West Raglan Project - Nickel Exploration

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History of the Project

In 2001 Anglo American Exploration (Canada) Limited ('AAEC') acquired an extensive land package in the central portion of the Cape Smith Belt on the basis of an interpretation that shows the extension of the Chukotat Group, the Povungnituk Group and the Raglan Formation across this area. The 2002 field program of geological mapping and litho-geochemistry supported this interpretation and confirmed the presence of the key Raglan stratigraphic package with pervasive ultramafic rocks across the entire northern end of the property. As well, ultramafic rocks were confirmed and identified in the Delta Horizon that occurs within the underlying Povungnituk Group.

Knight Resources & AAEC Partnership in Resource Exploration

Knight Resources Ltd. partnered with AAEC in 2003 and has completed its earn-in to a 45% interest in the entire property. Exploration is now carried out under a joint venture (AAEC 55%, Knight 45%) and AAEC is the operator of the project. Since 2003, AAEC and Knight have discovered Raglan-style, massive sulphides, net textured sulphides and disseminated sulphides in drill holes, outcrop and boulders, using an integrated and focused approach to exploration. The ongoing resource exploration program has included regional and detailed geological mapping, prospecting, fixed-wing and helicopter-borne electromagnetic/magnetic surveys, ground and down-hole electromagnetic/magnetic surveys, geochemistry and diamond drilling.

Regional interpretation identifies at least three phases/periods of ultramafic injection within the Cape Smith Belt, each of which exhibits differing emplacement timing, mode of emplacement and metal factors (metal tenors). The most prolific metal producing ultramafic event injected sills, dykes, rare feeders and debatably lavas along the contact between the Chukotat and Povungnituk Groups and produced the high-grade nickel deposits at Raglan. This same event is clearly evident at West Raglan and produced comparable mineralization. Exploration has identified seven regional areas on the property where ultramafic rock is present on the property along the “Raglan Horizon”. Mineralization is best developed at the Greater Frontier Area; however the other areas are very poorly tested.

In 2002 AAEC confirmed the existence of 65 kilometres of strike length of the Raglan Formation and 65 kilometres of strike length of the Delta Horizon on the West Raglan Project.