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URSA MAJOR MINERALS INCORPORATED

A report describing the Caro Lake surface exploration diamond drilling program on the URSA

Major Disraeli Lake Property, District of Thunder Bay, Ontario

March and April 2011

located in the LECKIE LAKE AREA, LITTLE STURGE LAKE AREA and the RIGHTANGLE LAKE AREA (G-0067)

Thunder Bay, Mining Division, Ontario

1:50,000 NTS Map Sheet

Zone 16U 052 H03 Eaglehead Lake and 052 H02 Shillabeer Lake Sheets, Western Ontario.

Report Prepared By: Harold J. Tracanelli, Getn. P.Geo., 1156, Onaping, Ontario Ian Dasti; HBSc. Geo Thunder Bay, Ontario April 12th., 2011

Table of Contents: 1.0 Executive Summary 2.0 Property Location and Access 3.0 Property Ownership 4.0 URSA Major Minerals Incorporated Disraeli Lake Property, Thunder Bay Mining Division, Ontario 5.0 Physiography and 6.0 Vegetation and Wildlife 7.0 Brief Exploration History 8.0 URSA Disraeli Property – Caro Lake Diamond Drilling Project 9.0 Geology 9.1 Geology in Diamond Drill Hole U-17-01 of the Caro Lake

Diamond Drilling Project, on the URSA Disraeli Property 10.0 Results of the Diamond Drill Program 10.1 URSA Major Minerals Incorporated QA / QC Program 11.0 Conclusions 12.0 Recommendations 13.0 Certificate of Qualifications 14.0 List of Reference Materials Used within this Report

LISTING OF TABLES Table: 1 Listing of The URSA Major Minerals Incorporated – Disraeli Lake Property Leckie Lake Area (G-0067), Claims on Record with the Ontario Ministry of Northern Development Mines and Forestry LISTING OF FIGURES. Figure: 1. URSA Major Minerals Incorporated – Disraeli Lake Property Location Map, Leckie Lake Area (G-0067) Thunder Bay Mining Division, Ontario Figure: 2 URSA Major Disraeli Lake Property – Caro Lake Diamond Drilling Program, Location Map. LISTING OF PHOTOGRAPHS. Photograph: 1 Entrance of the Mawn Lake Road off of Provincial Highway 527 Photograph: 2 View facing north west over part of Disraeli Lake APPENDIX I, Cross Sections and Plans for Diamond Drill Hole U-17-01 APPENDIX II, Diamond Drill Hole Core Logs and For DDH Hole U-17-01 APPENDIX III, Assay Certificates for samples collected in DDH U-17-01 APPENDIX IV, Supporting Project Expenditure Related Documentation

1.0 Executive Summary This assessment report covers one 375 meters deep hole used to test an airborne geophysical response in the area of Caro Lake area.. Caro Lake is located approximately 1,200 meters south of the south end of Disraeli Lake – Leckie Lake Area. This report describes the various efforts and results associated with the initiation and completion Caro Lake surface diamond drilling program in March and April of 2011. The URSA Major - Disraeli Lake Property, is located approximately 65 kilometers NNE of the city of Thunder Bay, District of Thunder Bay, Ontario. The property includes 23 contiguous, manually staked mining claims, consisting of 350 units covering an area of 14,000 Acres, or 5,600 hectares. The property covers parts of four specific areas referred to as: Rightangle Lake Area, Little Sturge Lake Area, Eaglehead Lake Area and Leckie Lake Area, and are part of the Ministry of Northern Development Mines and Forestry, Thunder Bay Mining Division Administrative District. Part of the property includes 9 manually staked mining claims which were acquiredfrom Rio Tinto Exploration Canada Inc., in November of 2010. URSA Major is currently the 100% ownerof the Disraeli Lake Property, and has been fully responsible for providing the entire exploration funding required for the Caro Lake surface diamond drilling program. In October of 2010, URSA Major contracted out Aeroquest Airborne of Mississauga, Ontario, 636 line kilometers of Helicopter – Borne AeroTEM System Electromagnetic & Magnetic surveying over the Disraeli Lake Property. By December 2010, Aeroquest had completed the required survey processing, report and map generation, presented to URSA Major. This survey covers the northern part of the property. On March 14, 2011, co-author Harold Tracanelli and Richard Sutcliffe, CEO of URSA Major, completed a reconnaissance of the property with a helicopter chartered out of the Thunder Bay, Ontario and determined the location of the Caro lake drill hole. This effort was necessary to assessanomaly locations and examine some of the exposed geological formations, access road conditions and the like in advance of the mobilization of the diamond drilling equipment – crews and the on ground geological support. As a result of these initial reconnaissance efforts it was decided that the Caro Lake airborne coincidental geophysical anomaly should be tested first. It is the diamond drilling carried out at Caro Lake for which has been described within this report. On March 16th., 2011, Harold Tracanelli, accompanied by Scott Nichol for George Downing Estate Drilling Ltd., traveled out to the Caro Lake area and proceeded to locate the site for which to locate a potential drill. Based on some predetermined UTM coordinates, a suitable location

approximately 50 meters west of the shore of Caro Lake was located. At that time diamond drill hole U-17-01 was spotted to be drilled at 082 degrees Azimuth with an inclination of - 45 degrees. The diamond drill machine that would be used to drill the hole was an LF-70 hydrocore drilling machine, a machine which is well suited for drilling shallow to intermediate depth doles down to nominally 800 meters +/- producing NQ core. The principal objective in terms of mineral exploration on the Disraeli Lake Property is to target potentially PGM – Ni and Cu bearing peridotite-melagabbro intrusions similar to the host rocks at Magma Metals Limited's ("Magma's") platinum-palladium discovery at Current Lake, 45 km north of Thunder Bay, Ontario. The objective of the diamond drill hole was to best fit test a cluster of 3 EM anomalies in an area of coincidental magnetic response, in an attempt to determine if such responses might be caused by possible sulphide bearing, mafic – ultramafic sills or conduit like features developed within flat lying sedimentary of the Nipigon Basin rocks know to be present in the area. In an attempt to pass through and examine the cause of the anomalies it was proposed that a hole be drilled to a depth of approximately 400 meters, as such considered to be long enough to ensure that the downward plotted anomalies could be properly tested. It was interpreted that one of the anomaly responses could be encountered at about 125 meters down the hole, while the second, and further out anomaly response could be encountered at approximately 345 meters down the hole. As a potentially added complication, a possible structural zone was also interpreted to possibly be encountered at a depth of approximately 200 meters in the drill hole. On March 20th., 2011, diamond drill hole U-17-01 was collared into Sibley group sediments after sinking casing through 19,56 meters of boulder overburden. The initial drill collaring monitoring efforts were being managed by geologist Patrick Chance. A short time later, the on ground management of the diamond drilling program, core logging and sampling efforts were handed off to geologist Ian Dasti. On March 31st., 2011, diamond drill hole U-17-01 was completed to a final depth of 375 meters into Sibley formation sedimentary rocks. The hole was stopped when no further signs of encouragement to be expected with any further depths. Initial core logging was started by Patrick Chance. The bulk of the core logging was carried out by Ian Dasti. The geology of diamond drill hole U-17-01 is best described as multiple laminated, somewhat flat lying sequences of Sibley Group sedimentary rocks consisting of a variation of alternating like greywacke’s and finer grained undifferentiated clastic sediments. These sedimentary rocks have been intruded by sill or dyke like injections of diabase, gabbro, and olivine bearing gabbro rocks. The thicknesses of these rocks in cross section seem to vary from 3 meters to 35 and 40 meters in the particular area.

An interesting intersection of magnetite rich – pyrite – pyrrhotite and chalcopyrite bearing materials were encountered in the diamond drill hole in an area from: 130.80 meters to 138.95 meters down the hole. The mineralization at that particular location in the drill hole might explain the cause of the first geophysical anomaly initially interpreted to be encountered at approximately 125 meters down the hole. As a result, 18 samples were collected from the mineralized interval which included one field blank and on duplicate sample. The assay work was carried out by Accurassay, in Thunder Bay, Ontario. The assay results are available within the appendix of the report. A preliminary review of the mineralization encountered within from these initial drilling efforts might suggest that the drill hole may have encountered a possible “IOCG-“ “skarn-” like or some possible sub horizontal magnetite rich, cobalt and copper bearing igneous unit associated with the evolution and the known mafic – ultramafic sill like intrusions in the same area. The encountering of the unusual magnetite rich, cobalt and copper bearing materials – occurrence identified in diamond drill hole U-17-01, may presently be considered rather unique in this particular area. The location of the diamond drill hole used to test the coincidental electromagnetic anomalies and magnetic area, in conjunction with the metal bearing unit, might suggest that the exploration efforts may have encountered a potentially larger scale environment for which follow up exploration should be given consideration. As such follow diamond drilling so as to test the potential depth and strike extent of the mineralized horizon is being recommended.

2.0 Property Location and Access: The URSA Major Minerals Incorporated, Disraeli Lake Property, is located 65 kilometers NNE of the city of Thunder Bay, District of Thunder Bay, Ontario. The property which consists of 23 manually staked, contiguous mining claims are situated over parts of four specific areas referred to as: Rightangle Lake Area, Little Sturge Lake Area, Eaglehead Lake Area and Leckie Lake Area, and are part of the Ministry of Northern Development Mines and Forestry, Thunder Bay Mining Division Administrative District. From the Thunder Bay Airport, the Disraeli Lake Property can be reached by traveling east along the Trans Canada Highway 17 and then North on Provincial Highway 527 to the Mawn Lake Road a distance of approximately 105 kilometers. On the Mawn Lake Road it is necessary to travel east a distance of 24.2 kilometers into the central part of the property, which more specifically allows one to drive an automobile to within 500 meters of the site of diamond drill hole U-17-01. Much of the area has been subject to previous forest harvesting operations over the years, as such there are many old forestry roads which traverse the area that would allow access to various parts of the property either by pickup truck, ATV- snowmobile or on foot. There are a number of larger scale lakes on the property such as Disraeli Lake and Leckie Lake for which under appropriate weather conditions it may be possible to land a fixed wing aircraft. Charter helicopter services are available out of the Thunder Bay airport, and can be used and can land on some parts of the property.

Photograph: 1 Entrance of the Mawn Lake Road off of Provincial Highway 527.

3.0 Property Ownership The 23 claim URSA – Disraeli Lake Property, are currently owned and being operated by: URSA Major Minerals Incorporated. The company head office is located at Suite 1300 – 8 King Street East, Toronto, Ontario, M5C 1B5 The 14 contiguous claims (4247670 to 4247673, 4247676 to 4247677, 4247664 to 4247669 and 4247678 to 4247679) of the 23 claim property were acquired by manual claim staking and are 100% owned by URSA Major and were recorded on March 31st., 2009. The mining claims come due for renewal each year on March 31st. The 9 contiguous claims (4247121 through to 4247129 inclusive) of the 23 claim property were acquired through an agreement between URSA Major and Rio Tinto Exploration Canada Inc. The Rio Tinto claims were recorded on December 12th., 2000, and were transferred to URSA Major on November 25th., 2010. The 9 mining claims come due for renew on April 12th., 2011.

THUNDER BAY Mining Division - 303758 - URSA MAJOR MINERALS INCORPORATED

Township/Area Claim Number

Recording Date

Claim Due Date Status Percent

Option LECKIE LAKE AREA

4247121 2008-Dec-12 2011-Apr-12 URSA Major Minerals Inc Optioned From Rio Tinto Exploration Canada Inc.

100 %

LECKIE LAKE AREA

4247122 2008-Dec-12 2011-Apr-12 URSA Major Minerals Inc. Optioned From Rio Tinto Exploration Canada Inc.

100 %

LECKIE LAKE AREA


100 %

LECKIE LAKE AREA


100 %

LECKIE LAKE AREA

4247125 2008-Dec-12 2011-Apr-12 URSA Major Minerals Inc. Optioed From Rio Tinto Exploration Canada Inc..

100 %

LECKIE LAKE AREA


100 %

LECKIE LAKE AREA

4247127 2008-Dec-12 2011-Apr-12 URSA Major Minerals Inc. Optioned From Rio Tinto Exploration Canada Inc..

100 %

LECKIE LAKE AREA


100 %

LECKIE LAKE AREA

4247129 2008-Dec-12 2011-Apr-12 URSA Major Minerals Inc.Optioned From Rio Tinto Exploration Canada Inc..

100 %

LECKIE LAKE AREA

4247670 2009-Mar-31 2011-Mar-31 100% Owned By: URSA Major Minerals Incorporated

100 %

LECKIE LAKE AREA


100 %

LECKIE LAKE AREA


100 %

LECKIE LAKE AREA


100 %

LECKIE LAKE AREA


100 %

LECKIE LAKE AREA


100 %

LITTLE STURGE LAKE AREA


100 %



100 %



100 %



100 %



100 %



100 %

RIGHTANGLE LAKE AREA


100 %

RIGHTANGLE LAKE AREA


100 %

Table: 1 Listing of The URSA Major Minerals Incorporated – Disraeli Lake Property Leckie Lake Area (G-0067), Claims on Record with the Ontario Ministry of Northern Development Mines and Forestry. 4.0 URSA Major Minerals Incorporated Disraeli Lake Property, Thunder Bay Mining Division, Ontario The URSA Major Minerals Incorporated, Disraeli Lake Property, located in the LECKIE LAKE AREA, LITTLE STURGE LAKE AREA and the RIGHTANGLE LAKE AREA, Thunder Bay Mining Division, District of Thunder Bay, Ontario is made up of 23 contiguous, manually staked mining claims, consisting of 350 units covering an area of 14,000 Acres, or 5,600 hectares.

Figure: 1. URSA Major Minerals Incorporated – Disraeli Lake Property Location Map, Leckie Lake Area (G-0067) Thunder Bay Mining Division, Ontario

5.0 Physiography and Climate

Photograph: 2 View facing west over part of Wolf Lake The Disraeli Lake Property, occurs near the southern part of the Nipigon Basin, north of Lake Superior. The terrain in the area is characterized by rounded and steep sided hills with typical elevations in the order of 50 or 60 meters. The underlying geology of principally flat lying sedimentary rocks of the Sibley Group and at the later emplacement diabasic – gabbroic and granitic rocks in the area has significantly influenced the present characteristics of the surrounding geography.

Thunder Bay and the area experience a humid continental climate (Köppen climate classification Dfb)that is influenced by Lake Superior, with especially noticeable effects in the city's north end. This results in cooler summer temperatures and warmer winter temperatures for an area extending inland as far as 16 km. The average daily temperatures range from 17.6 °C in July to −14.8 °C in January. The average daily high in July is 24.2 °C and the average daily high in January is −8.6 °C. On January 10, 1982, the local temperature in Thunder Bay dropped to −36 °C, with a wind speed of 54 km/h for a wind chill temperature that dipped to −58 °C. As a result, it holds Ontario's record for coldest day with wind chill.

The city is quite sunny, with an average of 2167.7 hours of bright sunshine each year, ranging from 283.4 hours in July to 88.8 hours in November, sunnier than any city in Canada located to the east of it.

6.0 Vegetation and Wildlife Much of the surround geographic areas are dominated by an abundance of softwood species such as Jack Pine, Tamarack, Poplar, White Birch, Black Spruce and Balsam Fir with locally thick understory brush wood species such as Speckled Alder, Beaked Hazel and Willow growth. Many of the lakes in the area are reported to be quite shallow and somewhat swampy. Some of the lakes are reported to contain healthy populations of Northern Pike and Walleye. Some lakes in the area are said to be deep and clean enough to support Lake Trout. The area is said to contain a large population of Moose. During the initial reconnaissance efforts a large Timber Wolf was observed on the Mawn Lake Road. 7.0 Brief Exploration History The following summary is extracted from Hart and Magyarosi, Precambrian Geology of the the Northern Black Sturgeon River and Disraeli lake area, Nipigon Embayment, Northwestern Ontario, OGS Open File Report 6138, 2004. “Mineral exploration and prospecting in the area has been sporadic with the first recorded activity being the exploration for iron ore in the early 1900s (Coates 1972). The discovery of sporadic copper mineralization near Disraeli Lake in 1965 stimulated the exploration for copper and the other base metals in the late 1960s (Coates 1972). Uranium mineralization was first reported in the Black Sturgeon Lake area in 1947, but exploration was not reported until 1975 (Scott 1987). A number of companies were reported to be actively exploring for uranium during the late 1970s (Fenwick et al. 1980). A uranium occurrence was discovered by R.H. Sutcliffe during the 1981 field season and subsequently acquired and explored by Uranerz Exploration and Mining Corporation Limited until 1985 (Scott 1987). Several companies investigated the potential of sedimentary-hosted base metal mineralization in the Sibley Group in the early 1990s, but other than an airborne geophysical survey completed by Cominco in 1993, little ofthe work was recorded. Exploration for platinum group element (PGE) mineralization intensified after the 1998 discovery of mineralization in the Seagull. Leckie Lake intrusion (Osmani and Rees 1998). The best diamond-drill intersection to date is 1.71 ppm Pt and 1.87 ppm Pd across 2.1 m in basal pyroxenite ofthe Seagull. Leckie lakes intrusion, which contains 10% disseminated to net-textured pyrite, pyrrhotite and minor chalcopyrite (Durham 2000).” “A number of companies have explored in the area of Disraeli Lake since the discovery of copper mineralization in 1965. Mineralization consists of chalcocite hosted by the diabase sill or underlying Sibley Group sedimentary rocks (Coates 1972).” Mineralization in the Seagull intrusion is hosted by the peridotite and is exposed in partially filled-in trenches located on the logging road between Seagull and Leckie lakes. Sampling of

these trenches by Avalon Ventures Limited returned assays up to 2610 ppb Pt and 1145 ppb Pd in the Central zone (Osmani and Rees 1998). Work on the property has included prospecting, geological mapping, and magnetic and electromagnetic geophysical surveys (e.g., Schnieders et al. 2003). Eighteen diamond-drill holes, totalling approximately 8328 m, have been completed in the Seagull intrusion to investigate the platinum group element (PGE) mineralization, with details of the diamond drilling provided in MRD 133.The most significant mineralization was intersected at or near the basal contact of the peridotite with metasedimentary rocks of the Quetico Subprovince. The best intersection returned 1.71 ppm Pt and1.87 ppm Pd over 2.1 m in a biotite pyroxenite containing 10% disseminated to net-textured sulphide minerals including pyrite, pyrrhotite and minor chalcopyrite (Durham 2000).” In the immediate area of the Caro Lake, Avalon Ventrures drilled five short holes totalling 784 metres were also drilled on their Disraeli Lake property in 2000. These were designed to test airborne EM conductors in the Disraeli Lake layered ultramafic intrusion to a maximum depth of 300 metres. No significant copper-nickel-PGE mineralization was intersected in these holes, but none tested the intrusion to the corresponding depths of the mineralized horizon in the Seagull intrusion and further work is planned for this property in 2001.

8.0 URSA Disraeli Property – Caro Lake Diamond Drilling Project. The URSA Major Disraeli Lake – Caro Lake diamond drill program consisted of one 375 meters deep hole used to test an airborne geophysical response in the area of Caro Lake area. Caro Lake is located approximately 1,200 meters south of the south end of Disraeli Lake.

Figure: 2 URSA Major Disraeli Lake Property – Caro Lake Diamond Drilling Program, Location Map. On March 16th., 2011, diamond drill hole U-17-01 was located spotted at the Nad 83 UTM coordinate of: Zone 16U 0356500 East and 5440795 North, by: Harold Tracanelli, Getn, P.Geo. The diamond drill hole site was located near the southern part of mining claim 4247672. The hole foresights were aligned at 082 degrees Azimuth using a hand held Silva compass set a 1 degrees west declination. The hole number and the inclination of the hole @ -45 degrees was indicated on the collar picket.

On March 20th., 2011, diamond drill hole U-17-01 was collared into Sibley formation sediments after sinking casing through 19.56 meters of boulder overburden. The initial drill collaring monitoring efforts were managed by Patrick Chance. A short time later, the on ground management of the diamond drilling program, core logging and sampling efforts were handed off to geologist Ian Dasti. On March 31st., 2011, diamond drill hole U-17-01 was completed to a final depth of 375 meters into Sibley formation sedimentary rocks. The hole was stopped when no further signs of encouragement to be expected with any further depths. Initial core logging was started by Patrick Chance. The bulk of the core logging was carried out by Ian Dasti. 9.0 Geology The URSA Major Disraeli Property is located approximately 25 km north of Magma Metals's Current Lake Pt, Pd, Ni, Cu deposit and is underlain bythe sedimentary rocks of the Sibley Group, peridotite-melagabbo rocks of the Disraeli Intrusion, and Nipigon diabase sills. The Disraeli Intrusion and diabase sills are intrusive into the sedimentary rocks of the Sibley Group. The Disraeli Lake Property has several copper showings hosted by both intrusive rocks and Sibley group sediments. The Disraeli Intrusion is related to the Proterozoic Mid-Continent rift magmatism. There are some reported similarities between the rocks known to occur on the Disraeli Lake Property and the Magma Metals, Current Lake platinum-palladium discovery on its' Thunder Bay North Property. This relatively new discovery which is reported to be one of the best advanced platinum group metal exploration projects in North America with excellent widths, is reported to have a 1:1 ratio of platinum to palladium, significant copper and nickel credits, and the potential for a large mineralization system. Intersections of up to 61.7 m at 5.61 g/t platinum and palladium, 0.7% copper and 0.4% nickel have been reported by Magma Metals.

9.1 Geology in Diamond Drill Hole U-17-01 of the Caro Lake Diamond Drilling Project, on the URSA Disraeli Property

Initial core logging was started by Patrick Chance. The bulk of the core logging was carried out by Ian Dasti. The geology of diamond drill hole U-17-01 is best described as multiple laminated, somewhat flat lying sequences of Sibley Group sedimentary rocks consisting of a variation of alternating like greywacke’s and finer grained undifferentiated clastic sediments. These sedimentary rocks have been intruded by sill or dyke like injections of diabase, gabbro, and olivine bearing gabbro rocks. Assuming that the sedimentary strata is relatively flat lying, the deposited sediment bed would seem to vary in thickness from as thin as 3 to 8 meters to as thick as 35 and 40 meters in cross section. The diabase gabbro sills and or dykes tend to be somewhat thinner and vary from 3 meters to 15 meters and seem to increase from 15 meters to 35 meters with increasing depth with the stratigraphy. From approximately 130.80 meters through to 139.95 meters, a rather interesting and potentially unique mineral occurrence rich in magnetite, pyrite with some visible chalcopyrite was encountered in the diamond drill hole. Such is currently though to represent a previously unidentified mineralizing environment currently unheard of for the Nipigon sedimentary basin. A preliminary review of the mineralization encountered within from these initial drilling efforts might suggest that the drill hole may have encountered a possible “IOCG-“ “skarn-” like or some possible sub horizontal magnetite rich, cobalt and copper bearing igneous unit associated with the evolution and the known mafic – ultramafic sill like intrusions in the same area. Ian Dasti; HBSc.,Geo who carried out and completed the drill core logging for DDH U-17-01, for which four main lithologies were encountered. At different intervals, each had varying degrees of alteration and thickness while textural features were more or less maintained. Clastic unit – fine grained matrix supported clastics with large light cream-pink clasts resembling blobby paint splatter on canvas. Often, only a few clasts are present but are up to cobble size. Clasts are made up of carbonate and are round to sub-elongate. Bedding is usually absent, with rare areas of lamination present. Overall hard, silica rich, no visible sulfide. Non magnetic. Wacke unit – probably best described as a red mudstone that occasionally has white clasts within bedding that are sub-elliptical and vary from 2 to 7 cm. Rarely, more angular fragments of red mudstone are found within the purple clastics and vice versa, most commonly near contacts between units. Non magnetic. Gabbro – diabase - This unit is comprised of aphanitic to sub aphanitic fine grained diabase with common plagioclase and occasional pyroxene laths. Within thicker sections, the unit commonly

coarsens and fines with sharp internal contacts 35-40 degrees TCA. Coarse sections appear gabbroic and have approximately 15-20% hornblende, 30-40% pyroxene, 0-5% olivine, 35-45% plagioclase, 1% magnetite and trace sulfides, usually pyrite. Rarely, sections with up to 15% biotite were encountered from 242.02 to 287.53 and were not commonly greater than 1m in thickness. Where aphanitic, groundmass is dark green. Intermediate zones with assimilated sediment have a red and black “salt and pepper” texture and are commonly 30-40cm where present. One intermediate zone was much thicker and had a peculiar texture (242.02-246). The zone was made up of 40% coarse grained hornblende, 35% alkali feldspar, 10% plagioclase, 10% quartz, trace magnetite and had up to 5% cavities very similar to the cavities in the “scarn” section. Contacts between diabase and hornfels / sediments were easily distinguished based on magnetism. “Scarn”- The skarn – like unit from 130.80 meters through to 139.95 meters consisted of 70-80% fine sub-mm grains of euhedral magnetite, 5-10% alteration clays, 5-12% sulfides, and 5% 1-3 cm cavities. Sulfides mostly consisted of pyrite infilling cavities and as veinlets, with crystals commonly greater than .5 cm. Chalcopyrite and pyrrhotite, when present, were disseminated as fine grains within magnetite. Rarely, minor chalcopyrite was found within Pyrite veinlets. Overall, the rock is highly magnetic, black, and porous. The top contact has sections (10-30 cm) of magnetite/chlorite bands. The chlorite layers are pure clay and can be up to 3mm wide. Magnetite grains within bands are fine grained and can be up to 5mm wide. Banded magnetite/chlorite sections become rare and then absent away from the skarn contact.

10.0 Results of the Diamond Drill Program As a result of the drilling of the 375 meters deep hole U-17-01, an interesting area of magnetite rich, cobalt and copper bearing oxide and sulphide mineralization was encountered. The materials encountered and examined looked encouraging enough to warrant the collection of 16 representative samples. Within the sample stream were included I field blank and one duplicate sample.

Diamond Drill Hole Sample From To Length QA / QC Number Number Meters Meters Meters Samples U-17-01 1 130.8 131.5 0.7 U-17-01 2 131.5 132 0.5 U-17-01 3 132 132.5 0.5 U-17-01 4 132.5 133 0.5 U-17-01 5 133 133.5 0.5 U-17-01 6 133.5 134 0.5 U-17-01 7 134 134.5 0.5 U-17-01 8 134.5 135 0.5 U-17-01 9 135 135.5 0.5 U-17-01 10 135.5 136 0.5 U-17-01 11 136 136.5 0.5 U-17-01 12 136.5 136.5 0 DUP of 11 U-17-01 13 136.5 137 0.5 U-17-01 14 137 137.5 0.5 U-17-01 15 137.5 138 0.5 U-17-01 16 138 138.5 0.5 U-17-01 17 138.5 138.95 0.45 U-17-01 18 BLK BLK BLK

BLK = Field Blank DUP = Duplicate Sample The above samples collected were submitted to Accurassay in Thunder Bay, Ontario for Multi Element ICP plug gold analysis on Tuesday March 29th., 2011 and were received from the laboratory on Monday April 11th., 2011

URSA Major Minerals Inc. Date Created: 11-04-11 01:58:38 PM Job Number: 201141257 Date Received: 03/30/2011 Number of Samples: 18 Type of Sample: Core Date Completed: 04/11/2011 Project ID:

Au ppb Pt ppb Pd ppb Acc # Client ID 5 DL 15 DL 10 DL

91316 UR-17-10-01-001 <5 19 <10 96315 UR-17-10-01-002 <5 <15 14 96316 UR-17-10-01-003 <5 38 18 96317 UR-17-10-01-004 13 <15 11 96318 UR-17-10-01-005 15 <15 <10 96319 UR-17-10-01-006 <5 <15 <10 96320 UR-17-10-01-007 22 <15 <10 96321 UR-17-10-01-008 9 26 <10 96322 UR-17-10-01-009 <5 <15 <10 96323 UR-17-10-01-010 7 15 <10 96324 UR-17-10-01-010 8 <15 <10 96325 UR-17-10-01-011 8 <15 <10 96326 UR-17-10-01-012 7 <15 <10 96327 UR-17-10-01-013 8 24 <10 96328 UR-17-10-01-014 7 <15 <10 96329 UR-17-10-01-015 7 <15 <10 96330 UR-17-10-01-016 <5 <15 <10 96331 UR-17-10-01-017 7 <15 <10 96332 UR-17-10-01-018 <5 <15 <10

The results of the precious metals analysis from the 18 samples collected from DDH U-17-01 are typically quite low to only slightly elevated above the analytical methods lower detection limits. Acc # Client ID

91316 UR-17-10-01-

001 Ag Al As B Ba Be

96315 UR-17-10-01-

002 ppm % ppm ppm ppm Ppm

96316 UR-17-10-01-

003 <1 2.77 15 84 49 <2

96317 UR-17-10-01-

004 <1 2.77 7 58 89 <2

96318 UR-17-10-01-

005 <1 2.12 3 72 74 2

96319 UR-17-10-01-

006 <1 3.64 11 100 140 3

96320 UR-17-10-01-

007 <1 3.18 4 75 47 3 96321 UR-17-10-01- 1 1.07 2 64 9 5

008

96322 UR-17-10-01-

009 2 0.47 <2 56 6 5

96323 UR-17-10-01-

010 1 0.2 3 50 10 6

96324 UR-17-10-01-

010 1 0.14 <2 45 9 5

96325 UR-17-10-01-

011 1 0.13 <2 49 12 6

96326 UR-17-10-01-

012 1 0.12 <2 49 11 5

96327 UR-17-10-01-

013 1 0.11 <2 54 11 6

96328 UR-17-10-01-

014 1 0.11 <2 56 11 6

96329 UR-17-10-01-

015 1 0.11 <2 55 10 6

96330 UR-17-10-01-

016 <1 0.12 <2 45 9 5

96331 UR-17-10-01-

017 1 0.14 <2 44 8 6

96332 UR-17-10-01-

018 2 0.14 <2 45 7 6 <1 0.19 <2 51 7 6 <1 0.05 <2 42 4 <2

Bi Ca Cd Co Cr Cu

Acc # Client ID ppm % ppm ppm ppm Ppm

91316 UR-17-10-01-

001 16 3.63 7 60 44 133

96315 UR-17-10-01-

002 6 1.22 <4 47 245 82

96316 UR-17-10-01-

003 21 0.97 13 180 197 215

96317 UR-17-10-01-

004 18 0.51 12 68 30 185

96318 UR-17-10-01-

005 15 0.73 10 54 24 116

96319 UR-17-10-01-

006 45 0.09 31 228 20 1055

96320 UR-17-10-01-

007 47 0.05 34 189 10 1042

96321 UR-17-10-01-

008 66 0.32 39 524 14 1404

96322 UR-17-10-01-

009 58 0.09 36 386 12 1141

96323 UR-17-10-01-

010 64 0.14 40 492 20 1838

96324 UR-17-10-01-

010 60 0.14 39 490 19 1814

96325 UR-17-10-01-

011 61 0.42 39 1233 13 1012

96326 UR-17-10-01-

012 58 0.43 38 1324 11 969

96327 UR-17-10-01-

013 59 0.39 38 868 9 1387

96328 UR-17-10-01-

014 58 0.15 37 1366 17 1103

96329 UR-17-10-01-

015 59 0.18 39 1555 18 1075

96330 UR-17-10-01-

016 60 0.22 42 613 12 1235

96331 UR-17-10-01-

017 58 0.49 41 545 17 1445

96332 UR-17-10-01-

018 5 0.07 5 252 45 347

Cu Fe K Li Mg Mn Acc # Client ID ppm % % ppm % Ppm

91316 UR-17-10-01-

001 133 8.35 0.49 108 3.89 1356

96315 UR-17-10-01-

002 82 4.69 0.8 133 4 1282

96316 UR-17-10-01-

003 215 16.94 0.7 54 4.82 769

96317 UR-17-10-01-

004 185 16.13 1.21 102 7.99 858

96318 UR-17-10-01-

005 116 14.19 0.38 141 6.5 1646

96319 UR-17-10-01-

006 1055 37.76 0.04 18 4.94 653

96320 UR-17-10-01-

007 1042 42.48 <0.01 14 3.72 522

96321 UR-17-10-01-

008 1404 46.53 <0.01 7 1.88 512

96322 UR-17-10-01-

009 1141 45.06 <0.01 8 1.73 486

96323 UR-17-10-01-

010 1838 48.66 <0.01 8 1.77 563

96324 UR-17-10-01-

010 1814 47.86 <0.01 7 1.74 554

96325 UR-17-10-01-

011 1012 46.86 <0.01 6 1.51 535

96326 UR-17-10-01-

012 969 46.48 <0.01 5 1.48 530

96327 UR-17-10-01-

013 1387 46.92 <0.01 7 1.58 510

96328 UR-17-10-01-

014 1103 46.64 <0.01 10 1.8 560

96329 UR-17-10-01-

015 1075 47.59 <0.01 12 2.01 579

96330 UR-17-10-01-

016 1235 >50 <0.01 11 1.68 517

96331 UR-17-10-01-

017 1445 49.11 <0.01 11 2 517

96332 UR-17-10-01-

018 347 7.88 <0.01 4 0.45 120

Mo Na Ni P Pb Sb Acc # Client ID ppm % ppm ppm ppm Ppm

91316 UR-17-10-01-

001 14 0.18 58 694 26 <5

96315 UR-17-10-01-

002 7 0.07 253 912 7 <5

96316 UR-17-10-01-

003 23 0.06 222 483 47 <5

96317 UR-17-10-01-

004 22 0.06 17 217 65 5

96318 UR-17-10-01-

005 22 0.05 22 280 49 <5

96319 UR-17-10-01-

006 61 0.02 197 143 68 6

96320 UR-17-10-01-

007 64 0.02 298 <100 81 6

96321 UR-17-10-01-

008 68 0.02 437 477 222 6

96322 UR-17-10-01-

009 65 0.02 487 177 87 <5

96323 UR-17-10-01-

010 71 0.02 721 410 83 <5

96324 UR-17-10-01-

010 71 0.02 714 403 79 <5

96325 UR-17-10-01-

011 69 0.03 549 1648 67 <5

96326 UR-17-10-01-

012 67 0.03 543 1676 53 <5

96327 UR-17-10-01-

013 66 0.03 707 1247 61 <5

96328 UR-17-10-01-

014 68 0.02 538 323 63 <5

96329 UR-17-10-01-

015 71 0.02 661 262 60 <5

96330 UR-17-10-01-

016 70 0.01 723 <100 82 5

96331 UR-17-10-01-

017 71 0.01 465 <100 78 6

96332 UR-17-10-01-

018 24 0.02 303 112 12 <5

Se Si Sn Sr Ti Tl Acc # Client ID ppm % ppm ppm ppm Ppm

91316 UR-17-10-01-

001 <5 0.13 <10 47 2645 7

96315 UR-17-10-01-

002 <5 0.15 <10 21 5800 <2

96316 UR-17-10-01-

003 <5 0.14 <10 21 4244 <2

96317 UR-17-10-01-

004 <5 0.06 <10 21 1180 <2

96318 UR-17-10-01-

005 <5 0.12 <10 16 1145 7

96319 UR-17-10-01-

006 <5 0.08 <10 3 317 10

96320 UR-17-10-01-

007 <5 0.07 <10 3 232 3

96321 UR-17-10-01-

008 <5 0.04 13 <3 <100 21

96322 UR-17-10-01-

009 <5 0.04 12 <3 <100 23

96323 UR-17-10-01-

010 <5 0.03 13 3 <100 8

96324 UR-17-10-01-

010 <5 0.03 11 3 <100 9

96325 UR-17-10-01-

011 <5 0.04 <10 5 <100 11

96326 UR-17-10-01-

012 <5 0.04 10 5 <100 20

96327 UR-17-10-01-

013 <5 0.03 11 4 <100 5

96328 UR-17-10-01-

014 <5 0.03 10 <3 <100 13

96329 UR-17-10-01-

015 <5 0.04 11 <3 <100 44

96330 UR-17-10-01-

016 <5 0.05 12 <3 <100 19

96331 UR-17-10-01-

017 <5 0.06 11 <3 <100 9

96332 UR-17-10-01-

018 <5 0.05 <10 <3 <100 <2

V W Y Zn Acc # Client ID ppm ppm ppm ppm

91316 UR-17-10-01-

001 62 <10 7 156

96315 UR-17-10-01-

002 105 <10 4 48

96316 UR-17-10-01-

003 89 <10 3 201

96317 UR-17-10-01-

004 31 <10 9 268

96318 UR-17-10-01-

005 26 <10 10 157

96319 UR-17-10-01-

006 21 <10 <2 230

96320 UR-17-10-01-

007 18 <10 <2 111

96321 UR-17-10-01-

008 23 <10 <2 820

96322 UR-17-10-01-

009 22 <10 <2 228

96323 UR-17-10-01-

010 28 <10 <2 173

96324 UR-17-10-01-

010 28 <10 <2 172

96325 UR-17-10-01-

011 23 <10 2 145

96326 UR-17-10-01-

012 23 <10 2 139

96327 UR-17-10-01-

013 25 <10 2 135

96328 UR-17-10-01-

014 32 <10 <2 137

96329 UR-17-10-01-

015 32 <10 <2 128

96330 UR-17-10-01-

016 24 <10 <2 114

96331 UR-17-10-01-

017 26 <10 <2 124

96332 UR-17-10-01-

018 33 <10 <2 27 A preliminary review of the mineralization encountered within from these initial drilling efforts might suggest that the drill hole may have encountered a possible “IOCG-“ “skarn-” like or some possible sub horizontal magnetite rich, cobalt and copper bearing igneous unit associated with the evolution and the known mafic – ultramafic sill like intrusions in the same area. The multi-element spectral analysis indicates an unusual rock chemistry with very high Fe (locally over 50% Fe) and low Si (less than 1%). The chemical results suggest a vertical fractionation in the intersection with the upper part having relatively higher Al, Si, Mg, Ba, Ti and Cr and the lower part having higher Co and Fe. The central part of intersection has higher Cu and Ni. These results would be consistent with a primary fractionation in a magmatic intrusion with more silicate minerals to the top of the intersection and sulphide minerals being concentrated toward the center (R. Sutcliffe 2011) Please refer to APPENDIX III to review the assay data certificates as has been provided by Accurassay Laboratory.

10.1 URSA Major Minerals Incorporated QA / QC Program There have been 18 samples that were collected for diamond drill hole U-17-01. The samples have been submitted to Accurassay Laboratories in Thunder Bay, Ontario, to processed and subject to a ICP Multi Element analysis plus gold. As part of the sampling process, barren field blank materials and duplicate samples have been inserted in the sample stream on 18 samples collected from the drill hole. At the lab, Accurassay collects and run lab duplicates, from every 11th sample in a submitted sample stream. The results of the field blank materials, duplicate samples and laboratory duplicate samples are compared to ensure that there are no significant discrepancies, and that the results of such efforts are within reasonably expectable limits -tolerances.

11.0 Conclusions The URSA Major - Disraeli Lake Property, is located approximately 65 kilometers NNE of the city of Thunder Bay, District of Thunder Bay, Ontario. The property includes 23 contiguous, manually staked mining claims, consisting of 350 units covering an area of 14,000 Acres, or 5,600 hectares. The property covers parts of four specific areas referred to as: Rightangle Lake Area, Little Sturge Lake Area, Eaglehead Lake Area and Leckie Lake Area, and are part of the Ministry of Northern Development Mines and Forestry, Thunder Bay Mining Division Administrative District. Part of the property includes 9 manually staked mining claims which were acquiredfrom Rio Tinto Exploration Canada Inc., in November of 2010. URSA Major is currently the 100% ownerof the Disraeli Lake Property, and has been fully responsible for providing the entire exploration funding required for the Caro Lake surface diamond drilling program. In the Autumn of 2010 an airborne geophysical survey was carried out over the Disraeli Lake Property. A number of coincidental electromagnetic and magnetic anomalies were detected. As a result of the initial property exploration efforts it was decided that the Caro Lake airborne coincidental geophysical anomaly should be tested first. It is the diamond drilling carried out at Caro Lake for which has been described within this report. On March 16th., 2011, Harold Tracanelli, accompanied by Scott Nichol for George Downing Estate Drilling Ltd., traveled out to the Caro Lake area and proceeded to locate the site for which to locate a potential drill. Based on some predetermined UTM coordinates, a suitable location approximately 50 meters west of the shore of Caro Lake was located. At that time diamond drill hole U-17-01 was spotted to be drilled at 082 degrees Azimuth with an inclination of - 45 degrees. On March 20th., 2011, diamond drill hole U-17-01 was collared into Sibley group sediments after sinking casing through 5.30 meters of boulder overburden. The initial drill collaring monitoring efforts were being watched over by geologist Patrick Chance. A short time later, the on ground management of the diamond drilling program, core logging and sampling efforts were handed off to geologist Ian Dasti. On March 31st., 2011, diamond drill hole U-17-01 was completed to a final depth of 375 meters into Sibley formation sedimentary rocks. The hole was stopped when no further signs of encouragement to be expected with any further depths. Some rather unique mineralization was encountered in the diamond drill hole, a style and intensity that had not been previously recognized in the area before. As such further follow up exploration work has being recommended.

12.0 Recommendations The encountering of the unusual magnetite rich, cobalt and copper bearing materials – occurrence identified in diamond drill hole U-17-01, may presently be considered rather unique in this particular area. The location of the diamond drill hole used to test the coincidental electromagnetic anomalies and magnetic area, in conjunction with the metal bearing unit, might suggest that the exploration efforts may have encountered a potentially larger scale environment for which follow up exploration should be given consideration. As such follow diamond drilling so as to test the potential depth and strike extent of the mineralized horizon is being recommended.

13.0 Certificate of Qualifications I, Harold Joseph Tracanelli, Getn, P.Geo., do hereby certify that: I haveprovide geological related consultative services based from: 192 North Shore Road, Onaping, Ontario. P0M 2R0 I have graduated from Cambrian College of Applied Arts and Technology, in Sudbury, Ontario with a Geological Engineering Technician Diploma in 1986. I have been actively involved in various prospecting efforts since 1976, and since 1983 have been actively engaged as an Exploration Geologist, performing many of the required duties and functions on gold, base metal and industrial mineral exploration projects in Canada and Mexico. I am a member of the Prospectors and Developers Association of Canada, the Sudbury Prospectors and Developers Association, and the Ontario Prospectors Association. I am a member in good standing with the Associated Professional Geoscientists of Ontario (APGO) No. 1156, having attained the status of practicing member in November 2004. I am responsible for preparing certain sections of the report describing the Caro Lake surface exploration diamond drilling program on the URSA Major Disraeli Lake Property, District of Thunder Bay, Ontario March and April 2011 located in the LECKIE LAKE AREA, LITTLE STURGE LAKE AREA and the RIGHTANGLE LAKE AREA (G-0067), Thunder Bay, Mining Division, Ontario I am not presently aware of any material fact or material change with respect to the subject matter as presented in the Executive Summary that is not reflected in the main body of the Technical Report. I have not have any prior involvement with the property that is the subject or described within the report. I have partaken and have been present for exploration related activities in the field on the URSA Major – Disraeli Lake Property on March 14th 2011 to March 16th., 2011, and in addition have overseen and provided geological – exploration support while the Caro Lake diamond drilling program was underway, the details of which have been described within the report. I am independent of (URSA Major Minerals Incorporated and Rio Tinto Exploration Canada Inc.) I presently neither retain, nor expect to retain any designated interest in any corporation involved in the described property, either directly or indirectly, nor do I currently own any interest or hold securities nor have been promised such equities or positions in the described corporation and or its affiliates. As of this date hereof, to the best of my knowledge, information and belief, this report has been prepared and contains all of the scientific and technical information and items required and disclosed in such a manner so as to prevent such a report from being misleading. Dated the 12th, day of April 2011. _________________________________________ Harold J. Tracanelli, Getn, P.Geo., 1156

Hart and Magyarosi, Precambrian Geology of the the Northern Black Sturgeon River and Disraeli lake area, Nipigon Embayment, Northwestern Ontario, OGS Open File Report 6138, 2004.

APPENDIX I, Cross Sections and Plans for Diamond Drill Hole U-17-01

APPENDIX II, Drill Core Log for Diamond Drill Hole U-17-01. Core Logging Carried Out By: Ian Dasti; HBSc.Geo.

APPENDIX III, Assay Certificates for samples collected in diamond drill hole U-17-01

APPENDIX IV, Supporting Project Expenditure Related Documentation Project Start Up Efforts March 2011 Richard Sutcliffe March 14th., 2011, 1 Day = $1,000.00 Richard Sutcliffe, Return Airfare Toronto – Thunder Bay – Toronto = $ 907.55 Wiskair Helicopter Charters $3,476.67 Harold Tracanelli March 14th., 2011 to March 16th., 2011 3 Days = $1,525.25 Harold Tracanelli, Return Airfare Sudbury – Thunder Bay – Sudbury = $1,664.77 Harold Tracanelli, Accommodations Thunder Bay = $ 141.53 Harold Tracanelli, Pickup Truck Rental (R. Sutcliffe) $ 317.12 Harold Tracanelli, Project Related Out of Pocket Expenses Gasoline $ 95.52 Meals $ 22.54 Supplies $ 8.68 Parking $ 36.00 Project Geological Support March and April 2011 Harold Tracanelli An Accumulation of Efforts = 3 Day = $1,525.25 Patrick Chance 6 Days $3,000.00 Patrick Chance Expenses Patrick Chance Return Airfare Toronto – Thunder Bay – Toronto = $1,604.18 Ian Dasti 6 Days = $2,034.00 Ian Dasti Pickup Truck Rental $135.64 Expenses of Ian Dasti George Downing Estate Drilling Limited Mobe and Demob $65,783.90 Diamond Drill Hole U-17-01 1 $19,847.50 Accurassay Laboratory 18 Samples from DDH U-17-01 $ 656.98

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URSA Major Minerals Incorporated

URSA Disraeli Lake Property Caro Lake Doamond Drilling Program

Area: Leckie Lake Area, Thunder Bay Mining Division, Ontario

URSA Diamond Drill Hole Number: DDH U-17-01

NAD 83 UTM Coordinate Location of the Diamond Drill Hole: Zone 16U 0356500 East and 5440795 North

Diamond Drill Hole Collared on Mining Claim Number: 4247672 Staked Mining Claim

Date Diamond Drill Hole Started: March 20, 2011

Date Diamond Drill Hole Completed: March 31, 2011

Azimuth of Diamond Drill Hole: 082 Degrees Azimuth

Inclination of the Diamond Drill Hole: -45.0 Degrees

Diamond Drilling Carried Out By: George Downing Estate Drilling Ltd

Machine Type: LF-70

Diamond Drill Core Logging Carried Out By: Ian Dasti; HBSc. Geo.

Diamond Drill Hole Objective: To test cause of the coincidental electromagnetic and magnetic anomalies identified in the Caro Lake area as result of the recenet Aeroquest airborne geophysical survey.

Total Depth of Diamond Drill Hole: 375 Meters

Assay Laboratory Work Order Numbers: 201141257 Labratory Methods: ALP1, ALFA1, ALAR1, Au + Multi Element ICP

Diamond Drill Hole

From (m) To (m) Length (m)

From (m) To (m) Length (m) Code Unit Description

U-17-01 0.00 5.30 5.30 0 Casing Not recovered (overburden)

Litho Unit

5.30 19.65 14.35 0 Rubble Mixed Sibley Group rubble with occasional rounded, rotted gneissic cobbles. Mostly bedded to laminated, siltstones to wackes. Bedding tends to ~40° CA but occasionally other angles. Locally fine, <1 mm wide fractures - pale hematitic red with narrow bleached margins. Adjacent wallrock has streaky pale red colouration.

1

19.65 20.87 1.22 0 Wacke Deep purplish grey, not obviously banded, very fine grained, compact, well indurated wacke. Coarse sand size with occasional, very fresh looking, lensoid, lithic clasts. Contains trace of fine pyrite aggregates and irregular, steely, non-magnetic, metallic grains (specular hematite?).

120.87 49.70 28.83 0 Clastics Deep purplish grey, slag toned, intermittantly bedded, occasionally laminated,

generally fine grained sediments. May locally be hornsfelsed where core takes on a finer grained, more massive appearence.

249.70 58.40 8.70 0 Diabase Medium grained, with relict olivine grains and ~10% greenish, plagioclase laths.

Fracture pattern suggests blocky appearence ~15-30 cm fracture spacing. Contains trace vfg sulphide grains (pyrite). Strongly magnetic.

158.40 65.50 7.10 0 Wacke Blocky, locally slag-red colouration. Not obviously bedded / laminated. Probably

hornfelsed.

265.50 68.80 3.30 0 Diabase Very dark, bluish grey, fine grained, blocky with smooth surface. 5-10% irregular,

resorbed olivine grains. ~50% plagioclase laths. Very little sulphide evident. Strongly magnetic.

1 68.80 78.00 9.20 0 Wacke Sibley; blocky, pale toned, wacke?

278.00 81.30 3.30 0 Diabase Fine to medium grained with fine, well-developed plagiocase laths. Strongly magnetic.

1 81.30 83.80 2.50 0 Wacke Sibley; blocky, pale toned, wacke?


189.90 100.10 10.20 0 Wacke slag-red colouration. Not obviously bedded / laminated. Probably hornfelsed.


1

108.00 115.20 7.20 0 Clastics Deep purplish grey, slag toned, intermittantly bedded, occasionally laminated, generally fine grained sediments. May locally be hornsfelsed where core takes on a finer grained, more massive appearence. Minor clasts of slag-red wacke

1115.20 115.60 0.4 Clastics silicious, minor carbonate, prolific hematite staining and alteration clays, 5% coarse

vesicles.

1115.60 131.48 15.88 0 Wacke Blocky, locally slag-red colouration. Not obviously bedded / laminated. Hornfelsed.

1 121 127 6 Very broken, RQD 0. At bottom contact, chlorite increases greatly

1130.6 130.7 0.1 Chlorite/C

alciteVeinlet of alternating fibrous carbonate and chlorite

3131.48 132.43 0.95 0 Olivine

GabbroFine grained olivine gabbro with minor sulfide (pyrite), 45 degree contacts.

1132.43 133.93 1.50 0 Hornfels Visible layering of proto-wacke, blocky, silicious. Intermediate zone before magnetite

skarn. Extreme chlorite alteration, minor magnetite/chlorite veinlets.

4

133.93 139.10 5.17 0 Skarn 5-7% vesicles increases away from contacts. 75-80% magnetite, up to 10% sulfides, mostly pyrite as veinlets. Occasional pyrrhotite and chalcopyrite disseminated fg-mg (occasionally blebs). Chlorite and other alteration clays up to 10%.

1 139.10 141.90 2.80 0 Wacke Slag-red hornfelsed sibley sediments, blocky


Moderate red (hematite) staining

1

145.50 162.00 16.50 0 Wacke Deep purplish grey, slag toned, intermittantly bedded, occasionally laminated, generally fine grained sediments. May locally be hornsfelsed where core takes on a finer grained, more massive appearence. Towards bottom contact becomes increasingly broken and blocky (RQD 0 over last 1 m)

1 160 160.15 0.15 Clay Unlithofied grey clay


Moderate red (hematite) staining

1184.50 242.02 57.52 0 Wacke Variably colored, minor clastics. Moslty cream-tan colored fg – mg with intermittent

bedding.

1197.5 200 2.5 Wacke wacke, light green/grey color with some small calcite veinlets parallel to bedding (45

degrees)

1200 205 5 Clastics Deep purplish grey, slag toned, intermittantly bedded, occasionally laminated,

generally fine grained sediments. Blobier calcite veinlets present

1205 208.8 3.8 Wacke wacke, light green/grey color with some small calcite veinlets parallel to bedding

1208.8 216.2 7.4 Clastics Deep purplish grey, slag toned, intermittantly bedded, occasionally laminated,

generally fine grained sediments.1 216.2 223.6 7.4 Clastics clastics, light green/grey color. Texturally identical to above clastics1 223.6 224.3 0.7 Wacke Equigranular mg wacke, light pink to purple

1224.3 225 0.7 Wacke Deep purplish grey, slag toned, intermittantly bedded, occasionally laminated,

generally fine grained sediments. More hematite staining

1225 226.8 1.8 Clastics clastics, light green/grey color, with moderate hematite staining. Texturally identical to

above clastics. 1 226.8 227.3 0.5 Wacke dark brown-cream colored wacke, bedding at 45 degree angle1 227.3 242.02 14.72 Wacke light green / grey wacke with minor clastics

2242.02 287.53 45.51 0 Diabase overall fine – medium grained diabase. Biotite common in visibly layered sections.

3242.02 246 3.98 Gabbro medium up to coarse grained, intermediate zone. Large hornblende (up to 3 cm long)

and plagioclase crystals, Potassic and silicious alteration with minor magnetite

2246 249.5 3.5 Diabase Same mineralogy as intermediate zone above, but much finer grained. Less potassium

feldspar and less quartz. Medium grained phenocrystic plagioclase and pyroxenes common to uncommon

2 249.5 252 2.5 Diabase increasingly fractured downhole to bottom contact2 252 255.5 3.5 Diabase rubble (fault?) pebble to sand sized particles

2255.5 261 5.5 Diabase fracturing decreases downhole away from structure. Fine grained, with fewer medium

grained pyroxenes and plagioclase phenocrysts

2261 278.5 17.5 Diabase oscillating layers of medium grained gabbro with layers of fine grained, sub-aphanitic

diabase. Both have identical mineralogy, only textural features differ. Minor relic olivine

2278.5 281.3 2.8 Diabase Fine grained sub-aphanitic diabase, plagioclase has a weak green tinge (chloritization?)

2281.3 287.53 6.23 Diabase Intermediate zone, chilled margin. Increasing potassic alteration and hematitic stains,

minor biotite, overall lighter colored than other diabase.

1 287.53 324.91 37.38 0 Wacke

1287.53

288.1 clastics clastics, light green/grey color. Texturally identical to above clastics. Hornfels?

2 288.1 288.35 Diabase fine grained sub-aphanitic diabase (dike?)

1288.35 289.5 clastics clastics, light green/grey color. Texturally identical to above clastics. Hornfels?

1289.5 296.4 wacke equigranular wacke with .5-1.5 cm bedding, minor calcite veinlets parallel to bedding

(45 degrees TCA)

1296.4 298.4 clastics deep purple/green, slag toned, intermittantly bedded, occasionally laminated,

generally fine grained sediments. Small perpendicular jointing present. Hematite staining, sericite, and chlorite present

1298.4 300.7 equigranular wacke with .5-1.5 cm bedding, minor calcite veinlets parallel to bedding

(45 degrees TCA)

1300.7 303 deep purple/green, slag toned, intermittantly bedded, occasionally laminated,

generally fine grained sediments. Small perpendicular jointing present. Hematite staining, sericite, and chlorite present

1303 305.4 equigranular wacke with .5-1.5 cm bedding, minor calcite veinlets parallel to bedding

(45 degrees TCA)

1305.4 314.16 Bright red, intermittantly bedded, occasionally laminated, generally fine grained

sediments. Small perpendicular jointing present.

2314.16 317.47 Diabase 3 small (20 – 40 cm each) diabase dikes with chloritized clastics between them.

1317.47 324.91 Wacke Bright red, intermittantly bedded, occasionally laminated, generally fine grained

sediments. Small perpendicular jointing present.


Small (10 cm) chill zone at both contacts

1331.19 375.00 43.81 0 Wacke Red sibley sediment, alternating between clastics (white carbonate concretion

splotches within red sediments) and bedded wacke. EOH EOH End of Diamond Drill Hole U-17-01

Core Logging Carried Out By: Ian Dasti

Monday, April 11, 2011Certificate of Analysis

URSA Major Minerals Inc.8 King St. E., Ste. 1300Toronto, ON, CANM5C1B5Ph#: (416) 864-0615Fax#: (416) 864-0620Email: [email protected]

Date Received: 03/30/2011

Date Completed: 04/11/2011

Job #: 201141257

Reference:

Sample #: 18

Acc # Client ID Auppb

Ptppb

Pdppb

Rhppb

91316 UR-17-10-01-001 <5 19 <10

96315 UR-17-10-01-002 <5 <15 14

96316 UR-17-10-01-003 <5 38 18

96317 UR-17-10-01-004 13 <15 11

96318 UR-17-10-01-005 15 <15 <10

96319 UR-17-10-01-006 <5 <15 <10

96320 UR-17-10-01-007 22 <15 <10

96321 UR-17-10-01-008 9 26 <10

96322 UR-17-10-01-009 <5 <15 <10

96323 UR-17-10-01-010 7 15 <10

96324 Dup UR-17-10-01-010 8 <15 <10

96325 UR-17-10-01-011 8 <15 <10

96326 UR-17-10-01-012 7 <15 <10

96327 UR-17-10-01-013 8 24 <10

96328 UR-17-10-01-014 7 <15 <10

96329 UR-17-10-01-015 7 <15 <10

96330 UR-17-10-01-016 <5 <15 <10

96331 UR-17-10-01-017 7 <15 <10

96332 UR-17-10-01-018 <5 <15 <10

PROCEDURE CODES: ALP1, ALPG1, ALAR1

Certified By: The results included on this report relate only to the items tested The Certificate of Analysis should not be reproduced except in full, without the written approval of the laboratory

AL907-0464-04/11/2011 1:58 PMPage 1 of 1

Monday, April 11, 2011Certificate of Analysis

URSA Major Minerals Inc.8 King St. E., Ste. 1300Toronto, ON, CANM5C1B5Ph#: (416) 864-0615Fax#: (416) 864-0620Email: [email protected]

Date Received: 03/30/2011

Date Completed: 04/11/2011

Job #: 201141257

Reference:

Sample #: 18

Acc # Client ID Au ppb

Pt ppb

Pd ppb

Agppm

Al%

Asppm

Bppm

Bappm

Beppm

Bippm

Ca%

Cdppm

Coppm

Crppm

Cuppm

Fe%

K%

Lippm

Mg%

Mnppm

Moppm

Na%

Nippm

Pppm

Pbppm

Sbppm

Seppm

Si%

Snppm

Srppm

Tippm

Tlppm

Vppm

Wppm

Yppm

Znppm

91316 UR-17-10-01-001 <5 19 <10 <1 2.77 15 84 49 <2 16 3.63 7 60 44 133 8.35 0.49 108 3.89 1356 14 0.18 58 694 26 <5 <5 0.13 <10 47 2645 7 62 <10 7 156

96315 UR-17-10-01-002 <5 <15 14 <1 2.77 7 58 89 <2 6 1.22 <4 47 245 82 4.69 0.80 133 4.00 1282 7 0.07 253 912 7 <5 <5 0.15 <10 21 5800 <2 105 <10 4 48

96316 UR-17-10-01-003 <5 38 18 <1 2.12 3 72 74 2 21 0.97 13 180 197 215 16.94 0.70 54 4.82 769 23 0.06 222 483 47 <5 <5 0.14 <10 21 4244 <2 89 <10 3 201

96317 UR-17-10-01-004 13 <15 11 <1 3.64 11 100 140 3 18 0.51 12 68 30 185 16.13 1.21 102 7.99 858 22 0.06 17 217 65 5 <5 0.06 <10 21 1180 <2 31 <10 9 268

96318 UR-17-10-01-005 15 <15 <10 <1 3.18 4 75 47 3 15 0.73 10 54 24 116 14.19 0.38 141 6.50 1646 22 0.05 22 280 49 <5 <5 0.12 <10 16 1145 7 26 <10 10 157

96319 UR-17-10-01-006 <5 <15 <10 1 1.07 2 64 9 5 45 0.09 31 228 20 1055 37.76 0.04 18 4.94 653 61 0.02 197 143 68 6 <5 0.08 <10 3 317 10 21 <10 <2 230

96320 UR-17-10-01-007 22 <15 <10 2 0.47 <2 56 6 5 47 0.05 34 189 10 1042 42.48 <0.01 14 3.72 522 64 0.02 298 <100 81 6 <5 0.07 <10 3 232 3 18 <10 <2 111

96321 UR-17-10-01-008 9 26 <10 1 0.20 3 50 10 6 66 0.32 39 524 14 1404 46.53 <0.01 7 1.88 512 68 0.02 437 477 222 6 <5 0.04 13 <3 <100 21 23 <10 <2 820

96322 UR-17-10-01-009 <5 <15 <10 1 0.14 <2 45 9 5 58 0.09 36 386 12 1141 45.06 <0.01 8 1.73 486 65 0.02 487 177 87 <5 <5 0.04 12 <3 <100 23 22 <10 <2 228

96323 UR-17-10-01-010 7 15 <10 1 0.13 <2 49 12 6 64 0.14 40 492 20 1838 48.66 <0.01 8 1.77 563 71 0.02 721 410 83 <5 <5 0.03 13 3 <100 8 28 <10 <2 173

96324D UR-17-10-01-010 8 <15 <10 1 0.12 <2 49 11 5 60 0.14 39 490 19 1814 47.86 <0.01 7 1.74 554 71 0.02 714 403 79 <5 <5 0.03 11 3 <100 9 28 <10 <2 172

96325 UR-17-10-01-011 8 <15 <10 1 0.11 <2 54 11 6 61 0.42 39 1233 13 1012 46.86 <0.01 6 1.51 535 69 0.03 549 1648 67 <5 <5 0.04 <10 5 <100 11 23 <10 2 145

96326 UR-17-10-01-012 7 <15 <10 1 0.11 <2 56 11 6 58 0.43 38 1324 11 969 46.48 <0.01 5 1.48 530 67 0.03 543 1676 53 <5 <5 0.04 10 5 <100 20 23 <10 2 139

96327 UR-17-10-01-013 8 24 <10 1 0.11 <2 55 10 6 59 0.39 38 868 9 1387 46.92 <0.01 7 1.58 510 66 0.03 707 1247 61 <5 <5 0.03 11 4 <100 5 25 <10 2 135

96328 UR-17-10-01-014 7 <15 <10 <1 0.12 <2 45 9 5 58 0.15 37 1366 17 1103 46.64 <0.01 10 1.80 560 68 0.02 538 323 63 <5 <5 0.03 10 <3 <100 13 32 <10 <2 137

96329 UR-17-10-01-015 7 <15 <10 1 0.14 <2 44 8 6 59 0.18 39 1555 18 1075 47.59 <0.01 12 2.01 579 71 0.02 661 262 60 <5 <5 0.04 11 <3 <100 44 32 <10 <2 128

96330 UR-17-10-01-016 <5 <15 <10 2 0.14 <2 45 7 6 60 0.22 42 613 12 1235 >50.00 <0.01 11 1.68 517 70 0.01 723 <100 82 5 <5 0.05 12 <3 <100 19 24 <10 <2 114

96331 UR-17-10-01-017 7 <15 <10 <1 0.19 <2 51 7 6 58 0.49 41 545 17 1445 49.11 <0.01 11 2.00 517 71 0.01 465 <100 78 6 <5 0.06 11 <3 <100 9 26 <10 <2 124

96332 UR-17-10-01-018 <5 <15 <10 <1 0.05 <2 42 4 <2 5 0.07 5 252 45 347 7.88 <0.01 4 0.45 120 24 0.02 303 112 12 <5 <5 0.05 <10 <3 <100 <2 33 <10 <2 27

PROCEDURE CODES: ALP1, ALPG1, ALAR1

Certified By: The results included on this report relate only to the items tested The Certificate of Analysis should not be reproduced except in full, without the written approval of the laboratory

-0464-04/11/2011 3:43 PMPage 1 of 1

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