LAKE DOUGLAS PROJECT JV

Lake Douglas Project

Buchans’ 100% owned Lake Douglas gold project is located less than 15 km on strike of Marathon’s Valentine project which lies less than 50 km east of the Company’s Long Range area gold projects.

The Lake Douglas property covers the on strike extension of favourable structures associated with gold mineralization within the Valentine project and is boarded in both strike directions by exploration properties, known as the Antler properties, now held by Altius Minerals and Canterra Minerals Corporation.

Antler drilled intercepts of up 10.01 g/t gold over 5.3 m as well as several high-grade vein systems in bedrock that have returned channel samples assaying up to 49.3 g/t Au over 0.98 m.

Buchans completed soil geochemical surveys over a portion of the property covering favorable geology and prospective structures. Results included detection of a 200 m long anomaly with values up to 137 ppb Au and a second anomaly defined as a single line, 3-station anomaly with values up to 317 ppb Au. Given these positive results, the Company expects to undertake additional work on the project in 2021.

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