Extra High

Gold, Zinc, Lead advanced exploration property in B.C near Kamloops

Location

The Extra High property is located 60 km north from Kamloops B.C., Canada. Access to the property is by good gravel logging roads to the 1,450 metre elevation.

Mineralization

The Extra High property is underlain by a northwest trending package of rocks termed the Rea Assemblage. From east to west, the package consist of limestone, overlain by mafic flows and pyroclastics, overlain by felsic volcanics, cherts and pyritic sediments (which host the massive sulphide mineralization), which is in turn overlain by turbidites, wackes and conglomerates. Three mineralized structures cross the Extra High property with a northwest to southeast orientation. From west to east they are (1.) Rea Zone, (2.) Silver Zone, (3.) Twin Mountain Zone.

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Exploration History

The property has had a long history of mineral exploration dating back to the 1890’s. The Twin Mountain Zone has been explored intermittently since 1936 for copper, lead and zinc sulphides with barite. Extensive trenching with two exploration tunnels plus soil sampling on the adjacent property indicated a strike length of over 4.5 km. Exploration programs in the 1980’s by Apex Energy Corp / Austin Resources Corp followed by an option to Falconbridge Copper (later Minova Inc.) disclosed a number of soil geochemical anomalies which trended northwesterly across the Colt ground. The soil anomalies contain copper, lead, silver and zinc values with lesser gold values and extend for 1.6 km across the property ail the way to the northern boundary with the now closed Samatosum Mine.

The centrally located Silver Zone was discovered in the 1980’s following the discovery of the Rea Gold Zone and the Samatosum Zone adjacent to the north. This ground was owned by the Kamad Silver Company Ltd, which explored up to 1985 and then optioned to Esso Minerals up to 1989. This was followed by Homestake Canada Ltd. acquiring an interest up to 1992.

The Rea Zone was similarly explored during the 1980’s and early 1990’s as part of a property wide program to attempt to extend the newly discovered Rea Horizon to the south east. The discovery of the Rea GoId volcanogenic massive suiphide lenses in 1983 and the Samatosum massive suiphide deposit in 1986 shifted the focus of exploration from the Homestake Bluffs (south east of the Colt ground) to the plateau area. Geophysical surveys and diamond drilling were carried out on the Kamad 7 claim in 1983 and 1984 and identified massive suiphide mineralization on the Rea Horizon. In 1985, a company called 259146 B.C. Ltd. also drilled 5 holes totaling 369.7 metres into this new zone. In 1986, Esso Minerals Canada conducted an extensive geological, geochemical and geophysical evaluation of the Rea Horizon on the Kamad 7 and 8 claims. This was followed by trenching and 1,814 metres of diamond drilling. An additional 1,125 metres of diamond drilling were completed in 1987. In 1988, 2,094 metres of diamond drilling were completed and resulted in the discovery of the K7 massive suiphide lens.

Homestake Canada Ltd. acquired Esso’s interest in the property in 1989 and completed 4,972 metres of diamond drilling in 25 holes, 785 metres of trenching in 14 trenches, and 11 km of Genie EM geophysical surveys on the Kamad 7 and 8 claims. This work program tested the down dip continuation of the recently discovered K7 lens and successfully located the Rea horizon on the Kamad 8 claim to the east. Homestake completed 2,961 metres of diamond drilling in 1990 and attempted down hole pulse Em geophysics.”

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Recent Exploration Work done by Colt

Zab Resources Inc, a related company to Colt, acquired 35 Extra High claims in 2004. A diamond drilling program was carried out at the end of 2007 with successful results. A total of 1,293.59 metres of NQ diamond drilling were completed on the Rea Zone in the area of the K7 lens.

Since January 2008, when the partial ownership and exploration responsibility were transferred to Colt, no exploration work has been done.

Interpretation and Conclusions (according to 43-101 Report)

The 2007 program of exploration drilling both in the area around the K7 lens and on the K7 lens itself was very successful. It defined additional mineralization on the K7 lens and increased the confidence in the existing mineralization. The program also indicated new areas requiring further work to attempt to locate new zones of mineralization. In the writer’s opinion, the property remains an excellent exploration target with the potential to host one or more small open pit deposits in a near surface environment.

Recommended Exploration Program (according to 43-101 report)

A two phase exploration program is planned on the Extra High property. A Phase 1 program estimated to cost $320,000 and lasting 2 months would involve diamond drilling to be followed with a Phase 2 program which would encompass the initiation of an independent resource calculation to assess the potential for the drill indicated mineralization on the property.

Financial Obligations

On January 23, 2008, Colt entered into an Option Agreement with Zab Resources Inc., a related company, whereby Colt has the right and option to acquire, in two separate equal tranches, Zab's 66% undivided interest in the Extra High Property.

Pursuant to the Option Agreement, Colt has exercised the first tranche of the option by making a cash payment of $250,000 to Zab and has acquired from Zab a 33% undivided interest in the Property. As a result of exercising the first tranche of the option, Colt now holds a 67% undivided interest in the Property and has become the operator of the Property.