TASIUYAK GOLD PROJECT

Tasiuyak Project

Buchans holds a 100% interest in its Tasiuyak gold property in Labrador, located 10 km south of Vale’s Voisey’s Bay nickel-copper-cobalt mine, and includes mineral rights covering the VBE-2 gold prospect discovered by previous explorers during the Voisey’s Bay exploration rush in the mid-1990s.

The Tasiuyak project is a frontier area with almost no prior history of gold exploration and is thought to be prospective for Paleoproterozoic orogenic iron formation-hosted gold as stratabound mineralization hosted by sulphide-rich metamorphic rocks.

In 1997 previous explorers drilled 9 shallow holes – testing the mineralized horizon over a 275 m strike length. Eight of the 9 holes intersected the mineralized horizon, and returned intercepts of up to 5.5g/t Au over 2.1 m.

Channel sampling of the original discovery outcrop by Buchans in 2018 returned assays of 8.51 g/t Au over 4.8m, including 21.91 g/t Au over 0.85 m. Prospecting along strike traced the horizon 2 km to the south where channel sampling returned assayed of 0.69 g/t over 0.5 m. Other similar sulphidic paragneiss horizons were also recognized and remain to be explored.