ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals

 
ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals
ADELINE COPPER PROJECT
Labrador, Canada
Copper, Silver           JANUARY 2021
ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals
DISCLAIMER AND QUALIFIED PERSON

Forward Looking Statements
This document includes certain statements that constitute “forward‐looking statements” and “forward-looking information”
within the meaning of applicable securities laws (collectively, “forward‐looking statements”). Forward-looking statements
include statements regarding Altius Minerals Corporation’s (“Altius”) intent, or the beliefs or current expectations of Altius’
officers and directors. Such forward-looking statements are typically identified by words such as “believe”, “anticipate”,
“estimate”, “project”, “intend”, “expect”, “may”, “will”, “plan”, “should”, “would”, “contemplate”, “possible”, “attempts”,
“seeks” and similar expressions. Forward‐looking statements may relate to future outlook and anticipated events or results.
By their very nature, forward‐looking statements involve numerous assumptions, inherent risks and uncertainties, both
general and specific, and the risk that predictions and other forward‐looking statements will not prove to be accurate. Do not
unduly rely on forward‐looking statements, as a number of important factors, many of which are beyond Altius’ control,
could cause actual results to differ materially from the estimates and intentions expressed in such forward‐looking
statements.
Forward‐looking statements speak only as of the date those statements are made. Except as required by applicable law,
Altius does not assume any obligation to update, or to publicly announce the results of any change to, any forward‐looking
statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in
other factors affecting the forward‐looking statements.

Qualified Person’s Statement
Roderick Smith, M.Sc., P.Geo., Chief Geologist for Altius, is the Qualified Person as defined by National Instrument 43-101,
Standards of Disclosure for Mineral Projects. Mr. Smith is responsible for the scientific and technical data presented herein
and has reviewed and approved this project summary. Of note, historical results reported herein have not been verified by
Altius personnel. Surface grab samples are selective by nature and are unlikely to represent average grades of the
mineralization found on the property.

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ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals
SUMMARY OBSERVATIONS

The Seal Lake Group is clearly prospective for large sediment-hosted
stratiform copper deposits but is underexplored

      •   Located in a Mesoproterozoic (1270-1225 Ma) supracrustal
          sequence with well documented SSC-type copper
          occurrences.
      •   Mineralization is structurally controlled yet generally
          stratiform.
      •   Reduced grey beds host the most significant copper
          occurrences.

District-scale comprehensive evaluation has not been conducted
since 1970’s

      •   Previous exploration programs lacked sustained effort or
          suffered from poor targeting techniques.
      •   Historical drilling characterized by very shallow, closely
          spaced drill holes.

Altius has identified and acquired four target areas

      •   Recent evaluation suggests an overlooked opportunity.
      •   Prospective copper-bearing horizons have not been
          adequately tested.
      •   Altius is the sole owner of mineral rights in the area.      Representative mineralized grab samples from the Ellis Prospect

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ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals
LABRADOR MINING DISTRICTS

The Adeline Copper project is located within the
Central Mineral Belt (CMB) in the province of
Newfoundland Labrador, Canada – 145 km NW of the
community of Happy Valley-Goose Bay, Labrador.

A hydro access road is within 70 km of the project.

The province is politically stable with a transparent
permitting process, established mining and taxation
laws, and with mining-knowledgeable First Nations
groups.                                                 ADELINE
                                                        COPPER
                                                        PROJECT
World-class, large-scale mining operations located in
northern Labrador at Vale’s Voisey’s Bay Ni-Cu-Co
mine and western Labrador at Rio Tinto’s Carol Lake
Fe mine - supported by a network of roads, rail, deep
water ports, airports, service centers, hydroelectric
power, and a skilled workforce.

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ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals
CENTRAL MINERAL BELT OF LABRADOR

• The Central Mineral Belt (CMB) consists of six
  successive      Proterozoic      supracrustal
  sequences and associated Archean basement
  rocks that occupy an area of 260 by 75 km in
  central Labrador.

            - Aillik Group
            - Post Hill Group
            - Moran Lake group
            - Bruce River Group
            - Letitia Lake Group
            - Seal Lake Group

• Records multiple magmatic and hydrothermal       Cu
  events between ca. 1800 Ma and 1330 Ma.                  U

• The Seal Lake Group is the youngest
  supracrustal sequence in the CMB and hosts
  the majority of the copper occurrences
  known throughout the belt.

                                                        Van Nostrand & MacFarlane, 2011

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ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals
CENTRAL MINERAL BELT OF LABRADOR

• The CMB is a globally significant Cu-U province.

• 260 km long belt endowed with hundreds of copper, uranium, silver, REE and molybdenum showings.

• Intense uranium exploration in east a decade ago but the west was ignored because no uranium occurrences
  were known.

• The western part of the CMB is dominated by copper occurrences hosted within the Seal Lake Group.

                           Nain
                            Province

               Churchill
                Province        Ni-Cu-Co

                    REE

      Fe
                                  U        Makkovik

    Superior
                           Cu                Province

    Province
       Fe                           Happy Valley-
                                     Goose Bay                                                Michelin Deposit -
                                                                                              Paladin Energy Ltd
                                                                                              (Uranium)
           250 km

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ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals
REGIONAL TECTONIC ELEMENTS

Orogenic activity and continental re-aggregation between 1.3
and 1.0 Ga (Grenville Orogeny) formed copper deposits            White Pine /       Katanga
associated with sedimentation and basaltic volcanism in intra-   Keweenawan
continental rifts.
                                                                        Seal Lake

                                                                                              Rodinia 1070 Ma

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ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals
REGIONAL TECTONIC ELEMENTS

Deposition, volcanism and intrusion in the Seal Lake
Group were broadly coeval with the Laurentia-wide
rifting, such as that exhibited by the Mid-continental Rift
System (MRS) of North America.

                                                                                     Seal Lake

                                                                               Otish Basin

                                                              MRS
                                                                    White Pine / Keweenawan

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ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals
REGIONAL TECTONIC ELEMENTS

Seal Lake Group - Geology

• ~10,000 km2 in central Labrador (outlined in blue)

• Mesoproterozoic supracrustal sequence

      • Argillite, arenite
      • Basalt flows
      • Gabbro sills

• Triple junction of the Churchill, Nain and Grenville
  provinces

• The Seal Lake Group formed as a result of extensive
  continental sedimentation during a rift related cycle
  of uplift and erosion.

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ADELINE COPPER PROJECT - Labrador, Canada Copper, Silver JANUARY 2021 - Altius Minerals
LAND TENURE

                                                                                                      Altius Map Staked Claims

• Altius is the sole tenement holder covering prospective stratigraphy

• 12,925 Ha (129.3 km2) in five contiguous map-staked mineral licenses (517 claims; all first year)

• CDN $103,400 in exploration expenditures required in 2021

• One aboriginal group with a formal land claim

• No parks, ecological reserves or restricted land use areas

                                                                                                                                 10
REGIONAL COPPER MINERALIZATION

                         250 copper occurrences

                        120 km long – 45 km wide

•    Hosted primarily by the middle formations of the
     Mesoproterozoic Seal Lake Group

•    Copper mineralization is structurally controlled, epigenetic
     and likely associated with the Grenville Orogeny (ca. 1.0 Ga.)     Chalcocite mineralization in grey beds at Adeline Island

Copper occurs in two settings:

1.   Chalcocite and/or bornite stringers and quartz-carbonate
     veins in diabase, basalt, or grey to black shales, arenite and
     phyllite (reduced “grey beds”) Primary Target

2.   Native copper-bearing quartz-carbonate veins within red
     slate and/or strongly hematitic basalt units.

                                                                      Native copper mineralization in basalt at Salmon Lake Main

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PROSPECTIVE STRATIGRAPHY

                                          Ellis:                 Brian Prospect:
                                          4.9% Cu, 192 g/t Ag    0.3% Cu, 8.5 g/t Ag   Duck Lake East &                 Brandy Lake:
                                                                                       South                            2.3% Cu, 6.6 g/t Ag
                           Ellis Pond #75:
                           4.9% Cu, 192 g/t Ag

   Adeline River:
   1.2% Cu, 8.9 g/t Ag

                Adeline Island:
                5.3% Cu, 55.6 g/t Ag                                                                                                          East Seal Lake #68 & 206:
                                                                                                                                              38.8% Cu, 24.9 g/t Ag

                         Seal Lake No. 1:             South Adeline Mountain:
                         26.9% Cu, 16.5 g/t Ag        13.6% Cu, 199 g/t Ag                                              Whiskey Lake:
                                                                                                 Salmon Lake Main:      5.5% Cu, 135 g/t Ag
                                                                                                 5.6% Cu, 15.2 g/t Ag

Seal Lake Group

                                                                • The Adeline Island Formation of the Seal Lake Group is the main
                                                                  host to the grey-bed hosted copper mineralization.

                                                                • Comprises interbedded slate, phyllite and quartzite having
                                                                  subordinate calcareous rocks, basalt flows and thin gabbro sills.

                                                                                                                                                                          12
PROSPECTIVE STRATIGRAPHY

                 Mineralization       Seal Lake Group              Major Prospects
                    Copper Sulphide   (after Van Nostrand, 2011)   (see previous map for locations)
                    Native Copper

                                                                    No known copper occurrences

                 Chalcocite                                         Adeline Island                Ellis
Primary Target

                 Bornite                                            Adeline Island West           Duck Lake East
    Horizon

                 Chalcopyrite                                       Adeline River                 Brian Prospect
                 Pyrite                                             Adeline Lake North Shore 1    Brandy Lake
                 Molybdenite                                        Adeline Lake North Shore 2
                 Sphalerite?                                        Adeline Lake North Shore 3

                 Native Copper                                      Ellis 75
                 Chalcocite                                         Seal Lake Main
                 Bornite                                            East Seal Lake 68 & 206
                 Chalcopyrite                                       Salmon Lake Main
                 Pyrite                                             Seal Lake #1
                 Molybdenite                                        Whiskey Lake

                 Native Copper
                 Chalcopyrite

                 Chalcocite                                          South Adeline Mountain
                 Bornite

                                                                                                                   13
STRUCTURAL MODEL

• The Seal Lake Group is complexly folded into an east-trending, doubly plunging syncline
• The southern limb of the syncline has been overturned and thrust northward during Grenvillian deformation (ca. 1.0 Ga)
• Deformation has created ‘structural traps’ that host copper mineralization

            The claim outline denoted in blue is outdated and the reader should refer to slide 10 (“Land Tenure”) for the current property outline.

                                                                                                                                                      14
STRUCTURAL MODEL

Copper mineralization is epigenetic, likely attributed to deformation
associated with the Grenville Orogeny.

The mineralization occurs as veins and replacements along contact
zones and deformation zones associated with folds and faults.
Evident at all scales.

                                                                                     Small scale F2 fold in drill hole K-1 at 63ft (Adeline Island)
       Schematic of ‘structural trap“ at Cupric Canyon Capital’s Zone 5 deposit in   with bornite and chalcocite mineralization along the S1
       Botswana (Kalahari Copper Belt) hosted by Meso- Neo- Proterozoic rocks.       foliation.

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ALTIUS PROGRAM SUMMARY

Comprehensive Digital Compilation

•       Exploration and government data (drilling, geology,
        geochemical surveys).

Field and Laboratory studies

    •     Geological mapping
    •     Rock and soil geochemistry
    •     Core re-logging
    •     Laboratory based studies (petrography, SEM,
          geochronology)

Data analysis

    •    Integration and interpretation of all digitized data
    •    Identified target areas with resource potential.

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EXPLORATION HISTORY

Time        Company         Drill      Methods           Comments
1951-1956   Frobisher       27 drill   Geochemistry      200+ copper showings discovered
            Kennco          holes      Prospecting
                                                         Ellis             4.3m @ 1.69% Cu, 46 ppm Ag
                            1743 m                                         3.5m @ 1.85% Cu, 41 ppm Ag
                                                         Adeline           2.4m @ 2.45% Cu, 10 ppm Ag
                                                         S Adeline Mt.     6.1m @ 0.14% Cu, 2.7 ppm Ag

1967-1972   Brinex          15 drill   Geochemistry      Minor drill intercepts indicated widespread copper
            Bethlehem       holes      Geophysics        mineralization
            Steel           1219 m     Geology
1992        Noranda         -          Geophysics
                                       AEM
                                       Geochemistry
2005-2006   Silver Spruce   -          Geophysics        Uranium focused exploration
            Mega                       Heliborne
                                       Magnetics-Gamma
            Uranium                    Survey

2011        Playfair        24 drill   Satellite         Widely spaced wildcat drilling of favorable Adeline
            Mining          holes      Imagery           Formation, confirmed widespread reduced grey
                                                         beds.
                            4355 m
                                                         Improved grades at Ellis (Target 3)

                                                             7.9m @ 1.76% Cu, 56.2ppm Ag

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TARGET AREAS

               There are two broad target areas each located on a limb of a regional
               scale fold:

                    South Limb        North Limb
                    1. Adele                2. Adeline
                                            3. Ellis
                                            4. Duck

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SSC MODEL

SSC Model Criteria (Reduced Facies Subtype)

✓   Rock Type: Host rocks are reduced facies marine or
    lacustrine rocks such as green, black, or gray shale,
    siltstone, thinly laminated tidal facies, or reefoid carbonate
    rocks, and dolomitic shales.

✓   Age Range: Most deposits favor Middle and Late
    Proterozoic rocks worldwide.

✓   Depositional Environment: Continental clastic sedimentary
    basins succeeded by epicontinental shallow-marine or
    lacustrine basin within 30° of the paleoequator.

✓   Tectonic Setting: An intracontinental rift or aulacogen

✓   Mineralogy: Chalcocite and other Cu2S-CuS minerals +
    bornite.

      ✓   Deposits may be zoned with centers of chalcocite-
          bornite, outer zones of chalcopyrite-pyrite, and
          peripheral galena-sphalerite.

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EXPLORATION OPPORTUNITY

Recommended 2021 program

•   Prospecting
•   Soil geochemistry
•   Core re-logging
•   Detailed geological/structural mapping
•   Select drill targets

Estimated first year program budget C$400K

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CONTACT INFORMATION

        Chad Wells
        Vice-President, Business Development
CW 29   Phone: (709) 579-8271
        Email: Chad@altiusminerals.com

        Lawrence Winter
LW      Vice-President, Exploration
        Phone: (709) 579-8278
        Email: Lawrence@altiusminerals.com

        Altius Resources Inc.
        2nd Floor, 38 Duffy Place
ALS     St. John’s, NL, A1B 4M5
        Main: (709) 576-3440
        Fax: (709) 576-3441

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