ni43-101 technical report on the tuscarora project · 17 recovery methods ... ni43-101 technical...

NI43-101 Technical Report on the Tuscarora Project

Elko County, Nevada, USA

Prepared by

Darren W. Lindsay, B.Sc.(hons.), P.Geo.

Prepared for

Buccaneer Gold Corp.

Suite 902, 357 Bay Street,

Toronto ON M5H 2T7

TEL: 001 (416) 366‐4227

Effective Date

February 29, 2016

NI43-101 Technical Report on the Tuscarora Project Page i

The effective date of this report titled “NI43-101 Technical Report on the Tuscarora

Project, Elko County, Nevada, USA,” is February 15th, 2016. It has been prepared for

Buccaneer Gold Corporation by Darren W Lindsay, P.Geo who is a qualified person as

defined by NI43-101.

Signed this XXth day of March, 2016.

Darren W Lindsay, P.Geo (#30145, APEGBC)

NI43-101 Technical Report on the Tuscarora Project Page ii

Table of contents

1 Summary ........................................................................................................... 1

2 Introduction ....................................................................................................... 6

3 Reliance on Other Experts ................................................................................... 6

4 Property Description and Location ....................................................................... 7

4.1 Property Location.......................................................................................... 7

4.2 Property Description ..................................................................................... 9

5 Accessibility, Climate, Local Resources, Infrastructure and Physiography ............. 13

5.1 Accessibility ................................................................................................ 13

5.2 Climate ...................................................................................................... 14

5.3 Physiography .............................................................................................. 14

5.4 Infrastructure and Local Resources .............................................................. 14

6 History ............................................................................................................. 15

6.1 Local History .............................................................................................. 15

6.2 Property History.......................................................................................... 15

7 Geological Setting and Mineralization ................................................................. 18

7.1 Regional Geology ........................................................................................ 18

7.2 Local Geology ............................................................................................. 19

7.3 Property Geology ........................................................................................ 22

8 Deposit Types .................................................................................................. 24

9 Exploration ...................................................................................................... 25

10 Drilling .......................................................................................................... 25

11 Sample Preparation. Analyses and Security ...................................................... 25

12 Data Verification ............................................................................................ 28

13 Mineral Processing and Metallurgical Testing ................................................... 29

14 Mineral Resource Estimates ............................................................................ 29

15 Mineral Reserve Estimates .............................................................................. 29

16 Mining Methods ............................................................................................. 29

17 Recovery Methods ......................................................................................... 29

NI43-101 Technical Report on the Tuscarora Project Page iii

18 Project Infrastructure ..................................................................................... 29

19 Market Studies and Contracts ......................................................................... 29

20 Environmental Studies, Permitting and Social or Community Impact ................. 29

21 Capital and Operating Costs ........................................................................... 29

22 Economic Analysis .......................................................................................... 30

23 Adjacent Properties ........................................................................................ 30

24 Other Relevant Data and Information .............................................................. 30

25 Interpretation and Conclusions ....................................................................... 30

26 Recommendations ......................................................................................... 30

27 References and Abbreviations ......................................................................... 32

28 Certificate of Qualifications ............................................................................. 35

List of Figures

Figure 4-1: Location of the Tuscarora Property, Tuscarora Mining District, NW Elko County, Nevada (G.Sterling). ...................................................................................... 8

Figure 4-2: Tuscarora Property claim map with Tuscarora Property boundary (G.Sterling). ................................................................................................................ 11

Figure 7-1: Local geology of the Tuscarora Mining District. ............................................ 21

Figure 7-2: Tuscarora Property Geology .......................................................................... 23

Figure 8-1: Conceptual low sulfidation epithermal model for the Tuscarora Property (Robert et al, 2007. ................................................................................................... 24

Figure 9-1: Notice of Exploration drill pad locations, Navajo Zone, Tuscarora Property. .................................................................................................................................... 26

List of Tables

Table 4-1: Tuscarora Property list of claims; all of these claims were registered September 3rd, 2014 and are in good standing. ....................................................... 9

Table 4-2: Summary of permits for the Tuscarora Project. ............................................. 13

Table 6-1: History of the property area of the Tuscarora Project. ................................. 16

Table 6-2: Reported drill intercepts of select target zones in the Tuscarora Property (McCusker memo, 1998). ........................................................................................... 17

Table 26-1: Recommended work program ....................................................................... 31

NI43-101 Technical Report on the Tuscarora Project Page 1

1 Summary

The Tuscarora Property is located approximately 65km (40 mi.) north-northwest of Elko,

in NW Elko County, Nevada, within the Tuscarora Mining District. The Property comprises

24 unpatented lode claims situated in sections 2 and 3, Township 39 North, Range 51

and section 35, Township 40 North, Range 51 East, Elko County, Nevada. The claims are

roughly centered at 116º 13’ 05” West longitude and 41º 18' 17” North latitude or

565711m E, 4573061m N.

Buccaneer Gold Corp (“Buccaneer”) entered into a non-Binding Letter of Intent (“LOI”)

with Novo Resources Corp (Novo”) to purchase and joint venture an undivided 50%

interest in the Property by making a cash payment of CAD$400,000 and providing Novo

with up to 4,000,000 common shares of capital stock in Buccaneer and completing a

$500,000 private placement into Novo. The LOI is to form the basis of a definitive

agreement and subscription agreement in respect of the transaction. The transaction is

targeted completion date is March 11th, 2016.

The Property is currently optioned to Novo’s wholly owned subsidiary, Novo Resources

(USA) Corp. (“Novo USA”), pursuant to an exclusive Exploration Lease and Option to

Purchase Agreement with each of Nevada Eagle LLC and Platoro West Incorporated

(together the “Owners”) (having an effective date of November 7, 2014); Novo USA has

the right to explore and develop the Property, and to acquire a 100% interest in the

Property (subject to a 2% net smelter return royalty retained by the Owners).

The Tuscarora volcanic field is the largest example of Eocene age magmatism in Nevada,

having formed between ~39.9 and 39.3 Ma, which in part corresponds to the 40 – 37 Ma

age of gold mineralization in the Carlin Trend, representing the strongest period of gold

mineralization known in the Basin and Range Province (Henry et al., 1998; Castor et al.,

2003). The most intense magmatism occurred to the southeast in an area of ~450 km²

that encompasses at least five major volcanic centers including the Mount Blitzen volcanic

center (Figure 7-1); the Tuscarora Mining District lies along the southeast side of Mount

Blitzen. The geology of the Mount Blitzen volcanic center has been variably mapped as a

stratovolcano, a caldera, and a volcano-tectonic graben, which indicates the complex

volcano-magmatic nature of this feature (Henry et al., 1998). This volcanic center is

thickly filled with dacitic domes, dacitic air-fall and pyroclastic ash-flow tuffs, and re-

worked epiclastic deposits (Henry et al., 1998).

The Tuscarora mining district lies approximately 35kms northeast of the north end of the

Carlin Trend, approximately 20kms southwest of the Jerritt Canyon deposit, and

approximately 50kms east-northeast of the Midas deposit. The district clearly displays Ag


and Au mineralization associated with low sulfidation epithermal quartz-adularia veins

and stockwork veinlets associated with igneous activity and numerous structures formed

along the southeast margin of Mount Blitzen. Immediately north of the Tuscarora

Property occurs the northern silver-rich portion of the precious metals district; it is typified

by veins with high Ag:Au ratios (>100), strong base metal mineralization, and typically

displays narrow alteration selvages around quartz-carbonate veins hosted mostly in

intrusive dacite. In contrast the southern gold-rich portion of the district, including the

historic Dexter Mine and the Tuscarora Property, has relatively low Ag:Au ratios (<15),

contains almost no base metals, underwent local boiling, and displays widespread

silicification and adularization along with stockwork veining and vug-fills in tuffs and fine-

grained epiclastic rocks. Both zones have relatively high As and Sb, and low Bi, Te, and

W, but the northern silver zone has distinctively high Ca, Pb, Mn, Zn, Cd, Tl, and Se,

whereas the southern gold zone has high Hg and Mo (Boden et al., 1993; Castor et al.,

2003).

Two known mineralized zones occur on the Property, the southern extension of the

Navajo Vein and the East Pediment. In general, higher grade historical intercepts are

associated with narrow zones of strong silica/adularia alteration up to several meters wide

(Jones, 1999). Mapping and sampling of the Dexter Pit immediately north and adjacent

to the Tuscarora Property and Navajo Vein zone by Zahony (1988) indicated the

possibility of two gold mineralizing events, an earlier pyritic event in tuffaceous rocks,

and a later veining event temporally associated with the porphyritic dacite intrusives; of

note, strong gold grades were obtained in both steep and flat veins.

Placer gold was discovered in the Tuscarora district in 1867 and production from silver-

gold lode deposits began in 1876 (Boden et al., 1993). Total historical precious metal

production is approximately 204,000 ounces of gold and 7.5 million ounces of silver from

quartz veins and quartz stockwork mineralization; additionally, 300,000 ounces of placer

gold has been reported prior to 1990 (Cruson, 1995; Castor and et al., 2003).

Of the reported historical production in the Tuscarora area, 25,000 ounces of gold and

200,000 ounces of silver were mined from the Dexter Mine between 1989 and 1990

through a joint venture between the operator Horizon Gold Shares Inc., Fisher-Watt Gold

Company Inc. and Chevron Resources Co. (Cruson, 1995; Horizon Gold Shares Inc.

Report in American Mines Handbook, 1990; Castor et al., 2003). This provides a total

historical production from all references of approximately 65,000 ounces of gold and

300,000 ounces of silver mined from the Dexter Mine. Which is located immediately north

of the Navajo Zone of interest of the Tuscarora Project.


Table 1-1: History of the property area of the Tuscarora Project. Year Company Work

2015 Novo Resources Corp Migratory bird survey; permitting

2014 Nevada Eagle LLC and Platoro

West Incorporate

Ground lapsed and restaked

2012/13 Wolfpack Gold Corp Permitting and reclamation

2010/11 Golden Predator Mines US Inc. Reclamation work

2009 Golden Predator Mines US Inc. Permitting and reclamation

2008 Golden Predator Mines US Inc. permitting

2008 Canyon Resources Ltd Aerial photography

2007 Canyon Resources Ltd Geophysics?

2005 Terraco Gold Corp 4 RC holes (2,920 feet)

2003 Terraco Gold Corp CSMAT survey

2001 Franco Nevada Mining Corp Inc Permitting (PoO)

2000 Franco Nevada Mining Corp Inc Internal estimation

1998/9 Newcrest Resources Inc RC Drilling (27,000); some core drilling

1997 Newcrest Resources Inc RC drilling (1800 feet); petrography

1996 Newcrest Resources Inc Mapping, RC drilling (12,000 feet)

1995 Newcrest Resources Inc Compilation and targeting, drilling

The results of the exploration works undertaken were to outline a number of exploration

zones of interest among and/or on trend of historic mining activities. These include but

are not limited to the Modoc Vein zone, the Dexter Stockwork Zone, the Grand Prize Vein

zone, the Navajo Vein Zone, and the East Pediment Zone. A total of ten historic drill holes

have defined the East Pediment Zone and 61 historic drill holes have defined the South

Navajo Vein Zone. Historic drill results of interest for the Tuscarora Project include the

following:

Table 1-2: Reported drill intercepts of select target zones in the Tuscarora Property (McCusker memo, 1999).

Zone HoleID Interval

(ft)

Interval

(m)

Gold Grade

(g/t)

year

Navajo/South Navajo Vein TCN2 5 1.5 30 1995

Navajo/South Navajo Vein TCN3 5 1.5 5.3 1995

Navajo/South Navajo Vein TN38 5 1.5 180 1998



East Pediment TN57 10 3.0 28.2 1998



In conclusion, the Property consists of 24 contiguous unpatented claims covering

approximately two square kilometers. The claims are in good standing. These claims

cover a geological environment that is permissible for the formation of low sulfidation

epithermal quartz adularia vein precious metal deposits. Historical mining operations

north of the Property exploited narrow high grade vein and lower grade stockwork vein

mineralized zones of these types of mineral systems. Previously completed exploration

consisted of numerous drill programs (reverse circulation) resulting in gold and silver

values that indicate the potential to form an economic deposit. The historical exploration

has outlined an exploration target named the Navajo Vein and Navajo Vein South

Extension which trends across the Tuscarora Property. A second target area of similar

style of mineralisation that has received less historical work is called the East Pediment

zone. Due to the abundance of alluvium and the lack of systematic geochemical and

geophysical exploration, there is potential for the discovery of additional ‘blind’ targets.

Reviews of historical reports, data and geology suggest that the Tuscarora Property

requires additional work to both confirm historical results as well as fully evaluate the

potential for epithermal gold–silver deposits.

The existence of epithermal alteration and mineralization with strong precious metals

grades in the historical record indicates the potential for the Tuscarora Property to host

deposits of economic interest. Accordingly it is recommended that a limited but

aggressive exploration program be conducted to confirm the historical data at the Navajo

Zone.

Key objectives would be to confirm the high grades previously reported, understand the

alteration zonation around mineralization of interest, and confirm geological controls

(structures and lithologies). This information should then be used to evaluate the Navajo

and East Pediment zones for deposit potential.

The following exploration program is recommended:

(a) Drill evaluate/confirm the historical drill results.

(b) Create a geological map of the property including known veins, structures and alteration patterns. Alteration mineralogy should be determined with certainty using a Terraspec mineral analyser or equivalent.

After confirmation of historical data follow up drilling to evaluate Navajo and East

Pediment could be undertaken as well as using the confirmed target model signature to

evaluate the remainder of the property for additional ‘blind’ mineralisation potential. A


gridded soil sampling program should be considered, first over the Navajo and East

Pediment zones to confirm signatures and then expanded across the property to identify

additional targets masked by the quaternary sediments.

Detailed magnetics (and/or VTEM), gradient resistivity, and detailed gravity could be used

to define or refine mineralisation controls and define additional and/or deeper mineralized

structures.

Table 1-3: Recommended work program Activity Units Unit Cost

(est.)

Cost Estimate

(US$)

*CDN$

Geological compilation 1 report 10,000 10,000

drilling 1500 m 90 135,000

assays 1000 samples 25 25,000

Geologist/geotech/terraspec 15 days 1000 15,000

Access/permitting permits 15,000

SubTotal 200,000

Contingency 10% 20,000

Total Estimated Cost 220,000 305,800

*current forex US$1.00 = CAD$1.39


2 Introduction

This Technical Report on the geology and mineralization of the Tuscarora Property (“the

Property”) was prepared by Darren W. Lindsay, B.Sc.(hons), P.Geo (APEGBC) (the

“Author”) at the request of Mr. Paul Zyla, President and Chief Executive Officer for on

behalf of Buccaneer Gold Corp. (“Buccaneer”) to comply with technical reporting and

disclosure requirements set out under National Instrument (“NI”) 43-101. Buccaneer is a

TSX-V listed exploration company with interests in the Banso and Muoso mining leases

within the Kibi Gold Belt in eastern Ghana.

The Property comprises 24 unpatented lode claims situated in sections 2 and 3, Township

39 North, Range 51 and section 35, Township 40 North, Range 51 East, Elko County,

Nevada.

This report documents the exploration history of the Property. The information and data

used in the preparation of this report was sourced from the private files of Novo Resources

Corp (“Novo”) and publicly accessible academic papers and government sources.

Additional information including a preliminary property evaluation report was provided by

Buccaneer. Citations are provided throughout the report where this information has been

referenced.

This Report was completed under the supervision of qualified person (QP) Darren Lindsay

(P.Geo; APEGBC) strictly on a fee for service basis and who currently holds the position

of CEO of Castle Peak Mining Ltd. Mr. Lindsay was onsite for a property and data review

during the period of February 10th, 2016 accompanied by Mr. Geoff Sterling, consulting

geologist to Novo Resources Corp.

The metric system is used for all units of measure and all dollar amounts are in Canadian

(CAD) funds unless otherwise stated. Grid references are based on the UTM WGS84

datum Zone 11N projection coordinate system unless otherwise noted. Other

abbreviations frequently used are included within the references section (Section 27).

3 Reliance on Other Experts

The author of the preliminary property evaluation, Mr. Robert J. Casaceli, was consulted

prior to the preparation of this report. Mr. Casaceli was consulted due to his history in

the area, he had been on, or near the Tuscarora property several times while doing

regional exploration in the area several times over many years. References to these

discussions are appropriately referenced in the report. The author is responsible for all

sections of the Report.


The Report contains information obtained from a review of relevant reports, including NI

43-101 reports, non-NI 43-101 compliant technical reports and non-technical reports,

maps, technical data and interpretations provided by Novo and Buccaneer and are cited

throughout the Report. The author has relied upon information including public

information, internal reports, maps, opinions and/or statements provided by Novo in-

house experts to form interpretations and conclusions relevant to the Report.

Reference to the compliance or non-compliance with NI 43-101 standards of historical

information and data referred to in this Report are made where appropriate. The author

does not offer any opinion concerning legal, title, environmental, political or other non-

technical issues that may be relevant to the Report.

This report expresses opinions regarding exploration and development potential for the

project, provides conclusions and recommendations based on the information available

at the time of reporting. These opinions and recommendations are intended to serve as

guidance for future advancement of the property, and should not be construed as a

guarantee of success.

The author’s professional fees for this Report are not dependent upon any prior or future

engagement or understanding resulting from the conclusions or recommendations of the

Report. These fees are set at normal commercial rates within the exploration industry for

this type of work.

4 Property Description and Location

4.1 Property Location

The Property is located approximately 65km (40 mi.) north-northwest of Elko, in NW Elko

County, Nevada, within the Tuscarora Mining District (Figure 4-1). The Property

comprises 24 unpatented lode claims situated in sections 2 and 3, Township 39 North,

Range 51 and section 35, Township 40 North, Range 51 East, Elko County, Nevada. The

property is roughly centered at 116º 13’ 05” West longitude and 41º 18' 17” North latitude

or 565711m E, 4573061m N.


Figure 4-1: Location of the Tuscarora Property, Tuscarora Mining District, NW Elko County,

Nevada (G.Sterling).


4.2 Property Description

The Property comprises 24 unpatented lode claims situated in sections 2 and 3, Township

39 North, Range 51 and section 35, Township 40 North, Range 51 East, Elko County,

Nevada (Table 4-1, Figure 4-2).

Table 4-1: Tuscarora Property list of claims; all of these claims were registered September 3rd, 2014 and are in good standing. Areas are approximate. Claim BLM # Area

(sq.km.)

Expiry

Date

Claim BLM # Area Expiry Date

TN 1 1105496 0.084 08/2016 TN 13 1105508 0.084 08/2016

TN 2 1105497 0.084 08/2016 TN 14 1105509 0.084 08/2016

TN 3 1105498 0.084 08/2016 TN 19 1105510 0.063 08/2016

TN 4 1105499 0.080 08/2016 TN 20 1105511 0.063 08/2016

TN 5 1105500 0.084 08/2016 TN 21 1105512 0.063 08/2016

TN 6 1105501 0.080 08/2016 TN 22 1105513 0.084 08/2016

TN 7 1105502 0.080 08/2016 TN 23 1105514 0.084 08/2016

TN 8 1105503 0.080 08/2016 TN 24 1105515 0.084 08/2016

TN 9 1105504 0.084 08/2016 TN 25 1105516 0.084 08/2016

TN 10 1105505 0.080 08/2016 TN 26 1105517 0.084 08/2016

TN 11 1105506 0.084 08/2016 TN 27 1105518 0.054 08/2016

TN 12 1105507 0.084 08/2016 TN 28 1105519 0.042 08/2016

Approximate total area 2.0 sq.km.

Buccaneer entered into a non-Binding Letter of Intent (“LOI”) with Novo to purchase and

joint venture an undivided 50% interest in the Property by making a cash payment of

$400,000 and providing Novo with up to 4,000,000 common shares of capital stock in

Buccaneer and completing a $500,000 private placement into Novo. The LOI is to form

the basis of a definitive agreement and subscription agreement in respect of the

transaction. The transaction is targeted completion date is March 11th, 2016.

The Property is currently optioned to Novo’s wholly owned subsidiary, Novo Resources

(USA) Corp. (“Novo USA”), pursuant to an exclusive Exploration Lease and Option to

Purchase Agreement with each of Nevada Eagle LLC and Platoro West Incorporated

(together the “Owners”) (having an effective date of November 7, 2014); Novo USA has

the right to explore and develop the Property, and to acquire a 100% interest in the

Property (subject to a production royalty retained by the Owners).


Novo represents that (i) the Option Agreement is in good standing, (ii) Novo is not in

default of any provision thereof, (iii) upon the payment of US$75,000 to the Owners, it

will have exercised its option under the Option Agreement and then hold a 100% interest

in the Property (subject to a production royalty retained by the Owners), and (iv) that

the claims forming the Property are in good standing. The royalty to the Owners on

culmination of the agreement is a 2% Net Smelter Return Royalty (“NSR”).

Details of the proposed transaction include:

1. Cash payment to Novo of $400,000, 2. Payment to Novo of cash equivalent of $200,000 by providing up to 4,000,000

common shares of Buccaneer, and 3. Completing a private placement into Novo of $500,000 by purchasing units priced

at $0.62 per unit. A unit is to consist of one common share and one half (1/2) of one common share purchase warrant; a full warrant can be used to purchase one common share at a price of $0.93 for a period of two years unless criteria of an accelerated expiry are met.

4. Novo agrees to use US$75,000 to complete the underlying option to purchase with the Owners,

5. Novo agrees to use $45,000 of the proceeds towards an agreed upon work program after which all the costs on the Property are to be split equally by both parties.

The aforementioned items are to be completed concurrently with the proposed definitive

agreement.

Select details of the proposed definitive agreement include:

1. As long as the undivided participating interest of Novo USA is at least 50% in the joint venture they will be the operators,

2. Failure to financially contribute to an agreed upon program will result in the dilution of that parties interest in the joint venture,

3. Upon a party being diluted to 10% interest the joint venture will cease and the 10% interest will convert to a 2% net smelter returns royalty interest of which 1% may be purchased at any time for C$1,000,000.

4. Buccaneer will pay a termination fee of $25,000 if it solely elects not to proceed with the Transaction, other than by way of terminating the LOI pursuant to the provisions allowable within the agreement.


Figure 4-2: Tuscarora Property claim map with Tuscarora Property boundary (G.Sterling).


Obligations

Upon the completion of the purchase by Novo USA and subsequently by Buccaneer and

initiation of the joint venture, a transfer fee will be payable equal to US$10 per claim to

register Buccaneer as having an interest in the claims. An annual maintenance fee of

US$155 per lode claim is payable annually by September 1st. The claims need to be

maintained in good standing with both the Bureau of Land Management and Elko County.

A Plan of Operation or Notice of Exploration must be supplied to the Bureau of Land

Management (“BLM”) with a copy to the Division of Minerals of the Commission on Mineral

Resources with a bond payment made based on the proposed disturbance an amount not

to exceed $30 per acre. Additionally, an annual report, on or before April 15 of each year,

is to be submitted relating to the status and production of all mining operations and

exploration projects in which the operator has engaged and identifying each acre of land

affected and land reclaimed by that mining operation or exploration project through the

preceding calendar year, and shall pay to the Division a fee of (a) one dollar and fifty

cents for each acre of public land administered by a federal agency; and (b) five dollars

and fifty cents for each acre of privately owned land, which has been disturbed by mining

operations or exploration projects engaged in by the operator and not reclaimed.

To the best of the author’s knowledge the previous operator, Wolfpack Gold Corp,

completed reclamation of the site covered by the current claims. Novo currently holds an

approved Notice of Exploration that allows for disturbance for access roads and up to 6

drill pads totaling less than one acre of disturbance; and has a bond in place with the

appropriate departments.

Back-in rights, royalties

Pursuant to the underlying Novo USA agreement, on the fulfillment of the option to

purchase agreement the Owners will hold a 2% NSR in the property.

Environmental liabilities

This section is extracted from the preliminary evaluation by R. Casaceli, 2016.

A few pertinent issues were encountered during the review that all concerned parties should be

made aware of. First, in conducting a general environmental science search for studies carried-out

in the Tuscarora district, an MS Thesis on the Geochemistry of Arsenic, Manganese, and Iron in the

Dexter Pit Lake, Tuscarora, Nevada (C.P. Newman, 2014) was found. This study concludes that the

Dexter pit lake is leaching As, Mn, and Fe from the wall rocks and lake sediments and may influence

the dissolved As concentrations in down-gradient groundwater. The presence of either of these

elements in nearby groundwater may be linked to periodic chemical changes in the pit lake that

are linked to the physical limnology of the lake, and although adsorption of As if occurring, this


process is not likely a major factor in this lake, or others like it throughout the Great Basin. The

situation is mitigated at the Dexter pit lake owing to the significant carbonate component of wall

rock there. Note that the pit lake is close to, but not on, the Novo Resources property in question,

but the lake would need to be monitored regularly should an extended project be carried-out here

to be able to point to an exterior source should pit lake conditions create a measurable discharge

of As into groundwater on the Novo Resources property.

A second issue to be aware of is the presence of Sage Grouse on the property, which necessitates

ongoing monitoring of bird populations and the possibility of the need to construct and maintain

watering stations (leks) per BLM specifications.

Note that historical work had exceeded the permitted disturbance allowed by their Plan

of Operation. Subsequent operators endeavored to reclaim the disturbance to below the

amount in the approved plan. To the best of the author’s knowledge full reclamation was

completed by the previous owner of the area under the current claims.

Factors that may affect access

Comment by R. Casaceli, 2016 paraphrased:

Historically and currently, certain numbers of local townspeople in Tuscarora have been very

sensitive to any mining or exploration operations in and around the district and hometown. This is

a common issue in old Nevada mining towns, where people have been attracted to buy homes in

quiet rural areas, only to find that mining companies with valid mineral rights may decide to

establish exploration and/or mining programs that may disturb the tranquil atmosphere that they

bought into. Sometimes these people are very aggressive in their efforts to stop such operations.

Table 4-2: Summary of permits for the Tuscarora Project. Permit # Name Date(s) Status

NVN-93944 Notice of Exploration May18, 2015 active

To the best of the author’s knowledge, there are no other significant factors or risks that

may affect access, title, or the right to perform work on the property.

5 Accessibility, Climate, Local Resources, Infrastructure and Physiography

5.1 Accessibility

The Tuscarora Property is located in Elko County, Nevada, approximately 100km north of

the town of Elko by road. The property is most easily accessed from Elko by traveling

north on State Highway 225 for 70km to the Lone Mountain Junction, traveling west on

State Highway 226 for 40km to the Midas-Tuscarora junction and continuing a further

ten kilometers to the community of Tuscarora, Nevada. Travel time from Elko is


approximately one hour along well-surfaced roads. Elko is serviced by regular daily flights

through Salt Lake City, Utah.

5.2 Climate

The Tuscarora region is semi-arid desert with an average annual precipitation of 12.5 in.

(31.8 cm). Temperature variations for the area range from a –40oF (-40C) to a maximum

of 108oF (42C), with average temperatures of 16oF (-8C) in winter and 84oF (28C) in

summer. The operating season for exploration is deemed to be all year round.

5.3 Physiography

The Tuscarora property covers the southeast flank of Mt. Blitzen within the Tuscarora

Mountains. The property covers a gentle, south-sloping hillside to the east, southeast and

south of the Tuscarora town site. Elevations range from 5900ft (1800m) to 6560ft

(2000m) above sea level.

Vegetation in the Tuscarora area is typical of northern Nevada and consists of grasslands,

sagebrush and other desert plants on the lower slopes and valleys. Shadscale, white sage

and greasewood occur with sagebrush on the drier slopes and hills. The area is

predominantly open, grass-covered range land. Sparse pinyon pine trees grow at higher

elevations.

5.4 Infrastructure and Local Resources

Elko is the nearest full service commercial center. The property area is sparsely populated

with the town of Tuscarora within and immediately adjacent to the property boundaries.

The town is connected to the state power grid and has a piped water supply. The principal

economic activity in the immediate property area is ranching.

Tuscarora is a historic mining district dating back to the 1860’s. The Carlin Trend, 30 km

to the south, is an active mining area dating to 1900. Gold is currently being recovered

from large mining operations at Gold Quarry, Carlin and Betze-Post south of the Tuscarora

property, from the Jerritt Canyon operations 15 km east of Tuscarora and from

underground operations at Midas 35 km west of Tuscarora. All of these operations are

generally supported out of Elko as a mining center. It is anticipated that sufficient

infrastructure and manpower would be available locally to support an exploration,

development, or mining operation at the Tuscarora property.


6 History

The section is select excerpts of material from Casaceli (2016) and a summary of material

from the previous technical report (Ristorcelli and Goodall, 2003), and references therein.

6.1 Local History

Placer gold was discovered in the Tuscarora district in 1867 and production from silver-

gold lode deposits began in 1876 (Boden et al., 1993). Total historical precious metal

production is approximately 204,000 ounces of gold and 7.5 million ounces of silver from

quartz veins and quartz stockwork mineralization; additionally, 300,000 ounces of placer

gold has been reported prior to 1990 (Cruson, 1995; Castor and et al., 2003).

Initial lode deposit discoveries include silver-rich lode vein deposits on Beard Hill, 5km

southwest of Tuscarora town. A Mr. W.O. Weed, started mining small, rich, discontinuous

silver lodes on the east side of Mount Blitzen in 1871, eventually leading to the discovery

of the N70E-trending Grand Prize bonanza vein within 2kms NNW of the town in 1876;

within a year shafts as deep as 500 feet had been sunk (Paher, 1970). Eventually, the

above veins along with the Castile Mountain, Modoc, Navajo, Belle Isle, Independence,

and Six Mile deposits roughly formed a NE-trending zone of mineralization ~10kms long

by ~2kms wide from which the majority of the silver ounces of the district were extracted

in period of 1876 to 1900. Near the end of that period, exploitation of the low-silver,

relatively higher grade gold zone was begun in the southern part of the district. The

Dexter mine located immediately SSW of town produced about 40,000 ounces of gold

and 100,000 ounces of silver between 1897 and 1935 (Nolan, 1936; LaPointe et al.,

1991). Underground mining at the Dexter moved outward from higher grade silver and

gold quartz-adularia veins into a broader silicified and adularized zone of lower grade

stockwork quartz-adularia veinlets mixed with lesser quartz veins of the same

composition. This same style of mineralization and alteration was later mined in 1988-

1990 as an open pit up to 100m deep by Horizon Gold Shares Inc.

6.2 Property History

Companies that have explored for precious metals in this district include: Cyprus Mines

Corporation, Northern Dynasty, Standard Magnesia, Duval, Shell Oil, Hecla Mining

Company, Jedediah Minerals Company, Cruson & Pansze, Alma American, Corona Gold,

Granges Exploration Ltd, Freeport McMoran Gold Company, Silver Standard Resources

Inc., Horizon Gold Corporation, Chevron Fischer Watt, Pecos Exploration Company,

Tuscarora Gold Mines Inc., Tuscarora Associates, Battle Mountain Gold, Newcrest

Resources Inc, Newmont Mining Corp, Franco-Nevada Mining Corp Inc, and Terraco Gold

Corp. (Randol Gold Directory 1988; Randol Mining Directory 1990-91; Western Mining

History, 1998; Ristorcelli and Goodall, 2003).


In the last twenty years the property has generally had one underlying owner from which

numerous companies have leased or optioned the ground. This is summarized below and

in Table 6-1. Newcrest Resources Inc. started acquiring land in the district in 1994. They

undertook exploration activities and expanded the land package up until 1999 at which

time they sold the Property to Franco Nevada Mining Corp Inc. At some time in 2002/2003

the property was optioned by Terraco Gold Corp of Vancouver, Canada. In late 2005/early

2006 the property reverted to Franco Nevada (by then called Newmont Capital Corp after

its merger with Newmont Mining Corp). The property was optioned to Canyon

Resources/CR Nevada Corp in late 2006. Golden Predator Mines US Inc then acquired the

option from Canyon Resources in February 2008. As of January 2012 Golden Predator

had completed it’s option with Canyon Resources (by then Atna Resources after a merger)

and was then responsible for the outstanding obligations of the underlying option

agreement with Newmont. In mid-2012 Seabridge Gold and Golden Predator Corp

assigned their Nevada assets to a newly formed company, Wolfpack (Nevada) Gold. There

is a lack of clarity in the document record at this point in time as it appears that Wolfpack

(Nevada) was to terminate the option with Newmont early in 2013; in the end Wolfpack,

the parent company, sold Wolfpack (Nevada) to Timberline Resources in late 2014 – from

that point on there is no mention of the Tuscarora Property. To the best of the author’s

knowledge, full reclamation of historical disturbance was completed, bonds returned and

the claims were relinquished. Subsequently re-staked by Nevada Eagle LLC and registered

in early September 2014 then optioned to Novo Resources Corp’s US subsidiary. By early

2015 Novo Resources Corp initiated activities for the permitting of a drill program.

Table 6-1: History of the property area of the Tuscarora Project. Year Company Work

2015 Novo Resources Corp Migratory bird survey; permitting

2014 Nevada Eagle LLC and Platoro

West Incorporate

Ground lapsed and restaked

2012/13 Wolfpack Gold Corp Permitting and reclamation

2010/11 Golden Predator Mines US Inc. Reclamation work

2009 Golden Predator Mines US Inc. Permitting and reclamation

2008 Golden Predator Mines US Inc. permitting

2008 Canyon Resources Ltd Aerial photography

2007 Canyon Resources Ltd Geophysics?

2005 Terraco Gold Corp 4 RC holes (2,920 feet)

2003 Terraco Gold Corp CSMAT survey

2001 Franco Nevada Mining Corp Inc Permitting (PoO)

2000 Franco Nevada Mining Corp Inc Internal estimation


1998/9 Newcrest Resources Inc RC Drilling (27,000); some core drilling

1997 Newcrest Resources Inc RC drilling (1800 feet); petrography

1996 Newcrest Resources Inc Mapping, RC drilling (12,000 feet)

1995 Newcrest Resources Inc Compilation and targeting, drilling

For additional historical work and ownership please see “Progress Report on the

Tuscarora District, Elko County, Nevada” by Mr. M.G.Cruson (1995).

The results of the exploration works undertaken were to outline a number of exploration

zones of interest among and/or on trend of historic mining activities. These include but

are not limited to the Modoc Vein zone, the Dexter Stockwork Zone, the Grand Prize Vein

zone, the Navajo Vein Zone, and the East Pediment Zone. A total of ten historic drill holes

have defined the East Pediment Zone and 61 historic drill holes have defined the South

Navajo Vein Zone. Historic drill results of interest for the Tuscarora Project include the

following:

Table 6-2: Reported drill intercepts of select target zones in the Tuscarora Property (McCusker memo, 1999).

Zone HoleID Interval

(ft)

Interval

(m)

Gold Grade

(g/t)

year

Navajo/South Navajo Vein TCN2 5 1.5 30 1995

Navajo/South Navajo Vein TCN3 5 1.5 5.3 1995






An historical, non-NI 43-101 compliant, estimate for the Dexter mine open-pit, located

adjacent to the Tuscarora Property, contained proven+probable reserves of 561,000 tons

@ 0.061 opt Au and 1.97 opt Ag at a strip ratio of 2:1, with recovery of 74%Au and ~

35% Ag from heap leaching and a Merrill-Crowe processing plant (Tuscarora Gold Mines

Joint Venture Reports in Randol Gold Directory 1988; Randol Mining Directory

1990/1991). To the best of the Author’s knowledge a qualified person has not done

sufficient work to classify the historical estimate as a current mineral resource; and

neither Buccaneer nor Novo is treating the historical estimate as a current mineral

resource.


More recent history, 1999 and 2000, indicates at least two internal, non-NI 43-101

compliant, resource estimations were undertaken for use as internal guidance for

continued exploration efforts. The latter of the two focused on the mineralisation in the

South Navajo Area and was completed by Franco Nevada Mining Corp. Inc.

Of the reported historical production in the Tuscarora area, 25,000 ounces of gold and

200,000 ounces of silver were mined from the Dexter Mine between 1989 and 1990

through a joint venture between the operator Horizon Gold Shares Inc., Fisher-Watt Gold

Company Inc. and Chevron Resources Co. (Cruson, 1995; Horizon Gold Shares Inc.

Report in American Mines Handbook, 1990; Castor et al., 2003). This provides a total

historical production from all references of approximately 65,000 ounces of gold and

300,000 ounces of silver mined from the Dexter Mine. Which is located immediately north

of the Navajo Zone of interest of the Tuscarora Project.

7 Geological Setting and Mineralization

The geology section has been summarized directly from a number of reports: regional

geology from Gustin et al, 2015, local and property geology from Coats, 1987, Hennigh,

1997, and McCusker, 1999.

7.1 Regional Geology

Northeastern Nevada is underlain by carbonate and siliciclastic marine sedimentary rocks

that record a passive continental margin setting throughout most of Early Paleozoic time.

From Late Proterozoic through Late Devonian time, a number of eustatic sea level cycles

occurred which correspond with easterly retrograding and westerly prograding of the

carbonate platform (Cook and Corboy, 2004). During sea level lows, debris flows and

turbidites accumulated in slope and basinal environments and also resulted in karst

formation in platform interior shelf lagoons and supratidal flats. During much of this time,

the shelf edge was located near the Carlin gold trend.

At the end of the Devonian, the continental margin was affected by the Antler Orogeny,

during which deeper-water siliciclastic rocks of the Roberts Mountains allochthon were

emplaced over coeval slope-facies rocks along the Roberts Mountains thrust fault. To the

east of the allochthon, the Antler Orogeny is manifested by thick accumulations of

foreland-basin sediments of latest Devonian through Mississippian age that were shed

eastward off of the Roberts Mountains allochthon. Pennsylvanian and Permian strata in

the eastern Great Basin reflect the formation of several shallow basins between the Antler

highland to the west and the continental margin to the east.


In Jurassic time, rocks throughout northeastern Nevada and westernmost Utah were

affected by the Elko Orogeny (Thorman et al., 1991). The Elko Orogeny resulted in

metamorphism and deformation of primarily Lower Paleozoic strata over a large area.

Manifestations of the deformation include weak to strong, near-bedding-parallel foliation,

northeast-trending folds, east-southeast-trending stretching lineations, and older-over-

younger and younger-over-older layer-parallel faults. The Elko Orogeny is presumed to

be approximately coeval with Jurassic plutonism in eastern Nevada (Thorman et al.,

1991).

A number of episodes of extension and magmatic activity took place in the Great Basin

during the Cenozoic Era, including Eocene volcanism and normal faulting and mid-

Cenozoic low-angle listric normal faulting. Rocks as young as 7 Ma in the eastern Great

Basin are tilted up to 50° to the east, suggesting that low-angle normal faulting continued

until fairly recently (Mueller et al., 1999). High-angle basin and range faulting, resulting

in the familiar pattern of alternating mountain ranges and valleys, has continued to the

present.

Gold deposits and prospects in the eastern Great Basin are widely spaced and generally

small to moderate in size; many are of the sediment-hosted type that is more prolific and

well documented in the Carlin and Cortez trends to the west. The mineralizing events

took place approximately 30 to 40 million years ago throughout the region, with ages

progressively younger to the south, and more or less coeval with several pulses of felsic

to intermediate volcanism. Gold is also associated with mid-Jurassic intrusions in the

region.

7.2 Local Geology

The Tuscarora volcanic field is the largest example of Eocene age magmatism in Nevada,

having formed between ~39.9 and 39.3 Ma, which in part corresponds to the 40 – 37 Ma

age of gold mineralization in the Carlin Trend, representing the strongest period of gold

mineralization known in the Basin and Range Province (Henry et al., 1998; Castor et al.,

2003). The most intense magmatism occurred to the southeast in an area of ~450 km²

that encompasses at least five major volcanic centers including the Mount Blitzen volcanic

center (Figure 7-1); the Tuscarora Mining District lies along the southeast side of Mount

Blitzen. The geology of the Mount Blitzen volcanic center has been variably mapped as a

stratovolcano, a caldera, and a volcano-tectonic graben, which indicates the complex

volcano-magmatic nature of this feature (Henry et al., 1998). This volcanic center is

thickly filled with dacitic domes, dacitic air-fall and pyroclastic ash-flow tuffs, and re-

worked epiclastic deposits (Henry et al., 1998).


The oldest rocks in the area, crop out approximately 2kms north of the town of Tuscarora,

are chert and quartzite of the Ordovician Valmy Formation. This sedimentary basement

is overlain by up to 1,500m of Eocene Mt. Blitzen and Pleasant Valley volcanic rocks which

are composed of dacitic to andesitic flows, dacitic domes, pyroclastic flows, breccias, ash

flows and tuffaceous sedimentary rocks. These are intruded by porphyritic biotite-

hornblende dacite. Overlying these rocks are up to 150m of Tertiary to Quaternary-age

alluvium gravels and lacustrine deposits which thicken southward.

The base of the volcanic sequence is a thick moderately-welded, latitic, lithic and pumice

lapilli tuff. The tuff becomes more fine-grained upward gradationally with no apparent

depositional breaks. The tuff is overlain by volcaniclastic and sedimentary rocks that vary

greatly in thickness, continuity, and distribution. Sedimentary rocks in this sequence

range from siltstone to conglomerate, and are made up of mostly reworked volcanic rocks

and some clasts of Paleozoic quartzite, chert, and shale. The volcaniclastic rocks in the

sequence include clast-rich breccia and fine pumiceous ash-flow tuffs. The sequence is

unconformably overlain by dacitic lava flows. The volcanic sequence consistently dips 10°

to 45° southeast, except where disrupted by faulting. In the vicinity of the dacite

intrusions, sedimentary rocks are deformed and layering is dipping in a variety of

directions. The volcanic rocks are intruded by porphyritic biotite-hornblende dacite dikes,

sills, and small stocks. These intrusions contact the lithic-pumice lapilli tuff along faults.

Contacts are marked by clay-rich rubble zones.

The Tuscarora mining district lies approximately 35kms northeast of the Carlin Trend,

approximately 20kms southwest of the Jerritt Canyon deposit, and approximately 50kms

east-northeast of the Midas deposit. The district clearly displays Ag and Au mineralization

in low sulfidation epithermal quartz-adularia veins and stockwork veins associated with

dacitic intrusives and structures formed along the southeast margin of Mount Blitzen.

Immediately north of the Tuscarora Property occurs the northern silver-rich portion of

the precious metals district; it is typified by veins with high Ag:Au ratios (>100), strong

base metal mineralization, and typically displays narrow alteration selvages around

quartz-carbonate veins hosted mostly in intrusive dacite. In contrast the southern gold-

rich portion of the district, including the historic Dexter Mine and the Tuscarora Property,

has relatively low Ag:Au ratios (<15), contains almost no base metals, underwent local

boiling, and displays widespread silicification and adularization along with stockwork

veining and vug-fills in tuffs and fine-grained epiclastic rocks. Both zones have relatively

high As and Sb, and low Bi, Te, and W, but the northern silver zone has distinctively high

Ca, Pb, Mn, Zn, Cd, Tl, and Se, whereas the southern gold zone has high Hg and Mo

(Boden et al., 1993; Castor et al., 2003).


Figure 7-1: Local geology of the Tuscarora Mining District.


7.3 Property Geology

The Tuscarora property is located about two kilometres southeast of the Mt. Blitzen

volcanic center, a basin bounded by a ten km wide circular fault zone. The property is

covered with quaternary alluvium that has been subdivided into five units by Henry et al.

(1999) with the depth of alluvium increasing towards the southeast. Underlying the

alluvium is an inferred basement of undivided heterogeneous mix of siltstone and chert

with minor sandstone. The sedimentary units are overlain by a dacite ashflow tuff unit.

This unit has only been identified in a deep drill hole in the Dexter Pit immediately to the

north and adjacent to the Tuscarora Property; it has been described as moderately

welded, commonly brecciated and pervasively propyllitically altered (Henry, et al., 1999).

Overlying the ashflow tuff is a unit of volcaniclastic sedimentary rocks and tuff that forms

a northeast trending, southeast dipping sequence between the Mt.Blitzen volcanic center

and the Quaternary alluvium. They are generally described as white, massive to laminated

tuffaceous sandstones and siltstones (Henry, et al., 1999). These units are all, except for

the alluvium, cut by irregular porphyritic dacitic intrusions and dikes and are the most

common vein host in the area.

Northwest to north-northwest trending, steep westerly dipping structures radiate out

from the Mt.Blitzen volcanic center and are inferred to cut the geological sequence on

the Property. Later north-south and east-west structures cut and offset geology and

mineralization as inferred from limited drilling.

Two known mineralized zones occur on the Property, the southern extension of the

Navajo Vein and the East Structure. In general, higher grade historical intercepts are

associated with narrow zones of strong silica/adularia alteration up to several meters wide

(Jones, 1999). Mapping and sampling of the Dexter Pit immediately north and adjacent

to the Tuscarora Property and Navajo Vein zone by Zahony (1988) indicated the

possibility of two gold mineralizing events, an earlier pyritic event in tuffaceous rocks,

and a later veining event temporally associated with the porphyritic dacite intrusives; of

note, strong gold grades were obtained in both steep and flat veins.


Figure 7-2: Tuscarora Property Geology


8 Deposit Types

The Tuscarora District hosts epithermal veins in volcano-sedimentary rocks. The most

likely targets on the Property are low sulfidation epithermal Au-Ag veins. There is potential

for discovering extensions to known veins north of the Property and new discoveries

under alluvial cover (Figure 8-1).

These low-sulfidation quartz-adularia epithermal deposits are relatively common in

Nevada and include such deposits as Midas, Sleeper, and Round Mountain. These types

of deposits can include disseminated, stockwork and vein deposits. In addition to the vein

hosted gold-silver mineralization previously exploited in the Tuscarora District, Henry, et

al. (1999) suggests the area hosts the potential for Carlin-type deposits within Paleozoic

rocks at depth. He suggests that this is supported by the observation that the Tuscarora

District lies between the large Carlin-type deposits of the Carlin Trend and Independence

Trend; additionally, Paleozoic rocks are exposed within the Mt Blitzen volcanic center.

Given the conceptual depth to appropriate host rock types it would not be expected that

this style of mineralization would be of economic interest at this time.

Figure 8-1: Conceptual low sulfidation epithermal model for the Tuscarora Property (Robert et

al, 2007.


9 Exploration

Previous exploration by Newcrest Mining Ltd., Franco Nevada Mining Corp Inc and

Terraco Energy Corporation, and the compilation of historical work by Novo was discussed

in Section 6.0. Also a detailed summary of the historical work is provided in the previous

technical report by Ristorcelli and Goodall, Mine Development Associates, “Technical

Review, Tuscarora Project, Elko County, Nevada: NI 43-101 Report prepared for Terraco

Energy Corporation “ (2003). These data were utilized by the author to determine that it

is prudent to advance the understanding and potential of the Property. Novo nor

Buccaneer has undertaken any exploration work on the property to date.

Since the property was optioned by Novo a significant effort has been undertaken to

compile and evaluate accessible data leading to the submission and acceptance of a

Notice of Exploration to undertake a limited exploration program with the initial objective

to confirm historical results on the property (Figure 9-1). In order to support this

exploration proposal Novo has relied on the reclamation activities and community surveys

completed by a previous land holder, Wolfpack Gold. Novo has completed a migratory

bird survey (2015) to support its proposed work program and provide guidance as to

potential restrictions with the timing of the proposed work program.

10 Drilling

Buccaneer nor Novo has conducted any drilling on the property. Historical drilling

presented in section 6.0 and subsequent drilling by Franco Nevada Mining Corp Inc (2000)

and Terraco Energy Corporation (2005) cannot be verified beyond the presence of

reclaimed drill pads, various internal reports and historical data as no sample rejects, drill

chip boards nor core records are in existence, to the best of the author’s knowledge.

11 Sample Preparation. Analyses and Security

A portion of the historical QA/QC, pre-2003, is reported in “Technical Review, Tuscarora

Project, Elko County, Nevada: NI 43-101 Report prepared for Terraco Energy

Corporation” by Ristorcelli and Goodall, 2003.

No QA/QC data is available for work done by Franco Nevada Mining or Terraco Energy

Corporation.


Figure 9-1: Notice of Exploration drill pad locations, Navajo Zone, Tuscarora Property.


The author, on behalf of Buccaneer Gold Corp, collected four rock samples from stockpiles

on the property thought to be from later mining stages of the Dexter Pit that are thought

to be representative of expected epithermal style mineralization, both disseminated pyrite

associated as well as quartz-adularia vein style mineralization. To the best of the author’s

knowledge there is no outcropping mineralization on the Property and that these samples

are representative of mineralization in the immediate area of the Property.

These samples were taken directly by the author or under the direct supervision of the

author. The samples were under the direct control of the author and were hand delivered

to ALS Global in Elko Nevada where they were logged in for analysis. Samples were

crushed to 70% passing 2mm, a 1kg split was taken and pulverized to better than 85%

passing 75 microns. A split of 50g was analyzed for gold by fire assay and AAS finish.

Silver and 47 additional elements were analyzed using ICP-MS after a four acid digestion.

The detection limits were 5ppb for gold and 2ppb for silver.

ALS Global is an ISO accredited analytical laboratory using industry standard analytical

techniques and equipment and is an independent laboratory and independent of

Buccanneer Gold Corp.

Results for these samples are presented in section 12.0


12 Data Verification

An initial review was completed by the author in February 2016 of the available data, and

verified in discussions with representatives of Novo Resources. The author also completed

a review of the available maps, reports and data prior to the completion of this report. A

field review was completed on February 10th, 2016 in order to confirm the presence and

general locations of the historical drill pads in the Navajo Zone and East Pediment Zone.

No review of drill chips or core was undertaken as these records no longer exist to the

best of the Owners or Novo knowledge. Substantial snow cover prevented examination

of pits and trenches on adjoining properties; there are no mineralization exposures on

the Property to the best of the author’s knowledge except for mineralization in stockpiles

and waste dumps from historical mining activities.

The conceptual exploration model was reviewed, in modeling software (LeapfrogGeo),

against the compiled historical dataset with no discrepancies observed.

Table 12-1: Samples collected from representative mineralization from local stockpiles.

Table 12-2: Sample results

Results of the grabs samples from stockpiles located on the Property and inferred to be from mineralized material from the Dexter Mine are indicative of mineralisation previously described. Based on the pathfinder elements they appear to be more representative of the northern silver rich zone as described by Boden et al. (1993). This is expected as the Dexter pit lies north of the Navajo target which would be targeting higher gold grades and bonanza style shoots.

Sample Easting (m) Northing (m) Brief description

16TTR-001 0564778 4573236 White to smoky vein material; qtz-adularia, some vuggy texture, 2% disseminated vfg silvery sulfides

16TTR-002 0564778 4573236 Silicified tuffaceous rock with very fine disseminated sulfides t/o 5-7%

16TTR-003 0564780 4573242 Massive to semi massive pyrite (vfg) in altered tuff

16TTR-004 0564783 4573248 Silicified tuff, vfg dissem sx with mm sx vnlets t/o quartz and adularia and breccia texture

Sample Ag (g/t)

Au (g/t)

Sb (ppb)

As (ppm)

Se (ppm)

Mo (ppm)

Ba (ppm)

Cd (ppm)

Zn (ppm)

16TTR-001 40.7 0.322 24.1 200 3.5 1.72 1170 0.071 24.8

16TTR-002 3.21 0.064 6.38 178 2.0 2.79 1520 0.085 39.7

16TTR-003 207 0.518 61.4 576 5.8 105.5 269 0.315 98.3

16TTR-004 11.0 0.157 15.8 254 1.5 4.33 524 0.038 9.9


13 Mineral Processing and Metallurgical Testing

Not applicable.

14 Mineral Resource Estimates

Not applicable.

15 Mineral Reserve Estimates

Not applicable.

16 Mining Methods

Not applicable.

17 Recovery Methods

Not applicable.

18 Project Infrastructure

Not applicable.

19 Market Studies and Contracts

Not applicable.

20 Environmental Studies, Permitting and Social or Community Impact

Novo has an approved Notice of Exploration, case file NVN-93944, from the Bureau of

Land Management and has submitted the required bond for the proposed exploration

disturbance. Included requirements are the restriction of work period to 10:00am to

sundown between March 1 and May 15 due to proximity of Greater Sage Grouse leks.

Additional surveys would be required for additional disturbance with strict criteria with

respect to migratory bird breeding between March 15 and July 31.

Archaeology surveys are also required, however, to the best of the author’s knowledge

those previously completed by Wolfpack Gold (Nevada) are adequate for use during the

proposed program.

Novo received the required migratory bird survey report from Stantec Consulting Services

on July 7, 2015. To the best of the author’s knowledge this report supports the proposed

Notice of Exploration.

21 Capital and Operating Costs

Not applicable.


22 Economic Analysis

Not applicable.

23 Adjacent Properties

An immediately adjacent, to the northwest, package of Patents covers most of the

historical small pits, Dexter Mine, shafts and adits (Figure 4-1). To the best of the author’s

knowledge no work has been undertaken on these patents in the recent past. A limited

number of additional claims to the north and west of the Patent ground cover historical

showings and placer areas.

24 Other Relevant Data and Information

The Author of this Technical Report is not aware of any other relevant data or information concerning this report.

25 Interpretation and Conclusions

The geological environment is permissible for the formation of low sulfidation epithermal

quartz adularia precious metal deposits. Historical mining operations north of the Property

exploited narrow high grade vein and lower grade stockwork vein mineralized zones of

these types of mineral systems. Previously completed exploration consisted of numerous

drill programs (reverse circulation) resulting in gold and silver values that indicate the

potential to form an economic deposit. The historical exploration has outlined an

exploration target named the Navajo Vein and Navajo Vein South Extension which trends

across the Tuscarora Property. A second target area of similar style of mineralisation that

has received less historical work is called the East Pediment zone. Due to the abundance

of alluvium and the lack of systematic geochemical and geophysical exploration, there is

potential for the discovery of additional ‘blind’ targets. Reviews of historical reports, data

and geology suggest that the Tuscarora Property requires additional work to both confirm

historical results as well as fully evaluate the potential for epithermal gold–silver deposits.

26 Recommendations

The existence of epithermal alteration and mineralization with strong precious metals

grades in the historical record indicates the potential for the Tuscarora Property to host

deposits of economic interest. Accordingly it is recommended that a limited but

aggressive exploration program be conducted to confirm the historical data at the Navajo

Zone.


Key objectives would be to confirm the high grades previously reported, understand the

alteration zonation around mineralization of interest, and confirm geological controls

(structures and lithologies). This information should then be used to evaluate the Navajo

and East Pediment zones for deposit potential.

The following exploration program is recommended:

(c) Drill evaluate/confirm the historical drill results.

(d) Create a geological map of the property including known veins, structures and alteration patterns. Alteration mineralogy should be determined with certainty using a Terraspec mineral analyser or equivalent.

After confirmation of historical data follow up drilling to evaluate Navajo and East

Pediment could be undertaken as well as using the confirmed target model signature to

evaluate the remainder of the property for additional ‘blind’ mineralisation potential. A

gridded soil sampling program should be considered, first over the Navajo and East

Pediment zones to confirm signatures and then expanded across the property to identify

additional targets masked by the quaternary sediments.

Detailed magnetics (and/or VTEM), gradient resistivity, and detailed gravity could be used

to define or refine mineralisation controls and define additional and/or deeper mineralized

structures.

Table 26-1: Recommended work program Activity Units Unit Cost

(est.)

Cost Estimate

(US$)

*CAD$

Geological compilation 1 report 10,000 10,000

drilling 1500 m 90 135,000

assays 1000 samples 25 25,000

Geologist/geotech/terraspec 15 days 1000 15,000

Access/permitting permits 15,000

SubTotal 200,000

Contingency 10% 20,000

Total Estimated Cost 220,000 305,800

*current forex US$1.00 = CAD$1.39


27 References and Abbreviations

Boden, D.R., Struhsacker, E.M., and Wright, B.A., 1993, Structurally controlled volcanism

and contrasting types of mineralization, Tuscarora mining district and vicinity,

Nevada [abs.]: Geological Society of America Abstracts with Programs, v. 25, no.

6, p. 11.

Castor, S. B., Boden, D.R., Henry, C.D., Cline, J. S., Hofstra, A. H. , McIntosh, W.C.,

Tosdal, R.M., and Wooden, J.P., 2003, The Tuscarora Au-Ag District: Eocene

Volcanic-Hosted Epithermal Deposits in the Carlin Gold Region, Nevada: Economic

Geology, vol. 98, p. 339-366.

Coats, Robert R., (1987), Geology of Elko County, Nevada; Nevada Bureau of Mines and

Geology Bulletin 101.

Cook, H.E. and J.J. Corboy, 2004, Great Basin Paleozoic Carbonate Platform: Facies,

Facies Transitions, Depositional Models, Platform Architecture, Sequence

Stratigraphy, and Predictive Mineral Host Models. U.S. Geological Survey Open-

File Report 2004-1078 Field Trip Guidebook—Metallogeny of the Great Basin

Project, August 17—22, 2003.

Cruson, Michael G., 1995, Progress Report on the Tuscarora District Elko County, Nevada;

Cruson and Pansze, Geologists.

Gustin, M.M., Smith, M.T., and G.L. Simmons, 2015, Updated Technical Report and

Estimated Mineral Resources for the Kinsley Project Elko and White Pine Counties,

Nevada, U.S.A.

Hennigh, Quinton, (1997), The Tuscarora Project – 1996; internal report. Newcrest

Resources Ltd.

Henry, C.D., Boden, D.R., and Castor, S.B., 1998, Geology and mineralization of the

Eocene Tuscarora volcanic field, Elko County, Nevada, in Tosdal, R.M., ed.,

Contributions to the Au metallogeny of northern Nevada, U.S. Geological Survey

Open-File Report 98-338, p. 279-290.

Henry, C.D., Boden, D.R., and Castor, S.B., 1999, Geological Map of the Tuscarora

Quadrangle, Northern Nevada. Nevada Bureau of Mines and Geology.

Jones, D. compiler, 1999, Tuscarora Prospect – Preliminary Examination, Newcrest Mining

Ltd.

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LIST OF ABBREVIATED TERMS

“Au” gold

“Az” azimuth

“CAD$” Canadian dollars

“cm” centimeters

“°” degree

“g” or “gm” gram

“Ga” billion of years ago

“g/m3” grams per cubic metre

“GPS” global positioning system

“g/t” grams per tonne

“ha” hectare

“kg” kilogram

“km” kilometre

“m” metre

“mi” mile

“m3” cubic metres

“Ma” millions of years ago

“oz” ounce

“ppb” parts per billion

“ppm” parts per million

“RC” reverse circulation

“sq km” square kilometres

US$ United States dollars

“UTM” Universal Transverse Mercator

“WGS 84” World Geodetic Survey 1984

35

28 Certificate of Qualifications

I, Darren Wesley Lindsay certify that: I reside at 1162 Wendel Place, North Vancouver, Canada and act as a consulting geologist and am employed as President and CEO by Castle Peak Mining Ltd. This certificate applies to the technical report entitled “NI43-101 Technical Report on the

Tuscarora Project, Elko County, Nevada”; dated March XX, 2016.

I am a member of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC, member # 30145). I am also a member of the Society of Economic Geologists. I graduated from the University of British Columbia with an H.B.Sc. in Geology in 1998. I have practiced my profession continuously since 1998 in the field of Exploration and Economic Geology; employed in mineral exploration, nationally and internationally. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI43-101). I have visited the Tuscarora Project from February 9th through 11th, 2016. I have prepared and am responsible for all sections of this report. I am independent of Buccaneer Gold Corp. as independence is described by Section 1.5 of NI 43–101. I am not a director or officer of, and I do not beneficially hold any shares of Buccaneer Gold Corp or Novo Resources Corp. I hold no direct interest in the Tuscarora Property as a result of any prior involvement with the Property. I have read NI 43–101 and the sections of the technical report for which I am responsible have been prepared in compliance with that Instrument. I am not aware of any material fact or material change with respect to the subject matter of the Report that is not disclosed in the Report which, by its omission, makes the Report misleading. Respectfully submitted this XXth day of March, 2016. Darren W. Lindsay, P.Geo.

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