Ben Lomond

Overview

Highlights

• The Milo deposit is a large IOCG breccia style system where base and precious metal mineralization occurs as moderate to steeply north-east dipping, sulphide rich breccia zones which are enclosed by a zone of TREEYO-P2O5 enrichment forming a halo to the base metal mineralization
• Drilling by GBM from 2010 to 2012 totalled 32 drillholes with each phase of drilling extending the mineralization to the north and south. The drilling has delineated continuous Uranium, Cu and REE mineralization over a strike length of 1 kilometre and up to 200 metres wide
• There are currently no drillholes that penetrate the oxidised mineralization and so the nature of any oxide or supergene mineralization is unknown

Historical Mineral Resource Estimate:

Table 1: Milo Inferred TREEYO resource, at a 300ppm TREEYO cut-off.

	cutoff	Tonnes	TREEYO	P2O5¹	CeO2¹	La2O3¹	Nd2O3¹	Pr2O3¹
	(TREEYO ppm)	(Mt)	(ppm, t)	(%,t)	(ppm, t)	(ppm, t)	(ppm, t)	(ppm, t)	more (+)
Grades	330	176	620	0.75	260	150	80	24
Contained Metal			108,000	1,330,000	46,140	26,460	13,850	4,230
	Sm2O3¹	Eu2O3¹	Gd2O3¹	Y2O3²	Dy2O3²	Er2O3²	Others²
	(ppm, t)	(pm, t)	(ppm, t)	(ppm, t)	(ppm, t)	(ppm, t)	(ppm, t)
	12	4	10	52	8	5	9	¹ LREEOs
	2,170	710	1,780	9,150	1,480	850	1,620	² HREEYs

Table 2: Inferred copper equivalent resource (above 0.1% copper equivalent).

	cutoff	Tonnes	CuEq	Au	Cu	Ag	Mo	Co	U3O8
	(CuEq %)	(Mt)	(%, t)	(ppm, oz)	(ppm, t)	(ppm, oz)	(ppm/t)	(ppm/t)	(ppm/M lbs)	more (+)
Resource	0.1	88.4	0.34	0.04	1,090	1.63	65	130	72
Contained metal			301,000	126,000	96,500	4,638,000	5,700	11,700	14.0

Reported by Gmb Resources Ltd. in a scoping study entitled “Milo Project Scoping Study” prepared by Peter Owens and Basile Dean of Mining One Consultants, dated March 6, 2013. An exploration program would need to be conducted, including twinning of a selection of certain holes, along with updating of mining processing and certain cost estimates in order to verify the Milo Project historical resource estimate as a current mineral resource estimate.

The historical estimate is reported using the categories of mineral resources and mineral reserves as defined by the Canadian Institute CIM Definition Standards for Mineral Reserves, and mineral reserves at that time, and these “historical estimates” are not considered by IsoEnergy to be current. The reliability of the historical estimate is considered reasonable, but a Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and IsoEnergy is not treating the historical estimate as a current mineral resource. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results. An exploration program would need to be conducted, including twinning of a selection of certain holes, along with updating of mining processing and certain cost estimates in order to verify the Milo Project historical resource estimate as a current mineral resource estimate.

Geology

The Milo deposit is a large IOCG breccia style system where base and precious metal mineralization occurs as moderate to steeply north-east dipping, sulphide rich breccia zones which are enclosed by a zone of TREEYO-P2O5 enrichment forming a halo to the base metal mineralization. Drilling by GBM from 2010 to 2012 totalled 32 drillholes with each phase of drilling extending the mineralization to the north and south. The drilling has delineated continuous Uranium, Cu and REE mineralization over a strike length of 1 kilometre and up to 200 metres wide. The 2012 drilling program intersected some high-grade Cu mineralization including 2 metres @ 6.19% Cu at 163 m downhole in MIL015, one of the most southerly drilled holes. Oxidation at Milo is generally shallow, typically extending 10 metres to 20 metres below surface. There are currently no drillholes that penetrate the oxidised mineralization and so the nature of any oxide or supergene mineralization is unknown.

Exploration Potential

Exploration potential at Milo is considered to be very good. Much of the previous work at Milo including the bulk of drilling has been directed at The Milo Gossan. A similar gossan occurs immediately to the west (Milo Western Gossan) and is over 1 kilometre long. It has a similar Radiometric signature to Milo. In addition, a further large untested radiometric anomaly occurs approximately 1 kilometre to the North (Milo North) which has the largest radiometric anomaly on the tenement. Previous work has focused on the rare earth potential of the project rather than the Uranium potential.