Annual Assessment Report on Licences M, M and M, Voisey s Bay West Property, Labrador

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3 Annual Assessment Report on Licences 171M, 12M and 1248M, Voisey s Bay West Property, Labrador Helicopter-Born Versatile Time Domain Electro Magnetic (VTEM) & Aeromagnetic Geophysical Survey, November 21 Licences 171M (1 st Year Assessment Report), 12M and 1248M (2 nd Year Assessment Report) Submitted by: Balaton Power Inc. Suite 2, 227 4th Avenue, Langley, British Columbia V3A 3W2 Tel: Fax: February 17th, 211 Work Year 21 Total Claims: 2 Total Expenditures: $222,294

4 REPORT ON A HELICOPTER-BORNE VERSATILE TIME DOMAIN ELECTROMAGNETIC (VTEM) AND AEROMAGNETIC GEOPHYSICAL SURVEY Voisey s Bay West Property Nain, Labrador For: Balaton Power Inc. By: Geotech Ltd. 24 Industrial Parkway North Aurora, Ont., CANADA, L4G 4C4 Tel: Fax: info@geotech.ca Survey flown on November 1 th to November 2 th 21 Project 1 January, 211

5 TABLE OF CONTENTS Executive Summary... ii 1. INTRODUCTION General Considerations Survey and System Specifications BTopographic Relief and Cultural Features DATA ACQUISITION Survey Area Survey Operations Flight Specifications Aircraft and Equipment Survey Aircraft Electromagnetic System Airborne magnetometer Radar Altimeter GPS Navigation System Digital Acquisition System Base Station PERSONNEL DATA PROCESSING AND PRESENTATION Flight Path Electromagnetic Data Magnetic Data DELIVERABLES Survey Report Maps Digital Data CONCLUSIONS AND RECOMMENDATIONS Conclusions Recommendations LIST OF FIGURES Figure 1 Property Location... 1 Figure 2 The block, showing the magnetic base station location on Google Earth... 2 Figure 3 North Flight path over a Google Earth Image Figure 4 - VTEM Configuration, with magnetometer.... Figure - VTEM Waveform & Sample Times... Figure - VTEM System Configuration... 9 LIST OF TABLES Table 1 - Survey Specifications... 4 Table 2 - Survey schedule... 4 Table 3 - Decay Sampling Scheme... 7 Table 4 - Acquisition Sampling Rates... 1 Table - Geosoft GDB Data Format... 1 APPENDICES A. Survey location maps... B. Survey Block Coordinates... C VTEM Waveform... D Geophysical Maps... E. Generalized Modelling Results of the VTEM System Report on Airborne Geophysical Survey for Balaton Power Inc. i

6 REPORT ON A HELICOPTER-BORNE VERSATILE TIME DOMAIN ELECTROMAGNETIC (VTEM) and AEROMAGNETIC SURVEY Executive Summary Voisey s Bay West Property Nain, Labrador On November 1 th to November 2 th 21, Geotech Ltd. carried out a helicopter-borne geophysical survey over the Voisey s Bay West Property about 42 km South West of Nain, Labrador, Canada. Principal geophysical sensors included a versatile time domain electromagnetic (VTEM) system, and a cesium magnetometer. Ancillary equipment included a GPS navigation system and a radar altimeter. A total of line-kilometres were planned to be flown, but the survey was terminated after km. The survey operations were based out of Atsanik Lodge located in the Nain, Labrador. Infield data quality assurance and preliminary processing were carried out on a daily basis during the acquisition phase. Preliminary and final data processing, including generation of final digital data and map products were undertaken from the office of Geotech Ltd. in Aurora, Ontario. The processed survey results are presented as; Electromagnetic stacked profiles of the B-field Z Component and db/dt Z Colour grids of a db/dt Z and BField Z Component Channels Total Magnetic Intensity (TMI) Digital data includes all electromagnetic and magnetic products, plus ancillary data including the waveform. The survey report describes the procedures for data acquisition, processing, final image presentation and the specifications for the digital data set. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. ii

7 1. INTRODUCTION 1.1 General Considerations Geotech Ltd. performed a helicopter-borne geophysical survey over the Voisey s Bay West Property located about 42 km South West of Nain, Labrador (Figure 1 & 2). Tom Weis represented Balaton Power Inc. during the data acquisition and data processing phases of this project. The geophysical surveys consisted of helicopter borne EM using the versatile time-domain electromagnetic (VTEM) system with Z and X component measurements and aeromagnetics using a cesium magnetometer. A total of line-km of geophysical data were acquired during the survey. The survey area is shown in Figure 2 and Figure 3. The crew was based out of Atsanik Lodge during the period of November 1 th to November 2 th 21. Data quality control and quality assurance, and preliminary data processing were carried out on a daily basis during the acquisition phase of the project. Final data processing followed immediately after the end of the survey. Final reporting, data presentation and archiving were completed from the Aurora office of Geotech Ltd. in January, 211. Figure 1 - Property Location 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 1

8 1.2 Survey and System Specifications The Property is located about 42 kilometres South West of Nain, Labrador, which was where the Magnetic Base Station was located (Figure 2). Figure 2 The block, showing the magnetic base station location on Google Earth The Block was flown in a North to South (N E / N 18 E) direction with traverse line spacing of 1 metres as depicted in Figure 3. Tie lines were planned to be flown with using 98 metre line spacing (N 9 E / N 27 E) however the job was cancelled before they were flown. For more detailed information on the flight spacing and direction see Table Report on Airborne Geophysical Survey for Balaton Power Inc. 2

9 23B 1.3 9BTopographic Relief and Cultural Features Topographically, the block exhibits a moderate relief with an elevation ranging from 7 to 2 metres above mean sea level (Figure 3). There are serveral rivers connecting to various lakes throughout the survey area. There are limited visible sign of culture such as trails, roads & powerlines; the closest populated area is Nain, located 42 kilometers northeast of the Block. Figure 3 Flight path over a Google Earth Image. The blocks are covered by numerous mining claims, which are shown in Appendix A, and are plotted on all maps. The survey area is covered by NTS (National Topographic Survey) of Canada sheet 14D Report on Airborne Geophysical Survey for Balaton Power Inc. 3

10 2. DATA ACQUISITION 2.1 Survey Area The survey block (see Figure 3 and Appendix A) and general flight specifications are as follows: Table 1 - Survey Specifications Traverse Line Area Planned1 Line-km Survey block spacing (m) (Km 2 ) Line-km flown Flight direction Line numbers Voisey s Traverse: N /18 E L1 L1 Bay Tie: N/A N/A N/A TOTAL Survey block boundaries co-ordinates are provided in Appendix B. 2.2 Survey Operations Survey operations were based out of Atsanik Lodge for November 1 th to November 2 th 21. The following table shows the timing of the flying. Table 2 - Survey schedule Date Flight # Block Crew location Comments 1-Nov-1 Voisey s Bay Nain, NL System assembly 11-Nov-1 Voisey s Bay Nain, NL Helicopter install completed 12-Nov-1 Voisey s Bay Nain, NL Ground testing completed 13-Nov-1 Nain, NL No production due to weather 14-Nov-1 Nain, NL No production due to weather 1-Nov-1 1 Voisey s Bay Nain, NL 4km flown limited production due to weather 1-Nov-1 2 Voisey s Bay Nain, NL 28km flown limited production due to technical issuses 17-Nov-1 3,4, Voisey s Bay Nain, NL 27km lfown 18-Nov-1 Nain, NL No production due to weather 19-Nov-1 Nain, NL No production due to weather 2-Nov-1 Nain, NL No production due to weather 21-Nov-1 Nain, NL No production due to weather 22-Nov-1,7,8 Voisey s Bay Nain, NL 21km flown 23-Nov-1 Nain, NL No production due to weather 24-Nov-1 Nain, NL No production due to weather 2-Nov-1 Nain, NL Job terminated by client remaining kms will not be flown 1 Planned line-kilometers are greater then Actual line kilometers in this situation as the job was ended before all flying kilometers were flown. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 4

11 2.3 Flight Specifications During the survey of the block the helicopter was maintained at a mean altitude of 92 metres above the ground with a nominal survey speed of 8 km/hour. This allowed for a nominal EM bird terrain clearance of 7 metres and a magnetic sensor clearance of 79 metres. An operator on board was monitoring the system integrity. He also maintained a detailed flight log during the survey, tracking the times of the flight as well as any unusual geophysical or topographic feature. On return of the aircrew to the base camp the survey data was transferred from a compact flash card (PCMCIA) to the data processing computer. The data were then uploaded via ftp to the Geotech office in Aurora for daily quality assurance and quality control by qualified personnel. 2.4 Aircraft and Equipment Survey Aircraft The survey was flown using a Canadian Helicopters (Astar) 3 B2 helicopter, registration C-GLNO. The helicopter is owned by Geotech Ltd. and operated by Geotech Aviation Ltd. out of North Bay, Ontario. Installation of the geophysical and ancillary equipment was carried out by Geotech Ltd crew Electromagnetic System The electromagnetic system was a Geotech Time Domain EM (VTEM) system. The configuration is as indicated in Figure below. The VTEM Receiver and transmitter coils are concentric-coplanar and Z-direction oriented. The receiver system for the project also included a coincident-coaxial X-direction sensor to measure the in-line db/dt and calculate B-Field responses. All loops were towed at a mean distance of 3 metres below the aircraft as shown in Figure 4 and Figure. The receiver decay recording scheme is shown diagrammatically in Figure. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc.

12 Figure 4 - VTEM Configuration, with magnetometer. Figure - VTEM Waveform & Sample Times The VTEM decay sampling scheme is shown in Table 3 below. Thirty-two time measurement gates were used for the final data processing in the range from 9 to 73 µ sec. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc.

13 Table 3 - Decay Sampling Scheme VTEM Decay Sampling Scheme Index Middle Start End Window Microseconds ,1 94 1, ,11 1,8 1, ,333 1,247 1, ,31 1,432 1, ,7 1,4 1, ,21 1,891 2, ,323 2,172 2, ,7 2,49 2, ,3 2,8 3, ,21 3,292 3, ,42 3,781 4, ,41 4,341 4, ,333 4,987, ,12,729, ,3,81 7, Report on Airborne Geophysical Survey for Balaton Power Inc. 7

14 Model Registration Operating Company Nominal survey speed (km/h) Average terrain clearance (m) VTEM system parameters Survey Helicopter AS 3 B2 C-GLNO Geotech Aviation 8 92 VTEM Transmitter Coil diameter (m) 2 Number of turns 4 Pulse repetition rate (Hz) 3 Peak current (Amp) 18 Duty cycle (%) 43 Peak dipole moment (nia) 392,887 Pulse width (ms) 7.14 Average terrain clearance (m) 7 Z-coil Receiver Coil diameter (m) 1.2 Number of turns 1 Effective area (m 2 ) Sampling interval (s).1 Average terrain clearance (m) 7 X-coil Receiver Coil diameter (m).32 Number of turns 24 Effective area (m 2 ) 19.7 Sampling interval (s).1 Average terrain clearance (m) 7 Magnetometer Type Geometrics Model Optically pumped cesium vapour Sensitivity (nt).2 Sampling interval (s).1 Cable length (m) 13 Average terrain clearance (m) Report on Airborne Geophysical Survey for Balaton Power Inc. 8

15 Radar Altimeter Type Terra TRA 3/TRI 4 Position Beneath cockpit Sampling interval (s).2 GPS navigation system Type NovAtel Model CDGPS enabled OEM4-G2-311W Antenna position Helicopter tail Sampling interval (s).2 Base Station Magnetometer/GPS Type Geometrics Model Cesium vapour Sensitivity (nt).1 Sampling interval (s) 1 Location º N, 1º4.931 W Gps Antenna Magnetic sensor 13 m Radar Altimeter Antenna EM Transmitter Coil EM Receiver Coil (X-Z) 42 m 3 m 23 m Figure - VTEM System Configuration 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 9

16 2.4.3 Airborne magnetometer The magnetic sensor utilized for the survey was Geometrics optically pumped cesium vapour magnetic field sensor mounted 13 metres below the helicopter, as shown in Figure. The sensitivity of the magnetic sensor is.2 nanotesla (nt) at a sampling interval of.1 seconds Radar Altimeter A Terra TRA 3/TRI 4 radar altimeter was used to record terrain clearance. The antenna was mounted beneath the bubble of the helicopter cockpit (Figure ) GPS Navigation System The navigation system used was a Geotech PC14 based navigation system utilizing a NovAtel s CDGPS (Canada-Wide Differential Global Positioning System Correction Service) enable OEM4-G2-311W GPS receiver, Geotech navigate software, a full screen display with controls in front of the pilot to direct the flight and an NovAtel GPS antenna mounted on the helicopter tail (Figure ). As many as 11 GPS and two CDGPS satellites may be monitored at any one time. The positional accuracy or circular error probability (CEP) is 1.8 m, with CDGPS active, it is 1. m. The co-ordinates of the block were set-up prior to the survey and the information was fed into the airborne navigation system Digital Acquisition System A Geotech data acquisition system recorded the digital survey data on an internal compact flash card. Data is displayed on an LCD screen as traces to allow the operator to monitor the integrity of the system. The data type and sampling interval as provided in Table 4. Table 4 - Acquisition Sampling Rates DATA TYPE TDEM Magnetometer GPS Position Radar Altimeter SAMPLING.1 sec.1 sec.2 sec.2 sec 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 1

17 2. Base Station A combined magnetometer/gps base station was utilized on this project. A Geometrics Cesium vapour magnetometer was used as a magnetic sensor with a sensitivity of.1 nt. The base station was recording the magnetic field together with the GPS time at 1 Hz on a base station computer. The base station magnetometer sensor was installed 2 metres east of the Canadian Helicopter Shelter in Nain, Labrador (º N, 1º4.931 W); away from electric transmission lines and moving ferrous objects such as motor vehicles. The base station data were backed-up to the data processing computer at the end of each survey day. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 11

18 3. PERSONNEL The following Geotech Ltd. personnel were involved in the project. Field: Project Manager: Data QC: Crew chief: Operator: Adrian Sarmasag (Office) Nick Venter (Office) Paul Taylor Michael Altman The survey pilot and the mechanical engineer were employed directly by the helicopter operator Canadian Helicopters. Pilot: Mechanical Engineer: Tracy Adam Josh Brett Office: Preliminary Data Processing: Final Data Processing: Final Data QC: Reporting/Mapping: Nick Venter Nick Venter Tim Eadie Corrie Laver Data acquisition phase was carried out under the supervision of Andrei Bagrianski, P. Geo, Chief Operating Officer. Processing phase was carried out under the supervision of Harish Kumar, P.Geo, Assistant Manager of Data Processing. The customer relations were looked after by Paolo Berardelli. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 12

19 4. DATA PROCESSING AND PRESENTATION Data compilation and processing were carried out by the application of Geosoft OASIS Montaj and programs proprietary to Geotech Ltd. 4.1 Flight Path The flight path was recorded by the acquisition program as a WGS 84 Datum, UTM Zone 2 North and was later converted to NAD 27 UTM zone 2 North using the coordinate system in Oasis Montaj. The flight path was drawn using linear interpolation between x, y positions from the navigation system. Positions are updated every second and expressed as UTM easting s (x) and UTM northing s (y). 4.2 Electromagnetic Data A three stage digital filtering process was used to reject major sferic events and to reduce system noise. Local sferic activity can produce sharp, large amplitude events that cannot be removed by conventional filtering procedures. Smoothing or stacking will reduce their amplitude but leave a broader residual response that can be confused with geological phenomena. To avoid this possibility, a computer algorithm searches out and rejects the major sferic events. The signal to noise ratio was further improved by the application of a low pass linear digital filter. This filter has zero phase shift which prevents any lag or peak displacement from occurring, and it suppresses only variations with a wavelength less than about 1 second or 1 metres. This filter is a symmetrical 1 sec linear filter. The results are presented as stacked profiles of EM voltages for the time gates, in linear - logarithmic scale for the B-field Z component and db/dt responses in the Z and X components. db/dt & BField Z component time channels were recorded at. milliseconds after the termination of the impulse is also presented as contour color image. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 13

20 Figure 4 - VTEM Z and X Component data. Generalized modeling results of VTEM data, are shown in Appendix E. Graphical representations of the VTEM transmitter input current and the output voltage of the receiver coil are shown in Appendix C. 4.3 Magnetic Data The processing of the magnetic data involved the correction for diurnal variations by using the digitally recorded ground base station magnetic values. The base station magnetometer data was edited and merged into the Geosoft GDB database on a daily basis. The aeromagnetic data was corrected for diurnal variations by subtracting the observed magnetic base station deviations. The corrected magnetic data was interpolated between survey lines using a random point gridding method to yield x-y grid values for a standard grid cell size of approximately 2 metres at the mapping scale. The Minimum Curvature algorithm was used to interpolate values onto a rectangular regular spaced grid. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 14

21 . DELIVERABLES.1 Survey Report.2 Maps The survey report describes the data acquisition, processing, and final presentation of the survey results. The survey report is provided in two paper copies and digitally in PDF format. Final maps were produced at scale of 1:1, for best representation of the survey size and line spacing. The coordinate/projection system used was NAD 27 Datum, UTM Zone 2 North. All maps show the mining claims, flight path trace and topographic data; latitude and longitude are also noted on maps. The preliminary and final results of the survey are presented as EM profiles, a late-time gate gridded EM channel, and a color magnetic TMI contour map. The following maps are presented on paper;.3 Digital Data VTEM db/dt profiles Z Component, Time Gates ms in linear logarithmic scale. VTEM db/dt late time Z Component Channel 2, Time Gate. ms color image. VTEM BField late time Z Component Channel 2, Time Gate. ms color image. VTEM B-Field profiles Z Component, Time Gates ms in linear logarithmic scale. Total magnetic intensity (TMI) color image and contours. Two copies of the data and maps on DVD were prepared to accompany the report. Each DVD contains a digital file of the line data in GDB Geosoft Montaj format as well as the maps in Geosoft Montaj Map and PDF format. DVD structure. Data Report contains databases, grids and maps, as described below. contains a copy of the report and appendices in PDF format. Databases in Geosoft GDB format, containing the channels listed in Table. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 1

22 Table - Geosoft GDB Data Format Channel name Units Description X_NAD27: metres UTM Easting NAD 27 Zone 2 North Y_NAD27: metres UTM Northing NAD 27 Zone 2 North Longitude: Decimal Degrees WGS 84 Longitude data Latitude: Decimal Degrees WGS 84 Latitude data Z: metres GPS antenna elevation (above Geoid) Radar: metres helicopter terrain clearance from radar altimeter Radarb: metres Calculated EM bird terrain clearance from radar altimeter DEM: metres Digital Elevation Model Gtime: Seconds of the day GPS time Mag1: nt Raw Total Magnetic field data Basemag: nt Magnetic diurnal variation data Mag2: nt Diurnal corrected Total Magnetic field data Mag3: nt Levelled Total Magnetic field data SFz[14]: pv/(a*m 4 ) Z db/dt 9 microsecond time channel SFz[1]: pv/(a*m 4 ) Z db/dt 11 microsecond time channel SFz[1]: pv/(a*m 4 ) Z db/dt 12 microsecond time channel SFz[17]: pv/(a*m 4 ) Z db/dt 14 microsecond time channel SFz[18]: pv/(a*m 4 ) Z db/dt 17 microsecond time channel SFz[19]: pv/(a*m 4 ) Z db/dt 192 microsecond time channel SFz[2]: pv/(a*m 4 ) Z db/dt 22 microsecond time channel SFz[21]: pv/(a*m 4 ) Z db/dt 23 microsecond time channel SFz[22]: pv/(a*m 4 ) Z db/dt 29 microsecond time channel SFz[23]: pv/(a*m 4 ) Z db/dt 333 microsecond time channel SFz[24]: pv/(a*m 4 ) Z db/dt 383 microsecond time channel SFz[2]: pv/(a*m 4 ) Z db/dt 44 microsecond time channel SFz[2]: pv/(a*m 4 ) Z db/dt microsecond time channel SFz[27]: pv/(a*m 4 ) Z db/dt 8 microsecond time channel SFz[28]: pv/(a*m 4 ) Z db/dt 7 microsecond time channel SFz[29]: pv/(a*m 4 ) Z db/dt 7 microsecond time channel SFz[3]: pv/(a*m 4 ) Z db/dt 88 microsecond time channel SFz[31]: pv/(a*m 4 ) Z db/dt 11 microsecond time channel SFz[32]: pv/(a*m 4 ) Z db/dt 111 microsecond time channel SFz[33]: pv/(a*m 4 ) Z db/dt 1333 microsecond time channel SFz[34]: pv/(a*m 4 ) Z db/dt 131 microsecond time channel SFz[3]: pv/(a*m 4 ) Z db/dt 17 microsecond time channel SFz[3]: pv/(a*m 4 ) Z db/dt 221 microsecond time channel SFz[37]: pv/(a*m 4 ) Z db/dt 2323 microsecond time channel SFz[38]: pv/(a*m 4 ) Z db/dt 27 microsecond time channel SFz[39]: pv/(a*m 4 ) Z db/dt 33 microsecond time channel SFz[4]: pv/(a*m 4 ) Z db/dt 321 microsecond time channel SFz[41]: pv/(a*m 4 ) Z db/dt 442 microsecond time channel SFz[42]: pv/(a*m 4 ) Z db/dt 441 microsecond time channel SFz[43]: pv/(a*m 4 ) Z db/dt 333 microsecond time channel SFz[44]: pv/(a*m 4 ) Z db/dt 12 microsecond time channel SFz[4]: pv/(a*m 4 ) Z db/dt 73 microsecond time channel SFx[2]: pv/(a*m 4 ) X db/dt 22 microsecond time channel SFx[21]: pv/(a*m 4 ) X db/dt 23 microsecond time channel SFx[22]: pv/(a*m 4 ) X db/dt 29 microsecond time channel SFx[23]: pv/(a*m 4 ) X db/dt 333 microsecond time channel SFx[24]: pv/(a*m 4 ) X db/dt 383 microsecond time channel 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 1

23 Channel name Units Description SFx[2]: pv/(a*m 4 ) X db/dt 44 microsecond time channel SFx[2]: pv/(a*m 4 ) X db/dt microsecond time channel SFx[27]: pv/(a*m 4 ) X db/dt 8 microsecond time channel SFx[28]: pv/(a*m 4 ) X db/dt 7 microsecond time channel SFx[29]: pv/(a*m 4 ) X db/dt 7 microsecond time channel SFx[3]: pv/(a*m 4 ) X db/dt 88 microsecond time channel SFx[31]: pv/(a*m 4 ) X db/dt 11 microsecond time channel SFx[32]: pv/(a*m 4 ) X db/dt 111 microsecond time channel SFx[33]: pv/(a*m 4 ) X db/dt 1333 microsecond time channel SFx[34]: pv/(a*m 4 ) X db/dt 131 microsecond time channel SFx[3]: pv/(a*m 4 ) X db/dt 17 microsecond time channel SFx[3]: pv/(a*m 4 ) X db/dt 221 microsecond time channel SFx[37]: pv/(a*m 4 ) X db/dt 2323 microsecond time channel SFx[38]: pv/(a*m 4 ) X db/dt 27 microsecond time channel SFx[39]: pv/(a*m 4 ) X db/dt 33 microsecond time channel SFx[4]: pv/(a*m 4 ) X db/dt 321 microsecond time channel SFx[41]: pv/(a*m 4 ) X db/dt 442 microsecond time channel SFx[42]: pv/(a*m 4 ) X db/dt 441 microsecond time channel SFx[43]: pv/(a*m 4 ) X db/dt 333 microsecond time channel SFx[44]: pv/(a*m 4 ) X db/dt 12 microsecond time channel SFx[4]: pv/(a*m 4 ) X db/dt 73 microsecond time channel BFz (pv*ms)/(a*m 4 ) Z B-Field data for time channels 14 to 4 BFx (pv*ms)/(a*m 4 ) X B-Field data for time channels 14 to 4 PLM: Hz power line monitor Sfxff Fraser filtered db/dt Electromagnetic B-field and db/dt Z component data is found in array channel format between indexes 14 4, and X component data from 2 4, as described above. Database of the VTEM Waveform 1_waveform_final.gdb in Geosoft GDB format, containing the following channels: Time: Rx_Volt: Tx_Current: Sampling rate interval,.283 microseconds Output voltage of the receiver coil (Volt) Output current of the transmitter (Amp) Grids in Geosoft GRD format, as follows: dbdtz2: BFzZ2: MAG: db/dt Z Component Channel 2 (Time Gate. ms) - This grid was microleveled B-Field Z Component Channel 2 (Time Gate. ms) - This grid was microleveled Total magnetic intensity (nt) A Geosoft.GRD file has a.gi metadata file associated with it, containing grid projection information. A grid cell size of 2 metres was used. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 17

24 Maps at 1:1, in Geosoft MAP format, as follows: 1_1k_dBdtz: db/dt profiles Z Component, Time Gates ms in linear logarithmic scale. 1_1k_bfield: B-field profiles Z Component, Time Gates ms in linear logarithmic scale. 1_1k_dBdtz2: db/dt late time Z Component Channel 2, Time Gate. ms color image (Grid was Microleveled). 1_1k_BFz2: B-field late time Z Component Channel 2, Time Gate. ms color image (Grid was Microleveled). 1_1k_TMI: Total magnetic intensity (TMI) color image and contours. Where bb represents the block name. Maps are also presented in 1:, scale Geosoft maps & PDF format. 1:, topographic vectors were taken from the NRCAN Geogratis database at; HUhttp://geogratis.gc.ca/geogratis/en/index.htmlUH. A Google Earth file 1_Balaton.kml showing the flight path of the block is included. Free versions of Google Earth software from: Report on Airborne Geophysical Survey for Balaton Power Inc. 18

25 . CONCLUSIONS AND RECOMMENDATIONS.1 Conclusions A helicopter-borne versatile time domain electromagnetic (VTEM) geophysical survey has been completed over the Voisey s Bay West Property. The total area coverage is km 2. Total survey line coverage is line kilometres. The principal sensors included a Time Domain EM system and a magnetometer. Results have been presented as stacked profiles, and contour color images at a scale of 1:1,. No formal Interpretation has been included..2 Recommendations Based on the geophysical results obtained, a few EM anomalies that were identified across the property. The magnetic results may also contain worthwhile information in support of exploration targets of interest. We therefore recommend a detailed interpretation of the available geophysical data, in conjunction with the geology. It should include 2D - 3D inversion modeling analyses and magnetic derivative analysis prior to ground follow up and drill testing. Respectfully submitted, Nick Venter Geotech Ltd. Alexander Prikhodko, P. Geo, Ph.D. Geotech Ltd. Harish Kumar P.Geo Geotech Ltd. January 211 Final data processing of the EM and magnetic data were carried out by Nick Venter, from the office of Geotech Ltd. in Aurora, Ontario, under the supervision of Harish Kumar, Assitant Manager of Data Processing and Alex Prikhodko, P. Geo, PhD, Senior Geophysicist, VTEM interpretation supervisor. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. 19

26 APPENDIX A SURVEY BLOCK LOCATION MAP Survey Overview of the Block 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. A- 1

27 Mining Claims for the Reid Block 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. A- 2

28 APPENDIX B SURVEY BLOCK COORDINATES (WGS 84, UTM Zone 2 North) X Y Report on Airborne Geophysical Survey for Balaton Power Inc. B- 1

29 APPENDIX C VTEM WAVEFORM 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. C- 1

30 APPENDIX D 1 GEOPHYSICAL MAPSFD VTEM BField Z Component Profiles 1 Full size geophysical maps are also available in PDF format on the final DVD 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. D- 1

31 VTEM db/dt Z Component Profiles 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. D- 2

32 VTEM db/dt Z Component 2, Time Gate. ms 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. D- 3

33 VTEM BField Z Component 2, Time Gate. ms 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. D- 4

34 Total Magnetic Intensity (TMI) 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. D-

35 Introduction APPENDIX E GENERALIZED MODELING RESULTS OF THE VTEM SYSTEM The VTEM system is based on a concentric or central loop design, whereby, the receiver is positioned at the centre of a transmitter loop that produces a primary field. The wave form is a bipolar, modified square wave with a turn-on and turn-off at each end. During turn-on and turn-off, a time varying field is produced (db/dt) and an electro-motive force (emf) is created as a finite impulse response. A current ring around the transmitter loop moves outward and downward as time progresses. When conductive rocks and mineralization are encountered, a secondary field is created by mutual induction and measured by the receiver at the centre of the transmitter loop. Efficient modeling of the results can be carried out on regularly shaped geometries, thus yielding close approximations to the parameters of the measured targets. The following is a description of a series of common models made for the purpose of promoting a general understanding of the measured results. A set of models has been produced for the Geotech VTEM system db/dt Z and X components (see models E1 to E1). The Maxwell TM modeling program (EMIT Technology Pty. Ltd. Midland, WA, AU) used to generate the following responses assumes a resistive half-space. The reader is encouraged to review these models, so as to get a general understanding of the responses as they apply to survey results. While these models do not begin to cover all possibilities, they give a general perspective on the simple and most commonly encountered anomalies. As the plate dips and departs from the vertical position, the peaks become asymmetrical. As the dip increases, the aspect ratio (Min/Max) decreases and this aspect ratio can be used as an empirical guide to dip angles from near 9º to about 3º. The method is not sensitive enough where dips are less than about 3º. 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. E- 1

36 Fig E-1: vertical thin plate Fig E-2: inclined thin plate Fig E-3: inclined thin plate Fig E-4: horizontal thin plate Figure E-: horizontal thick plate (linear scale of the response) Figure E-: horizontal thick plate (log scale of the response) 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. E- 2

37 Figure E-7: vertical thick plate (linear scale of the response). m depth Figure E-8: vertical thick plate (log scale of the response). m depth Fig E-9: vertical thick plate (linear scale of the response). 1 m depth Fig E-1: vertical thick plate (linear scale of the response). Depth/hor.thickness=2. Fig E-1: horizontal thick plate (linear scale of the response) Fig E-11: horizontal thick plate (log scale of the response) 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. E- 3

38 Fig E-12: inclined long thick plate Fig E-13: two vertical thin plates Fig E-14: two horizontal thin plates Fig E-1: two vertical thick plates 1 - Report on Airborne Geophysical Survey for Balaton Power Inc. E- 4

39 The same type of target but with different thickness, for example, creates different form of the response: thin 1 m thickness 1 m thickness 18 m thickness 2 m thickness 3 m thickness Fig.E-1 Conductive vertical plate, depth m, strike length 2 m, depth extend 1 m. Alexander Prikhodko, PhD, P.Geo Geotech Ltd. September Report on Airborne Geophysical Survey for Balaton Power Inc. E-

40 Voisey's Bay West Property Expenditure Summary, Airborne Geophysics Survey, 21 TOTAL COSTS ALL 3 MINERAL LICENCES Rate Units Cost Description Airborne Geophysics Geotech Ltd. Survey $/km km $ 19,738. Airborne Geophysical Survey HJM Consulting Ltd. Consulting Geologist $ 1,97. Report & Map Preparation, Geological Support & Data Management Thomas V. Weis & Associates Consulting Geophysicist $ 4.29 Geophysical Data Acquisition, Interpretation & Survey Planning (for Geotech Survey) Subtotal $ 193, Admin Fee (1%) Total $ 28, $ 222, Mineral Licence 1248M Rate Units Cost Description Geotech Ltd. Airborne Geophysics Survey $/km km $ 11,323.9 Airborne Geophysical Survey HJM Consulting Ltd. Consulting Geologist $ 3.7 Report & Map Preparation, Geological Support & Data Management Thomas V. Weis & Associates Consulting Geophysicist $ Geophysical Data Acquisition, Interpretation & Survey Planning (for Geotech Survey) Subtotal $ 111,177.3 Admin Fee (1%) Total $ 1,7. $ 127,83.9

41 Mineral Licence 12M Rate Units Cost Description Geotech Ltd. Airborne Geophysics Survey $/km 4.71 km $ 17, Airborne Geophysical Survey HJM Consulting Ltd. Consulting Geologist $ 3.7 Report & Map Preparation, Geological Support & Data Management Thomas V. Weis & Associates Consulting Geophysicist $ Geophysical Data Acquisition, Interpretation & Survey Planning (for Geotech Survey) Subtotal $ 18,33.49 Admin Fee (1%) Total $ 2,7.47 $ 21,8.9 Mineral Licence 171M Rate Units Cost Description Geotech Ltd. Airborne Geophysics Survey $/km 14.4 km $ 2,931.8 Airborne Geophysical Survey HJM Consulting Ltd. Consulting Geologist $ 3.7 Report & Map Preparation, Geological Support & Data Management Thomas V. Weis & Associates Consulting Geophysicist $ Geophysical Data Acquisition, Interpretation & Survey Planning (for Geotech Survey) Subtotal $ 3,78.4 Admin Fee (1%) Total $ 9,7.82 $ 73,33.2

42 -2 24' 3E 3E -2 21' 37E 38E 39E 4E 41E 42E L1:2> N 22N <L149:2 L148:3> <L 147:3 L14:3> <L14:3 L144:3> <L143:3 L142:3> <L141:3 L14:3> L139:4> <L138:4 L137:4> <L13:4 L13:4> <L134:4 L133:4> <L132:4 L131:4> <L13:4 L129:4> L128:> <L127: L12:> L12:> <L124: L123:> <L122: L121:> <L12: L119:> <L118: <L11:8 L114:8> <L113:8 L112:8> <L111:7 L11:7> <L19:7 L18:7> <L17:7 L1:7> <L1:7 L14:7> <L13:7 L12:7> <L11:7 L1:7> Proj ect Site Nain Churchill Falls Happyvalley-goose Bay 2 2 Labrador City -9 Scale 1:1,, (k ilom e te rs ) NAD2 7 / UTM zone 2N Reid Brook SURVEY SPECIFICATIONS: Survey Date: November 1th to November 2th 21 Survey Base: Nain, Labrador Aircraft: Canadian Helicopters (A-star 3 B2 C-GLNO) Nominal Survey Line Spacing: 1 Meters Nominal Survey Line Direction: N E / N 18 E 21N 21N 24' 24' Nominal Terrain Clearance: 92 Meters EM Loop: Towed at a mean distance of 3 meters below the Helicopter Magnetic Sensor: Towed at a mean distance of 13 meters below the Helicopter INSTRUMENTS Geotech Time Domain Electromagnetic System (VTEM) Concentric Rx/Tx Geometry Transmitter Loop: Diameter 2 Meters,Base Frequency 3 Hz Dipole Moment: 392,887 nia Transmitter Wave Form: Trapezoid, Pulse Width 7.14 ms. Geometrics High Sensitivity Cesium Magnetometer Mag Resolution:.2 nt at 1 samples/sec MAP PROJECTION Datum: NAD 27 Projection: Universal Transverse Mercator Central Meridian: 3 W (Zone 2N) Central Scale Factor:.999 False Easting/Northing:,m/m Major Axis: Eccentricity: NTS: 14D8 2N 2N 249N 249N L1:1> <L19:1 L18:1> <L17:1 L1:1> <L1:1 L14:1> <L13:1 L12:2> <L11:2 248N 248N 171M 12M 1248M 247N 247N 22' 22' 24N 24N Profiles scale 1 mm =. (pv/a*m^4) Linear between +/-1 (pv/a*m^4) logarithmic above 1 (pv/a*m^4).22 ms.23 ms.29 ms.333 ms.383 ms.44 ms. ms.8 ms.7 ms.7 ms.88 ms 1.1 ms 1.11 ms ms 1.31 ms 1.7 ms 2.21 ms 24N 24N ms 2.7 ms 3.3 ms 3.21 ms 4.42 ms 4.41 ms.333 ms.12 ms 7.3 ms 244N 244N GEOLOGY LEGEND: Granite, Monzonite & Charnockite Leuconorite, Leucogabbro, Leucotroctolite & Anorthosite Ferrodiorite TOPOGRAPHIC LEGEND: Contours Rivers Lakes W etlands Mining Claims 2' 2' 243N 243N L1:1> <L19:1 L18:1> <L17:1 L1:1> <L1:1 L14:1> <L13:1 L12:2> <L11:2 L1:2> <L149:2 L148:3 > <L147:3 L14:3> <L14:3 L144:3> <L143:3 L142:3> <L141:3 L14:3> L139:4> <L138:4 L137:4> <L13:4 L13:4> <L134:4 L133:4> <L132:4 L131:4> <L13:4 L129:4> L128:> <L127: L12:> L12:> <L124: L123:> <L122: L121:> <L12: L119:> <L118: <L11:8 L114:8> <L113:8 L112:8> <L111:7 L11:7> <L19:7 L18:7> <L17:7 L1:7> <L1:7 L14:7> <L13:7 L12:7> <L11:7 L1:7> Scale 1: (meters) NAD27 / UTM zone 2N T he topographic data base was derived from 1: NRC (Natural Resources Canada) NT DB data Background shading is derived from NASA SRT M(Shuttle Radar T opography Mission) data Inset data derived from Geocommunities 1:2, Canadian National T opographic database Mining Claims are derived from the Newfoundland and Labrador Department of Natural Resoruces ( Balaton Power Inc. Voisey's Bay West Property Nain, Labrador 9883M 242N 242N 3E 3E 37E -2 24' 38E 39E 4E -2 21' 41E 42E Geotech VTEM System VTEM db/dt Z Component Profiles Time Gates ms Flown and processed by Geotech Ltd. 24 Industrial Parkway North, Aurora, Ontario, Canada L4G 4C4 Geotech Project # 1 January 211

43 -2 24' -2 21' 3E 3E 37E 38E 39E 4E 41E 42E ' 22' 24' 242N 243N 244N 24N 24N 247N 248N 249N 2N 21N 22N <L13:7 <L13:7 L12:7> L12:7> <L11:7 <L11:7 L1:7> L1:7> L1:7> L1:7> <L1:7 <L1:7 L14:7> L14:7> <L17:7 <L17:7 L18:7> L18:7> <L19:7 <L19:7 171M L11:7> L11:7> <L111:7 <L111:7 Reid Brook <L118: <L118: <L11:8 <L11:8 L114:8> L114:8> <L113:8 <L113:8 L112:8> L112:8> L119:> L119:> <L12: <L12: L121:> L121:> <L122: <L122: 12M L12:> L12:> <L124: <L124: L123:> L123:> L131:4> L131:4> <L13:4 <L13:4 L129:4> L129:4> L128:> L128:> <L127: <L127: L12:> L12:> 3E 3E 37E -2 24' 38E 39E 4E -2 21' 41E 42E <L132:4 <L132:4 L13:4> L13:4> <L134:4 <L134:4 L133:4> L133:4> <L13:4 <L13:4 L137:4> L137:4> <L138:4 <L138:4 L14:3> L14:3> L139:4> L139:4> <L141:3 <L141:3 1248M L142:3> L142:3> L14:3> L14:3> <L14:3 <L14:3 L144:3> L144:3> <L143:3 <L143:3 9883M <L149:2 <L149:2 <L147:3 <L147:3 L148:3> L148:3> L1:2> L1:2> <L11:2 <L11:2 L12:2> L12:2> <L1:1 <L1:1 L14:1> L14:1> <L13:1 <L13:1 L1:1> L1:1> <L17:1 <L17:1 <L19:1 <L19:1 L18:1> L18:1> L1:1> L1:1> 24' 22' 2' 22N 21N 2N 249N 248N 247N 24N 24N 244N 243N 242N Labrador City Project Site Churchill Falls Scale 1:1,, (kilometers) NAD2 7 / UTM zone 2N SURVEY SPECIFICATIONS: Survey Date: November 1th to November 2th 21 Survey Base: Nain, Labrador Aircraft: Canadian Helicopters (A-star 3 B2 C-GLNO) Nominal Survey Line Spacing: 1 Meters Nominal Survey Line Direction: N E / N 18 E Nominal Terrain Clearance: 92 Meters EM Loop: Towed at a mean distance of 3 meters below the Helicopter Magnetic Sensor: Towed at a mean distance of 13 meters below the Helicopter INSTRUMENTS Geotech Time Domain Electromagnetic System (VTEM) Concentric Rx/Tx Geometry Transmitter Loop: Diameter 2 Meters,Base Frequency 3 Hz Dipole Moment: 392,887 nia Transmitter Wave Form: Trapezoid, Pulse Width 7.14 ms. Geometrics High Sensitivity Cesium Magnetometer Mag Resolution:.2 nt at 1 samples/sec MAP PROJECTION Datum: NAD 27 Projection: Universal Transverse Mercator Central Meridian: 3 W (Zone 2N) Central Scale Factor:.999 False Easting/Northing:,m/m Major Axis: Eccentricity: NTS: 14D Nain db/dt[2] pv/a*m^4 Happyvalley-goose Bay TOPOGRAPHIC LEGEND: Contours Rivers Lakes W etlands Mining Claims Scale 1: (meters) NAD27 / UTM zone 2N The topographic data base was derived from 1: NRC (Natural Resources Canada) NTDB data Background shading is derived from NASA SRTM (Shuttle Radar Topography Mission) data Inset data derived from Geocommunities 1:2, Canadian National Topographic database Mining Claims are derived from the Newfoundland and Labrador Department of Natural Resoruces ( Balaton Power Inc. Voisey's Bay West Property Nain, Labrador Geotech VTEM System VTEM db/dt Z Component Channel 2, Time Gate. ms Flown and processed by Geotech Ltd. 24 Industrial Parkway North, Aurora, Ontario, Canada L4G 4C4 Geotech Project # 1 January 211

44 -2 24' -2 21' 3E 3E 37E 38E 39E 4E 41E 42E ' 22' 24' 242N 243N 244N 24N 24N 247N 248N 249N 2N 21N 22N <L13:7 <L13:7 L12:7> L12:7> <L11:7 <L11:7 L1:7> L1:7> L1:7> L1:7> <L1:7 <L1:7 L14:7> L14:7> <L17:7 <L17:7 L18:7> L18:7> <L19:7 <L19:7 171M L11:7> L11:7> <L111:7 <L111:7 Reid Brook <L118: <L118: <L11:8 <L11:8 L114:8> L114:8> <L113:8 <L113:8 L112:8> L112:8> L119:> L119:> <L12: <L12: L121:> L121:> <L122: <L122: 12M L12:> L12:> <L124: <L124: L123:> L123:> L131:4> L131:4> <L13:4 <L13:4 L129:4> L129:4> L128:> L128:> <L127: <L127: L12:> L12:> 3E 3E 37E -2 24' 38E 39E 4E -2 21' 41E 42E <L132:4 <L132:4 L13:4> L13:4> <L134:4 <L134:4 L133:4> L133:4> <L13:4 <L13:4 L137:4> L137:4> <L138:4 <L138:4 L14:3> L14:3> L139:4> L139:4> <L141:3 <L141:3 1248M L142:3> L142:3> L14:3> L14:3> <L14:3 <L14:3 L144:3> L144:3> <L143:3 <L143:3 9883M <L149:2 <L149:2 <L147:3 <L147:3 L148:3> L148:3> L1:2> L1:2> <L11:2 <L11:2 L12:2> L12:2> <L1:1 <L1:1 L14:1> L14:1> <L13:1 <L13:1 L1:1> L1:1> <L17:1 <L17:1 <L19:1 <L19:1 L18:1> L18:1> L1:1> L1:1> 24' 22' 2' 22N 21N 2N 249N 248N 247N 24N 24N 244N 243N 242N Labrador City Project Site Churchill Falls Nain Scale 1:1,, (kilometers) NAD2 7 / UTM zone 2N Happyvalley-goose Bay SURVEY SPECIFICATIONS: Survey Date: November 1th to November 2th 21 Survey Base: Nain, Labrador Aircraft: Canadian Helicopters (A-star 3 B2 C-GLNO) Nominal Survey Line Spacing: 1 Meters Nominal Survey Line Direction: N E / N 18 E Nominal Terrain Clearance: 92 Meters EM Loop: Towed at a mean distance of 3 meters below the Helicopter Magnetic Sensor: Towed at a mean distance of 13 meters below the Helicopter INSTRUMENTS Geotech Time Domain Electromagnetic System (VTEM) Concentric Rx/Tx Geometry Transmitter Loop: Diameter 2 Meters,Base Frequency 3 Hz Dipole Moment: 392,887 nia Transmitter Wave Form: Trapezoid, Pulse Width 7.14 ms. Geometrics High Sensitivity Cesium Magnetometer Mag Resolution:.2 nt at 1 samples/sec MAP PROJECTION Datum: NAD 27 Projection: Universal Transverse Mercator Central Meridian: 3 W (Zone 2N) Central Scale Factor:.999 False Easting/Northing:,m/m Major Axis: Eccentricity: NTS: 14D BField[2] pv/a*m^4 TOPOGRAPHIC LEGEND: Contours Rivers Lakes W etlands Mining Claims Scale 1: (meters) NAD27 / UTM zone 2N The topographic data base was derived from 1: NRC (Natural Resources Canada) NTDB data Background shading is derived from NASA SRTM (Shuttle Radar Topography Mission) data Inset data derived from Geocommunities 1:2, Canadian National Topographic database Mining Claims are derived from the Newfoundland and Labrador Department of Natural Resoruces ( Balaton Power Inc. Voisey's Bay West Property Nain, Labrador Geotech VTEM System VTEM BField Z Component Channel 2, Time Gate. ms (This grid has been Microleveled) Flown and processed by Geotech Ltd. 24 Industrial Parkway North, Aurora, Ontario, Canada L4G 4C4 Geotech Project # 1 January 211

45 -2 24' 3E 3E -2 21' 37E 38E 39E 4E 41E 42E L1:2> N 22N <L149:2 L148:3> <L 147:3 L14:3> <L14:3 L144:3> <L143:3 L142:3> <L141:3 L14:3> L139:4> <L138:4 L137:4> <L13:4 L13:4> <L134:4 L133:4> <L132:4 L131:4> <L13:4 L129:4> L128:> <L127: L12:> L12:> <L124: L123:> <L122: L121:> <L12: L119:> <L118: <L11:8 L114:8> <L113:8 L112:8> <L111:7 L11:7> <L19:7 L18:7> <L17:7 L1:7> <L1:7 L14:7> <L13:7 L12:7> <L11:7 L1:7> Proj ect Site Nain Churchill Falls Happyvalley-goose Bay 2 2 Labrador City -9 Scale 1:1,, (k ilom e te rs ) NAD2 7 / UTM zone 2N Reid Brook SURVEY SPECIFICATIONS: Survey Date: November 1th to November 2th 21 Survey Base: Nain, Labrador Aircraft: Canadian Helicopters (A-star 3 B2 C-GLNO) Nominal Survey Line Spacing: 1 Meters Nominal Survey Line Direction: N E / N 18 E 21N 21N 24' 24' Nominal Terrain Clearance: 92 Meters EM Loop: Towed at a mean distance of 3 meters below the Helicopter Magnetic Sensor: Towed at a mean distance of 13 meters below the Helicopter INSTRUMENTS Geotech Time Domain Electromagnetic System (VTEM) Concentric Rx/Tx Geometry Transmitter Loop: Diameter 2 Meters,Base Frequency 3 Hz Dipole Moment: 392,887 nia Transmitter Wave Form: Trapezoid, Pulse Width 7.14 ms. Geometrics High Sensitivity Cesium Magnetometer Mag Resolution:.2 nt at 1 samples/sec MAP PROJECTION Datum: NAD 27 Projection: Universal Transverse Mercator Central Meridian: 3 W (Zone 2N) Central Scale Factor:.999 False Easting/Northing:,m/m Major Axis: Eccentricity: NTS: 14D8 2N 2N 249N 249N L1:1> <L19:1 L18:1> <L17:1 L1:1> <L1:1 L14:1> <L13:1 L12:2> <L11:2 Profiles scale 1 mm =. (pv*ms)/(a*m^4) (Linear between +/-1 (pv*ms)/(a*m^4) logarithmic above 1 (pv*ms)/(a*m^4).22 ms (B-field).23 ms (B-field) 248N 248N.29 ms (B-field).333 ms (B-field).383 ms (B-field).44 ms (B-field). ms (B-field).8 ms (B-field).7 ms (B-field).7 ms (B-field).88 ms (B-field) 1.1 ms (B-field) 1.11 ms (B-field) 171M 12M ms (B-field) 1248M 1.31 ms (B-field) 1.7 ms (B-field) 2.21 ms (B-field) ms (B-field) 2.7 ms (B-field) 3.3 ms (B-field) 3.21 ms (B-field) 4.42 ms (B-field) 247N 247N 4.41 ms (B-field).333 ms (B-field).12 ms (B-field) 24N 24N 24N 22' 22' 7.3 ms (B-field) 24N TMI nt 244N 244N TOPOGRAPHIC LEGEND: Contours Rivers Lakes W etlands Mining Claims 2' 2' 243N 243N L1:1> <L19:1 L18:1> <L17:1 L1:1> <L1:1 L14:1> <L13:1 L12:2> <L11:2 L1:2> <L149:2 L148:3 > <L147:3 L14:3> <L14:3 L144:3> <L143:3 L142:3> <L141:3 L14:3> L139:4> <L138:4 L137:4> <L13:4 L13:4> <L134:4 L133:4> <L132:4 L131:4> <L13:4 L129:4> L128:> <L127: L12:> L12:> <L124: L123:> <L122: L121:> <L12: L119:> <L118: <L11:8 L114:8> <L113:8 L112:8> <L111:7 L11:7> <L19:7 L18:7> <L17:7 L1:7> <L1:7 L14:7> <L13:7 L12:7> <L11:7 L1:7> Scale 1: (meters) NAD27 / UTM zone 2N T he topographic data base was derived from 1: NRC (Natural Resources Canada) NT DB data Background shading is derived from NASA SRT M(Shuttle Radar T opography Mission) data Inset data derived from Geocommunities 1:2, Canadian National T opographic database Mining Claims are derived from the Newfoundland and Labrador Department of Natural Resoruces ( Balaton Power Inc. Voisey's Bay West Property Nain, Labrador 9883M 242N 242N 3E 3E 37E -2 24' 38E 39E 4E -2 21' 41E 42E Geotech VTEM System VTEM BField Z Component Profiles Time Gates ms Over Total Magnetic Intensity Flown and processed by Geotech Ltd. 24 Industrial Parkway North, Aurora, Ontario, Canada L4G 4C4 Geotech Project # 1 January 211

46 -2 24' 3E 3E -2 21' 37E 38E 39E 4E 41E 42E Churchill Falls Happyvalley-goose Bay Labrador City 2-9 Scale 1:1,, N 21N ' 24' SURVEY SPECIFICATIONS: Survey Date: November 1th to November 2th 21 Survey Base: Nain, Labrador Aircraft: Canadian Helicopters (A-star 3 B2 C-GLNO) Nominal Survey Line Spacing: 1 Meters Nominal Survey Line Direction: N E / N 18 E (k ilom e te rs ) NAD2 7 / UTM zone 2N Reid Brook N N Proj ect Site Nain L1:2> <L149:2 L148:3> <L 147:3 L14:3> <L14:3 L144:3> <L143:3 L142:3> <L141:3 L14:3> L139:4> <L138:4 L137:4> <L13:4 L13:4> <L134:4 L133:4> <L132:4 L131:4> <L13:4 L129:4> L128:> <L127: L12:> L12:> <L124: L123:> <L122: L121:> <L12: L119:> <L118: <L11:8 L114:8> <L113:8 L112:8> <L111:7 L11:7> <L19:7 L18:7> <L17:7 L1:7> <L1:7 L14:7> <L13:7 L12:7> <L11:7 L1:7> Nominal Terrain Clearance: 92 Meters EM Loop: Towed at a mean distance of 3 meters below the Helicopter Magnetic Sensor: Towed at a mean distance of 13 meters below the Helicopter INSTRUMENTS Geotech Time Domain Electromagnetic System (VTEM) Concentric Rx/Tx Geometry Transmitter Loop: Diameter 2 Meters,Base Frequency 3 Hz Dipole Moment: 392,887 nia Transmitter Wave Form: Trapezoid, Pulse Width 7.14 ms. Geometrics High Sensitivity Cesium Magnetometer Mag Resolution:.2 nt at 1 samples/sec MAP PROJECTION Datum: NAD 27 Projection: Universal Transverse Mercator Central Meridian: 3 W (Zone 2N) Central Scale Factor:.999 False Easting/Northing:,m/m Major Axis: Eccentricity: NTS: 14D N 9 2N N 249N N N L1:1> <L19:1 L18:1> <L17:1 L1:1> <L1:1 9 L14:1> <L13:1 L12:2> <L11: M 12M 171M ' 7 22' N 7 247N N 4 24N TMI 8 24N N 9 8 nt Contours Rivers Lakes 1 TOPOGRAPHIC LEGEND: 7 W etlands Mining Claims nt nt 1 nt 244N 3 244N TMI Contour Interv als: ' 2' 243N 243N L1:1> <L19:1 L18:1> <L17:1 L1:1> <L1:1 L14:1> <L13:1 L12:2> <L11:2 L1:2> <L149:2 L148:3 > <L147:3 L14:3> <L14:3 L144:3> <L143:3 L142:3> <L141:3 L14:3> L139:4> <L138:4 L137:4> <L13:4 L13:4> <L134:4 L133:4> <L132:4 L131:4> <L13:4 L129:4> L128:> <L127: L12:> L12:> <L124: L123:> <L122: L121:> <L12: L119:> <L118: <L11:8 L114:8> <L113:8 L112:8> <L111:7 L11:7> <L19:7 L18:7> <L17:7 L1:7> <L1:7 L14:7> <L13:7 L12:7> <L11:7 L1:7> Scale 1: (meters) NAD27 / UTM zone 2N T he topographic data base was derived from 1: NRC (Natural Resources Canada) NT DB data Background shading is derived from NASA SRT M(Shuttle Radar T opography Mission) data Inset data derived from Geocommunities 1:2, Canadian National T opographic database Mining Claims are derived from the Newfoundland and Labrador Department of Natural Resoruces ( Balaton Power Inc. Voisey's Bay West Property Nain, Labrador 9883M 242N 242N 3E 3E 37E -2 24' 38E 39E 4E -2 21' 41E 42E Geotech VTEM System Total Magnetic Intensity (TMI) Flown and processed by Geotech Ltd. 24 Industrial Parkway North, Aurora, Ontario, Canada L4G 4C4 Geotech Project # 1 January 211