Annual Report ML 30293 Chessman-Red Queen for period 15 June 2015 to 13 April 2016

Abstract

ML 30293 forms the southern portion of the Maud Creek Project held by Newmarket Gold Inc. ('Newmarket') and currently being explored under an earn-in agreement with PNX Metals ('PNX'). Formally included in group reporting with Maud Creek, this is the first (partial) year ML 30293 is separated for reporting purposes. The Chessman/Red Queen prospect lies 6.5km NE of the 'ain Zone' Maud Creek gold deposit. It was discovered in 1973 and has been explored sporadically since, but gold concentrations have to date proved to be of lower grade than that of Maud Creek. The target stratigraphy for Maud Creek style mineralisation is Tollis Formation, but locally mineralisation is hosted within fragmental volcanic rocks, black cherts and arenaceous sediments within what has been interpreted as a NE striking graben. During 2015 reporting year, no field work was undertaken. However, PNX undertook a GIS based compilation of the historical geochemical and drilling information which has identified the mineralised structure and identified good potential for discovery.