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Overview: Dufay Property

Commodities: Au, Cu

Location: The Dufay property is located in northwestern Quebec some 30 km west-southwest of the city of Rouyn-Noranda, Quebec (Figure 1).

Figure 1: Location map of the Dufay property in southwestern Quebec. Historical gold production (Moz Au = million ounces gold) is indicated for the nearby Kerr-Addison and Francoeur Mines, as well as the Rouyn-Noranda area. The Francoeur Mine is currently being re-opened by Richmont Mines Inc.

Description and Ownership

• The Dufay property consists of 53 contiguous map designated claims that cover a total area of 27.45 km².
• Lakeside Minerals Corp. entered into an option agreement to acquire a 100% interest subject to certain terms and conditions.

Access

• The Dufay claim group is easily accessible by several secondary, gravel, and logging roads that lead off Highway 117.

Regional Geology

• The Dufay property is located within the northwestern portion of the Pontiac subprovince, just 4 km south of the Larder Lake-Cadillac Fault and the Abitibi subprovince.
• The Pontiac subprovince is dominated by metasediments (biotite schists), tonalitic gneiss, locally abundant mafic to ultramafic rocks, amphibolite, and granitc to syenitic felsic intrusive units (Figure 2).
• Proterozoic sedimentary rocks of the Cobalt Group overlie Pontiac rocks along the western portion of the Dufay property. North of the property, the Cobalt Group overlies a northeast to east-west segment of the Larder Lake-Cadillac Fault (Figure 2).

Figure 2: Simplified geological map of the area surrounding the Dufay property in the northwestern portion of the Pontiac subprovince. The dominantly metasedimentary Pontiac subprovince is separated from the dominantly mafic volcanic Abitibi subprovince to the north by the east-west trending Larder Lake - Cadillac Fault. The latter are overlain by younger rocks of the Cobalt Group, mainly along segments of the Larder Lake - Cadillac Fault. (Source: map from E-Sigeom Atlas; NTS map sheets 32D03, 32D04; NAD83 UTM 17N)

Property Geology

• Claims in the vicinity of Vein 1 are chiefly underlain by metasediments, greywacke and interbedded quartzites, intruded by northeast-trending mafic to ultramafic dykes or sills, irregular bodies and small dykes of felsic intrusive units and gneiss, and cut by northeast-trending quartz-sulphide veins. Felsic intrusive units have been referred to as "granite", "feldspar-porphyry", "syenite", and "granitic gneiss" (Figure 3).

Figure 3: Schematic geology and drill hole location map of the area surrounding Vein 1, also referred to as the drill hole 17 gold showing or the Lac Papitose showing. Geology and drill hole locations compiled from drill logs and maps from reports GM09722, GM09723, GM09735A, GM09735B, GM03694, GM26284, GM26285, and GM40088: geology base map from GM09722. Drill hole locations are approximate. Geology: quartz vein (red); diabase (pale green); gabbro (dark green); granite: coarse-grained to porphyritic (cgr granite)(pale red); granite: massive, medium-grained (mgr granite)(yellow); Talc-chlorite schist (talc-chl schist)(purple); Metasediments (blue, basemap) - metagreywacke, quartzite, gneiss.

Mineralization

Mineralization and zones of reported mineralization appear largely associated with northeast-trending quartz veining, brecciation, and shearing. These include the following types:

1. Quartz-sulphide veins, stringers, and stockwork
   • Disseminated to blebby chalcopyrite +/- pyrite in quartz veins
     • Locally this type of mineralization may assay up to:
       • several grams/tonne gold:
         • Hole 17: 8.82 g/t Au over 3.14 m
           • Includes: 20.91 g/t Au over 0.9 m and
           • Includes: 10.29 g/t Au over 0.8 m
       • several percent copper:
         • Hole 2: 16% Cu over 0.93 m
   • Massive chalcopyrite +/- pyrite veins
   • Zones of quartz stringers or stockwork +/- sulphides
2. Disseminated sulphides
   • Disseminated sulphides, principally chalcopyrite or pyrite, occur in metasediments, in "granitic gneiss", and in intrusive "granitic" units including "syenite". This type of mineralization is mainly reported from drill core and was largely overlooked: it was not assayed for copper or gold. The extent or importance of this type of mineralization has never been the focus of previous exploration and remains to be systematically assessed.
3. Talc-chlorite schist zone
   • The talc-chlorite schist zone is described from drill logs as a wide zone of brecciation and shearing with quartz veining, quartz stringers, locally displaying disseminated pyrite or chalcopyrite.
     • Zone returned copper and gold values over narrow widths.
4. Porphyry carbonate zone
   • A northeast-trending, 1.8 m wide, dyke of "quartz porphyry" with highly sheared and dolomitized wall rocks.
     • Zone reportedly returned low gold values.

Historical Exploration Highlights

• The Dufay property was originally explored for copper. Of the nearly 6000 m of drilling on the property, 80% was carried out from 1929 to 1945. Much of the drill core was only selectively assayed for copper over core intervals with quartz veins that typically display chalcopyrite +/- pyrite mineralization.
• Summary of reported mineralization in the general area surrounding Vein 1 is presented in Table 1.

Table 1: Summary of reported mineralization on the Dufay property, in the general area surrounding Vein 1.

• Gold and copper assay highlights from limited available drill core assay results and outcrop sampling are presented in Table 2.

Table 2: Gold and copper assay highlights from available historical drill core assay results and outcrop sampling on the Dufay property, in the general area surrounding Vein 1.

• Best results are from Hole 17 that cut a 3.1 m interval of quartz- sulphide vein assaying 8.82 g/t Au: this includes higher grade intervals of 20.91 g/t Au over 0.9 m and 10.29 g/t Au over 0.8 m.

Mineral Potential

To date, the majority of historical exploration work on the Dufay property, including most of the drilling, was carried out over a very limited area, about 1.5 km2, centered on Vein 1 and the immediate surrounding area (Figure 3). Much of the remaining 26 km2 of the property remains virtually unexplored.

The explored portion of the Dufay property surrounding Vein 1 displays both quartz-sulphide vein-type and sulphide disseminated-type mineralization. Principal sulphides are chalcopyrite and pyrite.

Low grade to high grade, copper and gold values are reported over narrow widths: principally from quartz-sulphide veins associated with northeast-trending zones of quartz veining, brecciation, and shearing. The northeast-trending quartz veins (Veins 1, 2, 3 and 4) and the talc-chlorite schist are subparallel zones of brecciation and shearing spread out over a width of at least 250 m. This may represent an important yet unrecognized northeast fault system or major shear zone with potential for copper and gold mineralization that remains to be fully explored.

Sulphide disseminated-type mineralization, mainly chalcopyrite and pyrite, is locally present in metasediments, in felsic intrusive units, and in shear zones. It is mainly reported in drill logs. The surface extent of this type of mineralization has not been delineated and remains unknown. Sulphide disseminated-type mineralization has not been adequately tested for its gold or copper potential.

Deposit Models

Although conceptual in nature, the Dufay property shows potential to host mineralization of the following deposit types:

1. Shear zone-related gold
2. Intrusion-related gold or "Porphyry gold (copper)"

Shear zone-related gold mineralization

Because of proximity, the Dufay property has the potential to host splays off the Larder Lake - Cadillac Fault (LLCF) (Figure 2). The historic Kerr-Addison mine, past production over 11 million ounces of gold, is located on the LLCF just 5 km west of the Dufay property (Figure 1). The northern portion of the property is located only 3 to 4 km south of the east-west segment of the LLCF, but as close as 1 km south of known east-west splays (Figure 2).

East-west zones of shearing with some "gold values" have been reported on the property. At least two east-west conductive zones of strong to moderate strength are described on the property. These east-west shear zones or conductors remain to be adequately tested for their gold potential.

Intrusion-related gold or "Porphyry gold (copper)" type mineralization

Both the quartz-sulphide vein-type and sulphide disseminated-type mineralization present on the Dufay property may represent Intrusion-related gold or "Porphyry gold (copper)" type mineralization.

These deposit models have never been applied to the property.

Selected properties within the southern Abitibi subprovince and the northwest corner of the Pontiac subprovince that display mineralization with Intrusion-related gold or "Porphyry gold (copper)" type characteristics include the following (Figure 4):

• Canadian Malartic Property: Osisko Mining Corp.
  • 10.7 Million Oz of gold - NI 43-101 Proven and Probable Gold Reserves (Source: Osisko Mining Corp. website)
• Granada Gold Property
• Galloway Property

Figure 4: Map showing location of the Dufay property relative to selected properties with known or potential Intrusion-related gold or "Porphyry gold (copper)" type mineralization.

Conclusions

The majority of historical exploration work on the Dufay property, including most of the drilling, was carried out over a very limited area, about 1.5 km2. Much of the remaining 26 km2 of the property remains virtually unexplored.

The explored portion of the Dufay property, surrounding Vein 1, displays both quartz-sulphide vein-type and sulphide disseminated-type mineralization. Principal sulphides are chalcopyrite and pyrite.

The quartz-sulphide veins, stringers, and stockwork, as well as the talc-chlorite schist are associated with northeast-trending zones of brecciation and shearing spread out over a width of at least 250 m. This may represent an important yet unrecognized extensive northeast fault system or major shear zone with potential for copper and gold mineralization that remains to be fully explored.

Low grade to high grade, copper and gold values are reported over narrow widths: principally from quartz-sulphide veins associated with northeast-trending zones of quartz veining, brecciation, and shearing.

Sulphide disseminated-type mineralization, mainly chalcopyrite and pyrite, is locally present in metasediments, in felsic intrusive units, and in shear zones. The surface extent of this type of mineralization has not been determined. This type of mineralization has not been adequately tested for its gold or copper potential.

Intrusion-related gold or "Porphyry gold (copper)" deposit exploration models remain to be tested on the Dufay property.

FORWARD-LOOKING STATEMENTS:

These remarks may contain forward-looking statements relating to the Company's operations or to its business environment. Such statements are based on the Company's operations, estimates, forecasts, and projections, but are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. A number of factors could cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in the corporate filings.

Although any such forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. In addition, the Company disclaims any intention or obligation to update or revise any forward-looking statements, for any reason. We also do not commit in any way to guarantee that we will continue reporting on items or issues that arise.

DISCLAIMER:

Investors are cautioned that this presentation contains quoted historical exploration results. These are derived from filed assessment reports and compiled from governmental databases. The Company and a QP have not independently verified and make no representations as to the accuracy of historical exploration results: these results should not be relied upon. Selected highlight results may not be indicative of average grades.

This presentation may contain information concerning mineral properties in proximity or adjacent to the Company's properties. Deposits, mineralization or historical results on such nearby or adjacent properties is not necessarily indicative of mineralization or similar grades on the Company's properties.