North Spirit Lake property

On September 14, 2012, the Corporation acquired 112 contiguous mining cell claims (2,296 ha) 170 km northeast of Red Lake in the Buckett Lake and Hewitt Lake Townships, known as the North Spirit Lake property. These claims were acquired by staking. In February of 2019, the property was put on hold for an extension of time then on an exclusion of time under special circumstances since February 22, 2020, and 47 mining cell claims remain for 964 hectares over the main portion of the iron formation. The exclusion of time is now resolved and the cell claims are now due on January 21, 2025.

The property is underlain by Archean ultramafic komatite flows and peridotite subvolcanic intrusive rocks intercalated with oxide facies iron formation. Historical work estimates the oxide facies iron formation may contain 1.3 million long tons per vertical foot (based on 1500 m diamond core analyses, 33.94% Fe to a depth of 400ft). In 2010, HTX Minerals (previous claim holders), completed mapping and sampling of the Iron formation including the collection of large test samples for grinding, mineralogy and metallurgical test work.  The average total wt% Fe for the HTX data is 34.16 % (OGS, 2007). (This historical estimate pre-dated NI 43-101 and, accordingly, is not compliant with the requirements of NI 43-101. No qualified person has done sufficient work to classify the historical estimate as current mineral resources or reserves. As a result, the historical estimate cannot be relied upon.  Rockex is not treating the historical estimate as current mineral resources or mineral reserves.)