Exploration summary

The exploration operation in Thormodsdalur will commence with the drilling of six drill holes totaling ~795m, targeting the hypothesized ore shoots 90m deeper than any previous holes. Further drilling of an additional twelve holes, totaling ~2250m, that will test the extent of the gold mineralization along strike and improve sample density in the previously drilled zone to maximize confidence in resource estimation. The drilling has been planned very precisely with carefully thought out targets in order to provide the most useful results possible. Trenching has been carried out with a focus on the main ore zone. Further trenching in the periphery of the main ore zone may identify further ore shoots or zones.

The mapping operation of three other licenses in Iceland will consist mainly of geological fieldwork, including mapping and sample collection in order to improve our exploration coverage of Iceland, generate quantitative geochemical sample assay data and produce geological and alteration maps of promising areas. The exploration will both recover previously explored areas known to carry some gold and also cover the previously unexplored territory. Exploration will be guided by all previously collected sample data.  Aster data covering areas of interest will also be bought and processed to highlight alteration in order to help map the extents of targets and find new ones.