 12.63 Staked

864419 LAC DES ILES 1985-NOV-19 12.24 Staked

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864420 LAC DES ILES 1985-NOV-19 13.06 Staked 864421 LAC DES ILES 1985-NOV-19 12.95 Staked 873576 LAC DES ILES 1986-May-05 16.73 Staked 873577 LAC DES ILES 1986-May-05 13.20 Staked 873578 LAC DES ILES 1986-May-05 16.51 Staked 873579 LAC DES ILES 1986-May-05 17.67 Staked 873580 LAC DES ILES 1986-May-05 14.10 Staked 873581 LAC DES ILES 1986-May-05 16.64 Staked 909816 LAC DES ILES 1986-May-16 11.17 Staked 1165555 LAC DES ILES 1992-Mar-06 188.97 Staked 1165557 LAC DES ILES 1992-Mar-06 55.48 Staked 1165558 LAC DES ILES 1992-Mar-06 134.90 Staked 1187071 LAC DES ILES 1994-Dec-02 57.97 Staked 1191463 LAC DES ILES 1993-Aug-23 99.32 Staked 1191464 LAC DES ILES 1993-Aug-23 127.29 Staked 1191467 LAC DES ILES 1994-Mar-25 59.78 Staked 1194309 LAC DES ILES 1991-Sep-09 51.00 Staked 1200770 LAC DES ILES 1994-Dec-02 162.10 Staked 1205064 LAC DES ILES 1999-Jul-20 190.98 Staked 1207892 LAC DES ILES 1995-Feb-03 96.30 Staked 1207893 LAC DES ILES 1995-Feb-03 103.77 Staked 1215285 LAC DES ILES 1996-Jun-17 206.45 Staked 1215286 LAC DES ILES 1996-Jun-17 8.37 Staked 1215287 LAC DES ILES 1996-Jun-17 8.97 Staked 1215288 LAC DES ILES 1996-Jun-17 16.74 Staked 1215289 LAC DES ILES 1996-Jun-17 260.62 Staked 1215290 LAC DES ILES 1996-Jun-17 223.15 Staked 1215291 LAC DES ILES 1996-Jun-17 218.38 Staked 1215292 LAC DES ILES 1996-Jun-17 24.53 Staked 1215294 LAC DES ILES 1996-Jun-17 35.74 Staked 1217213 LAC DES ILES 1997-Feb-21 99.02 Staked 1217347 LAC DES ILES 1998-Apr-14 12.45 Staked 1232007 LAC DES ILES 1998-Feb-05 98.59 Staked 1232008 LAC DES ILES 1998-Feb-06 39.04 Staked 1232009 LAC DES ILES 1998-Apr-14 8.35 Staked 1232010 LAC DES ILES 1998-Apr-14 34.37 Staked 1232011 LAC DES ILES 1998-Apr-14 31.59 Staked 1232619 LAC DES ILES 1998-May-07 151.29 Staked 1232620 LAC DES ILES 1998-May-07 128.83 Staked 1232742 LAC DES ILES 1998-Apr-21 69.66 Staked 1232962 LAC DES ILES 1999-Jun-29 212.46 Staked 1238057 SHELBY LAKE 1999-Jun-29 256.03 Staked 1238058 SHELBY LAKE 1999-Jun-29 257.63 Staked 1238059 SHELBY LAKE 1999-Jun-29 252.89 Staked 1238060 LAC DES ILES 1999-Jun-29 77.27 Staked 1238061 LAC DES ILES 1999-Jun-29 199.60 Staked 1238062 LAC DES ILES 1999-Jun-29 173.98 Staked 1245678 HEAVEN LAKE 2000-Dec-08 234.25 Staked 1245679 HEAVEN LAKE 2000-Dec-08 246.52 Staked

Total= 5109.49

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Leases Lease Township Lease Date Mining Rigiits

Area (Ha) Surface Rights

Area (Ha) Type

CLM251 LAC DES ILES 31-Aug-06 235.03 235.03 21 Year Lease CLM252 LAC DES ILES 31-Aug-06 341.39 341.39 21 Year Lease CLM253 LAC DES ILES 31-Aug-06 395.73 395.73 21 Year Lease CLM254 LAC DES ILES 31-Aug-06 497.42 0.00 21 Year Lease CLM430 LAC DES ILES 30-Sep-06 348.40 348.40 21 Year Lease CLM431 LAC DES ILES 30-Sep-06 1695.26 1695.26 21 Year Lease

Total= 3513.24 3015.81 Table 1: Lac des Iles Mines Ltd's Claim Group

3) Regional Geology

The Archean age Lac des Iles Intrusive Complex (LDI-IC) lies immediately north of the Wabigoon-Quetico Subprovince boundary, along which mafic and ultramafic intrusions are common (Lavigne and Michaud, 2002). The LDI-IC is a circular shaped intrusive complex that is one of a series of ultramafic to mafic intrusions that collectively define an area approximately 30km in diameter and intrudes granites and greenstones of the Wabigoon Subprovince of the Superior Province. Lavigne and Michaud (2002) describe the LDI-IC as consisting of three magma chambers, each a distinct lithological domain: 1 ) the North Lac des Iles ultramafic intrusion is centered on Lac des Iles, 2) a chaotic gabbroic intrusion occurring immediately south of Lac des Iles, and 3) a homogeneous hornblende gabbro located south-west of Camp Lake.

4) Local Geology

The Lac des Iles mine lies in the central gabbroic portion of the LDI-IC that is locally termed the Mine Block Intrusion (MBI). The MBI measures roughly 3km long by 1.5km wide and is defined by a northeast-trending elliptical shape. It varies significantly from anorthosite to clinopyroxenite in composition and is equigranular, varitextured and pegmatitic in texture thus making the MBI very complex lithologically and texturally.

The MBI contains a number of PGE-enriched occurrences (e.g. Roby, Baker, Creek Zones, etc). Historically, the Roby Zone has been the focus of the majority of the exploration efforts and economic interests. It is divided into three subzones: 1 ) North Roby, 2) Roby High Grade, and 3) Footwall Breccia. At depth and fault-displaced from the Roby Zone occurs the Offset Zone. Both zones are lithologically defined by pyroxenites and gabbros. The current economic interest is the underground development of these zones.

The North Varitextured Rim (NVTR) project area is located approximately 200m northeast of the mined Roby pit and extends approximately 600 meters along strike trending NE. Locally, the surface geology consists of the same rock types that make up

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the LDI-IC with the exception of a lack of breccias and ultramafic pyroxenite. The NVTR project area hosts mineralization in a varitextured gabbro and appears to be structurally controlled as opposed to the pyroxenite-related mineralization in the Roby and Offset Zones. A more detailed description of rock types within the NVTR will be discussed in the daily log section of this report (Section 7).

5) Previous Work

Previous work on the Lac des Iles property has concentrated on the main Roby Zone (production 1993-2008 from open pit and underground) and the more recently discovered fault displaced Offset Zone with sporadic and limited exploration on the rest of the claim group including the North VT Rim project area. • Historic work on CLM253 dates back to the discovery of palladium mineralization in

1963 at the 'A' Zone (Lavigne et al, 2005), later renamed the Baker Zone. Early surface and diamond drilling exploration included work performed by Gunnex Limited and Anaconda American Brass (1963-1973), Boston Bay Mines and Texasgulf (1974-75), American Platinum (1987-1989) and Madeleine Mines (1986-1993). Madeleine Mines changed its name to North American Palladium in 1993 which is the 100% owner of Lac des Iles Mines Ltd.

• Geological mapping and studies in the area include but are not limited to those conducted by Pye (1968), Watkinson and Dunning (1979), Sutcliffe (1986), Sutcliffe and Sweeny (1986), Lavigne and Michaud (2002) and Lavigne et al (2005).

• Open pit mining commenced in Dec 1993 with a major expansion of mining (~50,000tpd) and milling operations (~16,000tpd) in 2001. Underground development commenced in 2004 and achieved commercial production in 2006 of ~2,000tpd via ramp access. Operations were put on care-and-maintenance in October 2008 due to depressed commodity prices but the company is presently in the process of reopening the underground operations as commodity prices have recently regained value.

• Drilling on CLM253 has mainly concentrated on zones mined in the open pit (e.g. Roby Zone, Footwall Breccia Zone, Twilight Zone, North Roby Zone) as well as the portion of the Roby Zone mined underground. More recent efforts have concentrated on defining the potential of the Offset Zone. Prior to 2008, approximately 717 diamond dhll holes (~284,000m) and 184 percussion holes (~5,600m) had been collared on CLM253 targeting these zones.

• Exploration-type drilling collared on CLM253 outside of the pit area prior to 2008 totaled approximately 8,000m in 42 diamond dhll holes. Of these, only 4 holes occur in the NVTR area (figure 3).

• The majority of the recent surface exploration (prospecting, sampling, ground and airborne geophysics) on CLM253 occurred between 1998-2001 with smaller surface programs occurring intermittently in subsequent years.

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The limited previous exploration on the North VT Rim project area consists of: • 1964: one drill hole by Gunnex Ltd in G64-9 (91.44m). No assay data is available. • 1997-2000: prospecting and approximately 500m of mechanical stripping by Lac

des Iles Mines Ltd. A total of 266 prospecting and trench grab samples were taken over the area. Of these, five samples returned >1g/t Pd with the two highest of 5.349g/tand 5.146g/tPd.

• 2005: three diamond drill holes numbered 05-033 (169m), 05-034 (126m) and 05-046 (69m) tested targets along the North VT Rim. • 05-033 targeted the depth extension of low grade trench grab sample results

including 1.166g/t Pd and 0.823g/t Pd. The best result in hole 05-033 was 2.582g/t Pd over 13.5m (43.5-57m) including 4.337g/t over 6m (45-51 m down hole).

• 05-034 was drilled approximately 115m to the east of 05-033 but was collared too far north to encounter anomalous mineralization.

• 05-046 was stepped back approximately 48m ESE of 05-034. The best intersection in 05-046 was 1.252g/t Pd over 4.5m (54-58.5m).

Figure 3: Work done in the North VT Rim area prior to 2008.

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6) Summary of 2008-2009 Overburden Stripping and Channel Sampling

Three phases of overburden stripping and/or washing and/or sampling were completed in the North Varitextured Rim area. These field programs were supervised by North American Palladium senior exploration technician Mike Grieve who has provided the following description of physical work performed.

Over the 2008 and 2009 field seasons, eight roughly northwest/southeast trending strips, totaling approximately 1,126 linear metres (Table 2), were excavated to expose bedrock in the North VT Rim project area.

Trench Approximate Length (m)

Number of Samples *

Map Number

TR09-1 94 50 2 TR09-2 106 50 3 TR09-3 (northern portion) 80 54 4 TR09-3 (southern portion) 28

54 4

TR09-5 75 61 5 TR09-6 115 30 6 TR09-7 (northern portion) 58

98 7B

TR09-7 (center portion) 40 98 7B

TR09-7 (southern portion) 105 98

7A TR09-8 (northern portion) 80 49 8B TR09-8 (southern portion) 155 8A TR09-9 (northern portion) 100 78

9B TR09-9 (southern portion) 90

78 9A Table 2: 2008-2009 mechanical stripping and channel sampling summary ('note: sample totals exclude 8 QA/QC blanks and standards)

While the majority of stripping occurred in previously untested ground, approximately 220 linear metres of historic ground (originally excavated in1999 or 2000) was reopened to permit detailed geological mapping and more systematic sampling.

Phase 1 overburden stripping, totaling approximately 600 linear metres, was performed in late November, 2008. Belham Limited of Kaministiquia, Ontario was contracted to provide a Cat 312 excavator and operator; supervision was provided by staff and contract personnel from North American Palladium Limited's Metals Exploration Division. Excavated areas were surveyed using a Leica SR 530 real-time kinetic GPS system, accurate to within two centimetres. Surveys were then imported into Gemcom and Map Info/Discover for map generation. Due to the onset of winter, no washing or sampling was possible.

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As the varitextured gabbro was the target lithology, continuous channel sampling lines were designed to begin several metres south of the unit's contact with the non-mineralized east gabbro/equigranular gabbro (thus ensuring that possible mineralization was not missed right at the contact or in a transition zone) and extend northward several tens of metres into the target lithology. The senior exploration technician laid out the desired sample locations on the outcrop using marking paint; sample intervals of one-meter were utilized as much as possible.

Cutting was performed using a Stihl TS400 water-cooled cut-off saw equipped with a diamond blade; two parallel saw kerfs were cut four to five centimetres apart and eight to 10 centimetres deep; samples intervals were indicated by a saw cut placed perpendicular to the direction of the sampling lines (see Figure 6).

Figure 6: Looking north along trench TR09-3. Photo shows continuous nature of 1m samples, with perpendicular saw kerfs to indicate sample intervals and aluminum tags inscribed with sample numbers. Metal tags point in the direction of the next sample in the series.

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Samples were chipped free using a masonry chisel and hammer, then packaged in individually labeled plastic sample bags (as a backup, the bags also included a labeled manila shipping tag). The plastic bags were then taped shut, packed four to five to a rice bag, and transported to the ActLabs assaying facility in Thunder Bay by Courtesy Courier. For future reference, aluminum tags inscribed with the appropriate sample number, were secured to the starting saw kerf with masonry nails. Ultimately, trench TR09-9 was washed, but not sampled due to budgetary constraints. As well, although a trench TR09-4 was planned, it was never excavated.

Phase 1 channel sampling returned values including 3.13g/t Pd from TR09-2, 1.27g/t Pd from TR09-3, 2.7g/t Pd from TR09-5, 2.3g/t Pd from TR09-6, 10.3g/t Pd from TR09-7, and 7.05g/t Pd from TR09-8. These positive results prompted a second phase of channel sampling, with a three-fold intent: to extend Phase 1 sampling lines that ended in mineralization, fill-in areas adjacent to samples that returned elevated PGE values, and specifically target shears and dikes to help refine a newly-evolving theory of structurally controlled mineralization.

Again, Belham Limited was contracted to perform the sampling, with some additional help provided by NAP exploration technicians. In addition to the targeted extra sampling of trenches TR09-1 through 8, increased budget enabled the continuous-cutting of TR09-9 originally slated for Phase 1. Sampling methods remained the same as in Phase 1, though channeling was necessarily of a more sporadic nature; one meter intervals were again the norm.

Highlights from Phase 2 sampling include values of 4.33g/t Pd from TR09-1, 3.30g/t Pd from TR09-2, 3.11g/t Pd from TR09-5, 2.3g/t Pd from TR09-6, 2.52g/t Pd from TR09-8 and 1.67g/t Pd from TR09-9. TR09-7 returned a program-high value of 17.3g/t Pd; notably, this sample was the last one taken from the north end of the central portion of the trench—additional excavation will be required to trace the extent of this mineralization.

Both Phase 1 and Phase 2 sample locations were surveyed using the Leica SR 530 real-time kinetic GPS system, and imported into Gemcom and Map Info/Discover to enable map generation and interpretation. The accuracy of the survey (+/- 2 centimetres in X, Y, and Z axes) combined with the continuous nature of the channel samples, means the surface sampling can be treated as what amounts to a horizontal drill hole for modeling purposes.

Details of dates, work performed, personnel, and equipment used are summarized in Appendix A of this report. Channel sample locations and descriptions are included in Appendix B of this report.

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7) Daily Log of Trench Mapping Activities

All of the 2008-2009 excavated trenches were mapped October 12-14'^ and 15'^ 2009 by North American Palladium geologist Corey Wendland who has provided the following descriptions of: a) mapped rock types, b) daily mapping activities and c) summary of observations (also see Appendix A).

7a) Description of l\/lapped Rocit Types:

Varitextured Gabbro (VT) Unit exhibits a heterogeneous mixture of gabbroic textures. Fine-grained to locally pegmatitic, with greater than 20% textural variability. Greyish-green to greenish-grey in color and locally hard to soft and occasionally weakly magnetic. Unit commonly has pegmatitic pods that are locally dike-like in nature, crosscutting the unit. Overall the unit is gabbroic in composition and variable in alteration from moderate to intense tremolite +/- talc, and actinolite +/- chlorite.

East Gabbro (EGAB) Medium-grained, equigranular, light to medium greenish-grey, hard, and not magnetic. May be massive to moderately foliated. Overall the unit is gabbroic in composition and is weakly to strongly altered with actinolite, chlorite and locally weak to moderate patchy epidote alteration.

IVIagnetite-Bearing Gabbro (MTGAB) Fine- to medium-grained, greenish-grey in color. Unit is distinguished by having on average 1-3% magnetite and locally can be 3-10% magnetite. Overall the unit is gabbroic in composition with a moderate to strong alteration of clinopyroxene and plagioclase to actinolite, +/- chlorite and +/- epidote.

Gabbro (GAB) Typically medium- to coarse-grained with less than 20% textural variability, green-grey in color, hard to very hard and not magnetic. Moderate to strong alteration of clinopyroxene to actinolite +/- chlorite. Moderate to strong alteration of plagioclase from light creamy-grey to light epidote green to dark cloudy grey and hematitic.

7b) Description of IVIapping Activities

Day 1, Oct. 12*

Spent the day mapping trenches TR09-01 and TR09-02. Trench TR09-01 only exposed VT and was not trenched far enough to the SE to expose the EGAB contact. There is a felsic dike striking ~ 330° that appeared to be parallel along a sheer/fault structure that is displacing a mafic dike right laterally and is striking -90°. The VT unit

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locally is pegmatitic with a strong chlorite and actinolite alteration. No mineralization was observed.

Trench TR09-02 exposed VT and EGAB lithologies. The VT/EGAB contact is visible and striking -250° dipping to the SE. Approximately 5 meters within the EGAB contact, the VT displays gradational layering of grain size from coarse-grained to fine-grained in what appears to be fining upwards towards the EGAB contact. Gradational layering has a strike/dip of -236/80°. Structurally there is one fault 300/70° that is 60-80 cm wide with a felsic dike running parallel within it. There are a series of shears trending -210-230° with conjugate shears trending -120-130°. A couple of felsic dikes and veins have weak to moderate sulfide staining in and around them within the surrounding host rock (VT). Assay samples TR02-6 and 7 have 3.1 and 1.9 g/t of Pd that were sampled through shear zones.

Day 2, Oct. 13 ^

Spent the day mapping trenches TR09-03 and TR09-05. Trench TR09-03 exposed VT, EGAB and MTGAB lithologies. The MTGAB/EGAB contact is underwater, while the VT/EGAB contact is exposed with a strike/dip of 62/82°. The VT/EGAB contact is marked by a major shear structure striking parallel to the contact. The contact shearing structure has a right lateral sense of shear. The EGAB displays ductile deformation, while the VT displays brittle deformation. No contact metamorphism was observed and has a very sharp contact. Structurally there are a series of shears trending -220-240° with conjugate shears trending 110-130° along with one shear observed trending -190°. Best assay results (1.2 g/T Pd) were sampled within 2 meters of the EGAB contact and the shearing structure running parallel to the VT/EGAB contact.

Trench TR09-05 only exposed a VT lithology and was not trenched far enough to the SE to expose the VT/EGAB contact. Structurally there are a series of shears trending -220-230° and one shear trending -90° which could be a possible conjugate shear to the 220-230° shears. Assay samples TR05-08, 9, 13, 19 and 48 have Pd values between 1-2.7 g/T Pd. All of these assays were sampled within or near direct contact to a major shear zone which all have a strong pervasive actinolite/chlorite alteration associated with them.

Day 3, Oct. 14*

Spent the day mapping trenches TR09-06 and TR09-07. Trench TR09-06 exposed MTGAB, EGAB and VT lithologies. The MTGAB/EGAB contact is exposed and -10 meters from the contact there are two mafic dikes cross-cutting the EGAB

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striking -230° and dipping to tlie NW. A major fault witli a stril<e/dip of -280/55° is displacing the mafic dikes right laterally. Structurally there are a series of conjugate shears to the fault trending -120-125° with another conjugate shear trending -230°. The VT/EGAB contact is not exposed and was undenA/ater. Assay sample TR06-14 has 2.3 g/T Pd (the highest among all TR09-07 assay samples) was sampled within 1 meter of a major shear zone trending -230°. Assay sample TR06-17 (1.4 g/T Pd) was also sampled within the same shear structure. There is a strong pervasive actinolite/chlorite and moderate patchy sericite alteration associated with this shear zone. A series of felsic dikes and veins with shearing are hosted in a pegmatitic VT that has a strong pervasive actinolite/chlorite alteration.

Trench TR09-07 exposed MTGAB, EGAB and VT lithologies. The MTGAB/EGAB contact was underwater while the VT/EGAB contact is exposed with a strike -240°. Structurally there are two major shear Zones within the VT -42 and 62 meters from the EGAB contact that are trending -240-250° with conjugate shears trending -225° and 105°. In the EGAB there are a series of shears trending -70-75° with conjugate shears trending -120° and 250°. Assay sample TR07-17 has -10.3 g/T Pd and was sampled within one of the two major shear zones. This shear zone has a thin felsic dike with a strong pervasive actinolite/chlorite and moderate patchy sericite alteration of the host rock (VT) associated with it.

Day 4, Oct. 16'

Spent the day mapping trenches TR09-08 and TR09-09. Trench TR09-08 exposed MTGAB, EGAB and VT lithologies. The MTGAB/EGAB contact was undenwater while the VT/EGAB contact is exposed. There are two major shear zones that appear to correlate with the two major shear zones of trench TR09-07 that are -22 and 40 meters away from the EGAB contact and are trending -230-240°. There are numerous felsic dikes and veins associated with these major shear Zones. Structurally there are a series of shears within the EGAB that are trending -225° with conjugate shears trending 105-125° and 200-205°. Assay samples TR08-32, 33, 34 and 37 have Pd values of 1.6, 1.7, 7.1 and 1.3 g/T Pd respectively. All of these assays were sampled within one of the major shear zones that correlate with the ones of trench TR09-07. A felsic dike is displaced right laterally by the shear zone.

Trench TR09-09 exposed GAB, EGAB, MTGAB and VT lithologies. All contacts between lithologies are not exposed and were underwater. No significant mineralization was observed within trench TR09-09. There are two major shear zones trending -230-240° that appear to correlate with the two major shear zones of TR09-08 and TR09-07. There is a strong pervasive actinolite/chlorite and moderate patchy sericite alteration associated with these shear zones.

14

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7c) Summary of Trench Mapping Activities

Structurally there appears to be a common theme of having major shear zones trending -220-240° with conjugate shears trending -110-130°. When observable the sense of shear Is right lateral majority of the time, with some minor shears having a left lateral sense of shear. The MTGAB and EGAB contact seems to be marked by a fault with two common reoccurring mafic dikes. The VT and EGAB contact is always sharp when observed and generally there is a major shear associated with it. The EGAB displays ductile deformation while the VT displays a brittle deformation, no contact metamorphism was observed between the VT and EGAB contacts. The best Pd values from sampling were obtained within major shear zones that have a strong pervasive actinolite/chlorite +/- sericite alteration associated with them. Another important observation that seems to correlate with better Pd values is shear zones that have felsic dikes/veins associated with them.

8) Conclusions and Recommendations

Results of the 2008-2009 mechanical stripping and channel sampling programs (e.g. 5.91 g/t over 2.06m In trench TR09-7 and 3.36g/t Pd over 3.20m in trench TR09-8) successfully traced mineralization encountered in drilling to surface. These results have also expanded the NVTR mineralization to 600m strike length along the northern margin of the Lac des Iles Mine Block intrusion.

Mapping of the stripped areas show that the NVTR mineralization is hosted in a varitextured gabbro which differs from the known pyroxenite-related Roby Zone. Additionally, the best palladium values from channel samples appear to be associated with shear zones.

A follow-up diamond drilling program of four holes, each of approximately 400m length, is recommended to test the depth extension of the NVTR mineralization at the eastern end of the stripped areas. Future work is recommended to continue to assess the style of mineralization and attempt to join the NVTR mineralization with the Creek Zone mineralization, approximately 1.6km further to the east.

15

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9) References Lavigne, M.J. and M.J. Michaud, 2002. Geology of North American Palladium's Roby

Zone Deposit, Lac des Iles. Explor. Mining Geol., Vol. 10, Nos. 1 and 2, pp 1-17.

Lavigne, M.J., M.J. Michaud and J.Rickard, 2005. Discovery and Geology of the Lac des Iles Palladium Deposits. In Exploration for Deposits of Platinum-Group Elements. Mineralogical Association of Canada Short Course Series 35, Chapter 17, pp. 369-390.

Pye, E.G., 1968. Geology of the Lac des Iles Area, District of Thunder Bay. Ontario Department of Mines, Geological Report 64, 47p.

Sutcliffe, R.H., 1986. Regional Geology of the Lac des Iles Area, District of Thunder Bay. In Summary of Field Work and Other Activities 1986. Ontario Geological Survey Miscellaneous Paper 132, p. 70-75.

Sutcliffe, R.H. and Sweeny, J.M., 1986. Precambrian Geology of the Lac des Iles Complex, District of Thunder Bay, Ontario. Ontario Geological Survey, Map 3047, Geological Series-Preliminary Map, scale 1:15840 or 1 inch to % mile.

Watkinson, D.H. and G. Dunning, 1979. Geology and Platinum-Group Mineralization, Lac-des-lles Complex, Northwestern Ontario. Canadian Mineralogist, Vol. 17, pp. 453-462.

16

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APPENDIX A

Daily Work Log

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NORTH VT RIM TRENCHING 2008/2009 DAILY WORK LOG

Date Workers Company Nature of Total Equipment Costs Work Hours Used Labor Float Backhoe Quadrunner Fire Fire Trash Rock Saw GPS

Rate Truck and Trailer Hose Pump Pump Saw Blades

Oct. 20/08 Dave Clark N A P flagging trench locations I d a y $550/day

Nov. 30/08 Carmen MacLeod Belham Ltd trenching 9 Cat 312 excavator $ 1 4 0 / h r ( i n c l . operator)

Dec. 1/08 Carmen MacLeod Belham Ltd trenching 9 Cat 312 excavator $ 1 4 0 / h r ( m c l . operator)

Dec. 2/08 Carmen MacLeod Belham Ltd trenching 9 Cat 312 excavator S l40/hr (incl. operator)

Dec. 3/08 Carmen MacLeod Belham Ltd trenching 8 Cat 312 excavator Sl40/hr {iricl. operator)

Dec. 4 /08 Carmen MacLeod Belham Ltd trenching 8 Cat 312 excavator $140/hr (incl. operator)

Dec. S/08 Carmen MacLeod Belham Ltd trenching 8 Cat 312 excavator S l 4 0 / h r | i n c l . operator)

Dec. 6/08 Carmen MacLeod Belham Ltd trenching 8.5 Cat 312 excavator S l40/hr (incl. operator)

Dec. 7/08 Carmen MacLeod Belham Ltd trenching 7 Cat 312 excavator Sl40/hr (incl. operator)

Dec. 8/08 Carmen MacLeod Belham Ltd trenching 7 Cat 312 excavator $140/hr (incl. operator)

Dec. 9/08 Carmen MacLeod Belham Ltd trenching 7 Cat 312 excavator $140/hr (incl. operator)

Dec. 10/08 Carmen MacLeod Belham Ltd trenching 7 Cat 312 excavator $ 1 4 0 / h r ( i n c l . operator)

Dec. 11/08 Carmen MacLeod Belham Ltd trenching 6 Cat 312 excavator S l40/hr (incl. operator)

Dec. 12/08 Michael Grieve N A P surveying trench outlines I d a y Leica SR 530 RTK GPS rover and base station $450/day S200/day

Dec. 13/08 Steve Hamer Belham Ltd demobilization (backhoe) 7 truck, float trailer $125/hr

July 21/09 Michael Grieve NAP flagging trench locations I d a y quadrunner $450/day S75/day

July 28/09 Michael Grieve NAP flagging trench locations, sample layout I d a y $450/day Aug 11/09 Michael Grieve NAP flagging trench locations, sample layout I d a y S450/day Aug 12/09 Steve Hamer Belham Ltd mobilization (backhoe) 4.5 truck, float trailer $125/hr

Aug 17/09 Josh Innanen, Carmen MacLeod Belham Ltd mobilization (men and light equipment) 7.5 4x4 pickup $35/hr

Josh Innanen, Steve Hamer Belham Ltd trench washing 24 fire pump, trash pump, fire hose $35/hr

Carmen MacLeod Belham Ltd trenching 12 Cat 312 excavator $140/hr ( ind. operator)

Michael Grieve NAP supervision, channel sampling I d a y S450/day Aug 18/09 Josh Innanen, Steve Hamer Belham Ltd trench washing 24 fire pump, trash pump, fire hose S35/hr

Carmen MacLeod Belham Ltd trenching 12 Cat 312 excavator S l40/hr (incl. operator)

Aug 19/09 Josh Innanen, Steve Hamer Belham Ltd trench washing, channel sampling 24 fire pump, trash pump, fire hose, rocksaw $35/hr

Carmen MacLeod Belham Ltd trenching 12 Cat 312 excavator Sl40/hr (incl. operator)

Michael Grieve NAP supervision, channel sampling I d a y $450/day

Aug 20/09 Josh Innanen, Steve Hamer Belham Ltd trench washing, channel sampling 24 fire pump, trash pump, fire hose, rocksaw S35/hr

Carmen MacLeod Belham Ltd trenching 12 Cat 312 excavator S l40/hr (incl. operator)

Michael Grieve NAP supervision, channel sampling I d a y $450/day Aug 21/09 Josh Innanen, Steve Hamer Belham Ltd trench washing, channel sampling 24 fire pump, trash pump, fire hose, rocksaw S35/hr $332.00ea.

Carmen MacLeod Belham Ltd trenching 12 Cat 312 excavator $140/hr (incl. operator)

Michael Grieve NAP supervision, channel sampling I d a y S450/day Aug 22/09 Josh Innanen, Steve Hamer Belham Ltd trench washing, channel sampling 24 fire pump, trash pump, fire hose, rocksaw $35/hr

Carmen MacLeod Belham Ltd trenching 12 Cat 312 excavator Sl40/hr (incl. operator)

Aug 23/09 Josh Innanen, Steve Hamer Belham Ltd trench washing, channel sampling 24 fire pump, trash pump, fire hose, rocksaw S35/hr S320/wk S l44/wk S l l 7 / w k $176/wk

Carmine Macleod Belham Ltd trenching 12 Cat 312 excavator $140/hr (incl. operator)

Aug 24/09 Josh Innanen, Steve Hamer Belham Ltd trench washing, channel sampling 24 fire pump, trash pump, fire hose, rocksaw $35/hr $332.00ea.

Carmen MacLeod Belham Ltd trenching 12 Cat 312 excavator S l 4 0 / h r ( i n c l . operator)

Michael Grieve NAP supervision, channel sampling I d a y $450/day

Aug 25/09 Josh Innanen, Steve Hamer, Carmen MacLeod Belham Ltd trench washing, channel sampling 36 fire pump, trash pump, fire hose, rocksaw, quadrunner & trailer

$35/hr $100/day

Michael Grieve NAP supervision, channel sampling 1 day S450/day Aug 26/09 Josh Innanen, Steve Hamer, Carmen MacLeod Belham Ltd trench washing, channel sampling 36 fire pump, trash pump, fire hose, rocksaw,

quadrunner & trailer

S35/hr SlOO/day $332.00ea.

Aug 27/09 Josh Innanen, Steve Hamer, Carmen MacLeod Belham Ltd trench washing, channel sampling 36 fire pump, trash pump, fire hose, rocksaw, quadrunner & trailer

$35/hr $100/day

Michael Grieve NAP surveying trench outlines 1 day Leica SR 530 RTK GPS rover and base station S450/day S200/day

Aug 28/09 Josh Innanen, Steve Hamer, Carmen MacLeod Belham Ltd sampling 36 fire pump, trash pump, fire hose, rocksaw, quadrunner & trailer

S35/hr $100/daY $320/wk $144/wk $117/wk $176/wk

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Aug 29/09 Steve Hamer Belham Ltd demob^^Hi Ibackhoe) 7 truck, float trailer Aug 29/09 Josh Innanen, Carmen MacLeod Belham Ltd d e m o b i l i z ^ i o n (men and light equipment) 7.5 4x4 pickup

Sept. 23/09 Michael Grieve NAP surveying trench outlines I d a y Leica SR 530 RTK GPS rover and base station Sept. 29/09 Michael Grieve NAP surveying channel sample locations I d a y Leica SR 530 RTK GPS rover and base station Sept. 30/09 Michael Grieve NAP surveying channel sample locations I d a y Leica SR 530 RTK GPS rover and base station

S35/hr

S450/day

$450/daY

S450/daY

Sl25/hr

S200/daY $200/day $200/daY

Oct 8/09 Michael Grieve NAP surveying mapping control 1 day Leica SR 530 RTK GPS rover and base station $450/day S200/day

Oct 12/09 Corey Wendland NAP trench mapping of geology (see report for details)

I d a y $550/day

Oct 13/09 Corey Wendland NAP trench mapping of geology (see report for details)

I d a y $550/day

Oct 14/09 Corey Wendland NAP trench mapping of geology (see report for details)

I d a y S550/day

Oct 16/09 Corey Wendland NAP trench mapping of geology (see report for details)

I d a y $550/day

Oct 21/09 Michael Grieve NAP sample location layout I d a y S450/day

Oct 26/09 Josh Innanen, Carmen MacLeod Belham Ltd mobilization (men and tight equipment) 5 4x4 pickup $35/hr

channel sampling 16 trash pump, fire hose, rocksaw, quadrunner S35/hr $75/daY $16/day $39/day $49/day S320.00ea.

Michael Grieve NAP supervision, channel sampling 1 day S450/day

Oct 27/09 Josh Innanen, Carmen MacLeod Belham Ltd channel sampling 22 trash pump, fire hose, rocksaw, quadrunner $35/hr S75/day Sl6/day S39/day $49/day

Michael Grieve NAP surveying channel sample locations I d a y Leica SR 530 RTK GPS rover and base station S450/day S200/day

Oct 28/09 Josh Innanen, Carmen MacLeod Belham Ltd channel sampling 22 trash pump, fire hose, rocksaw, quadrunner $35/hr $75/daY Sie/day $39/day S49/day

Michael Grieve NAP supervision, channel sampling I d a y S450/day

Oct 29/09 Josh Innanen, Carmen MacLeod Belham Ltd channel sampling 22 trash pump, fire hose, rocksaw, quadrunner $35/hr S75/day Sl6/day S39/day $49/day S320.00ea.

Michael Grieve NAP supervision, channel sampling I d a y S450/day

Oct 30/09 Josh Innanen, Carmen MacLeod Belham Ltd channel sampling 22 trash pump, fire hose, rocksaw, quadrunner S35/hr S75/day $16/day $39/day $49/day

d e m o b i l i z a t i o n (men and iight equipment) 5 4x4 pickup S35/hr

Nov. 2/09 Michael Grieve NAP chip/bag samples, ship to lab I d a y quadrunner S450/day $75/day

Dec 3/09 Krista Nelson NAP report writ ing I d a y $550/daY

Dec 21/09 Corey Wendland NAP map generation I d a y S550/day

Dec 22/09 Corey Wendland NAP map generation I d a y $550/day

Dec 23/09 Corey Wendland NAP map generation 1 day $550/day

Jan 6 /10 Corey Wendland NAP map generation I d a y $550/day

Jan 7/10 Corey Wendland NAP map generation I d a y $550/day

Jan 8 /10 Corey Wendland NAP map generation I d a y $550/day

Jan 11/10 Corey Wendland NAP report writ ing I d a y S550/day

Jan 12/10 Corey Wendland NAP report writ ing : d a y S550/day

Jan 14/10 Krista Nelson NAP report writing, figures I d a y $550/day

Jan 18/10 Krista Nelson NAP report writing, figures I d a y S550/day

Feb 9/10 Michael Grieve NAP report wri t ing (daily log compilation) I d a y $450/day

Feb 10/10 Michael Grieve NAP report writ ing I d a y S450/day

Feb 22/10 Krista Nelson NAP report writ ing I d a y $550/day

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APPENDIX B

Channel Sample Descriptions

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2009 North Varitextured Rim Channel Samples

Sample Number

Zone Claim Grid Northing Easting Elev. Azimuth Dip Length Sampled By

Cert. Pd* (PP»")

Pt* (PPm)

Au* (PPm)

Lithology Sample Description

TR09-1-1 VT North 253 UTM83-16 5450314.332 309581.521 492.0 294.29 24.39 0.73 MG A09-4765 0.259 0.037 0.009 VT Str Act, Mod to Str Chi alteration. TR09-1-2 VT North 253 UTM83-16 5450314.620 309580.929 492.3 295.59 16.64 0.96 MG A09-4765 0.150 0.033 0.004 VT Str Act, Mod to Str Chi alteration. TR09-1-3 VT North 253 UTM83-16 5450315.044 309580.112 492.6 307.96 6.50 1.05 MG A09-4765 0.118 0.026 0.005 VT Str Act, Mod to Str Chi alteration. TR09-1-4 VT North 253 UTM83-16 5450315.708 309579.311 492.7 307.89 11.35 1.03 MG A09-4765 0.172 0.034 0.007 VT Str Act, Mod to Str Chi alteration. TR09-1-5 VT North 253 UTM83-16 5450316.352 309578.530 492.9 309.06 7.63 0.99 MG A09-4765 0.137 0.019 0.007 VT Str Act, Mod to Str Chi alteration. TR09-1-6 VT North 253 UTM83-16 5450316.994 309577.788 493.0 307.64 -0.62 1.02 MG A09-4765 0.111 0.028 0.002 VT Str Act, Mod to Str Chi alteration. TR09-1-7 VT North 253 UTM83-16 5450317.638 309576.997 493.0 308.16 -6.52 1.00 MG A09-4765 0.133 0.032 0.001 VT Str Act, Mod to Str Chi alteration. TR09-1-8 VT North 253 UTM83-16 5450318.281 309576.236 492.9 304.10 -11.64 1.00 MG A09-4765 0.125 0.032 0.001 VT Str Act, Mod to Str Chi alteration. TR09-1-9 VT North 253 UTM83-16 5450318.854 309575.443 492.7 308.63 -9.31 1.01 MG A09-4765 0.129 0.035 0.001 VT Str Act, Mod to Str Chi alteration.

TR09-1-10 VT North 253 UTM83-16 5450319.497 309574.681 492.5 309.06 -7.17 0.98 MG A09-4765 0.109 0.028 0.001 VT Str Act, Mod to Str Chi alteration. TR09-1-11 VT North 253 UTM83-16 5450320.129 309573.950 492.4 309.72 -8.96 0.99 MG A09-4765 0.144 0.048 0.001 VT Str Act, Mod to Str Chi alteration. TR09-1-12 VT North 253 UTM83-16 5450320.771 309573.218 492.3 307.07 -0.84 1.02 MG A09-4765 0.137 0.034 0.001 VT Str Act, Mod to Str Chi alteration. TR09-1-13 VT North 253 UTM83-16 5450321.415 309572.417 492.3 309.04 3.63 1.00 MG A09-4765 0.134 0.031 0.004 VT Str Act, Mod to Str Chi alteration. TR09-1-14 VT North 253 UTM83-16 5450322.058 309571.666 492.3 307.93 -1.42 1.01 MG A09-4765 0.134 0.030 0.006 VT Str Act, Mod to Str Chi alteration. TR09-1-15 VT North 253 UTM83-16 5450322.711 309570.895 492.3 308.72 3.39 1.00 MG A09-4765 0.123 0.027 0.008 VT Str Act, Mod to Str Chi alteration. TR09-1-16 VT North 253 UTM83-16 5450323.354 309570.134 492.4 307.25 6.33 1.00 MG A09-4765 0.135 0.028 0.013 VT Str Act, Mod to Str Chi alteration. TR09-1-17 VT North 253 UTM83-16 5450323.977 309569.362 492.5 309.04 5.59 0.97 MG A09-4765 0.150 0.031 0.011 VT Str Act, Mod to Str Chi alteration. TR09-1-18 VT North 253 UTM83-16 5450324.599 309568.630 492.6 309.06 21.60 1.07 MG A09-4765 0.052 0.015 0.022 VT Str Act, Mod to Str Chi alteration. TR09-1-19 VT North 253 UTM83-16 5450325.252 309567.879 492.9 307.16 35.20 1.00 MG A09-4765 0.063 0.017 0.016 VT Str Act, Mod to Str Chi alteration. TR09-1-20 VT North 253 UTM83-16 5450325.761 309567.244 493.5 302.62 5.16 1.00 MG A09-4765 0.074 0.019 0.003 VT Str Act, Mod to Str Chi alteration. TR09-1-21 VT North 253 UTM83-16 5450324.843 309565.126 493.8 309.03 8.36 0.87 MG A09-4765 0.111 0.027 0.008 VT Str Act, Mod to Str Chi alteration. TR09-1-22 VT North 253 UTM83-16 5450325.403 309564.462 493.9 321.56 31.06 1.21 MG A09-4765 0.114 0.028 0.007 VT Str Act, Mod to Str Chi alteration. TR09-1-23 VT North 253 UTM83-16 5450326.242 309563.847 494.5 308.97 14.21 0.92 MG A09-4765 0.110 0.029 0.006 VT Str Act, Mod to Str Chi alteration. TR09-1-24 VT North 253 UTM83-16 5450326.822 309563.174 494.7 310.88 43.74 1.06 MG A09-4765 0.118 0.028 0.008 VT Str Act, Mod to Str Chi alteration. TR09-1-25 VT North 253 UTM83-16 5450327.339 309562.609 495.5 314.62 23.88 1.04 MG A09-4765 0.114 0.026 0.009 VT Str Act, Mod to Str Chi alteration. TR09-1-26 VT North 253 UTM83-16 5450328.029 309561.949 495.9 312.46 -20.90 1.23 MG A09-4765 0.099 0.022 0.008 VT Str Act, Mod to Str Chi alteration. TR09-1-27 VT North 253 UTM83-16 5450328.824 309561.122 495.5 313.14 12.19 0.89 MG A09-4765 0.110 0.026 0.011 VT Str Act, Mod to Str Chi alteration. TR09-1-28 VT North 253 UTM83-16 5450329.442 309560.510 495.6 313.85 20.33 1.12 MG A09-4765 0.133 0.030 0.010 VT Str Act, Mod to Str Chi alteration. TR09-1-29 VT North 253 UTM83-16 5450330.194 309559.772 496.0 314.30 27.68 1.05 MG A09-4765 0.056 0.015 0.012 VT Str Act, Mod to Str Chi alteration. TR09-1-30 VT North 253 UTM83-16 5450330.864 309559.122 496.5 316.02 24.63 1.00 MG A09-4765 0.028 0.012 0.009 VT Str Act/ChI, adjacent to-270 Sheer. TR09-1-31 VT North 253 UTM83-16 5450277.155 309606.139 494.3 327.32 21.51 1.06 CW A09-6557 0.021 0.010 0.026 VT Str Act, Mod to Str Chi alteration. TR09-1-32 VT North 253 UTM83-16 5450278.001 309605.634 494.7 326.82 5.25 0.99 CW A09-6557 0.044 0.020 0.018 VT Str Act, Mod to Str Chi alteration. TR09-1-33 VT North 253 UTM83-16 5450278.846 309605.119 494.8 328.37 -18.48 1.16 CW A09-6557 0.053 0.030 0.008 VT Str Act, Mod to Str Chi alteration. TR09-1-34 VT North 253 UTM83-16 5450279.793 309604.567 494.4 329.82 3.42 1.07 CW A09-6557 0.188 0.039 0.011 VT Str Act, Mod to Str Chi alteration. TR09-1-35 VT North 253 UTM83-16 5450280.739 309604.054 494.5 330.10 -18.66 0.99 CW A09-6557 0.085 0.032 0.007 VT Str Act, Mod to Str Chi alteration. TR09-1-36 VT North 253 UTM83-16 5450282.714 309603.223 494.2 337.47 -0.21 1.09 CW A09-6557 0.131 0.009 0.008 VT Str Act, Mod to Str Chi alteration. TR09-1-37 VT North 253 UTM83-16 5450283.726 309602.843 494.2 12.42 8.03 0.90 CW A09-6557 0.096 0.017 0.011 VT Str Act, Mod to Str Chi alteration. TR09-1-38 VT North 253 UTM83-16 5450284.590 309603.058 494.3 325.61 5.05 0.82 CW A09-6557 0.117 0.051 0.006 VT Str Act, Mod to Str Chi alteration. TR09-1-39 VT North 253 UTM83-16 5450285.273 309602.618 494.4 326.39 2.37 1.01 CW A09-6557 3.770 0.304 0.077 VT Str Act, Mod to Str Chi alteration. TR09-1-40 VT North 253 UTM83-16 5450286.140 309602.084 494.4 321.41 -9.02 1.07 CW A09-6557 0.193 0.022 0.009 VT Str Act, Mod to Str Chi alteration.

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Sample Number

Zone Claim Grid Northing Easting Eiev. Azimuth Dip Length Sampled Cert. Pd* (ppm)

Ft* (PR'")

Au* (PP'")

Lithology Sample Description

TR09-3-23 VT North 253 UTM83-16 5450354.940 309721.077 501.5 334.63 -0.80 1.01 MG A09-4765 0.206 0.028 0.019 VT Str Act, Mod to Str Chi alteration. TR09-3-24 VT North 253 UTM83-16 5450355.862 309720.674 501.4 336.15 10.26 1.03 MG A09-4765 0.347 0.069 0.006 VT Str Act, Mod to Str Chi alteration. TR09-3-25 VT North 253 UTM83-16 5450356.804 309720.292 501.6 336.35 4.57 1.04 MG A09-4765 0.518 0.072 0.009 VT Str Act/ChI with a sheer structure.

VT Str Act, Mod to Str Chi alteration. TR09-3-26 VT North 253 UTM83-16 5450357.766 309719.901 501.7 334.94 -13.58 0.98 MG A09-4765 0.214 0.042 0.001 TR09-3-27 VT North 253 UTM83-16 5450358.637 309719.526 501.5 334.30 -5.35 1.01 MG A09-4765 0.136 0.046 0.003 VT Str Act, Mod to Str Chi alteration. TR09-3-28 VT North 253 UTM83-16 5450359.560 309719.113 501.4 329.89 -28.29 1.03 MG A09-4765 0.118 0.036 0.004 VT Str Act, Mod to Str Chi alteration. TR09-3-29 VT North 253 UTM83-16 5450360.353 309718.687 500.9 328.51 -5.96 1.06 MG A09-4765 0.146 0.046 0.005 VT Str Act, Mod to Str Chi alteration. TR09-3-30 VT North 253 UTM83-16 5450361.269 309718.164 500.8 328.99 -0.94 0.98 MG A09-4765 0.131 0.040 0.003 VT Str Act, Mod to Str Chi alteration. TR09-3-31 VT North 253 UTM83-16 5450362.124 309717.679 500.8 328.17 -15.99 0.96 MG A09-4765 0.141 0.035 0.015 VT Str Act, Mod to Str Chi alteration. TR09-3-32 VT North 253 UTM83-16 5450362.918 309717.222 500.5 329.55 -15.31 1.02 MG A09-4765 0.135 0.027 0.009 VT Str Act, Mod to Str Chi alteration. TR09-3-33 VT North 253 UTM83-16 5450363.782 309716.748 500.2 328.10 -8.10 1.01 MG A09-4765 0.140 0.033 0.003 VT Str Act/ChI with sheer structure. TR09-3-34 VT North 253 UTM83-16 5450364.647 309716.243 500.1 323.90 -10.10 1.00 MG A09-4765 0.125 0.032 0.001 VT Str Act, Mod to Str Chi alteration. TR09-3-35 VT North 253 UTM83-16 5450365.454 309715.687 499.9 324.27 -7.36 0.99 MG A09-4765 0.117 0.027 0.001 VT Str Act, Mod to Str Chi alteration. TR09-3-36 VT North 253 UTM83-16 5450366.271 309715.141 499.8 328.40 -8.46 1.04 MG A09-4765 0.125 0.036 0.001 VT Str Act, Mod to Str Chi alteration. TR09-3-37 VT North 253 UTM83-16 5450367.167 309714.627 499.6 329.75 -3.56 0.98 MG A09-4765 0.117 0.028 0.003 VT Str Act, Mod to Str Chi alteration. TR09-3-38 VT North 253 UTM83-16 5450368.021 309714.152 499.6 328.70 -16.76 0.99 MG A09-4765 0,133 0.035 0.001 VT Str Act, Mod to Str Chi alteration. TR09-3-39 VT North 253 UTM83-16 5450368.845 309713.686 499.3 325.00 -15.95 1.01 MG A09-4765 0.143 0.033 0.001 VT Str Act, Mod to Str Chi alteration. TR09-3-40 VT North 253 UTM83-16 5450369.661 309713.160 499.0 328.31 -4.73 0.96 MG A09-4765 0.118 0.024 0.001 VT Str Act/ChI with a sheer structure. TR09-3-41 VT North 253 UTM83-16 5450370.486 309712.675 498.9 351.25 -9.64 0.85 MG A09-4765 0.123 0.025 0.005 VT Str Act/ChI with a sheer structure. TR09-3-42 VT North 253 UTM83-16 5450371.319 309712.579 498.8 358.35 -12.84 1.18 MG A09-4765 0.139 0.031 0.008 VT Str Act, Mod to Str Chi alteration. TR09-3-43 VT North 253 UTM83-16 5450372.470 309712.574 498.5 1.68 -24.25 0.93 MG A09-4765 0.235 0.039 0.016 VT Str Act, Mod to Str Chi alteration. TR09-3-44 VT North 253 UTM83-16 5450373.319 309712.629 498.2 354.23 -1.65 1.07 MG A09-4765 0.167 0.040 0.006 VT Str Act, Mod to Str Chi alteration. TR09-3-45 VT North 253 UTM83-16 5450374.391 309712.551 498.1 1.80 -27.79 0.97 MG A09-4765 0.165 0.038 0.005 VT Str Act, Mod to Str Chi alteration. TR09-3-46 VT North 253 UTM83-16 5450375.250 309712.606 497.7 357.13 0.99 1.10 MG A09-4765 0.059 0.019 0.004 VT Str Act, Mod to Str Chi alteration. TR09-3-47 VT North 253 UTM83-16 5450295.454 309765.882 501.4 324.47 -18.10 0.93 MG A09-4765 0.025 0.003 0.001 MTGAB Wk Act/ChI, 3-5% magnetite. TR09-3-48 VT North 253 UTM83-16 5450296.189 309765.394 501.1 327.65 -12.97 1.02 MG A09-4765 0.028 0.003 0.002 MTGAB Wk Act/ChI, 3-5% magnetite. TR09-3-49 VT North 253 UTM83-16 5450337.201 309725.483 501.4 228.19 -11.79 0.93 CW A09-6557 0.234 0.039 0.018 EGAB Mod Act, Wk Chl/Epi alteration and Wk foliation. TR09-3-50 VT North 253 UTM83-16 5450336.602 309724.785 501.2 232.30 -6.75 1.04 CW A09-6557 0.261 0.051 0.011 EGAB Mod Act, Wk Chl/Epi alteration and Wk foliation. TR09-3-51 VT North 253 UTM83-16 5450335.996 309723.956 501.1 231.31 -13.16 1.00 CW A09-6557 0.269 0.042 0.010 EGAB Mod Act, Wk Chl/Epi alteration and Wk foliation. TR09-3-52 VT North 253 UTM83-16 5450339.030 309728.579 501.5 235.10 1.58 0.91 CW A09-6557 0.539 0.090 0.017 VT Str Act, Mod to Str Chi alteration. TR09-3-53 VT North 253 UTM83-16 5450372.731 309711.861 498.4 344.02 -13.97 0.80 CW A09-6557 0.234 0.088 0.058 VT Str Act, Mod to Str Chi alteration. TR09-3-54 VT North 253 UTM83-16 5450377.029 309711.318 497.2 311.48 -3.00 0.84 CW A09-6557 0.057 0.016 0.005 VT Str Act, Mod to Str Chi alteration. TR09-5-1 VT North 253 UTM83-16 5450379.146 309804.822 505.3 330.54 22.25 0.72 MG A09-4765 0.079 0.021 0.001 VT Str Act, Mod to Str Chi alteration. TR09-5-2 VT North 253 UTM83-16 5450379.736 309804.510 505.5 326.49 2.23 0.80 MG A09-4765 0.058 0.018 0.001 VT Str Act, Mod to Str Chi alteration. TR09-5-3 VT North 253 UTM83-16 5450380.059 309803.379 505.6 325.56 3.77 1.06 MG A09-4765 0.058 0.018 0.001 VT Str Act, Mod to Str Chi alteration. TR09-5-4 VT North 253 UTM83-16 5450380.957 309802.805 505.7 325.51 13.51 0.98 MG A09-4765 0.081 0.026 0.001 VT Str Act, Mod to Str Chi alteration. TR09-5-5 VT North 253 UTM83-16 5450381.752 309802.288 505.9 332.30 0.58 0.99 MG A09-4765 0.363 0.068 0.007 VT Str Act, Mod to Str Chi alteration. TR09-5-6 VT North 253 UTM83-16 5450382.646 309801.855 505.9 320.88 8.31 0.97 MG A09-4765 0.366 0.049 0.016 VT Str Act, Mod to Str Chi alteration. TR09-5-7 VT North 253 UTM83-16 5450383.413 309801.277 506.1 328.91 1.98 1.04 MG A09-4765 0.134 0.022 0.004 VT Str Act, Mod to Str Chi alteration. TR09-5-8 VT North 253 UTM83-16 5450384.319 309800.764 506.1 314.95 -28.87 1.02 MG A09-4765 1.490 0.101 0.013 VT Str Act, Mod to Str Chi alteration. TR09-5-9 VT North 253 UTM83-16 5450384.967 309800.143 505.6 312.57 -9.89 1.17 MG A09-4765 1.480 0.111 0.031 VT Str Act/ChI with a sheer structure. TR09-5-10 VT North 253 UTM83-16 5450385.782 309799.317 505.4 317.50 8.09 0.92 MG A09-4765 0.185 0.022 0.005 VT Str Act, Mod to Str Chi alteration.

Page 28: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Sample Number

Zone Claim Grid Northing Easting Eiev. Azimuth Dip Length Sampled bjl

Sampled Cert. Pd* (PP"')

Pt* (PP" )

Au (PP"»)

Lithology Sample Description

TR09-5-11 VT North 253 UTM83-16 5450386.460 309798.726 505.5 320.45 19.25 1.06 MG A09-4765 1.120 0.052 0.006 VT Str Act, Mod to Str Chi alteration. TR09-5-12 VT North 253 UTM83-16 5450387.259 309798.110 505.9 323.02 -2.69 1.00 MG A09-4765 0.451 0.053 0.007 VT Str Act/ChI with a sheer structure. TR09-5-13 VT North 253 UTM83-16 5450388.076 309797.534 505.8 321.37 -6.81 1.00 MG A09-4765 2.700 0.236 0.020 VT Str Act, Mod to Str Chi alteration.

VT Str Act/ChI with a sheer structure. TR09-5-14 VT North 253 UTM83-16 5450388.864 309796.937 505.7 329.89 -17.07 0.95 MG A09-4765 0.244 0.032 0.009 TR09-5-15 VT North 253 UTM83-16 5450389.657 309796.510 505.5 320.76 -28.11 1.12 MG A09-4765 0.685 0.086 0.009 VT Str Act, Mod to Str Chi alteration. TR09-5-16 VT North 253 UTM83-16 5450390.446 309795.903 504.9 328.46 -3.02 1.23 MG A09-4765 0.362 0.069 0.009 VT Str Act, Mod to Str Chi alteration. TR09-5-17 VT North 253 UTM83-16 5450391.514 309795.295 504.9 334.53 31.63 1.05 MG A09-4765 0.376 0.050 0.011 VT Str Act, Mod to Str Chi alteration. TR09-5-18 VT North 253 UTM83-16 5450391.950 309794.107 504.8 333.60 9.04 0.93 MG A09-4765 0.102 0.021 0.006 VT Str Act, Mod to Str Chi alteration. TR09-5-19 VT North 253 UTM83-16 5450392.781 309793.722 505.0 328.48 -2.60 0.95 MG A09-4765 1.000 0.138 0.017 VT Str Act/ChI with a sheer structure. TR09-5-20 VT North 253 UTM83-16 5450393.606 309793.256 504.9 334.36 -17.59 1.25 MG A09-4765 0.123 0.024 0.008 VT Str Act, Mod to Str Chi alteration. TR09-5-21 VT North 253 UTM83-16 5450401.848 309791.260 504.9 324.42 6.22 1.29 MG A09-4765 0.097 0.023 0.001 VT Str Act, Mod to Str Chi alteration. TR09-5-22 VT North 253 UTM83-16 5450402.920 309790.541 505.1 317.14 12.86 0.88 MG A09-4765 0.102 0.024 0.001 VT Str Act, Mod to Str Chi alteration. TR09-5-23 VT North 253 UTM83-16 5450403.557 309789.980 505.3 318.77 25.45 1.15 MG AG9-4765 0.116 0.025 0.001 VT Str Act, Mod to Str Chi alteration. TR09-5-24 VT North 253 UTM83-16 5450404.367 309789.324 505.8 325.43 30.12 1.00 MG A09-4765 0.129 0.030 0.001 VT Str Act/ChI with a sheer structure. TR09-5-25 VT North 253 UTM83-16 5450405.091 309788.855 506.3 321.25 13.77 0.69 MG A09-4765 0.174 0.032 0.002 VT Str Act, Mod to Str Chi alteration. TR09-5-26 VT North 253 UTM83-16 5450406.298 309788.971 506.2 318.57 -4.55 0.83 MG A09-4765 0.598 0.100 0.016 VT Str Act, Mod to Str Chi alteration. TR09-5-27 VT North 253 UTM83-16 5450406.934 309788.439 506.1 335.47 -4.22 0.73 MG A09-4765 0.468 0.078 0.009 VT Str Act, Mod to Str Chi alteration. TR09-5-28 VT North 253 UTM83-16 5450407.613 309788.159 506.1 331.52 -21.54 0.88 MG A09-4765 0.115 0.030 0.003 VT Str Act, Mod to Str Chi alteration. TR09-5-29 VT North 253 UTM83-16 5450408.344 309787.791 505.8 339.82 34.44 0.88 MG A09-4765 0.130 0.030 0.004 VT Str Act, Mod to Str Chi alteration. TR09-5-30 VT North 253 UTM83-16 5450409.031 309787.561 506.3 330.94 9.07 1.01 MG A09-4765 0.155 0.045 0.006 VT Str Act, Mod to Str Chi alteration. TR09-5-31 VT North 253 UTM83-16 5450409.915 309787.097 506.4 325.70 -8.62 0.87 MG A09-4765 0.208 0.037 0.004 VT Str Act, Mod to Str Chi alteration. TR09-5-32 VT North 253 UTM83-16 5450410.639 309786.638 506.3 329.67 16.86 1.18 MG A09-4765 0.149 0.037 0.001 VT Str Act, Mod to Str Chi alteration. TR09-5-33 VT North 253 UTM83-16 5450411.626 309786.097 506.6 328.97 -1.60 1.26 MG A09-4765 0.145 0.041 0.004 VT Str Act, Mod to Str Chi alteration. TR09-5-34 VT North 253 UTM83-16 5450412.725 309785.480 506.6 328.54 -38.85 1.16 MG A09-4765 0.143 0.039 0.003 VT Str Act, Mod to Str Chi alteration. TR09-5-35 VT North 253 UTM83-16 5450413.508 309785.033 505.9 327.67 24.98 0.98 MG A09-4765 0.150 0.040 0.004 VT Str Act, Mod to Str Chi alteration.

VT Str Act, Mod to Str Chi alteration. TR09-5-36 VT North 253 UTM83-16 5450414.272 309784.585 506.3 332.29 3.44 0.92 MG A09-4765 0.129 0.032 0.012 TR09-5-37 VT North 253 UTM83-16 5450415.094 309784.180 506.3 333.38 0.12 0.99 MG A09-4765 0.133 0.037 0.006 VT Str Act, Mod to Str Chi alteration.

VT Str Act, Mod to Str Chi alteration. TR09-5-38 VT North 253 UTM83-16 5450415.987 309783.766 506.3 332.05 -7.69 1.07 MG A09-4765 0.112 0.032 0.006 TR09-5-39 VT North 253 UTM83-16 5450416.941 309783.294 506.2 326.00 3.74 0.97 MG A09-4765 0.134 0.037 0.006 VT Str Act, Mod to Str Chi alteration. TR09-5-40 VT North 253 UTM83-16 5450417.757 309782.778 506.2 333.21 2.86 1.04 MG A09-4765 0.520 0.062 0.011 VT Str Act, Mod to Str Chi alteration. TR09-5-41 VT North 253 UTM83-16 5450418.701 309782.336 506.3 321.69 11.92 0.99 MG A09-4765 0.126 0.035 0.004 VT Str Act, Mod to Str Chi alteration. TR09-5-42 VT North 253 UTM83-16 5450419.478 309781.759 506.5 328.50 -4.61 1.07 MG A09-4765 0.153 0.034 0.004 VT Str Act, Mod to Str Chi alteration. TR09-5-43 VT North 253 UTM83-16 5450420.404 309781.226 506.4 332.97 13.84 0.97 MG A09-4765 0.262 0.050 0.020 VT Str Act, Mod to Str Chi alteration. TR09-5-44 VT North 253 UTM83-16 5450421.256 309780.831 506.7 330.51 45.96 1.36 MG A09-4765 0.344 0.072 0.011 VT Str Act, Mod to Str Chi alteration. TR09-5-45 VT North 253 UTM83-16 5450422.090 309780.385 507.6 324.70 2.07 0.97 MG A09-4765 0.654 0.099 0.004 VT Str Act, Mod to Str Chi alteration. TR09-5-46 VT North 253 UTM83-16 5450422.896 309779.849 507.7 333.11 -8.39 1.05 MG A09-4765 0.105 0.032 0.001 VT Str Act, Mod to Str Chi alteration. TR09-5-47 VT North 253 UTM83-16 5450423.840 309779.407 507.5 336.36 3.36 0.96 MG A09-4765 0.105 0.028 0.003 VT Str Act, Mod to Str Chi alteration. TR09-5-48 VT North 253 UTM83-16 5450424.721 309779.053 507.6 330.09 -3.73 1.05 MG A09-4765 1.500 0.193 0.045 VT Str Act/ChI with a sheer structure. TR09-5-49 VT North 253 UTM83-16 5450425.646 309778.560 507.5 330.23 -39.22 1.02 MG A09-4765 0.026 0.003 0.009 VT Str Act, Mod to Str Chi alteration. TR09-5-50 VT North 253 UTM83-16 5450426.337 309778.190 506.9 332.09 -9.81 0.95 MG A09-4765 0.027 0.003 0.017 VT Str Act, Mod to Str Chi alteration. TR09-5-51 VT North 253 UTM83-16 5450427.180 309777.775 506.7 337.30 -23.35 1.21 MG A09-4765 0.036 0.009 0.019 VT Str Act, Mod to Str Chi alteration. TR09-5-52 VT North 253 UTM83-16 5450428.212 309777.376 506.2 326.18 -20.45 0.94 MG A09-4765 0.072 0.017 0.016 VT Str Act, Mod to Str Chi alteration.

Page 29: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal
Page 30: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Sample Number

Zone Claim Grid Northing Easting Eiev. Azimuth Dip Length Sampled By

Sampled Cert. Pd* (PP'")

Pt* iEEml

Au* iEEînl

Lithology Sample Description

TR09-7-3 VT North 253 UTM83-16 5450428.321 309877.523 508.6 323.32 2.36 0.97 MG A09-4765 0.196 0.032 0.003 VT Str Act, Mod to Str Chi alteration. TR09-7-4 VT North 253 UTM83-16 5450429.118 309876.966 508.6 316.53 22.88 1.04 MG A09-4765 1.670 0.172 0.015 VT Str Act, Mod to Str Chi alteration. TR09-7-5 VT North 253 UTM83-16 5450429.837 309876.327 509.1 315.44 4.98 1.02 MG A09-4765 0.176 0.024 0.007 VT Str Act, Mod to Str Chi alteration. TR09-7-6 VT North 253 UTM83-16 5450430.578 309875.629 509.1 315.17 2.52 0.98 MG A09-4765 0.107 0.022 0.003 VT Str Act/ChI with a sheer structure. TR09-7-7 VT North 253 UTM83-16 5450431.298 309874.960 509.2 316.39 -16.73 1.04 MG A09-4765 0.217 0.058 0.002 VT Str Act, Mod to Str Chi alteration. TR09-7-8 VT North 253 UTM83-16 5450432.038 309874.302 508.9 318.19 3.55 1.02 MG A09-4765 0.191 0.037 0.009 VT Str Act, Mod to Str Chi alteration. TR09-7-9 VT North 253 UTM83-16 5450432.808 309873.644 508.9 320.62 16.38 1.10 MG A09-4765 0.233 0.044 0.008 VT Str Act, Mod to Str Chi alteration.

TR09-7-10 VT North 253 UTM83-16 5450434.360 309873.931 509.5 313.87 13.32 0.88 MG A09-4765 0.115 0.022 0.004 VT Str Act, Mod to Str Chi alteration. TR09-7-11 VT North 253 UTM83-16 5450434.968 309873.328 509.7 313.48 22.07 0.95 MG A09-4765 0.248 0.046 0.007 VT Str Act, Mod to Str Chi alteration. TR09-7-12 VT North 253 UTM83-16 5450435.597 309872.707 510.1 313.88 23.65 1.02 MG A09-4765 0.263 0.032 0.004 VT Str Act, Mod to Str Chi alteration. TR09-7-13 VT North 253 UTM83-16 5450436.267 309872.046 510.5 311.93 15.46 0.93 MG A09-4765 0.555 0.072 0.010 VT Str Act, Mod to Str Chi alteration. TR09-7-14 VT North 253 UTM83-16 5450436.886 309871.404 510.7 308.03 20.27 1.06 MG A09-4765 0.163 0.027 0.005 VT Str Act, Mod to Str Chi alteration. TR09-7-15 VT North 253 UTM83-16 5450437.519 309870.633 511.1 311.46 27.47 0.98 MG A09-4765 0.262 0.032 0.005 VT Str Act/ChI and a sheer structure. TR09-7-16 VT North 253 UTM83-16 5450438.118 309870.000 511.5 312.07 17.47 0.99 MG A09-4765 1.170 0.121 0.030 VT Str Act, Mod to Str Chi alteration. TR09-7-17 VT North 253 UTM83-16 5450438.769 309869.319 511.8 311.50 12.02 1.07 MG A09-4765 10.300 1.260 0.143 VT Str Act/ChI, Mod Ser with a sheer structure. TR09-7-18 VT North 253 UTM83-16 5450439.482 309868.560 512.1 312.97 20.04 0.96 MG A09-4765 0.250 0.034 0.006 VT Str Act/ChI, Mod Ser with a sheer structure. TR09-7-19 VT North 253 UTM83-16 5450440.111 309867.919 512.4 317.88 3.45 1.03 MG A09-4765 0.162 0.041 0.005 VT Str Act/ChI, Mod Ser with a sheer structure. TR09-7-20 VT North 253 UTM83-16 5450440.901 309867.252 512.4 312.37 5.72 1.05 MG A09-4765 0.133 0.031 0.004 VT Str Act/ChI, Mod Ser with a sheer structure. TR09-7-21 VT North 253 UTM83-16 5450441.624 309866.503 512.6 315.91 11.51 1.09 MG A09-4765 0.135 0.038 0.003 VT Str Act, Mod to Str Chi alteration. TR09-7-22 VT North 253 UTM83-16 5450442.416 309865.776 512.8 312.43 -19.30 0.82 MG A09-4843 0.151 0.033 0.003 VT Str Act, Mod to Str Chi alteration. TR09-7-23 VT North 253 UTM83-16 5450442.952 309865.222 512.5 312.02 -1.02 0.90 MG A09-4843 0.176 0.040 0.004 VT Str Act, Mod to Str Chi alteration. TR09-7-24 VT North 253 UTM83-16 5450443.572 309864.570 512.5 319.43 10.08 1.13 MG A09-4843 0.159 0.035 0.005 VT Str Act, Mod to Str Chi alteration. TR09-7-25 VT North 253 UTM83-16 5450444.443 309863.875 512.7 321.49 10.97 1.08 MG A09-4843 0.125 0.030 0.005 VT Str Act/ChI with a sheer structure. TR09-7-26 VT North 253 UTM83-16 5450445.292 309863.240 512.9 318.81 6.06 1.07 MG A09-4843 0.112 0.019 0.016 VT Str Act/ChI with a sheer structure. TR09-7-27 VT North 253 UTM83-16 5450446.113 309862.564 513.0 321.29 -3.49 1.07 MG A09-4843 0.289 0.044 0.020 VT Str Act/ChI with a sheer structure. TR09-7-28 VT North 253 UTM83-16 5450446.962 309861.919 512.9 322.04 -2.99 1.07 MG A09-4843 0.138 0.037 0.014 VT Str Act, Mod to Str Chi alteration. TR09-7-29 VT North 253 UTM83-16 5450447.821 309861.284 512.9 323.28 -10.73 1.01 MG A09-4843 0.141 0.030 0.003 VT Str Act, Mod to Str Chi alteration. TR09-7-30 VT North 253 UTM83-16 5450448.638 309860.718 512.7 325.17 -9.62 1.04 MG A09-4843 0.111 0.028 0.001 VT Str Act, Mod to Str Chi alteration. TR09-7-31 VT North 253 UTM83-16 5450449.495 309860.164 512.5 326.56 -7.49 1.03 MG A09-4843 0.282 0.045 0.007 VT Str Act, Mod to Str Chi alteration. TR09-7-32 VT North 253 UTM83-16 5450450.362 309859.599 512.3 326.56 -7.49 1.03 MG A09-4843 0.962 0.120 0.104 VT Str Act/ChI with a sheer structure. TR09-7-33 VT North 253 UTM83-16 5450451.229 309859.064 512.1 326.71 -8.59 0.93 MG A09-4843 0.088 0.020 0.005 VT Str Act, Mod to Str Chi alteration. TR09-7-34 VT North 253 UTM83-16 5450424.354 309927.257 508.5 347.56 11.97 0.90 MG A09-4843 0.006 0.006 0.003 VT Str Act, Mod to Str Chi alteration. TR09-7-35 VT North 253 UTM83-16 5450425.219 309927.093 508.7 345.22 22.64 1.04 MG A09-4843 0.012 0.003 0.003 VT Str Act, Mod to Str Chi alteration. TR09-7-36 VT North 253 UTM83-16 5450426.146 309926.870 509.1 341.81 -4.60 0.95 MG A09-4843 0.011 0.003 0.003 VT Str Act, Mod to Str Chi alteration. TR09-7-37 VT North 253 UTM83-16 5450427.054 309926.607 509.0 337.75 8.38 0.91 MG A09-4843 0.008 0.003 0.003 VT Str Act, Mod to Str Chi alteration. TR09-7-38 VT North 253 UTM83-16 5450428.068 309926.847 509.1 347.44 -1.78 1.09 MG A09-4843 0.007 0.003 0.002 VT Str Act, Mod to Str Chi alteration. TR09-7-39 VT North 253 UTM83-16 5450429.144 309926.639 509.1 345.15 12.79 0.98 MG A09-4843 0.109 0.032 0.004 VT Str Act, Mod to Str Chi alteration. TR09-7-40 VT North 253 UTM83-16 5450430.071 309926.426 509.3 346.75 -0.12 0.98 MG A09-4843 0.222 0.030 0.010 VT Str Act, Mod to Str Chi alteration. TR09-7-41 VT North 253 UTM83-16 5450431.027 309926.235 509.3 345.73 5.29 0.97 MG A09-4843 0.107 0.026 0.007 VT Str Act, Mod to Str Chi alteration. TR09-7-42 VT North 253 UTM83-16 5450431.964 309926.022 509.4 342.81 1.18 1.02 MG A09-4843 0.074 0.019 0.002 VT Str Act, Mod to Str Chi alteration. TR09-7-43 VT North 253 UTM83-16 5450432.952 309925.752 509.4 343.79 -2.83 0.99 MG A09-4843 0.038 0.010 0.009 VT Str Act, Mod to Str Chi alteration. TR09-7-44 VT North 253 UTM83-16 5450433.910 309925.500 509.4 344.38 -1.01 1.02 MG A09-4843 0.081 0.020 0.002 VT Str Act, Mod to Str Chi alteration.

Page 31: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Sample Number

Zone Claim Grid Northing Easting Eiev. Azimuth Dip Length Sampled Cert. Pd* (PPm)

Pt* (PP"')

Au* (ppm)

Lithology Sample Description

TR09-7-45 VT North 253 UTM83-16 5450434.898 309925.259 509.3 346.24 -2.70 1.02 MG A09-4843 0.289 0.104 0.006 VT Str Act, Mod to Str Chi alteration. TR09-7-46 VT North 253 UTM83-16 5450435.895 309925.039 509.3 344.83 1.77 1.01 MG A09-4843 0.129 0.045 0.004 VT St Act, Mod to Str Chi alteration. TR09-7-47 VT North 253 UTM83-16 5450436.872 309924.807 509.3 344.05 -1.29 0.98 MG A09-4843 0.108 0.036 0.001 VT St Act, Mod to Str Chi alteration. TR09-7-48 VT North 253 UTM83-16 5450437.820 309924.565 509.3 343.66 -6.83 1.03 MG A09-4843 0.189 0.049 0.002 VT St Act, Mod to Str Chi alteration. TR09-7-49 VT North 253 UTM83-16 5450438.808 309924.305 509.2 344.54 -4.23 0.99 MG A09-4843 0.074 0.022 0.002 VT St Act, Mod to Str Chi alteration. TR09-7-50 VT North 253 UTM83-16 5450439.765 309924.073 509.1 342.72 -0.81 0.99 MG A09-4843 0.052 0.020 0.008 VT St Act, Mod to Str Chi alteration. TR09-7-51 VT North 253 UTM83-16 5450440.723 309923.811 509.1 343.40 -8.62 0.99 MG A09-4843 0.031 0.010 0.009 VT St Act, Mod to Str Chi alteration. TR09-7-52 VT North 253 UTM83-16 5450441.661 309923.559 508.9 342.98 -7.40 0.98 MG A09-4843 0.067 0.020 0.005 VT St Act, Mod to Str Chi alteration. TR09-7-53 VT North 253 UTM83-16 5450442.599 309923.297 508.8 343.90 -9.18 1.02 MG A09-4843 0.152 0.032 0.006 VT St Act, Mod to Str Chi alteration. TR09-7-54 VT North 253 UTM83-16 5450443.567 309923.055 508.7 340.91 -13.38 0.99 MG A09-4843 0.478 0.052 0.010 VT St Act, Mod to Str Chi alteration. TR09-7-55 VT North 253 UTM83-16 5450444.486 309922.762 508.4 340.60 -11.66 1.00 MG A09-4843 0.133 0.027 0.002 VT St Act, Mod to Str Chi alteration. TR09-7-56 VT North 253 UTM83-16 5450445.425 309922.470 508.2 350.30 -10.55 1.04 MG A09-4843 1.050 0.088 0.008 VT St Act, Mod to Str Chi alteration. TR09-7-57 VT North 253 UTM83-16 5450446.430 309922.320 508.0 0.68 -3.90 0.93 MG A09-4843 0.252 0.029 0.001 VT St Act, Mod to Str Chi alteration. TR09-7-58 VT North 253 UTM83-16 5450447.359 309922.368 508.0 358.62 -12.57 1.02 MG A09-4843 0.231 0.037 0.001 VT St Act, Mod to Str Chi alteration. TR09-7-59 VT North 253 UTM83-16 5450448.349 309922.367 507.8 358.30 -13.48 1.00 MG A09-4843 0.258 0.053 0.005 VT St Act, Mod to Str Chi alteration. TR09-7-60 VT North 253 UTM83-16 5450449.330 309922.366 507.5 357.81 -13.50 0.97 MG A09-4843 0.132 0.040 0.001 VT St Act, Mod to Str Chi alteration. TR09-7-61 VT North 253 UTM83-16 5450450.270 309922.364 507.3 358.04 -15.53 1.03 MG A09-4843 0.206 0.033 0.001 VT St Act, Mod to Str Chi alteration. TR09-7-62 VT North 253 UTM83-16 5450451.271 309922.354 507.0 358.83 -7.11 0.99 MG A09-4843 0.161 0.046 0.006 VT St Act, Mod to Str Chi alteration. TR09-7-63 VT North 253 UTM83-16 5450452.241 309922.362 506.9 359.01 -21.63 1.00 MG A09-4843 1.940 0.109 0.011 VT St Act, Mod to Str Chi alteration. TR09-7-64 VT North 253 UTM83-16 5450453.171 309922.380 506.5 0.13 -30.97 1.05 MG A09-4843 0.237 0.036 0.009 VT St Act, Mod to Str Chi alteration. TR09-7-65 VT North 253 UTM83-16 5450454.071 309922.407 506.0 358.77 -8.71 0.99 MG A09-4843 1.530 0.119 0.009 VT St Act, Mod to Str Chi alteration. TR09-7-66 VT North 253 UTM83-16 5450455.051 309922.416 505.8 2.29 -15.04 0.91 MG A09-4843 9.730 0.704 0.038 VT St Act, Mod to Str Chi alteration. TR09-7-67 VT North 253 UTM83-16 5450431.883 309924.369 509.4 62.37 3.92 0.97 CW A09-6557 0.083 0.023 0.028 VT St Act, Mod to Str Chi alteration. TR09-7-68 VT North 253 UTM83-16 5450433.383 309925.054 509.4 300.03 -2.68 0.98 CW A09-6557 0.201 0.044 0.029 VT St Act, Mod to Str Chi alteration. TR09-7-69 VT North 253 UTM83-16 5450433.194 309926.359 509.4 283.84 -1.24 1.06 CW A09-6557 0.171 0.045 0.014 VT St Act, Mod to Str Chi alteration. TR09-7-70 VT North 253 UTM83-16 5450433.384 309927.705 509.4 251.58 2.37 0.99 CW A09-6557 0.141 0.030 0.011 VT St Act, Mod to Str Chi alteration. TR09-7-71 VT North 253 UTM83-16 5450443.806 309922.412 508.6 313.07 -7.40 0.93 CW A09-6557 0.073 0.015 0.004 VT St Act, Mod to Str Chi alteration. TR09-7-72 VT North 253 UTM83-16 5450454.275 309923.283 505.8 262.67 7.39 0.93 CW A09-6557 0.341 0.050 0.007 VT St Act, Mod to Str Chi alteration. TR09-7-73 VT North 253 UTM83-16 5450454.182 309922.370 505.9 264.41 4.95 0.84 CW A09-6557 1.900 0.101 0.015 VT St Act, Mod to Str Chi alteration. TR09-7-74 VT North 253 UTM83-16 5450455.920 309922.472 505.7 5.75 -3.63 0.79 CW A09-6557 17.300 1.360 0.090 VT St Act, Mod to Str Chi alteration. TR09-7-75 VT North 253 UTM83-16 5450429.377 309876.664 508.9 282.14 5.28 0.87 CW A09-6557 1.630 0.151 0.022 VT St Act, Mod to Str Chi alteration. TR09-7-76 VT North 253 UTM83-16 5450437.502 309869.212 511.2 54.03 19.37 0.99 CW A09-6557 0.202 0.030 0.017 VT St Act/ChI with a sheer structure. TR09-7-77 VT North 253 UTM83-16 5450438.047 309870.048 511.6 59.35 -17.31 1.00 CW A09-6557 0.273 0.033 0.014 VT St Act/ChI with a sheer structure. TR09-7-78 VT North 253 UTM83-16 5450438.737 309872.080 511.3 79.51 -6.40 0.69 CW A09-6557 0.105 0.019 0.039 VT St Act, Mod to Str Chi alteration. TR09-7-79 VT North 253 UTM83-16 5450438.837 309872.753 511.3 69.49 -2.80 0.80 CW A09-6557 0.334 0.063 0.055 VT St Act, Mod to Str Chi alteration. TR09-7-80 VT North 253 UTM83-16 5450450.029 309858.359 512.2 243.99 6.90 0.97 CW A09-6557 1.110 0.185 0.024 VT St Act/ChI with a sheer structure. TR09-7-81 VT North 253 UTM83-16 5450460.436 309853.225 509.9 287.67 -13.20 1.22 CW A09-6557 0.025 0.003 0.009 VT St Act, Mod to Str Chi alteration. TR09-7-82 VT North 253 UTM83-16 5450460.949 309852.440 509.8 312.28 -5.69 1.08 CW A09-6557 0.078 0.013 0.021 VT St Act, Mod to Str Chi alteration. TR09-7-83 VT North 253 UTM83-16 5450475.412 309844.475 504.7 316.64 -13.72 0.91 CW A09-6557 0.090 0.023 0.011 VT St Act, Mod to Str Chi alteration. TR09-7-84 VT North 253 UTM83-16 5450475.524 309843.078 504.7 262.94 -18.06 0.96 CW A09-6557 0.003 0.003 0.004 VT St Act, Mod to Str Chi alteration. TR09-7-85 VT North 253 UTM83-16 5450481.176 309841.735 503.8 332.13 -2.34 0.78 CW A09-6557 0.073 0.021 0.006 VT St Act, Mod to Str Chi alteration. TR09-7-86 VT North 253 UTM83-16 5450481.877 309841.386 503.8 327.78 -16.21 1.04 CW A09-6557 0.079 0.022 0.007 VT Str Act, Mod to Str Chi alteration

Page 32: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal
Page 33: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Sample Zone Claim Grid Northing Easting Elev. Azimuth Dip Length Sampled Cert. Pd* Pt* Au* Lithology Sample Description Number By (ppm) (ppm) (ppm)

TR09-8-30 VT North 253 UTM83-16 5450489.856 309965.557 505.1 313.43 -1.66 0.93 MG A09-4838 0.081 0.021 0.001 VT Str Act, Mod to Str Chi alteration. TR09-8-31 VT North 253 UTM83-16 5450490.516 309964.907 505.1 312.71 -21.68 0.93 MG A09-4838 0.669 0.074 0.011 VT Str Act, Mod to Str Chi alteration. TR09-8-32 VT North 253 UTM83-16 5450491.125 309964.284 504.7 311.61 -29.64 1.09 MG A09-4838 1.640 0.096 0.008 VT Str Act/ChI with a sheer structure. TR09-8-33 VT North 253 UTM83-16 5450490.968 309963.149 504.0 299.49 -51.24 1.12 MG A09-4838 1.780 0.178 0.013 VT Str Act/ChI with a sheer structure. TR09-8-34 VT North 253 UTM83-16 5450491.326 309962.550 503.2 304.25 -20.91 0.99 MG A09-4838 7.050 0.463 0.038 VT Str Act/ChI with a sheer structure. TR09-8-35 VT North 253 UTM83-16 5450491.869 309961.805 502.8 301.83 -28.55 0.95 MG A09-4838 0.143 0.007 0.001 VT Str Act, Mod to Str Chi alteration. TR09-8-36 VT North 253 UTM83-16 5450492.330 309961.099 502.4 305.58 -22.94 1.07 MG A09-4838 0.104 0.009 0.001 VT Str Act, Mod to Str Chi alteration. TR09-8-37 VT North 253 UTM83-16 5450492.933 309960.316 501.9 305.44 -28.71 1.10 MG A09-4838 1.310 0.054 0.013 VT Str Act/ChI with a sheer structure. TR09-8-38 VT North 253 UTM83-16 5450493.516 309959.553 501.4 300.12 -19.59 0.87 MG A09-4838 0.268 0.021 0.005 VT Str Act/ChI with a sheer structure. TR09-8-39 VT North 253 UTM83-16 5450482.819 309973.802 508.5 309.10 -17.97 0.94 CW A09-6557 0.195 0.032 0.024 VT Str Act, Mod to Str Chi alteration. TR09-8-40 VT North 253 UTM83-16 5450483.399 309973.119 508.2 304.20 -8.51 0.91 CW A09-6557 0.156 0.023 0.016 VT Str Act, Mod to Str Chi alteration. TR09-8-41 VT North 253 UTM83-16 5450495.716 309963.290 502.4 235.54 -22.67 0.98 CW A09-6557 0.158 0.018 0.004 VT Str Act, Mod to Str Chi alteration. TR09-8-42 VT North 253 UTM83-16 5450493.718 309960.840 501.9 223.83 -5.41 0.90 CW A09-6557 0.837 0.043 0.009 VT Str Act, Mod to Str Chi alteration. TR09-8-43 VT North 253 UTM83-16 5450493.078 309959.830 501.8 225.59 -0.36 0.96 CW A09-6557 2.520 0.124 0.028 VT Str Act, Mod to Str Chi alteration. TR09-8-44 VT North 253 UTM83-16 5450503.448 309953.555 497.4 235.28 -6.94 0.90 CW A09-6557 0.193 0.019 0.009 VT Str Act/ChI with a sheer structure. TR09-8-45 VT North 253 UTM83-16 5450502.960 309952.810 497.3 234.22 -1.05 0.93 CW A09-6557 0.176 0.015 0.006 VT Str Act/ChI with a sheer structure. TR09-8-46 VT North 253 UTM83-16 5450504.875 309952.687 497.0 246.89 -17.53 0.83 CW A09-6557 0.164 0.031 0.008 VT Str Act/ChI with a sheer structure. TR09-8-47 VT North 253 UTM83-16 5450504.587 309951.948 496.8 251.04 -2.73 0.96 CW A09-6557 0.171 0.035 0.010 VT Str Act/ChI with a sheer structure. TR09-8-48 VT North 253 UTM83-16 5450508.040 309952.881 495.7 220.28 9.18 0.97 CW A09-6557 0.200 0.025 0.006 VT Str Act/ChI with a sheer structure.

TR09-8-48A A09-6557 0.006 0.003 0.004 Standard CDN-BL-4 TR09-8-49 VT North 253 UTM83-16 5450507.329 309952.240 495.8 227.20 14.27 0.99 CW A09-6557 0.114 0.016 0.007 VT Str Act/ChI with a sheer structure. TR09-9-1 VT North 253 UTM83-16 5450490.263 310086.353 517.1 339.67 -13.47 0.99 CW A09-6429 0.003 0.003 0.003 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-2 VT North 253 UTM83-16 5450491.183 310086.040 516.8 338.82 -14.64 0.98 CW A09-6429 0.003 0.003 0.003 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-3 VT North 253 UTM83-16 5450492.072 310085.726 516.6 343.63 -9.96 1.10 CW A09-6429 0.003 0.003 0.005 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-4 VT North 253 UTM83-16 5450493.121 310085.457 516.4 338.42 -1.91 0.99 CW A09-6429 0.003 0.003 0.003 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-5 VT North 253 UTM83-16 5450494.051 310085.114 516.4 340.54 15.89 1.01 CW A09-6429 0.003 0.003 0.004 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-6 VT North 253 UTM83-16 5450494.971 310084.821 516.6 348.16 5.25 1.03 CW A09-6429 0.003 0.003 0.003 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-7 VT North 253 UTM83-16 5450495.986 310084.642 516.7 349.17 7.49 0.87 CW A09-6429 0.003 0.003 0.003 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-8 VT North 253 UTM83-16 5450496.841 310084.507 516.9 300.13 -4.14 1.18 CW A09-6429 0.003 0.003 0.002 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-9 VT North 253 UTM83-16 5450497.461 310083.505 516.8 300.85 6.52 1.03 CW A09-6429 0.003 0.003 0.002 EGAB Mod Act, Wk Chl/Epi with a foliation.

TR09-9-10 VT North 253 UTM83-16 5450498.007 310082.641 516.9 304.71 4.99 0.95 CW A09-6429 0.003 0.003 0.003 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-11 VT North 253 UTM83-16 5450498.569 310081.877 517.0 303.60 -4.31 1.03 CW A09-6429 0.003 0.003 0.002 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-12 VT North 253 UTM83-16 5450499.164 310081.044 516.9 301.70 -5.37 0.97 CW A09-6429 0.003 0.003 0.002 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-13 VT North 253 UTM83-16 5450499.699 310080.240 516.8 299.99 -6.64 1.00 CW A09-6429 0.003 0.003 0.007 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-14 VT North 253 UTM83-16 5450500.224 310079.385 516.7 300.25 -9.57 1.02 CW A09-6429 0.003 0.003 0.004 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-15 VT North 253 UTM83-16 5450500.750 310078.530 516.5 298.44 -14.31 0.98 CW A09-6429 0.003 0.003 0.003 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-16 VT North 253 UTM83-16 5450501.224 310077.714 516.3 302.75 -8.89 1.04 CW A09-6429 0.003 0.003 0.002 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-17 VT North 253 UTM83-16 5450501.809 310076.871 516.1 303.22 -3.13 0.99 CW A09-6429 0.003 0.003 0.003 EGAB Mod Act, Wk Chl/Epi with a foliation. TR09-9-18 VT North 253 UTM83-16 5450505.301 310076.524 516.0 322.19 5.55 0.92 CW A09-6429 0.118 0.018 0.008 VT Str Act, Mod to Str Chi alteration. TR09-9-19 VT North 253 UTM83-16 5450506.037 310075.986 516.1 321.91 7.08 0.97 CW A09-6429 0.196 0.054 0.005 VT Str Act, Mod to Str Chi alteration. TR09-9-20 VT North 253 UTM83-16 5450506.815 310075.409 516.2 323.90 7.18 1.03 CW A09-6429 0.155 0.051 0.001 VT Str Act, Mod to Str Chi alteration.

TR09-9-20A A09-6429 0.003 0.003 0.001 Standard CDN-BL-4

Page 34: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Sample Zone Claim Grid Northing Easting Elev. Azimuth Dip Length Sampled Cert. Pd* Pt* Au* Lithology Sample Description Number By (ppm) (ppm) (ppm)

TR09-9-21 VT North 253 UTM83-16 5450507.662 310074.834 516.3 322.46 0.43 1.06 CW A09-6429 0.087 0.025 0.005 VT Str Act, Mod to Str Chi alteration. TR09-9-22 VT North 253 UTM83-16 5450508.511 310074.219 516.3 323.58 5.32 1.01 CW A09-6429 0.102 0.028 0.001 VT Str Act, Mod to Str Chi alteration. TR09-9-23 VT North 253 UTM83-16 5450509.348 310073.643 516.4 326.04 3.87 0.96 CW A09-6429 0.095 0.021 0.001 VT Str Act, Mod to Str Chi alteration. TR09-9-24 VT North 253 UTM83-16 5450510.154 310073.127 516.5 323.00 24.18 0.97 CW A09-6429 0.095 0.022 0.001 VT Str Act, Mod to Str Chi alteration. TR09-9-25 VT North 253 UTM83-16 5450510.880 310072.618 516.9 322.50 2.77 1.04 CW A09-6429 0.271 0.090 0.006 VT Str Act/ChI with a sheer structure. TR09-9-26 VT North 253 UTM83-16 5450511.718 310072.013 517.0 322.93 6.78 0.99 CW A09-6429 0.144 0.037 0.001 VT Str Act/ChI with a sheer structure. TR09-9-27 VT North 253 UTM83-16 5450512.515 310071.446 517.1 323.71 7.48 1.00 CW A09-6429 0.109 0.021 0.001 VT Str Act/ChI with a sheer structure. TR09-9-28 VT North 253 UTM83-16 5450513.332 310070.880 517.2 325.84 -3.48 1.02 CW A09-6429 0.116 0.024 0.001 VT Str Act/ChI with a sheer structure. TR09-9-29 VT North 253 UTM83-16 5450514.199 310070.336 517.1 323.89 -7.73 0.97 CW A09-6429 0.143 0.040 0.002 VT Str Act, Mod to Str Chi alteration. TR09-9-30 VT North 253 UTM83-16 5450514.985 310069.789 517.0 328.11 -9.74 1.08 CW A09-6429 0.224 0.048 0.004 VT Str Act, Mod to Str Chi alteration. TR09-9-31 VT North 253 UTM83-16 5450515.911 310069.256 516.8 6.13 -14.15 0.94 CW A09-6429 0.574 0.121 0.005 VT Str Act, Mod to Str Chi alteration. TR09-9-32 VT North 253 UTM83-16 5450516.808 310069.383 516.6 7.80 -26.46 0.92 CW A09-6429 0.177 0.026 0.002 VT Str Act, Mod to Str Chi alteration. TR09-9-33 VT North 253 UTM83-16 5450517.625 310069.517 516.2 9.18 -29.54 1.04 CW A09-6429 0.593 0.068 0.013 VT Str Act, Mod to Str Chi alteration. TR09-9-34 VT North 253 UTM83-16 5450518.520 310069.683 515.7 3.61 -39.30 0.96 CW A09-6429 1.670 0.266 0.008 VT Str Act, Mod to Str Chi alteration. TR09-9-35 VT North 253 UTM83-16 5450519.258 310069.755 515.1 2.64 -37.14 0.65 CW A09-6429 0.375 0.089 0.002 VT Str Act, Mod to Str Chi alteration. TR09-9-36 VT North 253 UTM83-16 5450527.609 310062.430 514.6 351.57 23.03 0.73 CW A09-6429 1.050 0.157 0.024 VT Str Act, Mod to Str Chi alteration. TR09-9-37 VT North 253 UTM83-16 5450528.272 310062.350 514.9 348.95 16.44 1.02 CW A09-6429 0.135 0.028 0.008 VT Str Act, Mod to Str Chi alteration. TR09-9-38 VT North 253 UTM83-16 5450529.227 310062.188 515.2 356.42 8.69 0.94 CW A09-6429 0.075 0.014 0.003 VT Str Act, Mod to Str Chi alteration. TR09-9-39 VT North 253 UTM83-16 5450530.158 310062.155 515.3 359.60 28.06 1.15 CW A09-6429 0.283 0.034 0.017 VT Str Act, Mod to Str Chi alteration. TR09-9-40 VT North 253 UTM83-16 5450531.178 310062.186 515.9 8.82 10.88 0.92 CW A09-6429 0.304 0.040 0.013 VT Str Act, Mod to Str Chi alteration.

TR09-9-40A A09-6429 0.003 0.003 0.001 Standard CDN-BL-4 TR09-9-41 VT North 253 UTM83-16 5450532.063 310062.352 516.0 3.53 1.84 0.72 CW A09-6429 0.183 0.035 0.009 VT Str Act, Mod to Str Chi alteration. TR09-9-42 VT North 253 UTM83-16 5450532.772 310062.413 516.1 339.44 26.59 1.11 CW A09-6429 0.053 0.015 0.015 VT Str Act, Mod to Str Chi alteration. TR09-9-43 VT North 253 UTM83-16 5450533.712 310062.091 516.6 336.70 41.34 0.93 CW A09-6429 0.084 0.011 0.011 VT Str Act, Mod to Str Chi alteration. TR09-9-44 VT North 253 UTM83-16 5450534.360 310061.840 517.2 335.08 3.83 1.02 CW A09-6429 0.191 0.033 0.013 VT Str Act, Mod to Str Chi alteration. TR09-9-45 VT North 253 UTM83-16 5450535.292 310061.437 517.2 333.46 -6.11 0.96 CW A09-6429 0.824 0.123 0.033 VT Str Act, Mod to Str Chi alteration. TR09-9-46 VT North 253 UTM83-16 5450536.154 310061.033 517.1 330.83 11.44 1.01 CW A09-6429 0.094 0.018 0.006 VT Str Act, Mod to Str Chi alteration. TR09-9-47 VT North 253 UTM83-16 5450537.038 310060.579 517.3 334.01 -5.38 1.03 CW A09-6429 0.127 0.021 0.006 VT Str Act, Mod to Str Chi alteration. TR09-9-48 VT North 253 UTM83-16 5450537.971 310060.156 517.2 332.10 -10.56 1.02 CW A09-6429 0.095 0.018 0.008 VT Str Act, Mod to Str Chi alteration. TR09-9-49 VT North 253 UTM83-16 5450538.875 310059.713 517.1 336.28 3.40 1.05 CW A09-6429 0.284 0.033 0.019 VT Str Act, Mod to Str Chi alteration. TR09-9-50 VT North 253 UTM83-16 5450539.837 310059.321 517.1 333.13 11.53 0.95 CW A09-6429 0.086 0.018 0.008 VT Str Act, Mod to Str Chi alteration. TR09-9-51 VT North 253 UTM83-16 5450540.679 310058.926 517.3 331.71 -5.11 1.04 CW A09-6429 0.075 0.018 0.012 VT Str Act, Mod to Str Chi alteration. TR09-9-52 VT North 253 UTM83-16 5450541.613 310058.464 517.2 334.48 1.56 0.95 CW A09-6429 0.208 0.037 0.010 VT Str Act, Mod to Str Chi alteration. TR09-9-53 VT North 253 UTM83-16 5450542.485 310058.069 517.2 333.93 -5.12 1.04 CW A09-6429 0.244 0.035 0.021 VT Str Act, Mod to Str Chi alteration. TR09-9-54 VT North 253 UTM83-16 5450543.428 310057.647 517.2 337.12 -8.68 1.02 CW A09-6429 0.457 0.077 0.047 VT Str Act/ChI with a sheer structure. TR09-9-55 VT North 253 UTM83-16 5450544.369 310057.285 517.0 340.08 -28.53 1.00 CW A09-6429 0.516 0.091 0.037 VT Str Act/ChI with a sheer structure. TR09-9-56 VT North 253 UTM83-16 5450545.208 310057.010 516.5 340.60 -19.13 1.01 CW A09-6429 0.085 0.018 0.010 VT Str Act, Mod to Str Chi alteration. TR09-9-57 VT North 253 UTM83-16 5450546.117 310056.716 516.2 337.19 -23.80 1.11 CW A09-6429 0.052 0.013 0.009 VT Str Act, Mod to Str Chi alteration. TR09-9-58 VT North 253 UTM83-16 5450547.058 310056.354 515.7 341.61 -14.38 0.87 CW A09-6429 0.220 0.052 0.030 VT Str Act, Mod to Str Chi alteration. TR09-9-59 VT North 253 UTM83-16 5450547.866 310056.108 515.5 339.82 -16.38 1.08 CW A09-6429 0.111 0.018 0.008 VT Str Act/ChI with a sheer structure. TR09-9-60 VT North 253 UTM83-16 5450548.856 310055.777 515.2 338.93 -25.21 1.04 CW A09-6429 0.066 0.013 0.002 VT Str Act/ChI with a sheer structure.

TR09-9-60A A09-6429 0.424 0.096 0.403 Standard CDN-PGMS-15

Page 35: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal
Page 36: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

APPENDIX C

Assay Certificates

Page 37: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Quality Analysis... Innovative Technologies

Date Submitted: 28-Aug-09

Invoice No.: A09-4765

Invoice Date: 15-Sep-09

Your Reference: 05-001-24-01

Lac Des Mes Mine

556 Tenth Avenue Thunder Bay O N P7B 2R2 Canada

ATTN: Manager John Corkery

CERTIFICATE OF ANALYSIS

207 Rock samples were submit ted for analysis.

The fol lowing analyt ical packages were requested: Code IC-Exp ICPOES-Lac Des lies Mine-Tbay Fire Assay ICPOES Code 1F2-Tbay-Lac Des Iles Mine Total Digestion ICP(TOTAL)

REPORT A09-4765

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses. Test results are representative only of material submitted for analysis.

Notes: Values which exceed the upper limit should be assayed for accurate numbers.

CERTIFIED BY :

ACTIVATION LABORATORIES LTD.

Emmanuel Eseme , Ph.D. Quality Control

1336 Sandhill Drive, Ancaster, Ontario Canada L9G 4V5 TELEPHONE +1.905.648.9611 or •H .888.228.5227 FAX +1.905,648.9613

E-MAIL ancasler@actlabsint.œm ACTLABS GROUP WEBSITE http;//www.actlabsint.com

Page 38: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Method Code

Unit Symbol

Analyte Symbol

Package Code

b a t e Analyzed

TR09-1-1

TR09-1-2

TR09-1-3

T R 0 9 - M

TR09-1-6

TR09-1-6

TR09-1-7

TR09-1-8

TR09-1-9

TR09-1-10

TR09-1-11

TR09-1.12

TR09-1-13

TROS-I-M

TR09-1-15

TR09-1-16

TR09-1-17

TR09-1-18

TR09-1-19

TR09-1-20

TR09-1-21

TR09-1-22

TR09-1-23

TR09-1-24

TR09-1-25

TR09-1-26

TR09-1-27

TR09-1-28

TR09-1-29

TR09-1-30

TR09-2-1

TR09-2-2

TR09-2-3

TR09-2-4

TR09-2-5

TR09-2-6

TR09-2-7

TR09-2-a

TR09-2-9

TR09-2-10

TR09-2-11

TR09-2-12

TR09-2-13

TR09-2-14

TR09-2-15

TR09-2-16

TR09-2.17

TR09-2-18

FA-ICP FA-ICP FA-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % % ppm

Au Pd PI Ag AI As Ba Be Bi Ca Cd Co Cr Cu Fe Ga Hg K Ma Mn Mo Na P Ni

IC-Exp ICPOES-Lac Des

IC-Exp ICPOES-Lac Des

IC-Exp ICPOES-Lac Des

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1 F2-Tbay-Uic Des Iles Min

1 F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Mir

1F2-Tbay-LacDes lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1 F2-Tbay-Lac Des Iles Min

1F2-Tbay-LacDes lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-LacDes lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

Ile Ile Ile Sap 14

2009 11:50AM

Sep 9 2009

12:51PM

Sep 9 2009

12:51PM

Sep 9 2009

12:51PM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:60AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:60AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:60AM

Sep 14 2009

11:60AM

Sep 14 2009

11:50AM

Sap 14 2009

11:50AM

9 259 37 <0.3 8.50 < 3 77 < 1 < 2 7.12 <0.3 47 178 18 4.92 18 0.39 5.81 936 < 1 1.39 0,003 301

4 150 33 <0.3 9.83 < 3 82 < 2 8.13 <0.3 36 151 8 3.67 18 < 1 0.51 4,86 663 < 1 1.62 0,005 271

5 118 26 <0.3 919 < 3 113 < 2 8.55 0.4 34 164 32 3.68 17 < 1 0.95 4,77 702 < 1 1.67 0.004 256

7 172 34 <0.3 11.6 < 3 94 < 2 8.28 <0.3 33 160 9 3.41 18 < 1 0.68 4,75 636 < 1 1.50 0.002 253

7 137 19 <0.3 9.21 < 3 83 < 1 < 2 8.81 <0.3 43 155 18 4.43 18 < 1 0.52 6,22 787 < 1 1.38 0.004 359

2 111 28 <0.3 9.54 < 3 78 < 1 < 2 7.96 <0.3 31 182 7 3.05 18 1 0.32 4,67 595 < 1 1.55 0.004 246

< 2 133 32 <0.3 8.57 < 3 90 < 1 <2 8.05 <0.3 30 158 10 3,06 18 < 1 0.44 4.38 606 < 1 1.64 0.006 233

< 2 125 32 <0.3 8.96 < 3 110 < 1 < 2 8,19 <0.3 X 183 6 2,99 18 0.62 4,48 609 < 1 1.55 0.002 234

< 2 129 35 <0.3 6.17 < 3 100 < 2 731 <0.3 29 196 6 2,56 15 < 1 0.48 3.41 567 < 1 1.38 0.001 230

< 2 109 28 <0.3 8.87 < 3 104 < 2 8.19 0.4 29 240 21 2.94 17 < 1 0.57 4.18 576 < 1 1.68 0.003 229

< 2 144 48 <0.3 10.1 6 108 < 2 8.46 0.5 29 158 6 3.08 16 < 1 0.58 4.61 593 < 1 1.66 0.002 250

< 2 137 34 <0.3 9.59 < 3 108 < 1 < 2 8.66 0.4 32 183 5 326 17 < 1 0.45 4.74 644 < 1 1.59 0.002 260

4 134 31 <0.3 10.1 < 3 116 < 1 < 2 8.55 <0.3 30 154 18 314 17 < 1 0.48 4,53 605 < 1 1,61 0.002 251

6 134 30 <0.3 11.4 < 3 95 < 1 < 2 8.33 0.3 31 171 33 3.58 18 < 1 0.45 4,40 604 < 1 1,49 0.011 238

8 123 27 <0.3 940 < 3 103 < 1 < 2 8.27 0.4 29 166 9 3.32 16 < 1 0.46 4.60 615 < 1 1.47 0.003 260

13 135 28 <0.3 9.25 < 3 110 < 2 8.13 <0.3 30 162 15 329 17 < 1 0,44 4.22 595 < 1 1.60 0.004 245

11 150 31 <0.3 9.66 < 3 107 < 2 8.34 <0.3 31 203 8 3.46 18 1 0,44 4.64 602 < 1 1.54 0.002 262

22 52 15 <0.3 5 10 < 3 83 < 1 < 2 706 0.5 44 128 162 5.92 < 1 0.17 3.37 992 < 1 1.55 0.014 189

16 63 17 <0.3 8.73 < 3 107 < 1 < 2 7.64 <0.3 37 164 91 4.69 22 < 1 0.30 3.99 843 < 1 1.77 0.012 194

3 74 19 <0.3 8.76 < 3 159 < 1 < 2 6.58 <0.3 26 183 19 3.00 19 < 1 0.42 3.44 559 < 1 2.07 0.008 204

8 111 27 < 0.3 9.85 < 3 102 < 2 8.28 <0.3 32 145 49 3.41 18 < 1 0.28 4.54 628 < 1 1.55 0,006 265

7 114 28 <0.3 10.8 < 3 126 < 2 8,26 <0.3 31 138 43 3.86 < 1 0.39 4.24 699 < 1 1.63 0.016 234

6 110 29 <0.3 11.6 < 3 93 < 1 < 2 8,78 <0.3 30 141 20 334 18 0.30 4.58 609 < 1 1.55 0.002 259

8 118 28 <0.3 11.6 7 80 < 2 8.30 <0.3 31 201 38 3.26 17 < 1 0.27 4.76 602 < 1 1.41 0.002 267

9 114 26 <0.3 12.1 3 75 < 2 8.41 <0.3 31 167 56 318 17 < 1 0.25 4.66 577 < 1 1.38 0.002 257

B 99 22 0.3 11.1 < 3 81 < 1 < 2 8.45 <0.3 30 158 40 325 16 0.23 4.60 590 < 1 1.44 0.002 257

11 110 26 <0.3 8.59 < 3 145 < 1 <2 7,83 0.3 28 167 26 2.97 17 0.36 4.08 567 < 1 1.65 0.003 246

10 133 30 <0.3 5.27 < 3 126 <2 7,07 0.3 25 101 63 2.37 18 < 1 0.29 2.32 468 < 1 1.78 0.003 197

12 56 15 <0.3 7.96 3 112 < 1 < 2 7.75 0.5 41 112 70 4.65 19 < 1 0.33 4.63 847 < 1 1.66 0.005 269

9 28 12 <0.3 8.75 < 3 106 < 2 8.44 0.5 42 76 73 4.87 18 < 1 0.34 4,76 830 < 1 1.68 0.004 262

8 40 16 <0.3 8.68 < 3 120 < 1 < 2 7.46 0.3 36 86 19 3.85 18 < 1 0.76 4,81 736 < 1 1.59 0.007 258

4 56 23 <0.3 10.2 < 3 81 < 1 < 2 8.18 <0.3 32 91 11 3,25 17 < 1 0,62 4,65 604 < 1 1.40 0.002 242

6 67 26 <0.3 10.3 < 3 78 < 2 8.60 <0.3 34 108 14 3,54 18 < 1 0,66 4,96 672 < 1 1.38 0.002 260

6 451 42 <0.3 11.4 < 3 94 < 2 7.99 0.5 33 86 15 3,90 18 2 0,62 4,52 685 < 1 1.64 0.005 226

15 878 79 <0.3 8.17 < 3 72 < 1 < 2 7.47 <0.3 47 183 41 4.86 15 1 0.38 6,04 884 < 1 1.30 0.004 327

17 1920 110 <0.3 8.53 < 3 105 < 2 7.07 <0.3 46 186 24 4.86 19 0,55 6,11 895 < 1 1.30 0.004 329

16 3130 132 <0.3 7.80 < 3 91 < 2 6.19 <0.3 45 307 20 4.72 17 < 1 0.33 6,70 864 < 1 1.26 0.004 373

6 357 33 <0.3 6.83 < 3 74 < 1 <2 7.37 <0.3 38 184 31 3.77 19 < 1 0.23 4,28 694 < 1 1.43 0.003 242

2 85 16 <0.3 9,52 < 3 120 < 1 < 2 7.39 0.4 34 238 6 3.47 16 0.44 5,13 631 < 1 1.40 0.004 284

5 130 23 <0.3 9.62 < 3 112 < 2 7.58 0.3 33 149 19 364 17 < 1 0.46 4,90 670 < 1 1.40 0.003 268

5 108 23 <0.3 8.99 < 3 102 < 1 < 2 7.02 <0.3 41 196 23 3.75 15 < 1 0.40 6,59 688 < 1 1.10 0.002 364

7 508 100 <0.3 0.45 < 3 98 < 1 <2 6.86 <0.3 45 226 28 4.25 15 0.40 7,27 771 < 1 1.01 0.002 397

15 620 76 <0.3 9.77 6 89 <2 7.88 <0.3 38 108 21 4.01 16 1 0.43 6,18 705 < 1 1,39 0.002 282

7 251 7 <0.3 9.13 < 3 187 < 1 < 2 6.70 0.3 35 150 16 3.70 17 0.72 5,18 685 < 1 1,58 0.006 295

37 201 36 <0.3 7.58 < 3 159 < 1 < 2 6.86 0.4 41 138 46 4.85 17 < 1 0.76 5.01 906 < 1 1,52 0.004 278

22 148 21 <0.3 6.25 7 280 < 1 < 2 4.88 0.4 29 121 41 3.82 23 < 1 0.76 3.02 640 < 1 2,14 0.017 178

37 793 55 <0.3 r.55 < 3 113 < 1 < 2 6,98 0.4 37 188 18 3.78 17 0.41 5.20 700 < 1 1,40 0,004 308

33 398 32 <0.3 9.63 < 3 90 < 1 < 2 7.90 0.4 46 89 183 6.23 24 0.29 3.99 826 < 1 1,85 0,008 209

Page 2 of 17

Page 39: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Method Code FA-ICP FA-ICP FA-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppb ppb ppb ppni % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % Na

%

Analyte Symbol Package Code

Au Pd R A9 AI As Ba Be Bi Ca Cd Co Cr Cu Fe Ga Hg K Mg Mn Mo

% Na

P Analyte Symbol Package Code IC-Exp

ICPOES-Lac Des

IC-Exp ICPOES-Lac Des

1C-Exp ICPOES-Lac Des

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

Date Analyzed Ile

Sep 9 2009

Ile

Sep 9 2009

Ile Sep 9

2IX)9 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009

12 51PM 12:51PM 12:51PM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50 AM 11:50 AM 11.50 AM 1V.50AM 1V-50AM 11:5CAM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM

TR09-2-19 10 163 35 <0 .3 9.25 < 3 76 < 2 7.58 <0 .3 37 115 12 3 9 1 17 < 1 0.27 5,21 682 1.32 0.002

TR09-2-20 11 795 86 <0 .3 9.56 < 3 77 < 2 7.57 < 0 3 37 124 13 4.18 17 2 0.27 4.98 741 1.41 0-003

TR09-2-21 41 1510 187 <0 .3 8-93 < 3 122 < 1 < 2 6.67 0.4 43 128 40 4-59 16 < 1 0.56 5.39 812 < 1 1.84 0-002

TR09-2-22 18 388 76 <0 .3 8.40 < 3 117 < 1 < 2 6 8 5 0.6 47 144 10 4.58 17 < 1 0.43 6.53 883 < 1 1.26 0-003

TR09-2-23 S 157 38 <0 .3 8.66 4 86 < 2 6.56 <0 .3 40 176 12 3.90 16 < 1 0.30 5.94 748 1.29 0.003

TR09-2-24 9 395 70 < 0 3 9.21 < 3 54 < 2 734 0.3 40 158 8 4.10 17 < 1 0.27 5.85 776 < 1 1.25 0.002

TR09-2-25 6 152 36 < 0 3 9.47 < 3 85 < 1 < 2 7.42 <0 .3 35 137 11 3.50 16 < 1 0.42 5.14 658 < 1 1.36 0.002

TR09-2-26 6 143 30 <0.3 9.47 < 3 80 < 1 < 2 7.79 0.4 34 164 14 3.39 17 < 1 0.39 4,85 623 < 1 1.43 0.002

TR09-2-27 23 1900 104 <0.3 6.10 < 3 64 < 1 < 2 6.52 <0 ,3 39 184 25 3.78 15 0 2 1 4.63 733 < 1 1.27 0.003

TR09-2-28 16 594 46 <0.3 7.59 < 3 85 < 1 < 2 6.60 <0.3 46 160 49 5.27 19 < 1 0.33 5,47 948 1.61 0.005

TR09-6-1 2 222 38 <0.3 7.94 < 3 191 < 2 5.80 0.4 48 264 42 5 2 0 18 0.85 5-72 946 < 1 1.63 0-003

TR09-6-2 < 2 119 12 <0 .3 8.73 < 3 215 <1 < 2 6.46 <0 .3 43 152 51 504 < 1 1.09 5.10 881 < 1 2-00 0-004

TR09-6-3 4 269 16 <0 .3 8.38 < 3 170 < 1 < 2 6.48 < 0 3 46 101 32 4-69 18 0.82 5.76 901 < 1 1-66 0.003

TR09-64 4 246 48 <0 .3 8.43 < 3 185 <1 < 2 6,57 <0.3 48 110 24 4.93 18 < 1 1,16 5.85 897 < 1 1-78 0.003

TR09-6-5 11 146 27 <0 .3 8 1 4 < 3 148 < 2 715 < 0 3 48 116 44 5.09 < 1 1,02 5.39 933 < 1 1-63 0.003

TR09-6-6 < 2 118 27 <0 .3 8 1 2 4 156 < 1 < 2 6.37 <0.3 42 122 5 4.41 17 < 1 0 8 9 5.41 815 < 1 1-60 0.003

TR09-6-7 < 2 93 24 <0 .3 8 1 7 < 3 179 < 1 < 2 5.46 0.3 25 96 3 2.80 18 < 1 1.14 3.48 550 2-48 0.003

TR09-6-8 2 123 11 <0 .3 9 4 3 < 3 86 < 1 < 2 7.30 <0 .3 36 251 10 3 5 1 16 < 1 0.63 5.93 670 1-21 0.002

TR09-6-9 3 90 9 <0 .3 6 1 3 < 3 79 < 2 6.96 <0 .3 33 244 8 2.88 15 < 1 0.45 4.30 604 1 1-24 0.002

TR09-6-10 < 2 127 18 <0 ,3 9 2 6 < 3 84 < 1 < 2 7.45 <0 .3 35 175 5 3.65 17 < 1 0.52 4.84 677 < 1 1,46 0.003

TR09-6-11 6 671 72 <0 .3 9.95 < 3 85 < 1 < 2 7 9 1 <0 .3 36 116 8 3.67 18 0.53 4.99 683 < 1 1,58 0.003

TR09-6-12 4 215 29 < 0 3 9.64 < 3 136 < 1 < 2 7 3 5 <0 .3 28 98 5 3.08 19 < 1 0.84 3.84 570 2,02 0.004

TR09-6-13 3 565 80 < 0 3 10.1 < 3 117 < 1 < 2 7.68 <0 .3 30 123 3 3.35 19 < 1 0.65 4.33 605 < 1 1,98 0.005

TR09-6-14 20 2310 72 <0.3 7.64 < 3 67 < 1 < 2 7.27 0-5 59 99 66 6 8 0 19 < 1 0.29 5.93 1150 1.34 0.003

TR09-6-15 3 272 39 <0 .3 8.75 < 3 85 <1 < 2 717 < 0 3 37 121 1 4.25 18 1 0 2 2 4.80 769 2.02 0-005

TR09-6-16 12 448 62 <0 .3 8.81 < 3 75 < 1 < 2 7.24 <0.3 41 165 70 4.64 20 0.25 4.95 789 < 1 1.55 0-007

TR09-6-17 12 1430 163 <0 .3 10.1 < 3 71 < 1 < 2 7.72 <0.3 31 130 15 3.07 16 < 1 0.31 4.63 563 1,40 0-002

TR09-6-18 6 259 51 <0 .3 8.46 < 3 83 < 1 < 2 8.99 <0 .3 25 98 9 2.60 18 < 1 0 2 9 3.41 481 < 1 1,68 0-002

TR09-6-19 12 1130 133 <0 .3 8.77 < 3 69 < 1 < 2 7 1 9 <0 .3 41 247 19 3.90 17 < 1 0.23 6 1 0 747 < 1 1,17 0.002

TR09-6-20 5 186 32 <0-3 11.0 < 3 56 < 1 < 2 7.94 <0-3 36 157 27 3 4 3 16 0 2 4 5.52 543 < 1 1.24 0.002

TR09-6-21 2 113 20 <0.3 9.93 < 3 68 < 1 < 2 787 0 3 37 162 21 3 6 3 16 < 1 0 2 9 5.95 684 < 1 1.27 0.002

TR09-6-22 4 85 12 <0.3 8.76 4 71 < 2 7,98 <0-3 39 188 31 3.83 17 0.24 5.59 724 < 1 1.38 0.002

TR09-6-23 14 155 23 <0 .3 8.86 < 3 74 < 2 8,09 0.5 39 128 34 4 1 9 20 0.24 4.72 740 < 1 1.54 0.003

TR09-5-1 < 2 79 21 < 0 3 10.2 < 3 206 < 1 < 2 7.89 <0.3 28 120 4 2.91 19 < 1 1.54 4.06 579 1.71 0-003

TR09-5-2 < 2 58 18 <0 .3 10.2 < 3 234 < 1 < 2 7.72 0.3 31 78 1 3.16 17 1,75 4.62 624 < 1 1.55 0-003

TR09-5-3 < 2 58 18 <0 .3 10.1 < 3 126 < 1 < 2 7.47 <0.3 32 80 3 3 1 8 16 < 1 1.36 4.78 604 < 1 1.39 0-002

TR09 .5^ < 2 81 26 <0 .3 10.1 < 3 205 < 1 < 2 7.39 <0-3 36 95 3 3-46 16 1,39 5.13 713 < 1 1.51 0-003

TR09-5-5 7 363 68 <0 .3 9 5 9 < 3 97 < 2 7.38 0.3 42 78 41 4.67 19 < 1 0.86 4.87 852 < 1 1.63 0-002

TR09-5^ 16 366 49 < 0 3 9.22 < 3 112 < 1 < 2 7.43 <0-3 44 64 105 4.80 < 1 0 8 4 4.53 815 < 1 1.66 0-010

TR09-5-7 4 134 22 <0.3 9.74 < 3 133 < 1 < 2 782 <0.3 34 105 5 3.58 18 < 1 1.00 4.71 660 < 1 1.50 0.003

TR09-5^ 13 1490 101 <0 .3 9,76 < 3 184 <2 748 < 0 3 37 128 10 3.73 18 1.11 5.05 759 < 1 1.44 0.003

TR09-5-9 31 1480 111 <0 .3 8.49 < 3 217 < 1 < 2 6 4 0 <0.3 57 163 224 5.25 18 < 1 1.37 5.67 996 < 1 1.43 0-003

TR09-5-10 5 185 22 <0 .3 9 3 1 < 3 281 < 1 <2 7.00 0.4 30 139 6 315 17 < 1 1.72 4.04 682 1.70 0-003

TR09-5-11 6 1120 52 <0 .3 8 9 5 5 105 < 1 < 2 7 8 1 <0.3 34 181 6 357 16 < 1 0 4 1 4.68 673 1.36 0.002

TR09-5-12 7 451 53 <0-3 8.82 < 3 102 < 1 < 2 7.32 0.3 40 169 16 4 7 8 20 < 1 0.37 5.16 887 < 1 1-65 0-005

TRO9.5.I3 20 2700 236 <0.3 10.3 < 3 105 <2 7.82 <0 .3 31 83 22 4.00 22 1 0.53 3.73 708 < 1 2-07 0-004

TR09-5-14 9 244 32 < 0 3 8,76 < 3 97 < 1 < 2 7.45 0.5 47 124 83 5.93 22 0.57 4.41 1000 < 1 1-79 0.008

TR09-5-15 9 685 86 <0.3 7.50 < 3 80 < 1 <2 6.62 0.4 58 122 91 7 3 1 20 < 1 0.41 5 3 2 1320 1.67 0.004

TD-ICP

ppm

Ni

1F2-Tbay-Lac Des Iles Min

Sep 14 2009

11:50AM

286

274

316

398

337

329

287

266

300

271

278

243

280

289

255

262

176

312

271

244

245

196

211 250

231

246

245

184

327

297

318

303

246

203

233

241

267

226

261

228

258

386

203

242

256

176

207

245

Page 3 of 17

Page 40: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Method Code FA-ICP FAICP FA ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % % ppm

Analyte Symbol Package Code

Au Pd Pt Ag AI As Ba Be Bi Ca Cb Co Cr Cu Fe Ga Hg K Mg Mn Mo Na P Ni Analyte Symbol Package Code IC-Exp

ICPOES-IC-Exp

ICPOES-IC-Exp

ICPOES-1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1 F2-Tbay-

Lac Des 1 F2-Tbay-

LacDes 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2.Tbay-

LacDes 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

LacDes 1F2-Tbay-

Lac Des 1F2-Tbay-

LacDes 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des

Lac Des Lac Des Lac Des Iles Min lies Min lies Min lies Min lies Min Iles Min Iles Min Iles Min lies Min Iles Min lies Min lies Min Iles Min Iles Min lies Min lies Min Iles Min lies Min Iles Min Iles Min Iles Min

Date Analyzed lie

Sep 9

Ile Sep 9

2009

Ile Sep 9

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sop 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009

12:51PM 12:51PM 12:51PM 11:50AM 11:50AM 11;60AM 11:50AM 11:60AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:60AM 11:50AM 11:60AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM

TR09-5-16 9 362 69 <0.3 8.61 < 3 115 < 1 < 2 6-75 < 0 3 43 115 47 633 22 < 1 085 4.59 929 1.94 0.005 203

TR09-5-17 11 376 50 <0.3 9.51 < 3 98 < 2 7.51 <0.3 45 121 38 5.02 20 < 1 0.70 5.36 879 < 1 1.73 0.004 256

TR09-5-18 6 102 21 <0.3 9.81 < 3 117 < 1 <2 7.77 <0.3 32 146 17 3.60 18 < 1 0.88 4.26 647 1.72 0.006 207

TR09-5-19 17 1000 138 < 0 3 7.85 < 3 118 <2 6.37 0.6 54 139 54 6.08 20 < 1 0.78 5.63 1060 < 1 1.60 0.005 264

TR09-5-20 8 123 24 <0.3 7.39 < 3 171 < 1 < 2 6.49 0.6 64 103 56 6.58 22 < 1 1.04 5-19 1220 1.86 0,004 216

TR09-5-21 < 2 97 23 <0.3 9.10 < 3 162 < 1 < 2 7.33 <0.3 27 231 2 2.64 16 1.71 4.37 587 1 1.52 0.002 243

TR09-5-22 < 2 102 24 <0.3 9.00 < 3 162 < 1 < 2 7.56 <0.3 29 238 1 2.76 16 < 1 1.63 4.70 626 1.33 0001 267

TR09-5-23 < 2 116 25 <0.3 9.86 < 3 256 < 2 7.22 <0.3 32 197 2 3.06 17 < 1 1.80 5.09 709 1.54 0.001 282

TR09-6-2.I < 2 129 30 <0.3 10.2 < 3 125 <2 7.43 <0.3 29 147 4 2.76 16 < 1 1.36 4.70 566 < 1 1.55 0.001 261

TR09-5-25 2 174 32 <0.3 10.4 < 3 88 <2 7.85 <0.3 31 146 13 2.92 16 1.04 4.91 579 < 1 1.39 <0.001 273

TR09-5-2r) 16 598 100 <0.3 9.86 < 3 97 < 1 < 2 7.68 <0.3 35 124 36 3.76 18 < 1 0.74 4.47 657 1.64 0.002 240

TR09-5-27 9 468 78 <0.3 946 < 3 72 < 1 <2 7.53 0.3 42 84 40 5.14 21 0.41 5.05 866 1,54 0.005 220

TR09-5-2B 3 115 30 <0.3 9.83 < 3 76 < 1 <2 8.60 <0.3 32 197 8 3.44 17 < 1 0.46 5.10 634 < 1 1.40 0.001 252

TR09-5-29 4 130 30 < 0 3 9-44 < 3 79 < 1 <2 8.36 <0.3 30 224 18 2,96 17 0.59 6.06 568 < 1 1.35 0.001 248

TR09-5-30 6 155 46 <0.3 9.55 4 72 < 2 8.62 <0.3 30 237 7 2.93 16 < 1 0.48 4.86 562 < 1 1-51 0.002 245

TR09-5.31 4 208 37 <0.3 6.19 < 3 69 < 2 8.13 <0,3 31 262 3 2.62 15 0,42 4.22 584 < 1 1.26 0.001 256

TR09-5-32 < 2 149 37 <0.3 9.02 < 3 75 < 1 < 2 8.54 <0,3 31 295 2 3.06 17 1 0.44 5.23 682 1 1.49 0.001 260

TR09-5-33 4 145 41 <0.3 10.3 < 3 67 < 1 < 2 8.82 0.4 32 169 19 3.10 17 < 1 042 5.08 574 < 1 1.52 <0,001 249

TR09.5.34 3 143 39 < 0 3 10.5 < 3 69 < 1 < 2 9.18 <0,3 32 156 16 327 17 0.36 5.15 601 < 1 1.49 0,001 252

TR09-6-35 4 150 40 <0.3 10.6 < 3 67 < 1 < 2 9.21 <0-3 30 137 13 3,32 17 < 1 0.28 4.99 584 1.46 0.002 241

TR09-5-36 12 129 32 <0.3 11.8 < 3 75 < 1 < 2 9.21 < 0 3 36 140 80 4.51 24 026 4.92 759 < 1 1.68 0014 231

TR09-5-37 6 133 37 <0.3 10.7 < 3 61 < 1 <2 9.31 <0.3 33 161 12 3.68 18 029 5.32 661 1,46 0.002 259

TR09-5-3B 6 112 32 <0.3 11.1 < 3 79 <2 9.24 <0.3 29 126 13 3.29 18 < 1 0.39 4.42 582 2 1.67 0.002 212

TR09-5-39 6 134 37 <0.3 11-1 < 3 64 <2 9.03 <0.3 32 180 10 3,46 17 < 1 0.34 6-23 644 < 1 1.39 0.001 259

TR09-540 11 520 62 <0.3 9.22 < 3 86 < 1 <2 8.68 <0.3 36 153 17 3.92 18 < 1 0 4 0 5.09 690 < 1 1.55 0004 249

TR09-5^1 4 126 35 <0.3 5.23 < 3 65 < 1 <2 7.91 <0-3 32 190 7 3,11 17 0.25 3.71 641 1 1.26 0.001 241

TR09-5-42 4 153 34 < 0 3 10.4 7 69 < 2 9.04 <0.3 35 209 12 3.79 17 0.36 5.26 698 < 1 1.36 0.001 273

TR09-5.43 20 262 60 <0.3 8.98 < 3 72 < 1 < 2 8.04 < 0 3 49 157 89 5.64 19 0.40 6.01 964 < 1 1.38 0-007 282

TR09-5^4 11 344 72 <0.3 9.98 < 3 98 < 2 8.22 <0.3 41 186 48 4.77 19 0.61 5.63 822 < 1 1.60 0-004 278

TR09-5^5 4 654 99 <0.3 12.8 < 3 96 < 1 <2 9.25 <0.3 26 90 10 3.07 19 < 1 0,62 4.17 620 < 1 1.83 0.005 197

TR09-546 < 2 105 32 <0.3 10-7 < 3 92 < 1 <2 8.61 <0.3 34 186 19 3.56 17 < 1 0,65 5.56 653 < 1 1.58 0,001 267

TR09-5J17 3 106 28 <0.3 10.6 < 3 82 < 1 <2 8.75 <0,3 37 198 36 3,89 18 < 1 0 4 6 5.35 686 < 1 1.69 0,002 262

TR09-5JI8 45 1500 193 < 0 3 8.50 < 3 65 < 1 < 2 7.81 <0-3 56 136 163 6,17 19 < 1 0.36 6.83 1060 < 1 1,31 0.003 380

TR09-549 9 26 < 5 <0.3 7.79 < 3 82 < 1 < 2 8.46 0-3 47 97 67 647 17 < 1 0.41 6.88 908 < 1 1.53 0.003 290

TR09-5-50 17 27 < 6 <0.3 7.40 < 3 83 < 1 < 2 7.96 < 0 3 64 77 169 7.97 20 < 1 0.29 6.21 1360 < 1 1,66 0,004 256

TR09-5-51 19 36 9 <0.3 6.89 < 3 81 < 1 < 2 719 0 4 69 72 208 8.63 23 < 1 0.23 6.19 1450 < 1 1.52 0.006 240

TR09-5-52 16 72 17 <0.3 5.51 < 3 73 < 1 < 2 6.94 0.7 64 82 147 7.89 20 < 1 0-19 6.20 1380 < 1 1.40 0.006 214

TR09-5-53 14 48 11 <0.3 6.66 < 3 78 <2 731 <0.3 68 111 167 8.92 20 < 1 0.20 6.07 1610 < 1 1.42 0.006 246

TROg-S-S-l 6 76 15 <0.3 8,44 4 96 < 1 <2 8.13 <0.3 64 158 87 6.33 18 < 1 0.32 6.37 1060 < 1 1.46 0.003 290

TR09-5-55 13 21 6 <0.3 6.09 < 3 70 < 1 <2 7.61 0.3 75 125 220 100 23 < 1 023 6.32 1670 1.32 0.015 260

TR09-5-56 4 40 8 < 0 3 6.29 < 3 113 <2 7.78 <0-3 48 88 99 7.46 26 0.35 4.46 1160 1,98 0,024 156

TR09-5-57 5 133 28 <0.3 9.75 < 3 80 < 2 8.36 <0,3 43 132 58 4.93 20 < 1- 0.41 5.54 051 < 1 1.65 0.005 273

TR09-3-1 3 12 < 5 <0.3 11.6 4 74 < 2 9.03 <0.3 40 50 66 6.84 25 < 1 0.22 3.76 862 1.93 0.003 104

TR09-3-2 5 12 < 5 <0.3 9.64 < 3 96 < 1 < 2 899 <0.3 41 49 49 5.68 24 < ' 025 3.54 860 < 1 1.94 0.002 102

TR09-3-3 17 41 11 <0.3 8.16 < 3 96 < 1 < 2 8.61 <0.3 58 75 224 7.44 23 0.24 4.88 1130 < 1 1.60 0.003 180

TR09-34 25 439 66 <0.3 616 < 3 82 <2 6.21 <0.3 56 121 219 6.66 19 < 1 016 5.38 1050 < 1 1.32 0.002 329

TR09-3-5 22 1270 143 <0.3 7.13 < 3 87 <2 6.33 <0.3 72 136 164 8.76 23 < 1 0.19 7.52 1290 < 1 1.11 0.002 363

TR09-3.6 2 64 7 <0.3 7.36 4 174 1 <2 5.23 <0.3 35 25 61 8.27 29 < 1 0.47 2.08 1130 < 1 2.53 0.101 49

Page 4 of 17

Page 41: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765

Method Code FA-ICP FA-ICP FA-ICP TO-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % % ppm

Analyte Symbol Package Code

Au Pd PI Ag AI As Ba Be Bi Ca Cd Co Cr Cu Fe Ga Hg K Mg Mn Mo N8 P NI Analyte Symbol Package Code IC-Exp

ICPOES-1C-E*p

ICPOES-IC-Exp

ICPOES-1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1 F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

LacDes 1F2-Tbay-

LacDes 1F2-Tbay-

Lac Des 1F2-Tbay-

LacDes 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Thay.

Lac Des 1F2-Tbay-

LacDes 1F2-Tbay.

Lac Des 1F2-Tbay-

LacDes 1F2-Tbay-

LacDes 1F2-Tbay.

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des

Lac Des Lac Des Lac Des Iles Min Iles Min Iles Min Iles Min Iles Min lies MIn Iles Min l lesMin lies Min Iles MIn lies Min Iles Min Iles Min Iles Min lies Min Iles Min lies Min lies Min Iles Min lies Min Iles Min

Date Analyzed Ile

Sep 9

Ile Sep 9

2009

Ile Sep 9

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009 Sep 14

2009

12;51PM 12:51PM 12:51PM 11:50AM 11,50AM 11:50AM 11:60AM 11:50AM 11:50AM 11:60AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM

TR09-3-7 5 < 5 < 5 <0 .3 7,94 < 3 179 < 1 < 2 6,98 <0 ,3 44 40 80 7.53 26 < 1 0,44 3.60 1120 < 1 2,11 0.061 116

TR09-3-8 11 103 18 <0 .3 8,28 < 3 111 < 1 < 2 8,92 <0,3 52 93 132 6 1 7 21 < 1 0,29 6,23 1040 < 1 1,42 0,005 272

TR09-3-9 6 143 26 < 0 3 11,1 < 3 97 < 1 < 2 8,44 <0,3 40 109 35 5.06 22 < 1 0,29 5,00 781 < 1 1,60 0,007 219

TR09-3-10 9 85 21 < 0.3 9,71 6 85 < 2 8 5 5 < 0 3 38 113 38 4.56 < 1 0 1 8 5,20 776 < 1 1,46 0,003 237

TR09-3-11 14 58 16 < 0 3 10,6 < 3 79 < 2 8 4 5 <0 ,3 34 105 10 3.91 19 < 1 022 5,22 671 1,39 0,003 246

TR09-3-12 4 75 17 <0 .3 9,79 < 3 82 < 1 < 2 7,99 <0 ,3 38 161 17 4.09 18 < 1 0 2 1 5,79 706 < 1 1,30 0,003 272

TR09-3-13 4 126 25 <0 .3 6,47 3 77 < 1 < 2 8,85 1,3 29 127 31 3,00 17 0,21 3.58 565 < 1 1,26 0,003 197

TR09-3-11 15 593 46 <0-3 8,70 < 3 68 < 2 8,62 <0 ,3 38 195 79 4,05 19 < 1 0,16 5.36 711 1,33 0,003 248

TR09-3-15 4 129 21 <0 .3 12,1 < 3 87 < 1 < 2 8,56 <0,3 35 132 20 4,17 21 0 2 8 5.24 690 < 1 1,40 0,009 243

TR09-3-16 6 663 37 < 0 . 3 8,58 < 3 74 < 2 6,93 <0,3 49 240 18 4,90 17 < 1 0 1 9 7,93 849 < 1 1,12 0,002 370

TR09-3-17 8 783 76 < 0 . 3 9,05 14 69 < 1 < 2 7,52 <0,3 45 229 21 4,97 17 0 2 0 7,25 868 1,17 0,004 343

TR09-3-18 7 163 27 <0 .3 8,38 < 3 62 < 1 < 2 6 8 7 <0 ,3 49 269 58 4,89 17 1 0 1 6 8,17 873 1,11 0,008 416

TR09-3-19 7 634 69 < 0 . 3 9,17 < 3 51 < 2 7,70 <0,3 46 203 15 4,68 17 < 1 0,14 7,26 824 < 1 1,09 0,003 353

TR09-3-20 11 883 143 <0 .3 9,36 < 3 50 < 1 < 2 7,64 0,3 43 181 24 4,25 16 < 1 014 7,08 760 < 1 1,05 0,003 344

TR09-3-21 13 280 40 <0 .3 10,1 6 75 < 2 8,72 <0 ,3 38 112 53 4,36 19 < 1 0 1 9 5,15 757 < 1 1,49 0,004 234

TR09-3-22 8 478 51 <0 .3 9,00 < 3 66 < 1 < 2 7,50 <0 ,3 42 191 17 4.50 18 < 1 0,17 6,40 797 1,36 0,005 306

TR09-3-23 19 206 28 <0 .3 5 8 0 < 3 59 < 1 < 2 7,35 <0 ,3 42 157 119 3 9 9 16 < 1 0,13 4,69 804 < 1 1,19 0,004 282

TR09-3-24 6 347 69 <0 .3 884 < 3 86 < 2 6,95 <0 ,3 40 229 20 4.63 19 < 1 a i 5 6,03 843 < 1 1,49 0,010 281

TR09-3-25 9 518 72 <0 .3 9,73 9 84 < 2 8,08 <0 ,3 39 122 31 4.62 < 1 0.25 5,23 812 < 1 1,62 0,003 237

TR09-3-26 < 2 214 42 <0 .3 107 < 3 94 < 1 < 2 8,41 <0,3 33 147 2 3.46 18 < 1 0 3 4 5,34 644 < 1 1,48 0,003 258

TR09-3-27 3 136 46 <0 .3 12,9 < 3 76 < 1 < 2 8,61 <0,3 30 138 3 3.33 16 < 1 0,30 5,33 585 1,31 0,002 264

TR09-3-28 4 118 36 < 0 . 3 10,9 < 3 77 < 2 8,79 <0,3 31 136 4 3 2 5 16 < 1 0 2 5 5,13 591 < 1 1,41 0,003 247

TR09-3-29 5 148 46 <0 .3 11,2 < 3 80 < 2 9,03 <0 ,3 31 162 18 3.23 17 < 1 0,25 5,08 565 1.37 0,002 241

TR09-3-30 3 131 40 <0 .3 10,3 < 3 76 < 2 8,55 <0 .3 31 141 16 3.37 19 < 1 0,19 4,89 578 < 1 1.52 0,003 234

TR09-3-31 15 141 35 <0 .3 11,1 < 3 50 < 2 8,73 <0 .3 33 195 12 3 1 7 17 < 1 a i 8 6,39 575 < 1 1.22 0.001 267

TR09-3-32 9 135 27 <0 .3 10,3 5 53 < 2 8,87 <0 .3 33 200 13 3 2 1 17 0 1 7 5,43 584 < 1 1.26 0.001 273

TR09-3-33 3 140 33 <0-3 5,82 < 3 44 < 2 7,63 <0.3 31 249 29 2.62 15 0 1 3 3,88 632 < 1 1.13 0.001 263

TR09-3-34 < 2 125 32 <0.3 11,5 4 75 < 1 < 2 8,66 <0.3 31 259 4 3.17 16 < 1 034 5,20 618 1.23 0.002 258

TR09-3-35 < 2 117 27 <0 .3 10,8 < 3 102 < 1 < 2 8 8 5 <0 .3 32 207 2 3.26 18 < 1 0,40 5,21 608 < 1 1,46 0.003 268

TR09-3-36 < 2 125 36 <0 ,3 10.5 4 112 < 1 < 2 8,59 <0 .3 29 154 2 3 1 5 18 < 1 0.47 4,93 590 < 1 1,61 0.003 244

TR09-3-3r 3 117 28 <0 .3 10.9 < 3 103 < 1 < 2 8,90 <0 .3 30 161 1 3 1 6 17 < 1 0,49 5 1 7 578 < 1 1,36 0,002 267

TR09-3-38 < 2 133 35 <0 .3 11.9 < 3 85 < 2 9,18 <0 .3 31 171 4 3.30 16 < 1 0 3 5 5,43 587 < 1 1,29 0,002 284

TR09-3-39 < 2 143 33 <0 .3 9.72 < 3 89 < 1 < 2 8,79 <0,3 31 178 3 3.33 18 < 1 0.25 5,15 601 < 1 1,47 0,003 266

TR09-3J10 < 2 l i e 24 <0 -3 9.25 5 92 < 2 8,86 0,3 32 173 4 3 2 9 18 < 1 0.24 5,15 697 < 1 1,46 0,002 260

TR09-3J11 5 123 25 <0 .3 6.38 < 3 85 < 2 8,07 <0 ,3 32 206 21 3.20 17 < 1 0.19 4,00 624 < 1 1,27 0,003 261

TR09-3^2 8 139 31 <0 ,3 7.77 < 3 71 < 1 < 2 7,15 <0 ,3 55 213 79 7.49 19 < 1 0.21 6,31 1290 < 1 1,16 0,004 264

TR09-3^3 16 235 39 <0 .3 9.51 4 105 < 2 8 1 7 <0 ,3 42 133 191 5 1 1 < 1 0 3 0 4,94 797 < 1 1,63 0,010 281

TR09-3^4 6 167 40 <0 .3 9.82 < 3 111 < 1 < 2 8,22 <0 ,3 38 211 30 4.17 18 < 1 0.39 5,67 736 < 1 1,50 0,003 300

TR09-346 5 165 38 <0 ,3 12.5 4 152 < 2 8,96 <0,3 31 111 56 3.66 19 0.59 4,36 601 < 1 1,71 0,003 240

TR09-3-46 4 59 19 <0 ,3 11.0 < 3 90 < 1 < 2 8,86 <0,3 36 154 54 3.97 17 < 1 0.32 6,22 685 < 1 1,46 0.002 263

TR09-347 < 2 25 < 5 <0,3 8.22 4 54 < 1 < 2 6,46 0,3 73 167 29 9.14 24 < 1 0.20 6,56 1160 < 1 1,23 0,004 254

TR09-3^8 2 28 < 5 <0 ,3 7.02 < 3 55 < 1 < 2 5 9 5 <0 ,3 78 180 27 9,24 23 < 1 0 1 8 6,85 1250 < 1 1,11 0.003 258

TR09-7-1 < 2 209 27 <0 ,3 10.2 < 3 92 < 2 8,19 < 0 , 3 35 116 4 3,70 18 < 1 0.20 6,26 628 < 1 1,64 0.002 240

TR09-7-2 4 120 20 <0 ,3 9.44 < 3 111 < 1 < 2 7,92 <0 ,3 30 105 1 3,09 16 < 1 0.26 4,73 644 < 1 1,77 0.002 216

TR09-7-3 3 196 32 <0 ,3 9.37 5 121 < 1 < 2 7,49 <0 ,3 34 157 2 3,58 18 < 1 0.29 5,39 639 < 1 1,60 0.006 254

TR09-7^ 15 1670 172 <0 ,3 6.91 < 3 63 < 1 < 2 6,64 <0,3 50 317 16 4,64 16 < 1 0.21 7,15 835 < 1 0,87 0.003 373

TR09-7-5 7 176 24 <0 ,3 9.02 < 3 71 < 2 7,47 <0 ,3 44 150 17 4,34 15 0.27 6,81 755 < 1 1,07 0.002 318

TR09-7-6 3 107 22 <0 ,3 9,03 < 3 109 < 2 7,76 <0 ,3 37 174 9 362 16 0.36 6,50 661 < 1 1,24 <0.001 312

Page 5 of 17

Page 42: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Method Code FA-ICP FA-ICP FA-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-iCP TD-ICP TD-iCP TD-ICP TD-iCP TD-ICP TD-ICP TD-ICP TD-iCP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % % ppm

Analyte Symbol Au Pd Pt Ag AI As Ba Be 81 Ca Cd Co Cr Cu Fe Ga Hg K Mg Mn Mo Na P NI

Package Code IC-Exp IC-Exp IC-Exp 1F2-Tbay- 1 F2-Tbav- 1F2-Tbay- 1F2.Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay. 1F2-Tbay- 1F2-Tb3y- 1F2-Tbay- 1 F2-Tbay. 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2.Tbay- 1F2-Tbay- 1F2-Tbay- lF2.Tbay-Package Code ICPOES- ICPOES- ICPOES- Lac Des LacDes Lac Des LacDes Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des LacDes Lac Des Lac Des Lac DGS Iles Min lies Mln Iles Mln lies Min Iles Min lies Min Iles Min lies Min Iles Min lies Mln Iles Min Iles Min Iles Mln Iles Min Iles Min Iles Min lies Min Iles Min Iles Min Iles Min lies Mln

Ile Ile lie

Date Analyzed Sep 9 Sep 9 Sep 9 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 Sep 14 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009

12:51PM 12:51PM 12:51PM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM 11:50AM

TR09-7.7 2 217 58 <0 .3 9.32 < 3 167 < 1 < 2 6 5 5 <0 .3 30 140 1 3 2 3 18 < 1 0.48 4.92 565 < 1 2.04 0.002 232

TR09-7-8 9 191 37 <0 .3 9.54 < 3 130 < 1 < 2 7.08 <0 .3 33 137 12 3 6 3 19 < 1 0.32 5,28 606 1.87 0.007 248

TR09-r-9 8 233 44 <0 .3 9.81 < 3 106 < 1 < 2 8.16 <0 .3 36 127 18 3,64 17 < T 0 3 7 5.42 620 1.45 0.002 262

TR09-7.10 4 115 22 <0 .3 9.81 < 3 102 < 2 7.72 <0 .3 32 100 11 3 6 6 19 0,31 4.70 606 < 1 1.91 0.005 211

TR09-7.11 7 248 46 <0 .3 10.3 < 3 96 < 1 < 2 8 3 9 <0 .3 34 119 38 3 4 9 17 < 1 0,44 5.29 596 < 1 1.39 0.002 244

TR09-7.12 4 263 32 <0 .3 11.3 < 3 77 < 1 < 2 8 7 1 <0 .3 29 133 7 3 2 1 17 < 1 0 3 3 4.82 555 < 1 1.45 0.002 216

TR09.7-13 10 555 72 <0 .3 8.93 < 3 74 < 1 < 2 7.79 <0 .3 41 116 32 4.54 18 < 1 0 2 9 5.44 732 < 1 1.56 0,005 246

TR09-7.14 5 163 27 <0 .3 4.60 < 3 63 < 1 < 2 7.04 <0 .3 41 152 26 4.21 17 < 1 0,11 4.70 797 1.23 0.003 268

TR09-7-16 5 262 32 <0 .3 914 < 3 56 < 1 < 2 7,97 <0 .3 41 191 < 1 4.48 17 < 1 0,13 5.94 748 < 1 1.23 0.002 280

TR09.7-16 30 1170 121 < 0 . 3 9 1 8 < 3 95 < 1 < 2 7.73 <0 .3 45 116 222 4.88 22 < 1 0.43 5.10 754 < 1 1.60 0.008 243

TR09-7-17 143 10300 1260 < 0 . 3 9.52 4 168 < 1 < 2 7.68 <0 .3 43 112 17 4.34 17 0.67 5,95 796 < 1 1.46 0.002 316

TR09-7-18 6 250 34 <0 .3 9 3 2 < 3 105 < 2 8,42 <0 ,3 34 89 9 3.77 18 0.44 4,80 679 < 1 1.51 0.002 228

TR09-7.19 5 162 41 <0 .3 10.2 4 109 < 2 8.08 <0 .3 36 137 21 3.87 19 < 1 0.56 5.08 683 < 1 1.50 0.003 243

TR09-7-20 4 133 31 <0 .3 11.8 < 3 73 < 2 9.01 <0 .3 32 103 12 3 6 0 17 < 1 0.39 4.74 602 < 1 1.50 0,003 212

TR09-7-21 3 135 38 <0 .3 10.8 4 59 < 1 < 2 8.86 0,3 31 175 3 3.33 17 < 1 0.35 4.93 593 < 1 1.40 0.001 232

Page 6 of 17

Page 43: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Method Code TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol

Package Code

Pb

1F2-Tbay-Lac DGS lies MIn

Sb

1F2-Tbay-Lac Des lies Min

S

1F2-Tbay-Lac Des Iles Min

Sc

1F2-Tbay-Lac Des Iles Min

Sr

1 F2-Tbay-Lac Des Iles Min

Te

1F2-Tbay-Lac Des Iles Min

Ti

1F2-Tbay-Lac Des Iles Min

T I

1F2-Tbay-Lac Des Iles Min

U

1F2.Tbay-Lac Des Iles Min

V

1F2-Tbay-Lac Des Iles Min

W

1F2-Tbay-LacDes lies Min

Y

1F2-Tbay-Lac Des lies Min

Zr

1F2-Tbay-LacDes lies Min

Zn

1F2.Tbay. Lac Des Iles Min

Date Analyzed Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:60AM

Sep 14 2009

11-50AM

Sep 14 2009

11'50AM

Sep 14 2009

11 50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

TR09-1-1 < 3 < 5 0.01 24 187 8 0.06 < 5 < 10 81 < 5 2 10 35

TR09-1-2 < 3 < 5 <0.01 19 206 4 0.05 < 5 < 10 60 < 5 2 12 25

TRO9.I.3 < 3 < 6 0-01 27 204 2 0,06 < 5 < 10 84 < 5 3 14 24

TR09-14 < 3 < 5 <0.01 25 214 < 2 0.05 7 < 10 61 < 5 2 6 22

TR09-1-5 < 3 < 5 <0.01 49 174 < 2 0.07 < 5 < 10 116 < 5 3 10 27

TR09-1-6 < 3 < 5 <0.01 17 214 6 0.04 < 5 < 10 50 < 5 2 6 23

TR09-1-7 < 3 < 6 <0.01 16 219 3 0.05 < 5 < 10 54 < 5 2 6 23

TR09-1-8 < 3 < 5 <0.01 15 226 3 0.04 < 5 < 10 51 < 5 1 6 20

TR09-1-9 < 3 < 5 <0.01 9 193 11 0.03 < 5 < 10 48 < 5 < 1 < 5 19

TR09-1-10 < 3 < 5 <0,01 17 222 6 0.06 10 < 10 64 < 5 2 5 19

TR09-1-11 < 3 < 5 <0.01 19 223 < 2 0.04 < 5 < 10 55 < 5 2 7 21

TR09-1-12 < 3 < 5 <0.01 20 225 < 2 004 8 < 10 59 < 5 2 6 24

TR09-1-13 < 3 < 5 <0.01 20 220 2 0,04 < 5 < 10 57 < 5 2 7 23

TR09-1-14 < 3 < 5 0.02 23 226 6 ooe 11 < 10 70 < 5 2 7 25

TR09-1-15 <3 < 5 < 0.01 20 199 < 2 0.04 < 5 < 10 57 < 5 2 9 25

TR09-1-16 < 3 < 5 <0.01 19 214 < 2 0.05 < 5 < 10 57 < 5 2 8 24

TR09-1-17 < 3 < 5 <0.01 19 215 3 0.04 < 5 < 10 56 < 5 2 7 25

TR09-1-ie 4 <6 007 16 262 2 0.22 < 5 < 10 170 < 5 3 8 45

TR09-1-19 3 < 5 004 27 265 6 0.15 < 5 < 10 109 < 5 5 16 38

TR09-1-20 < 3 < 5 <0.01 16 228 < 2 0.06 < 5 < 10 49 < 5 3 22 27

TR09-1-21 < 3 9 0.01 18 214 3 0.04 < 5 < 10 53 < 5 2 6 26

TR09.1.22 < 3 <6 0.01 24 237 < 2 0.08 < 5 < 10 66 < 5 3 8 34

TR09-1-23 < 3 < 5 <0.01 23 222 < 2 0.04 < 5 < 10 55 < 5 3 8 26

TR09-1-24 < 3 < 5 <0.01 23 206 < 2 0.04 < 5 < 10 52 < 5 2 7 25

TR09-1-25 < 3 < 5 0.01 23 207 2 0.03 < 5 < 10 50 < 5 1 < 5 23

TR09-1-26 < 3 < 5 001 23 211 < 2 0.04 < 5 < 10 55 < 5 2 6 24

TR09-1-27 < 3 < 5 <0.01 15 222 < 2 0.04 < 5 < 10 48 < 5 1 9 24

TR09-1-28 3 < 5 0.02 6 198 14 0.05 < 5 < 10 58 < 5 1 7 23

TR09-1-29 < 3 < 5 001 32 192 5 0.09 < 5 < 10 113 < 5 4 14 33

TR09-1-3D < 3 < 5 0.03 33 217 5 0.09 < 5 < 10 120 < 5 4 11 34

TR09-2-1 < 3 < 5 < 0 01 22 199 3 0.07 < 5 < 10 81 < 5 3 10 26

TR09-2-2 < 3 < 5 <001 19 201 5 0.05 < 5 < 10 60 < 5 2 8 23

TR09-2-3 < 3 < 5 <0.01 23 201 < 2 0.05 < 5 < 10 68 < 5 2 5 25

TR09-24 3 < 5 001 25 220 < 2 0.07 < 5 < 10 75 < 5 3 9 26

TR09-2-5 < 3 < 5 0.02 30 171 3 0.07 < 5 < 10 96 < 5 3 10 33

TR09-2-6 < 3 < 5 <0.01 27 176 3 0.09 < 5 < 10 95 < 5 3 9 34

TR09-2-7 < 3 < 5 <0.01 27 155 < 2 0.08 < 5 < 10 83 < 5 4 16 36

TR09-2-e < 3 < 5 0.01 14 189 < 2 0.06 < 5 < 10 75 < 5 2 7 29

TR09-2-9 < 3 < 5 <0.01 19 179 2 0.05 < 5 < 10 55 < 5 2 8 27

TR09-2-10 < 3 < 5 <0.01 18 190 7 0.04 < 5 < 10 58 < 5 2 6 28

TR09-2-11 < 3 < 5 <0.01 20 178 4 O.M < 5 < 10 59 < 5 1 < 5 27

TR09-2-12 < 3 < 5 <0.01 22 159 3 0.04 < 5 < 10 64 < 5 1 < 5 29

TR09-2-13 < 3 < 5 <0.01 21 186 4 0.06 < 5 < 10 66 < 5 2 7 27

TR09-2-14 3 < 5 <0.01 19 197 2 0.07 < 5 < 10 66 < 5 3 12 30

TR09-2-15 < 3 < 5 0.01 31 176 < 2 0.17 < 5 < 10 160 < 5 3 21 33

TR09-2-16 6 < 5 < 0.01 12 295 < 2 0.21 < 5 < 10 125 < 5 4 59 35

TR09-2-17 < 3 < 5 < D.01 15 175 3 0.08 < 5 < 10 71 < 5 2 9 30

TR09.2.18 <3 < 5 010 32 241 < 2 0.29 < 5 < 10 240 < 5 5 13 38

Page 7 of 17

Page 44: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Method Code TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Anatyte Symbol Pb Sb S Sc Sr Te Ti TI U V W Y Zr Zn

Package Code 1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-LacDes lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-LacDes lies Min

1F2-Tbay-Lac Des lies Min

IF2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac DGS lies Min

tF2-Tbay-Lac Des Iles Min

Date Analyzed Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:60AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

TR09-2-19 < 3 « 5 < 0 . 0 1 21 178 < 2 0.05 < 5 < 10 68 < 5 2 7 32

TR09-2-20 < 3 < 0 . 0 1 20 190 2 0.05 < 5 < 10 7 1 < 5 2 10 29

TR09-2-21 4 •=5 0.02 21 198 3 0.05 < 5 < 10 70 < 5 2 6 40

TR09-2-22 < 3 • ! 5 <0.01 23 147 5 0,05 7 < 10 72 < 5 2 8 35

TR09-2-23 < 3 <5 < 0.01 19 1 5 6 6 0.04 < 5 < 10 57 < 5 2 6 29

TR09-2-2.) < 3 <5 < 0.01 21 166 5 0.04 < 5 < 10 66 < 5 1 < 5 27

TR09-2-25 4 <5 <0.01 1 9 163 4 0 0 4 < 5 < 10 57 < 5 1 < 5 28

TR09-2-26 < 3 « 5 <0.01 18 186 < 2 0.04 9 < 10 58 < 5 1 6 23

TR09-2-27 < 3 C 5 <0,01 13 1 5 5 < 2 0.05 < 5 < 10 64 < 5 1 8 29

TR09.2.28 3 0-02 30 1 8 6 4 0.10 < 5 < 10 106 < 5 4 15 42

TR09-6-1 <3 <0.01 2 6 197 5 0.08 < 5 < 10 96 < 5 3 16 48

TR09-6-2 4 0 . 0 2 2 6 238 < 2 0.10 < 5 < 10 105 6 3 13 40

TR09-6-3 4 ^ 5 < 0 . 0 1 25 188 4 0.07 < 5 < 10 86 < 5 2 10 36

TR09-6^ 5 < 5 0 . 0 1 26 206 6 0.07 < 5 < 10 90 < 5 3 8 39

TR09-6-5 5 0 . 0 3 31 204 4 0 . 0 7 < 5 < 10 100 < 5 3 9 37

TR09-6-6 < 3 <5 <0.01 24 194 3 0.06 < 5 < 10 77 < 5 2 14 32

TR09-6-7 < 3 ^ 5 <0.01 14 196 2 0.04 < 5 < 10 49 < 5 2 2 0 22

TR09-6-e < 3 < 5 <0 .01 19 176 < 2 0.03 < 5 < 10 56 < 5 1 < 5 27

TR09.6-9 < 3 •=5 <0.01 9 175 3 0.04 6 < 10 53 < 5 < 5 26

TR09-6-10 < 3 < 5 <0.01 2 0 199 < 2 0.05 < 5 < 10 68 < 5 8 24

TR09-6-11 < 3 <0.01 20 210 2 0.05 < 5 < 10 71 < 5 2 6 25

TR09-6-12 < 3 < 5 < 0 . 0 1 19 239 < 2 0 . 0 7 < 5 < 10 76 < 5 2 12 19

TR09-6-13 < 3 < 0.01 21 231 3 0 . 0 6 < 5 < 10 77 < 5 13 23

TR09-6-14 4 < 5 007 38 170 8 0-10 < 5 < 10 137 < 5 4 10 46

TR09-6-15 < 3 <5 < 0 . 0 1 25 222 3 0.07 < 5 < 10 89 < 5 10 30

TR09-6-16 4 <5 0 . 0 5 24 220 3 0.13 7 < 10 120 < 5 2 8 33

TR09-6-17 < 3 <5 < 0 . 0 1 17 199 3 0.03 < 5 < 10 48 < 5 1 < 5 21

TR09-6-18 4 < 6 <0.01 11 2 3 0 < 2 0.04 < 5 < 10 47 < 5 1 < 5 19

TR09-6-19 < 3 <5 <0 .01 2 0 170 < 2 0.04 < 5 < 10 61 < 5 1 5 30

TR09-6-20 < 3 < 5 <0.01 2 0 188 < 2 0 . 0 4 < 5 < 10 53 < 5 1 < 5 25

TR09-6-21 < 3 < 5 < 0 . 0 1 20 180 < 2 0.03 < 5 < 10 57 < 5 1 < 5 26

TR09-6-22 < 3 < 0 . 0 1 18 192 4 0 . 0 4 < 5 < 10 62 < 5 1 < 5 29

TR09-6-23 < 3 0 . 0 1 26 193 3 0 . 0 7 6 < 10 91 < 6 10 27

TR09-5-1 < 3 < 5 <0.01 17 252 7 0.04 < 5 < 10 56 < 5 2 6 21

TR09-5-2 < 3 < 5 <0.01 21 246 < 2 0-05 < 5 < 10 69 < 5 6 23

TR09.5.3 < 3 < 5 <0.01 17 210 < 2 0 0 5 < 5 < 10 56 < 5 1 5 23

TR09-5^ < 3 < 5 < 0 . 0 1 20 224 < 2 0 . 0 4 < 5 < 10 63 < 5 2 9 24

TR09-5-5 3 < 5 0 . 0 2 22 225 3 0 . 0 6 < 5 < 10 78 < 5 2 6 32

TR09-5-6 < 3 < 5 0 . 0 7 24 227 5 0.10 11 < 10 94 < 5 3 22 34

TR09-5-7 < 3 < 5 <0 .01 19 223 4 0-04 < 5 < 10 6 1 < 5 2 7 25

TR09-5-8 < 3 < 5 <0.01 21 224 5 0 0 5 < 5 < 10 66 < 5 2 7 28

TR09-5-9 4 < 5 0.18 27 206 6 0 . 0 7 < 5 < 10 89 < 5 3 10 38

TR09-5-10 < 3 < 6 < 0 . 0 1 17 222 3 0.04 5 < 10 56 < 5 2 8 25

TR09-5-11 4 < 5 <0.01 18 195 < 2 0.05 < 5 < 10 63 < 5 2 7 28

TR09-5-12 < 3 < 5 <0-01 24 216 4 0.09 < 5 < 10 91 < 5 3 13 41

TR09-5-13 3 < 5 0.02 19 273 < 2 0.09 < 5 < 10 88 < 5 3 12 34

TR09-6-14 < 3 < 5 OlO 30 241 6 0.20 6 < 10 157 < 5 4 15 48

TR09-5-15 6 < 6 0 . 0 9 37 199 3 0.14 8 < 10 139 < 5 6 15 65

Page 8 of 17

Page 45: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Method Coda TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol Pb Sb S Sc Sr Te Ti Tl U V W Y Zr Zn

Package Code 1F2-Tbav-LacDes lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-l-^c Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1 F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

lF2.Tbay-Lac Des Iles Min

Date Analyzed Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sell 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:60AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:60AM

TR09-5-16 4 < 5 0.04 27 230 7 0.13 < 6 < 10 114 < 6 4 16 46

TR09.5-17 3 < 6 0.04 25 228 < 2 0.07 < 5 < 10 87 < 5 3 9 41

TR09-5-18 < 3 < 5 <0.01 17 239 < 2 0.06 < 5 < 10 59 < 5 2 10 32

TR09-5-19 < 3 < 5 0.04 29 195 11 0.10 < 5 < 10 112 < 5 16 51

TR09-5-20 4 < 6 0.02 36 274 < 2 0.14 < 5 < 10 172 < 5 4 14 47

TR09-5-21 < 3 < 5 < 0.01 16 220 3 0.03 < 5 < 10 47 < 5 1 9 20

TRO9.5-22 4 < 5 < 0.01 17 220 6 0.03 < 6 < 10 49 < 5 1 < 6 22

TR0S15-23 < 3 < 5 <0.01 18 245 3 0.03 < 6 < 10 51 < 6 1 < 5 25

TR09-5-24 < 3 < 5 <0.01 16 230 6 0.03 < 6 < 10 43 < 6 1 < 5 21

TR09.5-25 < 3 < 5 <0.01 17 218 5 0.03 < 5 < 10 44 < 6 < 1 < 5 21

TR09-6-26 < 3 < 5 0.06 18 246 5 0.06 < 6 < 10 72 < 5 7 27

TR09-5-27 5 < 6 0-05 23 216 < 2 0.09 < 5 < 10 99 < 5 12 34

TR09-5-28 < 3 < 5 <0-01 20 216 2 0.04 < 5 < 10 54 < 5 2 5 24

TR09-5-29 < 3 < 6 <0-01 18 215 < 2 0.03 5 < 10 60 < 5 1 < 5 23

TR09.5-30 < 3 < 6 < 0.01 17 222 < 2 0.04 5 < 10 64 < 5 6 20

TR09-5-31 < 3 < 5 <0.01 10 200 < 2 0.03 < 5 < 10 68 < 5 < 1 < 5 20

TR09-5-32 < 3 < 5 <0.01 16 229 < 2 0.03 < 6 < 10 53 < 5 1 < 5 21

TR09-6-33 < 3 < 5 <0.01 18 231 < 2 0.03 < 6 < 10 51 < 6 1 < 5 21

TR09-6-34 < 3 < 5 <0.01 21 234 < 2 0.03 < 5 < 10 60 < 6 1 < 5 22

TR09-5-36 3 < 5 <0.01 22 230 < 2 0.04 < 6 < 10 62 < 5 2 < 5 22

TR09-5-36 < 3 < 5 0.03 30 265 < 2 0.14 6 < 10 109 < 5 4 9 32

TR09-5-37 < 3 < 5 <0.01 23 231 < 2 0.04 < 5 < 10 6T < 5 6 24

TR09-5-3e < 3 < 5 <0.01 20 253 < 2 0.06 < 5 < 10 64 < 5 2 6 20

TR09-5-39 < 3 < 5 <0.01 23 221 < 2 0.04 < 5 < 10 61 < 5 2 6 22

TR09-5^0 < 3 < 6 < 0.01 22 225 <2 0.06 < 5 < 10 77 < 5 2 9 25

TR09-5J11 < 3 < 5 <0.01 8 187 <2 0.03 < 5 < 10 59 < 6 < 1 < 5 23

TRO9.5-I2 < 3 < 5 <0.01 24 214 < 2 0.04 8 < 10 68 < 6 < 5 23

TR09-5^3 < 3 < 5 0.03 31 195 < 2 0.12 < 6 < 10 124 < 5 4 12 38

TR09-5-44 < 3 < 5 0.03 25 231 < 2 0.06 < 6 < 10 82 < 5 2 8 34

TR09-5-45 < 3 < 6 <0.01 24 275 < 2 0.05 < 5 < 10 67 < 5 2 8 20

TR09-5^6 < 3 5 <0.01 21 240 < 2 0.03 < 5 < 10 67 < 5 1 < 5 26

TR09-5^7 < 3 < 6 < 0.01 23 239 < 2 0.04 6 < 10 66 < 5 2 5 28

TR09-5^B 4 < 5 0.04 34 179 < 2 0.08 < 5 < 10 114 < 5 3 16 43

TR09-S^9 5 < 5 0.02 43 1S8 < 2 0.09 < 5 < 10 144 < 6 4 13 38

TR09-5-50 7 < 5 0.09 49 207 < 2 0.12 < 6 < 10 176 < 6 6 14 56

TR09-5-51 5 < 5 012 48 204 8 0.13 5 < 10 178 < 5 6 14 68

TR09-5-52 4 < 5 010 35 196 3 0.16 < 5 < 10 188 < 5 6 16 65

TR09-5-53 5 < 5 012 51 197 < 2 0.17 < 5 < 10 223 < 5 7 17 73

TRO9.5-M 4 < 5 0.07 38 205 < 2 0.11 < 5 < 10 139 < 6 4 12 53

TR09-5-55 4 < 5 0.17 59 192 < 2 0.26 < 5 < 10 280 < 5 10 21 76

TR09-5-56 < 3 < 5 007 35 328 < 2 0.26 < 5 < 10 184 < 6 6 11 52

TR09-5-57 4 < 5 004 27 236 < 2 0.07 < 6 < 10 88 < 5 3 7 30

TR09-3-1 < 3 < 5 006 40 267 < 2 0.15 < 6 < 10 164 < 5 4 9 38

TR09-3-2 < 3 < 5 0.03 33 264 < 2 0.14 < 5 < 10 163 < 5 3 8 37

TR09.3.3 6 < 5 013 45 228 < 2 018 < 5 < 10 229 < 5 4 9 46

5 < 5 0.03 22 191 <2 0.11 < 5 < 10 154 < 5 2 9 50

TR09-3-5 7 < 5 0.08 38 1S8 17 0.13 < 6 < 10 160 < 5 3 9 66

TR09-3-6 10 < 6 0.02 24 301 8 0.15 < 6 < 10 58 < 5 25 55 81

Page 9 of 17

Page 46: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Method Code TD-ICP TD-ICP TDJCP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol Pb Sb S Sc Sr Te Ti TI J V W Y Zr Zn

Package Code 1F2-Tbay-Lac Des Iles Min

IF2-Tbay-Lac Des Iles Min

tF2-Tbay. Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tt)ay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-LacDes lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-LacDes lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des lies Min

1F2-Tbay-U c D e s lies MIn

IF2-Tbay-Lac Des Iles Min

Oate Analyzed Sop M 2009

11;50AM

Sep 14 2009

11;50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11;50AM

Sep 14 2009

11:50AM

TR09-3-7 5 < 5 0-03 34 265 < 2 0-38 < 5 < 10 165 < 5 15 74 66 TR09-3-e 4 < 5 0.04 44 192 < 2 0.10 < 5 < 10 138 < 5 4 11 47 TR09-3-9 < 3 < 5 0.02 33 263 < 2 0.14 < 5 < 10 119 < 5 6 10 38 TR09-3-10 < 3 < 5 0.01 24 237 < 2 0.07 < 5 < 10 73 < 5 4 6 36 TR09-3-11 < 3 < 5 <0.01 22 214 4 0.05 < 5 < 10 62 < 5 3 6 27 TR09-3-12 < 3 < 5 <0.01 21 195 < 2 0.05 < 5 < 10 65 < 5 2 8 31 TR09-3.13 < 3 < 5 <0.01 14 185 < 2 0.05 < 5 < 10 82 < 5 2 7 23 TR09-3-14 < 3 < 5 0.02 20 211 4 0.05 6 < 10 71 < 5 2 6 30 TR09-3-I5 < 3 <5 0.01 27 224 < 2 0.10 < 5 < 10 83 < 5 4 8 30 TR09-3-16 • :3 < 6 <0.01 25 170 < 2 0.05 < 5 < 10 75 < 5 2 7 36 TRD9-3-J7 < 3 < 5 0.01 25 185 < 2 0.05 < 5 < 10 71 < 5 3 7 39 TR09-3.18 5 < 5 0.03 25 170 < 2 0.05 < 5 < 10 72 < 5 2 7 37 TRD9-3-19 < 3 < 5 <0.01 25 171 <2 0.05 6 < 10 75 < 5 2 8 31 TR09-3-20 < 3 < 5 <0.01 22 169 <2 0.04 < 5 < 10 65 < 5 2 5 27 TR09-3-21 « 3 < 5 0.03 26 216 < 2 0.07 < 5 < 10 83 < 5 3 8 34 TR09-3-22 4 < 5 <0.01 23 196 < 2 0.05 < 5 < 10 68 < 5 2 7 33 TR09-3.23 4 < 5 0.02 14 172 < 2 0.08 < 5 < 10 92 < 5 2 7 33 TR09-3-24 < 3 < 5 <0.01 21 215 < 2 0.05 < 5 < 10 60 < 5 2 7 42 TR09-3-25 • ; 3 < 5 <0.01 23 223 < 2 0.07 < 5 < 10 83 < 5 2 7 37 TR09-3-26 < 3 < 5 <0.01 18 199 2 0.04 < 5 < 10 51 < 5 1 6 24 TR09-3-27 « 3 < 5 <0.01 21 202 < 2 0.03 < 5 < 10 50 < 5 1 < 5 21 TR09-3-28 < 3 < 5 <0.01 17 211 < 2 0.04 < 5 < 10 50 < 5 1 6 21 TR09-3-29 < 3 < 5 <0.01 16 217 < 2 0.03 < 5 < 10 48 < 5 1 < 5 22 TR09-3-30 < 3 < 5 <0.01 19 230 < 2 0.08 < 5 < 10 77 < 5 2 6 21 TR09-3-31 < 3 < 6 001 19 212 < 2 0-03 < 5 < 10 49 < 5 1 < 5 21 TR09-3-32 < 3 < 5 <0.01 18 217 < 2 0.03 < 5 < 10 52 < 5 1 < 5 23 TR09-3-33 < 3 < 5 0.01 8 183 < 2 0.03 7 < 10 47 < 5 < 1 < 5 37 TR09-3-34 < 3 < 6 <0.01 21 209 < 2 0-04 < 5 < 10 53 < 5 1 < 5 21 TR09-3-35 < 3 < 5 <0.01 20 215 < 2 0.05 < 5 < 10 59 < 5 2 7 136 TR09-3-36 < 3 < 5 <0.01 18 225 < 2 0.04 < 5 < 10 53 < 5 1 8 21 TR09-3.37 < 3 < 5 <0.01 20 208 < 2 0.04 < 5 < 10 54 < 5 1 7 18 TR09-3-3B 3 < 5 <0.01 23 211 < 2 0-04 < 5 < 10 58 < 6 1 < 5 20 TR09-3-39 < 3 < 5 <0.01 18 221 < 2 0-CM 8 < 10 57 < 5 2 6 20 TR09-340 < 3 < 5 <0-01 18 210 < 2 0.04 < 5 < 10 59 < 5 2 11 22 TR09-3^1 < 3 < 5 <0.01 10 198 4 0.05 < 5 < 10 66 < 5 1 5 24 TR09-3-42 8 < 5 0.05 34 172 < 2 0.12 < 5 < 10 126 < 5 4 10 55 TR09-3J13 < 3 < 5 0.09 24 224 2 0.10 < 5 < 10 99 < 5 3 13 40 TR09-3^4 < 3 < 5 <0.01 23 212 < 2 0.07 < 5 < 10 80 < 5 2 11 27 TR09-3-45 < 3 < 5 001 28 242 < 2 0.07 < 5 < 10 79 < 5 3 10 23 TR09-3^B < 3 < 5 0.01 25 215 < 2 0.05 < 5 < 10 70 < 5 2 6 28 TR09-3^? 7 < 5 0.06 32 202 7 0.22 < 5 < 10 247 < 5 3 11 60 TR09-3J1B 5 < 6 0.04 31 182 < 2 0-20 6 < 10 243 < 5 3 9 62 TR09-7-1 < 3 < 5 <0-01 18 218 < 2 0.05 < 5 < 10 62 < 5 2 10 25 TR09-7.2 < 3 < 5 <001 15 239 < 2 0.04 < 5 < 10 53 < 5 1 10 21 TR09-7-3 < 3 < 5 <0.01 18 236 < 2 0.05 < 5 < 10 57 < 5 2 7 24 TR09-7^ < 3 < 5 <0.01 22 143 < 2 0.05 < 5 < 10 84 < 5 2 < 5 31 TRO9-7.5 < 3 < 5 <0.01 23 171 < 2 0.04 < 5 < 10 70 < 5 1 < 5 30 TR09-7-6 < 3 < 5 <0.01 17 171 < 2 0-03 < 5 < 10 53 < 5 < 1 < 5 27

P a g e 10 O f 17

Page 47: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Method Coda TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol Pb Sb S Sc Sr Te Ti TI U V W Y Zr Zn

Package Code 1F2.Tbay. Lac Des Iles Min

1F2.Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tl)ay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1 F2-Tbay-Lac Des Iles Min

1 F2-Tbay-Lac Des Iles Min

1F2.Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des lies Min

1 F2-Tbay-Lac Des Mes Min

1F2-Tbay-LacDes lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des lies Min

Date Analyzed Sep 14 2009

1V.50AM

Sep 14 2009

11.50ftM

Sop 14 2009

11:50AM

Sep 14 2009

11;50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50 AM

Sep 14 2009

11:S0AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

Sep 14 2009

11:50AM

TR09.7.7 < 3 < 5 <0,01 15 268 < 2 0.04 5 < 10 49 < 5 1 16 23 TR09-7-8 < 3 < 5 <0.01 17 272 < 2 0.06 < 5 < 10 61 < 5 2 16 25 TR09-7-9 < 3 < 5 <0.01 18 210 < 2 0-05 < 5 < 10 66 < 5 1 5 23 TR09-7.10 < 3 < 5 <0.01 16 261 < 2 0.06 < 5 < 10 64 < 5 2 6 24 TR09-7-11 < 3 < 5 <0.01 19 215 < 2 0.04 < 5 < 10 58 < 5 1 < 5 25 TR09-7-12 < 3 < 5 <0.01 18 212 < 2 0.04 < 5 < 10 53 < 6 1 5 23 TR09-7-13 < 3 < 5 <0.01 24 195 2 0.10 < 5 < 10 99 < 5 3 10 29 TR09-7-14 3 < 5 < 0.01 9 176 < 2 0.05 < 5 < 10 83 < 5 1 5 33 TR09-7-15 4 < 5 < 0.01 21 182 < 2 0.05 < 5 < 10 70 < 5 2 5 32 TR09-7-16 < 3 < 5 0.06 26 235 < 2 013 < 5 < 10 137 < 5 3 15 33 TR09-7-17 < 3 < 5 <0.01 23 207 2 005 < 5 < 10 79 < 5 2 6 28 TR09-7-18 < 3 < 5 <0.01 17 230 < 2 0.05 < 5 < 10 71 < 5 2 7 22 TR09-7-19 < 3 < 6 <0.01 19 236 < 2 0.05 < 5 < 10 68 < 5 2 6 22 TR09-7-20 < 3 < 5 <0.01 24 224 < 2 0.05 6 < 10 74 < 5 2 9 20 TR09-7-21 < 3 < 5 <0.01 17 220 < 2 0.03 6 < 10 49 < 5 1 < 5 20

Page 11 of 17

Page 48: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Quality Control Method Code FA-ICP FA-ICP F A I C P TD-ICP TO-ICP TO-ICP TO-ICP TO-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % % ppm

Analyte Symbol Au Pd PI Ag AI As Ba Be Bl Ca Cb Co Cr Cu Fe Ga Hg K Mg Mn Mo Na P Ni

Package Code IC-Exp ICPOES-Lac Des

Iles Mlne-Tbay

IC-Exp ICPOES-Lac Des

Iles Mine-Tbay

IC-Exp ICPOES-Lac Des

lies Mine-Tbay

1F2-Tbay-Lac Des lies Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-LacDes lies Mine

1F2-Tbay Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1 F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1 F2-Tbay-Lac Des Iles Mine

1F2-Tbay. Lac Des Iles Mine

1F2-Tbay-Lac Des lies Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-LacDes lies Mine

Date Analyzed 2009-09-09

12:51:00

2009-09-09

12:51:00

2009-09-09

12:51:00

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:5015

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:50:15

2009-09-14

11:5015

2009-09-14

11:50:15

2009-09-14

11:50:15

CDN-PGMS-16 LABSTD 995 4600 1220

CDN-PGMS-16 LABSTD 998 4730 1220

CDN-PGMS-16 LABSTD 997 4610 1160

CDN-PGMS-16 LABSTD 1200 4820 1250

CDN-PGMS-16 lABSTD 1070 4360 1170

CDN-PGMS-16 LABSTD 1090 4750 1190

CDN-PGMS-15 LABSTD 380 435 97

CDN.PGMS-15 LABSTD 390 417 92

CDN-PGMS-15 LABSTD 414 401 92

CDN-PGMS-15 LABSTD 463 432 95

CDN-PGMS-15 LABSTD 419 419 91

TR09-1-2 Replicate <0 ,3 Original

TR09-1-2 LABDUP <0 ,3

TR09-1-10Replicale < 2 102 25 Original TR09-1-10 LABDUP 2 116 32

TR09-1-20 Replicale 3 75 21 Original TR09-1-20 LABDUP 3 73 18

TR09-1-23 Replicate <0 ,3 Original TR09-1-23 LABDUP < 0 , 3

TR09-1-30 Split Original 9 28 IS

TR09-1-30 LABPREP 10 19 9 <0 ,3

TR09-2-1 Replicate 7 40 15 Original

TR09-2-1 LABDUP 9 40 16

TR09-2-7 Replicate <0 ,3 Original TR09-2-7 LABDUP <0 ,3

TR09-2-15 Replicate 40 205 39 Origirial

TR09-2-15 LABDUP 35 198 33

TR09-2-20 LABPREP <0 ,3

TR09-2-25 Replicate 6 151 38 Origirial

TR09-2-25 LABDUP 5 153 34

TR09-2-28 Replicate <0 ,3 Original

TR09-2-28 LABDUP < 0 3

TR09-6-2 Split Original < 2 119 12

TR09-6-2 LABPREP < 2 118 11 < 0 3

TR09-6-8 Replicate 2 122 11 Original

TR09-6-8 LJiBDUP 2 124 10

TR09-6-14 Replicate <0 ,3 Original

TR09-6-14 LABDUP <0,3

TR09-6-22 Replicate 5 92 12 Original

TR09-6-22 LABDUP 4 78 11

TR09-5-9 Replicate 33 1530 111 Original

TR09-5-9 Split Origirial 31 1480 111

TR09-5-9 LABDUP 30 1420 110

9.73

9.93

11.8

11.5

8.13

7-74

7.86

7.41

7.78

8.23

7.61

7.68

83

81

< 3 94

< 3 92

< 3 104-

91

92

83

87

67

67

8.21

8.04

< 2 8.87

< 2 8.68

< 2 8.70

6.13

6.24

7.23

7.31

<0 .3

<0.3

<0 .3

0.4

<0 .3

<0.3

<0.3

< 2 6.43 <0 .3

< 2 6.77 < 0.3

< 2 6.65 < 0.3

0-4

0.6

36

35

30

30

42

45

45

59

58

160

141

147

136

92

283

330

45 178

47 142

44 222

103

94

47

52

3 7 0

3.64

20 3.40

20 3.28

75 5.08

17 4.68

23 4.75

5.15

5 3 9

5.20

5.73

6.87

18

17

16

17

2 0

19

2 0

18

0-51

0.51

0.33

0.33

0.29

0.29

4.91

4.79

ï 1 0,30 4.66

« 1 0 2 9 4.50

c 1 0.28 5.06

6.62

6 - 7 7

0.32 5-33

0 3 4 5.61

0 9 8 5.47

5-91

5.95

671

654

622

597

843

854

873

929

967

882

1150

1150

1.64 0 0 0 6 276

1-60 0.005 266

t 1 1.57 0.003 263

< 1 1.53 0.002 255

e 1 1.58 0.004 255

1.25 0004

1.27 0004

1.34 0.003

1.35 0.003

370

376

e 1 1.67 0.005 264

t 1 1-65 0.005 279

t 1 1,87 0.004 241

249

250

Page 12 of 17

Page 49: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Quality Control Method Code Unit Symbol Analyte Symbol Package Code

FA-ICP FA-ICP FA-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

ppb

Au

ppb

Pd

ppb

PI

ppm

As

ppm

Be

ppm

Bi

ppm

Cd

ppm

Co

ppm

Cr

ppm

Cu

ppm

Ga

ppm

Hg Mg ppm

Mn ppm

Mo

ppm

Ni

Date Analyzed

IC-Exp 1F2-Tboy- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay. 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tb3y- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay-ICPOES- Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Iles Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine

lies Mine-Tbay

2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09. 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09-09 09 09 1 4 14 14 14 14 14 14 14 14 14 14 14 14 1 4 1 4 14 14 14 14 14 14

12:51:00 12:51:00 12:51:00 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:5015 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15

IC-Exp IC-Bcp ICPOES- ICPOES-Lac Des Lac Des

Iles Mine- Iles Mine-Tbay Tbay

2009-09- 2009-09-

TR09-5-9 LABPREP 35 1660 117 <0.3 9,23 < 3 226 < 1 < 2 6 9 1 <0 .3 60 139 242 5.70 19 < 1 1.32 6-40 1010 < 1 1-42 0.003 401

TR09-5-12 Replicate <0.3 8.88 < 3 102 < 1 < 2 7.35 0.3 40 197 17 4.77 20 < 1 0.37 5-17 893 < 1 1-66 0.005 257 Original

TR09-5-12 LABDUP <0.3 8.76 < 3 102 < 1 < 2 7.29 0-3 40 141 16 4.79 19 < 1 0.37 5-14 881 < 1 1-64 0.005 255

TR09-5-19 Split Original 17 1000 138

TR09-5-19 LABPREP 19 1120 133 <0.3 8.05 < 3 118 < 1 < 2 6.56 <0 .3 52 120 55 6 3 2 20 < 1 0.71 6.06 1060 < 1 1.41 0.005 253

TR09-5-20 Replicate 6 122 23 Origiriai

TR09-5-20 LABDUP 11 124 24

TR09-5-26 Replicate <0 .3 10.0 < 3 98 < 1 < 2 7.75 0.4 35 111 36 3.79 19 < 1 0.75 4-63 663 < 1 1-65 0.002 241 Origiriai

TR09-5-26 LABDUP <0 .3 9,70 < 3 96 < 1 < 2 7.61 <0 .3 35 137 36 3.73 18 < 1 0 7 3 4.42 652 < 1 1-63 0.003 239

TR09-5-34 Replicate 3 138 37 Original

TR09-5-34 LABDUP 4 148 41

TR09-5-39 Replicate <0 .3 11.8 < 3 64 < 1 < 2 9.02 <0 .3 32 162 10 3.50 16 < 1 0.36 5.20 643 < 1 1.40 0.001 260 Original TR09-5-39 Split Original 6 134 37 <0 .3 11-1 < 3 64 < 1 < 2 9-03 <0.3 32 180 10 3.46 17 < 1 0-34 5.23 644 < 1 1.39 0.001 259

TR09-5-39 LABDUP <0 .3 10.3 < 3 64 < 1 < 2 9-04 <0 .3 33 197 10 3.42 17 < 1 0-33 5.27 645 < 1 1.39 0.001 258

TR09-5-39 LABPREP 7 135 33 <0 .3 11.6 5 63 < 1 < 2 8-77 <0 .3 31 171 10 3.35 17 < 1 0-34 5.05 622 < 1 1.35 0-002 251

TR09-544 Replicate 11 351 69 Original TR09-5J14 LABDUP 12 338 75

TR09-5-53 Replicate <0 .3 6.69 < 3 79 < 1 < 2 731 <0 .3 68 125 167 8.91 20 < 1 0.20 6-08 1520 < 1 1-43 0.005 244 Original

TR09-5-53 LABDUP <0 ,3 6.60 < 3 77 < 1 < 2 7.30 <0-3 69 98 166 8.92 20 < 1 0.20 6.06 1600 < 1 1.41 0.006 247

TR09-5-55 Replicate Original

TR09-5-55 LABDUP TR09-3-12 Replicate Original TR09-3-12 Split Original TR09-3-12 LABDUP TR09-3-12LABPREP TR09-3-17 Replicate Original

TR09-3-17 LABDUP TR09-3-22 Replicate Original TR09-3-22 LABDUP TR09-3-31 Replicate Original TR09-3-31 LABDUP TR09-3-33 Replicate Original TR09-3-33 LABDUP TR09-3-42 Spin Original TR09-3J12 LABPREP TR09-3^ 7 Replicate Original

TR09-3^7 LABDUP TR09-7.4 Replicate Original TR09-74 LABDUP TR09-7-9 Replicate Original TR09-7-9 LABDUP

20 74

6 18

4 75 17 < 0.3 9.79 < 3 82 < 1 < 2 7 9 9 <0.3 38 161 17 4.09 18 < 1 0.21 5.79 706 < 1 1.30 0-003 272

3 76 16

3 75 15 < 0 3 9.75 < 3 80 < 1 < 2 7.92 <0 .3 39 145 18 4.03 19 < 1 0.20 5.76 704 < 1 1.29 0.003 271

482

474

50

52

3 139 31

3 141 34

8 139 31

7 132 27

< 2 26 < 5

< 2 24 < 6

e 243 38

8 223 50

<0 .3

<0 .3

<0-3

<0 .3

<0.3

<0.3

<0.3

<0.3

11.9

10.3

7.77

8.16

5.57

8.24

50

50

7.56

7.50

8.70

8.75

7.15

7.46

6,26

7.02

<0 .3

<0.3

0.3

<0.3

<0.3

<0.3

<0.3

<0.3

45

45

32

33

55

56

50

50

238

219

21

21

213

197

303

3 X

79

83

16

16

S.01

4.93

3.19

3.16

7.49

7.75

4.37

4.92

18

17

17

17

19

20

15

16

0.20

0.20

0,19

0 1 7

0.21

0.22

0.17

0 2 5

7.30

7.19

5.41

5.38

6,31

6.58

6.44

7.85

570

580

1290

1340

825

846

1.18

1.15

1.22

1.22

1.15

1,20

0,004

0.004

0.001

0,001

0.004

0.005

345

341

264

269

254

268

< 1 0.80 0.003 369

< 1 0.94 0.003 378

Page 13 of 17

Page 50: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765

Quality Control Method Code FA-ICP FA-ICP FA-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % % ppm

Analyte Symbol Au Pd PI Ag AI As Ba Be Bi Ca Cd Co Cr Cu Fe Ga Hg K Mg Mn Mo Na P Ni

Package Code IC-Exp IC-Exp IC-Exp 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2.Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2.Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay-Package Code ICPOES- ICPOES- ICPOES- Lac Des Lac Des Lac Des l ^ c D e s Lac Des Lac Des Lac Des Lac Des Lac Des LacDes Lac Des Lac Des Lac Des Lac Des Lac Des I j j cDes LacDes U c Des Lac Des Lac Des LacDes Lac Des l-ac Des Lac Des Iles Mine Iles Mine Iles Mine lies Mine Iles Mine Iles Mine Iles Mine lies Mine lies Mine lies Mine Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine lies Mine lies Mine Iles Mine Iles Mine lies Mine lies Mine

lies Mine- lies Mine- lies Mine-Tbay Tbay Tbay

Date Analyzed 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09-Date Analyzed 09 09 09 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14

12:51:00 12:51:00 12:51:00 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15

TR09-7-1-) Split Original TR09-7-14 LABPREP TR09-7-ia Replicate Original

TR09-7-13LABDUP TR09-7-20 Replicate Original TR09-7-20 LABDUP

163

202

134

132

27

27

31

32

<0.3

<0.3

<0.3

4.60

9.05

8.81

9.84

< 3

< 3

5

63

71

106

< 2

< 2

< 2

7.04

7.76

8.47

8.38

<0.3

< 0 3

< 0 3

42

34

152

132

26

30

421

4.79

3.77

17

18

18 Oil 0.21

0.43

4.70

5.95

4.79

4.81

797

814

685

1.23

1.40

1.52

0.003

0.003

0.002

0.002

268

272

230

Page 14 of 17

Page 51: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Quality Control Method Code TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm p(Xtl ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol Pb Sb S Sc Sr Te Ti TI U V W Y Zr Zn

Package Code 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1 F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay-Package Code Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des LacDes Lac Des Lac Des Lac Des Lac Des Lac Des Iles Mine Iles Mirie lies Mine Iles Mine lies Mine lies Mine Iles Mine Iles Mine lies Mine Iles Mine Iles Mine Iles Mine Iles Mirie Iles Mine

Date Analyzed 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2006-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09-Date Analyzed 14 14 14 14 14 14 14 14 14 14 14 14 14 14

11:60:16 11:60:15 11:50:16 11:60:15 11:50:15 11:60:16 11:50:15 11:50:15 11:50:15 11:50:16 11:50:15 11:60:16 11:50:15 11:50:16

CDN-PGMS-16 LABSTD

CDN-PGMS-16 LABSTD

CDN-PGMS-16 LABSTD

CDN-PGMS-16 LABSTD

CDN-PGMS-16 LABSTD

CDN-PGMS-16 LABSTD

CDN-PGMS-15 LABSTD

CDN-PGMS-15 LABSTD

CDN-PGMS-16 LABSTD

CDN-PGMS-15 LABSTD

CDN-PGMS-15 LABSTD

TR09-1-2 Replicate

Original

TR09-1-2 LABDUP

TR09-1-10 Replicate

Original

TR09-1-10 LABDUP

TR09-1-20 Replicate

Origirial

TR09-1-20 LABDUP

TR09-1-23 Replicate

Origirial

TR09-1-23 LABDUP

TR09-1-30 Split Origirial

TR09-1 -30LABPREP

TR09-2-1 Replicate

Original

TR09-2-1 LABDUP

TRD9-2-7 Replicate

Origirial

TR09-2-7 LABDUP

TR09-2-15 Replicate

Original

TR09-2-15 LABDUP

TR09-2-20 LABPREP

TR09-2-25 Repllcale

Original

TR09-2-25 LABDUP

TR09-2-2B Replicate

Origirial

TR09-2-28 LABDUP

TR09-6-2 Split Origirial

TR09-6-2 LABPREP

TR09-6-8 Replicate

Original

TR09-6-6 LABDUP

TR09-6-14 Replicate

Original

TR09-6 - l ' l LABDUP

TR09-6-22 Replicate

Origirial

TR09-6-22 LABDUP

TR09-5-9 Replicate

Original

TR09-5-9 Split Original

TR09-5-9 LABDUP

TR09-5-9 LABPREP

<0 .01

<0 .01

<5 < 0.01

<5 < 0.01

< 5 0.02

<0 .01

< 0.01

< 5 0.02

< 5 0.02

« 5 ft02

0.07

0.07

2 0 8

204

24 224

22 2 2 0

30 223

26

27

29

31

38

39

154

157

182

189

170

170

0.05

0.06

3 0-04

< 2 0.04

4 0.09

3

5 < 2

0.07

o.oe

0.10

0.10

0.09

0.10

0.10

! 10

! 10

< 10

: 10

! 10

! 10

! 10

! 10

61

59

! 10 56

: 10 54

= 10 125

83

84

102

109

137

138

< 5

< 5 < 5

< 5 < 6 < 5

< 5

< 5

: 10 96 < 5 3

Page 15 of 17

7

9

11

14

19

10

10

26

24

27

25

33

36

36

43

40

46

46

Page 52: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765

Quality Control Method Code TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol Pb Sb S Sc Sr Te Tl Tl U V W Y Zr Zn

Package Code 1F2-Tbay- 1F2-Tbay- 1F2-Tbav- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- IFJ-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay-Package Code Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des U c Des LacDes Lac Des Lac Des Lac Des Lac Des LacDes Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine lies Mine Iles Mine Iles Mine Iles Mine lies Mine lies Mine

Date Analyzed 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09-Date Analyzed 14 14 14 14 14 14 14 14 14 14 14 14 14 14

11:60:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15

TR09-5-12 Replicate < 3 < 5 < 0,01 24 217 6 0.09 < 5 < 10 91 < 5 Original

TR09-5-12 LA0DUP < 3 < 5 < 0,01 25 215 2 0.08 < 5 < 10 92 < 5

TR09-5-19 Split Original

TR09-5-19LABPREP < 3 < 5 0,04 29 198 2 0.09 < 5 < 10 116 < 5

TR09-5-20 Replicate Original TI^09-5-20 LABDUP

TR09-5-26 Replicate < 3 < 5 0,05 19 249 5 0.06 < 5 < 10 72 < 5 Original

TR09-5-26 LABDUP 4 < 5 0,04 IB 244 6 0.06 < 5 < 10 71 < 5

TR09-5-34 Replicate Original

TR09-5-34 LABDUP

TR09-5-39 Replicate < 3 < 5 < 0,01 25 224 < 2 0.04 7 < 10 61 < 5 Original

TR09-5-39 Split Original < 3 < 5 < 0,01 23 221 < 2 0.04 < 5 < 10 61 < 5

TR09-5-39 LABDUP < 3 < 5 <0,01 21 219 < 2 0.04 < 5 < 10 61 < 5

TR09-5-39 LABPREP < 3 < 5 <0,01 25 215 < 2 0.04 < 5 < 10 59 < 5

TR09-5J14 Replicate Original TR09-5JI4 LABDUP

TR09-5-53 Replicate 4 < 5 0,11 51 198 < 2 0.18 < 5 < 10 223 < 5 Original

TR09-5-53 LABDUP 7 <5 0,12 51 me 3 0.17 < 5 < 10 223 < 5

TR09-5-55 Replicate Original

TR09-5-55 LABDUP

TR09-3-12 Replicate Original

TR09-3-12 Split Original < 3 < 5 < 0,01 21 195 < 2 0.05 < 5 < 10 65 < 5

TR09-3-12 LABDUP

TR09-3-12 LABPREP < 3 < 5 <0,01 21 192 < 2 0.06 5 < 10 66 < 5

TR09-3-17 Replicate < 3 < 5 0,01 25 186 < 2 0.05 < 5 < 10 72 < 5 Original

TR09-3-17 LABDUP < 3 < 5 0,01 25 184 < 2 0.05 < 5 < 10 71 < 5

TR09-3-22 Replicate Original

TR09-3-22 LABDUP

TR09-3-31 Replicate < 3 < 5 0,01 20 212 < 2 0.03 6 < 10 49 < 5 Original

TR09-3-31 LABDUP 4 < 5 0.02 18 212 < 2 0.03 < 5 < 10 49 < 5

TR09-3-33 Replicate Original

TR09-3-33 LABDUP

TR09-3^2 Split Original 8 < 5 0 0 5 34 172 < 2 0.12 < 5 < 10 126 < 5

TR09-3-42 LABPREP to < 5 0,06 36 180 < 2 0.12 < 5 < 10 130 < 5

TR09-3^7 Replicate Original TR09-3^7 LABDUP

TR09-7^ Replicate < 3 < 5 <0.01 16 136 < 2 0.05 < 5 < 10 82 < 5 Original TR09-7^ LABDUP < 3 < 5 0.01 26 149 < 2 0.06 < 5 < 10 86 < 5

TR09-7-9 Replicate Original TR09-7-9 LABDUP

TR09-7-14 Split Original 3 < 5 <0.01 9 176 < 2 0.05 < 5 < 10 83 < 5

TR09-7-14 LABPREP < 3 < 5 <0.01 26 192 < 2 0.06 < 5 < 10 88 < 5

Page 16 of '

15

12

< 5

< 6

10

11

41

41

27

26

22

23

20

74

73

32

39

20

22

65

67

32

31

33

33

Page 53: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4765 Quality Control Method Code TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD.ICP TD.ICP TD.ICP TD.ICP TD.ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol Pb Sb S Sc Sr Te Ti TI U V W Y Zr Zn

Package Code 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- lF2.Tbav- 1F2.Tbay- 1F2-Tbay. 1F2-Tbay- lF2.Tbay. 1F2.Tbay. 1 F2.Tbay. 1 F2.Tbay. 1 F2.Tbay. 1F2-Tbay- 1F2-Tbay. Package Code Lac Des LacDes Lac Des LacDes Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Iles Mine lies Mine Iles Mine lies Mine lies Mine Iles Mine lies Mine lies Mine Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine

Date Analyzed 2009-09- 2009-09- 2009-09- 2009-09- 2009.09- 2009-09- 2009.09- 2009.09. 2009.09. 2009-09. 2009.09. 2009.09- 2009.09- 2009.09. Date Analyzed 14 14 14 14 14 14 14 14 14 14 14 14 14 14

11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15 11:50:15

TR09-7-18 Replicale Original

TR09-7.18LABDUP TR09-7-20 Replicate Original

TR09-7-20 LABOUR

230

230

Page 17 of 17

Page 54: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Quality Analysis... - Innovative Technologies

Date Submitted: 01-Sep-09

Invoice No.: A09-4838 (i) Invoice Date: 23-Sep-09 Your Reference: 05-001-24-01

Lac Des Iles Mine 556 Tenth Avenue Thunder Bay ON P7B 2R2 Canada

ATTN: Manager John Corkery

CERTIFICATE OF ANALYSIS

38 Rock samples were submit ted for analysis.

The fol lowing analytical packages were requested: Code iC-Exp ICPOES-Lac Des lies Mine-Tbay Fire Assay ICPOES Code 1F2-Tbay-Lac Des Iles Mine Total Digestion ICP(TOTAL)

REPORT A09-4838 (i)

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses. Test results are representative only of material submitted for analysis.

Notes: Values which exceed the upper limit should be assayed for accurate numbers.

ACTIVATION L A B O R A T O R I E S LTD.

Emmanuel Eseme , Ph.D.

Quality Control

1336 Sandhill Drive, Ancaster, Ontario Canada L9G 4V5 TELEPHONE +1.905.648.9611 or +1.888.228.5227 FAX +1.905.648.9613

E-MAIL ancastengactlabsint.com ACTLABS GROUP WEBSITE http://www.actlabsint.com

Page 55: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1 Method Code FA-ICP FAICP FA-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % % ppm

Analyte Symbol

Package Code

Au P(1 R Ag AI As Ba Be Bi Ca Cd Co Cr Cu Fe Ga Hg K Mg Mn Mo Na P NI Analyte Symbol

Package Code IC-Exp ICPOES. Lac Des

IC-Exp ICPOES-Lac Des

IC-Exp ICPOES-

1F2-TbaY-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbav-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbav-Lac Des

1F2-Tbay-Lac Des

1F2.Tbay-LacDes

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1 F2-Tbay-Lac Des

1F2-Tbay-LacDes

1F2.Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay. Lac Des IC-Exp

ICPOES. Lac Des

IC-Exp ICPOES-Lac Des Lac Des Iles Min llesMIn Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min lies Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min lies Min Iles Win Iles Min Iles Min

Ile Ile Ile Sep 15

2009 Date Analyzed Sep 9 2009

Sep 9 2009

Sep 9 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

Sep 15 2009

12:50PM 12:50PM 12:50PM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10;40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM

TR09-8-1 3 24 < 5 < 0 3 825 < 3 81 < 1 < 2 8-20 <0.3 45 192 83 6.40 24 < 1 0.27 4.17 1020 < 1 1.79 0-003 122

TR09-8-2 2 11 < 5 <0.3 8.74 < 3 67 < 2 8.51 <0.3 47 69 101 6.29 24 < 1 0.17 4.08 1020 < 1 1.84 0-003 120

TR09-e-3 2 9 < 5 <0,3 8.65 < 3 68 < 1 < 2 8.46 0.6 43 39 88 6.23 23 0.20 4-11 1010 < 1 1.68 0-003 120

TR09-8^ 2 8 < 5 <0,3 8.86 3 80 < 2 8.46 <0.3 46 50 76 6.11 25 < 1 0.27 4-15 979 < 1 2.00 0-002 118

TR09-8-5 < 2 7 < 5 <0,3 913 < 3 73 4 8.49 <0.3 44 69 78 6.83 24 0-27 3-91 957 < 1 1.99 0-003 117

TR09-8-6 2 6 < 5 <0,3 8.66 < 3 83 < 1 3 B.37 0.4 44 39 79 600 24 < 1 0-29 4-12 992 < 1 1.99 0-003 121

TR09-8.7 9 15 12 <0,3 7.14 5 74 < 2 7.86 0.3 58 86 157 7.61 21 0-26 5-68 1290 < 1 1.44 0-002 191

TR09-8-8 10 395 46 <0,3 8.24 < 3 71 < 2 6.96 <0.3 57 102 75 619 21 < 1 0-30 6-23 1100 < 1 1.38 0-003 261

TR09-8-9 3 111 18 <0,3 7.10 < 3 62 < 1 < 2 601 <0.3 54 140 31 584 21 0-23 6-72 1040 < 1 1.38 0-003 296

TR09-8-10 4 130 17 <0,3 7.60 < 3 77 < 1 8 629 <0.3 46 223 15 5.59 22 0.24 6-63 1010 < 1 1.39 0-004 294

TR09-8-11 18 2150 200 <0,3 7.34 < 3 49 < 1 4 6.14 <0.3 51 107 42 6.70 19 < 1 0.11 8-31 1150 < 1 1-07 0-003 386

TR09-8-12 83 1450 223 <0,3 6.69 < 3 60 < 1 <2 5.72 <0.3 64 115 80 7.86 21 < 1 0.13 7-96 1360 < 1 1-15 0-004 386

TR09-8-13 17 118 33 <0,3 8.29 < 3 81 10 6.65 <0-3 51 103 53 5.82 23 0.23 6-69 1010 < 1 1-35 0-004 335

TR09-8-14 5 75 39 <0,3 9.31 < 3 129 < 2 7.60 0-7 37 85 17 4.16 22 0.38 4-91 763 < 1 1-82 0-004 249

TR09-8-16 19 37 22 <0,3 8.40 < 3 157 < 1 < 2 7.47 0-7 33 63 53 3.84 22 < 1 0.38 4-39 748 < 1 2.13 0-007 247

TR09-8-16 126 915 199 <0,3 5.95 < 3 90 < 1 < 2 7.17 0-8 70 238 226 7.65 20 < 1 0.19 7-20 1300 < 1 1.27 0-003 440

TR09-a-17 16 212 45 <0,3 8.84 < 3 132 7 7-36 <0-3 25 86 22 3.19 21 < 1 0.20 3-61 597 < 1 2.30 0-012 182

TR09-8-18 13 241 59 <0.3 7.21 < 3 43 < 2 7-65 0-4 42 122 51 4.46 18 < 1 0.13 5-43 848 < 1 1.04 0-002 304

TR09-8-19 2 118 47 <0.3 7.44 < 3 62 < 2 801 <0.3 34 123 22 3.55 16 0.13 4-84 697 < 1 1.10 0-001 263

TR09-S-20 < 2 108 41 <0.3 9.18 < 3 114 4 8-30 <0.3 35 120 5 3.76 17 ' ' 0.33 5-16 742 < 1 1.41 0-002 262

TR09-8-21 4 131 37 <0.3 9.05 < 3 136 < 1 4 817 <0.3 35 95 4 3-87 17 < 1 0.44 5-27 781 < 1 1.53 0-002 265

TR09-8.22 4 149 38 <0.3 9.65 < 3 158 2 7-30 <0.3 34 86 20 4-06 21 0.49 4.85 766 < 1 1.83 0-003 242

TR09-8-23 < 2 103 28 <0.3 10.8 < 3 197 < 1 3 8-10 <0.3 30 77 6 4-19 23 < 1 0.59 4.56 709 < 1 2-07 0-003 211

TR09-8-24 12 100 32 <0.3 10.4 < 3 217 < 2 6 8 0 0.4 28 90 4 3-61 20 < 1 0.67 4.28 631 < 1 2-14 0-002 214

TR09-8-26 7 142 24 <0.3 901 < 3 161 < 1 8 6-95 0.9 38 76 77 5-04 23 < 1 0.49 4.57 830 < 1 1-96 0.003 203

TR09-8-26 4 151 38 <0.3 8.53 < 3 130 < 1 4 7-28 0.7 37 142 13 4-56 22 0.24 5.10 848 < 1 1-76 0.003 236

TR09-8-27 4 121 24 <0.3 9.55 < 3 157 3 7.27 <0.3 32 160 24 3-66 25 < 1 0.42 4.63 702 < 1 1-87 0.004 231

TR09-8-28 < 2 83 23 <0.3 4.89 < 3 157 < 2 5.84 <0.3 23 158 5 2-80 18 < 1 0.26 2.70 571 < 1 1-99 0.006 196

TR09-8-29 4 91 23 <0.3 988 < 3 82 3 7-73 0.6 32 215 6 3-21 17 < 1 0.17 5.37 594 < 1 1-29 0.002 282

TR09-8-30 < 2 81 21 <0.3 9.70 < 3 73 < 1 < 2 7-59 <0.3 33 204 6 3-35 18 < 1 0.15 5.41 619 < 1 1-27 0.003 277

TR09-8-31 11 669 74 <0.3 7.77 < 3 59 < 1 2 7-03 0.5 55 144 78 6.52 18 0.14 7.15 1120 < 1 1-06 0.003 347

TR09-B-32 8 1640 96 <0.3 9.59 6 84 < 2 7-54 0.5 39 113 24 4.52 22 1 0.21 5.86 790 < 1 1-45 0.002 291

TR09-8-33 13 1780 178 <0-3 8.48 < 3 55 < 1 3 6-75 0.4 51 150 19 5.0S 19 < 1 0.15 7.22 913 < 1 1-09 0-003 367

TR09-8-34 38 7050 463 <0.3 9.76 < 3 62 < 1 4 7-70 <0.3 39 86 5 3.94 18 < 1 0-20 5.70 721 < 1 1-20 0-002 296

TR09-8-35 < 2 143 7 <0.3 10.1 < 3 59 < 1 2 7.90 0.5 35 136 2 3.45 17 < 1 0-21 5.86 623 < 1 1-16 0-002 300

TR09-8-36 < 2 104 9 <0.3 10.1 4 79 < 1 4 7.96 <0.3 35 261 7 3.29 17 < 1 0-28 5.82 609 < 1 1-11 0-001 301

TR09-8-37 13 1310 54 <0.3 9-27 < 3 1,18 < 1 < 2 7.10 <0.3 35 185 32 3.70 19 0-27 5.04 650 < 1 1-74 0-003 263

TR09-8-38 5 268 21 <0-3 5-63 4 80 3 7.00 <0.3 40 177 11 3.73 19 < 1 0-19 4.57 718 < 1 1-21 0-002 275

Page 2 of 5

Page 56: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1 Method Code TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol Pb Sb S Sc Sr Te Ti TI U V W Y Zr Zn

Package Coda 1F2-Tba/-Lac Des Iles Min

ir-2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1 F2-Tbay-Lac Des Iles Min

1 F2-Tbay-Lac Des Iles Min

1F2-Tbay-U c D e s lies Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lbc Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-LacDes lies Min

Date Analyzed Sep 15 2009

10:40AM

Sep 16 2009

10:40AM

Sep 15 2009

10.40AM

Sep 15 2009

10:40AM

Sep 15 2009

r0.40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10.40AM

Sep 15 2009

10.40AM

Sep 15 2009

10.40AM

Sep 15 2009

10.40AM

Sep 16 2009

10.40AM

TR09-e-1 < 3 < 5 0.06 43 236 9 0.18 8 < 10 209 < 6 5 16 45 TR09.8-2 < 3 < 5 0.06 42 241 < 2 0.18 < 5 < 10 205 < 5 5 15 43 TR09-8-3 < 3 < 5 0.06 42 240 < 2 0.17 < 6 < 10 201 < 5 6 16 42 TR09-8^ < 3 < 5 0.06 42 257 3 0.16 < 5 < 10 194 < 5 4 15 40 TR09-8-5 < 3 < 5 0.06 39 263 3 0.15 < 5 10 180 < 5 4 14 40 TR09-B-6 < 3 < 5 0.06 40 253 < 2 0.15 < 6 < 10 188 < 5 4 14 42 TR09-e-7 < 3 < 5 0.11 51 213 7 0.17 < 5 < 10 236 < 5 5 16 62 TROg-3-B f 3 < 5 0.06 32 194 6 0.09 < 5 < 10 124 < 5 2 10 44 TR09.8-9 < 3 < 5 0.02 28 181 4 0.09 < 5 < 10 116 < 5 2 13 42 TR09-8-10 < 3 < 5 < 0.01 29 179 4 0.09 < 5 < 10 107 < 5 3 13 39 TR09-8-11 4 < 5 0.01 33 148 7 0.08 < 5 < 10 123 < 5 3 17 48 TR09-8-12 < 3 < 6 0.03 37 153 10 0,12 < 5 < 10 152 < 5 4 19 66 TR09-8-13 < 3 < 5 0.01 29 172 7 0.09 < 5 < 10 113 < 5 3 14 43 TR09-8-14 < 3 < 5 0.02 27 232 < 2 0,09 < 5 10 107 < 5 3 15 30 TR09-8-15 13 < 5 0.01 30 294 < 2 0.10 < 5 10 119 < 5 4 22 26 TR09-8-16 11 < 5 0.20 45 122 5 0.15 < 5 < 10 218 < 5 4 13 48 TR09-8-17 < 3 < 5 <0.01 23 332 < 2 0.09 10 10 90 < 5 3 30 23

TR09.8.18 < 3 < 5 0.02 24 155 < 2 0.08 < 5 < 10 110 < 5 2 8 32 TR09-8-19 < 3 < 5 <0.01 20 163 < 2 0.06 < 5 10 91 < 5 2 7 24

TR09-8.20 < 3 < 6 <0.01 28 186 < 2 0.06 7 10 96 < 5 2 9 25 TR09-e-21 < 3 < 5 <0.01 26 173 < 2 0.06 < 5 10 90 < 5 2 8 26 TR09-8-22 < 3 < 6 < C.OI 22 246 < 2 0.07 < 5 10 86 < 5 3 13 32 TR09-8-23 < 3 < 5 <0.01 23 278 < 2 0.08 < 6 10 108 < 5 3 9 30 TR09-B-24 < 3 < 5 <0.01 16 263 < 2 0.05 < 5 10 66 < 5 2 7 26 TR09-8-26 < 3 < 5 0,10 25 253 < 2 0.11 < 5 < 10 151 < 5 3 13 34 TR09-8-26 < 3 < 5 <0.01 18 223 4 0.07 < 6 < 10 90 < 5 2 13 36 TR09-8-27 < 3 < 6 0.02 20 243 < 2 0.08 < 5 10 85 < 5 3 14 28 TR09-8-28 < 3 < 5 <0.01 5 264 < 2 0.06 < 5 10 59 < 6 1 13 25

TR09-8-29 < 3 < 5 <0.01 17 191 < 2 004 < 5 10 57 < 6 2 8 24 TR09-8-30 < 3 < 5 <0.01 18 191 < 2 0.05 < 5 10 63 < 5 1 8 27

TR09-8-31 < 3 < 5 0.05 36 153 < 2 0.10 < 5 < 10 140 < 5 3 13 47 TR09-8-32 < 3 < 5 <0.01 23 204 < 2 0.06 < 5 10 84 < 5 2 10 33

TR09-8-33 < 3 < 5 <0.01 26 161 11 0.06 < 5 10 92 < 5 2 10 37 TR09-8-34 < 3 < 5 <0.01 21 185 < 2 0.05 < 5 < 10 72 < 6 2 8 28

TR09-8-36 < 3 < 5 <0.01 19 181 < 2 O.M 6 10 62 < 6 1 6 23 TR09-8.36 < 3 < 5 <0.01 18 177 < 2 0.04 5 10 59 < 5 1 6 24

TR09-8-37 < 3 <5 0.02 19 230 < 2 0.07 6 10 82 < 5 2 14 33 TR09-8-38 < 3 < 5 <0.01 10 172 < 2 0.06 < 5 10 89 < 5 1 7 27

Page 2 of 5

Page 57: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Quality Control Method Code Unit Symbol Analyte Symbol Package Code

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1

Date Analyzed

FA-ICP

ppb

Au

1C-Exp ICPOES-Lac Des

Iles Mine-Tbay

2009-09-09

12:50:46

FA-ICP

ppb

Pd

IC-Exp ICPOES-Lac Des

Iles Mine-Tbay

2009-09-09

12:60:46

FA-ICP

PFB

Pt

IC-Exp ICPOES-Lac Des

lies Mine-Tbay

2009-09-09

12:50:46

TD-ICP TD-ICP

ppm %

Ag A1

TD-ICP

ppm

As

TD-ICP TD-ICP

ppm ppm

Ba Be

TD-ICP TD-ICP

ppm %

Bi Ca

TD-ICP

ppm

Cd

TD-ICP

ppm

Co

ro-icp ppm

CDN-PGMS-16 LABSTD CDN-PGMS-16 LABSTD CDN-PGMS-15 LABSTD TR09-S-2 Replicate Original

TR09-8-2 LABDUP TR09-e-10 Replicate Original

TR09-8-10 LABDUP TR09-8-20 Replicate Original TR09-8-20 LABDUP TROa-8-23 Replicate Original

TROg-8-23 LABDUP TR09-8-30 Replicate Original TR09-8-30 Split Original TR09-8-30 LABDUP TR09-8-30 LA8PREP TR09-8-37 Replicate Original TR09-8-37 LABDUP

1F2-Tl)ay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbav- 1F2-Tbay- 1F2-Tt)ay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay-LacDes Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Iles Mine Iles Mme l l e sMne Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine

2009-09. 2009-09- 2009-09- 200909- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09-' 5 15 15 15 15 15 15 15 15

10:40:45 10:40:45 10:4045 10:40:45 10:40:45 10:40:45 10:4045 1 0 4 0 4 5 104045

TD-ICP TD-ICP TD-ICP TD-ICP

ppm % % ppm

Mo Na P Ni

1120

1110

429

4630

4650

449

107

104

1170

1140

101

15

42

TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

ppm ppm % ppm ppm % %

Cr Cu Fe Ga Hg K Mg

1F2.Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2.Tbay- 1F2.Tbay. Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Iles Mine Iles Mine Iles Mine Iles Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine lies Mine

2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09-15 15 15 15 15 15 15 15 15 15 15 15

10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:4045 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45

•:0,3

• ;0.3

<0-3

<0.3

8.74

8-74

10.7

10.8

< 2

< 2

8 4 9

8.54

8.03

8.16

<0.3

<0.3

0.5

<0-3

< 2 81 21 <0-3 9.70 < 3 73 < 1 < 2 7.59 <0 .3 < 2 80 22 < 2 81 20 <0-3 9.54 < 3 72 < 1 5 7.56 <0 .3 17 1240 49 <0-3 0.27 < 3 120 < 1 < 2 7.17 <0.3

9 1380 58 0.4 9.27 < 3 116 < 1 5 7,03 0.7

47

47

31

X

36

37

95

43

209

193

100

101

5

34

6.26

6.32

4.17

4.20

3-34

3-75

25

23

24

23

18 18

0-17

0 1 7

0-58

0 5 9

0 1 5

0-27

4-05

4-10

4-58

4-53

5-36

5-10

1020

1010

700

719

615

655

1-82

1-85

0-003

0-003

120

121

< 1 2-05 0-003 210

= 1 2-09 0-003 212

1-25 0-003

1-77 0-003 277

265

Page 2 of 5

Page 58: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1 Quality Control Method Code TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD.ICP TD-ICP

Unit Symbol ppro ppm % ppm ppm ppm % ppm ppm ppm ppni ppm ppm ppm

Analyte Symbol Pb Sb S Sc Sr Te Ti TI U V W Y Zr Zn

Package Code 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1 F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay. lF2.Tbay- 1F2-Tbay-Package Code Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des LacDes Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des lies Mine Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine lies Mine Iles Mine Mes Mine Iles Mine Iles Mine Iles Mine Iles Mine Iles Mine

Date Analyzed 2009-09. 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09- 2009-09. 2009-09- 2009-09-Date Analyzed 15 16 15 15 15 15 15 15 15 15 15 15 15 15

10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45 10:40:45

CDN-PGMS-16 U^SSTD

CDN-PGMS-16 LABSTD

CDN-PGMS-15 LABSTD

TR09-e-2 Replicate < 3 < 5 0 0 6 42 240 < 2 0,18 < 5 10 204 < 5 Original

TR09-8-2 LABDUP < 3 < 5 0 0 6 42 243 < 2 0.16 < 5 < 10 207 < 5

TR09-8-10 Replicate Original

TR09-8-10 LABDUP

TR09.8.20 Replicate Original TR09-8-20 LABDUP

TR09-8-23 Replicate < 3 < 5 <0.01 23 275 9 0,06 < 5 10 106 < 5 Original

TR09-8-23 LABDUP < 3 < 5 < 0 01 23 282 < 2 0.06 < 5 10 109 < 5

TR09.8.30 Replicate Original

TR09-8-30 Split Original < 3 < 5 <0,01 18 191 <2 0.05 < 5 10 63 < 6

TR09.8-30 LABDUP

TR09.8-30 LABPR6P < 3 < 5 <0,01 16 189 < 2 O05 6 10 63 < 5

TR09-8-37 Replicate < 3 < 5 002 19 232 < 2 0.07 6 10 83 < 5 Original TR09-8-37 LABDUP < 3 < 5 0,01 19 227 < 2 0.07 6 10 82 < 5

16

16

15

13

42

43

30

30

zr

23

Page 2 of 5

Page 59: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

'Quality Analysis... Innovative Technologies

Date Submitted: 01-Sep-09

Invoice No.: A09-4843 Invoice Date: 15-Sep-09 Your Reference: 05-001-24-01

Lac Des Iles Mine 556 Tenth Avenue Thunder Bay ON P7B 2R2 Canada

ATTN: Manager John Corkery

CERTIFICATE OF ANALYSIS

45 Rock samples were submitted for analysis.

The fol lowing analytical packages were requested: Code IC-Exp ICPOES-Lac Des lies Mine-Tbay Fire Assay ICPOES Code 1F2-Tbay-Lac Des lies Mine Total Digestion ICP(TOTAL)

REPORT A09-4843

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses. Test results are representative only of material submitted for analysis.

Notes: Values which exceed the upper limit should be assayed for accurate numbers.

ACTIVAT ION L A B O R A T O R I E S LTD.

CERTIFIED BY :

Emmanuel Eseme , Ph.D.

Quality Control

1336 Sandhill Drive, Ancaster, Ontario Canada L9G 4V5 TELEPHONE +1.906.648.9611 or +1.888.228.5227 FAX+1.905.648.9613

E-MAIL [email protected] ACTLABS GROUP WEBSITE http://www.actlabsint.conn

Page 60: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1 Method Code FA-ICP FA-ICP FA-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % % ppm

Analyte Symbol Au Pd PI Ag AI As Ba Be Bl Ca Cd Co Cr Cu Fe Ga Hg K Mg Mn Mo Na P Ni

Package Code IC-Exp IC-Exp IC-Exp 1F2.Tbay. 1F2-Tbay- 1 F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1 F2-Tbay 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1 F2-Tbay- 1 F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay-Package Code ICPOES- ICPOES. ICPOES- Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des LacDes Lac Des Lac Des LacDes Lac Des Lac Des Lac Des Lac Dos

Lac Des Lac DGS Lac Des Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min lies Min lies Min Iles Min Iles Min lies Min Iles Min Iles Min lies Min Iles Min Iles Min Iles Min lies Min

Ile lie Ile

Date Analyzed Sep 11 Sop 11 Sep 11 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sep 15 Sop 15 Sop 15 Sop 15 Sop 15 Date Analyzed 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2 0 0 9 2009 2009 2009 2009 2009 2009

1:48PM 1:48PM 1:48PM 10:40AM 10:40AM 10:40 AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM 10:40AM

TR.09-7.22 3 151 33 <0 .3 10.4 < 3 127 < 1 4 7.64 0-8 33 157 7 3.15 18 < 1 0.71 4.89 620 < 1 1.45 0.002 263

TR.09.7.23 4 176 40 <0 .3 10.3 < 3 76 3 8.27 <0-3 32 129 10 3.29 18 < 1 0.38 4 73 613 < 1 1.39 0.001 263

TR-09-7-24 5 159 35 <0 .3 10.3 3 61 < 1 < 2 8.16 <0-3 33 110 17 3.32 17 0,33 4.85 618 < 1 1-35 0.001 257

TR-09-7-25 5 125 30 <0 .3 9.60 < 3 55 < 1 4 8.01 0-5 37 116 8 3.82 19 < 1 0,17 5.33 724 < 1 1-33 0.001 288

TR-09-7-26 16 112 19 <0 .3 9,12 < 3 74 < 2 8.77 0.8 37 79 61 3 9 7 21 < 1 0,27 4.95 709 < 1 1-56 0.003 272

TR-09-7-27 20 289 44 <0 .3 8.77 < 3 92 < 1 2 6.88 <0.3 37 130 55 3.81 20 < 1 0,24 4.49 731 1-87 0-005 244

TR-09-7-28 14 138 37 < 0 3 6.63 4 69 < 1 4 7.85 <0.3 29 180 14 3.02 17 0,20 3.99 618 < 1 1-44 0-002 249

TR-09-7-29 3 141 30 <0 .3 7.25 < 3 67 < 1 2 7.74 0.6 31 225 11 3.05 17 < 1 0,22 4-32 633 < 1 1-45 0-002 264

TR-09-7-30 < 2 111 28 <0 .3 9.68 < 3 69 < 1 8.38 0.6 37 276 9 3.39 19 < 1 0,26 5-22 672 1-44 0-001 287

TR-09-7-31 7 282 45 <0.3 9.60 < 3 65 < 1 4 7.99 <0 .3 33 151 22 3.56 19 1 0,14 5-16 676 1-52 0-003 296

TR-09-7-32 104 962 120 <0 .3 8.50 < 3 75 < 1 4 7.42 0.6 51 103 189 5.52 21 < 1 0,15 5-58 932 < 1 1-51 0-004 346

TR-CI9-7-33 5 88 20 <0 .3 9-91 < 3 103 < 1 < 2 7.47 0.9 35 132 12 3.48 19 < 1 0,34 4-94 662 < 1 1-85 0-002 254

TR-09 -7 - ^ 3 6 6 < 0 . 3 9.06 < 3 104 < 2 8.10 0.4 44 59 81 6.14 26 < 1 0,31 3-S7 981 < 1 1-96 0-003 106

TR-09-7-35 3 12 < 5 <0 .3 8.83 < 3 75 < 1 < 2 8.35 0.4 44 44 82 6.26 23 0,25 3-95 1030 1-77 0-003 108

TR-09-7-36 3 11 < 5 <0 .3 8.53 < 3 73 < 1 < 2 8.28 0.8 41 51 81 5.85 24 < 1 0,22 3-66 993 < 1 1-90 0-003 103

TR-09-7-37 3 8 < 5 <0-3 7.71 < 3 71 < 1 < 2 8 1 5 <0 .3 42 52 95 5.99 23 < 1 0,20 3-73 1000 < 1 1-75 0-003 106

TR-09-7-38 2 7 < 5 <0.3 8.81 < 3 90 < 1 < 2 8.19 0.4 45 67 85 6 21 26 < 1 0 2 2 3-99 1050 < 1 1-90 0-002 113

TR-09-7-39 4 109 32 <0 .3 5.72 < 3 75 < 1 2 6.40 0.9 49 88 67 5.50 18 < 1 0,18 5-04 993 < 1 1-27 0-004 256

TR-09-7-40 10 222 30 <0 .3 7.62 < 3 60 < 1 < 2 6.86 0.7 48 114 69 5.31 19 < 1 0,15 5-83 948 < 1 1-20 0.004 284

TR-09-7-41 7 107 26 <0 .3 9.27 < 3 104 < 1 < 2 7.37 0.7 42 59 136 4.94 21 < 1 0,30 4-72 816 < 1 1-79 0.005 233

TR-09-7-42 2 74 19 <0 .3 8.43 < 3 118 < 1 7 6.50 0-5 45 73 26 5.03 21 0,34 5-46 863 1-65 0.005 253

TR-09-7-43 9 38 10 <0 .3 7.53 < 3 79 < 1 < 2 7-06 0-4 58 89 106 7.93 23 0,23 5-61 1340 1-52 0.008 255

TR-09-7-44 2 81 20 <0 .3 8.76 < 3 65 < 1 7 7-70 0-6 48 109 42 5 7 1 22 < 1 0,18 5-51 995 < 1 1-54 0.004 253

TR-09-7-45 6 289 104 <0-3 8.97 < 3 61 4 7-76 0-6 43 122 9 4.37 20 < 1 0,23 6-59 796 < 1 1-16 0.003 331

TR-09-7-46 4 129 45 <0 .3 10.2 4 63 < 1 6 8-52 0-9 34 97 20 3.51 20 < 1 0.22 4-68 614 < 1 1.43 0.003 235

TR-09-7-47 < 2 108 36 <0 .3 8.74 < 3 84 < 1 2 7-31 <0-3 36 156 4 4.08 20 0.26 5-49 739 < 1 1.57 0.003 273

TR-09-7-4e 2 189 49 <0 .3 9.30 < 3 58 < 1 < 2 7-86 0-5 38 127 12 4.01 21 < 1 0.19 5-30 737 < 1 1.37 0-003 259

TR-09-7-49 2 74 22 < 0 . 3 3.70 < 3 48 < 1 < 2 6-90 0-8 36 1 2 8 13 3.13 20 < 1 0.05 3-09 643 < 1 1.13 0-003 230

TR-09-7-50 8 52 20 <0 .3 10.9 < 3 62 6 7-43 0-8 35 132 38 3.75 15 < 1 0.21 4-75 656 < 1 1.34 0-002 232

TR-09-7-51 9 31 10 <0 .3 8.05 < 3 54 < 1 5 7-89 <0-3 48 76 93 6.06 22 0.14 5-01 1030 1.51 0-003 216

TR-09-7-52 5 67 20 <0 .3 8.30 < 3 54 < 1 2 7-26 <0-3 53 73 58 6.18 20 0.17 5-90 1040 1.35 0-002 259

TR-09-7-53 6 152 32 <0 .3 10.3 < 3 93 4 7-41 < 0 - 3 29 68 3 342 21 < 1 0.25 4-62 608 1 1.78 0-005 217

TR-09-7-54 10 478 52 <0 .3 10.5 < 3 58 < 1 < 2 8-13 0-8 35 70 7 3 5 9 19 < 1 0.18 4-93 637 < 1 1.39 0-002 242

TR-09-7-55 2 133 27 <0-3 10.8 < 3 48 < 1 6 8-31 < 0 - 3 29 77 3 3.23 17 1 0.15 4-77 563 < 1 1.34 0.002 235

TR.09.7.56 8 1050 88 < 0 . 3 9.46 < 3 59 < 1 8 7-46 < 0 - 3 40 148 69 4.16 18 0.13 6-03 735 1.25 0,002 307

TR.09-7.57 < 2 252 29 <0.3 9.56 < 3 78 4 7-40 <0-3 35 182 8 3.58 18 < 1 0.24 5-31 666 < 1 1.28 0.002 269

TR.09.7.5e < 2 231 37 0.3 9.93 < 3 96 2 7-42 0-4 36 164 15 3.61 20 < 1 0.27 5 3 7 655 < 1 1.39 0,002 275

TR.09-7.59 5 258 53 < 0 . 3 712 < 3 70 < 1 4 7-20 1.1 39 206 9 3.76 19 0.19 4-61 724 < 1 1-34 0,002 263

TR.09-7-60 < 2 1 3 2 40 < 0 . 3 10.7 < 3 59 < 1 < 2 8-41 1.2 34 136 13 3.57 19 0.20 4-91 642 < 1 1-43 0,003 245

TR-09-7-61 < 2 206 33 < 0 . 3 11.6 < 3 49 < 2 8-76 < 0 . 3 25 53 4 2.83 19 < 1 0.16 4-06 509 1 1-42 0,002 196

TR-09-7-62 6 161 46 <0 .3 11.2 < 3 78 < 1 3 8-50 < 0 3 32 50 98 3.71 21 < 1 0.27 3-83 601 1 1-84 0,003 187

TR-09-7-63 11 1940 109 <0 .3 8.80 < 3 65 < 1 4 7-06 0.8 45 207 29 5 . 0 0 20 < 1 0.21 6.53 894 < 1 1-39 0,003 320

TR.09-7-64 9 237 3 6 < 0 . 3 9.22 < 3 62 < 1 < 2 7-47 < 0 . 3 45 277 37 4.93 19 < 1 0 . 2 0 6.34 874 < 1 1-23 0,002 317

TR.09-7-65 9 1530 119 < 0 . 3 7.21 < 3 91 < 1 5 5-59 0.9 55 408 12 5.45 18 1 0.24 8.30 1000 1-16 0,004 430

TR-09-7-66 38 9730 704 < 0 . 3 6.72 < 3 46 < 1 3 5-43 < 0 . 3 58 481 19 5.46 16 0.17 9.56 1030 0.67 <0,001 513

Page 2 of 5

Page 61: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1 Method Cods TD.ICP TDICP TD-ICP TD.ICP TD.ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol Package Code

Pb

1F2-Tbay-Lac Des Iles Min

Sb

1F2-Tb3y. Lac Des lies Min

S

1F2.Tbay-Lac Des lies Mm

Sc

1F2-Tbay-Lac Des

Iles Min

Sr

1 F2-Tbay-LacDes lies Min

Te

1F2-Tbay-Lac Des Iles Min

Ti

1 F2.Tbay. Lac Des nos Mm

Tl

1F2-Tbay-Lac Des Iles Min

U

1F2-Tbay-Lac Des

Iles Min

V

1F2-Tbay-Lac Des

lies Min

W

1F2-Tbay-Lac Des

Iles Min

Y

1F2-Tbay-Lac Des Iles Min

Zr

1F2.Tbay. Lac Des lies Min

Zn

1F2.Tbay-Lac Des Iles Min

Date Analyzed Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40 AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40 AM

Sop 15 2009

10:40AM

Sep 15 2009

10:40AM

Sep 15 2009

10:40AM

TR-09-7-22 < 3 < 5 <0.01 17 229 < 2 0.03 < 5 < 10 54 < 5 1 < 5 21

TR-09-7-23 < 3 < 5 <0.01 18 223 < 2 0-04 7 10 59 < 5 1 < 5 21

TR-09-7-24 < 3 < 5 <0.01 18 213 < 2 0.03 < 5 10 57 < 5 1 6 22

TR-09.7-25 < 3 < 5 <0.01 21 194 < 2 0.04 < 5 10 70 < 5 1 7 27

TR.09.7.26 < 3 < 5 0.02 32 208 < 2 0.08 < 5 < 10 109 < 5 3 14 25

TR.09-7.27 < 3 < 5 0.02 21 264 < 2 0.07 < 5 10 76 < 5 16 29

TR.09.7.26 < 3 < 5 <0-01 11 198 < 2 0-04 < 5 10 62 < 5 1 6 22

TR.09.7.29 < 3 < 5 <0.01 14 195 < 2 0-M < 5 < 10 66 < 5 1 7 23

TR.09.7.30 < 3 < 5 <0.01 22 206 < 2 0.04 < 5 < 10 68 < 5 2 8 23

TR.09.7.31 < 3 < 5 <0.01 20 212 8 0.05 < 5 10 66 < 5 2 10 32

TR.09.7-32 4 < 5 0.19 31 208 2 0.11 < 5 10 135 < 5 4 14 89

TR.09.7.33 < 3 < 6 <0.01 19 234 < 2 0.05 < 5 10 64 < 5 10 42

TR.09.7.34 < 3 < 6 0.08 40 281 < 2 0 19 < 5 10 208 < 5 5 16 49

TR.09.7-35 < 3 < 5 0.07 40 277 5 0.19 < 5 10 212 < 5 5 15 45

TR.09-7-36 < 3 < 5 006 35 271 10 0.17 < 5 < 10 192 < 5 4 14 41

TR.09-7-37 < 3 < 6 0.07 35 262 < 2 0.17 < 5 < 10 197 < 5 4 14 42

TR.09.7-38 < 3 < 6 0.07 40 256 < 2 0.18 < 5 10 207 < 5 4 15 44

TR.09.7-39 < 3 < 6 0.05 21 173 < 2 0.09 < 5 < 10 125 < 5 2 11 45

TR.09.7.40 < 3 < 5 0.01 24 162 < 2 0.09 < 5 < 10 110 < 5 3 11 39

TR-09.7.41 < 3 < 6 005 27 253 4 0.11 < 5 < 10 119 < 5 3 13 36

TR.09.7.42 < 3 < 5 <0.01 24 208 < 2 0.08 10 10 94 < 5 3 15 40

TR.09.7.43 < 3 < 5 0.07 42 204 12 0.16 < 5 < 10 179 < 5 6 20 61

TR.09.7-44 < 3 < 5 003 32 202 2 0.10 < 5 < 10 125 < 5 4 15 43

TR.09-7-45 < 3 < 5 <0.01 28 164 6 0.05 < 5 < 10 92 < 5 2 7 29

TR.09.7-46 < 3 < 5 0.02 23 201 < 2 0.06 < 5 10 86 < 5 2 9 23

TR.09.7-47 < 3 < 6 <0.01 23 192 5 0.07 < 5 10 87 < 5 2 19 30

TR.O9.7-4e < 3 < 5 <0.01 23 188 10 0.06 < 5 10 84 < 5 2 9 49

TR.09-7-49 < 3 < 5 <0.01 4 173 < 2 0.05 < 5 < 10 68 < 5 < 1 8 26

TR-09-7-50 < 3 < 5 0.02 26 186 < 2 0.06 < 5 < 10 82 < 5 2 10 27

TR-09-7-51 < 3 < 5 0.06 38 196 < 2 0.11 < 5 10 154 < 5 4 15 43

TR-09-7-52 < 3 < 5 O.M 33 164 5 0.09 < 5 < 10 127 < 5 3 11 45

TR-09-7-53 < 3 < 5 <0.01 17 247 < 2 0.06 < 5 10 68 < 5 2 11 26

TR-09-7-54 < 3 < 5 <0.01 18 200 < 2 0.05 < 5 < 10 64 < 5 1 7 26

TR-09-7-55 < 3 < 5 <0.01 16 201 < 2 0.04 < 5 < 10 57 < 5 1 7 23

TR-09-7.56 < 3 < 5 003 22 188 < 2 0.07 < 5 < 10 81 < 5 2 9 31

TR-OS-7.57 < 3 < 5 <0.01 18 189 12 0.05 < 5 10 66 < 5 1 10 26

TR-09.7.58 < 3 < 5 <0.01 18 194 2 0.05 < 5 10 67 < 5 2 8 25

TR-09.7.59 < 3 < 5 <0.01 12 181 5 0.05 < 5 < 10 74 < 5 1 10 26

TR.O9.7.6O < 3 < 5 0.01 21 207 < 2 0-06 < 5 10 76 < 5 2 9 23

TR-O9.7.6I < 3 < 5 <0-01 14 210 < 2 0-04 9 10 52 < 5 1 6 20

TR.09.7-62 < 3 < 5 0.06 19 242 < 2 0.09 < 5 20 96 < 5 2 13 25

TR.09-7-63 < 3 < 5 0.02 28 190 < 2 0.07 8 < 10 100 < 5 3 11 37

TR-09.7-64 < 3 < 5 0.03 27 187 3 0.08 < 5 < 10 112 < 5 2 9 35

TR-09-7-65 8 < 5 <0.01 29 146 7 0.07 < 5 10 99 < 5 2 16 41

TR-09.7-66 < 3 < 5 <0.01 30 101 < 2 0.05 < 5 < 10 94 < 5 1 7 37

Page 2 of 5

Page 62: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1 Quality Control Method Code FA-ICP FA.ICP FA-ICP TO-ICR TO-ICP TO-ICP TD-ICP TD-ICP TD-ICP TO-ICP TD-ICP TO-ICP TO-ICP TO-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD.ICP TO.ICP TO.ICP TO.ICP TOICP

Unit Symbol ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % % ppm

Analyte Symbol Au Pd Rt Ag AI As Ba Be Bi Ca Cd Co Cr Cu Fe Ga Hg K Mg Mn Mo Na P Ni

Package Code IC-Exp ICROES-Lac Des

lies Mine-Tbay

IC-Exp ICPOES-Lac Des

Iles lyine-Tbay

IC-Exp ICPOE5-Lac Oes

lies Mine-Tbay

1F2-Tbay-Lac Oos lies Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Oes lies Mine

1F2-Tbay-Lac Des lies Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Oes lies Mine

1 F2-Tbay-Lac Des lies Mine

1 F2-Tbay-Lac Des Iles Mine

1 F2-Tbay-Lac Oes lies Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des lies Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Oes lies Mine

1F2-Tbay. Lac Des Iles Mine

lF2.Tbay-Lac Oes lies Mine

1F2-Tbay-Lac Des lies Mine

1 F2.Tbay. Lac Des lies Mine

lF2.Tbay. Lac Des Iles Mine

1F2-Tbay. Lac Oes lies Mine

lF2.Tbay-Lac Des Iles Mine

1 F2.Tbay. Lac Oes lies Mine

Date Analyzed 2009-09-11

13:48:01

2009-09-11

13:48:01

2009-09-11

13:48:01

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09. 15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-16

10:40:45

20C9-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009.09. 15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009.09-15

10:40:45

2009-09. 15

10:40:45

2009.09. 15

10:40:45

2009.09. 15

10:40:45

2009.09. 15

10:40:45

2009.09. 15

10:40:45

CDN.PGMS-16 LABSTD CDN.PGMS-16 LABSTD CDN-PGMS-15 LABSTD TR-09-7-31 Replicate Original

TR-09-7-31 LABOUR TR-09-7-40 Replicalc Original TR-09-7-40 LABOUR TR-09-7-41 Replicate Original TR-09-7-41 LABOUR TR-09-7-61 Split Original TR-09-7-51 LABRREP TR-09-7-52 Replicate Original

TR-09-7-52 LABOUR TR-09-7-54 Replicate Original TR-09-7-54 LABOUR TR-09-7-66 Replicate Original TR-09-7-66 LABOUR

1170

1040

418

4630

4570

432

283

281

1200

1180

93

49

40

<0 ,3 7,06 < 3 60 < 1 2 6,85 0,5 48 109 63 5,32 18 < 1 0,13 5,72 954 < 1 1,20 0,004 283

7 106 26

< 0 3 8,19 < 3 60 < 1 < 2 6 8 7 0,9 47 118 74 5,29 20 < 1 0 1 7 5,95 942 < 1 1,20 0,004 285

8

9

9

5

108

31

40

68

26

10

12

19

< 0 3

<0 ,3

8,05

7,71

< 3

< 3

54

53

< 1

< 1

5

< 2

7,89

7,76

<0 ,3

0,4

48

52

76

71

93

92

6,06

5,93

22

21

< 1

< 1

0,14

012

5,01

4,92

1030

1040

< 1

< 1 1,51

1,50

0,003

0,003

216

214

5 65 21

<0 ,3 10,5 < 3 58 < 1 < 2 8,15 0 5 36 67 8 3,60 18 < 1 0 1 8 4,91 628 < 1 1,38 0,002 242

<0 ,3 10,5 < 3 58 < 1 < 2 8,10 1,1 33 73 7 3,58 19 < 1 0,18 4,95 645 < 1 1,40 0,002 241 38

37

708

700

Page 2 of 5

Page 63: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1 Quality Control Method Code TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol Pb Sb S Sc Sr Te Ti TI U V W Y Zr Zn

Package Code 1F2-Tbav-LacDes lies Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tl)ay-Lac Des lies Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay. Lac Dos lies Mine

1F2-Tbay-Lac Des Iles Mine

1 F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des lies Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1 F2-Tbay-Lac Des Iles Mine

1 F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

1F2-Tbay-Lac Des Iles Mine

Date Analyzed 2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40.45

2009-09. 15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:4045

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

2009-09-15

10:40:45

CDN.PGMS-16 LABSTD CDN-PGMS-16 LABSTD CDN-PGMS-15 LABSTD TR-09-7-31 Replicale Original

TR-09-7-31 LABOUR TR-09-7-40 Replicale Original TR-09-7-40 LABDUP TR-09-7-41 Replicate Original TR-09-7-41 LABDUP TR-09-7-51 Split Original TR-09-7-51 LABPREP TR-09-7-52 Replicate Original

TR-09-7-52 LABDUP TR-09-7-54 Replicale Original TR-09-7-54 LABDUP TR-09-7-66 Replicate Origirial TR-09-7-66 LABDUP

0.01

001

0.06

0 0 6

<0.01

<0.01

22 162

27 163

38 196

18 18

200

200

0.09

0 0 9

0 .11

0.11

0.05

0.06

: 10

10

10

= 10

! 10

10

110

109

154

153

64

65

15

15

40

39

43

43

27

26

Page 2 of 5

Page 64: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Quality Analysis... Innovative Technologies

Date Submitted: 30-0ct-09 Invoice No.: A09-6429 Invoice Date: 20-Nov-09

Your Reference: 103808/78453

Lac Des Iles Mine 556 Tenth Avenue Thunder Bay ON P7B 2R2 Canada

ATTN: Manager John Corkery

CERTIFICATE OF ANALYSIS

81 Rock samples were submitted for analysis.

The following analytical packages were requested: Code IC-Exp ICPOES-Lac Des Iles Mine-Tbay Fire Assay ICPOES Code 1F2-Tbay-Lac Des Iles Mine Total Digestion ICP{TOTAL)

REPORT A09-6429

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses. Test results are representative only of material submitted for analysis.

Notes: Values which exceed the upper limit should be assayed for accurate numbers.

ACTIVAT ION L A B O R A T O R I E S LTD.

CERTIFIED BY :

Emmanuel Eseme , Ph.D. Quality Control

1336 Sandhill Drive, Ancaster, Ontario Canada L9G 4V5 TELEPHONE +1.905.648.9611 or + 1.888.228,5227 FAX +1.905.648.9613

E-MAIL [email protected] ACTLABS GROUP WEBSITE http://www.actlabsint.com

Page 65: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1 Method Code FA-ICP FA-tCP FA-ICP TD.ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-iCP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppni ppm % % ppm ppm % % ppm

Analyte Symbol Au Pd PI Ag AI As Ba Be Bi Ca Cd Co Cr Cu Fe Ga Hg K Mg Mn Mo Na P Ni

Package Coda 1C-Exp ICPOES-

IC-Exp ICPOES"

IC-Exp ICPOES-

1F2-Tbay-Lac Des

1F2-Tbav-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay- 1F2-Tbay-Lac Des Lac Des

1F2-Tbay-Lac Des

1 F2-Tbay-LacDes

1F2-Tbay-Lac Des

1 F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2.Tbay-Lac Des

1F2-Tbay- 1F2-Tbay-Lac Des Lac Des

1F2-Tbay-Lac Des

Lac Des Lac Des Lac Des Iles MIn Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min lies Min Iles Min lies Min Iles Min lies Min Iles Min lies Min Iles Min Iles Min Iles Min lies Mm Iles Min

Ile Ile Ile

Date Analyzed Nov 18 Nov 18 Nov 18 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 NOV 12 Nov 12 Nov 12 Nov 12 Date Analyzed

2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009

9:03AM 9:03AM 9:03AM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM

TR09-9-1 3 < 5 < 5 <0 .3 10.0 < 3 152 < 1 < 2 7.56 <0 .3 33 23 49 4.76 22 < 1 0,39 2.83 730 < 1 2.45 0.004 81

TR09-9-2 3 < 5 < 5 <0 ,3 8.10 < 3 114 < 1 < 2 7,48 0.3 41 25 67 5.83 23 < 1 0,25 3.48 938 < 1 1.99 0.006 91

TR09-9-3 5 < 5 < 5 0.4 7.85 < 3 100 < 2 7,71 0.4 47 31 103 6 0 4 21 0,24 3.74 950 < 1 1.88 0.003 105

TR09-94 3 < 5 < 5 <0 .3 7.69 < 3 107 < 2 7,33 <0.3 46 30 90 5 9 8 22 0.22 3.71 949 < 1 1.93 0.004 100

TR09-9-5 4 < 5 < 5 <0 .3 7.63 < 3 95 < 1 < 2 8,28 0-3 54 36 117 7.14 21 < 1 0.26 4.33 1120 < 1 1.57 0.003 117

TR09.9-6 3 < 5 < 5 <0 .3 8 1 1 6 79 < 1 < 2 8,47 <0.3 53 32 99 6.92 21 0.22 4.27 1120 < 1 1.59 0,003 114

TR09-9-7 3 < 6 < 5 <0 .3 8.03 < 3 80 < 2 8,29 0.4 60 33 83 6.55 21 < 1 0.18 4,00 1070 < 1 1-55 0,002 107

TR09-9-e 2 < 5 < 5 <0 .3 8.14 < 3 86 < 1 < 2 7,93 <0 .3 47 35 80 617 22 < 1 0.20 3,83 998 1-73 0.003 106

TR09-9-9 2 < 5 < 5 <0 .3 8.45 < 3 78 < 1 < 2 8,05 <0 .3 51 39 97 6 2 7 21 < 1 0 1 7 4,04 1030 < 1 1.63 0.002 121

TR09-9-10 3 < 5 < 5 <0 .3 5.77 < 3 83 < 1 < 2 7,13 <0.3 46 35 69 5 4 8 21 < 1 0.19 3,26 939 < 1 1.58 0.002 103

TR09-9-11 2 < 5 < 5 <0 .3 8.50 < 3 95 < 1 < 2 7.84 <0.3 46 35 64 5.42 23 0.19 3,69 940 1 1.80 0.003 109

TR09-9-12 2 < 5 < 5 <0 .3 8.41 < 3 91 < 2 7,88 0.4 46 42 90 6 1 5 22 0 2 1 3,87 995 < 1 1.67 0.002 109

TR09-9-13 7 < 5 < 5 <0 ,3 793 < 3 106 < 1 < 2 7,59 <0 .3 44 30 94 5.86 22 0 2 3 3.57 949 < 1 1.85 0.004 100

TR09-9-M 4 < 5 < 5 <0 .3 8.22 < 3 65 < 2 8,36 <0 .3 50 27 95 6.83 21 0-15 4.02 1060 < 1 1.52 0.003 109

TR09-9-16 3 < 6 < 5 <0 ,3 8.25 < 3 68 < 1 < 2 8,55 0 5 51 28 101 6.79 21 < 1 0-16 3.90 1060 < 1 1.58 0.002 112

TR09-9-16 2 < 5 < 5 <0 ,3 8.04 < 3 77 < 1 < 2 8,24 <0 .3 49 31 72 6.53 23 < 1 0 2 0 3.92 1010 < 1 1.69 0.002 109

TR09-9- i r 3 < 5 < 5 <0 ,3 7.79 < 3 81 < 2 8-05 <0 .3 47 33 64 5.86 23 0 1 5 3.86 974 < 1 1.84 0.002 112

TR09-9- ie 8 118 18 <0 ,3 8.13 < 3 74 < 2 7,40 <0 .3 59 84 194 7.40 22 0-10 4.46 1240 < 1 1.52 0.012 248

TR09-9-19 5 196 54 <0 ,3 9 5 1 < 3 54 < 1 < 2 7.58 <0 .3 37 78 27 4.06 18 < 1 O i l 4.41 692 < 1 1.34 0.003 227

TR09-9-20 < 2 155 51 <0 ,3 5 6 9 < 3 59 < 2 6.77 <0.3 30 96 19 2.81 19 < 1 0-08 2.86 552 < 1 1.35 0.002 201

TR09-9-20A < 2 < 5 < 5 <0 ,3 4.41 4 431 < 2 2.72 <0.3 11 67 20 3.04 18 < 1 0.69 1.11 649 2.08 0.047 30

TR09-9-21 6 8T 25 <0 ,3 9.07 < 3 65 < 2 7-64 <0.3 35 167 60 4.19 19 < 1 012 4.31 764 < 1 1-38 0.002 224

TR09-9-22 < 2 102 28 <0 ,3 11.5 < 3 61 < 1 < 2 8 0 0 <0 .3 31 113 5 2.95 18 < 1 a i 4 4.33 515 1-27 0-002 235

TR09-9-23 < 2 95 21 <0 ,3 10.2 < 3 65 < 1 < 2 7.88 <0 .3 32 85 6 309 17 < 1 0 1 2 4.58 543 1.26 0.002 257

TR09-9-24 < 2 95 22 <0 .3 10.1 5 86 < 2 7.48 <0.3 31 78 2 3.11 18 < 1 0.19 4.37 552 < 1 1.46 0.002 242

TR09-9-26 6 271 90 <0,3 10.1 < 3 64 < 1 < 2 7.69 <0.3 36 61 19 3.94 19 0 1 7 4.61 709 < 1 1.40 0.002 240

TR09-9-26 < 2 144 37 <0 ,3 10.1 < 3 73 < 1 < 2 8-04 <0 .3 32 76 11 3.29 19 < 1 0 1 9 4.08 577 < 1 1.44 0.003 219

TR09-9-27 < 2 109 21 <0 ,3 9.55 < 3 82 < 1 < 2 7.32 <0 .3 33 96 27 3.89 19 < 1 0 2 2 4.15 638 < 1 1.48 0.008 209

TR09-9-28 < 2 116 24 <0 ,3 10.6 < 3 65 < 1 < 2 7.95 <0 .3 33 108 12 3.42 19 < 1 0.24 4,52 609 < 1 1.20 0.002 242

TR09.9.29 2 143 40 <0 ,3 6 1 7 < 3 52 < 1 < 2 6.52 <0.3 34 131 20 2.97 16 1 0 1 7 3,37 590 1.09 0.002 241

TR09-9-30 4 224 48 <0 .3 8.48 < 3 62 < 2 7.00 <0.3 39 126 10 3.91 16 0 2 4 4,88 717 < 1 1.15 0.002 266

TR09-9-31 5 574 121 <0,3 10.3 < 3 108 < 1 < 2 7.88 <0.3 32 49 9 3.56 20 < 1 0 3 8 3,96 606 1.52 0.003 208

TR09-9-32 2 177 26 <0 ,3 11.2 < 3 95 < 2 7.54 <0 .3 34 85 4 3.31 17 < 1 0.47 5,06 592 < 1 1.20 0.002 276

TR09-9-33 13 593 68 <0 ,3 9.42 < 3 87 < 1 < 2 7.42 <0.3 45 88 63 5 0 9 18 0.41 5,24 815 < 1 1.34 0.004 285

TR09.9.34 8 1670 266 <0 ,3 9.35 4 99 < 1 < 2 7.21 <0.3 44 57 49 4.98 19 < 1 0.38 4.83 828 < 1 1.49 0.006 237

TR09-9-35 2 376 89 <0-3 10.9 < 3 124 < 2 7-54 < 0 3 26 78 5 2,67 18 < 1 0.53 4.04 492 < 1 1.54 0.002 217

TR09-9-36 24 1050 157 <0 ,3 10.1 < 3 90 < 2 7-60 <0.3 34 90 16 3,49 17 < 1 0.23 4.41 624 < 1 1-40 0.002 259

TR09-9-37 8 135 28 <0 ,3 6 5 4 < 3 110 < 1 < 2 6 3 1 <0 .3 34 152 14 3.12 18 1 0.29 3.38 616 < 1 1-41 0-005 249

TR09-9-38 3 75 14 <0 ,3 9.24 < 3 142 < 1 < 2 6.30 <0 .3 24 84 19 2.68 21 0 2 5 2.70 452 < 1 2-23 0-012 160

TR09-9-39 17 283 34 <0 ,3 10.3 < 3 80 < 1 < 2 7.38 <0.3 34 127 8 3.59 19 < 1 012 4.21 622 < 1 1-51 0-003 233

TR09-9^0 13 304 40 <0 .3 12.5 < 3 90 < 1 < 2 8.82 <0.3 26 47 24 2.79 20 < 1 0.22 2.98 470 1-60 0-002 178

TR09.9^0A < 2 < 5 < 5 <0.3 6.85 < 3 462 < 2 2.99 0.3 12 48 21 3,25 19 < 1 0.80 1.28 654 < 1 2.18 0-049 31

TR09-9^1 9 183 35 < 0 . 3 11.7 < 3 85 < 1 < 2 822 <0 .3 28 71 18 3.07 19 0.20 3.51 534 < 1 1.54 0-002 198

TR09-9^2 15 53 15 <0 .3 7.86 < 3 59 < 1 < 2 6.42 <0 .3 56 145 72 7,15 19 < 1 0 1 3 6.05 1180 < 1 0 8 5 0.003 284

TR09-9JI3 11 84 11 <0 .3 10.5 < 3 78 < 1 < 2 8.55 <0.3 32 64 21 3,63 19 2 0.18 4.06 658 < 1 1.47 0.002 236

TR09-9-44 13 191 33 <0 .3 11.5 < 3 72 < 1 < 2 8.51 <0.3 31 50 31 3,58 20 1 0 1 4 3.72 624 < 1 1.48 0.002 216

TR09-9J15 33 824 123 <0 .3 9.25 < 3 73 < 1 < 2 8 8 7 <0 .3 34 73 70 3,71 17 3 0.15 4.07 664 1.47 0.002 307

TR09-946 6 94 18 <0 .3 7.52 < 3 88 < 2 8.45 <0.3 29 87 58 3,18 18 0 2 3 3.20 594 < 1 1,44 0.002 214

Page 2 of 5

Page 66: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09 -4838 (i) rev 1 Method Cods FA-ICP FA-ICP FA-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-iCP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppb ppb ppb ppm % ppm ppm ppm ppm % ppm ppm ppm ppm % ppm ppm % % ppm ppm % % ppm

Analyte Symbol Au Pd PI Ag AI As Ba Be Bi Ca Cd Co Cr Cu Fe Ga Hg K Mg Mn Mo Na P Ni

Package Code IC-Exp ICPOES-

IC-Exp ICPOES-

IC-Exp ICPOES-

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1 F2-Tbay-LacDes

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1 F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2.Tbay- 1F2-Tbay- 1F2-Tbay-Lac Des Lac Des Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

Lac Des Lac Des Lac Des Iles Min Iles Min Iles Min lies Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min lies Min lies Min Iles Min Iles Min lies Min lies Min Iles Min Iles Min Iles Min Iles Min

Ils Ile Ile

Date Analyzed Nov 18 2009

9:03AM

Nov 18 2009

9:03AM

Nov 16 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009

Nov 12 2009 Nov 18

2009 9:03AM

Nov 18 2009

9:03AM 9:03AM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM

TR09-9^7 6 127 21 <0,3 7.63 < 3 72 < 1 < 2 8,03 <0.3 31 113 27 3.32 18 < 1 0.12 3.45 611 < 1 1.50 0-002 221

TR09-9^8 8 96 18 <0.3 9.92 < 3 68 < 1 < 2 7,53 <0.3 37 152 62 4.38 19 < 1 0.16 4.50 747 < 1 1.40 0.003 244

TR09-9J19 19 284 33 <0,3 9.65 4 64 < 1 < 2 7,36 <0.3 43 104 51 491 20 < 1 012 4.70 839 1.36 0.003 257

TR09-9-50 8 86 16 <0,3 10.1 5 70 < 1 < 2 807 <0.3 37 72 39 3.90 21 0.14 4.48 678 1.46 0.002 240

TR09-9-51 12 75 18 <0,3 10.6 4 69 < 1 < 2 8,09 <0,3 38 45 81 4.27 18 < 1 0.16 3.97 724 < 1 1.46 0.003 217

TR09-9-52 10 208 37 <0,3 10.3 < 3 68 < 1 < 2 8,15 <0.3 36 62 65 3.85 18 2 0.13 4,21 662 < 1 1.55 0-002 251

TR09-9-53 21 244 35 <0,3 9.75 5 87 < 1 < 2 8,06 < 0 3 37 58 90 4.34 19 0-18 4.00 750 1.51 0.003 232

TR09-9-54 47 457 77 < 0 3 8-06 < 3 61 < 1 < 2 7.08 <0.3 66 81 411 7.71 20 < 1 0-14 5,59 1200 1.10 0.005 364

TR09-9-55 37 516 91 <0,3 9-37 < 3 66 < 1 < 2 7.58 <0.3 46 79 173 5.33 19 0.11 4,83 884 < 1 1.42 0.002 322

TR09-9-56 10 85 18 <0,3 9.11 < 3 77 < 1 < 2 7.68 <0.3 39 83 57 4.25 18 0.14 4,75 757 < 1 1.52 0.002 264

TR09-9-57 9 52 13 <0,3 5.07 < 3 109 < 1 <2 529 <0.3 31 79 70 3.12 21 < 1 0.09 2,69 558 < 1 2.06 0.019 177

TR09-9-58 30 220 52 <0,3 6.95 < 3 84 < 1 < 2 6.71 <0.3 43 131 221 4.19 20 < 1 0 1 7 4.23 780 < 1 1.42 0.002 350

TR09-9-59 e 111 18 <0-3 9.18 < 3 122 < 1 < 2 6.90 <0.3 32 123 54 3.57 20 < 1 0.19 3.77 642 ' 1 1.96 0.003 221

TR09-9-60 2 66 13 < 0 3 10.6 < 3 105 < 1 < 2 740 <0.3 27 55 8 3.16 20 < 1 017 341 563 < 1 2.11 0.007 190

TR09-9-60A 403 424 96 184 7.60 185 473 < 1 < 2 3.67 3.6 15 75 336 4.29 21 < 1 0.85 1.57 754 146 2.01 0.048 125

TR09-9-61 9 39 12 <0,3 8.69 < 3 116 < 1 < 2 7.13 <0.3 39 73 72 4.57 19 < 1 0 1 7 4.38 831 2 1.85 0.005 237

TR09-9-62 2 77 19 <0,3 9.81 < 3 89 < 1 < 2 7.98 <0-3 32 76 28 3.29 20 < 1 a i 4 4.17 613 < 1 1-74 0.001 224

TR09-9-63 6 184 27 <0,3 9.41 < 3 75 < 1 < 2 7.83 <0-3 42 95 65 3.71 18 O i l 4.62 661 < 1 1-59 0.001 322

TR09-9-64 15 62 16 <0,3 9.63 10 82 < 1 < 2 7.98 < 0 3 32 85 163 3.20 18 0.17 3.97 571 < 1 1.65 0.002 220

TR09-9-65 3 68 22 <0,3 6,25 5 69 < 1 < 2 7.08 <0.3 31 106 28 2.89 19 0.09 3.11 589 < 1 1.60 0.002 211

TR09-9-66 2 49 14 <0,3 9,52 < 3 76 < 1 < 2 7.59 <0.3 32 131 39 3.45 17 < 1 O i l 3-93 638 1.68 0.002 233

TR09-9-67 8 56 15 <0,3 10,2 < 3 75 < 1 < 2 7.97 <0.3 31 88 114 3.35 19 < 1 0 1 8 3-65 624 1.75 0.002 217

TR09-9-68 13 128 38 <0,3 9,16 5 77 < 1 < 2 7.52 <0.3 48 97 158 5.70 19 0.16 4.84 900 < 1 1.53 0.006 282

TR09-9-69 15 150 47 <0.3 10.3 < 3 88 < 2 7.74 <0.3 40 96 135 4.58 19 0.19 4.56 789 < 1 1-67 0.006 273

TR09-9-70 14 115 29 <0,3 9.16 < 3 78 < 2 7.84 0.3 49 76 187 5.68 21 014 4.70 975 < 1 1-56 0.007 278

TR09-9-71 9 48 19 <0.3 8.20 4 64 < 1 < 2 7.19 <0,3 57 76 118 6 8 6 20 < 1 0.13 5.59 1160 < 1 1.39 0.005 278

TR09-9-72 7 69 18 <0.3 8.50 < 3 65 < 1 < 2 7.58 < 0 3 48 81 151 5.68 19 0.19 5.16 976 < 1 1.44 0.003 293

TR09-9-73 5 56 22 <0-3 9,93 < 3 81 < 1 < 2 7.29 <0,3 37 166 63 3.81 17 < 1 0.20 4.72 680 < 1 1.57 0.002 240

TR09-9-74 4 48 16 <0.3 7,38 < 3 74 < 1 < 2 6.63 <0,3 40 268 84 512 19 015 3.83 853 < 1 1.36 0.003 208

TR09-9-75 <2 71 31 <0.3 9,89 < 3 69 < 1 <2 7.18 <0.3 34 307 20 3.34 17 < 1 a i 5 4.77 631 < 1 1.43 0.002 268

TR09-9-76 5 83 29 <0.3 8,89 < 3 68 < 1 < 2 6.58 <0.3 47 318 102 4.78 16 < 1 0.20 5.89 860 < 1 1.28 0.002 372

TR09-9-77 12 89 32 <0-3 8,18 < 3 68 < 1 < 2 641 < 0 3 56 168 239 5.70 16 < 1 0.23 6.20 985 < 1 1.17 0.002 439

TR09-9-78 17 19 11 <0-3 6,17 < 3 45 < 2 8.03 <0.3 59 103 212 7.57 19 O i l 5.87 1320 < 1 1-05 0.005 296

Page 2 of 5

Page 67: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Method Code TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP

Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm

Analyte Symbol Pb Sb S So Sr Te Ti TI U V W Y Zr Zn

Package Code 1F2-Tbay-Lac Des Iles Min

1K2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tbay. Lac Des lies MIn

1 F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1 F2-Tbay-Lac Des Iles Min

1F2-Tbay-LacDes lies Min

lF2.Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

1F2-Tb3y-Lac Des Iles Min

lF2.Tbay. Lac Des lies MIn

1F2-Tbay-Lac Des Iles Min

1F2-Tbay-Lac Des Iles Min

Date Analyzed Nov 12 2009

2:37PM

Nov 12 2009

2;37PM

Nov 12 2D09

2:37PM

Nov 12 2009

2:37PM

Nov 12 2009

2:37PM

Nov 12 2009

2:37PM

Nov 12 2009

2:37PM

Nov 12 2009

2:37PM

Nov 12 2009

2:37PM

Nov 12 2009

2:37PM

Nov 12 2009

2 :3rpM

Nov 12 2009

2:37PM

Nov 12 2009

2:37PM

Nov 12 2009

2:37PM

TR09-9-1 < 3 < 5 0.03 37 298 < 2 0.18 < 5 < 10 179 < 5 5 22 32 TR09-9-2 < 3 < 5 0,05 43 256 < 2 0.21 < 5 < 10 208 < 5 7 21 39 TR09-9-3 < 3 < 5 0.07 47 240 < 2 0.20 < 5 < 10 220 < 5 7 24 42 TR09-9^ < 3 < 6 0.07 45 244 < 2 0.21 < 5 < 10 212 < 5 6 24 45 TR09-9-5 < 3 < 5 010 56 215 4 0.23 < 5 < 10 257 < 5 7 18 49 TR09-9-6 < 3 < 5 0 0 6 57 203 3 0.24 < 5 < 10 259 < 5 7 18 44 TR09-9-7 < 3 « S OOB 49 212 < 2 0.22 < 5 < 10 234 < 5 6 14 41 TR09-9-8 < 3 < 6 0.05 48 227 < 2 0.20 < 5 < 10 223 < 5 6 19 42 TR09-9-9 < 3 < 5 0.06 48 228 21 0 1 7 < 5 < 10 210 < 5 6 14 48 TRl)9-9-10 < 3 < 5 0.02 24 217 10 0.15 < 5 < 10 196 < 5 4 13 48 TR09-9-11 < 3 < 5 0.02 42 240 < 2 0.13 < 5 < 10 170 < 5 6 16 46 TR09-9-12 < 3 < 5 004 45 238 < 2 0 1 9 < 5 < 10 218 < 5 6 13 45 TR09-9-13 < 3 < 5 0 0 3 42 229 < 2 0 1 9 < 5 < 10 199 < 5 6 21 45 TR09-9-14 < 3 < 5 0.08 51 198 15 0.22 < 5 < 10 236 < 5 6 13 44 TR09-9-16 < 3 < 5 0.21 47 228 3 0.22 < 5 < 10 232 < 5 6 12 43 TR09-9-16 < 3 < 6 004 44 234 < 2 0.17 < 5 < 10 236 < 5 5 13 50 TR09-9-17 < 3 < 6 0.03 38 252 < 2 0.13 < 5 < 10 183 < 5 5 11 46 TR09-9-18 < 3 < 6 0.24 44 197 < 2 0.20 < 5 < 10 172 < 5 8 13 61 TRO9.9-10 < 3 < 6 0.02 20 175 < 2 0.07 < 5 < 10 78 < 5 2 7 31 TR09-9-20 < 3 < 5 <0 .01 7 166 < 2 0.05 < 5 < 10 66 < 5 1 5 30 TR09-9-2(lA < 3 • !5 0.04 9 232 5 0.37 < 5 < 10 115 10 9 45 49 TR09-9.21 < 3 < 5 <0 .01 22 187 < 2 0.11 < 5 < 10 109 < 5 3 7 X TR08-9-22 <3 •=5 <0 .01 18 iai 2 0.04 < 5 < 10 50 < 5 2 7 22 TR09-9-23 < 3 t 5 <0 .01 16 172 < 2 0.05 < 5 < 10 56 < 5 2 8 24 TR09-9-24 < 3 <5 <0.01 15 193 < 2 0.04 < 5 < 10 56 < 5 2 10 20 TR09-9-26 < 3 <5 <0 .01 19 181 < 2 0.06 < 5 < 10 74 < 5 2 7 27 TR09-9-26 < 3 < 5 <0 .01 15 199 < 2 0.05 < 5 < 10 59 < 5 2 9 28 TR09.9.27 < 3 0.01 18 212 < 2 0.09 < 5 < 10 83 < 6 2 9 28 TR09-9-28 < 3 <5 <0 .01 18 179 < 2 0.05 < 5 < 10 61 < 5 2 7 25 TR09-9-29 < 3 <5 < 0.01 7 156 < 2 0.05 < 5 < 10 59 < 6 < 1 < 5 27 TR09-9-30 < 3 <5 < 0 0 1 17 155 < 2 0 0 6 < 5 < 10 71 < 6 2 12 29 TR09-9-31 < 3 <5 <0 .01 16 219 < 2 0 0 8 < 5 < 10 75 < 5 2 14 42 TR09-9-32 < 3 <5 <0 .01 19 174 < 2 0.04 < 5 < 10 57 < 5 2 6 23 TR09-9-33 < 3 •=6 0.07 32 172 < 2 0.15 < 5 < 10 164 < 5 3 10 30 TR09-9-34 < 3 < 5 0 0 5 28 196 < 2 0.12 < 5 < 10 133 < 5 3 10 33 TR09-9-36 < 3 < 5 <0 . 01 14 208 <2 o.at < 5 < 10 48 < 5 1 6 21 TR09-9-36 < 3 < 5 0.01 16 191 4 004 < 5 < 10 55 < 5 1 6 25 TR09-9-37 < 3 <5 <001 8 191 8 0 0 5 < 5 < 10 58 < 5 1 9 33 TR09-9-38 < 3 < 5 <0.01 12 297 < 2 0.08 < 5 < 10 55 < 5 2 23 21 TR09-9-39 < 3 < 5 <0 .01 17 208 3 0.05 < 5 < 10 56 < 5 2 12 28 TR09-9^0 < 3 < 5 0.02 20 237 < 2 0.06 < 5 < 10 67 < 5 2 7 22 TR09-9^0A < 3 < 5 0.04 17 274 < 2 0.14 < 5 < 10 66 < 6 19 37 52 TR09-9JI1 < 3 < 5 <0 .01 19 231 < 2 0.04 < 5 < 10 54 < 5 2 6 23 TR09-9^2 < 3 < 5 0.02 36 117 4 0.11 < 5 < 10 158 < 5 4 8 60 TR09-9^3 < 3 < 5 <0 .01 22 209 < 2 0.05 < 5 < 10 87 < 5 2 7 27 TR09-944 < 3 < 5 <0 .01 21 219 <2 0.05 < 5 < 10 63 < 5 2 6 26 TR09-9-46 < 3 < 5 0.03 25 198 < 2 0 0 6 < 5 < 10 89 < 5 3 9 24 TR09-9J16 < 3 < 5 <0 .01 18 215 < 2 0.06 < 5 < 10 91 < 5 2 8 21

Report: A09-4838 (i) rev 1

Page 2 of 5

Page 68: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09 -4838 (i) rev 1 Method Code TD-ICP TD-lOP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP TD-ICP Unit Symbol ppm ppm % ppm ppm ppm % ppm ppm ppm ppm ppm ppm ppm Analyte Symbol Pb Sb S Se Sr Te Ti TI J V W Y Zr Zn Package Code 1F2-Tbay- lF2.Tbay- 1F2-Ttiay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay- 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des 1F2-Tbay-

Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des Lac Des LacDes Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des

1F2-Tbay-Lac Des Iles Mm Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min Iles Min lies Min Iles Min Iles Min Iles Min Iles Min

Date Analyzed Nov 12 Nov 12 No» 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 Nov 12 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM 2:37PM TR09-9J17 < 3 < 5 <0.01 14 189 4 0.06 < 5 < 10 77 < 5 2 3 24 TR09-9^8 < 3 < 5 0.02 24 188 10 0.07 < 5 < 10 83 < 5 2 8 35 TR09-9-19 < 3 < 5 <0.01 28 184 9 0.06 < 5 < 10 89 < 5 3 8 39 TR09-9-50 < 3 < 5 <0.01 22 195 < 2 0.05 < 5 < 10 68 < 5 2 11 30 TR09-9-51 < 3 < 5 0.01 26 200 < 2 0.07 < 5 < 10 84 < 5 3 11 30 TR09-9-52 < 3 < 5 0.03 24 217 < 2 0.05 < 5 < 10 72 < 5 2 8 28 TR09.9-53 < 3 < 6 0.02 26 214 < 2 0.06 < 5 < 10 87 < 5 3 9 35 TR09-9-M < 3 < 5 0.32 42 166 < 2 0.19 < 5 < 10 180 < 5 5 8 59 TR09-9-66 < 3 < 5 0,11 30 197 < 2 0-08 < 5 < 10 103 < 5 3 7 41 TRD9-9-66 < 3 < 5 <0.01 25 195 < 2 0.06 < 5 < 10 83 < 5 2 7 33 TR09-9-57 < 3 < 5 0.01 6 272 5 0.09 < 5 < 10 67 < 5 1 13 30 TR09-9-58 < 3 < 5 0.06 17 184 10 0.05 < 5 < 10 81 < 5 2 8 34 TR09-9-59 < 3 < 5 <0.01 21 266 < 2 0.06 < 5 < 10 67 < 5 2 17 28 TR09-9-60 < 3 < 5 <0.01 22 263 < 2 0-06 < 5 < 10 62 < 5 3 16 26 TR09-9-60A 248 < 5 0.26 16 248 4 0-31 < 5 < 10 102 < 5 17 45 329 TR09-9-61 < 3 < 5 0.01 27 266 < 2 0-09 < 5 < 10 93 < 5 4 16 34 TR09-9-62 < 3 < 5 <0.01 20 231 < 2 0-04 < 5 < 10 60 < 5 2 7 25 TR09-9-63 < 3 < 5 0.06 19 210 < 2 0-04 < 5 < 10 62 < 5 2 6 25 TR09-9-64 < 3 < 5 0.02 19 224 <2 0-04 < 5 < 10 61 < 6 2 5 23 TR09-9-65 < 3 < 5 <0.01 9 211 4 0-04 < 5 < 10 62 < 5 1 6 24 TR09-9-66 < 3 < 5 <0 .01 21 212 <2 0-05 < 5 < 10 65 < 5 2 10 27 TR09-9-67 < 3 < 5 0.03 24 223 < 2 0-06 < 5 < 10 79 < 5 J 6 30 TR09-9-68 < 3 < 5 0.05 34 207 < 2 0-13 < 5 < 10 136 < 5 4 10 40 TR09-9-69 < 3 < 5 0.04 28 221 5 0-07 < 5 < 10 83 < 5 3 7 34 TR09-9-70 < 3 < 5 0.11 36 206 < 2 0-10 < 5 < 10 120 < 5 6 10 44 TR09-9-71 < 3 < 5 0.06 42 166 < 2 0-11 < 5 < 10 140 < 5 5 10 52 TR09-9-72 < 3 < 5 0.03 39 194 < 2 0-09 < 5 < 10 122 < 5 4 9 41 TR09-9-73 < 3 < 6 0.01 23 206 < 2 0.04 < 5 < 10 65 < 5 2 7 27 TR09-9-74 < 3 < 5 0.05 17 192 7 0-24 < 5 < 10 151 < 5 3 8 50 TRO9.9-75 < 3 < 5 <0.01 19 192 10 OM < 5 < 10 56 <5 J 6 37 TR09-9-76 < 3 < 5 0.02 27 164 < 2 0-05 < 5 < 10 79 < 5 2 6 44 TR09-9-77 < 3 < 5 0.11 32 158 < 2 0-07 < 5 < 10 96 < 5 3 10 47 TR09-9-78 < 3 < 5 0.11 63 127 3 0-18 < 5 < 10 212 < 5 10 17 51

Page 2 of 5

Page 69: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Quality Analysis... Innovative Technologies

Date Submitted: 06-Nov-09

Invoice No.: A09-6557

Invoice Date: 08-Dec-09

Your Reference: 05-001-24-01

Lac Des Iles Mine 556 Tenth Avenue Thunder Bay ON P7B 2R2 Canada

ATTN: IVIanager John Corkery

CERTIFICATE OF ANALYSIS

5 Pulp samples and 102 Rock samples were submitted for analysis.

The following analytical package was requested: Code 1C-Exp ICPOES-Lac Des Iles Mine-Tbay Fire Assay ICPOES

REPORT A09-6557

This report may be reproduced without our consent. If only selected portions of the report are reproduced, permission must be obtained. If no instructions were given at time of sample submittal regarding excess material, it will be discarded within 90 days of this report. Our liability is limited solely to the analytical cost of these analyses. Test results are representative only of material submitted for analysis.

Notes:

CERTIFIED BY :

ACTIVATION LABORATORIES LTD.

Emmanuel Eseme , Ph.D. Quality Control

1336 Sandhill Drive, Ancaster, Ontario Canada L9G 4V5 TELEPHONE +1.905.648.9611 or +1.888,228.5227 FAX +1.905.648.9613

E-MAIL [email protected] ACTLABS GROUP WEBSITE http://www.actlabsint.com

Page 70: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1 Method Code Unit Symbol Analyte Symbol Package Code

Date Analyzed

FA-ICP

Pl'b Au

1C-Exp ICPOES-Lac Des

Ile

Nov 25 2009

2:27PM

FA-ICP

ppl)

Pd

1C-Exp ICPOES-Lac Des

Ile Nov 25

2009 2:27PM

FA-ICP

ppb

IC-Exp ICPOES-Lac Des

Ile

Nov 25 2009

2:27PM

TR09-1-31 21 10

TR09-1-32 44 20

TR09-1-33 53 30

7R09-1-34 188 39

TR09-1-35 85 32

TR09-1-36 131 9

TR09-1-37 96 17

TR09-1-38 6 117 51

TR09-1-39 77 3770 304

TR09-1-40 9 193 22

TR09-1-41 8 320 40

T R 0 9 . H 2 6 114 42

TR09-1J3 5 102 33

T R 0 9 - 1 ^ 7 96 29

TR09-1-45 :15 100 30

TR09-1-46 112 87 21

TR09-1-47 27 558 59

TR09-1J8 13 264 29

TK09-1-49 (« 4330 180

TR09-1-50 11 315 33

1K09-l-50a 5 < 5 < 5

7FÎ09-2-29 7 17 < 5

7^09-2-30 6 21 7

TR09-2-31 119 276 99

TR09-2-32 14 8 16

TR09-2-33 11 16 8

TR09.2-34 9 68 25

TR09-2-36 13 1410 105

TR09-2-36 42 1390 121

TR 09-2-37 169 1040 220

TR09-2-38 16 192 39

•m09-2-39 12 484 132

TR09-2J0 10 181 61

TR09-2-41 8 102 11

TR09-2-42 17 249 40

TTÎ09-2J13 12 325 31

TR09-2-44 10 168 20

TTÎ09-2-45 41 3300 453

TR09-2^6 9 77 13

TR09-2-47 16 585 82

TR09-2J6 13 63 23

•m09-2^8B 4 < 5 < 5

•m09-2^9 14 115 27

TR09-2-50 86 324 96

TR09-3J19 18 234 39

•m09-3-50 11 261 51

TR09-3-51 10 269 42

7FÎ09-3-52 17 539 90

Page 2 of 5

Page 71: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

Activation Laboratories Ltd. Report: A09-4838 (i) rev 1 Method Code PA-ICP FA-ICP FA.ICP

Unit Symbol ppb ppb ppb

Analyte Symbol Au Pd PI

Package Code lC-Ex|! IC-Exp IC-Exp Package Code ICPOES- ICPOES- ICPOES-Lac Des Lac Des Lac Des

Ile lie Ile

Date Analyzed Nov 25 2009

Nov 26 2009

Nov 25 2009

2:27PNI 2:27PM 2:27PM

•m09-3-53 58 234 88

TR09-3-54 5 57 16

TR09-5-5e 19 3110 167

TR09-5-59 15 591 68

TR09-5-60 20 69 14

"TTÎ09-5-61 42 221 41

7R09-6-24 4 < 5 < 5

TR09<-26 11 240 25

TR09^.26 10 333 48

TR09^-27 10 162 22

TR09-6-28 4 116 33

TR09-6-29 7 169 36

TR09-6-30 10 256 22

TR09-6-30a 451 413 90

TR09-7-67 28 83 23

TO09-7-68 29 201 44

•ra09-7-69 14 171 45

TR09-7-70 11 141 30

TR09-7.71 4 73 15

TR09-7-72 7 341 50

TR09-7-73 15 1900 101

TR09-7-74 a) 17300 1360

"m09-7-75 22 1630 151

TR09-7-76 17 202 30

TR09-7-77 14 273 33

TR09-7-78 39 105 19

TR 09.7-79 55 334 63

•m09-7-80 24 1110 185

TRO9-7.8I 9 25 < 5

TR 09-7-82 21 78 13

TR09-7-83 11 90 23

7R09-7-84 4 < 5 < 5

TR09-7-85 6 73 21

TR09-7-e6 7 79 22

TR09-7-86a 6 < 5 < 5

TR09-7-87 9 86 25

TR09-7-88 7 74 35

TR09-7-89 7 66 21

TR09-7-90 6 11 < 5

TR09-7-91 4 12 < 5

TR 09-7-92 5 13 < 5

TR09-7-93 4 10 < 5

TR09-7-94 4 6 < 5

TRO9-7.95 4 < 5 < 5

TR09-7-96 4 23 5

TR09-7-97 10 767 114

TTÎ09-8-39 24 195 32

TR09-8-40 16 156 23

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Page 72: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

é Activation Laboratories Ltd. Report: A09-4838 (i) rev 1

Msthod C o d e FA-ICP PA-1CP FA-ICP

Unit S y m b o l ppb ppb Pfb

Analyte S y m b o l Au Pd PI

Package C o d e IC-Exp ICPOES-Lac Des

Ite

IC-Exp ICPOES-Lac Des

lie

1C-Exp ICPOES-Lac Des

Ite

Date Ana lyzed No» 25 2009

2:27PM

Nov 25 2009

2:27PM

Nov 25 2009

2:27PM

TR09-8-41 4 158 18

•m09-8Jl2 9 837 43

1T!09-8^3 28 2520 124

TR09-B44 9 193 19

TR09-6-45 6 176 15

TR09-8^6 8 164 31

TR09-8-47 10 171 35

TR09-8-48 6 200 25

TR09-8-48a 4 6 < 5

TO09-8^9 7 114 16

TR09-7-9e 19 1250 119

Page 2 of 5

Page 73: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

é Activation Laboratories Ltd. Report: A09-4838 (i) rev 1

Method Code FA-ICP FA-ICP -A-ICP

Unit Symbol ppb ppb ppl)

Anaiyte Symbol Au Pd Pt

Package Code 1C-E»P IC-Exp 1C-E«p Package Code ICPOES- ICPOES- ICPOES-Lac Des U c D a s Lac Des

lies Mine-Tbs»

lies Mine-Tbay

lies Mine-Tbay

Date Analyzed 2009-11-25

2009-11-25

2009-11-25

14:27:14 14:27:14 14:27:14

CDN-PGMS-15 LABSTD 420 422 93

CDN-PGMS-15LABSTD 381 426 95

CDN-PGMS-15 LABSTD 400 411 97

CDN-PGMS-15 LABSTD 387 428 104

CDN-PGMS-15 LABSTD 387 434 98

CDN-PGMS-15 LABSTD 433 431 109

CDN-PGMS-15 LABSTD 425 422 110

CDN-PGMS-IT LABSTD aeo 4360 995

CON-PGMS-17 LABSTD 847 4250 963

CDN-PGMS-17 LABSTD 879 4340 957

CDN-PGMS-17 LABSTD 949 4440 1000

TR09-1-40 Replicate 8 192 21 Original

T R 0 9 - 1 4 0 H B D U P 10 193 22

TR09-1-50 Replicate 11 314 30 Orignal

TR09-1-50 LABDUP 10 315 35

7R09-2-35 Replicate 14 1420 107 Orignal

TR09-2-35 LABDUP 12 1400 103

TR09-2-37 Split Oiigiiial 169 1040 220

TT!09-2-3r LABPREP 146 1150 183

TK09-2-38 Replicate 20 188 39 Oripnal

TR09-2-38 LABDUP 19 188 38

TR09-3-49 Replicate 19 246 43 Original

TR09-3-49 LABDUP 17 223 35

TR09-3-54 Split Original 5 57 16

TR09-3-54 LABPREP 8 70 19

TR09-6.24 Replicate 4 < 5 < 5 Orignal

TR09-6.24 LABDUP 4 < 5 < 5

TR09-6-29 Split Ongiml 7 169 36

TROg-6-29 LABPREP 9 184 47

TR09-7-70 Replicate 11 133 30 Orignal

TR09-7.70 LABDUP 11 149 30

TR09-7-84 Replicate 5 < 5 < 5 Original

7TÎ09-7-84 LABDUP 4 < 5 • 5

TR09-7-93 Replicate 5 8 < 5 Orignal

TR09-7-93 Split Original 4 10 < 5

TTÎ09-7-93 1 ABnUP 4 12 < 5

TR09-7-93 LABPREP 5 9 < 5

TR09-8-<W Split Original 9 193 19

TR09-8-44 LABPREP 9 256 30

TR09-e-45 Replicate 5 172 14 Orignal

TR09-8-45 LABDUP 7 181 15

Page 2 of 5

Page 74: NORTH AMERICAN PALLADIU LTDM . LAC DES ILES ......Access is obtained by travelling approximatel 20ky m east o n Highwa 11/1y fro7 m Thunder Bay the, n 95km north along provincia highwal

APPENDIX D

All work was supervised by staff and contractors of

North American Palladium Ltd,

Metals Exploration Division

556-10'^ Avenue

Thunder Bay, ON P7B 2R2

(807)623-8005

John Corkery Exploration Manager Planning, supervision Krista Nelson Senior Exploration Geologist Planning, report wr i t ing Mike Grieve Senior Exploration Technician Planning, supervision, survey,

report wr i t ing Corey Wendland Exploration Geologist Mapping, geological

interpretat ion, map generation, report wr i t ing

Dave Clark Contract Geologist Planning

Signatures of People Who Prepared the Report

Mike Grieve

Corey Wendland