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., Onaping, Ontario Ian Dasti; HBSc. WRS Thunder Bay, Ontario January 4th, 2012

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-17-02 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-17-02 APPENDIX II,

Diamond Drill Hole Core Logs and For DDH Hole U-17-02 APPENDIX III,

Assay Certificates for samples collected in DDH U-17-02 APPENDIX IV,

Supporting Project Expenditure Related Documentation

1.0 Executive Summary This assessment report covers one 375 meters deep hole and one 138 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% owner of 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 assess anomaly 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 was 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. The core from U-17-01 was reevaluated on May 6th, 2011 and subsequently 5 additional samples were submitted for assay at Accurassays’ Preparation lab in Lively, Ontario and then sent to Thunder Bay, Ontario for analysis. A follow up diamond drill hole (U-17-02) was drilled in order to constrain the orientation and extent of the mineralized intersection. The same setup described above was used to drill U-17-02, with an Azimuth of 082 degrees and dip of -55 degrees. The hole began on April 1, 2011 and ended April 13, 2011. The same magnetite / pyrite-chalcopyrite +/- pyrrhotite rich unit was intersected at a depth of 114.95m to 120.00m, suggesting a horizontal to sub-horizontal orientation and potential for significant lateral continuity. As a result, 38 samples were collected from drill hole U-17-02, which included field blank materials, OGS standard reference materials, and duplicate samples. The samples were delivered to Accurassays’ Preparation lab in Lively, Ontario and then sent to Thunder Bay, Ontario for analysis. The assay results are available within the appendix of the report. A preliminary review of the mineralization encountered within these initial drilling efforts might suggest that the drill holes have encountered a possible “IOCG-“ “skarn-” like unit whose orientation lies parallel to the bedding of underlying Sibley group sediments. The “IOCG”- “skarn” unit may be associated with the evolution of 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 and U-17-02, 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.

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 holes U-17-01 and U-17-02. 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 were renewed on April 12th., 2011 and are due for renewal on December 12th, 2011.

THUNDER BAY Mining Division - 303758 - URSA MAJOR MINERALS

INCORPORATED

Township/A

rea

Claim

Number

Recording

Date

Claim

Due

Date

Status Percent

Option

Work

Required

Total

Applied

Total

Reserve

Claim

Bank

LECKIE

LAKE AREA 4247121 2008-Dec-12

2011-

Dec-12 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247122 2008-Dec-12

2011-

Dec-12 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247123 2008-Dec-12

2011-

Dec-12 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247124 2008-Dec-12

2011-

Dec-12 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247125 2008-Dec-12

2011-

Dec-12 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247126 2008-Dec-12

2011-

Dec-12 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247127 2008-Dec-12

2011-

Dec-12 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247128 2008-Dec-12

2011-

Dec-12 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247129 2008-Dec-12

2011-

Dec-12 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247670 2009-Mar-31

2012-

Mar-31 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247671 2009-Mar-31

2012-

Mar-31 A 100% $4,800 $4,800 $0 $0

LECKIE

LAKE AREA 4247672 2009-Mar-31

2012-

Mar-31 A 100% $3,200 $3,200 $31,202 $0

LECKIE

LAKE AREA 4247673 2009-Mar-31

2012-

Mar-31 A 100% $6,400 $6,400 $0 $0

LECKIE

LAKE AREA 4247676 2009-Mar-31

2012-

Mar-31 A 100% $5,600 $6,400 $0 $0

LECKIE

LAKE AREA 4247677 2009-Mar-31

2012-

Mar-31 A 100% $4,800 $4,800 $0 $0

LITTLE

STURGE

LAKE AREA

4247664 2009-Mar-31 2012-

Mar-31 A 100% $6,400 $6,400 $0 $0

LITTLE

STURGE

LAKE AREA

4247665 2009-Mar-31 2012-

Mar-31 A 100% $6,400 $6,400 $0 $0

LITTLE

STURGE

LAKE AREA

4247666 2009-Mar-31 2012-

Mar-31 A 100% $6,400 $6,400 $0 $0

LITTLE

STURGE

LAKE AREA

4247667 2009-Mar-31 2012-

Mar-31 A 100% $6,400 $6,400 $0 $0

LITTLE

STURGE

LAKE AREA

4247668 2009-Mar-31 2012-

Mar-31 A 100% $6,400 $6,400 $0 $0

LITTLE

STURGE

LAKE AREA

4247669 2009-Mar-31 2012-

Mar-31 A 100% $6,400 $6,400 $0 $0

RIGHTANGL

E LAKE

AREA

4247678 2009-Mar-31 2012-

Mar-31 A 100% $6,400 $6,400 $0 $0

RIGHTANGL

E LAKE

AREA

4247679 2009-Mar-31 2012-

Mar-31 A 100% $6,400 $6,400 $0 $0

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. Caro lake, located less than 100m from the drill site, is one of many stocked “put and take” brook trout lakes in the area. 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. Caro lake, located less than 100m from the drill site, is a stocked “put and take” brook trout lake.

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 of the 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 Ventures 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. U-17-02 is located at the same NAD 83 UTM coordinate of : Zone 16U 0356500 East and 5440795 North. 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. On April 1st, 2011 diamond drill hole U-17-02 was collared into Sibley formation sediments after sinking casing through 3.00 meters of overburden.

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 by the 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-17-02 of the Caro Lake

Diamond Drilling Project, on the URSA Disraeli Property Core logging was carried out by Ian Dasti. The geology of diamond drill hole U-17-02 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. From approximately 114.95 meters through to 120.00 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 thought 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., Water Resource Science who carried out and completed the drill core logging for DDH U-17-02, for which three main lithologies were encountered. At different intervals, each had varying degrees of alteration and thickness while textural features were more or less maintained. Sibley Sediments unit –Alternating slag toned purple sediments and red mudstones. Red and purple sediments alternate on a decimeter to meter scale, with occasional clasts and dissolution cavities. Clasts are made up of carbonate and are round to sub-elongate. Lamination is common in red mudstones. Overall hard, silica rich, rare visible sulfide. 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. 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. Contacts between diabase and hornfels / sediments were easily distinguished based on magnetism. “Scarn”- The skarn – like unit from 114.95 meters through to 120.00 meters consisted of 75-80% fine sub-mm grains of euhedral magnetite, 5-10% alteration clays, 5-10% 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 138 meters deep hole U-17-02, an interesting area of magnetite rich, cobalt and copper bearing oxide and sulphide mineralization was encountered. In DDH U-17-01 and U-17-02, minor sulfides were also encountered in diabase. The materials encountered and examined looked encouraging enough to warrant the collection of 43 representative samples. Within the sample stream were included 2 field blanks, one OGS standard, and one duplicate sample.

DDH ID Date Sample ID From (m) To (m)

Distance (m) Comments

U-17-02 06/05/11 907950 BLANK BLANK 0 Barren Quartzite Field Blank

U-17-02 06/05/11 907951 49.48 50.04 0.56 U-17-02 06/05/11 907952 58.50 58.90 0.4 U-17-02 06/05/11 907953 70.61 70.88 0.27 U-17-02 06/05/11 907954 76.60 77.15 0.55 U-17-02 06/05/11 907955 88.84 89.35 0.51 U-17-02 06/05/11 907956 111.11 111.83 0.72 U-17-02 06/05/11 907957 111.83 112.23 0.4 U-17-02 06/05/11 907958 112.23 112.67 0.44 U-17-02 06/05/11 907959 112.67 112.99 0.32 U-17-02 06/05/11 907960 112.99 113.97 0.98 U-17-02 06/05/11 907961 113.97 114.42 0.45 U-17-02 06/05/11 907962 114.42 114.95 0.53 U-17-02 06/05/11 907963 114.95 115.51 0.56 U-17-02 06/05/11 907964 115.51 116.01 0.5 U-17-02 06/05/11 907965 116.01 116.47 0.46 U-17-02 06/05/11 907966 116.47 116.93 0.46

U-17-02 06/05/11 907967 114.42 114.95 0.53 1/4 duplicate of 907962

U-17-02 06/05/11 907968 BLANK BLANK 0 Barren Quartzite Field Blank

U-17-02 06/05/11 907969 116.93 117.38 0.45 U-17-02 06/05/11 907970 117.38 117.84 0.46 U-17-02 06/05/11 907971 117.84 118.26 0.42 U-17-02 06/05/11 907972 118.26 118.83 0.57 U-17-02 06/05/11 907973 118.83 119.26 0.43 U-17-02 06/05/11 907974 119.26 119.97 0.71 U-17-02 06/05/11 907975 119.97 120.74 0.77 U-17-02 06/05/11 907976 120.74 121.68 0.94 U-17-02 06/05/11 907977 121.68 122.19 0.51 U-17-02 06/05/11 907978 128.39 128.54 0.15 U-17-02 06/05/11 907979 132.67 133.19 0.52

U-17-02 06/05/11 907980 STD STD 0 OGS LDI-1 Standard

U-17-01 06/05/11 907981 129.7 130.28 0.58 U-17-01 06/05/11 907982 130.28 130.8 0.52 U-17-01 06/05/11 907983 138.95 139.35 0.4 U-17-01 06/05/11 907984 139.35 141 1.65 U-17-01 06/05/11 907985 141 141.9 0.9

U-17-02 06/05/11 907986 46.63 47.52 0.89 U-17-02 06/05/11 907987 47.82 48.60 0.78 U-17-02 06/05/11 907988 73.46 74.23 0.77 U-17-02 06/05/11 907989 81.80 82.39 0.59 U-17-02 06/05/11 907990 83.16 83.86 0.7 U-17-02 06/05/11 907991 90.4 91.14 0.74 U-17-02 06/05/11 907992 135.31 135.66 0.35

The above samples collected were submitted to Accurassay in Lively, Ontario on May 10th , 2011 and then sent to Accurassay in Thunder Bay, Ontario for Multi Element ICP plug gold analysis. They were received from the laboratory on May 31st, 2011 URSA Major Minerals Inc.

Date Created: 11-05-31 08:28:04 PM Job Number: 201110168

Date Received: 05/10/2011

Additional U-17-01 samples

Number of Samples: 43 Type of Sample: Core Date Completed: 05/20/2011 Project ID:

Acc # Client ID Au Pt Pd Ag Al As

ppm ppm Ppm ppm % ppm

17950 907950 0.01 <0.015 <0.01 <1 <0.01 <2 17951 907951 <0.005 0.032 <0.01 <1 1.91 6 17952 907952 <0.005 0.037 <0.01 <1 3.76 5 17953 907953 <0.005 0.016 <0.01 1 4.79 5 17954 907954 <0.005 0.034 <0.01 <1 3.71 6 17955 907955 <0.005 0.031 <0.01 <1 3.55 6 17956 907956 0.018 0.023 <0.01 <1 4.53 10 17957 907957 0.005 0.042 <0.01 <1 3.66 26 17958 907958 <0.005 <0.015 <0.01 <1 1.74 29 17959 907959 <0.005 <0.015 <0.01 <1 2.76 17 17960 907959 <0.005 0.032 <0.01 <1 3.64 15 17961 907960 0.008 0.035 <0.01 1 4.11 11 17962 907961 <0.005 <0.015 <0.01 <1 1.25 19 17963 907962 <0.005 0.019 <0.01 <1 2.4 22 17964 907963 0.009 0.023 <0.01 2 0.81 33 17965 907964 0.017 0.123 0.029 2 0.18 29 17966 907965 0.021 <0.015 <0.01 2 0.94 2 17967 907966 0.02 0.105 <0.01 2 <0.01 3 17968 907967 <0.005 0.021 <0.01 <1 1.93 24 17969 907968 <0.005 <0.015 <0.01 <1 0.03 <2 17970 907969 0.011 <0.015 0.016 1 0.66 8 17971 907969 0.008 0.017 <0.01 2 0.85 14 17972 907970 0.011 0.115 <0.01 1 <0.01 6

17973 907971 <0.005 <0.015 <0.01 1 <0.01 6 17974 907972 0.009 0.094 <0.01 2 0.49 7 17975 907973 0.007 0.022 <0.01 <1 0.22 6 17976 907974 0.133 <0.015 <0.01 1 2.66 52 17977 907975 <0.005 0.027 0.01 <1 3.31 8 17978 907976 <0.005 0.016 <0.01 <1 4.58 3 17979 907977 <0.005 0.024 0.013 <1 3.65 <2 17980 907978 <0.005 0.032 <0.01 <1 5.4 <2 17981 907979 <0.005 <0.015 <0.01 <1 4.86 5 17982 907979 <0.005 <0.015 <0.01 <1 4.72 6 17983 907980 0.078 0.128 0.908 <1 6.93 <2 17984 907981 <0.005 0.028 <0.01 <1 4.43 15 17985 907982 0.005 <0.015 <0.01 1 2.7 43 17986 907983 0.011 0.028 <0.01 <1 1.97 17 17987 907984 <0.005 0.03 <0.01 <1 4.61 13 17988 907985 <0.005 0.038 <0.01 <1 3.26 7 17989 907986 <0.005 0.046 <0.01 <1 3.14 <2 17990 907987 <0.005 0.038 <0.01 <1 2.94 <2 17991 907988 <0.005 0.045 <0.01 <1 2.88 7 17992 907989 0.006 0.034 <0.01 <1 2.99 4 17993 907989 0.005 0.033 <0.01 1 2.85 3 17994 907990 0.007 0.034 <0.01 <1 3.2 2 17995 907991 0.006 0.045 0.011 <1 3.16 <2 17996 907992 0.005 0.022 <0.01 <1 5.31 8

Acc # Client ID Au Pt Pd Ag Al As

Ppm ppm ppm ppm % ppm

17950 907950 0.01 <0.015 <0.01 <1 <0.01 <2 17951 907951 <0.005 0.032 <0.01 <1 1.91 6 17952 907952 <0.005 0.037 <0.01 <1 3.76 5 17953 907953 <0.005 0.016 <0.01 1 4.79 5 17954 907954 <0.005 0.034 <0.01 <1 3.71 6 17955 907955 <0.005 0.031 <0.01 <1 3.55 6 17956 907956 0.018 0.023 <0.01 <1 4.53 10 17957 907957 0.005 0.042 <0.01 <1 3.66 26 17958 907958 <0.005 <0.015 <0.01 <1 1.74 29 17959 907959 <0.005 <0.015 <0.01 <1 2.76 17 17960 907959 <0.005 0.032 <0.01 <1 3.64 15 17961 907960 0.008 0.035 <0.01 1 4.11 11 17962 907961 <0.005 <0.015 <0.01 <1 1.25 19 17963 907962 <0.005 0.019 <0.01 <1 2.4 22 17964 907963 0.009 0.023 <0.01 2 0.81 33 17965 907964 0.017 0.123 0.029 2 0.18 29 17966 907965 0.021 <0.015 <0.01 2 0.94 2 17967 907966 0.02 0.105 <0.01 2 <0.01 3 17968 907967 <0.005 0.021 <0.01 <1 1.93 24 17969 907968 <0.005 <0.015 <0.01 <1 0.03 <2 17970 907969 0.011 <0.015 0.016 1 0.66 8 17971 907969 0.008 0.017 <0.01 2 0.85 14

17972 907970 0.011 0.115 <0.01 1 <0.01 6 17973 907971 <0.005 <0.015 <0.01 1 <0.01 6 17974 907972 0.009 0.094 <0.01 2 0.49 7 17975 907973 0.007 0.022 <0.01 <1 0.22 6 17976 907974 0.133 <0.015 <0.01 1 2.66 52 17977 907975 <0.005 0.027 0.01 <1 3.31 8 17978 907976 <0.005 0.016 <0.01 <1 4.58 3 17979 907977 <0.005 0.024 0.013 <1 3.65 <2 17980 907978 <0.005 0.032 <0.01 <1 5.4 <2 17981 907979 <0.005 <0.015 <0.01 <1 4.86 5 17982 907979 <0.005 <0.015 <0.01 <1 4.72 6 17983 907980 0.078 0.128 0.908 <1 6.93 <2 17984 907981 <0.005 0.028 <0.01 <1 4.43 15 17985 907982 0.005 <0.015 <0.01 1 2.7 43 17986 907983 0.011 0.028 <0.01 <1 1.97 17 17987 907984 <0.005 0.03 <0.01 <1 4.61 13 17988 907985 <0.005 0.038 <0.01 <1 3.26 7 17989 907986 <0.005 0.046 <0.01 <1 3.14 <2 17990 907987 <0.005 0.038 <0.01 <1 2.94 <2 17991 907988 <0.005 0.045 <0.01 <1 2.88 7 17992 907989 0.006 0.034 <0.01 <1 2.99 4 17993 907989 0.005 0.033 <0.01 1 2.85 3 17994 907990 0.007 0.034 <0.01 <1 3.2 2 17995 907991 0.006 0.045 0.011 <1 3.16 <2 17996 907992 0.005 0.022 <0.01 <1 5.31 8

Acc # Client ID Ba Be Bi Ca Cd Co

Ppm ppm ppm % ppm ppm

17950 907950 <1 <2 19 0.43 <4 2 17951 907951 153 <2 22 5.49 <4 48 17952 907952 222 2 19 5.32 4 55 17953 907953 258 2 24 5.51 4 59 17954 907954 260 <2 14 5.68 <4 52 17955 907955 116 2 22 5.86 <4 48 17956 907956 846 3 22 4.21 <4 15 17957 907957 1058 2 25 8.49 <4 40 17958 907958 57 <2 35 5.23 9 44 17959 907959 462 2 26 7.37 4 46 17960 907959 464 2 27 7.36 4 45 17961 907960 91 <2 14 7.16 4 65 17962 907961 192 <2 11 >10 <4 26 17963 907962 115 <2 29 3.94 8 148 17964 907963 <1 <2 36 0.65 15 552 17965 907964 <1 <2 34 0.65 16 455 17966 907965 <1 <2 45 0.94 18 458 17967 907966 214 <2 31 0.7 17 469 17968 907967 88 2 19 4.75 6 50

17969 907968 2 <2 18 0.51 <4 2 17970 907969 200 <2 30 1.6 17 1606 17971 907969 199 <2 30 1.65 16 1640 17972 907970 <1 <2 36 1.16 15 991 17973 907971 <1 <2 28 0.58 14 614 17974 907972 <1 <2 38 0.83 19 922 17975 907973 <1 <2 22 0.57 15 328 17976 907974 171 <2 26 4.41 8 703 17977 907975 329 2 28 6.27 <4 63 17978 907976 544 2 20 4.94 <4 40 17979 907977 172 2 28 5.79 <4 47 17980 907978 921 2 19 4.36 <4 17 17981 907979 692 2 17 3.41 <4 17 17982 907979 690 2 20 3.33 <4 16 17983 907980 27 <2 16 5.55 <4 44 17984 907981 807 3 16 5.96 <4 23 17985 907982 318 <2 19 8.59 6 60 17986 907983 126 <2 30 4.79 6 152 17987 907984 493 2 24 5.01 <4 45 17988 907985 637 2 13 5.78 <4 39 17989 907986 331 <2 29 5.79 4 62 17990 907987 279 <2 24 6.12 4 74 17991 907988 164 2 20 5.57 4 60 17992 907989 96 <2 25 5.17 <4 64 17993 907989 99 <2 26 5.26 <4 64 17994 907990 143 2 19 5.49 4 72 17995 907991 311 <2 21 5.8 4 61 17996 907992 924 2 23 2.67 <4 23

Acc # Client

ID Cr Cu Fe K Li Mg

ppm ppm % % ppm %

17950 907950 847 46 0.65 <0.01 <1 0.2 17951 907951 574 26 5.79 <0.01 <1 5.1 17952 907952 387 115 7.05 0.16 <1 4.22 17953 907953 377 124 7.09 0.23 <1 4.25 17954 907954 408 88 6.5 0.08 <1 4.18 17955 907955 408 47 6.36 <0.01 6 4.49 17956 907956 49 762 3.01 0.12 8 3.37 17957 907957 358 66 4.48 <0.01 77 4.84 17958 907958 40 60 16.67 0.04 99 8.24 17959 907959 210 34 7.52 <0.01 78 6.49 17960 907959 208 32 7.59 0.03 78 6.75 17961 907960 430 267 6.89 0.14 49 6.16 17962 907961 66 46 3.65 0.25 72 7.46 17963 907962 54 92 15.94 <0.01 122 8.74 17964 907963 69 1204 29.73 0.04 <1 4.29 17965 907964 90 1561 31.32 0.05 <1 2.93 17966 907965 114 1461 34.41 0.06 <1 1.68 17967 907966 97 1753 33.68 <0.01 <1 1.44 17968 907967 78 84 11.9 <0.01 172 8.01

17969 907968 668 13 0.61 <0.01 <1 0.27 17970 907969 151 1314 32.35 0.17 <1 1.48 17971 907969 153 1342 32.36 0.16 <1 1.5 17972 907970 115 1699 30.56 0.05 <1 1.62 17973 907971 99 990 27.86 <0.01 <1 1.63 17974 907972 104 1662 36.71 0.06 <1 1.76 17975 907973 48 871 29.35 <0.01 <1 5.07 17976 907974 59 1067 16.37 <0.01 100 6.49 17977 907975 360 61 4.61 <0.01 37 5.1 17978 907976 278 13 3.61 0.19 19 4.36 17979 907977 361 9 6.19 0.18 3 4.38 17980 907978 76 11 2.86 0.14 16 3.54 17981 907979 152 13 2 0.09 <1 2.68 17982 907979 148 12 1.91 0.31 <1 2.56 17983 907980 209 392 4.12 0.34 <1 4.59 17984 907981 131 16 3.1 0.27 45 4.36 17985 907982 162 157 8.21 0.14 53 6.05 17986 907983 51 453 11.27 0.03 168 8.36 17987 907984 234 12 5.4 0.07 31 5.06 17988 907985 257 37 4.53 0.11 29 4.78 17989 907986 532 64 7.19 <0.01 <1 4.65 17990 907987 642 105 7.04 <0.01 <1 4.99 17991 907988 466 96 6.84 0.12 7 4.62 17992 907989 503 118 7.32 <0.01 9 5.01 17993 907989 501 117 7.24 0.05 11 4.94 17994 907990 600 167 8.39 <0.01 5 5.27 17995 907991 483 72 6.73 <0.01 <1 5.1 17996 907992 101 33 2.75 0.35 3 2.79

Acc # Client

ID Mn Mo Ni P Pb Sb

ppm ppm ppm ppm ppm ppm

17950 907950 <100 24 13 <100 6 <5 17951 907951 906 <1 213 1012 29 6 17952 907952 1315 <1 143 1264 24 9 17953 907953 1239 5 162 1245 28 <5 17954 907954 808 5 168 1194 23 <5 17955 907955 741 <1 144 1512 31 5 17956 907956 787 7 32 623 16 <5 17957 907957 1528 <1 75 1059 17 5 17958 907958 1648 5 36 337 41 5 17959 907959 2172 <1 58 733 38 <5 17960 907959 2148 <1 55 754 35 5 17961 907960 1522 <1 272 984 50 5 17962 907961 1393 <1 28 373 31 5 17963 907962 2046 6 19 310 28 5 17964 907963 665 54 259 288 61 20 17965 907964 568 68 233 271 65 26 17966 907965 451 100 327 325 46 16 17967 907966 416 97 930 164 44 16 17968 907967 2126 <1 32 380 18 10

17969 907968 <100 26 12 <100 5 <5 17970 907969 402 94 1204 3057 49 17 17971 907969 405 95 1239 3149 52 12 17972 907970 423 82 1298 2114 51 21 17973 907971 389 69 929 498 40 13 17974 907972 479 99 1208 517 51 19 17975 907973 602 47 364 154 40 16 17976 907974 1626 9 491 821 71 7 17977 907975 1341 <1 89 981 13 6 17978 907976 875 <1 78 945 8 <5 17979 907977 1195 3 149 1130 6 <5 17980 907978 525 7 41 498 4 <5 17981 907979 248 4 24 405 6 <5 17982 907979 236 12 23 383 5 <5 17983 907980 745 <1 552 <100 8 9 17984 907981 1140 <1 45 712 80 <5 17985 907982 1643 <1 54 616 87 11 17986 907983 1900 <1 41 611 21 <5 17987 907984 961 <1 80 1117 32 5 17988 907985 792 <1 77 942 8 <5 17989 907986 865 2 199 1080 14 <5 17990 907987 803 <1 230 1080 12 9 17991 907988 819 2 203 1108 17 6 17992 907989 842 <1 228 1120 9 <5 17993 907989 851 2 230 1104 10 5 17994 907990 969 <1 249 1140 15 5 17995 907991 757 <1 208 1205 34 <5 17996 907992 409 <1 30 556 6 8

Acc # Client

ID Se Sn Sr Ti Tl V

ppm ppm ppm ppm ppm ppm

17950 907950 13 <10 42 <100 <2 2 17951 907951 9 <10 136 5473 17 184 17952 907952 6 <10 218 6861 20 223 17953 907953 <5 <10 228 8414 <2 229 17954 907954 11 <10 429 3979 8 196 17955 907955 11 <10 199 7393 7 221 17956 907956 13 <10 312 2596 16 59 17957 907957 <5 <10 366 12901 16 248 17958 907958 7 <10 81 1306 20 36 17959 907959 9 <10 245 8339 36 166 17960 907959 <5 <10 244 8372 22 165 17961 907960 10 <10 119 10979 18 228 17962 907961 14 <10 110 2670 37 52 17963 907962 7 <10 92 1508 5 30 17964 907963 5 <10 51 309 5 14 17965 907964 <5 <10 48 210 5 12 17966 907965 5 <10 56 149 22 13 17967 907966 <5 <10 75 114 33 16 17968 907967 8 <10 88 2367 19 49

17969 907968 13 <10 54 121 <2 3 17970 907969 <5 <10 73 131 2 17 17971 907969 7 <10 74 136 12 17 17972 907970 6 <10 52 126 15 17 17973 907971 <5 <10 44 119 3 18 17974 907972 <5 <10 51 148 11 19 17975 907973 <5 <10 47 329 <2 13 17976 907974 10 <10 151 1620 17 35 17977 907975 5 <10 260 10887 15 204 17978 907976 7 <10 358 7469 19 161 17979 907977 8 <10 204 10511 13 226 17980 907978 6 <10 331 2543 15 69 17981 907979 14 <10 288 1624 13 67 17982 907979 18 <10 278 1596 12 65 17983 907980 12 <10 173 541 17 68 17984 907981 7 <10 289 4617 23 98 17985 907982 7 <10 243 5435 15 110 17986 907983 10 <10 111 1876 32 39 17987 907984 7 <10 375 8626 16 185 17988 907985 <5 <10 408 8836 24 156 17989 907986 6 <10 410 5087 13 200 17990 907987 5 <10 413 4747 10 190 17991 907988 6 <10 188 6216 3 208 17992 907989 9 <10 151 5594 22 208 17993 907989 5 <10 153 5504 21 205 17994 907990 9 <10 157 7060 3 218 17995 907991 5 <10 391 4826 11 181 17996 907992 13 <10 323 2742 14 77

Acc # Client ID W Y Zn

Ppm ppm ppm

17950 907950 <10 3 22 17951 907951 <10 18 60 17952 907952 <10 22 63 17953 907953 <10 23 68 17954 907954 <10 22 79 17955 907955 <10 23 68 17956 907956 <10 27 57 17957 907957 <10 24 110 17958 907958 <10 17 229 17959 907959 <10 20 246 17960 907959 <10 22 236 17961 907960 <10 19 130 17962 907961 <10 17 197 17963 907962 <10 14 149 17964 907963 <10 6 72 17965 907964 <10 5 73 17966 907965 <10 6 76 17967 907966 <10 5 90 17968 907967 <10 15 127

17969 907968 <10 5 1 17970 907969 <10 8 72 17971 907969 <10 8 78 17972 907970 <10 6 81 17973 907971 <10 5 61 17974 907972 <10 6 71 17975 907973 <10 5 59 17976 907974 <10 17 155 17977 907975 <10 25 59 17978 907976 <10 24 20 17979 907977 <10 20 30 17980 907978 <10 23 46 17981 907979 <10 20 31 17982 907979 <10 20 27 17983 907980 <10 6 47 17984 907981 <10 26 59 17985 907982 <10 17 272 17986 907983 <10 19 127 17987 907984 <10 24 72 17988 907985 <10 26 36 17989 907986 <10 19 87 17990 907987 <10 19 107 17991 907988 <10 20 60 17992 907989 <10 19 64 17993 907989 <10 19 67 17994 907990 <10 20 90 17995 907991 <10 21 92 17996 907992 <10 29 52

The PGE results of the analysis from the samples collected from DDH U-17-02 and DDH U-17-01 are typically quite low to only slightly elevated above the analytical methods lower detection limits. 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. 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 43 samples that were collected for the remainder of U-17-01 and all of U-17-02. 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, OGS standard samples, and duplicate samples have been inserted in the sample stream on 43 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% owner of 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 was recommended.

A follow up diamond drill hole (U-17-02) was drilled in order to constrain the orientation and extent of the mineralized intersection. The same setup described above was used to drill U-17-02, with an Azimuth of 082 degrees and dip of -55 degrees. The hole began on April 1, 2011 and ended April 13, 2011. The same magnetite / pyrite-pyrrhotite-chalcopyrite rich unit was intersected at a depth of 114.95m to 120.00m, suggesting a horizontal to sub horizontal orientation and potential for significant lateral continuity.

12.0 Recommendations The encountering of the unusual magnetite rich, cobalt and copper bearing materials – occurrence identified in diamond drill hole U-17-01 and U-17-02, 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.

l3 .0 Certificate of Qualifications

I, Harold Joseph Tracanelli, Getn, P.Geo., do hereby certify that:

I have provided geological related consultative services based from: 192 North Shore Road, Onaping, Ontario. POM2RO

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 Major­Disraeli Lake Property on March 14"' 2011 to March 16'"., 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.

14.0 List of Reference Materials Used within this Report 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-17-02

APPENDIX II,

Drill Core Log for Diamond Drill Hole U-17-02. Core Logging Carried Out By: Ian Dasti; HBSc.Water Resource Science

APPENDIX III,

Assay Certificates for samples collected in diamond drill hole U-17-01 and U-17-02

APPENDIX IV,

Supporting Project Expenditure Related Documentation Project Geological Support April and May 2011 Harold Tracanelli An Accumulation of Efforts 3 Days = $1500 Ian Dasti 16 Days = $5424.00 Ian Dasti Pickup Truck Rental $1391.95 Ian Dasti Accommodations $1661.01 Expenses of Ian Dasti $1451.28 George Downing Estate Drilling Limited Diamond Drill Hole U-17-02 $ 47986.58 Accurassay Laboratory 43 Samples from DDH U-17-02 and U-17-01 $ 1868.29

DDH U-17-0a 08~AZlnUTH . '55° DIP

• OVE R B LlRDEN • ( ARQLAKI="

I • • -SIBL,E;Y"GROu P SEDIMENTS

d.. 8-DIABASE SILL OR DIKE

3 . • - SKARN OR 10£.6- O(.(U.RRENCE

lj. "STROMATOLITIC SEDIMENTS

PREPARED BY; IAN DASTI

OfY)

I ll R.5A 1"1AJ OQ MINERALS I.NC. ~ I S RA lSI I LA k' E PBop,eRT'Y

Lr:(Klb LAKE AREA u (') -

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NAD 83 UTf/1 03 Sb500 E '1 10 I

URSA Major Minerals Incorporated

Disraeli Lake Diamond Drilling Program Caro Lake West

Diamond Drill Project

Leckie Lake Area, Ontario Thunder Bay Mining Division

URSA Diamond Drill Hole Number: DDH U-17-02

NAD 83 UTM Coordinate Location of the Diamond Drill Hole: 0356500 East 5440795 North

Diamond Drill Hole Collared on Mining Claim Number: 4247672

Date Diamond Drill Hole Started: April 1, 2011

Date Diamond Drill Hole Completed: April 13, 2011

Azimuth of Diamond Drill Hole: 82

Inclination of the Diamond Drill Hole: -55.0 Degrees

Diamond Drilling Carried Out By: George Downing Estate Drilling Ltd

Machine Type: LF-70

Diamond Drill Core Logging Carried Out By: Ian Dasti

Diamond Drill Hole Objective: Determine orientation of mineralized intersection and structures within U-17-01

Total Depth of Diamond Drill Hole: 138 Meters

Assay Laboratory Work Order Numbers: 201110168

From To Distance Litho Discription Description Measured Alignment From To DistanceMeters Meters Meters Code Major Interval Code Minor Internal Interval Feature TCA Meters Meters Meters0.00 3.00 3.00 OVB Overburden – not recovered3.00 42.32 39.32 Sibley sediments, slag toned purple and red

mudstones. Red and purple sediments alternate on a decimeter to meter scale. Mostly broken (probably due to structure) with fractures and joints occurring randomly TCA

Extremely broken / blocky alternating red (uncommon) and purple (common) fine grained wacke, hornfels? Silicious, bedding rare to absent. Fractures are random TCA. Difficult to determine where overburden stops and structurally damaged interval begins

3.00 29.70 26.70

joint 58 30.00 30.00 0.00Coarser grained / more competent wacke with occasional bedding present. Near top of interval dissolution cavities filled with fine green acicular amphibole (tremolite?) and carbonate are common, up to cm scale and 5%. Overall, interval has more hematite and red tones dominate

29.70 42.32 12.62

joint 10 30.20 30.20 0.00joint 64 35.00 35.00 0.00

42.32 50.34 8.02 Diabase – Fine to medium grained diabaseFine grained diabase, dark colored with 30-40% fine aphanitic groundmass. Feldspars are pink-salmon colored (K/Hem altered plag?). Chilled margin

42.32 43.48 1.16

Fine to medium grained diabase, pink salmon colored/altered feldspars, more feldspathic and very little aphanitic groundmass (less than 20%)

43.48 46.28 2.80

Fine grained diabase, 30-40 % fine grained dark aphanitic groundmass. Plagioclase laths common, plagioclase rarely altered pink (K/Hem alteration?)

46.28 49.48 3.20

Fault Gouge

56 49.48 49.52 0.04

Fine grained diabase, dark colored with 30-40% fine aphanitic groundmass. Feldspars are pink-salmon colored (K/Hem altered plag?). Chilled margin

49.48 50.34 0.86

Fault Gouge

62 50.34 50.39 0.05

Bedding 62 50.39 50.39 0.00

50.34 57.50 7.16 Sibley sediments, slag toned purple and red mudstones. Red and purple sediments alternate on a decimeter to meter scale.

Joint / bedding

50 51.20 51.20 0.00

Chemical sedimentation? With small veinlets of carbonate penetrating red mudstone perpendicular to fine laminations (sub mm)

51.40 51.50 0.10

Purple slag toned sediments dominate over red mudstone. Broken / blocky, low RQD

54.20 57.50 3.30

joint 60 52.30 52.30 0.00Amphibole

– Carbonate

Vug

N/A 55.30 55.33 0.03

57.50 59.77 2.27 Diabase – Fine to medium grained diabaseFine grained diabase, dark colored with 30-40% fine aphanitic groundmass. Feldspars are pink-salmon colored (K/Hem altered plag?). Chilled margin

57.50 59.77 2.27

59.77 69.15 9.38 Sibley sediments, slag toned purple and red mudstones. Red and purple sediments alternate on a decimeter to meter scale. Mostly broken (probably due to structure) with fractures and joints occurring randomly TCA

Red mudstone 59.77 61.20 1.43Broken red mudstone with 3 – 4 cm amphibole-carbonate vugs

60.00 60.56 0.56

Competent slag-purple sediments with faint white splotches.

60.56 61.50 0.94

Blocky purple sediments, RQD 10%

61.50 62.70 1.20

More competent purple sediments with interbeds of red and tan mudstones, decimeter scale bedding, RQD 70% 62.7 65

2.30

Less competent, blocky. Red and purple sediments present, RQD 30% - 40%

65.00 69.15 4.15

69.15 95.42 26.27 Diabase – overall medium grainedFine grained diabase, plagioclase salmon pink (hem/k? Alteration)

69.15 70.05 0.90

Fine grained fault gouge gravel with larger pieces of diabase and rare, coarse euhedral (often exibiting perfect cleavage) clear, soft gypsum/anhydrite?

70.05 71.20 1.15

Fault Gouge

70.05 71.20 1.15

Joint 60 73.00 73.00 0.00Fine to medium grained diabase, sharp internal contacts between gross layering (20 – 90 cm interval). Pink salmon colored feldspar (Hem/K altered plagioclase?). % Pink feldspar varies up to 10% between layers. Minor 5 mm hematite/potassic veinlets? Occur within unit.

71.20 78.00 6.80

joint 18 74.30 74.30 0.00Joint 10 78.00 78.00 0.00

Medium to coarse grained diabase. Alternating salmon-pink feldspar rich (lighter, pink) and feldspar poor? layers (layers 40 – 90 cm). Feldspar poor layers are darker and have dark green aphanitic groundmass (60%). Sharp internal contacts with fine diabase on one side of contact which coarsens over 10 cm. Large 2-3 cm veinlets? Of very hard, fine hematite / potassic? Material

78.00 85.00 7.00

Joint 40 80.00 80.00 0.00Fine to medium grained diabase, sharp internal contacts between gross layering (20 – 90 cm interval). Pink salmon colored feldspar (Hem/K altered plagioclase?). % Pink feldspar varies up to 10% between layers. Minor 5 mm hematite/potassic veinlets? Occur within unit. 85 88.4

3.40

Soft, dark, with 60-70% fine grained diabase with coarser grains of dark green waxy/platy mineral (chlorite?, probably replacing a primary silicate). Overall dark green color, more chloritic than other diabase units.

88.40 95.40 7.00

Xenolith? Of red mudstone 91.91 92.28 0.37

95.42 111.83 16.41 Sibley sediments, slag toned purple and red mudstones. Red and purple sediments alternate on a decimeter to meter scale. Mostly broken (probably due to structure) with fractures and joints occurring randomly TCA

Red mudstone with occasional dissolution cavity. At end of interval, 7 cm angular crumble/gravel

95.47 97.00 1.53

Fine grained, grey-brown, equigranular wacke? RQD 50%

97.00 108.00 11.00

Occaional 1 cm hematite band 99.00 104.00 5.00Fine grained grey-brown equigranular wacke, broken/blocky

111.83 120.98 9.15 Skarn, siltstone with intercalated stromatolitic dolostone. Siltstone is displays fine (sub mm to mm scale) lamination. Stromatolitic dolostone has many clumpy stromatolites (5mm to 10 mm) with bed thicknesses up to 300mm

Stromatolitic layer, 5mm – 10mm orbicular stromatolites, carbonate. Overall light pink-brown color. Very weakly magnetic in some areas, non magnetic elsewhere

111.83 112.23 0.40

lamination 50 112.47 112.80 0.33Siltstone, exhibiting fine (occasionally wavy) laminations. Dark green, banded chlorite and magnetite. 15% magnetite

112.23 112.67 0.44

Joint 50 112.47 112.47 0.00

Weakly magnetic, 1-2 % magnetite, except in fault gouge where 1 cm band of magnetic (10-15%) magnetite present.

112.67 113.97 1.30

Gypsum Vein

50 112.60 112.61 0.01

Fault Gouge

52 112.99 113.07 0.08

Weakly magnetic, but magnetite content increases towards lower contact over 10cm.

113.97 114.50 0.53

Dark, fine grained lithic wacke? (possibly a fine grained diabase) With altered fine clasts (mm scale). Lower contact grades back into siltstone. very faint but visible fabric occasionally observed

113.66 113.97 0.31

Very dark, highly chloritized siltstone with fine lamination.

113.95 114.95 1.00

Joint 38 115.20 115.20 0.0030% magnetite, few visible sulfides (trace – 1%)

114.50 114.95 0.45

15-20% sulfides (pyrite 80%, chalcopyrite 20%), 40% magnetite

114.95 115.51 0.56

20-25% sulfides ( 50% chalcopyrite, 50% pyrite), with very rare pyrrhotite grain observed. Sulfides are disseminated (occasionally weakly constrained by fabric)but could be weakly interconnected. Magnetite 50%

115.51 116.01 0.50

20% sulfides (75% chalcopyrite, 25% pyrite). Approximately 10% of sulfides occur as chalcopyrite replacing pyrite in vugs (dissolution cavities?). In other areas, disseminated blebs of pyrite are succumbing to chalcopyrite replacement. 70% Magnetite

116.01 116.47 0.46

20% sulfides, with pyrite visibly succumbing to chalcopyrite disease (replacement) (75% chalcopyrite, 25% pyrite). Mineralization is 10% vugs, 90% disseminated sulfide grains. 75-80% magnetite. Possible 5% silvery sulfide (instead of magnetite) but is likely massive magnetite with chalcopyrite.

116.47 118.26 1.79

20% sulfides (75% chalcopyrite, 25% pyrite). 70% magnetite, 10% chlorite green and pink alteration clays.

118.26 118.83 0.57

joint 42 118.00 118.00 0.00lamination 50 118.82 120.00 1.18

Very dark, highly chloritized siltstone with fine lamination.

118.83 120.00 1.17

joint 50 119.23 119.23 0.0020% sulfides (75% chalcopyrite, 25% pyrite). 50% magnetite. Sulfides occur as coarse disseminations and occasionally weakly lineated with fabric.

118.83 119.26 0.43

5% sulfides (pyrite and chalcopyrite), 10% magnetite in bands, highly chloritic

119.26 120.00 0.74

Stromatolitic layer, 5mm – 10mm orbicular stromatolites, carbonate. Overall light pink-brown color. Very weakly magnetic in some areas, non magnetic elsewhere blocky/broken at lower contact, with lower 10 cm as breccia? Pink matrix and dark angular fragments

120.00 120.98 0.98

120.98 127.31 6.33 Diabase – Fine to medium grained diabase

Xenolith of red mudstone, chill? On either side. Fine grained diabase with salmon colored feldspars (hem/K altered plagioclase?). Common Gypsum veins (2-5mm) and rare Hematite veins (1mm) observed. Blocky/broken at lower contact.

127.31 138.00 10.69 Sibley sediments, slag toned purple and red mudstones. Red and purple sediments alternate on a decimeter to meter scale.

lamination 48 128.00 128.50 0.50

Alternating banded red beige and green mudstones, laminated (1-2mm) and tan / green homogenous mudstones with minor clastics. Gypsum/ anhydrite veining and dendritic veining common

127.31 133.30 5.99

Fluorite? And gypsum veins and clumpy oatmeal textured grains 15%

132.67 133.19 0.52

Gypsum Vein

48 128.30 128.31 0.01

Gypsum Vein

52 132.55 132.56 0.01

Joint 52 132.55 132.55 0.00Dull grey-brown siltstone with fine lamination, gypsum veining common parallel to bedding

133.30 138.00 4.70

common gypsum / Fluorite? Veins, 5 mm to 15mm, overall less than 5% of rock volume

133.19 138.00 4.81

End Of Hole, 138.00 m. Logged By Ian Dasti

URSA Major Minerals Incorported Job Number: 201110168

Sample Intervals for DDH U-17-02

By: Ian Dasti Field Blank Materials Indicated in Red text1/4 Duplioate Sample Materials Indicated in greenLab Duplicate in blue

Sample Box Date: Number From: To: Distance: Number: Comments:

06/05/11 907950 BLANK BLANK BLANK Barren quartzite field blank materials06/05/11 907951 49.48 50.04 0.56 1406/05/11 907952 58.50 58.90 0.4 1606/05/11 907953 70.61 70.88 0.27 2006/05/11 907954 76.60 77.15 0.55 2206/05/11 907955 88.84 89.35 0.51 2506/05/11 907956 111.11 111.83 0.72 3106/05/11 907957 111.83 112.23 0.4 3106/05/11 907958 112.23 112.67 0.44 3106/05/11 907959 112.67 112.99 0.32 3106/05/11 907960 112.99 113.97 0.98 3106/05/11 907961 113.97 114.42 0.45 3106/05/11 907962 114.42 114.95 0.53 31 and 3206/05/11 907963 114.95 115.51 0.56 3206/05/11 907964 115.51 116.01 0.5 3206/05/11 907965 116.01 116.47 0.46 3206/05/11 907966 116.47 116.93 0.46 3206/05/11 907967 114.42 114.95 0.53 31 and 32 1/4 duplicate sample collected from sample 907962, DDH U-17-02, Bx 31 and 3206/05/11 907968 BLANK BLANK BLANK Barren quartzite field blank materials06/05/11 907969 116.93 117.38 0.45 3206/05/11 907970 117.38 117.84 0.46 3206/05/11 907971 117.84 118.26 0.42 3206/05/11 907972 118.26 118.83 0.57 3206/05/11 907973 118.83 119.26 0.43 3206/05/11 907974 119.26 119.97 0.71 32 and 3306/05/11 907975 119.97 120.74 0.77 3306/05/11 907976 120.74 121.68 0.94 3306/05/11 907977 121.68 122.19 0.51 3306/05/11 907978 128.39 128.54 0.15 3506/05/11 907979 132.67 133.19 0.52 3606/05/11 907980 STD STD OGS Standard 09/05/11 907986 46.63 47.52 0.89 1309/05/11 907987 47.82 48.60 0.78 1309/05/11 907988 73.46 74.23 0.77 2109/05/11 907989 81.80 82.39 0.59 2309/05/11 907990 83.16 83.86 0.7 2309/05/11 907991 90.4 91.14 0.74 2509/05/11 907992 135.31 135.66 0.35 37

< 0.01 = 0.0050<1 = 0.5< 0.005 = 0.0025<0.015 = 0.0075

Gade Thickness:Metal Values:

Sample Au Pt Pd Ag ppm Ni ppm Cu ppm Co ppm Fe ppm Ti ppm Au ppm Pt ppmNumber From: To: Distance: ppm ppm ppm ppm #VALUE! #VALUE!

17951 907951 49.48 50.04 0.56 0.0025 0.032 0.005 0.5 213 26 48 5.79 6861 0.0014 0.0179217952 907952 58.50 58.90 0.4 0.0025 0.037 0.005 0.5 143 115 55 7.05 8414 0.001 0.014817953 907953 70.61 70.88 0.27 0.0025 0.016 0.005 1 162 124 59 7.09 3979 0.000675 0.0043217954 907954 76.60 77.15 0.55 0.0025 0.034 0.005 0.5 168 88 52 6.5 7393 0.001375 0.018717955 907955 88.84 89.35 0.51 0.0025 0.031 0.005 0.5 144 47 48 6.36 2596 0.001275 0.0158117956 907956 111.11 111.83 0.72 0.018 0.023 0.005 0.5 32 762 15 3.01 12901 0.01296 0.0165617957 907957 111.83 112.23 0.4 0.005 0.042 0.005 0.5 75 66 40 4.48 1306 0.002 0.016817958 907958 112.23 112.67 0.44 0.0025 0.0075 0.005 0.5 36 60 44 16.67 8339 0.0011 0.003317959 907959 112.67 112.99 0.32 0.0025 0.0075 0.005 0.5 58 34 46 7.52 8372 0.0008 0.002417961 907960 112.99 113.97 0.98 0.008 0.035 0.005 1 272 267 65 6.89 2670 0.00784 0.034317962 907961 113.97 114.42 0.45 0.0025 0.0075 0.005 0.5 28 46 26 3.65 1508 0.001125 0.00337517963 907962 114.42 114.95 0.53 0.0025 0.019 0.005 0.5 19 92 148 15.94 309 0.001325 0.0100717964 907963 114.95 115.51 0.56 0.009 0.023 0.005 2 259 1204 552 29.73 210 0.00504 0.0128817965 907964 115.51 116.01 0.5 0.017 0.123 0.029 2 233 1561 455 31.32 149 0.0085 0.061517966 907965 116.01 116.47 0.46 0.021 0.0075 0.005 2 327 1461 458 34.41 114 0.00966 0.0034517967 907966 116.47 116.93 0.46 0.02 0.105 0.005 2 930 1753 469 33.68 2367 0.0092 0.048317970 907969 116.93 117.38 0.45 0.011 0.0075 0.016 1 1204 1314 1606 32.35 136 0.00495 0.00337517972 907970 117.38 117.84 0.46 0.011 0.115 0.005 1 1298 1699 991 30.56 119 0.00506 0.052917973 907971 117.84 118.26 0.42 0.0025 0.0075 0.005 1 929 990 614 27.86 148 0.00105 0.0031517974 907972 118.26 118.83 0.57 0.009 0.094 0.005 2 1208 1662 922 36.71 329 0.00513 0.0535817975 907973 118.83 119.26 0.43 0.007 0.022 0.005 0.5 364 871 328 29.35 1620 0.00301 0.0094617976 907974 119.26 119.97 0.71 0.133 0.0075 0.005 1 491 1067 703 16.37 10887 0.09443 0.00532517977 907975 119.97 120.74 0.77 0.0025 0.027 0.01 0.5 89 61 63 4.61 7469 0.001925 0.0207917978 907976 120.74 121.68 0.94 0.0025 0.016 0.005 0.5 78 13 40 3.61 10511 0.00235 0.0150417979 907977 121.68 122.19 0.51 0.0025 0.024 0.013 0.5 149 9 47 6.19 2543 0.001275 0.0122417980 907978 128.39 128.54 0.15 0.0025 0.032 0.005 0.5 41 11 17 2.86 1624 0.000375 0.004817981 907979 132.67 133.19 0.52 0.0025 0.0075 0.005 0.5 24 13 17 2 1596 0.0013 0.003917989 907986 46.63 47.52 0.89 0.0025 0.046 0.005 0.5 199 64 62 7.19 5087 0.002225 0.0409417990 907987 47.82 48.60 0.78 0.0025 0.038 0.005 0.5 230 105 74 7.04 4747 0.00195 0.0296417991 907988 73.46 74.23 0.77 0.0025 0.045 0.005 0.5 203 96 60 6.84 6216 0.001925 0.0346517992 907989 81.80 82.39 0.59 0.006 0.034 0.005 0.5 228 118 64 7.32 5594 0.00354 0.0200617994 907990 83.16 83.86 0.7 0.007 0.034 0.005 0.5 249 167 72 8.39 7060 0.0049 0.023817995 907991 90.4 91.14 0.74 0.006 0.045 0.011 0.5 208 72 61 6.73 4826 0.00444 0.033317996 907992 135.31 135.66 0.35 0.005 0.022 0.005 0.5 30 33 23 2.75 2742 0.00175 0.0077

0 00 0

0 00 00 0

Barren Quartzite Field Blanks:17950 907950 BLANK BLANK BLANK 0.01 0.0075 0.005 0.5 13 46 2 0.65 5473 #VALUE! #VALUE!17969 907968 BLANK BLANK BLANK 0.0025 0.0075 0.005 0.5 12 13 2 0.61 131 #VALUE! #VALUE!

1/4 Duplicate Samples:17963 907962 114.42 114.95 0.53 0.0025 0.019 0.005 0.5 19 92 148 15.94 309 0.001325 0.0100717968 907967 114.42 114.95 0.53 0.0025 0.021 0.005 0.5 32 84 50 11.9 121 0.001325 0.01113

Laboratory Duplicate:17959 907959 112.67 112.99 0.32 0.0025 0.0075 0.005 0.5 58 34 46 7.52 8372 0.0008 0.002417960 907959 112.67 112.99 0.32 0.0025 0.032 0.005 0.5 55 32 45 7.59 10979 0.0008 0.01024

17970 907969 116.93 117.38 0.45 0.011 0.0075 0.016 1 1204 1314 1606 32.35 136 0.00495 0.00337517971 907969 116.93 117.38 0.45 0.008 0.017 0.005 2 1239 1342 1640 32.36 126 0.0036 0.00765

17992 907989 81.80 82.39 0.59 0.006 0.034 0.005 0.5 228 118 64 7.32 5594 0.00354 0.0200617993 907989 81.80 82.39 0.59 0.005 0.033 0.005 1 230 117 64 7.24 5504 0.00295 0.01947

OGS LDI-1 Standard Reference Materials:17982 907980 STD STD 0.0025 0.0075 0.005 0.5 23 12 16 1.91 0 0

WAG

Meters Meters Interval WAG WAG WAG WAG WAG WAG WAG WAG WAGFrom: To: in Meters Au. PT. Pd. Ag Ni. Cu. Co. Fe Ti

0.18 0.39 0.08 10.88 4157.02 7808.48 3889.99 189.76 46672.05111.00 122.19 11.19 0.02 0.03 0.01 0.97 371.49 697.81 347.63 16.96 4170.87

WAG

Meters Meters Interval WAG WAG WAG WAG WAG WAG WAG WAG WAGFrom: To: in Meters Au. PT. Pd. Ag Ni. Cu. Co. Fe Ti

0.16 0.31 0.06 9.20 3886.14 7169.66 3753.11 175.70 19932.53112.23 119.97 7.74 0.02 0.04 0.01 1.19 502.09 926.31 484.90 22.70 2575.26

WAG

Meters Meters Interval WAG WAG WAG WAG WAG WAG WAG WAG WAGFrom: To: in Meters Au. PT. Pd. Ag Ni. Cu. Co. Fe Ti

0.15 0.26 0.04 7.62 3572.58 6850.02 3643.63 157.56 10289.13114.42 119.97 5.55 0.03 0.05 0.01 1.37 643.71 1234.24 656.51 28.39 1853.90

WAG

Meters Meters Interval WAG WAG WAG WAG WAG WAG WAG WAG WAGFrom: To: in Meters Au. PT. Pd. Ag Ni. Cu. Co. Fe Ti

0.05 0.25 0.04 6.65 3213.90 6043.69 3066.06 137.49 2395.59114.95 119.26 4.31 0.01 0.06 0.01 1.54 745.68 1402.25 711.38 31.90 555.82

WAG

Meters Meters Interval WAG WAG WAG WAG WAG WAG WAG WAG WAGFrom: To: in Meters Au. PT. Pd. Ag Ni. Cu. Co. Fe Ti

0.04 0.23 0.03 5.31 2912.34 4994.92 2615.90 108.22 1581.39115.51 118.83 3.32 0.01 0.07 0.01 1.60 877.21 1504.49 787.92 32.60 476.32

WAG

Meters Meters Interval WAG WAG WAG WAG WAG WAG WAG WAG WAGFrom: To: in Meters Au. PT. Pd. Ag Ni. Cu. Co. Fe Ti

0.04 0.16 0.02 4.31 2795.84 4214.42 2388.40 92.56 1506.89116.01 118.83 2.82 0.01 0.06 0.01 1.53 991.43 1494.48 846.95 32.82 534.36

WAG

Meters Meters Interval WAG WAG WAG WAG WAG WAG WAG WAG WAGFrom: To: in Meters Au. PT. Pd. Ag Ni. Cu. Co. Fe Ti

0.10 0.04 0.02 1.57 490.46 816.76 585.24 18.57 23361.24119.26 121.68 2.42 0.04 0.02 0.01 0.65 202.67 337.50 241.83 7.67 9653.40

WAG

Meters Meters Interval WAG WAG WAG WAG WAG WAG WAG WAG WAGFrom: To: in Meters Au. PT. Pd. Ag Ni. Cu. Co. Fe Ti

0.05 0.24 0.04 6.43 3057.38 5669.16 2925.02 124.87 1698.99114.95 118.83 3.88 0.01 0.06 0.01 1.66 787.98 1461.12 753.87 32.18 437.88

Pd ppm Ag ppm Ni ppm Cu ppm Co ppm Fe ppm Ti PPM#VALUE! #VALUE! #REF! #REF! #REF! Value Value0.0028 0.28 119.28 14.56 26.88 3.2424 3842.160.002 0.2 57.2 46 22 2.82 3365.6

0.00135 0.27 43.74 33.48 15.93 1.9143 1074.330.00275 0.275 92.4 48.4 28.6 3.575 4066.150.00255 0.255 73.44 23.97 24.48 3.2436 1323.960.0036 0.36 23.04 548.64 10.8 2.1672 9288.720.002 0.2 30 26.4 16 1.792 522.4

0.0022 0.22 15.84 26.4 19.36 7.3348 3669.160.0016 0.16 18.56 10.88 14.72 2.4064 2679.040.0049 0.98 266.56 261.66 63.7 6.7522 2616.60.00225 0.225 12.6 20.7 11.7 1.6425 678.60.00265 0.265 10.07 48.76 78.44 8.4482 163.770.0028 1.12 145.04 674.24 309.12 16.6488 117.60.0145 1 116.5 780.5 227.5 15.66 74.50.0023 0.92 150.42 672.06 210.68 15.8286 52.440.0023 0.92 427.8 806.38 215.74 15.4928 1088.820.0072 0.45 541.8 591.3 722.7 14.5575 61.20.0023 0.46 597.08 781.54 455.86 14.0576 54.740.0021 0.42 390.18 415.8 257.88 11.7012 62.160.00285 1.14 688.56 947.34 525.54 20.9247 187.530.00215 0.215 156.52 374.53 141.04 12.6205 696.60.00355 0.71 348.61 757.57 499.13 11.6227 7729.770.0077 0.385 68.53 46.97 48.51 3.5497 5751.130.0047 0.47 73.32 12.22 37.6 3.3934 9880.340.00663 0.255 75.99 4.59 23.97 3.1569 1296.930.00075 0.075 6.15 1.65 2.55 0.429 243.60.0026 0.26 12.48 6.76 8.84 1.04 829.920.00445 0.445 177.11 56.96 55.18 6.3991 4527.430.0039 0.39 179.4 81.9 57.72 5.4912 3702.660.00385 0.385 156.31 73.92 46.2 5.2668 4786.320.00295 0.295 134.52 69.62 37.76 4.3188 3300.460.0035 0.35 174.3 116.9 50.4 5.873 49420.00814 0.37 153.92 53.28 45.14 4.9802 3571.240.00175 0.175 10.5 11.55 8.05 0.9625 959.7

0 0 0 0 0 0 00 0 0 0 0 0 0

0 0 0 0 0 0 00 0 0 0 0 0 00 0 0 0 0 0 0

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

0.00265 0.265 10.07 48.76 78.44 8.4482 163.770.00265 0.265 16.96 44.52 26.5 6.307 64.13

0.0016 0.16 18.56 10.88 14.72 2.4064 2679.040.0016 0.16 17.6 10.24 14.4 2.4288 3513.28

0.0072 0.45 541.8 591.3 722.7 14.5575 61.20.00225 0.9 557.55 603.9 738 14.562 56.7

0.00295 0.295 134.52 69.62 37.76 4.3188 3300.460.00295 0.59 135.7 69.03 37.76 4.2716 3247.36

0 0 0 0 0 0 0

DDH U-17-02

Box From: To DistanceNumber: Meters Meters Meters

1 3.25 7.47 4.222 7.47 10.3 2.833 10.3 13.36 3.064 13.36 17.08 3.725 17.08 20.74 3.666 20.74 23.66 2.927 23.66 27.12 3.468 27.12 30.63 3.519 30.63 34.02 3.39

10 34.02 37.38 3.3611 37.38 40.97 3.5912 40.97 45 4.0313 45 49.11 4.1114 49.11 53.02 3.9115 53.02 56.76 3.7416 56.76 60.56 3.8017 60.56 65 4.4418 65 66.82 1.8219 66.82 70.53 3.7120 70.53 72.37 1.8421 72.37 76.38 4.0122 76.38 80.5 4.1223 80.5 84.15 3.6524 84.15 88.35 4.2025 88.35 92.21 3.8626 92.21 96.1 3.8927 96.1 99.86 3.7628 99.86 103.53 3.6729 103.53 106.84 3.3130 106.84 110.9 4.0631 110.9 114.83 3.9332 114.83 119.3 4.4733 119.3 123 3.7034 123 126.7 3.7035 126.7 130.76 4.0636 130.76 135 4.2437 135 138 3.00

Actual Depth

Meters Short

134.75 3.25

DDH U-17-02

Ranger Bore Hole Orientation SurveyTest Az. Dec 1 W Inclination

51 320.1 83.2 52.6102 68 70.8 52.2138 50.6 68 52.3

End of DDH U-17-02, 138 meters

Tuesday, May 31, 2011Certificate of Analysis

URSA Major Minerals Inc.8 King St. E., Ste. 1300Toronto, ON, CANM5C1B5Ph#: (416) 864-0615Fax#: (416) 864-0620Email: htracanelli@xplornet.ca, rsutcliffe@bellnet.ca

Date Received: 05/10/2011

Date Completed: 05/20/2011

Job #: 201110168

Reference:

Sample #: 43

Acc # Client ID Au ppm

Pt ppm

Pd ppm

Agppm

Al%

Asppm

Bappm

Beppm

Bippm

Ca%

Cdppm

Coppm

Crppm

Cuppm

Fe%

K%

Lippm

Mg%

Mnppm

Moppm

Nippm

Pppm

Pbppm

Sbppm

Seppm

Snppm

Srppm

Tippm

Tlppm

Vppm

Wppm

Yppm

Znppm

17950 907950 0.010 <0.015 <0.01 <1 <0.01 <2 <1 <2 19 0.43 <4 2 847 46 0.65 <0.01 <1 0.20 <100 24 13 <100 6 <5 13 <10 42 <100 <2 2 <10 3 22

17951 907951 <0.005 0.032 <0.01 <1 1.91 6 153 <2 22 5.49 <4 48 574 26 5.79 <0.01 <1 5.10 906 <1 213 1012 29 6 9 <10 136 5473 17 184 <10 18 60

17952 907952 <0.005 0.037 <0.01 <1 3.76 5 222 2 19 5.32 4 55 387 115 7.05 0.16 <1 4.22 1315 <1 143 1264 24 9 6 <10 218 6861 20 223 <10 22 63

17953 907953 <0.005 0.016 <0.01 1 4.79 5 258 2 24 5.51 4 59 377 124 7.09 0.23 <1 4.25 1239 5 162 1245 28 <5 <5 <10 228 8414 <2 229 <10 23 68

17954 907954 <0.005 0.034 <0.01 <1 3.71 6 260 <2 14 5.68 <4 52 408 88 6.50 0.08 <1 4.18 808 5 168 1194 23 <5 11 <10 429 3979 8 196 <10 22 79

17955 907955 <0.005 0.031 <0.01 <1 3.55 6 116 2 22 5.86 <4 48 408 47 6.36 <0.01 6 4.49 741 <1 144 1512 31 5 11 <10 199 7393 7 221 <10 23 68

17956 907956 0.018 0.023 <0.01 <1 4.53 10 846 3 22 4.21 <4 15 49 762 3.01 0.12 8 3.37 787 7 32 623 16 <5 13 <10 312 2596 16 59 <10 27 57

17957 907957 0.005 0.042 <0.01 <1 3.66 26 1058 2 25 8.49 <4 40 358 66 4.48 <0.01 77 4.84 1528 <1 75 1059 17 5 <5 <10 366 12901 16 248 <10 24 110

17958 907958 <0.005 <0.015 <0.01 <1 1.74 29 57 <2 35 5.23 9 44 40 60 16.67 0.04 99 8.24 1648 5 36 337 41 5 7 <10 81 1306 20 36 <10 17 229

17959 907959 <0.005 <0.015 <0.01 <1 2.76 17 462 2 26 7.37 4 46 210 34 7.52 <0.01 78 6.49 2172 <1 58 733 38 <5 9 <10 245 8339 36 166 <10 20 246

17960D 907959 <0.005 0.032 <0.01 <1 3.64 15 464 2 27 7.36 4 45 208 32 7.59 0.03 78 6.75 2148 <1 55 754 35 5 <5 <10 244 8372 22 165 <10 22 236

17961 907960 0.008 0.035 <0.01 1 4.11 11 91 <2 14 7.16 4 65 430 267 6.89 0.14 49 6.16 1522 <1 272 984 50 5 10 <10 119 10979 18 228 <10 19 130

17962 907961 <0.005 <0.015 <0.01 <1 1.25 19 192 <2 11 >10.00 <4 26 66 46 3.65 0.25 72 7.46 1393 <1 28 373 31 5 14 <10 110 2670 37 52 <10 17 197

17963 907962 <0.005 0.019 <0.01 <1 2.40 22 115 <2 29 3.94 8 148 54 92 15.94 <0.01 122 8.74 2046 6 19 310 28 5 7 <10 92 1508 5 30 <10 14 149

17964 907963 0.009 0.023 <0.01 2 0.81 33 <1 <2 36 0.65 15 552 69 1204 29.73 0.04 <1 4.29 665 54 259 288 61 20 5 <10 51 309 5 14 <10 6 72

17965 907964 0.017 0.123 0.029 2 0.18 29 <1 <2 34 0.65 16 455 90 1561 31.32 0.05 <1 2.93 568 68 233 271 65 26 <5 <10 48 210 5 12 <10 5 73

17966 907965 0.021 <0.015 <0.01 2 0.94 2 <1 <2 45 0.94 18 458 114 1461 34.41 0.06 <1 1.68 451 100 327 325 46 16 5 <10 56 149 22 13 <10 6 76

17967 907966 0.020 0.105 <0.01 2 <0.01 3 214 <2 31 0.70 17 469 97 1753 33.68 <0.01 <1 1.44 416 97 930 164 44 16 <5 <10 75 114 33 16 <10 5 90

17968 907967 <0.005 0.021 <0.01 <1 1.93 24 88 2 19 4.75 6 50 78 84 11.90 <0.01 172 8.01 2126 <1 32 380 18 10 8 <10 88 2367 19 49 <10 15 127

17969 907968 <0.005 <0.015 <0.01 <1 0.03 <2 2 <2 18 0.51 <4 2 668 13 0.61 <0.01 <1 0.27 <100 26 12 <100 5 <5 13 <10 54 121 <2 3 <10 5 1

PROCEDURE CODES: ALP1, ALPG1, ALMA1

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

-0464-05/31/2011 8:27 PMPage 1 of 3

Tuesday, May 31, 2011Certificate of Analysis

URSA Major Minerals Inc.8 King St. E., Ste. 1300Toronto, ON, CANM5C1B5Ph#: (416) 864-0615Fax#: (416) 864-0620Email: htracanelli@xplornet.ca, rsutcliffe@bellnet.ca

Date Received: 05/10/2011

Date Completed: 05/20/2011

Job #: 201110168

Reference:

Sample #: 43

Acc # Client ID Au ppm

Pt ppm

Pd ppm

Agppm

Al%

Asppm

Bappm

Beppm

Bippm

Ca%

Cdppm

Coppm

Crppm

Cuppm

Fe%

K%

Lippm

Mg%

Mnppm

Moppm

Nippm

Pppm

Pbppm

Sbppm

Seppm

Snppm

Srppm

Tippm

Tlppm

Vppm

Wppm

Yppm

Znppm

17970 907969 0.011 <0.015 0.016 1 0.66 8 200 <2 30 1.60 17 1606 151 1314 32.35 0.17 <1 1.48 402 94 1204 3057 49 17 <5 <10 73 131 2 17 <10 8 72

17971D 907969 0.008 0.017 <0.01 2 0.85 14 199 <2 30 1.65 16 1640 153 1342 32.36 0.16 <1 1.50 405 95 1239 3149 52 12 7 <10 74 136 12 17 <10 8 78

17972 907970 0.011 0.115 <0.01 1 <0.01 6 <1 <2 36 1.16 15 991 115 1699 30.56 0.05 <1 1.62 423 82 1298 2114 51 21 6 <10 52 126 15 17 <10 6 81

17973 907971 <0.005 <0.015 <0.01 1 <0.01 6 <1 <2 28 0.58 14 614 99 990 27.86 <0.01 <1 1.63 389 69 929 498 40 13 <5 <10 44 119 3 18 <10 5 61

17974 907972 0.009 0.094 <0.01 2 0.49 7 <1 <2 38 0.83 19 922 104 1662 36.71 0.06 <1 1.76 479 99 1208 517 51 19 <5 <10 51 148 11 19 <10 6 71

17975 907973 0.007 0.022 <0.01 <1 0.22 6 <1 <2 22 0.57 15 328 48 871 29.35 <0.01 <1 5.07 602 47 364 154 40 16 <5 <10 47 329 <2 13 <10 5 59

17976 907974 0.133 <0.015 <0.01 1 2.66 52 171 <2 26 4.41 8 703 59 1067 16.37 <0.01 100 6.49 1626 9 491 821 71 7 10 <10 151 1620 17 35 <10 17 155

17977 907975 <0.005 0.027 0.010 <1 3.31 8 329 2 28 6.27 <4 63 360 61 4.61 <0.01 37 5.10 1341 <1 89 981 13 6 5 <10 260 10887 15 204 <10 25 59

17978 907976 <0.005 0.016 <0.01 <1 4.58 3 544 2 20 4.94 <4 40 278 13 3.61 0.19 19 4.36 875 <1 78 945 8 <5 7 <10 358 7469 19 161 <10 24 20

17979 907977 <0.005 0.024 0.013 <1 3.65 <2 172 2 28 5.79 <4 47 361 9 6.19 0.18 3 4.38 1195 3 149 1130 6 <5 8 <10 204 10511 13 226 <10 20 30

17980 907978 <0.005 0.032 <0.01 <1 5.40 <2 921 2 19 4.36 <4 17 76 11 2.86 0.14 16 3.54 525 7 41 498 4 <5 6 <10 331 2543 15 69 <10 23 46

17981 907979 <0.005 <0.015 <0.01 <1 4.86 5 692 2 17 3.41 <4 17 152 13 2.00 0.09 <1 2.68 248 4 24 405 6 <5 14 <10 288 1624 13 67 <10 20 31

17982D 907979 <0.005 <0.015 <0.01 <1 4.72 6 690 2 20 3.33 <4 16 148 12 1.91 0.31 <1 2.56 236 12 23 383 5 <5 18 <10 278 1596 12 65 <10 20 27

17983 907980 0.078 0.128 0.908 <1 6.93 <2 27 <2 16 5.55 <4 44 209 392 4.12 0.34 <1 4.59 745 <1 552 <100 8 9 12 <10 173 541 17 68 <10 6 47

17984 907981 <0.005 0.028 <0.01 <1 4.43 15 807 3 16 5.96 <4 23 131 16 3.10 0.27 45 4.36 1140 <1 45 712 80 <5 7 <10 289 4617 23 98 <10 26 59

17985 907982 0.005 <0.015 <0.01 1 2.70 43 318 <2 19 8.59 6 60 162 157 8.21 0.14 53 6.05 1643 <1 54 616 87 11 7 <10 243 5435 15 110 <10 17 272

17986 907983 0.011 0.028 <0.01 <1 1.97 17 126 <2 30 4.79 6 152 51 453 11.27 0.03 168 8.36 1900 <1 41 611 21 <5 10 <10 111 1876 32 39 <10 19 127

17987 907984 <0.005 0.030 <0.01 <1 4.61 13 493 2 24 5.01 <4 45 234 12 5.40 0.07 31 5.06 961 <1 80 1117 32 5 7 <10 375 8626 16 185 <10 24 72

17988 907985 <0.005 0.038 <0.01 <1 3.26 7 637 2 13 5.78 <4 39 257 37 4.53 0.11 29 4.78 792 <1 77 942 8 <5 <5 <10 408 8836 24 156 <10 26 36

17989 907986 <0.005 0.046 <0.01 <1 3.14 <2 331 <2 29 5.79 4 62 532 64 7.19 <0.01 <1 4.65 865 2 199 1080 14 <5 6 <10 410 5087 13 200 <10 19 87

PROCEDURE CODES: ALP1, ALPG1, ALMA1

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

-0464-05/31/2011 8:27 PMPage 2 of 3

Tuesday, May 31, 2011Certificate of Analysis

URSA Major Minerals Inc.8 King St. E., Ste. 1300Toronto, ON, CANM5C1B5Ph#: (416) 864-0615Fax#: (416) 864-0620Email: htracanelli@xplornet.ca, rsutcliffe@bellnet.ca

Date Received: 05/10/2011

Date Completed: 05/20/2011

Job #: 201110168

Reference:

Sample #: 43

Acc # Client ID Au ppm

Pt ppm

Pd ppm

Agppm

Al%

Asppm

Bappm

Beppm

Bippm

Ca%

Cdppm

Coppm

Crppm

Cuppm

Fe%

K%

Lippm

Mg%

Mnppm

Moppm

Nippm

Pppm

Pbppm

Sbppm

Seppm

Snppm

Srppm

Tippm

Tlppm

Vppm

Wppm

Yppm

Znppm

17990 907987 <0.005 0.038 <0.01 <1 2.94 <2 279 <2 24 6.12 4 74 642 105 7.04 <0.01 <1 4.99 803 <1 230 1080 12 9 5 <10 413 4747 10 190 <10 19 107

17991 907988 <0.005 0.045 <0.01 <1 2.88 7 164 2 20 5.57 4 60 466 96 6.84 0.12 7 4.62 819 2 203 1108 17 6 6 <10 188 6216 3 208 <10 20 60

17992 907989 0.006 0.034 <0.01 <1 2.99 4 96 <2 25 5.17 <4 64 503 118 7.32 <0.01 9 5.01 842 <1 228 1120 9 <5 9 <10 151 5594 22 208 <10 19 64

17993D 907989 0.005 0.033 <0.01 1 2.85 3 99 <2 26 5.26 <4 64 501 117 7.24 0.05 11 4.94 851 2 230 1104 10 5 5 <10 153 5504 21 205 <10 19 67

17994 907990 0.007 0.034 <0.01 <1 3.20 2 143 2 19 5.49 4 72 600 167 8.39 <0.01 5 5.27 969 <1 249 1140 15 5 9 <10 157 7060 3 218 <10 20 90

17995 907991 0.006 0.045 0.011 <1 3.16 <2 311 <2 21 5.80 4 61 483 72 6.73 <0.01 <1 5.10 757 <1 208 1205 34 <5 5 <10 391 4826 11 181 <10 21 92

17996 907992 0.005 0.022 <0.01 <1 5.31 8 924 2 23 2.67 <4 23 101 33 2.75 0.35 3 2.79 409 <1 30 556 6 8 13 <10 323 2742 14 77 <10 29 52

PROCEDURE CODES: ALP1, ALPG1, ALMA1

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

-0464-05/31/2011 8:27 PMPage 3 of 3

Friday, May 20, 2011Certificate of Analysis

URSA Major Minerals Inc.8 King St. E., Ste. 1300Toronto, ON, CANM5C1B5Ph#: (416) 864-0615Fax#: (416) 864-0620Email: htracanelli@xplornet.ca, rsutcliffe@bellnet.ca

Date Received: 05/10/2011

Date Completed: 05/20/2011

Job #: 201110168

Reference:

Sample #: 43

  Acc # Client ID   Auppb

Ptppb

Pdppb

Rhppb

   17950     907950   10 <15 <10

   17951     907951   <5 32 <10

   17952     907952   <5 37 <10

   17953     907953   <5 16 <10

   17954     907954   <5 34 <10

   17955     907955   <5 31 <10

   17956     907956   18 23 <10

   17957     907957   5 42 <10

   17958     907958   <5 <15 <10

   17959     907959   <5 <15 <10

   17960 Dup    907959   <5 32 <10

   17961     907960   8 35 <10

   17962     907961   <5 <15 <10

   17963     907962   <5 19 <10

   17964     907963   9 23 <10

   17965     907964   17 123 29

   17966     907965   21 <15 <10

   17967     907966   20 105 <10

   17968     907967   <5 21 <10

   17969     907968   <5 <15 <10

   17970     907969   11 <15 16

   17971 Dup    907969   8 17 <10

   17972     907970   11 115 <10

   17973     907971   <5 <15 <10

   17974     907972   9 94 <10

   17975     907973   7 22 <10

   17976     907974   133 <15 <10

   17977     907975   <5 27 10

   17978     907976   <5 16 <10

   17979     907977   <5 24 13

PROCEDURE CODES: ALP1, ALPG1, ALMA1

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

AL907-0464-05/20/2011 2:53 PMPage 1 of 2

Friday, May 20, 2011Certificate of Analysis

URSA Major Minerals Inc.8 King St. E., Ste. 1300Toronto, ON, CANM5C1B5Ph#: (416) 864-0615Fax#: (416) 864-0620Email: htracanelli@xplornet.ca, rsutcliffe@bellnet.ca

Date Received: 05/10/2011

Date Completed: 05/20/2011

Job #: 201110168

Reference:

Sample #: 43

  Acc # Client ID   Auppb

Ptppb

Pdppb

Rhppb

   17980     907978   <5 32 <10

   17981     907979   <5 <15 <10

   17982 Dup    907979   <5 <15 <10

   17983     907980   78 128 908

   17984     907981   <5 28 <10

   17985     907982   5 <15 <10

   17986     907983   11 28 <10

   17987     907984   <5 30 <10

   17988     907985   <5 38 <10

   17989     907986   <5 46 <10

   17990     907987   <5 38 <10

   17991     907988   <5 45 <10

   17992     907989   6 34 <10

   17993 Dup    907989   5 33 <10

   17994     907990   7 34 <10

   17995     907991   6 45 11

   17996     907992   5 22 <10

PROCEDURE CODES: ALP1, ALPG1, ALMA1

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

AL907-0464-05/20/2011 2:53 PMPage 2 of 2

Succession Forage George Downing Limitee George Downing Estate Drilling Limited 410, RUE PRlNCIPALE ST., GRENVlLLE-SUR-LA-ROUGE (QUEBEC) JOV IBO

(819) 242-6469 1-800-567-6847 FAX: (819) 242-9455

UCENCE RBQ: 1490-1763-62 NEQ 1143932011 TPS (BN) 10199 0125 TVQ 1000997346

Ursa Major Minerals Inc. a King Street East, Suite 1300 Toronto, Ontario M5C 185

InV#2017074 LF70-4

March/April

Attn : Richard Sutcliffe Drilling : Disraeli

Flexit rental - 1 month @ $1850.00/month Demobilization already invoiced.

Subtotal H - HST 13% (not included) HST

QST Exempt

George Downing Estate Drilling Limited HST: #10199 0125

Payable within 15 days of receipt. Thank you .

H

INCORPOREE DEPUIS 1958 - INCORPORATED SINCE 1958

1,850.00

2017074

May 10, 2011

1 of 1

1,850.00

240.50

2,090.50

Succession Forage George Downing Limitee George Downing Estate Drilling Limited \ .. 410, RUE PRINCIPALE sr, GRENVILLE-SUR-LA-ROUGE (QUEBEC) JOV IBO

(819) 242-6469 1-800-567-6847 FAX: (819) 242-9455

LICENCE RBQ: l4'l().1763·62 NEQ 1143932011 TPS (BN) 101990125 lVQ I00099734{)

Ursa Major Minerals Inc. B King Street East, Suite 1300 Toronto, Ontario M5C 1B5

InV#2017009 Our# 2 LF70-4

Foreman

Room & Board

0-150

Attn: Richard Sutcliffe Drilling: Disraeli Lake, Ontario April 1 - 17, 2011 -------------U-17-02 63 hrs moving @ $18500/hr 3 hrs moving, etc @ $70.00/hr 14 hrs bulldozer @ $115.00/hr 20 hrs cementing, reaming, redrilling @ $185.00/hr 38 hrs travel @ $70.00/hr 3 hrs standby @ $145.00/hr 138 m @ $80 .00/m 1 bag mud @ $15.00/ea 8 bags fondu cement @ $132.00/ea 3 x 1.5 m casing @ $i00.00/m 1 NW shoe @ $320.00/ea 1 NW cap @ $45.00/ea 62 core trays @ $10.00/tray 17 days @ $400.00/day

Subtotal

H - HST 13% (not included) HST

QST Exempt

George Downing Estate Drilling Limited HST: #10199 0125

Payable within 15 days of receipt Thank you

H

INCORPOREE DEPUIS 1958 - rNCORPORATED SINCE 1958

11,655.00 210.00

1,610.00 3,700.00

2,660.00 435.00

11.040.00 15.00

1,056.00 450.00 320.00 45.00

620.00 6,800.00

2017QOQ

Apr 28.2011

1 of 1

40,616.00

5,280.08

45,896.08

Succession Forage George Downing Ltee. George Downing Estate Drilling Ltd.

410 RUE PRINCIPALE, GRENVILLE-SVR-LA-ROUGE, QuEBEC JOV 1BO 819-242-6469 800-567-6847 Fax: 819-242-9455 :2.0 (",~3L' LICENCE RBQ 1490-1763-62 NEQ 1143932011 TPS (BN) IOL99 0125 TVQ I000997:mi t!5934

Ursa Major Minerals Inc. a King Street East, Suite 1300 Toronto, Ontario M5C 18S

InV#2016934 Our #290

Moving Moving Bulldozer

Travel Standby

Reflex tests

Room & Board

Foreman

0-150 150-300 300-450

Attn: Harold Tracanelli Drilling: Disraeli Property, Thunder Bay, Ontario March 17-31. 2011

U-17-01 24 hrs @ $185.00/hr 3 hrs @ $70.00fhr 22 hrs @ $11S.00fhr 18.S hrs cementing, reaming, redrilling @ $185.00/hr 16 hrs @ $70.0Q/hr 13 hrs @ $145 .00/hr 150 m @ $80 .00Jm 150 m @ $8S .00/m 75 m @ $90.00/m 3 @ $100.00/ea 2 bags drill mud @ $15.00/ea 15 bags fondu cement@ $132 .00fea 2 x 3 m NW casing @ $75.00/m 1 NW shoe @ $320.00/ea 1 NW cap @ $45.00/ea 170 core trays @ $1 O.OOftray 15 days @ $400.00/day Mobilization/demobilization

Subtotal

H - HST 13% (not included) HST

QST Exempt

George Downing Estate Drilling Limited HST: #101990125

Net 30 days. 2 % per month on overdue accounts.

H

4.440 .00 210.00

2.530.00 3.422.50

1,120.00 1,885.00

12,000.00 12.750.00

6,750 .00 300.00 30,00

1,980.00 450.00 320.00

45.00 1,700.00 6,000.00

19,847.50

INCORPOREE DEPUIS 1958 - INCORPORATED SINCE 1958

Apr 11. 2011

1 of 1

75,780.00

9.851.40

85,631.40