Altius

Florence Lake Ni-Cu-PGE Project (NL, Canada)

  • High-grade Ni values from historic, shallow drilling

  • No drilling or significant exploration work in 20+ years

  • The property comprises 202 map-staked claims covering 5,050 hectares, and is held 100% by Altius Resources Inc.

  • Located about 75 km SW of the coastal community of Hopedale in central Labrador (15 km from tide water of Ugjoktok Bay), and ~180 km SSE of Voisey’s Bay.

  • The property is underlain by Archean mafic to ultramafic rocks of the Florence Lake greenstone belt, potential host to komatiite associated Ni-Cu ± PGE deposits, plus VMS and mesothermal lode gold deposits.

  • The property hosts several Ni showings, including the Baikie Showing, were diamond drilling has returned up to 2.19% Ni, 0.22% Cu, 0.16% Co over 11.32 m (grab samples grading up to 9.22% Ni, 0.49% Cu, 0.23% Co, and 1718 ppb Pd+Pt).

  • Other occurrences include the DCP Showing (0.68% Ni over 2.23 m from channels) and the Boomerang Showing (2.10% Ni and 0.14% Cu from grabs).

  • Historic work by Brinex (1960-63) and Falconbridge/Tapestry (1990-97) includes rock/channel sampling, line cutting, ground geophysical surveys (Mag/VLF, HLEM, MaxMin, IP, and transient EM), a 1220 line-kilometre airborne EM survey, diamond drilling (45 ddh totaling ~6250 metres), and a borehole TEM survey (7 drill holes).

  • Only 6 of the historic drill holes tested below 150 metres vertical depth, and only one of which was greater than 200 metres vertical depth (279.26m).

  • Continuity of the mineralized UM unit hosting the Baikie mineralization has been proven over 110 metres of strike length and to a vertical depth of at least 150 metres. The zone remains open to the west and down dip.

  • Ni-Cu ± PGE mineralization on the Florence Lake Property is thought to represent a Kambalda-type, peridotite-hosted deposit model. Sulphide bearing sediments (sulphur source) are widespread within the Florence Lake area and are closely associated with the ultramafic layers.

  • Altius is seeking a partner to advance the Florence Lake Ni-Cu-PGE project for the 2018 exploration season.

NOTE: All quoted assays are historic, non 43-101 compliant.

Jeff Morgan, P.Geo., is the qualified person, as defined by NI 43-101, who prepared the technical data presented here.

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