2008 Vault Gold exploration proposal Okanagan Falls British Columbia tech MLS Mining

Moose Mountain Technical Services
Vault Gold Project
15 January 2008
Vault Gold Project
Prepared for Spectrum Mining
Vault-Jan 14-rjm Page 1 of 63
Spectrum Mining Corporation
P.O. Box 20
6242 Cartwright Street
Wardner, BC V0B 2J0
15 January, 2008
Dear Sir;
Please find attached one copy of the report entitled “Exploration Proposal for the Vault
Gold Project.”
Should you have any questions, do not hesitate to contact us.
Sincerely,
R.J. Morris, M.Sc., P.Geo.

Vault Gold Project
15 January 2008
Vault Gold Project
1.0 TITLE PAGE
EXPLORATION PROPOSAL FOR THE
VAULT GOLD PROJECT
South-Central British Columbia
NTS: 82E/5
Latitude: 49º21’54”N Longitude: 119º38’11”W
Osoyoos Mining Division
Submitted to:
Spectrum Mining Corporation
P.O. Box 20
6242 Cartwright Street
Wardner, BC V0B 2J0
15 January 2008
Prepared by:
R.J. Morris, M.Sc., P.Geo.
bobm@moosemmc.com

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15 January 2008
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2.0 TABLE OF CONTENTS
1.0 TITLE PAGE ..............................................................................................2
2.0 TABLE OF CONTENTS .............................................................................3
3.0 SUMMARY.................................................................................................5
4.0 INTRODUCTION........................................................................................6
5.0 RELIANCE ON OTHER EXPERTS............................................................8
6.0 PROPERTY DESCRIPTION AND LOCATION ..........................................9
7.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE
AND PHYSIOGRAPHY.......................................................................................13
8.0 HISTORY .................................................................................................16
9.0 GEOLOGICAL SETTING .........................................................................19
9.1 Top of the Marron Formation................................................................19
9.2 Marama Sediments ..............................................................................20
9.3 Marama Dacite .....................................................................................21
9.4 White Lake Formation...........................................................................21
9.5 REGIONAL STRUCTURE....................................................................22
10.0 DEPOSIT TYPES.....................................................................................31
11.0 MINERALIZATION...................................................................................34
11.1 Gold Mineralization...............................................................................34
11.2 Molybdenum Mineralization..................................................................35
11.3 Distribution of Gold and Molybdenum Values.......................................35
12.0 EXPLORATION........................................................................................37
12.1 Geophysical Surveys............................................................................37
12.2 Geochemical Surveys...........................................................................37
13.0 DRILLING.................................................................................................38
14.0 SAMPLING METHOD AND APPROACH.................................................46
15.0 SAMPLE PREPARATION, ANALYSES AND SECURITY........................49
16.0 DATA VERIFICATION .............................................................................50
17.0 ADJACENT PROPERTIES ......................................................................51
18.0 MINERAL PROCESSING AND METALLURGICAL TESTING.................52
19.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES ...........53
20.0 OTHER RELEVANT DATA AND INFORMATION....................................54
21.0 INTERPRETATION AND CONCLUSIONS ..............................................55
21.1 STRATIGRAPHY..................................................................................55
21.2 STRUCTURE .......................................................................................55
21.3 MINERALIZATION ...............................................................................55
22.0 RECOMMENDATIONS............................................................................57
23.0 REFERENCES.........................................................................................60
24.0 DATE AND SIGNATURE PAGE ..............................................................61
25.0 ADDITIONAL REQUIREMENTS FOR TECHNICAL REPORTS ON
DEVELOPMENT PROPERTIES AND PRODUCTION PROPERTIES ...............62
26.0 ILLUSTRATIONS.....................................................................................63

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LIST OF TABLES
Table 6-1 List of Claims ......................................................................................12
Table 8-1 Summary of Work Done......................................................................18
Table 13-1 Drillhole Summary ............................................................................38
Table 13-2 List of Drillholes ................................................................................39
Table 14-1 Summary of Known Drill Hole Samples ............................................46
Table 14-2 Highlights from drilling, North Vein (1982 only) .............................47
Table 14-3 Highlights from drilling, Main Zone (2004 only).................................47
LIST OF FIGURES
Figure 4-1 Location Map.......................................................................................7
Figure 6-1 Mineral Claim Holdings, Regional......................................................10
Figure 6-2 Mineral Claim Holdings, Detail...........................................................11
Figure 9-1 Regional Geology (from: Church 2002) .............................................25
Figure 9-2 Property Geology (from: Read 2006)................................................26
Figure 9-3 Cross-section 200 E (from: Read 2006) ............................................27
Figure 10-1 Early Tertiary Basins ……..……………………………………...……. 33
Figure 22-1 Priority Drill Targets (from: Read 2006) ...........................................58
Figure 22-2 Priority Drill Targets, North Vein (from: Read 2006) ........................59
LIST OF PHOTOS
Photo 7-1 Access road at the east end of the property, looking up a dry creek
bed, toward the north end of the north vein. ................................................14
Photo 7-2 Looking to the northeast from the south part of the property. ........14
Photo 9-1 Discovery showing at the north end of the main zone. ..................22
Photo 9-2 Brecciation and veining in discovery showing. ..............................23
Photo 9-3 Layering in discovery showing.......................................................23
Photo 9-4 Mineralized quartz vein trending east-west, North vein. ................24
Photo 9-5 Cross-cutting quartz vein, trending north-south, North vein...........24
Photo 10-1 Quartz veining in drill core, DH 04-02 at approximately 250m down
hole. Shows typical drusy, crustiform textures of epithermal type deposits.32
Photo 10-2 Trenching of the North Vein (from Ecstall web site). .....................32
Photo 17-1 The old Dusty Mac pit, looking to the northeast.............................51

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3.0 SUMMARY
The Vault prospect is an Eocene age low sulphidation epithermal gold deposit located in south-
central British Columbia about 0.5km north of Okanagan Falls and eleven kilometers south of the
Penticton airport. Highway 3A/97 cuts diagonally through the centre of the property. It is in the
Osoyoos Mining Division of British Columbia.
The property consists of 13 contiguous claims and five fractional claims. The claims are 100%
owned by Spectrum Mining Corporation. Approximately 43,479m of drilling has been completed
in 190 holes on the property. In 2004 Ecstall Mining Corporation (a sister company to Spectrum)
drilled 1,415m in nine holes for a cost of approximately $300,100.
The Vault, Main Zone mineralization occurs in the north limb of the Vault Syncline. To date,
four elongated, easterly plunging, contiguous, mineralized zones have been delineated over a
strike length of 1500m. The two portions of the main zone with the most exploration are referred
to as the “Central” and the “West” areas. Lahar, felsites and sandstones of the Eocene Lower
Marama Formation host quartz/chalcedony veins of differing ages that have been fractured and
re-cemented numerous times with gold-bearing siliceous material. These veins contain up to 15%
disseminated, very fine grained pyrite and/or marcasite. Gold and silver are not visible but are
believed to occur as native elements. Northeast and east trending faults on the north limb of the
syncline have truncated the mineralized zones at depth.
The North Vein is an east/west striking vein on the Vault property that occurs in the underlying
Marron Formation. The vein has been defined by drilling over a 1,000m length. The vein is
north of the four mineralized zones described above, parallel to them, and with similar
mineralization to that of the other zones.
In general, the sediments of the lower part of the Marama Formation and locally the
trachyandesite flows of the Marron Formation host the gold mineralization. Gold mineralization
formed in multistage quartz-chalcedony veins and quartz breccia zones with minor pyrite and
marcasite in dilatant zones. The low Mo/Au ration of the North Vein indicates that the feeder
system for the Main Zone Au-Mo-mineralization in the lower Marama sediments probably was
not the North Vein.
The author conducted a site visit in October 2007. During the tour, Spectrum’s adjoining Dusty
Mac property was visited, as well as the Vault property. On the Vault property, drill core, drill
sites, and mineralized exposures on both the Main Zone and the North Vein were examined.
It is recommended that a two phase drill program be completed on the Vault property. Phase one
drilling would include two holes on the North Vein, as well as two in the Main Zone totaling
approximately 1500m. A second phase of drilling would depend on results from Phase one,
though deep drilling at both the east and west ends of the Main Zone are recommended.
The Phase one exploration program, consisting of four diamond drillholes for a total of
approximately 1500m, is recommended with an estimated cost of $210,000.

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4.0 INTRODUCTION
Spectrum Mining Corporation (Spectrum) holds the mineral rights to the Vault and Dusty Mac
gold occurrences in south-central British Columbia, Canada.
Moose Mountain Technical Services (MMTS) was retained by Spectrum to assist with the
evaluation of the property, to recommend an exploration program, and to prepare a Technical
Report compliant with NI 43-101 (the Instrument) and Form 43-101F1.
Spectrum has consolidated the exploration information for the property from previous owners and
participants including Rio Canex, Inco, and Ecstall Mining Corp. Spectrum has yet to conduct
any exploration on the property.
Mr. Robert J. Morris of MMTS conducted a site visit and detailed examination of the property
October 3rd
and 4th
2007. During the site visit, sufficient opportunity was available to examine
drill core from previous programs as well as conduct a general overview of the property including
selected drill sites and the condition of existing project infrastructure. Based on his experience,
qualifications and review of the site and resulting data, the author, Mr. Morris, is of the opinion
that the programs have been conducted in a professional manner and the quality of data and
information produced from the efforts meet or exceed acceptable industry standards. It is also
believed that for the most part, the work has been directed or supervised by individuals who
would fit the definition of a Qualified Person in their particular areas of responsibility as set out
by the Instrument.
While actively involved in the preparation of the report, MMTS had no direct involvement or
responsibility in the collection of the data and information or any role in the execution or
direction of the work programs conducted for the project on the property or elsewhere. Much of
the data has undergone thorough scrutiny by project staff as well as certain data verification
procedures by MMTS.
Sources of information are listed in the references, Item 23.

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Figure 4-1 Location Map

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5.0 RELIANCE ON OTHER EXPERTS
Moose Mountain Technical Services (MMTS) prepared this report for Spectrum Mining
Corporation (Spectrum). The quality of information, conclusions and estimates contained herein
are based on industry standards for engineering and evaluation of a mineral project. The report is
based on: i) information available at the time of preparation, ii) data supplied by outside sources,
iii) engineering, evaluation, and costing by other technical specialists and iv) the assumptions,
conditions and qualifications set forth in this report.
This report is intended to be used by Spectrum, subject to the terms and conditions of its contract
with MMTS. MMTS disclaims any liability to any third party in respect of any reliance upon this
document without MMTS’s written consent.
MMTS has not verified the legal aspects of the ownership of the mineral claims nor the rights
granted by the Government of British Columbia. MMTS has not verified environmental and
political issues.

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6.0 PROPERTY DESCRIPTION AND LOCATION
The Vault property consists of a group of 13 contiguous claims and five fractions with a total area
of 1,975.0ha. The property is 0.5km north of Okanagan Falls. Located at approximately
119º38’11”W Longitude and 49º21’54”N Latitude, the occurrence lies in close proximity to the
Dusty Mac property, which is also held by Spectrum, Figure 6-1.
The claims are 100% owned and held by Spectrum with a 7.5% Net Profits Royalty held by
Murray Morrison, which is capped at $400,000. The location of the claims is shown on Figure 6-
2 while Table 6-1 summarizes the claim status.
The location of the known mineralization is well within the claim boundaries.
The claims straddle the southwestern edge of the Trans Provincial Highway 3A/97 with the
southeast corner of the claims less than 0.5km north of the village of Okanagan Falls. East of the
highway on the west side of Skaha Lake, the Old Kaleden Road permits access to the east portion
of the property. To the west of Highway 3A/97, a network of old logging roads allows easy entry
to the rest of the property. Except for the flat fields with no outcrop to the east of Highway
3A/97, low hills up to 750m elevation cover the rest of the property. West of the highway, cliff-
forming dacite flows cap most of the hills. On the grass-covered and pine-forested slopes beneath
the dacite caps are sparsely scattered exposures. However, exposures of the contacts between
rock units are rare.
The Vault property is listed as MINFILE No. 082ESW173.

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Figure 6-1 Mineral Claim Holdings, Regional

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Figure 6-2 Mineral Claim Holdings, Detail

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Table 6-1 List of Claims
Claim Name Tenure No. Expiry Date Map No. Area (ha)
Vault 1 246374 21-Mar-15 82E.032 200
Vault 2 246381 21-Mar-15 82E.032 300
Vault 3 246382 21-Mar-16 82E.033 100
Vault 4 246383 21-Mar-15 82E.032 450
Vault 5 246384 21-Mar-15 82E.032 175
Vault 6 246713 21-Mar-15 82E.033 75
Vault 7 246714 21-Mar-15 82E.033 400
Vault 8 246865 21-Mar-16 82E.033 25
Vault 9 246866 21-Mar-16 82E.033 25
Vault 10 246864 21-Mar-15 82E.032 25
Vault 11 246867 21-Mar-15 82E.032 25
Vault 12 246868 21-Mar-15 82E.033 25
Vault 13 246869 21-Mar-15 82E.033 25
Vault 14 fraction 246872 21-Mar-15 82E.032 25

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7.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES,
INFRASTRUCTURE AND PHYSIOGRAPHY
Adapted from Morrison, 2001
The Vault claim group covers a rocky, hummocky landscape immediately west of the
southern end of Skaha Lake in the Okanagan Valley. Elevations range from 339m at
Skaha Lake to 800m on Mount McLellan on the southern edge of the property. The
average elevation of the Claim Group is 600m. Highway 3A/97 cuts diagonally through
the centre of the property.
Much of the northern portion of the property has a light forest of Ponderosa pine, whereas
Douglas fir is the more dominant forest species on the southern half of the property.
North-facing slopes support a dense growth of Douglas fir. Some of the forest has been
selectively logged in the past.
The property is sometimes used as summer rangeland for cattle. Shallow lakes, which
are filled by small streams during the spring snow melt, provide adequate drinking water
for the livestock.
Sagebrush and prickly-pear cactus grow on exposed southern slopes in the semi-arid
region which receives only 40cm of precipitation annually. Most of the rain occurs during
spring and autumn months. Snow begins to accumulate in November and generally melts
from the property by late March. The snow cover rarely exceeds 30cm.
The Vault property is very close to Okanagan Falls, a community of several thousand people,
while the City of Penticton, population 32,000, is approximately 15km to the north. There are
several power lines near the property as well as good roads to the east and north.
Surface rights are held by Aqua Regia Minerals Ltd. 40% and Canadian Nickel Company Ltd.
60%. There are three District Lots, covering a contiguous area of approximately 350 acres)
which are jointly owned by these two companies.

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Photo 7-1 Access road at the east end of the property, looking up a dry creek
bed, toward the north end of the North Vein.
Photo 7-2 Looking to the northeast from the south part of the property.

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Figure 7.1 Infrastructure

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8.0 HISTORY
“The first Vault claim was staked as the Micrau claim by W. R. Gilmour in 1976.
Gilmour did geological mapping and geochemical sampling that year. Gilmour let his
claim lapse and in 1982 M. Morrison re-staked it as the Vault Claim. Morrison optioned
the claim to Riocanex who drilled four percussion holes that season and staked an
additional four claims. In 1983, Riocanex drilled four NQ diamond drillholes before
terminating their option on the Vault Claims.
Dome Exploration (Canada) Ltd. picked up the Vault option in 1983. After conducting
three kilometers of Induced Polarization and Ground Magnetometer surveys and drilling
seven BQ diamond drillholes the following year, Dome allowed their option on the
claims to drop in 1984.
Seven Mile High Resources Inc. picked up the option in 1984. In 1985, they did
geological mapping, geochemical sampling and geophysical surveys including Very Low
Frequency Eletromagnetic (VLF-EM) and Magnetometer Surveys. They discovered a
new mineralized zone on Claim 4. In 1985, Seven Mile High drilled seven percussion
holes: two were to target the “discovery” mineralized zone on Claim 1 and five targeted
the new find on Claim 4.
In 1986, Seven Mile High Resources entered into a Joint Venture with Inco Ltd. (60%
Inco Ltd. and 40% Seven High Resources Ltd.). Inco conducted a topographic survey
and geological mapping as well as drilling two NQ diamond drillholes. One of these
holes had very encouraging results.
The next year, the joint venture conducted two drill programs, one with six NQ diamond
drillholes and the other with ten NQ diamond drillholes for a total of 16 holes. They also
staked another two claims.
In 1988, 49 NQ diamond drillholes were drilled and a large, auriferous, epithermal
system with several ore grade interceptions was defined over a length of 450 metres. A
legal survey of the main Vault claim posts was completed. Another six claims as well as
five fractional claims were staked. The property now consisted of 13 contiguous claims
and five fractions.
In 1989, the joint venture drilled 75 NQ diamond drillholes and an independent mineral
inventory of the property was conducted.
In 1990, four deep NQ diamond drillholes were drilled. Surface trenching and sampling
also took place.
There was a hiatus in exploration activity until 1997. Inco sold the property to Aqua
Regia Minerals Inc. at that time. Aqua Regia conducted Induced Polarization and
Ground Magnetometer Surveys in 1997.

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In 2000, Aqua Regia established a new grid on the claims. Detailed geological mapping,
Ground Magnetometer and Altimeter surveys were also performed that year.
Some of the targets defined in the previous field season were drilled with 5 percussive
drill holes in 2001.
Reclamation of the 2001drill hole sites was performed in 2002. In addition, the 2000 grid
was extended. Geological mapping continued and biogeochemical sampling was
attempted.”
In 2003, Ecstall Mining (a sister company to Spectrum) optioned the Vault claims from Aqua
Regia Minerals Inc. and in 2004 Ecstall drilled nine NQ diamond drillholes and did geological
mapping on the property. Geotex Consultants Limited was hired to do an assessment of the
property. In total 1,415.08m of core was drilled with an average cost of $212/m.
Limited sampling was done by Ecstall on the Vault claims in 2005.
A historic resource estimate was made by Morrison in 2001 which noted that, “the Central Zone
hosts an estimated reserve of approximately 1.3 million tonnes of 2g/t gold. The North Vein has
a drill indicated reserve of 152,000 tonnes of 14g/t gold plus silver values to a depth of 200m.”
Neither of these estimations meet the definition requirements of NI 43 – 101 for a resource. The
Author has not done sufficient work to classify them as current reserves or resources and is not
treating them as current. These estimates, therefore, should not be relied upon.
The property is not, nor has it been in production.

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Table 8-1 Summary of Work Done
Year Owner Operator No. of claims Work Done
1976 W. Gilmour W. Gilmour 1
Micrau
Geological mapping, geochemical
sampling
1982 M. Morrison (1
claim), Riocanex
Inc.
Riocanex Inc. 5
Vault
Geological mapping, geochemical
sampling, 4 percussion drillholes
(273m)
1983 M. Morrison (1
claim), Riocanex
Inc.
Riocanex Inc. 5 4 NQ diamond drillholes (632.38m)
1984 M. Morrison Dome
Exploration
5 7 BQ diamond drillholes (558.5m),
Geophysical surveys (IP, GM)
1985 M. Morrison Seven Mile
High
Resources
5 Geological mapping, Geophysical
surveys (VLF-EM, GM), 7 percussion
drillholes (472.42.m)
1986 M. Morrison Seven Mile
High/Inco
5 Geological mapping, 2 NQ diamond
drillholes (778.6m), topographic
survey
1987 Seven Mile High
Resources
Seven Mile
High/Inco
7 16 NQ diamond drillholes (4664.01m)
Resources (40%)/
Inco (60%)
Inco 18 49 NQ diamond drillholes
(18,306.18m)
Group (40%)/ Inco
(60%)
Inco 18 75 NQ diamond
drillholes(13,229.53m), independent
mineral inventory conducted
Group (40%)/ Inco
(60%)
Inco 18 4 NQ diamond drillholes, surface
trenching, sampling
1997 Aqua Regia
Minerals Inc.
Aqua Regia
Minerals Inc.
18 Geophysical surveys (IP, GM)
2000 Aqua Regia
Minerals Inc.
Aqua Regia
Minerals Inc.
18 Established a grid, geological
mapping, geophysical surveys (GM,
altimeter)
2001 Aqua Regia
Minerals Inc.
Aqua Regia
Minerals Inc.
18 5 percussion drill holes (363.2m)
2002 Aqua Regia
Minerals Inc.
Aqua Regia
Minerals Inc.
18 Reclamation of 2001 drill sites,
established extensions of grid,
biogeochemical sampling, geological
mapping
2003 Ecstall Mining
Corp.
18
2004 Ecstall Mining
Corp.
Ecstall Mining
Corp.
18 Geological mapping, 9 NQ diamond
drillholes (1,415.05m)
2005 Ecstall Mining
Corp.
Ecstall Mining
Corp.
18 Limited sampling
2007 Spectrum Mining 18

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9.0 GEOLOGICAL SETTING
Adapted from Read, 2006
“Because the description of the rock units underlying the two properties and
intervening area applies to the restricted area of surface sampling and drilling at
the Vault prospect, this section discusses the nature of the boundaries among the
rock units in order of decreasing age. By combining all of the surface and
drillhole information, structure contour maps have been generated for each rock
unit boundary.
The data for the structure contour maps is from drill information for the top of
the Marron Formation, top of the felsite unit, base of the Marama dacite and base
of the White Lake Formation respectively. If a drill hole pierces the boundary
between two rock units, it is an intersection point (IP), but if it ends close to the
boundary, it is a bounding point (BP) because it limits the position of the
structure contours of the boundary surface. The colour of the entry is the rock
type colour used in the geological maps for the bounding rock type. Because of
the variable quality of the location of data points, apparently aberrant data,
labelled out of position (OP) have been omitted from the structure contour maps.
For all surveyed holes, the collar survey (CS) gives the location coordinates of
the collar in the mine grid but lacks the collar azimuth and inclination. Because
the types of downhole survey (DS) differ for each hole, these are distinguished as
dip test (D) where acid was used and azimuth survey (A) where both azimuth and
dip were recorded. As a result of the state of preservation and method of stacking
of the core boxes, the information in the “Notes” comes from the original drill
logs and could not be verified. The information in the “Notes” usually supports
the interpretation of the nature of the boundary in the text of this report, but
where it does not, these data have been italicized.
Appendices A2, B2, C2 and D2 show the core axis angle (TCA) recorded at the
top of the Marron Formation, top of the felsite unit, base of the Marama dacite
and base of the White Lake Formation respectively. By using the strike of the
structure contour maps at the point of the drill hole intersection, the observed
core axis angle (TCA) yields two possible attitudes that have the same strike but
typically dip in opposed quadrants. The value within the parentheses is the angle
of dip and quadrant as measured from the structure contour map. This visually
shows the goodness of fit between the two methods of estimating the dip.
9.1 Top of the Marron Formation
On the top of the Marron Formation, the structure contours outline the east-
plunging Vault syncline that is faulted on its north limb. Detailed observations
from the drill logs of diamond drill holes that penetrate this boundary show that
the north limb either is mainly faulted or occupied by quartz veins/quartz breccia
zones. On the south limb of the fold, the top of the Marron Formation is
unfaulted and lacks the quartz vein and breccia zones. Wherever logging

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recorded the core axis angle of the top of the Marron Formation, the core axis
angle has been converted to the dip of the contact and to the apparent dip of the
contact on the N-S cross-sections of the Vault Property. The structure contour
map of the top of the Marron Formation yields the strike, quadrant and amount of
dip where the drill hole penetrates the surface.
9.2 Marama Sediments
The Marama sediments form a lens between the top of the underlying
trachyandesite flows of the Marron Formation and the base of the overlying
dacite flows of the Marama Formation. Volcanic conglomerate and lahar (unit
Emlh), volcanic sandstone, siltstone and mudstone (unit Emsl), felsite (rhyolite)
tephra and possibly flows (unit Emfl), basalt tephra and possibly flows (unit
Emvb) and plagiophyric andesite (unit Emva) comprise the volcano-sedimentary
lens. All rocks logged in drill core as “ultramafic rocks” are equivalent to the
basalt tephra and possible flows of units Emvb and Emva. In areas with little or
no drilling, the different types of sedimentary and volcanic rocks are undivided
and grouped as unit Ems.
Numerous cross-sections show that the lens attains a maximum thickness of 250
m in the hinge of the syncline and may thin on the limbs to less than a few
metres. In general, the coarse clastic sediments (unit Emlh) selectively form the
bottom of the lens against the faulted top of the Marron trachyandesite flows on
the north limb of Vault syncline. Upsection on the north limb and throughout the
lens on the south limb, the volcanic conglomerate and lahar form tongues that
interfingering with the fine clastic sediments of unit Emsl. Near the top of the
lens on the north limb, siltstone and mudstone selectively blanket the underlying
fine to coarse clastic intercalations.
Within the interfingering sediments is a felsite tephra (Emfl) with possible flows
surrounded by basalt tephra with possible flows. Structure contouring of the top
of the stratigraphically highest felsite shows the felsite terminates against the
faulted top of the Marron Formation on the north limb of Vault syncline. The
felsite extends throughout the rest of the area where it outlines an easterly
plunging synclinal form that mimics the base of the overlying Marama dacite. Of
the 49 drillhole intersections of the top of the felsite, 42 are unfaulted. The cross-
sections and calculations of the dip of the upper contact of the felsite from core
axis angles confirm that the attitude of the top of the felsite conforms to the
surrounding stratigraphy. The conformable nature and similar composition of the
felsite throughout the Vault syncline, both within and outside the volume of
hydrothermally altered rocks, imply that the felsite comes from a rhyolite
protolith. The readily recognizable parentage of the enclosing basalt Emvb, the
conformable contact of the felsite with the surrounding clastic sediments and
Church’s (1973, p. 40) report of extrusive rhyolite in this stratigraphic interval
from elsewhere in the White Lake basin undermine Rasmussen’s suggestions
(2004, p. 4) that the felsite was developed from a more mafic protolith and in
particular from mafic dikes.

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9.3 Marama Dacite
The Marama dacite forms a sheet of flows lying between the Marama sediments
and overlying volcanic and sedimentary rocks of the White Lake Formation. At
the north edge of the drilled area, the fault forming the top of the Marron
Formation on the north limb of Vault syncline slices off the underlying Marama
sediments, sets the dacite against the Marron Formation and determines the
northern extent of the Marama dacite. As with the top of the Marron Formation,
the structure contours on the base of the Marama dacite outline a coincident,
easterly plunging syncline, but it is more open. The western end of the syncline is
very open and gently plunging consistent with the surface bedding measurements
observed in the underlying Marama sediments. Of the 58 holes penetrating the
base of the Marama dacite 52 pierce an unfaulted boundary along which the
lowest flow typically has a chilled base against the underlying Marama
sediments. The flows usually lie on mudstone.
Calculation of the orientation of the base of the flows from recorded core axis
angles yields two possible attitudes. The more likely was selected and compared
to the attitude of the base of the flows as determined by structure contours. Most
of the calculated core-axis dips lie within 15º of the structure-contour determined
dips. The agreement is surprisingly good considering that the base of the flows is
an angular unconformity against the underlying Marama sediments.
9.4 White Lake Formation
Surface mapping shows cream-weathering rhyolite tephra and crystal-lithic tuff
of unit Ewlvr overlying the Marama dacite, but drilling shows clastic sediments
of unit Ewlcg with Marama dacite clasts immediately above the flows on an
unfaulted contact. The different rock types found in the drilling and mapping
probably result from the lack of outcrop near the base of the White Lake
Formation and the recessive weathering of the clastic sediments. On the south
edge of the drilled area, south of the gully draining “Turtle Lake”, a thin tongue
of porphyritic andesite lahar (unit Ewlvapx) intervenes between the rhyolite
tephra and the top of the Marama dacite. To the east of the drilled area, surface
mapping shows an outcrop gap before the bedded exposures of volcanic
conglomerate and sandstone of unit Ewlcg east of Highway 97. Faulting is not
known to exist along this gap.
The base of the White Lake Formation outlines an easterly plunging depression
with an axis of similar orientation to the syncline outlined by the base of the
Marama dacite, top of the felsite and top of the Marron Formation, but it lies
approximately 300 to 400m north of the syncline outlined by the stratigraphically
lower units. Calculation of the orientation of the base of the White Lake
Formation from recorded core axis angles yields two possible attitudes. The more
likely was selected and compared to the attitude of the base of the flows as

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determined by structure contours. Most of the calculated core-axis dips lie within
15º of the structure-contour determined dips. The agreement is surprisingly good
considering that the base of the formation is an angular unconformity against the
underlying Marama dacite. The northward offset of the axis of the base of the
White Lake Formation may result from either (a) the axis represents the hinge
line of a fold developed next to a growth fault or (b) the axis represents a
paleovalley in the top of the Marama dacite. The undeflected bedding attitudes in
the sedimentary lens of unit Ewlcg immediately east of Highway 97 support the
latter interpretation.
9.5 REGIONAL STRUCTURE
Along the western edge of the Okanagan Metamorphic Complex, the Okanagan
Fault separates the Tertiary and older rocks on the west from the high grade
metamorphic rocks of the complex to the east. West of the westerly dipping
Okanagan Fault, the Tertiary rocks lie unconformably on Mesozoic intrusions
and low grade metamorphic rocks of Paleozoic and Mesozoic age (Tempelman-
Kluit, 1989). North of the Penticton area, the fault disappears and in a few areas
along and near the western edge of the metamorphic complex, detailed mapping
indicates that growth faults during Eocene deposition played a role in juxtaposing
the Eocene against the metamorphic basement (Mathews 1981; Read, 1996).”
Photo 9-1 Discovery showing at the north end of the main zone.

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Photo 9-2 Brecciation and veining in discovery showing.
Photo 9-3 Layering in discovery showing.

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Photo 9-4 Mineralized quartz vein trending east-west, North Vein.
Photo 9-5 Cross-cutting quartz vein, trending north-south, North Vein.

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Figure 9-1 Regional Geology (from: Church 2002)

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Figure 9-2 Property Geology (from: Read 2006)

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Figure 9-3 Cross-section 200 E (from: Read 2006)

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10.0 DEPOSIT TYPES
The Vault gold occurrence is classified as a low sulphidation epithermal gold deposit. The
occurrence is hosted in a lacustrine/subaerial volcanic setting within the White Lake Basin, which
was formed by Eocene extension and rifting The White Lake Basin is the northern extension of
the Republic Graben in Northern Washinton, USA. More than four million ounces of gold were
produced from similar low sulphidation epithermal gold deposits in the Republic Graben (Figure
10-1). These types of deposits commonly occur in island arcs and continental arcs associated
with subduction. Epithermal deposits are classified as products of hydrothermal fluids which
have a specific depth range. The deposits are found near the surface and mineralization occurs at
a maximum depth of one kilometer but it rarely exceeds a depth of 600m (on the Vault property,
the eastern most drillhole #72741 has a mineralized intersection at a depth of ~550m, and the
feeder zone is projected to be approaching 600m in depth, note that these depths may not
represent original depths of mineral deposition). It is also considered that temperatures range
from 50-300o
C under conditions of moderate pressure.
Typically, most of the ore is found in veins which tend to be irregular branching fissures, vesicle
fillings, stockworks, breccia pipes and disseminations. The most common form of emplacement
is open space fillings; these include cockscomb textures, crustifications, drusy cavities and
symmetrical banding. Colloform textures are also found. These are typical of a shallow volcanic
environment which indicate low temperatures and the free circulation of hydrothermal fluids.
Evidence for repeated mineralization is evident; this includes re-brecciation and multistage
banding.
Ore minerals are usually fine grained but have coarse grained well crystallized overgrowths of
gangue minerals. The ore assemblages include sulfantimonides, gold and silver tellurides,
stibnite, cinnabar, native mercury, electrum, native gold, native silver, selenides and to a lesser
extent galena, sphalerite and chalcopyrite. Typical gangue minerals found are quartz, calcite,
fluorite, barite and pyrite. Dolomite, hematite, chlorite, rhodonite are sometimes found.
Mineralizing fluids ascend from hot igneous intrusion, then mix and interact with meteoric water.
Epithermal gold is deposited in the boiling zone (potential bonanza deposit). Alteration of country
rocks is caused by invading hot fluids (advanced argillic alteration). Gold can also be deposited in
a hot spring environment (mineralizing fluids reach the surface and cool, depositing ore) and in a
placer environment (erosion of an ore body, heavy metals redeposited in sedimentary
environment).
The deposit type and model for the Vault gold occurrence is considered appropriate for an
epithermal gold deposit.

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Photo 10-1 Quartz veining in drill core, DH 04-02 at approximately 250m down
hole. Shows typical drusy, crustiform textures of epithermal type deposits.
Photo 10-2 Trenching of the North Vein (from Ecstall web site).

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Figure 10-1 Early Tertiary Basins (from Ecstall web site).

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11.0 MINERALIZATION
“On the northern limb of the Vault Syncline, some of the lahar, felsite,
and sandstone host white through grey to black quartz/chalcedony veins
of differing ages and silica-cemented quartz breccias composed of
quartz/chalcedony vein clasts. These silica concentrations are locally
colloform and typically accompanied by up to 15% very finely
disseminated pyrite and/or marcasite with the greatest sulphide
concentration at the vein and clast margins.
11.1 Gold Mineralization
The assays from the 2004 drill program combined with those from earlier
drill programs, together with the locations and true thicknesses of assays
exceeding 10g/t, outline four easterly plunging, elongate mineralized
bodies which extend down the dip of the north limb of Vault Syncline in
the lahars, where they form the hanging wall of Vault Fault. Vault Fault
truncates the mineralized bodies, which do not extend into the Marron
trachyte and trachyandesite of the footwall. The 1 g/t Au-contour
outlines these bodies with composited assays of >1 g/t. The West Zone
extends for 300m from section 175E to 475E and the Main Zone spans
425m from section 525E to 950E. Although drilling is sparse on section
500E, there is sufficient drilling to show that the West and Main zones
are not connected. In the hanging wall of Vault Fault at higher elevations
than the West and Main zones, are two much smaller zones 40 to 100m
of Au >1 g/t. To the east of section 950E, drilling is insufficient along the
projection of the Main Zone to outline its continuation. To the west of
the West Zone, drilling is inadequate to outline further zones of
anomalous precious metal values, but surface samples indicate low
values are present.
The orientations of the quartz veins and quartz breccia zones within these
bodies are unknown and they cannot be projected among drill holes or
sections. Because none of the drilling programs on the Vault property
included surveying of the drill-hole collar azimuth and dip, the inability
to define the narrow veins and their orientations may result from a lack
of suitable surveying rather than an apparent random orientation of
veining. Auriferous quartz veining in the underlying Marron Formation,
such as the North Vein, dominantly strikes easterly and dips southwards.
Of equal importance, the continuity of the North Vein for nearly 1000m
shows an absence of significant, north striking post-vein faulting.

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11.2 Molybdenum Mineralization
Assays from the Vault Property are characterized by anomalously high
Mo in distinction to the background values obtained on the Dusty Mac
Property. Although molybdenite has not been identified on the property,
“molybdenum” was identified in hole 72449 in the 313.00-313.88m
interval. The yellow fluorescing mineral powellite (CaMoO4) has been
found (C. Graf, pers. comm., 2005). A review of the drill logs, at
intervals assaying more than 0.1%Mo, shows that the typical host is grey
to black multistage quartz veins or quartz breccia zones with >3% sooty
pyrite (Table 8). The veins and quartz breccia zones typically cut either a
lahar in the sedimentary portion of the Marama Formation or
plagiophyric andesite flows within the Marama sediments. Two
occurrences are in trachyandesite of the Marron Formation. Although the
North Vein has elevated Mo assays, no values approach 0.1%Mo. The
dacite flows of the Marama Formation run between 1 and 3 ppm Mo
with only two short sections in holes 72415 and 82709 exceeding these
values. The distribution of Mo appears on the sections as a 50ppm
contour with the locations of assays >0.1%Mo shown.
Because Mo assays >0.1% are associated with quartz vein and breccia
zones, which yields an average width of 0.33m for the 37 intersections
with recorded core axis angles.
11.3 Distribution of Gold and Molybdenum Values
Both the assay plan and assay sections show that in the West Zone, the
volumes with Au >1 g/t and Mo >50ppm spatially overlap so that over
much of the volumes Mo can be considered a “sweetener” when mining
for Au. In the Main Zone, volumes for Au >1 g/t and Mo > 50ppm only
overlap locally and the “sweetener” effect is absent.
The distribution of precious metal and molybdenum values in the lower
Marama sediments, their truncation along the Vault Fault and association
with multistage quartz/chalcedony veins and breccia zones suggest two
differing epithermal mineralization models. These models are
summarized as a “decapitated model” and as an “in situ” model. In both
models, the development of the Vault Fault as a growth fault plays a
critical role in localizing the mineralization.
In the “decapitated model”, Vault Fault separated the mineralization in
the lahar, sandstone and felsite of the lower Marama sediments from its
underlying feeder vein system in the trachyandesite flows of the Marron
Formation. The normal fault movement along Vault Fault displaced the
West and Main zones from their feeder system represented by the steep
south-dipping North Vein. In this model, intermittent movement along a
growth fault, Vault Fault, created the stratigraphy of the Marama

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sediments grading from lahars proximal to the fault trace to fine
sediments distal to the fault. The fine sediments formed an impermeable
cap or dam for the mineralizing fluids and the underlying lahar and
sandstone a permeable medium for deposition from the mineralizing
fluids. The presence of multistage quartz/chalcedony veins and
quartz/chalcedony breccias attest to an extended period of deposition
from mineralizing fluids in a tectonically active environment extending
along the hanging wall of Vault Fault. The easterly elongation of the
mineralized zones parallels the strike of the North Vein.
Appealing as this model may appear, it implies significant fault
movement along Vault Fault. For example at section 350E, it would
require 1000-1200 m of dip-slip motion and at section 800E, at least
700m. Yet Vault Fault is not traceable west of section 50W. On
structural grounds, the “decapitated” model apparently runs into
difficulties.
In the “in situ” model, Vault Fault plays an even more prominent role
because it is not only responsible for the stratigraphic facies changes of
the lower Marama sediments, but also it is the site of the feeder vein
system. A significant number of drill holes have been drilled in the
Marron Formation at a moderate declination to the south where they pass
under the mineralized zones in barren trachyandesite flows. Only a few
drill holes have tested the possibility that the feeder system is subparallel
to the Vault Fault.”
Mineralization lithologies were observed by Morris during the site visit both in drill core
and in surface exposures. The description of the mineralization appears applicable to the
Vault project.

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12.0 EXPLORATION
In addition to geological mapping and drilling, the Vault property has been explored with
both geophysical and geochemical surveys.
12.1 Geophysical Surveys
Dome carried out an induced polarization survey and a ground magnetometer survey in
1984. In 1985, Seven Mile High Resources carried out a very low frequency
electromagnetic (VLF-EM) survey and a ground magentometer (GM) survey. In 1997,
Aqua Regia conducted induced polarization (IP) and GM surveys. In retrospect, it was
realized that Aqua Regia’s IP survey had outlined the main mineralized zone but it was
not recognized at the time. The IP survey also showed an anomaly 300m east of the main
zone. Other than Aqua Regia’s IP survey, little is known of the results of these surveys.
In 2000, Aqua Regia designed a magnetometer survey to try and outline some of the
magnetite rich volcanic units of the Lower Marama Formation across areas of the
property covered by drift. The magnetometer survey appeared to be successful in
outlining the Marama volcanic unit to the west where bedrock is covered by thick
overburden.
Aqua Regia also ran an altimeter survey in 2000 which they hoped would help interpret
the geometry of the geology on portions of the property with very hummocky
topography. Again, there is little information on the results of this survey.
12.2 Geochemical Surveys
Geochemical surveys were undertaken early in the days of the Vault claims, in 1976 and
in 1982, to identify areas having potential for gold mineralization. The 1982 sampling
showed that higher than normal amounts of As, Sb and to a lesser extent Hg overlay the
intense silicification of the main mineralized zone.
Apart from analyzing drill core, no further geochemical surveys were done until 2002.
That year, a biogeochemical survey was completed over the North vein to see if that
sampling method might prove useful for finding similar veins. The only element in the
deadwood branches of Ponderosa Pine that appeared to show anomalous values over the
North vein was manganese. In all, the branches were analyzed for 35 different elements,
including gold and silver.

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13.0 DRILLING
Between 1982 and 2004, a total of 190 holes, including percussion and BQ and NQ
diamond holes, were drilled on the Vault property. Table 13-1 summarizes the number of
hole types and the total length of drilling for the property. Table 13-2 is a list of drill
holes showing the year drilled, type of hole, location on the Vault base map grid,
elevation and depth.
Table 13-1 Drillhole Summary
Type of Hole Number of Holes Total Length Drilled
Percussion 16 1108.62m
BQ DDH 7 558.5m
NQ DDH 167 41,811.81
Total 190 43,478.93m
Relation to true thickness is discussed in Item 14.

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Table 13-2 List of Drillholes
Year Drill Hole Type Mine Grid
Easting
Mine Grid
Northing
Elevation Total Depth Drilling
Company
1982 PDH-1 Percussion 65.64 -46.6 542 91.5 L. Spence Percussion
1983 83-1 DDH(NQ) 350.1 -148.5 488 213.5 Beaupre Diamond
1983 83-2 DDH(NQ) 202.7 -159.6 496 100 Beaupre Diamond
1984 138-1 DDH(BQ) 230.26 -74.04 532 91.4 Beaupre Diamond
1984 138-4 DDH(BQ) 342.08 -99.14 507 96 Beaupre Diamond
1984 138-6 DDH(BQ) 426.5 -53.26 488 78 Beaupre Diamond
1984 138-7 DDH(BQ) 555.2 13.75 477 96.6 Beaupre Diamond
1985 PDH-1 Percussion 423.8 -113.6 487 57.91 Beaupre Diamond
1985 PDH-2 Percussion 534.6 -127.4 482 73.15 Beaupre Diamond
1985 PDH-3 Percussion 165 -830 567 76.2 Beaupre Diamond
1985 PDH-4 Percussion 325 -885 594 64 Beaupre Diamond
1985 PDH-5 Percussion 495 -975 599 64 Beaupre Diamond
1985 PDH-6 Percussion 585 -1075.01 598 48.77 Beaupre Diamond
1985 PDH-7 Percussion 215 -770 562 88.39 Beaupre Diamond
1986 38897 DDH(NQ) 242 -570 583 321.6 Beaupre Diamond
1986 38898 DDH(NQ) 863.77 -114.96 478 457 Beaupre Diamond

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Easting
Mine Grid
Northing
Company
1987 72402 DDH(NQ) 663.44 -94.15 477 201.8 Beaupre Diamond
1987 72403 DDH(NQ) 858.84 30.14 486 141.43 Beaupre Diamond
1987 72404 DDH(NQ) 839.5 2.37 479 301 Beaupre Diamond
1987 72418 DDH(NQ) 873.41 -404 490 442.4 Beaupre Diamond

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Easting
Mine Grid
Northing
Company
1988 72442 DDH(NQ) 764.78 219.45 497.5 586.74 Beaupre Diamond

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Easting
Mine Grid
Northing
Company
1988 72469 DDH(NQ) 525 -143.8 490 296.57 Beaupre Diamond
1989 82704 DDH(NQ) 481 13.27 486 44.5 Beaupre Diamond
1989 82707 DDH(NQ) -118.81 160.98 522 163.07 Beaupre Diamond
1989 82721 DDH(NQ) -24.78 251.39 556 114 Beaupre Diamond

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Easting
Mine Grid
Northing
Company
1989 82723 DDH(NQ) -82.32 267.55 556.5 65.23 Beaupre Diamond
1989 82724 DDH(NQ) -82.32 267.55 556.5 90.53 Beaupre Diamond
1989 82742 DDH(NQ) 424.86 277.55 512 89 Beaupre Diamond

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Easting
Mine Grid
Northing
Company
1989 82764 DDH(NQ) 432 185 531 233.48 Beaupre Diamond
1989 82770 DDH(NQ) 918 112.54 476 288.34 Beaupre Diamond
1989 82771 DDH(NQ) 2210 +1100 450 74.98 Beaupre Diamond
1990(?) 82776 DDH(NQ) 208 -160 497 162.15 Beaupre Diamond

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Easting
Mine Grid
Northing
Company
? 82780 DDH(NQ) 106.83 -129.63 509 97.84 Beaupre Diamond
? 82781 DDH(NQ) 0 -200 548.1 154.53 Beaupre Diamond
? 82782 DDH(NQ) 880 100 485 359.97 Beaupre Diamond
? 82783 DDH(NQ) 775 100 513 444.3 Beaupre Diamond
? 82784 DDH(NQ) 350 -164 487 203 Beaupre Diamond
? 82785 DDH(NQ) 350 -164 487 197.21 Beaupre Diamond
? 82786 DDH(NQ) -100 100 516 355.09 Beaupre Diamond
? 82787 DDH(NQ) 50 100 527 324.6 Northspan Exploration
2001 V-01-1 Percussive -108 -193 546 66.4 Northspan Exploration
2004 V-04-01 DDH(NQ) 632 151 477.2 105.5 Falcon Drilling
2004 V-04-01A DDH(NQ) 647 159 477.2 453.2 Falcon Drilling
2004 V-04-02 DDH(NQ) 526 68 480.2 355 Falcon Drilling
2004 V-04-03 DDH(NQ) 324 -7 510.7 282.8 Falcon Drilling
2004 V-04-04 DDH(NQ) -165 -152 540.9 43.6 Falcon Drilling

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14.0 SAMPLING METHOD AND APPROACH
No mention of sample procedure is given in reports until 2001 when the following method of
sampling is discussed:
“Approximately 30kg of rock powder and chips were produced from each 3m drill
intercept. The 30kg sample was poured evenly across a large sheet of plywood and a
cement trowel was used to scoop a representative sample from several points of the pile
until 24kg of material was collected in a plastic rock sample bag for shipment to the
laboratory. A second sample was collected in the same manner for back-up purposes, and
the excess material was discarded. A geological sample for logging purposes was also
screened and washed from each 3m drill interval.
In order to save assaying costs, several of the individual (3m) samples were combined
with adjoining 3m drill intervals to make up composite samples. If the geology did not
appear promising, sometimes up to 5 samples (representing 15m of drill intercept) were
combined as a single composite sample. It was felt that if the composite samples proved
to be anomalous in certain elements, then the individual samples making up the
composite sample could be analyzed at a later date.”
Lack of information does not allow a number to be assigned to the total number of samples on the
Vault Property. Table 14-1 shows an incomplete summary of the number of samples taken and
analyzed from drill holes.
Table 14-1 Summary of Known Drill Hole Samples
Year Number of holes
sampled
Number of samples Analytical company
1982 4 82 Chemex
1986 3 85 Acme Analytical
Labs
1987 6 242 Chemex
1989 1 125 Acme Analytical
Labs
2001 5 36 Eco-Tech Laboratory
2004 7 195 Teck Cominco
Total 26 765

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Table 14-2 Highlights from drilling, North Vein (1982 only)
DDH
Drilled
Length (m)
True Width
(m)
Au
(g/t)
82761 1.90 1.71 2.333
82768 1.29 0.82 24.405
82756 1.87 1.81 2.027
82757 1.30 0.78 12.130
82754 1.10 0.71 14.364
82755 2.51 1.61 15.113
72421 0.70 0.60 26.500
82748 2.24 1.28 2.940
82763 0.68 0.44 23.352
82764 1.32 0.85 15.916
82740 0.71 0.46 27.592
82742 1.11 0.94 18.605
82766 0.46 0.33 23.775
82730 1.33 0.45 14.303
82725 0.88 0.67 7.322
82726 0.45 0.26 20.710
82708 2.22 1.58 13.222
82723 1.54 1.33 5.196
82724 2.57 1.82 20.107
82716 1.51 1.24 1.602
Table 14-3 Highlights from drilling, Main Zone (2004 only)
DH From (m) To (m) Thick (m) Au (g/t)
V-04-01A 356.50 357.50 1.00 1.150
V-04-01A 408.00 409.00 1.00 1.204
V-04-01A 419.70 420.70 1.00 1.269
V-04-01A 425.40 426.00 0.60 1.287
V-04-01A 331.00 332.00 1.00 1.327
V-04-01A 426.00 427.00 1.00 1.375
V-04-01A 343.00 344.00 1.00 1.426
V-04-01A 434.00 434.80 0.80 1.465
V-04-01A 416.00 417.00 1.00 1.867
V-04-01A 390.00 391.00 1.00 2.025
V-04-01A 424.40 425.40 1.00 2.039
V-04-01A 429.60 430.60 1.00 2.136
V-04-01A 348.00 349.00 1.00 2.343
V-04-01A 378.40 379.20 0.80 3.097
V-04-01A 418.70 419.70 1.00 3.768
V-04-01A 377.00 378.40 1.40 4.158
V-04-01A 281.00 282.00 1.00 4.301

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DH From (m) To (m) Thick (m) Au (g/t)
V-04-01A 439.70 440.70 1.00 6.274
V-04-01A 430.60 431.60 1.00 8.423
V-04-01A 303.00 304.00 1.00 9.196
V-04-01A 282.00 283.00 1.00 11.491
V-04-02 278.00 279.00 1.00 1.064
V-04-02 273.00 274.00 1.00 1.069
V-04-02 241.10 242.10 1.00 1.141
V-04-02 275.00 276.00 1.00 1.204
V-04-02 244.10 245.00 0.90 1.238
V-04-02 271.00 272.00 1.00 1.244
V-04-02 260.00 261.00 1.00 1.585
V-04-02 342.80 343.40 0.60 1.762
V-04-02 283.00 284.00 1.00 1.834
V-04-02 233.10 234.10 1.00 1.959
V-04-02 232.00 233.10 1.10 1.965
V-04-02 258.00 259.00 1.00 2.098
V-04-02 240.10 241.10 1.00 2.227
V-04-02 277.00 278.00 1.00 2.810
V-04-02 276.00 277.00 1.00 3.195
V-04-02 335.60 336.00 0.40 3.241
V-04-02 272.00 273.00 1.00 4.012
V-04-02 309.00 310.00 1.00 4.508
V-04-03 116.20 118.30 2.10 1.060
V-04-03 119.30 120.30 1.00 1.460
V-04-03 137.90 138.90 1.00 1.470
V-04-03 146.10 147.10 1.00 1.590
V-04-03 149.20 151.10 1.90 1.620
V-04-03 114.20 116.20 2.00 2.000
V-04-03 118.30 119.30 1.00 2.920
V-04-03 174.10 175.30 1.20 3.400
V-04-05 27.50 29.00 1.50 1.322
V-04-05 24.50 26.00 1.50 2.840
V-04-05 26.00 27.50 1.50 6.140
V-04-06 10.00 11.50 1.50 3.800
The samples represent the mineralized zones for both the Main Zone and the North Vein. In
general the rock type sampled is confined to the silicified sections. In the North Vein, the
orientation of the vein relative to the drillholes was easily determined and the true thickness is
given. In the Main Zone the true thickness of the mineralization is more difficult to determine.
MMTS has not been involved in any sampling work on the property.

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15.0 SAMPLE PREPARATION, ANALYSES AND SECURITY
No mention is made of sample preparation, analyses and security in reports until 2001 when the
following method of sample preparation is discussed:
“The samples were analyzed for 28 elements by standard ICP methods, and for gold by
atomic absorption. The samples were crushed to -10 mesh using jaw and cone crushers
and then a 250g split sample was ring pulverized to approximately -140 mesh. A measure
of the -140 mesh material was digested by aqua regia and analyzed by ICP. Fire assay
and atomic absorption were used for the gold analysis.”
MMTS has not been involved in any sampling on the property.
It is the author’s opinion that the sample preparation, security and analytical procedures followed
during the work on the property were normal for that period of time and can be relied on as the
work was done by professional geologists.

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16.0 DATA VERIFICATION
MMTS has completed a site visit on the Vault Property during the 3rd
and 4th
of October 2007.
As well, all of the previous assessment work on the property was examined.
Drill core, drill sites, old trenches as well as surface exposures were examined during the site
visit.

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17.0 ADJACENT PROPERTIES
The former producer, Dusty Mac Mine, also owned 100% by Spectrum, is also located within the
White Lake Basin approximately l0km east of the Vault Claims. Total production from the
Dusty Mac mine was 93,295 tonnes, grading 11 g/t gold and 198 g/t silver. Mineralization at
Dusty Mac was in a much smaller silicified zone than is present on the Vault Property. The
Dusty Mac Mine is hosted by slightly younger rocks than at Vault.
Recovery at Dusty Mac included 606,006g of gold, 10,552,750g of silver, 2432g of copper,
2313g of lead and 242g of zinc. Dusty Mac mine was in operation from 1975 to 1976.
The property was visited on the 3rd
of October 2007 by the author.
Photo 17-1 The old Dusty Mac pit, looking to the northeast.

Vault Gold Project
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Vault Gold Project
18.0 MINERAL PROCESSING AND METALLURGICAL
TESTING
No mineral processing or metallurgical testing has been performed on the Vault property
mineralization.

Vault Gold Project
15 January 2008
Vault Gold Project
19.0 MINERAL RESOURCE AND MINERAL RESERVE
ESTIMATES
MMTS has not prepared a resource estimate for the Vault Property.
There have been no historic resource estimates done on the property.

Vault Gold Project
15 January 2008
Vault Gold Project
20.0 OTHER RELEVANT DATA AND INFORMATION
No relevant data or information has knowingly been omitted by the author.

Vault Gold Project
15 January 2008
Vault Gold Project
21.0 INTERPRETATION AND CONCLUSIONS
“Based on surface mapping and a three dimensional analysis of all drilling data
from the Vault Property, the following conclusions cover stratigraphy, structure
and mineralization.
21.1 STRATIGRAPHY
Southeasterly towards the village of Okanagan Falls and east of it on the Dusty
Mac Property, slide blocks and debris from the Marron Formation make a major
contribution to the detritus composing the White Lake Formation. On the Dusty
Mac Property, drilling indicates that the Marama sediments and Marron
Formation are missing and the dacite flows of the Marama lie directly on the
Okanagan Gneiss basement. Their absence results from truncation along the low-
angle Okanagan Valley Fault.
21.2 STRUCTURE
The easterly trending and gently plunging Vault syncline and Turtle Lake
anticline dominate the structure of the Marron and Marama formations, but fade
out in the overlying White Lake Formation leaving a north-northwesterly tilted
sequence of Eocene stratigraphy on the west side of Skaha Lake.
East of Skaha Lake, attitudes in the Eocene rocks outline a gentle easterly
plunging syncline north of the drift covered valley containing the Dusty Mac
open pit.
Three major faults control the distribution of the Eocene rocks on the two
properties.
1. On the north side of the Vault Property, the northeasterly to easterly
striking and moderately southerly dipping Vault Fault has right hand, normal
oblique-slip movement. At the Vault showing, Vault Fault truncates the east
limb of Vault Syncline.
2. On the west side of Skaha Lake in the middle of the Vault Property,
the northerly striking and moderate easterly dipping Lime Springs Fault is a
reverse fault. On the west shore of Skaha Lake, this fault sets lower Marama
sediments against the White Lake Formation.
3. The northwesterly trending Skaha Lake fault is of unknown dip.
21.3 MINERALIZATION
Gold mineralization in the Dusty Mac and Vault properties is in different
stratigraphic positions in the Eocene stratigraphy.
1. On the Vault Property, it is in the sediments of the lower part of the
Marama Formation and locally in the trachyandesite flows of the underlying
Marron Formation.

Vault Gold Project
15 January 2008
Vault Gold Project
2. On the Dusty Mac Property, it is in sediments and(?) volcanic or
subvolcanic rocks of the White Lake Formation.
(b) On both properties, the Au mineralization forms in multistage quartz-
chalcedony veins and quartz breccia zones with pyrite and marcasite.
(c) On both properties the Au mineralization forms in dilatant zones.
1. On the Vault Property, the Vault Fault is a growth fault that was active
during the deposition of the lower Marama sediments and later Au
mineralization.
2. On the Dusty Mac Property, Rasmussen (2004) postulated dilatant
zones formed by movement on two or more sets of faults.
(d) Variations in the abundance of Mo suggest that each of the properties has its
unique mineralizing source.
(e) On the Vault Property, the low Mo/Au ratio of the North Vein indicates that
the feeder system for Au-Mo-mineralization in the lower Marama sediments
probably was not the North Vein.
MMTS agrees with the conclusions made by Dr. Read.

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Vault Gold Project
22.0 RECOMMENDATIONS
“On the Vault Property, mineralization in the lower Marama sediments is
unexplored from east of Section 1100E to as far east as the easterly
dipping Lime Springs Fault, a distance of approximately one kilometer.
In this area, any further drilling should lie on the north limb of Vault
Syncline, Figure 22-1, drill area 1.
With the North Vein not an obvious candidate as a vein feeder system for
the mineralization in the lower Marama sediments, the Vault Fault
should be drilled down dip from where the lower Marama sediments
form the hanging wall. The exploration target would be feeder veins
(previous high-grade intercepts of 16g/t and 20g/t over one meter) within
or adjacent to and subparallel with the Vault Fault, Figure 22-1, drill
areas 2 and 3, and Figure 22-2.
To the west of section 100E, drilling is scattered, some of it done early in
the exploration of the property, and a considerable amount of the core
not assayed. This area encompasses a potential open pit mining
environment and should be further explored, Figure 22-1, Phase two drill
area.”
MMTS agrees with the recommendations proposed by Dr. Read and the priority drill
areas are shown on Figures 22-1 and 22-2.
In total, four drillholes are proposed as a Phase one program for a total of 1,500m of
drilling. A preliminary budget of approximately $210,000 includes;
 Drill Area 1, one hole approximately 550m long
 Drill Area 2, one hole approximately 450m long
 Drill Area 3, two holes, each approximately 250m long
Phase One drilling, 1,500m @ ~$125/m = $190,000
Reporting = $ 20,000
Total = $210,000

Vault Gold Project
15 January 2008
Vault Gold Project
Figure 22-1 Priority Drill Targets (from: Read 2006)

Vault Gold Project
15 January 2008
Vault Gold Project
Figure 22-2 Priority Drill Targets, North Vein (from: Read 2006)

Vault Gold Project
15 January 2008
Vault Gold Project
23.0 REFERENCES
Church, B.N., 2002: Geology of the Penticton Tertiary Outlier. Geoscience Map
2002-5.
Gilmour, W.R., 1977: Geological and Geochemical Report on the Micrau Mineral
Claim. Assessment Report No. 6154.
Groeneweg, W., 1987: Geological and Diamond Drilling Report on the Vault 1-5
Claims. Assessment Report No. 15,595.
Groeneweg, W., 1988: Diamond Drilling Report on the Vault 1 Claim. Assessment
Report No. 17,293.
Groeneweg, W., 1989: 1:100 scale geological maps of North Vein trenched area;
unpublished maps.
Groeneweg, W., 1989: Diamond Drilling Report on the Vault 1 Claim. Assessment
Report No. 18,745.
McClintock, J.A., 1982: Vault Option, Geology, Geochemistry and Drilling.
Assessment Report No. 10,968.
Morrison, M., 2001: Geological and Geophysical Assessment Report on the Vault
Claim Group. Assessment Report No. 26,572
Morrison, M., 2001: Percussion Drilling Assessment Report on the Vault Claim Group.
Morrison, M., 2003: Geological and Geochemical Assessment Report on the Vault
Claim Group. Assessment Report No. 27,180.
Oddy, R.W., 1984: Diamond Drill Program on the Vault 1-5 Mineral Claims.
Read, P.B., 2005: 2004 Diamond Drilling Programme, Vault Epithermal Au-Ag
Property. Assessment Report No. 27794A.
Read, P.B., 2006: Geology and Mineralization, Vault and Dusty Mac Epithermal Au-Ag
Properties.

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Vault Gold Project
24.0 DATE AND SIGNATURE PAGE
I, Robert J. Morris, M.Sc., P.Geo., do hereby certify that:
1. I am a Principal of Moose Mountain Technical Services, 6243 Kubinec Road,
Fernie BC V0B 1M1.
2. I graduated with a B.Sc. from the University of British Columbia in 1973.
3. I graduated with a M.Sc. from Queen’s University in 1978.
4. I am a member of the Association of Professional Engineers and Geoscientists of
B.C. (#18301).
5. I have worked as a geologist for a total of thirty-four years since my graduation
from university.
6. My past experience with gold exploration and mining includes work in the
Bralorne area, China, Argentina, and Northern Saskatchewan.
7. I have read the definition of “qualified person” set out in NI 43-101 and certify
that by reason of my education, affiliation with a professional association and
past relevant work experience, I fulfill the requirements to be a “qualified
person” as defined in National Policy 43-101.5.
8. I am responsible for the geology and resource review and verification and
preparation of the technical report titled “Exploration Proposal for the Vault Gold
Project”, dated 15 January 2008.
9. I completed a site visit of the Vault Property on the 3rd
and 4th
of October 2007. I
have had no prior involvement with the Vault property.
10. As of the date of this certificate, to the best of my knowledge, information and
belief, the technical report contains all scientific and technical information that is
required to be disclosed to make the technical report not misleading.
11. I am independent of the issuer applying all of the tests in section 1.4 of National
Instrument 43-101, and work as a consultant to the mining industry.
12. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been
prepared in compliance with that instrument and form.
Date this 15th
day of January 2008,
________________________
Signature of Qualified Person
Robert J. Morris, M.Sc., P.Geo.
Print Name of Qualified Person

Vault Gold Project
15 January 2008
Vault Gold Project
25.0 ADDITIONAL REQUIREMENTS FOR TECHNICAL
REPORTS ON DEVELOPMENT PROPERTIES AND
PRODUCTION PROPERTIES
No further technical information is available.

Vault Gold Project
15 January 2008
Vault Gold Project
26.0 ILLUSTRATIONS
Illustrations are included within the relevant sections of the report.

2008 Vault Gold exploration proposal Okanagan Falls British Columbia tech MLS Mining

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