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The Hector Silver-Cobalt Project

The Hector Property consists of 126 contiguous unpatented mining claims totalling 2,243 ha (approximately 5,542 acres) and is located within the Coleman and Gillies Limit Townships, Larder Lake Mining Division, Timiskaming District, Ontario, Canada. The Property is approximately 500 kilometres (km) north of Toronto, 150 km north of North Bay, and 10 km southwest of the town of Cobalt, Ontario. Makenita holds 100% ownership of the 126 mining claims, which are active and in good standing.

Between 2017 to 2021, exploration activities were conducted at the Hector Property. They comprised a 522.9 line-km airborne magnetic and very low frequency electromagnetic (VLF-EM) geophysical survey, ground magnetic geophysical surveys, 43 rock grab rock and 631 grid soil geochemical samples, and diamond drilling of 13 NQ diamond drill holes, totalling 1680 m. Airborne and ground geophysical surveys show the distribution of historic mineral occurrences is coincident with interpreted structural lineaments within, and a more magnetic phase of, the Nipissing Diabase. Soil geochemical results define north-northwest trending combined cobalt-silver-copper-arsenic anomalies at Gillies West, Gillies East and Hector. The Hector anomaly returned 4 samples greater than 25 ppm cobalt. The Gillies East anomaly returned 6 samples with values greater than 25 ppm cobalt. The Gillies West Anomaly returned the highest cobalt in soil value of 98 ppm. Seven rock grab samples returned values greater than 0.1% cobalt and up to 2.02% cobalt from the Gillies East, Gillies West and Hector anomalies. Diamond drill results returned broad zones of anomalous copper and cobalt beneath the vertical projection of the historic trenches comprising disseminated to clotty pyrite-chalcopyrite mineralization associated with moderate to intense chlorite-silica and potassic alteration of diabase host-rocks and narrow carbonate-quartz-potassium feldspar vein zones. Surface soil and rock geochemical anomalies and cobalt in diamond drill intercepts returned from the Bass Lake area are interpreted to represent high-level expressions of potential Archean unconformity-associated silver-cobalt vein mineralization; the geologic setting from which the majority of historic Cobalt Camp silver production occurred. The majority of historic silver-cobalt vein showings within the Hector Property occur within the Nipissing Diabase and are spatially related to one of two parallel northwest trending structural lineaments coincident with the trace of the Kelvin Lake fault, and an interpreted Archean basement fold axis subparallel to the Montreal River fault. In the area east of the Montreal River there is a close spatial relationship between Archean volcanic, basal Coleman Member sediments and diabase rocks, which is considered highly prospective within the context of the silver-cobalt arsenide vein deposit model.

Based on the presence of silver-cobalt arsenide vein intersects in drill core and numerous historic occurrences, airborne and ground magnetic geophysical anomalies, cobalt and silver in rock and soil geochemical anomalies, and favourable geology; the Hector Property is of a high priority for follow-up exploration.