Tangier Property

The Tangier gold Property (Property) is located in northeastern Nova Scotia, Canada. Gold was discovered on the Property in 1860 and since then, there have been several campaigns of mining in addition to which the Property has been explored by surface and underground exploration and drilling programs. Aurelius Minerals Inc. (Aurelius) acquired the Property on February 20, 2020. Cost to maintain the Tangier property in 2020 will include $12,860 in work commitments and $13,720 in renewal fees. Aurelius holds surface rights to the Property subject to an annual payment of $12,000 and a 1% net profits royalty from minerals produced up to a maximum of $1 million. The Property is not subject to any other known royalties, back-in rights, payments or other agreements and encumbrances. Aurelius does not hold any permits to conduct work on the Property and have no immediate plans to carry out any exploration or development.

There are no known environmental liabilities.

There are no known significant factors or risks that may affect access, title, or the right or ability of Aurelius to perform work on the Property.

A cutoff of 2 g/t gold was taken as the base case and is shown. Both capped (40 g/t Au) and uncapped grades are shown; the uncapped grades are included to illustrate the impact of capping.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of mineral resources will be converted to mineral reserves. Inferred Mineral Resources are based on limited drilling which suggests the greatest uncertainty for a resource estimate and that geological continuity is only implied. Additional drilling will be required to verify geological and mineralization continuity and it is reasonably inferred that most of the inferred resources could be upgraded to indicated resources. Quantity and grades are estimates and are rounded to reflect the fact that the resource estimate is an approximation.

The Property is underlain by folded metagreywacke and interbeds of slate of the Goldenville Formation and is centered on the axis of the northeast-trending Tangier – Harrigan Cove Anticline. The Blueberry Hill area, the focus of most mining and exploration activity on the Property, is situated on an anticlinal dome that plunges to both the northeast and southwest. The limbs of the anticline dip at approximately 70 degrees to the north and south. The Property is cut by two sets northwest-trending faults; those to the east are dextral with an aggregate horizontal offset of approximately 85 meters and those to the west are sinistral with an aggregate offset of approximately 150 meters.

Stratigraphically, the property is underlain by the Tangier Formation which is characterized by metagreywacke-dominated cycles fining upward into minor dark slate caps. A well-defined “mine stratigraphy” has been defined within the area of recent mining based on underground mapping and diamond drilling and is based on the recognition of bedding-parallel veins. Markers such as a distinct thick metagreywacke bed located above the Marker Vein are good stratigraphic markers at the Property scale. Slate beds range from a few centimetres to several metres in thickness, with most being less than one metre. In the mid-80s geologists mapped at least 30 bedding-parallel quartz veins that collectively extend from the west shore of Tangier Harbour to the Mooseland East area. Drilling and underground exploration in the Blueberry Hill area identified more than 30 additional veins between surface and a depth of approximately 300 meters. Diamond drilling carried out at Strawberry Hill, 1.5 kilometers east of the Blueberry Hill area, has intersected more than 30 bedding-parallel quartz veins. The Marker Vein, with its associated, distinctively thick greywacke marker bed, has been correlated between the two areas suggesting that the vein system extends between the two areas. The quartz veins are all contained within slate beds; the veins commonly have developed preferentially on the hanging wall or footwall of the slate beds although there are many exceptions and some slate beds contain multiple veins.

Approximately 30 bedding-parallel quartz veins are reported that collectively extended from the east shore of Tangier Harbour for more than three km to the east. The most productive veins are on the south limb of the anticline. Drilling and underground exploration have subsequently encountered more than 30 additional veins between surface and a depth of approximately 300 meters. In addition to bedding-parallel veins, cross-cutting veins that occupy fold cleavages are also present. The bedding-parallel veins are all contained within thin slate beds within the thicker-bedded metagreywacke sequence. Slate beds commonly contain more than one quartz vein.

Auriferous veins commonly are bluish to greyish in colour and exhibit crack-seal textures. Milky-white quartz is also present, but its development appears to have post-dated the mineralizing event(s) and is generally barren. As noted, most auriferous veins are bedding-parallel, but gold has also been noted in cross-cutting veins associated with fold cleavage, although typically only where the cross-cutting veins intersect bedding parallel veins.

Gold occurs both in native form as flakes and threads, and in association with sulphides, primarily arsenopyrite, as well as carbonates and graphite.

The gold-bearing veins on the Tangier property have been traced by surface outcrops, drilling, and underground workings over a total strike length of approximately 3.4 km. The bulk of the drilling and the current resource estimate are limited to a strike length of approximately 500 m in the Blueberry Hill area of the project. Thus, the remaining 2.9 km of identified veins hold additional potential for mineralization with the Strawberry Hill area, where drilling has cut gold-bearing intervals in numerous quartz veins, having the most obvious potential for additional mineralization.

The Company has a 100% interest in the property through its wholly owned subsidiary Aureus Gold Inc.