Red Lake Projects

Transaction

Prime Meridian Resources (PMR) has an option to acquire a 100% ownership in two claim blocks (10,500 acres) in the Pakwash area of the Red Lake gold district in Ontario, Canada, subject to a 1.5% NSR.

The Bruce Lake Project comprises 4,250 acres and is located south east of the Dixie Project of Great Bear Resources (GBR.TSXV) and east/southeast of the Dixie Halo Project of BTU Metals Corp. (BTU.TSXV).

The Camping Lake Project comprises 6,250 acres and ties directly on to the south east of the Pakwash Project of Great Bear Resources.

The Company has the right to acquire a 100% interest in the Bruce Lake and Camping Lake Projects by paying $86,500 and issuing 400,000 common shares over 5 years, as per the following:

Prime Meridian has also executed a purchase agreement to acquire three new mineral claims in the western Pakwash Lake area of the Red Lake Mining District of Ontario for $15,000, subject to a 1.0% NSR.

These New claims (556590, 556591, 556592) are due south of the TNT target of BTU Metals (BTU.TSXV) and contiguous to both the Company’s previously optioned claims and to the Bruce Lake Project of GoldON (GLD.TSXV).

Location

Great Bear Resources Au Discoveries

Great Bear Resources owns the Dixie Project in the Red Lake gold district.

The Dixie Project contains multiple high-grade gold zones with confirmed mineralized deposits. Great Bear is in the midst of a very active 90,000 metre drill program.

Great Bear has also secured additional prospective areas including the 3,100-hectare Pakwash property.

BTU Metals VMS Discovery

BTU Metals Corp. announced that they have discovered compelling indications suggestive of a notable volcanogenic massive sulphide (“VMS”) target in DH 13.

Current interpretation of the data is that the target is up to 200 m in width and 1000 m long at surface with a dip of near -45 degrees east.

DH 19 and 20 have been drilled to the East of hole 13 and are currently being logged and split for assay.

BTU Metals VMS Discovery

Geologically, the Pakwash Project appears to host the same lithologies encountered in the drill program ongoing by BTU. Rock types intersected in their drilling to date include highly altered and bleached basalt, rhyodacite tuffs and flows as well as felsic and mafic intrusive bodies. According to the Ontario Geological Survey regional map in this area, similar rock types can be expected to be beneath the extensive overburden cover on the Bruce Lake Property.

Teck Diamond drill hole P-13 intersected altered felsic and intermediate volcanics similar to that observed on the Pakwash property. The driving mechanism for the alteration is theorized to be a granodiorite intrusion rather than a plumbing system associated with a VMS deposit. A similar phenomenon is also suspected on the Pakwash property in light of the 1991 exploration program there.

Teck Diamond drill hole P-14 (112+OOmS; 2-t-38mE) was drilled to test two weak IP anomalies. The hole intersected volcanics (intermediate felsic tuffs and weakly sericitized felsic flows) with minor interbeds of sediments (mudstone and siltstone). 1% pyrite stringers intersected from 56 m to 78.6 m, and chloritization with 1-2% pyrite encountered from 168.6m to 169.1 m in P-14 are the probable source of the targeted IP anomalies.

Claims

100% ownership of 2 claim blocks (10,500 acres total) in the Pakwash area of the Red Lake. Ontario gold district.

Prime Meridian Resources Corp.

  • Bruce Lake
  • Camping Lake

Great Bear Resources Ltd.

  • Dixie Lake Project
  • Pakwash Project

Laurentian Goldfields Ltd.

  • Goldpine Project

Geology

The supracrustal rocks in the north are intruded by two intermediate intrusions, 1) a granodiorite of undetermined age and 2) diorite intrusions known as the Pakwash Lake Pluton and the Bruce Lake Pluton

Magnetic Susceptibility

The magnetic data is an asset for identifying structures and lithological contacts. Most notably the survey resolved a previously unrecognized, highly magnetic granite with a distinct ellipsoid shape. This body is noted as an important exploration target because of the significance of oxidized granitiods in other Archean gold deposits in the Superior Province.

Previous Drilling

An exploration drilling program was completed by Laurentian during the winter of 2011 to test a Pakwash Lake bottom gold anomaly.

The two northern drill fences were drilled within the southern boundaries of the PMR claim block over Pakwash Lake.

Previous Drilling

Drilling of the Pakwash Lake bottom on both sides of the Keelson fault and north of the Pakwash fault found trace pyrite, pyrrhotite and chalcopyrite disseminated throughout the sedimentary package and as euhedral crystals at the contacts between intrusive rocks (granite & diorite) and the sediments.

DH GPN 11-003 Laurentian Report

Trace amounts of pyrite, pyrrhotite and minor chalcopyrite are observed as well as magnetite. Sulphide minerals occur preferentially in association with biotite and sillimanite. Chlorite and white mica are the most common alteration minerals in the sedimentary enclaves, replacing biotite and feldspar respectively. Rare quartz‐carbonate veins occur in the sedimentary enclaves. These locally have minor pyrite and hematite associated with them.

DH GPN 11-007 Laurentian Report

Trace amounts of disseminated pyrrhotite occur throughout the sedimentary succession, but from 270m to 280m, several foliation‐parallel bands of semi‐massive pyrrhotite occur up to 10cm wide.

MMI Samples

MMI™ Soil Samples of Laurentian Goldfields Ltd. – November 2010

Laurentian Goldfields conducted a soil sampling program using the MMI sampling method across its entire Goldpines property at 500mx500m sample spacing. The MMI sampling method was employed because the Goldpines property is largely covered by thick glacial till. In the absence of outcrop, MMI can be used to effectively delineate the geochemical expression of mineralized bedrock below the overburden. This method is unique in that it measures the concentration of only the mobile ions in the surface soils. It relies on the principle that ions which migrate from a source at depth (by processes such as convection, electrochemistry, diffusion, and capillary rise) are absorbed into surface soils, forming weak bonds with the soil particles around them.

http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000006808/20009804.pdf

MMI

Regional MMI conducted by Laurentian Goldfields on their previously held Goldpine Project.

D-Nut

Laurentian’s D-Nut detailed soil grid was designed to cover a highly prospective area within the Pakwash Lake Fault Zone near the edge of on oxidized granite pluton.

Portions of these gold anomalies have been captured in the Camping Lake claim block. These samples may reflect weakened element responses since the region is blanketed by a thick layer of impermeable clay that may restrict ion migration.

Ear Falls

The Ear Falls grid of Laurentian provides detailed sampling coverage near the eastern portion of the Sydney Lake Fault Zone.

Portions of these gold anomalies have been captured in the Camping Lake claim block.

Pakwash Plan

Mineral Target Exploration & Development
Gold
  • Camping Lake - D-Nut Area
  • Camping Lake - Ear Falls Area
  • Bruce Lake Claim Block
  • VTEM Survey in the Pakwash Lake area to help define potential drill targets.
  • Continued surface and subsurface sampling of the D-Nut and Ear Falls area to help define potential drill targets.
  • Continued geochemical mapping of alteration associated systems.
  • Structural analysis of first and second order faults as part of a linked fault system to identify potential fluid conduits.
TSX-V: PMR
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