EL28017 Annual Technical Report Year Three 25 November 2012 to 24 November 2013

Abstract

The deteriorating price for gold during the last 12 months and the increasing challenges in securing equity funding resulted in a comprehensive strategic and economic exploration review of Blue Thunder's commitment to this gold project. The postives of the project is the optimally location from an infrastructure perspective and that the presence of gold mineralisation has already been demonstrated. The limited exploration within the larger project area has shown the presence of a larger area and drilling has shown favourable indications for a large gold system, permissive of hosting a large size gold system. The negatives of the project are the deep occurences of gold mineralisation and the associated exploration costs. In addition any economic operation likely requiring suffient capital and ore grades to support and underground operation. EL 28017 remainds a valid target as it appears FEND9A was drilled to close to the margin of the granite Proximity to a granite is important for gold mineralisatiuon at Pine Creek in order to provide a suitable contrast benween the thermally metamorphosed areas and the more ductile desiments. Magnetics and gravity would better map this contact and additiona;l sites for drill testing. Soiul geochemical surveys will also help better define target zones.