Mr. Dufresne, M.Sc., P.Geol., P.Geo., a Qualified Person and President of APEX, and the lead author of this report has visited the Property on a number of occasions while supervising all exploration activities on the Property. Mr. Dufresne visited the property during 2007, 2008, 2009, 2010, 2011 and 2012 with the most recent visit to the Property between December 27th, 2012 and January 2nd, 2013.. .Since 2008, Grizzly has spent in excess of $CDN 6.5 million on exploration including five separate drilling campaigns. The Report is written to comply with standards set out in National Instrument (NI) 43-101, Companion Policy 43-101CP and Form 43-101F1 for the Canadian Securities Administration (CSA). The Report is a technical summary of available geological, geophysical and geochemical information for the Greenwood Property.
.The Greenwood Gold Property is an intermediate to advanced exploration stage property with a favourable structural, geological and stratigraphic setting that is situated within the Boundary Gold District. The Property does not contain any NI 43-101 compliant mineral resources. However, the Boundary Gold District, which includes Grizzly’s Property and the Republic area on the USA side of the border, is a highly mineralized area that has produced in excess of 6 million ounces of gold.
,,At the Ket 28 target, gold mineralization is present on the northwest edge of a large magnetic feature. It has been suggested and it is quite possible this feature represents a buried magnetic intrusion at depth (Figures 13b, 13e, 13g and 13h). The ground magnetics and HLEM surveys indicate that the Ket 28 gold zone is likely structurally controlled as it is spatially associated with a northwest trending structure visible as a magnetic low lineament and as a distinct to weak HLEM out of phase low, resulting in a best fit calculated conductivity high. At the intersection of these two structures, a curious magnetic low may represent alteration and magnetite destruction. Along the strike of the northwest magnetic feature and northwest of the main mineralized zone the lineament is continued by a distinct northwest trending intense EM anomaly (Figures 13g to 13j). Drilling has confirmed the anomaly is caused by a highly deformed and sheared graphitic schist. To the southeast of the Ket 28 area, the main northwest oriented lineament may become somewhat diffuse and may be offset with apparent left lateral fault movement. Historic drilling has intersected gold mineralization in and around some these structures to the south and southeast of the main Ket 28 zone. These structures merit follow-up exploration including further drilling. In 2011, an IP survey consisting of 6 lines arranged as a 3D array stretching east to west across and centered over the Ket 28 area was completed by Peter Walcott and Associates (Walcott, 2013). The lines were spaced at 50 and 100 m and totaled 13.8 ln-km. The 2009 HLEM survey was also extended to the south of the main Ket 28 target area with a further 8 lines at a spacing of 50 m in 2011. In addition, the two southernmost lines from the 2009 HLEM survey were extended further east. A total of 8.3 ln-km of HLEM surveying were completed in 2011. The Ket 28 IP survey yielded a couple of shallow chargeability anomalies that more or less correspond to conductivity anomalies identified by the HLEM survey. Perhaps more importantly the IP survey identified a couple of deep chargeability anomalies to the east - northeast of the main Ket 28 gold zone on the north side of the Ket 28 northwest trending structure visible in the magnetic and HLEM data (Figures 13i Technical Report for the Greenwood Gold Project, South-Central British Columbia, Canada Date: September 1, 2013 207 to 13k). The southern chargeability anomaly is within the large 2 km by 2 km airborne magnetic anomaly but near the northwest edge of the anomaly. The second deep IP anomaly is spatially coincident with the edge of the deep airborne magnetic feature (Figures 13b to 13k). Both the deep IP anomalies and the 2 km by 2 km magnetic anomaly are worth further investigation. During 2009, a second AeroTEM III helicopter borne geophysical survey was conducted over a portion of the western half of the Greenwood Gold Project property. The survey encompassed the Ket 28 and surrounding area. Numerous unexplained EM conductors and anomalies, some associated with magnetic features, others not, were identified from the survey (Figures 6a and 6b). Follow-up exploration is warranted over a number of these conductors in the vicinity of Ket 28 as well as a number of conductors more distal from the Ket 28 area