Hemlo Explorers : Management’s Discussion and Analysis of the Financial Condition and Results of Operations Nine Months Ended October 31, 2023

Management's Discussion and Analysis

of the Financial Condition and Results of Operations

Nine Months Ended October 31, 2023

The following discussion of financial performance and condition should be read in conjunction with the unaudited condensed interim financial statements of Hemlo Explorers Inc. (the "Company") for the nine months ended October 31, 2023 and the audited financial statements year ended January 31, 2023 and the notes thereto, that have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All dollar amounts are expressed in Canadian dollars unless otherwise indicated. This report, which is dated December 19, 2023, has been approved by the Board of Directors and the Company's other public filings can be reviewed on the SEDAR website. (www.sedar.com).

CAUTIONARY NOTE

This document contains or refers to forward-looking information. Such forward-looking information includes, among other things, statements regarding targets, estimates and/or assumptions in respect of future production, capital costs and future economic, market and other conditions, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to: the grade and recovery of ore which is mined varying from estimates; exploration and development costs varying significantly from estimates; inflation; fluctuations in commodity prices; delays in the development of any project caused by unavailability of equipment, labour or supplies, climatic conditions or otherwise; termination or revision of any debt financing; failure to raise additional funds required to finance the completion of a project; and other factors. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances, except as required by law. Also refer to the Risks and uncertainties section of this MD&A.

TECHNICAL INFORMATION

The "Qualified Person" under the guidelines of National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101") for the Company's exploration projects in the following discussion and analysis is Dr. Lesley Rose, P.Geo., a Registered Professional Geologist in Ontario, and an employee of the Company. The technical information concerning such properties contained herein has been reviewed by Dr. Rose. Readers are cautioned that grab samples are selective by nature. The grades and mineralization present are unlikely to represent future average grades on the project.

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Corporate Information

The Company was incorporated pursuant to the provisions of the Business Corporations Act (of Alberta) on January 10, 2008. On July 21, 2008, the Company was authorized to continue its operations from the jurisdiction of Alberta to Ontario. The Company is in the process of exploring its mineral properties and has not yet determined whether these properties contain reserves that are economically recoverable. The recoverability of the amounts expended on the mineral properties is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete exploration and development and upon future profitable production or proceeds from disposition of such properties.

Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has interests, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company's title. Property title may be subject to unregistered prior agreements, First Nations assertions and non-compliance with regulatory requirements.

Overall Performance

As at October 31, 2023, the Company had assets of $260,196 and a net equity position of $19,939. This compares with assets of $435,665 and a net equity position of $352,273 at January 31, 2023.

Review of Operations

Recent Activity

On April 4, 2022, the Company announced that it had entered into a Binding Term Sheet with a wholly owned subsidiary of Barrick Gold Corporation ("Barrick"). Under the terms of the agreement, Barrick can earn an 80% interest in a portion of the Pic Project by delivering to the Company a Pre-Feasibility Study ("PFS") within six years of signing the definitive agreement, with two annual extensions at the end of six years by paying the Company $500,000 for each additional year. Barrick must incur a guaranteed amount of exploration spending of $800,000 in the first year and $1,000,000 in each subsequent year.

On August 29, 2022, the Company executed a definitive agreement with a wholly-owned subsidiary of Barrick Gold Corporation ("Barrick") whereby Barrick has the right to earn an 80% interest in the Pic Project by delivering to the Company a Pre-Feasibility Study ("PFS") within six years of signing the definitive agreement. Barrick may extend the expenditure period by up to two years by paying Hemlo $500,000 per year. Barrick must incur a guaranteed amount of exploration spending of $800,000 in the first year and $1,000,000 in each year thereafter.

On August 31, 2022, the Company closed a non-brokered private placement with a wholly-owned subsidiary of Barrick Gold Corporation. The Company issued 1,841,468 common shares priced at $0.1052 per common share for gross proceeds of $193,722.43.

On September 28, 2022, the Company announced the execution of an Exploration Agreement (the "Agreement") with Biigtigong Nishnaabeg ("Biigtigong") which covers exploration on Project Idaho and the Pic Project. The Agreement allows for the Company to move forward expeditiously with its exploration plans. The Company also transferred the mining claims known as Hemlo West to N'hinmaagewin Ltd., a company owned by Biigtigong.

On October 26, 2022, the Company announced the acceleration of the Falcon Lake option agreement (originally announced on January 12, 2022) with FE Battery Metals Corp. ("FE"), whereby FE paid the remaining $70,000 and issued 138,579 post consolidation shares in FE. As consideration for the acceleration, the Company waived the remaining work requirement of the option agreement.

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On October 31, 2022, the Company provided an exploration update on the summer field season at Project Idaho that included detailed mapping, prospecting and grab sampling. Anomalous gold, platinum, and palladium were returned from grab samples that were coincident with regional faulting and gabbroic intrusives, similar geochemically to those of the neighbouring Marathon Pd-Cu Deposit. The Company also acquired government sourced LiDAR data and contracted a 321-line km airborne VTEM geophysical survey.

On November 16, 2022, the Company announced the preliminary results of a soil sampling program at Project Idaho that covered the western portion of the project area. The soils returned anomalous values of gold, platinum, and palladium.

On January 25, 2023, the Company announced the final results of the soil sampling program at Project Idaho, highlighting the significant anomalous gold, platinum, and palladium with the Project Idaho area.

On February 6, 2023, the Company announced a recap of the 2022 exploration program and the 2023 outlook.

On February 23, 2023, the Company announced a summary of the progress made by Barrick Gold Inc. on the Pic Project that was optioned in August 2022.

On May 12, 2023, the Company extended the term of an aggregate of 3,932,038 share purchase warrants by an additional eighteen months from May 25, 2023 to November 25, 2024, subject to accelerated expiry terms if the Company's common shares trade at or above $0.80 per share for 20 consecutive days in which case the Company will have the right to accelerate the exercise period to a date ending at least 30 days from the date of notice of such acceleration.

On June 20, 2023, the Company announced that it had identified Coldwell Complex type intrusive rocks cross-cutting a banded iron formation at Project Idaho. This is significant because it provides further evidence that Coldwell Complex magmatism stretched as far west as the Project Idaho ground.

On June 30, 2023, the Company closed the first tranche of a non-brokered private placement. The Company issued 7,293,333 units, each comprised of one common share and one common share purchase warrant and 2,291,110 "flow-through" units, each comprised of one flow-through common share and one common share purchase warrant, for aggregate gross proceeds of approximately $753,000.

On July 11, 2023, the Company announced it had commenced drilling at Project Idaho targeting VTEM anomalies which correspond to surface platinum, palladium and copper mineralization and Coldwell Complex intrusives.

On July 21, 2023, the Company closed the final tranche of a non-brokered private placement. The Company issued 300,000 units, each comprised of one common share and one common share purchase warrant and 4,011,110 "flow-through" units, each comprised of one flow-through common share and one common share purchase warrant, for aggregate gross proceeds of approximately $383,500. In total, the two tranches of the private placement consisted of an aggregate of 7,593,333 units at a price of $0.075 per unit and 6,302,220 "flow through" units at a price of $0.09 per "flow-through" unit for aggregate gross proceeds of $1,136,700.

On September 11, 2023, the Company announced it had been selected to receive grant funding of up to $200,000 under the Ontario Junior Exploration Program ("OJEP") from the Ontario Government. This amount will cover up to 50% of eligible exploration costs, to a maximum of $200,000 in respect of expenditures incurred by the Company during the period from April 1, 2023 to February 15, 2024.

On October 2, 2023, the Company announced the results of its 2023 mapping and sampling program. The program focused on the eastern side of Project Idaho and samples containing anomalous platinum, palladium, copper, and gold. The Company intends to complete follow up sampling on these results in 2024.

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On October 11, 2023, the Company provided an update on the progress made by Barrick Gold Inc. over their option on the Pic Project.

On November 21, 2023, the Company announced the drill results from the summer drill program. The Company drill tested numerous VTEM anomalies over a 3-kilometre strike length. The Company found evidence of Coldwell Complex mineralization that warrants follow-up in future exploration campaigns.

Portfolio of Projects

Exploration Expenditures by Project

During the nine months ended October 31, 2023, the Company incurred a total of $1,310,147 in exploration expenditures (2022 - $1,021,129).

The majority of the exploration expenditures were related to the drill program Project Idaho as well as a mapping and sampling program on the east side of the Project.

A complete breakdown of the exploration expenditures by project and category is provided below:

Property		Idaho			North Limb		Pic Project		Hemlo West	Belcher Islands Iron & Other	Total
Period beginning	01-Feb-2023	01-Feb-2022	01-Feb-2023	01-Feb-2022	01-Feb-2023	01-Feb-2022	01-Feb-2023	01-Feb-2022	01-Feb-2023	01-Feb-2022	01-Feb-2023	01-Feb-2022
Period end	31-Oct-2023	31-Jan-2023	31-Oct-2023	31-Jan-2023	31-Oct-2023	31-Jan-2023	31-Oct-2023	31-Jan-2023	31-Oct-2023	31-Jan-2023	31-Oct-2023	31-Jan-2023
Balance, beginning of period	$	810,566	$	-	$	3,960,218	$	3,938,125	$	7,545,852	$	7,292,385	$	-	$	240,813	$14,125,310	$14,222,906	$26,441,946	$25,694,229
Acquisition, Staking & Options		-		-		-		-		-		5,550		-		-	-	4,904	-	10,454
Assays & Sampling		46,576		76,472		-		-		-		-		-		-	-	-	46,576	76,472
Camp Costs & Equipment/Supplies		85,331		63,623		19,755		31,260		4,050		53,458		-		-	2,132	-	111,268	148,341
Geological Salaries & Consulting		149,719		304,394		-		433		-		165,965		-		-	71,550	-	221,269	470,792
Drilling		366,320		-		-		-		-		-		-		-	-	-	366,320	-
Field Work		256,164		268,465		4,100		-		-		8,497		-		-	-	-	260,264	276,962
Geophysical		2,400		124,795		-		-		-		-		-		-	-	-	2,400	124,795
Permitting & Land Tenure		18,235		29,063		-		-		-		24,805		-		5,625	-	-	18,235	59,493
Transportation & Fuel		283,815		16,104		-		-		-		192		-		-	-	-	283,815	16,296
Recoveries		(140,000)		(72,350)		(6,400)		(9,600)		-		(5,000)		-		-	(71,550)	-	(217,950)	(86,950)
Property Sales/Options/Disposals		-		-		-		-		-		-		-		(246,438)	-	(102,500)	-	(348,938)
Total for period		1,068,560		810,566		17,455		22,093		4,050		253,467		-		(240,813)	2,132	(97,596)	1,092,197	747,717
Balance, end of period	$	1,879,126	$	810,566	$	3,977,673	$	3,960,218	$	7,549,902	$	7,545,852	$	-	$	-	$14,127,442	$14,125,310	$27,534,143	$26,441,946

During the nine-month period, the Company completed drilling at Project Idaho targeting VTEM anomalies along the western boundary, corresponding to surface palladium, platinum, and copper ("Pd, Pt, Cu") mineralization and Coldwell Complex intrusives. The Company completed a total of 1,390 metres and discovered mineralization and lithologies confirming the geological model that Coldwell Complex intrusives and Cu-Ni-PGE mineralization extend onto Project Idaho.

For the portion of the Pic Project that was optioned to Barrick Gold Inc., the Company continues to monitor the exploration progress of Barrick Gold Inc. The option agreement is further described in this MD&A.

Project Idaho

In December 2021, the Company introduced Project Idaho as a new exploration target at the southwest corner of the larger Pic Project. Exploration work was conducted in 2022 and 2023. Key features of Project Idaho are as follows:

• Primary targets are less than 3 km east of Generation Mining's proposed open pit operation at the Marathon Palladium-Copper Deposit ("Marathon Deposit") north of Marathon, Ontario.
• The project area's geological setting, structural features, and historic geophysical data resemble that of the Marathon Deposit due to the genetic link with the Coldwell Complex.

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• An extensive array of intersecting radial and concentric faults emanating from and related to the Coldwell Complex cross-cut the project area, propagated from uplift and caldera collapse during the Coldwell Complex emplacement.
• Faulting geometry served as a network of channels and pathways for the outward transport of gabbroic magma that contained Pd-Cu-bearing sulfide liquid that was then deposited in trough-like
  "steps" along the footwall of the Marathon Deposit's Eastern Gabbro. The same faults continue onto Project Idaho along with parallel gabbroic intrusions and anomalous Pd, Pt, Cu and Au.
• Prospecting in 2022 and 2023 has identified mafic intrusive outcrops similar to the Two Duck Lake gabbroic intrusives at the Marathon Deposit to the west. Geochemical calculations using a database compiled by Dr. Dave Good of Western University demonstrate a genetic link between the gabbros of Project Idaho and the mineralized Two Duck Lake gabbro of the Marathon Deposit, suggesting that these intrusive rocks were from the same magmatic event and therefore likely carry a similar complement of metals.
• Historic ground magnetic and IP surveys show a linear north-south trending unit extending due south of a 2008 VTEM survey chargeability anomaly, which sits on an interpreted radial fault and is possibly an indication of sulfide mineralization at depth. Several VTEM anomalies were identified in the 2022 airborne geophysical survey further outlining the north-south units running along both the west and east side of Project Idaho.
• Silicified and sericitized rhyolite breccia zones corresponding with historic IP anomalies have been identified in the field, indicating extensive alteration into the Archean basement.
• As part of the 2023 drill campaign, the Company drilled seven holes totaling 1,390 metres, focusing on the western side of the project, along the north-south trending VTEM anomalies. While the results have shown limited PGE-Cu-Ni mineralization, gabbroic intrusives with Two Duck Lake composition have been identified at depth, and semi-massive and massive sulfide horizons have also been discovered.

In the summer of 2023, the Company began an initial exploration program on Project Idaho East to follow up on several VTEM anomalies from the airborne survey completed in the 2022 season. Prospecting revealed a series of gabbroic intrusive outcrops related to VTEM anomalies. Grab samples from these intrusives yielded very encouraging Pt and Pd results. This area is along strike from regional structural features that have been interpreted to be related to a radial fault emanating from the Coldwell Complex. This fault system also contains enriched PGE-bearing intercepts in 2011 historic drilling directly south of the Marathon Deposit.

North Limb Project

The North Limb Project is located 15 km northeast of the Hemlo Gold Mine operated by Barrick Gold Corporation and consists of 653 cell claims encompassing approximately 8,000 hectares. The North Limb project was assembled over the past five years through three project purchases, including an acquisition from O3 Mining Inc., combined with significant claim staking.

On May 24, 2016, the Company purchased a 100% interest in 135 claim units comprising 2,160 hectares approximately 40 km northeast of Marathon, Ontario, with the vendors retaining a 1% NSR on the purchased claims. In addition, the Company staked 303 claim units totaling 4,848 hectares.

Highlights from the 2016 prospecting program carried out by the Company on the North Limb Project included the discovery of a new gold occurrence (the "Petrant Lake" occurrence). Limited sampling returned two strongly anomalous gold values of 1.74 g/t gold and 1.64 g/t gold located approximately 160 m apart. The samples were spatially associated with one of the priority airborne electromagnetic ("EM") anomalies identified from the 2016 VTEM Max survey the Company flew over the North Limb Project.

In late 2016, the Company completed an 823-line km airborne VTEM Max geophysical survey over the North Limb Project. The survey data generated several new high priority drill targets, including one associated with the Petrant Lake occurrence. In total, ten targets generated from the survey were submitted

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to Geotech Ltd. that generated numerous EM plate models at central, east and west locations of the North Limb Project.

During 2017, the Company completed a 15 km induced polarization ("IP") survey on a portion of the West Quadrant of the North Limb which outlined 4 high priority targets. Additionally, the Company completed a small drill program of 8 broadly spaced diamond drill holes totaling 1,423 m, which tested a variety of targets within the western half of the project. No significant gold mineralization was encountered.

On May 8, 2020, the Company strategically added 64 cell claims to the North Limb Project through an acquisition from O3 Mining Inc. The additional claims contained a section of highly prospective volcanogenic sequences with drill intercepts of 37.35 g/t gold over 1 m and 10.57 g/t gold over 1 m from drillholes F195-2 and F195-4, respectively.

From July to October 2020, a prospecting program was undertaken on the East and Central Quadrants of the North Limb Project with 245 grab samples taken and assayed for gold and multi-elements. Prospecting and mapping specifically focused on the 8.2 km Armand Lake Volcanic Complex ("ALVC") which resembles the Moose Lake Volcanic Complex at the Hemlo Mine to the south. In addition, a 6.3 km humus survey was undertaken over two select areas of the ALVC with 264 samples analyzed for gold and multi-elements. The results were merged with historic data and new drill target areas were identified along the ALVC trend. During the same period on the East and Central Quadrants, the Company compiled historical drillholes and several ground surveys generating a 3D model and targets for proposed drilling.

In January 2021, the Company began a diamond drill program ("Program") targeting the East and Central Quadrants of the North Limb Project. In total, 7,891 m were drilled in 18 drill holes. While no significant values of gold mineralization were encountered, a contiguous gold-bearing horizon was defined along a considerable strike length and to 600 m depth. Management was encouraged by these anomalous gold horizons, in addition to widespread elevated pathfinder elements such as those at the Hemlo gold deposit, suggesting the existence of an extensive gold enriched hydrothermal system at the North Limb Project.

In 2023, the geological team began reviewing the data and updating the geological model for the North Limb and surrounding areas. Further compilation work over the winter months will allow the team to incorporate current exploration results and renew possible targets for underexplored gold mineralization. The team is of the opinion that further exploration work on North Limb is warranted.

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Figure 1: Central & East Quadrants of the North Limb Project - Area of Focus

Links to the news releases and results are available here:

1. May 12, 2021 Hemlo Explorers Provides Update on Drilling at the North Limb Project
2. July 27, 2021 Hemlo Explorers Intersects a Contiguous Gold Bearing Horizon over 400 metre Strike
3. August 24, 2021 Hemlo Continues to Intersect Anomalous Gold Horizons at the Armand Lake Volcanic Complex
4. September 30, 2021 Hemlo Intersects 3.97 g/t Au over 1 m at the North Limb Project Lunny West Showing
5. November 9, 2021 Hemlo Intersects Multiple Anomalous Gold Horizons at the North Limb Project

Pic Project

The Pic Project encompasses approximately 24,000 hectares and was amalgamated through the acquisitions of the Wire Lake, Black Raven, Goodchild, and Benton claims, in combination with the Company staking an additional 985 cell claims.

A compilation map of the Pic Project can be viewed here: https://hemloexplorers.ca/site/assets/files/2011/pic_compilation_may_2022.jpg

Option with Barrick Gold Corporation

On August 26, 2022, the Company executed a definitive agreement (the "Definitive Agreement") with a wholly-owned subsidiary of Barrick Gold Corporation ("Barrick") whereby Barrick has the right to earn into

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an 80% interest in certain mineral claims comprising 16,800 hectares of the Pic Project. The key terms of the Definitive Agreement are:

1. Barrick may earn an 80% interest (the "Earn-In") in the Pic Project by delivering to the Company a Pre- Feasibility Study within six years (the "Expenditure Period") of the Definitive Agreement (of which at least $800,000 is the guaranteed expenditure in the first twelve months, subject to certain conditions);
2. In order to maintain the Earn-In right from the date of the first anniversary of the Definitive Agreement to the end of the Expenditure Period, Barrick must fund work expenditures of $1,000,000 on or before each anniversary of the Definitive Agreement;
3. Barrick will have the option to extend the Expenditure Period by two additional one-year periods by paying to the Company an amount of $500,000 for each one-year extension;
4. Subject to a successful Earn-In by Barrick, the Company and Barrick shall establish a joint-venture corporation (the "JV Corp."), to be held on the basis of 20% as to the Company and 80% as to Barrick;
5. If either party's interest in the JV Corp. declines below a 10% threshold, then that party's interest shall, as applicable, convert to a 1% NSR royalty.

As of September 30, 2023, Barrick has spent approximately $2.6 million on the Pic Project claims under the aforementioned option agreement. As at September 30, 2023, Barrick has completed two holes for 548 metres out of an planned program of 2,500 metres.

Wire Lake Claims

On October 7, 2016, the Company entered into an option agreement to acquire a 100% interest in 251 claim units (now 866 cell claims) covering approximately 4,047 hectares that are located in the Schreiber- Hemlo Greenstone Belt (the "Wire Lake Claims"). On signing, the Company paid $40,000 in cash and issued 26,042 common shares valued at $25,000. The option agreement called for the Company to make additional cash payments to the vendor totaling $550,000 over the following five anniversary dates of the option agreement. The option was completed on October 7, 2021, and the Company granted the vendor a 2% NSR royalty, one-half of which may be bought back for a lump sum payment of $1,000,000.

The Wire Lake Claims lie 29 km northwest of Barrick's Williams Mine and 40 km southwest of the past producing base metal mines near Manitouwadge. Gold was first discovered on the Wire Lake Claims in 1986 and the project was explored by junior companies until 1993, following which the project remained dormant for over 20 years pending the outcome of litigation. Previous work identified a gold bearing zone (the "Wire Lake Gold Zone") over a 2,400 m strike length that remains open in both directions and at depth. The Wire Lake Gold Zone ("WLGZ") is characterized by moderate to intense alteration (e.g. silicification, carbonatization, biotitization and sericitization) within predominantly mafic volcanics. Sulfide content (pyrrhotite, pyrite, +/- arsenopyrite and sphalerite) usually ranges from 1 to 3% but can locally be up to 10%. Visible gold has been observed rarely, and where it does occur it is usually associated with quartz stringers and veinlets. Approximately 15% of the claims were explored.

During the fall of 2016, a reconnaissance prospecting program was successful in tracing out the WLGZ over a strike length of 2.4 km and the Company contracted a 620-line km airborne Mag & VLF geophysical survey over the claims.

During May 2017, the Company completed a 34-line km induced polarization ("IP") survey on the Wire Lake Claims. The IP survey grid extended the strike length of the WLGZ by 300 m, now totaling 2.7 km. The IP survey identified numerous priority targets for follow-up exploration work.

Highlights from the 2017 drill program include:

• WL-2017-001:2.6 g/t Au over 18.7 m, including 57.1 g/t Au over 0.5 m;
• WL-2017-002:1.4 g/t Au over 13.0 m and 0.8 g/t Au over 28.0 m, including 1.6 g/t Au over 10.6 m;
• WL-2017-011:1.4 g/t Au over 32.4 m, including 4.2 g/t Au over 5.0 m;
• WL-2017-013:1.4 g/t Au over 18.8 m, including 5.3 g/t Au over 3.1 m;

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• WL-2017-021:1.1 g/t Au over 31.7 m, including 1.6 g/t Au over 5.4 m and 2.0 g/t Au over 5.8 m; and
• WL-2017-020:1.4 g/t Au over 18.0 m.

On December 13, 2017, the Company announced the results from the fall prospecting program at Wire Lake and the discovery of a new gold zone that extended the WLGZ between 500 and 700 m to the south. The Company's geological team was successful in outlining an 800 m2 area hosting gold and pyrite- pyrrhotite mineralization in altered mafic volcanics (e.g. biotitization and silicification alteration). Assays from fifteen grab samples taken from this area averaged 1.92 g/t Au. Of significance was that the four samples taken the furthest east returned 10.4 g/t Au, 6.6 g/t Au, 3.6 g/t Au and 1.1 g/t Au over a 180 m strike length. The WLGZ remains open to the east and along strike.

Figure 2: Plan Map of Wire Lake Gold Zone

In 2018, three diamond drill holes totaling 657 m and targeting the Kakeeway and Lucky Seven zones were completed in the WLGZ.

• Drilling in the Kakeeway Zone suggested an additional 525 m strike-length extension to the WLGZ;
• Drilling in the Lucky Seven Zone confirmed the extension of the WLGZ to at least ~200 m depth down- dip and that the mineralized system remains open at depth; and
• Subsidiary zones of mineralization were discovered in the footwall and hanging wall of the main zone of mineralization forming the WLGZ.

In May 2020, the Company completed a 460-line km high resolution helicopter-borne magnetic survey covering the Porphyry and Contact Lake areas north of the WLGZ, in order to help identify buried intrusive boundaries and structural trends. Both target areas displayed soil and lithogeochemical anomalies with elevated gold and base metal values.

Management's Discussion and Analysis

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