$WOLV - LABRADOR MINERAL EXPLORATION PROJECT Th

$WOLV - LABRADOR MINERAL EXPLORATION PROJECT

The Labrador Claims total 449 mineral claims and cover an area of approximately 11,225 hectares in central Labrador and contain a series of significant copper-gold showings. These sub-crops were discovered during construction of the Trans-Labrador Highway (TLH). Assay values of copper and gold in sulphide range from 1.38% up to 6.4% Cu and up to 0.5 g/t Au.

The Labrador Claims are located approximately 120 km west of Goose Bay, Labrador.

Significant copper-gold showing along the TLH (RS-04-02) running 2.17% Cu and 556 ppb Au.

Close-up view of copper-gold showing returning 2.17% Cu and 556 ppb Au.

Coarse disseminated and blebby sulphide in what appears to be a gabbro. Several such rock samples are located at the eastern most gossan.

Exploration History and Highlights

Wolverine Exploration Inc. (“Wolverine”) completed a prospecting program in 2006 and an airborne survey in 2007 on its Labrador mineral properties. Below is a summary of the results of the airborne survey.

• The airborne survey has identified 8 conductive targets that warrant ground follow-up.
  
  


• The most interesting response occurs along four 100 metre flight lines showing an east-west strike that occurs approximately 200 m north of the CR-11 (1.69% Cu) and CR-13 (2.17% Cu and 556 ppb Au) mineralized showings.
  
  


• There are also 3 higher conductance responses on the property.
  
  


• The magnetic field responses show east-west trends that could be associated with mineralization.
  
  


• The radiometrics data shows numerous uranium anomalies and some potassium responses that correspond with the EM trends (suggesting geological contacts).
  
  


• In general the EM responses are low amplitude and low conductance, which is consistent with copper & gold mineralization in low percent sulphide.
  
  


• These EM responses do not appear to be consistent with pyrrhotite-rich sulphide (iron formation) or graphite.
  
  


• The winter program consisted of final processing of the airborne data sets, advanced modeling of conductive targets, and the scoping of a ground follow-up program consisting of excavation and trenching.
  
  


• Any significant copper & gold mineralization identified during the excavation and trenching of the airborne survey targets will be subject to ground induced polarization surveys to map the overall extent of disseminated mineralization.
  
  


• Drill targets will be identified for a drill program consisting of up to 2000m.

The 2008 exploration program consisted of a ground review completed by members of the Innu Development Limited Partnership. See photographs below:

2009 Prospecting Program

In the fall of 2009 Wolverine carried out geological reconnaissance along with prospecting and sampling on three of its six Labrador licenses. Some, but not all of the known mineralized zones were sampled as this was more of a reconnaissance exercise until a more systematic program is put in place. In addition, to the usual base metal sampling, scintillometer surveys were done on the exposed rock cuts along the highway and selected areas of the southern portions of the three licenses.

Activation Laboratories (ActLab) based in Ancaster, ON, carried out mineral analysis of the Wolverine samples which included uranium content. Results indicate that there are significant copper values in three of the samples as outlined in the table below. Elevated values in gold, zinc and rare earth elements along with minor silver, cobalt and chromium are also found associated with those samples. It appears that all of these elements are associated with the copper-bearing malachite that intrudes both the regional gneisses and the younger pegmatite dikes. Malachite is sometimes associated with near surface copper deposits and it appears here, that the copper bearing solutions that permeated up through fractures or weak areas of the gneisses contained percentages of the other potentially economic minerals.

The radiometric data shows numerous uranium anomalies and some potassium responses that correspond with the EM trends (suggesting geological contacts), There is a significant east-west trending radioactive anomaly that is in excess of two kilometres in length in the southern portion of the licenses. This has yet to be explored. Scientillometer reading exceeds 1200 cps in some of the rock cuts along the highway which is moderately high. It should be noted that Aurora Energy’s giant Michelin deposit in Labrador’s Central Mineral Belt has an average grade of only 0.09% U3O8.

2010 Exploration Program

The 2010 summer exploration program followed-up previous work conducted by Wolverine since 2006 and included additional prospecting followed by trenching and a diamond drill program of selected priority targets.

Prospecting Program

Work on the Property consisted of prospecting, sampling and geological reconnaissance on and around electro-magnetic and radiometric anomalies that were identified during the 2007 airborne survey. Earlier sampling on rock cuts along the highway had shown significant values in Cu and Au that warranted further exploration. To date a total of 94 rock samples have been collected and sent to a laboratory for ICP-30 elements and Au analysis. Results have been received which indicates that several areas have elevated levels of Cu with minor Au, Pb and Zn.

The strongest anomalous area (Sample CR-11;-1.69 % Cu) was traced southwest for over a strike length of 100 meters (328 ft) in bedrock when excessive overburden prevented further examination of the zone. This exploration will be continued utilizing an excavator. The northern center of this anomaly is directly on strike, 250 meters (820 ft) from the sample site indicating a possible continuation of the zone to the north. This is scheduled for the diamond drill as the marshy area is considered unfit for trenching.

A second anomalous area that is of considerable interest to Wolverine lies one kilometer to the east (Sample RS-04-02, 2.17% Cu and 556 ppb Au) could not be traced further than the rock cut due to overburden thickness. This area is also scheduled for trenching and drilling.

The western end of the Property, will also receive a more detailed geological inspection during this phase of the exploration. The mineralization exposed here is mainly malachite (copper oxide) and is contained in meta-sedimentary gneiss. Previous sampling assayed up to 6.4 % Cu. The current program confirmed the high Cu levels and also that Au is present as well. One sample assayed at 420 ppb Au.

Continued prospecting on other areas of the property has revealed additional outcrops containing malachite alteration on the western end of the property near anomaly number one with assays of up to 5.1% Cu. This sample was taken within 300 metres of a previous sample which had an assay of 6.4% Cu.

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Diamond Drill Program

Three drill holes intersected significant sulphide mineralization containing visible chalcopyrite.

A total of six holes were drilled to test various surface showing that had been expanded by a recent trenching program. All holes were drilled at a -45o dip to cross the steeply dipping geology and provide as much information as possible.

Hole DDC-01-10 was drilled to test for a down-dip continuation of a previously sampled rock cut. Mineralization was intersected over an interval of 16.8 meters from 75.5 to 92.3 meters, containing pyrrhotite, pyrite and chalcopyrite. Sulphide was present as disseminations, blebs and stringers. The intersection was much deeper than where the surface showing had indicated, suggesting this is a new mineralized zone. Hole DDC-02-10 was drilled to test a surface gossan and intersected 1.8 meters of disseminated sulphide from 28.1 to 29.9 meters within an altered gneiss. Hole DDC-03-10 was abandoned. Hole DDC-04-10, was collared approximately 40 meters northeast of DDC-01-10 to test for a continuation of mineralization intersected in that drillhole and intersected two significant zones of sulphide mineralization with visible chalcopyrite. The upper zone was intersected over a distance of 27.5 meters starting at 4.5 meters and the lower zone was intersected over a distance of 35.2 meters starting at 71.0 meters. Holes DDC-05-10 and DDC-06-10 were drilled elsewhere on the property to test for a down-dip continuation of previously exposed mineralized gossans. There were no visible sulphides in either drillhole but a 3.0 meter section of DDC-06-10 was sampled in a sheared zone proximal to the down-dip extension of surface mineralization.

The drilling confirms the presence of anomalous copper in disseminated sulphide with assay results returning grades up to 0.24% copper and anomalous gold.

RESULTS OF INDUCED POLARIZATION (IP) SURVEY COMPLETED

2011 Exploration Program

The exploration consisted of diamond drilling and was focused on investigating the 11 priority one and priority two targets that were detected by an induced polarization survey conducted in late 2010. Four of the anomalies were drilled and a fifth was putting down casing when winter weather conditions set in and the decision was then made to demobilize for the season with the intention of continuing the completion of the rest of the program in 2012.

Of the four holes drilled, two had minor indications of sulphide mineralization with magnetite while one contained disseminated mineralization consisting of blebs of chalcopyrite and pyrite for approximately 37 metres (121 feet).