Labrador Nickel-Copper-Cobalt Projects

Buchans has several properties in Labrador considered prospective for Voisey’s Bay-style nickel-copper-cobalt deposits, including 38 claims (9.5 km2) covering prospective troctolitic gabbros of the Pants Lake Intrusive Suite at South Voisey’s Bay, and 5 claims (1.25 km2) covering mineralized troctolite at Voisey’s Bay itself.

South Voisey’s Bay Project

The South Voisey’s Bay property is located 80 km south of Vale’s Voisey’s Bay mine and covers mineralized troctolitic gabbros comparable in age and composition to rocks hosting the Voisey’s Bay mine.

Previous explorers identified several showings and prospects within Buchans’ property, including drilled intercepts of 1.1 m of 11.9% Ni, 9.6% Cu, and 0.43% Co, 0.65 m of 1.93% Ni, 1.07% Cu and 0.26% Co, and 15.7 m averaging 1.13% Ni, 0.78% Cu, 0.20% Co drilled in the late 1990s.

Buchans has completed a review of past work on the property, largely focused on previous geophysical surveys completed within Buchans’ claims and the surrounding area. The results of the compilation indicate previous geophysical surveys detected several anomalies warranting further follow-up as potential targets for buried Voisey’s Bay-style magmatic sulphide deposits. Among these anomalies is an untested 5 Hz MT anomaly located approximately 1 km north and down dip of the previous high-grade drilled intercepts.

The Company is encouraged by these findings and may either undertake additional work on this property in the future or seek a joint venture partner.

Luk Project

The Luk project is located 8 km southwest of the Voisey’s Bay Mine and is reported to cover prospective troctolitic rocks of the same intrusive body that hosts the Voisey’s Bay mine. Buchans’ property is surrounded by mineral claims that comprise Vale’s Voisey’s Bay mine property, where Vale recently announced a $US2 billion mine expansion to develop two additional deposits as underground mines adjacent to the currently operating Voisey’s Bay Ovoid open pit mine. Buchans plans to review available historic data on the Luk property prior to determining a strategy to advance this prospective nickel-copper-cobalt property. The Company is encouraged by information that has recently been released into to the public domain from Government files that show Vale have undertaken deep-seeking geophysical surveys adjacent to Buchans’ property as recently as 2013.