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Western Atlas Resources

(TSX-V: WA)Focused on the acquisition and development of scalable precious metals projects in

premier mining jurisdictions

Corporate PresentationJanuary 2019

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Disclaimer Western Atlas Resources

This presentation contains “forward-looking statements” and “forward looking information” (as defined under applicable securities laws), including but notlimited to, statements with respect to the Company’s current and future projects, plans and operating performance, including in respect of the growthpotential of the Western Atlas’ Projects, the success of exploration activities, future capital expenditures, future financing sources. Generally, theseforward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “forecasts” and“anticipates”. Forward-looking statements and information, while based on management’s best estimates and assumptions, are subject to risks anduncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including butnot limited to: risks related to the completion of any acquisitions, risks related to the successful integration of any acquisitions; risks related tointernational operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipatedreclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations inforeign currency exchange rates, increases in market prices of mining consumables, accidents and labour disputes, title disputes, claims and limitationson insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules andregulations, and political and economic developments in countries in which Western Atlas Resources operates. Although Western Atlas Resources hasattempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there maybe other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to beaccurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements andforward-looking information are made as of the relevant date and Western Atlas Resources disclaims any obligation to update any such factors or topublicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained in this presentation toreflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.

Roscoe Postle Associates Inc. (RPA) was retained by Western Atlas Resources Inc. to prepare an independent Technical Report on the MeadowbankArea Project held by Western Atlas, located in Nunavut Territory, Canada. This Technical Report conforms to NI 43-101 Standards of Disclosure forMineral Projects. RPA visited the property on July 25, 2017. This report, titled “Technical Report on the Meadowbank Area Project, Nunavut Territory,Canada”, and dated September 13, 2017 was prepared and signed by Paul Chamois M.Sc., P.Geo., Principal Geologist at RPA and a “qualified person”as defined in NI 43-101 independent of the Company. He has prepared or supervised the preparation of the technical information upon which portions ofthis presentation are based. Unless otherwise stated, scientific and technical information concerning the Western Atlas’ Projects, is summarized,derived, or extracted from the Technical Report, which is available for review on the Company's website at www.westernar.com.

Roscoe Postle Associates Inc. (RPA) was retained by Western Atlas Resources Inc. to prepare an independent Technical Report on the Committee BayArea Project held by Western Atlas, located in Nunavut Territory, Canada. This Technical Report conforms to NI 43-101 Standards of Disclosure forMineral Projects. RPA visited the property on July 26, 2017. This report titled “Technical Report on the Committee Bay Area Project, Nunavut Territory,Canada”, and dated September 8, 2017 was prepared and signed by Paul Chamois M.Sc., P.Geo., Principal Geologist at RPA and a “qualified person”as defined in NI 43-101 independent of the Company. He has prepared or supervised the preparation of the technical information upon which portions ofthis presentation are based. Unless otherwise stated, scientific and technical information concerning the Western Atlas’ Projects, is summarized,derived, or extracted from the Technical Report, which is available for review on Company's website at www.westernar.com.

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http://www.westerna.com/

http://www.westerna.com/

Multidecade combined experience and successful track-record in both the natural resources and the capital market industries

Serafino Iacono – Chairman• 30+ years of experience in financing and developing of oil, mining and other

resource projects in Latin America, the United States and Europe. Raised morethan $5 billion for numerous natural resource projects

• Co-founder and Ex. Chairman Gran Colombia Gold Corp. (Colombia’s largest goldproducer), Medoro Resources Ltd., and Bolivar Gold Corp. (sold to Gold Fields)

• Co-founder and fmr. Ex. Chairman of Pacific Rubiales Energy Corp. (now FronteraEnergy Corporation)

Fabio Capponi – President & CEO, Director• 14+ years experience and successful track-record in creating, structuring and

selling natural resources companies in Europe and both North and Latin America

• Co-Founder and CEO, Director of CB Gold Inc. (sold in Dec 2015)

• Previously with Endeavour Financial, has held Director and Management positionswith private companies

• Master’s degree in economics and business administration from the LUISS GuidoCarli University of Rome, Italy

Jose Francisco Arata - Director• 30+ years of experience in exploration, development and production of mineral

and hydrocarbons projects in Latin America

• Co-founder of Gran Colombia Gold Corp (Colombia’s largest gold producer),Medoro Resources Ltd., and Bolivar Gold Corp. (sold to Gold Fields)

• Co-founder and fmr. President and Executive Director of Pacific Rubiales EnergyCorp. (now Frontera Energy Corporation)

• Degree in Geology from the University of Turin, Italy and a Degree in GeologicalEngineering from the Central University of Venezuela


Michael Galego – Director• 10+ years of M&A and corporate finance experience

• Currently serves as Chief Executive Officer of the Stronach Group'sAgricultural Division

• Fmr. Director of ICC Labs Inc. and current Director of Apolo Acquisition Corp.

• Director of Trillium Gift of Life Network and the Canadian Liver Foundation.Mr. Galego is a graduate of York University with Hons. B.A. and theUniversity of Windsor with LL.B.

Susan Rubin – Chief Financial Officer & Corporate Secretary, CPA, CA• 20+ years of experience in the junior mining exploration sector and the high

tech sector

• Fmr. CFO of CB Gold Inc. (sold in Dec 2015), Ventana Gold Corp., andWildcat Silver Corp.

• Held various progressively senior management positions in finance and audit

Victor Torres - Senior Exploration Geologist - Geological Engineer

• Over 15 years of experience in mining exploration and project development• Fmr. Chief Project Geologist with CB Gold Inc. (sold in Dec 2015)

• Previously project geologist with Teck Cominco, Placer Dome, AntofagastaMinerals and production geologist for Centromin Peru

• BSc. in Geological Engineering from the Universidad Nacional Mayor de SanMarcos of Lima, Peru and is member of the Peruvian Engineers Association(CIP)

David Laing - Corporate Development and Technical Advisor• Mining engineer with an extensive experience in the mining and banking

industries – Fmr. COO of Equinox gold - Fmr. COO of True Gold Mining -Fmr. Executive VP of Quintana Resources Capital and one of the originalexecutives of Endeavour Mining

• Director of several publicly listed companies including Fortuna Silver Minesand Sandspring Resources

Directors and Management Western Atlas Resources

Proven Team - Ability to perform and deliver• Decades of successful track-record in both the natural resources and the capitalmarket industries. Board and management have discovered, advanced and createdvalue through production and monetization of several projects. Among others:• Gran Colombia Gold – Largest gold producer in Colombia (E2018 production of220k oz of Au at AISC averaged of $888 oz/Au) and over 5.1M oz in resources

• Bolivar Gold Corp - El Callao Mines, Venezuela - 10.7M oz grading 2.0 g/t in M+Iresources (inclusive P+P of 5.5M oz grading at 1.9g/t) – sold to Gold Fields forUS$330M

Corporate Strategy• Leverage on Board and Management’s broad and proven range of skills to increasethe project pipeline and to add long term value• Operating in low-political risk, pro-mining jurisdiction/s• Elimination of seasonality, year-round exploration• Early-Stage - buy early and add value through the drill-bit• JV and/or acquisition of new assets with historic data

• Treasury management - lid on the G&A expenses


Investment Highlights and Strategy Western Atlas Resources

BOLIVAR GOLD CORP.


Capital Structure Western Atlas Resources

Management & Insiders46%

Institutional7%

Public Float47%


Why Nunavut Western Atlas Resources

• Pro-mining jurisdictions and home to some world class mining projects• Over 12M oz/Au in P+P reserves, 14M oz/Au in M+I and 9M oz/Au in Inferred resources• Serviced year round - local infrastructure and labour

• Baker Lake and the Rankin Inlet are a hub of mining activity in the region. Baker Lake provides summer shippingaccess via Hudson Bay and year-round airport facilities. Agnico’s Meadowbank mine has a 110km all-weather road(which passes through Western Atlas’ Meadowbank claims), from Baker Lake to the Meadowbank mine site to Amaruq

• Vast, highly perspective areas provide additional opportunities to add value through discovery

P+PReserves M+IResources InferredResourcesMoz/Au Moz/Au Moz/Au

AgnicoEagleMeadowbankgoldmine 0.35 0.18 0.12Medialineadvancedstageproject* 3.67 3.07 2.69Amaruqgolddeposit 2.37 1.02 1.74TotalAgnicoEagle 6.38 4.27 4.55TMACResourcesHopeBayproject** 3.51 4.51 1.43SabinaGoldandSilverBackRivergoldproject** 2.50 5.33 1.85AurynResourcesThreeBluffsdeposit(CommitteeBayarea) - 0.52 0.72NordgoldPistolBaygoldproject - - 0.74

CombinedTotal 12.39 14.64 9.29*Note:operationsexp.tobegininQ22019**Note:M+IinclusiveofP+P

Nunavut-Companies'MineralReservesandResources

CANADA

Nunavut

District scale land holding:• 580 km2 of highly prospective and strategically locatedmineral claims, in Nunavut, Canada

• Claims were staked by Western Atlas at nominal costs –No third party options or royalties

• Already defined targets for follow up and drilling -several of these targets have yielded gold values of upto 13.30 g/t Au and up to 44.7 g/t Ag during the 2017and 2018 sampling

Immediately adjacent to Agnico Eagle’sMeadowbank producing gold mine, Amaruqgold deposit and Greyhound project• Meadowbank 2017 production of 352k oz/Au at totalcash costs of $614/oz

• Amaruq E2019 and E2020 production of 162k and 265koz/Au respectively

• P+P 2.7M oz/Au, M+I 1.2M oz/Au and Inferredresources of 1.7M oz/Au (*)

• Greyhound project – (optioned to Agnico by Aura Silver)

Fully Permitted Exploration - Drill Ready:• Land and Water use permits received (incl. drilling andsite camp)

Note: (*) Agnico’s Meadowbank open pit mine (Goose, Portage and Vault deposits),and Amaruq gold deposit. Reserves and Resources do not include the Meliadinedeposit.

7

Meadowbank Project Western Atlas Resources

Agnico’s Meadowbank

Producing Gold Mine

Agnico’s Amaruq Deposit

2017 and 2018 Meadowbank Geological Program• 2017: Completed data compilation on work performed by previousoperators on and in the vicinity of the Meadowbank Project mineralclaims

• 2017: Completed over 3,800 km of airborne magnetic survey

• 2017: NI43-101 Technical Reports (prepared by RPA)

• 2018: Completed detailed mapping and sampling program - up to6.6 g/t Au and 44.7 g/t Ag (up to 13.3 g/t Au with the 2017sampling program)

• 2018: Completed over 1,500 line-km of helicopter-borne VTEM(survey was carried out by Geotech Ltd)

• 2018: Completed over 32 line-km of ground IP survey over specifictargets located in Block B (survey was carried out by Peter E.Walcott & Associates Ltd)

• 2018: Completed electromagnetic anomaly picking (EM) and AIIPprocessing report (by Geotech Ltd)


Meadowbank Project – 2017/18 Expl. Program Western Atlas Resources

• Exploration results suggest multiple conductors with kilometres strike length located within afavourable Archaean greenstone belt geological environment with known iron formation hosted goldmineralization

• Similar geological settings can be found at Agnico Eagle’s neighbouring Meadowbank producing goldmine and Amaruq deposits

Agnico’s Amaruq Deposit

Agnico’s Meadowbank Producing Gold Mine

Fully permitted - Drill Ready• The drill targets, located at the Company’sMeadowbank Project, Block B, area B1 have beendefined along geological formations such as:

• Banded Iron Formation (BIF) - current total strikelength of 15 km

• Shear Zones - current total strike length of 6 km

Highly Prospective - Untested Areas• Located approximately 35 km and 85 km south ofAgnico Eagle’s Meadowbank gold producing mine andAmaruq deposit respectively

• Early indications show that the Company’sMeadowbank gold project hosts similar geology settingsas the Meadowbank gold producing mine and Amaruqdeposit

9

Meadowbank Project – 2019 Drill Ready Western Atlas Resources


• Due to other gold discoveries in Meadowbank, the geological and structural framework as it relates to gold mineralization inthe area is well understood and generally associated with Banded Iron Formation (BIF) and shear zones, among others

• Results of Block B’s field traverses and related mapping have allowed the Company to highlight geological formations suchas BIF and shear zones with a strike length in the order of kilometers

Block B, South Target • Over 15 Km BIF

• Over 13 km Shear zones

Block B, North East Target

• Over 3 Km BIF

• Over 2 km Shear zones


11



Meadowbank Project - Exploration Block B Western Atlas Resources

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Outcrops

2017-2018 Grab SamplesAu (g/t)

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640000

642000

644000

646000

648000

7186000

7188000

7190000

0 1 2km

0 1 2km

13.3

Block B – Target B1 – VTEM Results with Geology


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624000

626000

628000

630000

632000

634000

7188000

7190000

7192000


0.00990.01160.01280.01380.01470.01560.01640.01730.01820.01910.01990.02090.02180.02280.02390.02490.02600.02730.02870.03050.03270.03610.04130.05080.06440.08130.10490.14050.18580.24390.31030.42780.57170.73050.92521.13451.35661.6185

Tau dB/dt(ms)

6.89 0.63

0.68

1.02

5.65 2.06

0.87

2.232.95

4.85

-0.0010-0.0004-0.00010.00020.00040.00060.00080.00100.00110.00120.00140.00150.00160.00170.00180.00200.00210.00220.00230.00240.00250.00260.00270.00280.00290.00300.00320.00330.00340.00360.00370.00390.00400.00420.00450.00470.00510.0057

dB/dt 0.440 mspV/(A*m^4)

0.551

0.734

0.00150.00220.00440.00750.01150.01620.02070.02530.02960.03390.03800.04200.04600.04980.05370.05770.06180.06600.06990.07410.07840.08270.08720.09200.09690.10240.10790.11430.12140.12950.13920.15100.16630.18630.21170.24970.32760.5917


6.89

0.68 13.31.02

5.65

2.06

0.87

0.63

2.23

2.95

4.85

0.975

1.02

0.734

Target B3

Target B2

Target B1

0 1 2km

DATE: DECEMBER, 2018

SCALE: AS SHOWN

PROJECTION: UTM ZONE 14/15, NAD 83

DRAWN BY: AMANDA TUCK

Western Atlas Resources Inc. Meadowbank Area Project

Nunavut Territory, Canada

BLOCK B VTEM Results with Geology


Meadowbank Project - IP Survey, Block B Western Atlas Resources

Highlights from IP results• Multiple trends of conductors with a strike length ranging from 400 meters to 7.1 kilometers. Depth reach of the conductorsvaries from 75 meter and to over 300 meters from surface

• Numerous moderate to high chargeability anomalies coincident with and flanking VTEM anomalies• The surface projection of these anomalies coincides with areas mapped by Western Atlas• The underlain structures yielded highly anomalous gold values at points• The results of Grid 3 highlights two crosscutting chargeability trends within an intense magnetic corridor• These chargeability trends are formed by a dominant northeastern trend tracking the regional geological trend, and asecond east-westerly trend crossing the dominant trend in the southwest portion of the survey area

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7176000 7176000

7178000 7178000

7180000 7180000

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Legend

0 1 2km

¯


Shear Zone (+/- Au)

IP Survey Grid Areas (Completed)

Airborne VTEM Plus (Completed)

Block B Survey Boundary

Waterbody

Topographic contour


Shear

Fault

DATE: SEPTEMBER, 2018

SCALE: AS SHOWN



BLOCK B - TARGET B1 Apparent Chargeability (mV/V) with

Geology


Nunavut Territory, CanadaGRID 1

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7178000 7178000

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7178000 7178000

GRID 2

GRID 3

GRID 1 GRID 2

0 0.5 1Km

0 0.5 1Km

2017-2018 Grab Samples

Au (g/t)!( 0.015 - 0.050

!( 0.051 - 0.100

!( 0.101 - 1.000

!( 1.001 - 2.500

!( 2.501 - 100.000

13.3

1.02

0.68

2.06

5.65

0.63

0.6813.3

1.02

6.89

0.87

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GRID 3

0 0.5 1Km

2.8

3.4

4.0

4.6

5.1

5.7

6.3

6.9

7.5

8.1

8.6

9.2

9.8

10.4

11.0

11.6

12.2

12.7

13.3

13.9

14.5

15.1

15.7

16.2

16.8

17.4

18.0

18.6

19.2

19.7

20.3

20.9

21.5

22.1

22.7

23.2

23.8

24.4

mV/VGrid 3

15.4

15.8

16.2

16.5

16.9

17.3

17.7

18.1

18.5

18.8

19.2

19.6

20.0

20.4

20.8

21.2

21.5

21.9

22.3

22.7

23.1

23.5

23.8

24.2

24.6

25.0

25.4

25.8

26.2

26.5

26.9

27.3

27.7

28.1

28.5

28.8

29.2

29.6

mV/VGrid 1

15.6

16.3

16.9

17.6

18.2

18.8

19.5

20.1

20.8

21.4

22.1

22.7

23.3

24.0

24.6

25.3

25.9

26.5

27.2

27.8

28.5

29.1

29.7

30.4

31.0

31.7

32.3

32.9

33.6

34.2

34.9

35.5

36.2

36.8

37.4

38.1

38.7

39.4

mV/VGrid 2


Meadowbank Project - Exploration Block A Western Atlas Resources

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007230000 7230000

7232000 7232000

7234000 7234000

7236000 7236000

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7240000 7240000

Legend

0 1 2km

¯

Outcrops


!( <0.015!( 0.015 - 0.050

!( 0.051 - 0.100

!( 0.101 - 1.000

!( 1.001 - 2.500

!( >2.500

BIF DBQFP


Cover


Shear Zone (+/-Au)

Diabase


Shale/Slate (SLT)




Quartzite (QZ)

Greywacke (GW)

Granite (GN)


Block A Boundary


Shear

Fault

(( Thrust Fault

Road

0.963

3.74

4.100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00110.00110.00110.00110.00110.00120.00120.00120.00130.00130.00140.00150.00150.00160.00170.00190.00200.00220.00240.00280.00330.0047

B-Field 0.440 ms(pV*ms)/(A*m^4)

633000

633500

634000

634500

635000

635500

636000

636500

7236000

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7237500

0.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00110.00110.00110.00110.00110.00120.00120.00120.00130.00130.00140.00150.00150.00160.00170.00190.00200.00220.00240.00280.00330.0047

B-Field 0.440 ms(pV*ms)/(A*m^4)

0 0.5 1km

0 0.5 1km

0.963

Block A – Target A1 – VTEM Results with Geology

Block A – Target A1 – VTEM Results


SCALE: AS SHOWN





BLOCK A VTEM Results with Geology


Meadowbank Project - Exploration Block C Western Atlas Resources

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634000

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7152000

7154000 7154000

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7170000 7170000

Legend

0 1 2km

¯

Outcrops


!( <0.015!( 0.015 - 0.050

!( 0.051 - 0.100

!( 0.101 - 1.000

!( 1.001 - 2.500

!( >2.500

BIF DBQFP


Cover


Shear Zone (+/-Au)

Diabase


Shale/Slate (SLT)




Quartzite (QZ)

Greywacke (GW)

Granite (GN)


Block C Boundary


Shear

Fault

(( Thrust Fault

Road

!( !(

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625000

626000

627000

628000

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630000

631000

632000

7163000

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7166000

7167000

0 1 2km

0 1 2km

Block C – Target C1 – VTEM Results with Geology

Block C – Target C2 – VTEM Results with Geology

0.01090.03390.04860.05950.06740.07460.08060.08600.09140.09690.10240.10820.11410.12000.12630.13240.13880.14650.15430.16270.17320.18710.20520.23610.29220.40720.63991.01051.58892.30972.97763.48694.25735.18386.39657.78429.339511.2078


0.01090.03390.04860.05950.06740.07460.08060.08600.09140.09690.10240.10820.11410.12000.12630.13240.13880.14650.15430.16270.17320.18710.20520.23610.29220.40720.63991.01051.58892.30972.97763.48694.25735.18386.39657.78429.339511.2078



SCALE: AS SHOWN





BLOCK C VTEM Results with Geology

Target C1Target C2

BOLIVAR GOLD CORP.

Proven Team with ability to perform and deliver• Directors and Management with decades of successful track-record in both the natural resources and the capital marketindustries

• Discovered, advanced and created value through production and monetization of several projects

Leverage on a broad range of business experience and technical skills in order to build a projectpipeline capable to provide long term value• Elimination of seasonality, year-round exploration• Early-Stage Focus – value-add through the drill-bit• JV and/or acquisition of new assets with historic data• Operating in low-political risk, pro-mining jurisdiction/s

Treasury management - lid on the G&A expenses


Western Atlas’ Advantage Western Atlas Resources

Western Atlas Resources


AppendixMeadowbank Project - IP Survey, Block B

Highlights from VTEM results• 1,500 line kilometres of surveying completedover portions of the Meadowbank Blocks A, Band (VTEM survey was carried out byGeotech Ltd.)

• Aimed at identifying bedrock conductiveresponses in areas that Western Atlasconsiders to be geologically permissive forgold mineralization

• Numerous strong electromagnetic (EM)anomalies were located in Blocks B and C

• The strong EM double-peak anomalies arerelated to bedrock conductors, i.e., BIF-related sulphides (including pyrrhotitepossibly) - Electromagnetic anomaly picking(EM) and AIIP processing report (by GeotechLtd)


Meadowbank Project – VTEM survey Western Atlas Resources

IVR pit

Whale Tail pit

60000060

0000

650000

6500

00

7150000 7150000

7200000 7200000

7250000 7250000

¯

A

B

C

Baker Lake

636000

6360

00

638000

6380

00

640000

6400

00

642000

6420

00

644000

6440

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646000

6460

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7176000 7176000

7178000 7178000

7180000 7180000

644000

6440

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646000

6460

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7188000 7188000

634000

6340

00

636000

6360

007236000 7236000

7238000 7238000

0 0.5 1Km

0 0.5 1Km

0 1 2Km

TARGET A1

TARGET B1

TARGET B2

0 10 20Km

Western Atlas Resources Properties

Agnico - Amaruq Property

Agnico - Meadowbank Property

JV Agnico-Aura Silver Greyhound Property

Aura Silver Property

Agnico - New Properties

Inuit Owned Lands (IOL)

IOL Subsurface Agreements

Road

634000

6340

00

636000

6360

00

7166000 7166000

0 0.5 1Km

TARGET C1

Phaser pit

BB Phaser pit

Portage deposit

Goose deposit

Vault deposit


SCALE: AS SHOWN





TARGETS A1, B1, B2, AND C1 VTEM SURVEY LOCATIONS


Meadowbank Project - IP Survey, Block B Western AtlasResources

Western Atlas Resources Inc.

(TSX-V: WA)

1700 - 666 Burrard StreetVancouver, BC V6C 2X8, Canada

www.westernar.comemail: [email protected]


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