View to the southwest of the main zone,
stripped and trenched, along the unconformity surface.

The region has been explored for gold since the 1930's. Several small past producing mines occur in the general vicinity of the Rivard Property, including the adjacent Mount Jamie Mine (972 tons @ 0.388 opt for 377 ounces of production in 1976) and the Lake Rowan Mine (13,023 tons @ 0.100 opt for 1298 ounces of production 1986-1988).

Comparison with Goldcorp
   - close to Goldcorp
   - same geology

Exploration Objectives

• Drill Main Showing Area
• Drill other high priority targets
• Upgrade targets
• Continue ground exploration
• New Acquisitions

Base camp / initial work

surface sample

The most recent published work on the property was completed by Rubicon Minerals Corporation reported in 2003. The property is underlain by sequences of quartz porphyry or quartz crystal tuff, mafic and ultramafic volcanic rocks, conglomerate, sandstone, chert and chert magnetite sequences. Extensive carbonate and silica metasomatism +/- sulphide occurs in the well exposed and trenched central portion of the property. The alteration appears to be spatially associated with a northeast to southwest trend across the property, coinciding with an inferred unconformity surface. The conglomerate, sandstone and ultramafic units contain abundant fuchite, imparting a strong green colour throughout the principal area of gold mineralization. Significant gold assays have been received from thin quartz veins up to 20 cm in width occurring within this area extending approximately 500m by 100m.

The property has extensive alteration domains and wide-spread gold mineralization within structurally and chemically favourable rocks. It has been under explored in recent times, and advances in the understanding of the nature of the high-grade gold zones in Red Lake have not been applied to this property. Recent geophysical surveys (Quantec IP) revealing obvious chargability and resistivity anomalies have not been followed-up. It is highly prospective and deserves further work.

The work program proposed would be effective to evaluate the property, with the second phase not contingent upon the results of the first phase.

History

The Red Lake Mining Camp has produced more than 18 million ounces of gold, largely from four mines (Campbell, >10 million ounces; Red Lake, >3 million ounces; Madson, 2.4 million ounces; Cochenour-Willans, 1.2 million ounces)

The discovery of the High-Grade Zone at the Red Lake Mine of Goldcorp (3.8 million ounces of gold at 2.05 ounces of gold per ton sparked a renewed interest in the camp, and numerous exploration properties are being examined in light of a new geological synthesis based on the understanding of these high-grade gold-rich domains.

Exploration of the west Red Lake area from the 1930's led to numerous showings and occurrences being identified, and two properties have seen minor production. This production came from the Mount Jamie Mine (377 ounces of gold at a grade of 0.388 ounces of gold per ton; 1976) and the Lake Rowan Mines (1,298 ounces at a grade of 0.10 ounces of gold per ton; 1986-1989) (Ontario Geological Survey, Open File Report 6180; 2006).

David A. Copeland (2003) reports the exploration history as follows:

Property Geology

This section is entirely drawn from Copeland (2003).

The region surrounding the Rivard Property is underlain by rocks of the 2.94 to 2.92 Ga Ball assemblage. The Ball assemblage comprises sequences calc-alkalic basalt, andesite, dacite and rhyolite intercalated with komatiite and basaltic komatiite. The assemblage comprises lesser conglomerate, sandstone, stromatolitic marble and chert-magnetite iron formation (Sanborn-Barrie et al., 2001). Corfu and Wallace (1986) have bracketed the age of stromatolite growth between 2940+1-2 Ma and 2925+/-3 Ma within the Ball assemblage using the age of two felsic volcanic units.. These age dates also bracket the age of two submarine mafic/ultramafic volcanic intervals, one prior to 2940 Ma the other after 2925 Ma. The Rivard property is underlain by alternating sequences of quartz porphyry or quartz crystal tuff and mafic and ultramafic volcanic rocks. This sequence is overlain by conglomerates, sandstones and quartz porphyry intrusions. Massive chert and chert-magnetite horizons occupy the southeast corner of the Rivard Property.

Recent Work

Road Construction

Rubicon constructed a road south from the Mt. Jamie mine site over an existing exploration trail, was completed in early November 2002 and the centre of the property can now be reached by four-wheel drive truck. An extensive area of land (measuring roughly 400 m x 50 m) has been stripped by backhoe, exposing the core of the known alteration system and historically trenched/pitted high- grade quartz veins on the Rivard Property.

Linecutting

A 38.3-line km grid was cut over the Rivard and adjacent properties. Lines are oriented N-S and spaced 50 m apart over all of the Rivard Property. The grid has been established for prospecting, sampling and mapping control, as well as access and control for ground geophysical surveys.

Ground Geophysical Survey

A 14.05 line-km pole-dipole DCIP survey was completed over the Rivard Property and portions of adjacent properties by Quantec Geosciences Ltd. of Toronto, Ontario. The survey resulted in the identification of several anomalous chargeability highs within the survey area. These chargeability and resistivity anomalies can be be used in conjunction with surface geological mapping and assay data to plan the location of future drill holes. The resistivity and chargeability anomalies are thought to be associated with sulphide alteration (pyrite). Future drilling should test this hypothesis.

Prospecting and Rock Grab Sampling

Eight (8) rock grab samples (RLJV-R0 1008 to RO 10 10 and RLJV-R0 10 12 to R0 10 16) were collected on the Rivard Property during August 11, 2002. This sampling resulted in a maximum gold assay of 246.2 gpt. Selected samples were also analysed for trace elements by ICP analyses and major elements by XRF. All analyses were carried out by ALS Chemex of Vancouver, British Columbia. Prospecting and rock grab sampling over the Rivard Property was undertaken during October and November 2002 by Mr. Danny Rivard and under the supervision of Rubicon staff. The sampling focused on determining the Au content of quartz veins in existing trenches and pits throughout the property and quartz veins in new areas. Highly altered and sulphidized lithologies were also sampled. In total 69 samples were collected for Au assay. Gold was assayed via two methodologies dependent upon the nature of the sample and the anticipated nature of gold mineralization. A maximum gold assay of 96.20 glt Au (sample RLJV-R01107) resulted from the fall 2002 prospecting. Other notable results include: 40.72 g/t Au (RLJV-ROI 1 SO), 8.39 g/t Au (RLJV-R01117), 7.53 g/t Au (RLJV-R01122) and 5.12 g/t Au (RLJV-R01125).

Channel Sampling

Channel sampling was conducted on selected areas of the newly stripped outcrop exposures on the Rivard Property. Power washing of the stripped outcrop and subsequent channel sampling was limited by below seasonal temperatures. Sampling comprised the collection of 69 channel samples from the northern and southern parts of the large stripped outcrop. Channel samples were cut using a portable gas powered rock saw by a subcontractor to Rubicon Minerals Corporation under the supervision of Rubicon staff. The depth of cut for the samples was approximately 4 to 6 centimetres. Sample intervals were approximately 0.5 metres. Samples were collected with hammer and chisel by Rubicon staff and placed into clear polyurethane bags. The sample identifiers were placed in and marked on each bag ad spray painted on the outcrop at the sample location. The samples were collected within highly ankerite and pyrite altered ultramafic rocks. Some of the sampled intervals contained quartz veins (generally 0.5 to 1 cm wide). The samples were shipped to ALS Chemex Labs in Thunder Bay, Ontario for initial pulverization and sample preparation. The prepared pulps were then shipped to ALS Chemex Labs in Vancouver, British Columbia for assay. The samples were analysed Au using metallic screen process and multi-element analysis using ICP. A maximum gold assay of 9.79 g/t Au across 0.5 m (sample RLJV-R00020) within a 2 m zone grading 3.58 g/t Au resulted from the 2002 channel sampling (Figure 4). Other notable results include: 7.89 g/t Au across 0.5 m (RLJV-R00064) within a 2 m zone grading 5.95 g/t Au, 2.25 g/t Au across 1 m (RLJV-R00068, 69), 1.53 g/t Au across 0.7 m (RLJV-R00063) and 1.88 g/t Au across 0.5 m (RLJV-R00030). All gold assay results are presented in Appendix 3. The highest gold assays from the channel sampling were derived from highly pyrite- ankerite-chlorite altered ultramafic rocks located within the immediate footwall to the conglomerates marking the unconformity

Geological Mapping

Geological mapping was completed over the Rivard Property at a scale of 1:1000 presented here at a scale of 1:2000. The recently completed grid was used as control for the mapping. Mapping was completed on 50 m lines for the majority of the property and on 100 m lines in the western 1/4 of the property owing to time constraints.

Stratigraphy

Footwall Sequence

Quartz Crystal Tuff/Quartz Porphyry

Large outcrops of fine to medium grained quartz crystal tuff or quartz porphyry occupy the north western half of the property area. The rocks consist of medium grained (1-2 mm) quartz crystals or phenocrysts set in a fine-grained sericitic matrix. The rock is foliated by a dominant east-west trending (090o) schistosity that is regionally extensive and pervades all lithologies on the property. Rare bedding or layering is visible with the quartz porphyry or tuff in the very western part of the mapped area. The rock is very consistent in composition and texture throughout the property with occasional variations in the amount of Fe-carbonate and potassic alteration and veining and intensity of schistosity development. The rocks are regularly interlayered with repeating sequences of highly Fe-carbonate altered mafic to ultramafic rocks. Contacts between the mafic/ultramafic packages and the quartz porphyry where exposed are intrusive.

Mafic Rocks

Interlayered with the quartz crystal tuff and quartz porphyry is a sequence of largely chlorite and Fe-carbonate altered mafic volcanic rocks. The rock consists up to 60% Fe- carbonate and quartz veins within a dark green to green-grey fine-grained matrix of chlorite and other mafic minerals. No volcanic textures are observed within the mafic rocks. Occasionally the dominant east-west schistosity of the area is observed within these rocks, however due to the mineralogy of these rocks (high ankerite content) the S2 cleavage is not well developed.

Ultramafic Rocks

Ultramafic rocks dominate the sequence of rocks within the footwall stratigraphic package. These rocks occur as highly quartz-ankerite veined chlorite and fuchsite-bearing rocks. These rocks consist of up to 60% Fe-carbonate. No volcanic textures are observed within this lithology, perhaps owing to the high-degree of alteration and associated fabric destruction.

Hanging wall Sequence

Conglomerate

Conglomerate marks the transition from ultramafic/mafic dominant stratigraphy within the footwall to ultramafic absent rocks in the hanging wall. The conglomerate occurs as one to three separate 1 to 2 metre thick sequences. Clasts are largely composed of 1 to 10 cm. diameter lithic fragments of quartz porphyry or quartz crystal tuff very similar in appearance and mineralogy to underlying footwall quartz porphyry. The clasts are sub angular to well rounded and form from 40 to 70 % of the rock. The matrix is composed of sand (quartz and lithic fragments) to clay-sized particulate (fuchsite and sericite). The conglomerate is usually a pale to bright green colour owing to the presence of fuchsite within the matrix. Occasional clasts (?) or blebs of bright green fuchsite may indicate a partial ultramafic source rock for the detritus. Pervasive fuchsite and sericite may also be products of alteration accompanying tectonism and uplift. Graded bedding within the conglomerate consistently indicates that the stratigraphy is right-way up. Bedding within the conglomerate has an overall strike of 030 degrees and cuts underlying contacts within the footwall stratigraphy obliquely.

Sandstone

Immediately overlying and intercalated with the conglomerate are related sandstones. The sandstone is generally a dark green medium to coarse grained poorly to well sorted sandstone with 0.5 mm to 1 cm grains or clasts of quartz and lithic fragments similar in composition to those of the conglomerate. Bedding within the sandstone is conformable to bedding within the conglomerate. Overall the sandstone unit is approximately 15 to 20 metres thick. The sandstone has a similar to pale to emerald green colour as the conglomerate implying either a mafic to ultramafic source rock or significant introduction of Cr and Mg following deposition. Occasional heavy mineral bands occur within the sandstone. These oxide minerals are non-magnetic and may be chromite, ilmenite, rutile or anatase. Cross-bedding and graded- bedding exists within the sandstone and consistently indicates that the stratigraphy is right-way up and is younging to the east-southeast. Conglomerates and sandstone of the sequence have been intruded by younger mafic to intermediate dykes and sills as well as a suite of felsic dykes as described below. The predominance of sandstone at higher stratigraphic levels may indicate a reduction in the rate of tectonic uplift, although the presence of heavy mineral bands and cross- bedding indicates a high-energy depositional environment.

Mafic to Intermediate Intrusive rocks

Mafic to intermediate intrusive rocks intrude the hanging wall stratigraphy. These rocks comprise medium to dark grey to black fine to medium rained rocks contained < l mm plagioclase phenocrysts in a finer grained dark matrix. Occasional xenoliths of country rock (e.g. sandstone) are found within this unit. Contacts are rarely observed and are thought to be intrusive.

Quartz Porphyry dykes and sills

Thin (1-2 m) quartz porphyry and felsic dykes intrude all lithologies of the hanging wall sequence. These rocks crosscut the S2 cleavage but are deformed by F2 folds (see below). Intrusive contacts are evident within the central part of the property.

Quartz Crystal Tuff

Voluminous quartz crystal tuff and quartz porphyry occupies the eastern half of the Rivard Property. The rocks consist of medium grained (1-2 mm) quartz crystals or phenocrysts set in a fine-grained sericitic matrix. The rock is foliated by a dominant east-west, trending (090o) schistosity that is regionally extensive and pervades all lithologies on the property. No bedding or layering has been observed within the quartz porphyry or tuff in the eastern part of the mapped area. The rock is very consistent in composition and texture throughout the property with occasional variations in the amount of Fe-carbonate and potassic alteration and veining and intensity of schistosity development.

SUMMARY

Fuchite altered, foliated conglomerate. Note polymictic nature of conglomerate.

 The Rivard Property contains spectacular narrow high-grade gold quartz veins in addition to broader zones of lower grade gold mineralization. Gold mineralization appears to be related to a NE striking corridor of altered felsic and ultramafic rocks which are cut by VG-bearing 320 degree striking veins. The alteration system is relatively large and characterized by pervasive sericite-pyrite with local areas of silicification in felsic units. A significant volume of highly altered ultramafic rock (ankerite-chlorite-pyrite-fuchsite) is present on the property, which compares favourably with the producing mines of the belt. Similar alteration and gold mineralization is known to occur in the area.

Interpretation and Conclusions

The Rivard Property occupies a geological setting is typical of many Archean gold deposits. The extent of the alteration suggests a very large fluid system, containing large components of carbonate, potassium, sulphur and gold focused at the unconformity and structural traps in part associated with this contact. Highly reactive mafic and ultramafic rocks are found throughout the Rivard Property, and gold concentration attain very high levels at numerous locations in the area visited.

Previous work has focused on the unconformity which is one of the principal fluid channel ways on the property and is a target supported by history in Red Lake, however perhaps a more appealing target is the ultramafic package in the footwall sequence. This area has been the recent focus of exploration in Red Lake since the identification of the high-grade zones at the Goldcorp Red Lake Mine. There is no reason to believe the ultramafic rocks on the Rivard Property would react any differently than those at the Goldcorp Red Lake Mine, and thus are an excellent, under explored target.