GEOLOGICAL REPORT AND SUMMARY OF FIELD · PDF fileGEOLOGICAL REPORT AND SUMMARY OF FIELD EXAMINATION, GOLDEN SHEARS PROPERTY, Clark County, Nevada . USA . June 15, 2015 . R. A. Lunceford,

GEOLOGICAL REPORT AND SUMMARY OF FIELD EXAMINATION,

GOLDEN SHEARS PROPERTY,

Clark County, Nevada

USA

June 15, 2015

R. A. Lunceford, M.Sc., CPG

761 Aspen Trail

Reno, NV 89519

PREPARED FOR

WALMER CAPITAL CORP.

22 Coulson Ave.

Toronto, Ontario M4V 1Y5

Canada

Signed and Sealed Robert A. Lunceford

In Compliance with NI43-101 and Form 43-101F1

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TABLE OF CONTENTS

1.0 SUMMARY ...................................................................................................................................... 7 1.1 INTRODUCTION AND TERMS OF REFERENCE................................................................................................... 7 1.2 RELIANCE ON OTHER EXPERTS ............................................................................................................................ 7 1.3 PROPERTY DESCRIPTION AND LOCATION ........................................................................................................ 7

1.3.1 Mineral Tenure and royalties ................................................................................................. 8 1.3.2 Environmental and permitting .............................................................................................. 8

1.4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY ................ 9 1.5 HISTORY ........................................................................................................................................................................ 9 1.6 GEOLOGY AND MINERALIZATION ........................................................................................................................ 9

1.6.1 Regional geology and mineralization .................................................................................. 9 1.6.2 Local geology and mineralization ...................................................................................... 10

1.7 EXPLORATION AND DRILLING ............................................................................................................................. 11 1.8 SAMPLE PREPARATION, ANALYSES, AND SECURITY ................................................................................... 11 1.9 DATA VERIFICATION .............................................................................................................................................. 11

1.10 INTERPRETATION AND CONCLUSIONS .............................................................................................................. 12 1.11 RECOMMENDATIONS .............................................................................................................................................. 12

2.0 INTRODUCTION AND TERMS OF REFERENCE ................................................................ 13 3.0 RELIANCE ON OTHER EXPERTS .......................................................................................... 13 4.0 PROPERTY DESCRIPTION AND LOCATION ..................................................................... 14

4.1 PROPERTY LOCATION ............................................................................................................................................ 14 4.2 MINERAL TENURE AND ROYALTIES.................................................................................................................. 19 4.3 ENVIRONMENTAL AND PERMITTING ................................................................................................................ 19

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, PHYSIOGRAPHY ....................................................................................................................... 20 6.0 HISTORY ..................................................................................................................................... 21 7.0 GEOLOGICAL SETTING AND MINERALIZATION ............................................................ 22

7.1 REGIONAL GEOLOGY ................................................................................................................................................. 22 7.1.1 Mesozoic and Paleozoic sedimentary rocks .................................................................. 22 7.1.2 Tertiary and Mesozoic igneous rocks ............................................................................... 25 7.1.3 Structure and Mineralization ............................................................................................... 26

7.2 PROPERTY GEOLOGY ............................................................................................................................................... 28 7.2.1 Paleozoic sedimentary rocks ............................................................................................... 28 7.2.2 Mesozoic intrusive rocks ....................................................................................................... 32 7.2.3 Structures ..................................................................................................................................... 32 7.2.4 Mineralization and alteration .............................................................................................. 35

8.0 DEPOSIT TYPES ........................................................................................................................ 36 9.0 EXPLORATION .......................................................................................................................... 38

9.1 EXPLORATION ACTIVITIES ................................................................................................................................... 38 9.2 EXPLORATION RESULTS AND INTERPRETATION .......................................................................................... 40

10.0 DRILLING .................................................................................................................................... 51 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ................................................... 51

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12.0 DATA VERIFICATION .............................................................................................................. 52 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING........................................... 54 14.0 MINERAL RESOURCE ESTIMATES ...................................................................................... 54 15.0 MINERAL RESERVE ESTIMATES ......................................................................................... 54 16.0 MINING METHODS ................................................................................................................... 54 17.0 RECOVERY METHODS............................................................................................................. 55 18.0 PROPERTY INFRASTRUCTURE............................................................................................ 55 19.0 MARKET STUDIES AND CONTRACTS ................................................................................ 55 20.0 ENVIRONMENTAL, PERMITTING, SOCIAL OR COMMUNITY IMPACT..................... 55 21.0 CAPITAL AND OPERATING COSTS...................................................................................... 55 22.0 ECONOMIC ANALYSIS ............................................................................................................. 55 23.0 ADJACENT PROPERTIES ........................................................................................................ 55 24.0 OTHER RELEVANT DATA AND INFORMATION .............................................................. 55 25.0 INTERPRETATION AND CONCLUSIONS ............................................................................ 55 26.0 RECOMMENDATIONS ............................................................................................................. 56 27.0 REFERENCES .............................................................................................................................. 59

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FIGURES

Figure 4-1. Location of the Golden Shears Property, Clark County, Nevada. ................................ 15 Figure 4-2. The Golden Shears Property. ..................................................................................................... 18 Figure 7-1. Regional geologic map. ................................................................................................................ 23 Figure 7-2. Stratigraphic section – regional geologic map for Figure 7.1.. .................................... 24 Figure 7-3. Structural features of the Goodsprings Quadrangle, Nevada-California. ............... 27 Figure 7-4. Geologic map of the Golden Shears Property. .................................................................... 29 Figure 7-5. Local stratigraphic column, Golden Shears Property. ..................................................... 30 Figure 7-6. Schematic long section of the Golden Shears Property. ................................................. 33 Figure 7-7. Ireland mine schematic cross section. ................................................................................... 34 Figure 8-1. A Pacific Rim model of mineralization. ................................................................................. 37 Figure 9-1. Exploration work programs completed on the Property during 2013 to 2015. . 39 Figure 9-2. Gold in rocks and soils. Maximum values in PPM are indicated. ................................ 42 Figure 9-3. Silver in rocks and soils. Maximum values in PPM are indicated. .............................. 43 Figure 9-4. Copper in rocks and soils. Maximum values in PPM are indicated .......................... 44 Figure 9-5. Lead in rocks and soils. Maximum values in PPM are indicated. ............................... 45 Figure 9-6. Zinc in rocks and soils. Maximum values in PPM are indicated. ................................. 46 Figure 9-7. Index map anomalous samples.. .............................................................................................. 47 Figure 9-8. Interpreted gravity map. Skarn and shallow intrusive bodies are indicated. ...... 49 Figure 9-9. Interpreted magnetic map. Skarn and shallow intrusive bodies are indicated. . 50 Figure 26-1. Recommended Phase I drill holes. ........................................................................................ 57

TABLES

Table 1-1.1 Recommended Phase I Exploration Budget, Golden Shears Property. ................... 12 Table 4-1. Unpatented lode mining claims, Golden Shears Property. .............................................. 17 Table 6-1. Production from the Monte Cristo, Accident, Bullion, and Valentine mines. .......... 22 Table 9-1. Geochemical samples collected on and around the Property. ....................................... 38 Table 9-2. Anomalous geochemical sampling outside of target areas. ......................................... 48 Table 12-1. Results of Author's audit samples, collected April 1, 2015. ......................................... 53 Table 13-1. Cyanide soluble gold and silver in samples.. ...................................................................... 54 Table 26-1. Recommended Phase I, Phase II Exploration Budget. ................................................... 58

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CERTIFICATE OF AUTHOR

I, Robert A. Lunceford., CPG, am a self-employed geologist.

This certificate applies to the technical report titled “Geological Report and Summary of Field Examination, Golden Shears Property, Clark County, Nevada USA for Walmer Capital Corp. dated 15 June, 2015 (the “Technical Report”).

I am a registered Certified Professional Geologist #6456 with the American Institute of Professional Geologists of Littleton, Colorado. I graduated with a BS degree in Geology in 1971 from San Diego State University, and a MSc. degree in Geology in 1976 from Montana State University. I reside at 761 Aspen Trail, Reno, NV 89519, USA.

I have practiced my profession for 35 years. During this time I have participated in the discovery, exploration, and evaluation of metals and mineral deposits in North, Central, and South America, including more than 10 years experience in project management and evaluations of gold systems in the western USA.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101).

I visited the Golden Shears Property on April 1, 2015.

I am solely responsible for all Sections of the Technical Report.

I am independent of Walmer Capital Corp., and Renaissance Gold Inc. as independence is described by Section 1.5 of NI 43–101.

Since April 26, 2015, I have been involved with the Golden Shears Property as a geologist who conducted a site visit on April 1, 2015 and subsequently reviewed, in detail, exploration activities and results.

I have read NI 43–101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, all sections of the Technical Report contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

Dated: 1 May, 2015

Robert A Lunceford, Certified Professional Geologist.

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CONVERSIONS

The following table sets forth certain standard conversions from the Standard Imperial units to the International System of Units (or metric units).

To Convert From To Multiply By

Feet Metres 0.3048

Metres Feet 3.281

Miles Kilometres 1.609

Kilometres Miles 0.621

Acres Hectares 0.405

Hectares Acres 2.471

Grams Ounces (troy) 0.032

Ounce (troy) Grams 31.103

Tonnes Short Tons 1.102

Short tons Tonnes 0.907

Grams per ton Ounces (troy) per ton 0.029

Ounce (troy) per ton Grams per ton 34.438

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1.0 SUMMARY

1.1 Introduction and Terms of Reference

Walmer Capital Corp. (“Walmer” or “the Company”) was incorporated under the Business Corporations Act (Alberta) in 2011. At the close of the Qualifying Transaction, the Company will be listed on the TSX Venture Exchange (“TSX.V”) under the symbol “WAL”. Renaissance Gold Inc. (or “RenGold”) was incorporated under the laws of British Columbia on May 25, 2010 and the common shares of RenGold are listed on The TSX (“TSX:REN”). Walmer can earn an initial 70% interest in the Golden Shears Property (or the “Property”) through an exploration earn-in agreement with Renaissance Exploration, Inc., (or “RenEx”), a wholly owned subsidiary of Renasissance Gold Inc.

This Technical Report, prepared in compliance with NI43-101, is based on a foundation of published and archival geologic and historic data from the Nevada Bureau of Mines and Geology (“NBMG”), the United States Geological Survey (“USGS”), Economic Geology, and other publications including other nearby NI43-101 technical reports. Extensive primary geologic, geochemical, and geophysical databases pertaining to work programs completed on the Golden Shears Property between 2013 and 2015 were also evaluated. The author, Mr. Robert Lunceford, is a Certified Professional Geologist of the American Institute of Professional Geologists, and Qualified Person under NI43-101 requirements. Accompanied by Mr. Bedell, President and CEO of RenGold, the author completed a site visit of the Property on April 1, 2015, during which eight audit samples were collected (see Data Verification section).

1.2 Reliance on Other Experts

This Technical Report is an accurate representation of the status and geologic potential of the Property based on the information available to the author and the site visit completed on April 1, 2015. All work programs completed on the Property were supervised by a Qualified Person as defined by NI43-101. Work recommended herein under Recommendations includes an initial drill test that will be supervised by a Qualified Person(s).

It was not within the scope of this Technical Report to examine in detail or to independently verify the legal status or ownership of the Property. RenGold, the owner of the Property, have provided certain information concerning the current ownership status to the author of this Technical Report. The author has reviewed the relevant federal and county filing documents for the assessment year ending August 31, 2015 and has no reason to believe that ownership and status are other than as has been represented.

1.3 Property Description and Location

The Property is located within the Goodsprings Mining District in southern Nevada, 30 miles (48 kms) southwest of Las Vegas, and approximately five miles (8 kms) west of Jean and two miles (3.2 kms) south of Goodsprings, Nevada (Figures 4.1). The Property centroid is UTM 642,603.21mE, 3,959,380.58mN (UTM WGS84, zone 11N) or Longitude -115.422432 by Latitude 35.768146 (WGS84, zone 11N).

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The 109 unpatented lode mining claims (“IM” claims) of the Golden Shears Property accruing 2,180 Ac. or 882.2 Ha cover portions of sections 1-2, 11-14, 23-26, and section 36 of T25S, R58E, and sections 7 and 18 of T25S, R59E, Mount Diablo Base and Meridian. All unpatented lode mining claims have to be filed and registered with both the US Bureau of Land Management (“BLM”) and the local County Recorder’s Office in Clark County where the claims are located. The 109 IM claims comprising the Property appear to be valid and in good standing, with all required federal and county fees paid for the assessment year ending on August 31, 2015, and October 31, 2015, respectively. Annual holding costs to maintain the claims in good standing include BLM fees of $US 155.00/claim and Clark County fees of $US10.50/claim.

1.3.1 Mineral Tenure and royalties

The Property is held by Walmer under a March 25, 2015 (“Effective Date”) Exploration and Earn-In Agreement (the “Earn-In Agreement”) with Renaissance Exploration, Inc., (“RenEx”). Under the Agreement the Property is subject to an overiding 1.5% Net Smelter Royalty payable to Altius Minerals Corporation (TSX:ALX) by Rennaissance Gold Inc. as stipulated in a January 13, 2014 Royalty Agreement.

Under the Earn In Agreement, Walmer can earn a 70% interest in the Property by completing a series of annual work programs and completing a Bankable Feasibility Study (“BFS”). To enter into the Earn In Agreement, Walmer was required to make an intial payment to RenEx consisting of $50,000 and reimbursement of $33,426 to RenEx for all mineral claim fees. An initial payment of $20,000 was paid by Walmer to RenEx within three days of the Effective Date, with the balance due at the closing of the qualifying transaction on the TSX Venture Exchange.

To complete annual work requirements Walmer must expend the following (in US currency) during each Agreement Year 1) $200,000, 2) $300,000, 3) $400,000, 4) $500,000, 5) $500,000, 6) $500,000, and 7) $500,000. At the end of the Agreement Year 7 Walmer must have completed work programs totaling $3,000,000 and produced a BFS (Bankable Feasibility Study). Should the BFS not be completed, Walmer can elect to terminate the Earn-In Agreement and retain a 3% Net Smelter Royalty. Should Walmer earn the 70% interest within the required seven year period, then a joint venture will be formed to continue work on the Property.

1.3.2 Environmental and permitting

Permitting activities for drill programs and other surface disturbances on the unpatented mining claims of the Property are administered by the U.S. Department of Interior, Bureau of Land Management’s at the Southern Nevada District office in Las Vegas under the Federal Land Policy and Management Act (“FLPMA”) of 1976. Following inspection by the BLM, the project site proposed for a drill program as described herein, a desert tortoise (Gopherus agassizii), a Federally listed threatened species, was observed adjacent to the route to the project site and three active tortoise burrows were located within the project site. The Plan must include but is not limited to, a desert tortoise, wildlife, botany, cultural and other surveys, environmental assessment, as well as location of suitable and graded access route and grading and maintenance of existing roads. As of the date of this Technical Report, RenGold is supervising preparation of a Plan of Operation with Enviroscientists, Inc. (Reno, Nevada). The schedule for completion of the Plan is unknown at this time.

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1.4 Accessibility, climate, local resources, Infrastructure, and physiography

The Golden Shears Property is reached by traveling 22 miles (35 kms) southwest from Las Vegas on Interstate Highway 15 to the small town of Jean, then 6.1 miles (9.8 kms) northwest on paved Nevada State Highway 161, to a dirt access road (Figure 4.1). The dirt road is traveled southwest 1.5 miles (2.4 kms) to the northeast edge of the Property. Local four-wheel drive roads traverse most areas of the Property. Total travel time from McCarran International Airport in Las Vegas to the Property is about one hour.

Limited supplies, gas stations, restaurants and a hotel are available in Jean, and Goodsprings located 7.3 miles (11.7 kms) from Jean along Highway 61. Extensive supplies, hotels, and restaurants, services, technical and non-technical labor suitable for advanced exploration and development are available in Las Vegas, the largest city in Nevada.

The Property is located at the western side of the Goodsprings Valley along the eastern flank of the Spring Mountains. It is situated within the Great Basin Physiographic Province, characterized by generally north trending mountain ranges flanked by alluvial valleys. Topography over the Property transitions from the valley floor at 980 feet (298 m) to the lower flanks of small mountains reaching an elevation of 3,880 feet (1,182 m) ASL.

Annual temperatures varies from 44°F (6.6°C) in December to 95°F (35°C) in July but can reach a low of 18°F in January and a high of 118°F (47.7°C) in July. Annual rainfall averages around 2.3 inches (5.84 cm), with most rainfall in the July to December period. Work activity is possible year round. No natural springs or water sources are known on the Property.

1.5 History

The Property is located within the Goodspring Mining District which was organized in 1882, orginally as the Yellow Pine District. The earliest reported mining production was conducted by Mormons at the Potosi (Pb-Zn) mine in 1856. Unusually, diverse metals (gold, silver, copper, lead, zinc, platinum, palladium, cobalt, and vanadium) from vein, bedded, and replacements deposits have been produced from the district (Longwell, et. al., 1965). The most important district production was zinc-lead recoverd from carbonate hosted MVT (Mississippi Valley Type) replacement occurences.

Several shallow to collapsed pits, adits, and shafts are located on the Property but there is no reported production from these workings. At the south end of the Property, a partially reclaimed heap leach operation, closed by 1985, is evident but no production records are available to the author.

1.6 Geology and Mineralization

1.6.1 Regional geology and mineralization

The Property is located in the southern end of the Spring Mountains which contain Charleston Peak at 11,918 feet (3,632 m) the highest elevation in Clark County. The northern part of the range generally trends northwest while the southern end is oriented north-south. The southern end of the range, at lower elevation than the northern part, is composed of Tertiary extrusive and Late Triassic intrusive feldspar porphyry which has invaded a dominantly carbonate sedimentary sequence including 9,000 feet (2,743 m) of Paleozoic strata and about 4,000 feet (1,219 m) of Mesozoic sedimentary rocks. The Spring Mountains are complexly deformed, dominated by thrust faults, large folds, and northwest striking normal faults (Longwell, et. al., 1965).

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Dominant structures consist of early Late Cretaceous, west dipping, imbricate thrust faults slices that define the southern end of the Sevier orogenic belt (Vikre, et. al., 2011). Several of the thrust faults extend across the range, while others have more local extent depending on their dip and orientation. The near region of the Property in the southern Spring Mountains is underlain by the easternmost west dipping Keystone overthrust (Figure 7.3). Both within and around the Property, predominantly northwest trending normal faults which dip both east and west have displaced the thrust faults at several localities. Both dip slip and strike slip movement is recognized.

The earliest phases of the feldspar porphyry may have acted as permeability barriers to hydrothermal mineralizing fluids. Locally, combinations of structure and stratigraphic permissiveness appear to have controlled mineralizing fluids (Kepper, 2004). Vikre, et. al., (2011) noted that bedding in carbonate rocks at intrusion contacts are undisturbed and contact zones unbrecciated suggesting that the emplacement of the hydrothermal fluids and intrusive rocks were broadly contemporaneous.

1.6.2 Local geology and mineralization

Virtually all of the bedrock exposed on the Property consists of a Paleozoic carbonate sequence which has been intruded by small hypabyssal feldspar porphyry stocks, sills, and dikes. The Property is located on the upper plate of the Keystone thrust near its leading eastern edge on the southeastern flank of the Spring Mountains at the pediment edge (Figure 7.4). The Keystone thrust fault is the only overthrust recognized within the Property boundary. Its trace, indicated by field relationships and a gravity survey (section 9.0 Exploration) is largely concealed beneath alluvium and colluvium east of the Property boundary except where it transects a small bedrock exposure at the northeast part of the Property. The Keystone thrust is cut by at least two low angle normal faults (detachments) which may be relaxational or sympathetic to the upper plate of the Keystone thrust and subsequently cut by several high angle normal faults. At least some of these northwest striking faults also localize Ag-Au-Pb-Zn-Cu fissure and replacement mineralization within lithologically permissive sequences, although mineralized faults that cut the thrust fault have not been observed on the Property (Pace, 2015).

Outcropping or subcropping Late Triassic feldspar porphyry rocks are most widespread in the northern part in the Crystal Pass area. Other than two small stock or sill-like bodies south of the South Pits (Figure 7.4) all feldspar porphyry crops out within an aligned northwest corridor, roughly 2.0 miles wide by +3.0 miles (32.2 by 4.8 kms) long, and many of the stocks, sills, dikes within this zone are aligned to the northwest.

Mineralization identified to date on the Property is characterized as polymetallic (Ag-Au-Cu-Pb-Zn) carbonate-hosted replacements and fissure/veins with appreciable precious metal content. Litho-geochemical sampling conducted to date has indicated that precious and base metal mineralization is concentrated in three main target areas including, from north to south Crystal Pass, Ireland mine, and South pits (Figure 7.4). The most important target to date is the Ireland mine where gold-rich samples (exceeding 10 grams) have been obtained from northwest trending fissures or veins.

Within the scale of the Property and adjacent area to the west, the three target areas display a crude metal zoning from the Au-Ag rich (+Cu-Pb-Zn) interior at the Ireland mine to elevated Ag-Pb-Zn (+Cu) mineralization at Crystal Pass and the South pits. More distally, the Pb-Zn mineralization produced from the Monte Cristo, Accident, Bullion, and Valentine mines (section 6.0) is regarded to be MVT (Mississippi Valley Type) replacement mantos which are low in gold but locally high in Ag. Alteration (proximal potassic and sericitic) coupled with metal zonation is suggestive of a porphyry setting which has been considered elsewhere in the Goodsprings district.

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1.7 Exploration and Drilling

Exploration conducted by RenGold commenced on the Property beginning in early 2013 and continued to early 2015. Geochemical sampling programs included initial reconnaissance rock chip and stream sediment and follow-up soil geochemical and more extensive rock geochemical sampling. Geologic mapping, (1:5,000 scale) commenced in 2013 and continued to early 2015. Ground magnetic and gravity surveys were conducted during June 2014. Geophysical data was interpreted in September 2014. No drill programs have been completed on the Property.

Anomalous Au-Ag-Cu-Pb-Zn mineralization as determined by geochemical sampling is clustered in the three principal target areas Crystal Pass, Ireland mine, and South pits. Sampling in intervening areas between targets indicated sporadic anomalous mineralization although these areas are covered by recent alluvium and colluvium. The primary objective of the geophysical surveys was to locate concealed intrusive and skarn bodies in covered areas between targets.

The most important target discoverd to date is the Ireland mine. Mineralization, open to the south, is likely related to several shallow intrusive bodies which occur west and south of the Ireland mine beneath alluvium in Porter Wash, extending to the northwest side of the South pits target area where a skarn body has been interpreted at the edge of the wash.

1.8 Sample Preparation, Analyses, and Security

Samples consisting of rock chips, soils or sediment, were collected at the site by RenGold geologists and placed in labelled, plastic or cloth bags. Bagged samples were carried from the field daily and stored in a secure hotel room for the duration of the work campaign. Periodically, samples were transported to Reno by RenGold staff in pickup trucks or shipped via commercial carriers to the Reno, Nevada office of RenGold. From the point of collection to subsequent delivery to the analytical laboratory of ALS Minerals (“ALS”) in Reno, Nevada, samples were securely locked or under the direct supervison of RenGold staff. Quality Assurance/Quality Control (QA/QC) are the protocols and procedural steps taken to assure accuracy (how close to the real result) and precision (how reproducible your results are) within any sample set. QA/QC procedures were employed during sample collection by RenGold geologists as well as steps taken by ALS during sample preparation and analysis.

A variety of precious and base metal, and multi-element analysis were completed by ALS on the geochemical samples collected from the Property.

1.9 Data Verification

In preparation of this Technical Report the author reviewed publications of the Nevada Bureau of Mines and Geology, United States Geological Survey, and Economic Geology, extensive internal primary geologic, geochemical, and geophysical data generated from RenGold’s exploration of the Property.

To confirm the presence of gold and silver, and base metals, the author collected eight rock samples from targets on the Property. The author collected and transported the April 1, 2015 samples in his custody directly to the ALS facility in Reno, Nevada. Requested ALS sample preparation, and analytical procedures requested were identical to those employed by RenGold geologists.

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1.10 Interpretation and conclusions

At the Golden Shears Property, a shallowly west-dipping shear zone (the Golden Shears Detachment) juxtaposes strongly recyrstallized partially dolomitized limestone in the footwall with weakly recrystallized dolomite in the hangingwall. The footwall rocks are intensely folded and cut by a series of imbricate thrust slices. The contrast in deformation and kinematic indicators indicate a component of normal detachment-style faulting on the shear zone. Mineralization hosted in the footwall of the shear zone, and localized by folding, suggests that mineralizing fluids were emplaced during or after at least one phase of compression. The main ore-hosting overthrust faults in the Goodsprings district project into shallow alluvial cover just east of the Golden Shears Property, and are indicated by the deformation in the footwall of the detachment. Given the spatial correlation between the thrusts and mineralization in the main portion of the Goodsprings district, the buried thrusts are seen as prospective drill targets proximal to the exposed Au mineralization.

1.11 Recommendations

Exploration work on the Property has advanced to the stage where further evaluation can only be conducted by a staged drill program. The recommended budget (Table 1.1 below) is broken down into two separate Phases. Phase I ($US200,000) recommended drill holes should be focused on the southern end of the Ireland mine target and the adjacent wash. The contacts of intrusive bodies identified by the geophysical surveys within Porter Wash should be tested. The modest Phase I program includes 5 RC (Reverse Circulation) drill holes approximately 600 feet in depth as well as a rigourous and comprehensive program of QA/QC sampling to validate drill results. The decision to proceed to the Phase II ($US340,000) program (6 – 800-850 foot or 243-260 m RC drill holes) should be based solely on results obtained during the Phase I program.

Phase I Exploration Budget - Golden Shears Property ($US) Work activity

Item cost

Drill direct ($34/foot X 3000 ft)

102,000 Fuel costs drilling

10,000

Water cost drilling

9,000 Mobilization/demobilization

10,000

Drill pad/road construction

12,000 Assays ($39/sample X 600 samples)

24,000

QA/QC (15% total or 90 samples)

4,000 Geologic supervision (project)

23,000

Geologic management (project)

6,000

TOTAL 200,000

Table 1-1.1. Recommended Phase I Exploration Budgets, Golden Shears Property.

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2.0 INTRODUCTION AND TERMS OF REFERENCE

Walmer Capital Corp. (“Walmer” or “the Company”) was incorporated under the Business Corporations Act (Alberta) in 2011. At the close of the Qualifying Transaction, the Company will be listed on the TSX Venture Exchange (“TSX.V”) under the symbol “WAL”. Renaissance Gold Inc. (or “RenGold”) was incorporated under the laws of British Columbia on May 25, 2010. The common shares of RenGold are listed on The Toronto Stock Exchange (“TSX:REN”).

Walmer can earn an initial 70% interest in the Property through an exploration earn-in agreement with Renaissance Exploration, Inc., (or “RenEx”), a Nevada corporation and wholly owned subsidiary of Renasissance Gold Inc.

This Technical Report, prepared in compliance with NI43-101, is based on a foundation of published and archival geologic and historic data from the Nevada Bureau of Mines and Geology (“NBMG”), the United States Geological Survey (“USGS”), published NI43-101 technical reports from other projects surrounding the Golden Shears Property, Economic Geology and other publications, and internal reports and extensive primary geologic and geochemical databases, and geophysical surveys pertaining to work programs completed on the Golden Shears Property (“Golden Shears” or the “Property”) from 2013 to 2015. The author, Robert Lunceford, a Certified Professional Geologist of the American Institute of Professional Geologists, and Qualified Person under NI 3-101 requirements has benefited from discussions with Mr. Richard Bedell, President and CEO, and Mr. Dan Pace and Mr. Lindsay Craig, Senior Geologists with Renaissance Gold Inc., the underlying Property owner. Accompanied by Mr. Bedell, the author completed a site visit of the Property on April 1, 2015, during which eight audit samples were collected (see Data Verification section).

3.0 RELIANCE ON OTHER EXPERTS

This Technical Report is an accurate representation of the status and geologic potential of the Property based on the information available to the author and the site visit completed on April 1, 2015. Some of the mineralized prospects and areas on the Golden Shears Property are drill-ready targets with indications of gold, silver, and base metal mineralization based on initial and more detailed surface geochemical sampling, reconnaissance and detailed geologic mapping, and a geophysical survey over select areas completed in 2014. All work was supervised by a Qualified Person as defined by NI43-101. Work recommended herein under Recommendations includes an initial drill test that will be supervised by a Qualified Person(s). References cited within this Technical Report which describe this work completed on the Property and the greater region are listed under the References Cited section (27.0) below.

It was not within the scope of this Technical Report to examine in detail or to independently verify the legal status or ownership of the Golden Shears Property. RenGold, the owner of the Property, have provided certain information concerning the current ownership status to the author of this Technical Report. The author has reviewed the relevant federal and county filing documents for the assessment year ending August 31, 2015 and has no reason to believe that ownership and status are other than has been represented. However, determination of secure mineral title is solely the responsibility of Walmer and RenGold.

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4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 Property Location

The Property is located within the Goodsprings mining district in southern Nevada, 30 miles (48 kms) southwest of Las Vegas, and approximately 5 miles (8 kms) west of Jean and 2 miles (3.2 kms) southwest of Goodsprings, Nevada (Figures 4.1). The Property centroid is UTM 642,603.21mE, 3,959,380.58mN (UTM WGS84, zone 11N) or Longitude -115.422432 by Latitude 35.768146 (WGS84, zone 11N). The claim block comprising the Property lies mostly within the Goodsprings sheet, and the northern edge of the State Line Pass, Calif.-Nevada 7.5’ US Geological Survey topographic base maps. 4.2 Description The mineral claims of the Golden Shears Property (Table 4.1) include 109 unpatented lode mining claims (“IM” claims) accruing 2,180 Ac. or 882.2 Ha covering portions of sections 1-2, 11-14, 23-26, and section 36 of T25S, R58E, and sections 7 and 18 of T25S, R59E, Mount Diablo Base and Meridian (Figure 4.2). The U.S. Bureau of Land Management (“BLM”) administers the surface and mineral estate of the Property under the Federal Land Policy and Management Act (“FLPMA”) of 1976. All unpatented lode mining claims comprising the Property have to be filed and registered with both the BLM and the local County Recorder’s Office in Clark County, Las Vegas. During the April 1, 2015 site visit, some claim corners and discovery monuments consisting of wooden stakes were observed and the author believes that all claims were originally located according to accepted industry standards and as required by federal and county statutes. Location certificates for all of the claims were filed with the BLM at the Nevada State Office located in Reno, NV, and recorded at the Clark County Recorder's office in Las Vegas, Nevada. The author has reviewed documentation indicating the 109 unpatented lode mining claims (“IM” claims) comprising the Property appear to be valid and in good standing, with all federal and county fees paid for the assessment year ending on August 31, 2015, and October 31, 2015, respectively. BLM unpatented claim holding fees are currently $212.00/claim for initial filing and $155.00/claim for the annual maintenance. Clark County claim fees are presently $40.50/claim for initial filing, with a $7.00 map fee and annual maintenance fees are $10.50/claim. The unpatented claims comprising the Property will remain in effect for as long as the claim holding fees are paid in a timely manner to both the BLM and Clark County. In one instance, the unpatented lode mining claims comprising the Property are overlain by a pre-existing patented mining claim (Figure 4.2). The patented mineral rights are senior to that of the unpatented claims for the portion of the claims that are covered by the patented claim. Patented mining claims, many which were acquired in the early 1900s convey fee simple title of both the surface and the mineral estates and are private real estate. Unlike unpatented mining claims, annual tax payments must be paid to the Clark County Assessor to maintain the patented claims. At the present, the Property does not include any of these patented mining claims as shown on Figure 4.2. As work progresses on the Property it may be necessary and advantageous to acquire options on some or all of the patented claims which lie within the Area of Influence of the Exploration and Earn In Agreement (see Mineral Tenure and Royalties, below).

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Figure 4-1. Location of the Golden Shears Property, Clark County, Nevada.

Claim Claim Date County Document Recorded BLMName Owner Located Name Number Date NMC#

1 IM10 Renaissance Exp Inc. 2/20/2013 Clark 201306030002902 5/17/2013 10907992 IM12 Renaissance Exp Inc. 2/20/2013 Clark 201306030002903 5/17/2013 10908003 IM14 Renaissance Exp Inc. 2/20/2013 Clark 201306030002904 5/17/2013 10908014 IM17 Renaissance Exp Inc. 2/20/2013 Clark 201306030002905 5/17/2013 10908025 IM19 Renaissance Exp Inc. 2/20/2013 Clark 201306030002906 5/17/2013 10908036 IM21 Renaissance Exp Inc. 2/20/2013 Clark 201306030002907 5/17/2013 10908047 IM1 Renaissance Exp Inc. 11/20/2013 Clark 201401130001560 1/15/2014 10992968 IM2 Renaissance Exp Inc. 11/20/2013 Clark 201401130001561 1/15/2014 10992979 IM3 Renaissance Exp Inc. 11/20/2013 Clark 201401130001562 1/15/2014 1099298

10 IM4 Renaissance Exp Inc. 11/20/2013 Clark 201401130001563 1/15/2014 1099299

General Claim Information County Information BLM Information

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11 IM5 Renaissance Exp Inc. 11/20/2013 Clark 201401130001564 1/15/2014 109930012 IM6 Renaissance Exp Inc. 11/20/2013 Clark 201401130001565 1/15/2014 109930113 IM7 Renaissance Exp Inc. 11/20/2013 Clark 201401130001566 1/15/2014 109930214 IM8 Renaissance Exp Inc. 11/20/2013 Clark 201401130001567 1/15/2014 109930315 IM9 Renaissance Exp Inc. 11/20/2013 Clark 201401130001568 1/15/2014 109930416 IM11 Renaissance Exp Inc. 11/20/2013 Clark 201401130001569 1/15/2014 109930517 IM13 Renaissance Exp Inc. 11/20/2013 Clark 201401130001570 1/15/2014 109930618 IM15 Renaissance Exp Inc. 11/20/2013 Clark 201401130001571 1/15/2014 109930719 IM16 Renaissance Exp Inc. 11/20/2013 Clark 201401130001572 1/15/2014 109930820 IM18 Renaissance Exp Inc. 11/20/2013 Clark 201401130001573 1/15/2014 109930921 IM20 Renaissance Exp Inc. 11/20/2013 Clark 201401130001574 1/15/2014 109931022 IM22 Renaissance Exp Inc. 11/20/2013 Clark 201401130001575 1/15/2014 109931123 IM23 Renaissance Exp Inc. 11/20/2013 Clark 201401130001576 1/15/2014 109931224 IM24 Renaissance Exp Inc. 11/20/2013 Clark 201401130001577 1/15/2014 109931325 IM25 Renaissance Exp Inc. 11/20/2013 Clark 201401130001578 1/15/2014 109931426 IM26 Renaissance Exp Inc. 11/20/2013 Clark 201401130001579 1/15/2014 109931527 IM27 Renaissance Exp Inc. 11/20/2013 Clark 201401130001580 1/15/2014 109931628 IM28 Renaissance Exp Inc. 11/20/2013 Clark 201401130001581 1/15/2014 109931729 IM30 Renaissance Exp Inc. 11/20/2013 Clark 201401130001582 1/15/2014 109931830 IM32 Renaissance Exp Inc. 11/20/2013 Clark 201401130001583 1/15/2014 109931931 IM35 Renaissance Exp Inc. 11/21/2013 Clark 201401130001584 1/15/2014 109932032 IM36 Renaissance Exp Inc. 11/21/2013 Clark 201401130001585 1/15/2014 109932133 IM37 Renaissance Exp Inc. 11/21/2013 Clark 201401130001586 1/15/2014 109932234 IM38 Renaissance Exp Inc. 11/21/2013 Clark 201401130001587 1/15/2014 109932335 IM39 Renaissance Exp Inc. 11/21/2013 Clark 201401130001588 1/15/2014 109932436 IM40 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002506 5/1/2014 110218937 IM41 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002507 5/1/2014 110219038 IM42 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002508 5/1/2014 110219139 IM43 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002509 5/1/2014 110219240 IM44 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002510 5/1/2014 110219341 IM45 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002511 5/1/2014 110219442 IM46 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002512 5/1/2014 110219543 IM47 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002513 5/1/2014 110219644 IM48 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002514 5/1/2014 110219745 IM49 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002515 5/1/2014 110219846 IM50 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002516 5/1/2014 110219947 IM51 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002517 5/1/2014 110220048 IM52 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002518 5/1/2014 110220149 IM53 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002519 5/1/2014 110220250 IM54 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002520 5/1/2014 110220351 IM55 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002521 5/1/2014 110220452 IM56 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002522 5/1/2014 110220553 IM57 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002523 5/1/2014 110220654 IM58 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002524 5/1/2014 110220755 IM59 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002525 5/1/2014 110220856 IM60 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002526 5/1/2014 110220957 IM61 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002527 5/1/2014 110221058 IM62 Renaissance Exp Inc. 02/17/14 Clark 20140430-0002528 5/1/2014 110221159 IM63 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002529 5/1/2014 110221260 IM64 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002530 5/1/2014 110221361 IM65 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002531 5/1/2014 1102214

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Table 4-1 Unpatented lode mining claims, Golden Shears Property.

62 IM66 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002532 5/1/2014 110221563 IM67 Renaissance Exp Inc. 02/18/14 Clark 20140430-0002533 5/1/2014 110221664 IM68 Renaissance Exp Inc. 02/17/14 Clark 20140430-0002534 5/1/2014 110221765 IM69 Renaissance Exp Inc. 02/17/14 Clark 20140430-0002535 5/1/2014 110221866 IM70 Renaissance Exp Inc. 02/17/14 Clark 20140430-0002536 5/1/2014 110221967 IM71 Renaissance Exp Inc. 02/17/14 Clark 20140430-0002537 5/1/2014 110222068 IM72 Renaissance Exp Inc. 02/17/14 Clark 20140430-0002538 5/1/2014 110222169 IM73 Renaissance Exp Inc. 02/17/14 Clark 20140430-0002539 5/1/2014 110222270 IM74 Renaissance Exp Inc. 02/17/14 Clark 20140430-0002540 5/1/2014 110222371 IM75 Renaissance Exp Inc. 02/17/14 Clark 20140430-0002541 5/1/2014 110222472 IM-76 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002489 5/1/2014 110222573 IM-77 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002490 5/1/2014 110222674 IM-78 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002491 5/1/2014 110222775 IM-79 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002492 5/1/2014 110222876 IM-80 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002493 5/1/2014 110222977 IM-81 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002494 5/1/2014 110223078 IM-82 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002495 5/1/2014 110223179 IM-83 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002496 5/1/2014 110223280 IM-84 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002497 5/1/2014 110223381 IM-85 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002498 5/1/2014 110223482 IM-86 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002499 5/1/2014 110223583 IM-87 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002500 5/1/2014 110223684 IM-88 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002501 5/1/2014 110223785 IM-89 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002502 5/1/2014 110223886 IM-90 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002503 5/1/2014 110223987 IM-91 Renaissance Exp Inc. 02/16/14 Clark 20140430-0002504 5/1/2014 110224088 IM189 Renaissance Exp Inc. 11/21/2014 Clark 20150127-0000311 2/3/2015 110886989 IM190 Renaissance Exp Inc. 11/21/2014 Clark 20150127-0000312 2/3/2015 110887090 IM191 Renaissance Exp Inc. 11/21/2014 Clark 20150127-0000313 2/3/2015 110887191 IM192 Renaissance Exp Inc. 11/21/2014 Clark 20150127-0000314 2/3/2015 110887292 IM193 Renaissance Exp Inc. 11/21/2014 Clark 20150127-0000315 2/3/2015 110887393 IM194 Renaissance Exp Inc. 11/21/2014 Clark 20150127-0000316 2/3/2015 110887494 IM195 Renaissance Exp Inc. 11/21/2014 Clark 20150127-0000317 2/3/2015 110887595 IM196 Renaissance Exp Inc. 11/21/2014 Clark 20150127-0000318 2/3/2015 110887696 IM197 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003176 4/17/2015 111029997 IM198 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003177 4/17/2015 111030098 IM199 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003178 4/17/2015 111030199 IM200 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003179 4/17/2015 1110302

100 IM201 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003180 4/17/2015 1110303101 IM202 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003181 4/17/2015 1110304102 IM203 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003182 4/17/2015 1110305103 IM204 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003183 4/17/2015 1110306104 IM205 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003184 4/17/2015 1110307105 IM206 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003185 4/17/2015 1110308106 IM207 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003186 4/17/2015 1110309107 IM208 Renaissance Exp Inc. 1/20/2015 Clark 20150413-0003187 4/17/2015 1110310108 IM209 Renaissance Exp Inc. 1/22/2015 Clark 20150413-0003188 4/17/2015 1110311109 IM210 Renaissance Exp Inc. 1/22/2015 Clark 20150413-0003189 4/17/2015 1110312

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Figure 4-2. The Golden Shears Property. The third party unpatented claims (red hachures) and internal patented claim (Ajax patent, NE1/4, NW1/4 section 12) pre-date mineral rights to the

extent they overlie the unpatented claims of the Property.

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4.2 Mineral Tenure and Royalties

The Property is held by Walmer under a March 25, 2015 (“Effective Date”) Exploration and Earn-In Agreement (the “Earn-In Agreement”) with Renaissance Exploration, Inc., (“RenEx”). Under the Agreement the Property is subject to an overiding 1.5% Net Smelter Royalty payable to Altius Minerals Corporation (TSX:ALX) by Rennaissance Gold Inc. as stipulated in a January 13, 2014 Royalty Agreement.

Under the Earn In Agreement, Walmer can earn a 70% interest in the Property by completing a series of annual work programs and completing a Bankable Feasibility Study (“BFS”). To enter into the Earn In Agreement, Walmer was required to make an intial payment to RenEx consisting of $50,000 and reimbursement of $33,426 to RenEx for all mineral claim fees. An initial payment of $20,000 was paid by Walmer to RenEx within three days of the Effective Date, with the balance due at the closing of the qualifying transaction on the TSX Venture Exchange.

To earn a 70% interest in the Property by the Seventh Anniversary of the Effective Date, Walmer is required to meet the following obligations.

• To complete annual work programs on the Property (to include claim maintenance fees) of:

Agreement Year 1 $200,000 Agreement Year 2 $300,000 Agreement Year 3 $400,000 Agreement Year 4 $500,000 Agreement Year 5 $500,000 Agreement Year 6 $500,000 Agreement Year 7 $500,000

• Excess expenditures can be carried forward and applied to the subsequent Agreement Year provided minimum annual expenditures of at least $100,000 are expended.

• At the end of the Agreement Year 7 Walmer must have completed work programs totaling $3,000,000 and produced a BFS.

• If by the end of Agreement Year 7, Walmer has incurred the $3,000,000 in expenditures but not completed the BFS they can elect to terminate the Earn In Agreement and will retain a 3% Net Smelter Royalty, capped at twice the total aggregate work expenditures. Alternatively, Walmer can elect to extend the option period for an additional five years but must incur annual work expenditures of $1,000,000 and make yearly payments of $100,000 to RenEx.

• If Walmer earns the 70% interest within the required seven year period, then a joint venture will be formed between RenEx and Walmer to advance work on the Property.

Under a separate contractual agreement, prior to vesting, Walmer at its discretion can elect RenEx to carry out all or part of the work on the Property on its behalf.

4.3 Environmental and Permitting

Permitting activities for drill programs and other surface disturbances on the unpatented mining claims of the Property are administered by the U.S. Bureau of Land Management’s at the Southern Nevada District office in Las Vegas under the Federal Land Policy and Management Act (“FLPMA”) of 1976. Disturbances of BLM lands on which federal mining claims are located are determined under federal statute 43 CFR 3809, as amended. When drill road access roads and pads accrue less than a 5.0 ac. disturbance, a Notice of Intent (“Notice”) must be filed with the BLM prior to

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conducting drill operations. On May 26, following submission of a Notice by RenGod, the proposed site was inspected by the Bureau of Land Management (BLM). During this inspection a desert tortoise (Gopherus agassizii), a Federally listed threatened species, was observed adjacent to the route to the project site. Additionally, three active tortoise burrows were located within the project site. Under regulations, found i n 43 CFR 3809.1 l(c)(6), any lands known to contain Federally threatened or endangered species require preparation of a Plan of Operations (“Plan”) rather than a Notice. A specific form is not required but the Plan must include all of the information required under 43 CPR 3809.401(b) in order to be considered complete. This includes but is not limited to desert tortoise, wildlife, botany, cultural and other surveys, an environmental assessment, as well as identified suitable access routes, grading to create a road, as well as grading and maintenance of existing roads. Additionally, a small “ desert tortoise compensation payment” must be paid, based on the minimal disturbance (O.7 ac) proposed within the project site proposed in the original Notice. As of the date of this Technical Report, RenGold is coordinating work activity as required in the Plan, with Enviroscientists, Inc. of Reno, Nevada. The schedule for completion of the Plan is unknown at this time.

Previous historical disturbances on the Property consist of small adits, shafts, and pits which produced very small dumps. The dumps consist of oxidized waste rock with no evident sulfides. All open shafts and portals have been fenced off by the State of Nevada. At the south end of the Property (the “South pits” area) a small private heap leach operation was conducted in the early 1980s and the heaps and pits were subsequently reclaimed by 1985. The author is not aware of any other significant factors and risks that may affect access, title, or the right or ability to conduct work on the Property.

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, PHYSIOGRAPHY

The Golden Shears Property is reached by traveling 22 miles (35 kms) southwest from Las Vegas on Interstate Highway 15 to the small town of Jean, then northwest on paved Nevada State Highway 161, to a dirt access road 6.1 miles (9.8 kms) northwest of Jean (Figure 1). The dirt road is traveled southwest 1.5 miles (2.4 kms) to the northeast edge of the Property. Local four-wheel drive roads traverse most areas of the Property. Total travel time from McCarran International Airport to the Property is about one hour. Limited supplies, gas stations, restaurants and a hotel are available in Jean, and Goodsprings located 7.3 miles (11.7 kms) from Jean along Highway 161. Extensive supplies, hotels, and restaurants, services, technical and non-technical labor suitable for advanced exploration and development are available in Las Vegas, the largest city in Nevada. A major high voltage electrical power line transects the northern part of the Property. The Property is located at the western side of the Goodsprings Valley along the eastern flank of the Spring Mountains. It is situated within the Great Basin Physiographic Province, characterized by generally north trending mountain ranges flanked by alluvial valleys. Topography over the Property transitions from the valley floor at 980 feet (298 m) to the lower flanks of small mountains reaching an elevation of 3,880 feet (1,182 m) ASL. The area is characterized by abundant outcrop and exposures on slopes to valley fill consisting of alluvium and colluvium which

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exceeds 100 feet (30 m) in depth. The flat to gently sloping valleys would be ideal for siting of potential tailings and dumps, and mine infrastructure. The northern portion of the Mohave Desert extends into this part of Nevada. Vegetation includes sparse shrubs, cacti, Joshua trees and grasses. Soils are sandy and poorly developed. No natural springs are known on the Property. Water for drilling purposes has to be trucked in from Goodsprings or Jean. Annual temperatures varies from 44°F (6.6°C) in December to 95°F (35°C) in July but can reach a low of 18f in January and a high of 118°F (47.7°C) in July. Annual rainfall averages around 2.3 inches (5.84 cm), with most rainfall in the July to December period. Work activity is possible year round.

6.0 HISTORY

The Property is located within the Goodspring mining district which was organized in 1882, orginally as the Yellow Pine district. The earliest reported mining production was conducted by Mormons at the Potosi (Pb-Zn) mine in 1856. As summarized below, unusually, diverse metals, from vein, bedded, and replacements deposits have been produced from the district (Longwell, et. al., 1965).

Goodspring district ore produced 1856-1962 759,266 tons

Gold 90,508 ozs Silver 2,102,325 ozs Copper 4,926,377 lbs Lead 94,125,809 lbs Zinc 217,846,867 lbs Platinum 506 ozs Palladium 762 ozs Cobalt 11,055 lbs Vanadium 8,248 lbs Several shallow adits, pits, and partially collapsed shafts are located on the Property. The most significant workings are the Ireland mine located in the central part of the Property. Hewett, (1931) described this area as containing eight shafts and shallow pits within a 500 feet (150 m) area, the deepest of which was a 125 feet (38 m) incline on the north side of the hill. Most of the workings were reported to occur at the base of the Goodsprings Formation within a dolomite bed. Reportedly several carloads, of lead, copper, and zinc ore were shipped but no actual production totals are available. Just south of Crystal Pass at the north end of the Property (SW ¼ sec. 1, T25S, R58E) Hewett (1931) described several shafts, adits, and pits were driven on veins carrying silver while others exploited gold or lead ores. The largest of these was a 60 foot (18 m) inclined shaft that followed a poorly defined lens within dolomite along the contact with a granite porphyry sill. Quanitities of ore produced from these workings are unknown. At the south end of the Property, evidence of partially reclaimed heaps, and open cuts occur on a small hill along the range front. According to BLM records, the private operation was closed by 1985. No information is available to the author regarding possible production from this silver rich target area.

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There is no evidence of any further previous exploration work on the Property and former ownership is unknown to the author. Several prominent zinc-lead mines are located just outside the western boundary of the Property on the slopes of steep hills above Porter Wash. These occur in an arcuate horizon from north to south the Star, Monte Cristo, Porter, Accident, Bullion and the Valentine. Ore bodies occur in the Monte Cristo Limestone within dolomitized replacement beds, breccias, and fracture zones. These predominantly lead-zinc mines were worked beginning around 1908 to 1927. Reported production for the four most important mines (Hewett, 1931) are summarized below.

Mine Production year Ore tons Ag ozs Cu lbs Pb lbs Zn lbs Monte Cristo 1908-1919 9,475 * * * 6,386,802

Accident 1911-1919 656 4,560 2,843 464,274 96,569 Bullion 1913-1927 23,271 27,722 1,909 3,500,193 538,477

Valentine 1910-1918 284 65 * 2,804 150,360

*no reported production Table 6-1. Production from the Monte Cristo, Accident, Bullion, and Valentine mines.

7.0 GEOLOGICAL SETTING AND MINERALIZATION

7.1 Regional Geology

The Property is located in the southern end of the Spring Mountains which contain Charleston Peak at 11,918 feet (3,632 m) the highest elevation in Clark County. The northern part of the range generally trends northwest while the southern end is oriented north-south. The southern end of the range, at lower elevation than the northern part, is composed of Late Triassic intrusives and Tertiary extrusive rocks which have invaded and overlie a sedimentary sequence including 9,000 feet (2,743 m) of Paleozoic strata and about 4,000 feet (1,219 m) of Mesozoic sedimentary rocks. The Spring Mountains are complexly deformed, dominated by thrust faults, large folds, and northwest striking normal faults (Longwell, et. al., 1965).

Although not exposed in the Spring Mountains, the oldest rocks in the region include Archean reddish granite gneiss overlain by Algonkian age conglomerate, quartzite, and dolomite located about 15 miles (24 kms) southeast of the Property (Figure 7.1, Figure 7.2).

7.1.1 Mesozoic and Paleozoic sedimentary rocks

Within the Goodsprings Quadrangle, Nevada-California, Hewett (1931) has described sedimentary rocks in considerable detail, but general lithologic characteristics are summarized below.

MESOZOIC

Jurassic(?)

Aztec Sandstone - Massive ledge of reddish to buff sandstone with fine cross-bedding.

Upper Triassic

Chinle Formation – Reddish shaly sandstone and shale with interbeds of chert and limestone conglomerate.

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Figure 7-1. Regional geologic map. Faults are shown as black lines, dashed where concealed or uncertain, and thrust sheets appear with teeth on the upper plate. The stratigraphic section is

summarized as Figure 7.2.

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Figure 7-2. Stratigraphic section – regional geologic map for Figure 7.1. Felsic phaneritic intrusive rocks Kfi shown as Cretaceous are dated as Late Triassic by Vikre, et. al., (2011, see section 7.1.2,

below.) Not all rock units shown appear on Figure 7.1 above.

Upper(?) Triassic

Shinarump Conglomerate – One or two beds of limestone and chert conglomerate separated by sandy shale.

Lower Triassic

Moenkopi Formation – Thin bedded buff limestone underlain by green and red shale and conglomerate and overlain by red sandy shale.

Unconformity

PALEOZOIC

Permian

Kaibab Limestone – Two massive ledges of gray limestone separated by buff to red shale and sandstone.

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Supai Formation – Reddish sandstone with interlayered lower red and green shaly sandstone and upper red gypsum bearing sandstone.

Pennsylvanian

Bird Springs Formation – Basal conglomeratic sandstone giving way to gray limestone and dolomite, in thin to thick beds, separeated by shale and sandstone.

Unconformity

Mississippian (Middle and Lower)

Monte Cristo Limestone – Basal thin bedded dark gray limestone, large areas altered to dolomite (Dawn Limestone), giving way to massive gray limestone with numerous thin chert beds, and fossils, large belts altered to dolomite (Anchor Limestone), and massive gray light gray limestone, now largely altered to cream and white colored dolomite; chert uncommon (Bullion Dolomite), and upper thin bedded blue and gray limestone and shale with numerous fossils (Arrowhead Limestone), and dark gray limestone weathering to a massive ledge, locally dolomitized (Yellowpine Limestone).

Devonian

Sultan Limestone – Lower dark gray to black dolomite (Ironside Dolomite), giving way to light gray limestone and dolomite with numerous fossils (Valentine Limestone), and upper very thin bedded light gray limestone with no fossils (Crystal Pass Limestone).

Devonian (?) to Upper Cambrian

Goodsprings Dolomite - Thin bedded, gray mottled dolomite with magnesian limestone with upper dolomite and sandy shale; with few fossils.

7.1.2 Tertiary and Mesozoic igneous rocks

Unlike many parts of Nevada, igneous rocks have relatively restricted exposures within and in the near region around the Property. Hewett (1931) referred to the the oldest igneous rocks as light colored coarse grained granite porphyry. However, these rocks have distinct modal and textural variants including feldspar-quartz porphyry, plagioclase-quartz porphyry, feldspar-biotite-quartz- porphyry, and feldspar porphyry (Vikre, et. al., 2011). These form morphologically variable small dikes, sills, plugs, and stocks confined to a 5 mile (8 km) by 6.2 mile (10 km) area in the central part of the Goodsprings district. Vikre, et. al., (2011) reports that all intrusions are hydrothermally altered to varying degrees and broad similarities in modal and chemical composition of intrusive sub-types, as well as their confined isotopic age range, suggest a single magmatic source. Uranium-lead isotope age dating of igneous zircons conducted by Vikre, et. al., (2011) yielded variable age dates from ~ 180 to 230 Ma but with a mean of 217 ± 1 Ma. K-Ar and 40Ar/39Ar ages of magmatic (plagioclase, biotite) and hydrothermal (K-mica) minerals span a similar range (183-227 Ma), indicating broadly contemporaneous intrusion emplacement and hydrothermal alteration but allowing for multiple Late Triassic magmatic-hydrothermal events.

Extrusive Tertiary (Miocene?) igneous rocks in the near region include tuffs, breccias, flows, of latite, andesite, rhyolite, and basalt composition. At Table Mountain west of the Property, Longwell, et. al. (1965) reported a thick exposure of tuffs and breccias overlain by andesite flow that ranges in thickness from 200 (60 m) to more than 600 feet (182 m).

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7.1.3 Structure and Mineralization

Dominant structures consist of early Late Cretaceous, west dipping, imbricate thrust fault slices that define the southern end of the Sevier orogenic belt (Vikre, et. al., 2011). Several of the thrust faults extend across the Spring Mountains, while others have more local extent depending on their dip and orientation. Large folds are common in the northern part of the range, while folding is much less common in the southern area where the Property is located. The near region of the Property in the southern Spring Mountains is underlain by the easternmost Keystone overthrust (Figure 7.3). The Keystone overthrust varies in both dip and orientation indicated by the north-south trend in the vicinity of the Property which becomes nearly east-west to the north and then swings to a more northerly strike in the central Spring Mountains (Figure 7.3). Both within and around the Property, predominantly northwest trending normal faults which dip both east and west have displaced the thrust faults at several localities. Both dip slip and strike slip movement is recognized. The timing and movement on the Keystone fault is believed to be early Late Cretaceous (Vikre, et. al., 2011), therefore post-dating the earliest phases of the Late Triassic granite porphyry. Porphyritic intrusions within the Goodsprings district have not been recognized as cutting thrust faults according to Vikre, et. al., (2011). However this relationship is not straightforward. Hewett (1931) noted that porphyritic dikes in some cases were intruded along thrust faults indicating a younger age than the oldest thrust faults. At the Keystone mine, six miles (9.0 kms) west-northwest of the Property, Au-Ag mineralization within the hangingwall of the Keystone thrust occurs at the contact of Goodsprings dolomite and at least three granite porphyry dikes are intruded into a broad antiform. The feldspar porphyry dikes show the effect of thrust faulting in underground exposures indicating post-dike compression (Hewett, 1931). Nevertheless, at least the earliest phases of the porphyritic intrusive acted as permeability barriers to hydrothermal mineralizing fluids and locally, combinations of structure and stratigraphic permissiveness appear to have controlled mineralizing fluids (Kepper, 2004). However, in other underground exposures Vikre, et. al., (2011) noted that bedding in carbonate rocks at intrusion contacts is undisturbed and contact zones unbrecciated suggesting that the emplacement of the hydrothermal fluids and intrusive rocks were contemporaneous. Field relationships recognized by Pace (2015) on the Property and by Hewett (1931) elsewhere in the Goodsprings quadrangle indicate that at least some of the dikes were emplaced into northwest trending faults which post-date thrusting. These relationships indicate that the magmatic-hydrothermal event should be viewed as long lived, beginning in the Late Triassic and continuing to the Early Jurassic, pre-dating and overlapping early compression and later extensional tectonics.

Vikre, et. al., (2011) grouped the metal deposits in the Goodsprings district into (1) Zn-dominant carbonate replacement deposits, (2) Pb- dominant carbonate replacement deposits, (3) copper ± precious metal-PGE fissure replacement deposits in carbonate rocks, and (4) gold ± silver deposits in intrusive and adjacent carbonate rocks. These divisions are based on metal contents, mineralogy, form, host-rock associations and isotope compositions and differ somewhat from those in Hewett (1931). The brecciated and dolomitized limestones associated with thrust faults are commonly the host rocks for most of the metallic mineral deposits in the Goodsprings district. Local erratically distributed dolomite in the Sultan Limestone and Monte Cristo Limestone is typically light colored, coarse grained, and developed in bedded breccia zones. Crystallization of this coarse dolomite preceded primary sulfide deposition where ore occurs in preference to nearby limestone. Therefore, thrust faults and associated secondary faults acted as primary conduits to mineralizing fluids which initially dolomitized surrounding limestone beds adjacent to conduits and then

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Figure 7-3. Structural features of the Goodsprings Quadrangle, Nevada-California (after Hewett,

1931). The Property boundary is indicated as a bold outline.

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through coarse grained recrystallization acted as permeable path ways for metal bearing fluids (Kepper, 2004). Deep oxidation has occured in the Goodsprings district resulting in throroughly oxidized primary sulfides, although locally some mineral species such as galena were preserved. Kepper (2004) suggests that oxidation occured prior to deposition of Tertiary volcanic and conglomeratic units that unconformably overlie ore-bearing structures in the district. For example, latites and andesite volcanic rocks at Table Mountain, west of the Property, are in unconformable contact with an erosion surface that cuts mineralized faults. Hewett (1931) recognized four principal alteration types within limestone and dolomite hosts in the Goodsprings quadrangle, including (1) garnetization, (2) serpentinization and iron oxidation, (3) dolomitization, and (4) silicification. Dolomitization is the most important and widespread alteration type within the Goodsprings district. Dolomite occurs both locally and regionally and developed during diagenesis in magnesian-rich carbonate beds, and was converted from limestone beds near faults, fracture zones, and karst units. Although not confined to ore bearing areas, mineralization and dolomitization are paragenetically related. Hewett concluded that dolomite alteration began after the intrusion of granite porphyry dikes and sills, attained maximum development shortly after thrust faulting was completed and then rapidly waned although it was not ended before early normal faulting began.

7.2 Property geology

Geologic mapping conducted by RenGold geologists generally conforms to stratigraphic nomenclature and structural terminology as defined by Hewett (1931). Virtually all of the bedrock exposed on the Property consists of a Paleozoic carbonate sequence which has been intruded by small hypabyssal feldspar porphyry stocks, sills, and dikes. Bedrock exposed on the Property comprises the upper plate of the Keystone thrust near its leading eastern edge on the southeastern flank of the Spring Mountains at the pediment edge (Figure 7.4). Post-Keystone, younger detachment faults are cut by north to northwest trending normal and reverse faults. At least some of these northwest striking faults localize Ag-Au-Pb-Zn-Cu fissure and replacement mineralization within lithologically permissive sequences, although mineralized faults that cut the thrust fault have not been observed on the Property (Pace, 2015).

7.2.1 Paleozoic sedimentary rocks

In detailed geologic mapping of the Property (Figure 7.4), Pace (2015) developed mappable rock units based on Hewett’s stratigraphic nomenclature. However, formational and map unit breaks (Figure 7.5) differ slightly from Hewett (see section 7.1.1 above) based on local lithology resulting from facies changes recognized within the Property. For example, subdivisions within the Cambrian-Devonian Goodsprings Formation were selected based on mappable lithologic breaks, the ages of which are unknown at this time.

Permian-Pennsylvanian

PPbs - Bird Springs Formation – Buff colored ribbon hills of medium bedded limestone and sandy/silty limestone. Hewett reports a thickness of 2500 feet (762 m).

Mississippian

Mhsd - Monte Cristo Yellowpine limestone and Arrowhead limestone not mapped or worked on in this study. Combined 70-140 feet (21-43 m) feet thick based on Hewett. Mhsd - Monte Cristo

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Figure 7-4. Geologic map of the Golden Shears Property. The claim block outline appears as a thin

red line and the sections A-A’, B-B’ are shown as Figures, 7.6, and 7.7, respectively.

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Figure 7-5. Local stratigraphic column, Golden Shears Property.

Bullion Member - Bounded at base by last chert nodule horizon. Lighter grey to cream colored coarsely crystalline locally sanded dolomite. 185 to 300 feet (56-92 m) thick based on Hewett. Lumped as Monte Cristo Dolomite in mapping. Mhsd - Monte Cristo Anchor Member - Thick bedded to massive grey limestone altered to dolomite distinguished by the presence of abundant chert nodules in multiple bed sets within the unit. 65 – 400 feet (20-122 m) feet thick based on Hewett. This unit is lumped as Monte Cristo Dolomite in mapping. Mhsd - Monte Cristo Dawn Member - Thick bedded to massive limestone unit altered to dolomite. Indistinct on its own except generally lacking in chert. Based on Hewett, this unit is 60-400 (18-122 m) feet thick and is lumped with the Monte Cristo Dolomite in mapping on the Property.

Devonian

Mcp - Sultan Crystal Pass Limestone - Cliff forming light grey thick bedded to massive limestone with abundant karst breccias overlain by dolomites with locally developed sabkha sanding and zebra

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dolomite textures. Basal unconformity to subratidal. Most of the limestone even within karsts is post-karst dolomitized indicating at least two distinct periods of dolomitization (dolomitized clasts in calcite matrix partially replaced by dolomite). Hewett reports a thickness of 150-260 feet (45-79 m).

Dtd - Sultan Valentine Limestone - Transitional slope forming grey dolomite with distinct calcite lined vugs and nodules likely indicative of texture in limestone protolith. Upper slope/transitional facies. Hewett cites cross-bedded sandstone in the middle of unit. The strongly silicified bed just southwest of Property above the Ironside is likely an altered version of the sandstone horizon though individual sand grains were not observed. The thickness of this unit is approximately 200 feet (61 m) thick at Crystal Pass, while Hewett estimates the thickness at 75-380 feet (23-116 m) within the greater Goodsprings quadrangle. Dsid - Sultan Ironside Dolomite - Cliff forming black medium bedded dolomite. Good marker unit. Branching bryozoans common. Debris flows present though less abundant than in Dgd2. Lower slope facies. Highstand. This unit varies from 60-100 feet (18-30 m) thick within the Property.

Cambrian-Devonian

Dgd4 - Goodsprings Dolomite 4 – Cliff former grading up into partial slope former of massive to thick bedded locally wavy laminated grey to light grey crystalline dolomite. Moderate to strongly bioturbated shelf/upper slope facies. Distinct spherical weathering vugs 0.5-3 cm in diameter locally lined with calcite. Some of this unit retains +30 % lime content and it was likely originally all limestone. This unit is estimated at approximately 390 feet (119 m) thick within the Property.

Dgd3 - Goodsprings Dolomite 3 - Marker horizon of medium bedded red-grey weathering to red-brown crinoid grainstone and sandy dolomite. Pisolites up to 1 cm also present. Thin yellow weathering shaley partings separate distinctive red-brown weathering beds. Chert absent at base present in top few beds as irregular late replacement. Shelf facies/lowstand. The unit is 180 feet (55 m) thick west of the Ireland mine increasing in thickness to the north.

CDgd2 - Goodsprings Dolomite 2 - Cliff forming thick bedded to massive dark grey to black dolomite and dolomitic breccia. Lower slope facies and debris flows. Within the Property, this unit is 390-450 feet (119-137 m) thick increasing in thickness to the south.

CDgd1t - Goodsprings Dolomite 1t - Cherty dolomite with distinct bulbous silica replaced algal mats (Stromatoporoids?) up to 0.5 m diameter always convex up relative to bedding. Basal contact marked by grey blocky weathering thin bedded dolomite. Upper contact grades into more irregular chert nodules and pods. This unit is estimated at around 200 feet (61 m) thick.

CDgd1 - Goodsprings Dolomite 1 - Slope forming medium bedded grey-brown weathering to dark brown dolomite. Strongly bioturbated with abundant irregular burrows, wavy laminations, and sandy interbeds with rip-up shale clasts and crinoid stems in lags. Estimated to be approximately 1000 feet (305 m) thick at the south end of the Property but the lower contact is structural so the unit could be considerably thicker.

Cambrian

Cls - Cambrian Carrera Equivalent? - Hewett calls this the Bright Angel Shale. Limited exposure and structural contacts make the stratigraphic position and regional correlation of this unit unknown. Slope forming thin lenticular bedded onkolitic limestone. Locally trough cross-bedded. Abundant silty/shaley red-brown interbeds. Partially dolomitized and locally strongly ankeritic. Unknown stratigraphic location.

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7.2.2 Mesozoic intrusive rocks

Outcropping or subcropping intrusive rocks occur throughout the Property but are most widespread in the northern part in the Crystal Pass area. Referred to by Vikre, et. al., (2011) as feldspar porphyry, they appear as small stocks, and dikes, and small sill-like bodies sub-parallel to strata. Other than two small stock or sill-like bodies south of the South pits (Figure 7.4) all feldspar porphyry crops out within an aligned northwest corridor, roughly 2.0 miles wide by +3.0 miles (3.2 by 4.8 kms) long, and many of the stocks, sills, dikes within this zone are oriented to the northwest.

Within the overall area of outcrops at the north end of the Property, the feldspar porphyry shows a rough textural variation from finer grained at the margins of this zone to more equigranual or coarse phenocryst porphyry towards the central part of the Crystal Pass wash. Dikes, which may occur in swarms, rarely exceed 2,400 feet (731 m) in length and 50 feet (15 m) in width, or within stock or sill-like bodies which have maximum dimensions of less than 1,650 (500 m). Some of the dikes mapped in the drainage just south of Crystal Pass clearly occupy steeply dipping northwest trending faults. According to Pace (2015), the intrusive contacts are sheared in some cases indicating recurrent movement along the faults. Where observed on the April 1, 2015 field visit along the wash beneath Crystal Pass, the felspar porphyry is sericitically altered, with weak to moderate argillization of the matrix and phenocrysts, largely weathering to poorly exposed rubbley outcrops.

Detailed mapping conducted on the Property by RenGold geologists just southeast of Crystal Pass indicated dikes are composed dominantly of orthoclase with accessory biotite, apatite and zircon and with occassional sparse quartz phenocrysts in hand samples. At least three local variants of the feldspar porphyry have been recognized on the Property (Pace, 2015).

Trfp - Triassic Feldspar Porphyry – Intermediate to felsic composition crowded porphyritic dikes and sills. Large zoned orthoclase phenocrysts to 25 mm and 1-5 mm plagioclase phenocrysts with 1 mm FeMg sites almost always replaced to limonite but locally with residual biotite in a pink fine grained phaneritic groundmass approaching aphanitic in dikes peripheral to Crystal Pass. Quartz phenocrysts absent. Magnetite present in clots as well as disseminated throughout the groundmass.

Tri – Triassic intrusive – Fine-grained porphyritic intrusions always strongly sericitically altered. Sparse 1-3 mm ghost feldspar phenocryst sites in an aphanitic sericite iron oxide groundmass. Likely fine grained phase of feldspar porphyry.

Trd- Microdiorite – Green-grey fine grained phaneritic equigranular to weakly porphyritic mafic dike. Argillized where identified at the Evening Star Mine west of the property. Appears to post-date Karst-hosted Pb mineralization of MVT style.

7.2.3 Structures

The Keystone thrust fault is the only overthrust recognized within the Property boundary. Its trace, indicated by field relationships and a gravity survey (section 9.0 Exploration) is largely concealed beneath alluvium and colluvium east of the Property boundary except where it transects a small bedrock exposure at the northeast edge of the Property. The Keystone thrust is cut by at least two low angle normal faults (detachments) which may be relaxational or sympathetic to the upper plate of the Keystone thrust and subsequently cut by several high angle normal faults. The structural relationships between the Keystone thrust fault, detachment, and normal faults is summarized in Figures 7.6 and 7.7 below.

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Figure 7-6. Schematic long section of the Golden Shears Property. The line of section is indicated in Figure 9.1. The Pb-Zn+Au-Ag

mineralization,skarn mineralization, and feldspar porphyry stocks shown are conceptual and not based on any subsurface sampling or drilling.

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Figure 7-7. Ireland mine schematic cross section. The line of section is indicated in Figure 9.1. The Pb-Zn+Au-Ag mineralization

mineralization and felspar porphyry stocks shown are conceptual and not based on any subsurface sampling or drilling. Unit thicknesses, and surficial faults, and displacements as shown are based on actual field measurements along the line of section.

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Folding which is common in the central Spring Mountains (Figure 7.3) occurs at a few localities in the Property. At the Ireland mine, tight north to northwest trending disharmonic and parasitic folds occur within a 1000 foot (305 m) by 500 foot (152 m) area. A broad, open, northwest plunging antiform was mapped in the vicinity of the Lincoln mine (approximately UTM 642,000mE, 3,960,800mN). Here, on the west flank just west of the mine, strata dip 10 to 20 degrees west while on the east flank dips range from 20 to 30 degrees. The antiform likely extends up the Crystal Pass wash to the northwest boundary of the Property. As discussed above, this broad antiform which likely preceeded thrusting, may have controlled emplacement of the discrete feldspar porphyry bodies.

Several north to northwest striking normal faults which both dip east and west occur throughout the Property. For the most part these have throws of less than 15 feet (5 m) although they can be traced for up to 3,200 feet (975 m) or more. The largest of these the north trending Fredrickson fault has a calculated throw of of 500 feet (152 m) and strike exceeding at least three miles within the Property. Based on field relationships, these younger normal faults cut the Keystone thrust.

The Golden Shears Detachment fault is a low angle top to the west normal fault with an unknown magnitude of throw. The structure separates intensely folded imbricately thrust carbonates in the footwall with gently folded dolomites in the hangingwall. The Golden Shears Detachment is marked by a well developed shear zone up to 262 feet (80 m) thick with extensional fracture patterns in its hangingwall and internal top to the west rotation of incorporated limestone blocks. The relationships between the Golden Shears detachment fault and northwest trending high angle normal faults are uncertain. However, shallow dipping detachment faults likely steepen into normal faults but cross-cutting relationships where northwest striking normal faults cut the Golden Shears Detachment have also been observed. Evidence for recurrent movement on the northwest normal faults is compelling. Clearly early fault or fracture zones controlled emplacement of the feldspar porphyry dikes in the Crystal Pass area, yet dike margins are sometimes sheared indicating post-dike movement (Pace, 2015).

7.2.4 Mineralization and alteration

The present understanding of mineralization and alteration on the Property is based on surface geologic mapping and relatively limited litho-geochemical sampling as no advanced studies such as petrography have yet been conducted. Mineralization is characterized as polymetallic (Ag-Au-Cu-Pb-Zn) carbonate-hosted system with appreciable precious metal content. Geochemical sampling conducted to date has indicated that precious and base metal mineralization is concentrated in three main target areas including from north to south Crystal Pass, Ireland mine, and South pits (Figure 7.4). Crystal Pass – This target area, the largest on the Property covers a 0.5 by 0.6 km area at the northwest end of the Property. It is largely underlain by gently dipping limestone and dolomite of the Sultan formation, cut by northwest trending feldspar porphyry dikes emplaced within normal faults. Mineralization is dominantly Ag-Pb-Zn (Figures 9.2 through 9.6) and associated with dike margins, northwest trending chimneys and related proximal mantos. On the western side of the target, RenGold mapping has identified a small contact magnetite-talc skarn approximately 500 feet (152 m) wide and 1000 feet (309 m) long. Weak to strongly anomalous values in Au-Ag-Cu-Pb-Zn are associated with the skarn. Located just off the south end of the Crystal Pass target on an internal private patent claim (not part of the Property, Figure 4.1), Ag-rich mineralization at the Lincoln mine is controlled by a series of irregular calcite-matrix karst breccias which dip into a northwest striking structure which hosts a swarm of fine grained porphyry dikes, some of which display post-dike shearing (Pace, 2015).

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Ireland mine – The Ireland mine, located at the range front, is about midway between Crystal Pass to the north and the South pits to the south. The target area is about 750 feet (228 m) wide by 1000 feet (304 m) long. Structure within this target area is complex. Mineralization is hosted in a series of folded and imbricate thrust limestone units inferred to be of Cambrian Age. The mineralization is hosted in a multiple thin <1.3 feet (0.4 m) wide high angle northwest striking fissure veins and low angle bedding replacement lenses. Mineralization within the target is Au-Ag rich (exceeding 10.0 gpt Au, Figure 9.2) and also contains high levels of Cu, Pb, and Zn. The overall width and strike of these mineralized structures is unknown at this time; the mineralized system is covered by alluvium for about 0.6 miles (1.0 km) to the south. South pits – Located near the southern boundary of the Property the South pits target was the focus of a privately operated small heap leach operation in the 1980’s (section 6.0). RenGold sampling within this area returned a high Ag values (to 609 g, Table 9.2) off the dumps but in-place sampling did not exceed 10 g Ag from the partially backfilled pits. Historic workings are focused in a strongly sheared and complexly folded ankeritic limestone sequence directly in the footwall of the Golden Shears Detachment. Like at the Ireland mine, mineralization and alteration are confined to the footwall limestone sequence and do not penetrate into the overlying Goodsprings Dolomite. The local source of the elevated Ag mineralization has not yet been determined but is believed to be a silver-rich manto. Alteration within and around the target areas is crudely zoned from a sericitic core at Crystal Pass to more distal silica veining and replacements at the Ireland mine. Sericite becomes finer grained just to the north of the Property boundary and to the south at the Lincoln mine. At Crystal Pass the porphyritic dikes exhibit weak potassic alteration and quartz veining to the southwest where the magnetite-talc skarn is located on the edge of the Crystal Pass wash (Pace, 2015). Within the scale of the Property and adjacent area to the west, the three target areas display a crude metal zoning from the Au-Ag rich (+Cu-Pb-Zn) interior at the Ireland mine to elevated Ag-Pb-Zn (+Cu) mineralization at Crystal Pass and the South pits. More distally, the Pb-Zn mineralization produced from the Monte Cristo, Accident, Bullion, and Valentine mines (section 6.0) is regarded to be MVT (Mississippi Valley Type) replacement mantos which are low in gold but locally high in Ag. As with the greater Goodsprings quadrangle, metasomatic dolomitization is widespread on the Property, but is also localized as a result of hydrothermal alteration. Iron-carbonate alteration is common in the Cambrian limestone at the Ireland Mine and the South Pits. In both places this alteration is spatially associated with anomalous precious metal concentrations. In addition a zone of strong Fe-carbonate alteration occurs south of the south pits forming a ~300 m halo to a pair of argillized feldspar porphyry intrusions, the only intrusions identified in the footwall of the Golden Shears detachment.

8.0 DEPOSIT TYPES

Kepper (2004) speculated that the Goodsprings district is reminicent of a porphyry setting (Figure 8.1) noting that dikes and sills may represent the distal or higher portions of a buried porphyry system, further suggested by metal zonation and distribution of the intrusions. He noted that outcrops of porphyry, gold, silver, copper, vanadium, platinum/palladium mineralization occur in the central part of the district while only minor concentrations of these metals are found outside the core area where mineralizing fluids may have been controlled by major thrust faults. The notion of a porphyry copper-gold setting has been considered at the Boss Project of ExGen Resources Inc. (TSX.V : EXG, formerly Boxxer Gold Corp.) located on the western flank of the Spring Mountains about 10 miles (16 kms) west-northwest of the Property. Van Angeren (2013) points out that the Goodsprings district is located at the interpreted intersection of the northeast

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trending Frontal Thrust Belt and the northwest oriented La Caridad Mineral Park Belt, both of which host numerous large porphyry copper-gold and copper-molybdenum deposits in the Western United States. The distinct zonation of skarn-hosted copper-gold-silver mineralization surrounded by lead-zinc replacement mineralization, in combination with (i) multi-age and multi-source hydrothermal activity, (ii) an arsenic-bismuth-cobalt-nickel+molybdenum trace-element assemblage, and (iii) the presence of PGE with copper, is strongly suggestive that a porphyry copper environment may be the root cause and source of most of the mineralization in the Goodsprings district.

Within and adjacent to the Property, Pace (2015) has recognized general similarities to a porphyry setting. These include weak potassic and sericitic alteration in the interior part of the intrusive complex centerd around the Crystal Pass area, coarse phenocrysts within the felspar porphyry stocks, and sills within the interior that become progressively finer towards the periphery, a spatial correlation between precious metal-rich core and distal base metal replacement mineralization, a distance in excess of three miles (+5 kms).

Figure 8-1. A Pacific Rim model of mineralization. The diagram illustrates the differing styles of

mineralization in the continuum from a magmatic arc porphyry to a distal base metal carbonate and replacement deposits. The bold red line outlines the portion of the system with mineralization

characteristics and at an erosional level similar to the Golden Shears Property. (Corbett,1998). The lack of extensive veining, broad alteration footprint, virtual absence of widespread copper mineralization, and no geophysical evidence of a concealed, near surface large stock or plug, among other reasons, refutes the suggestion for the presence for a viable porphyry copper system located within or adjacent to the Property. However, there is a clear and unequivocal relationship between at least some phases of the feldspar porphyry and precious and base metal mineralization

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indicating that the felsic intrusive rocks were the source of metal-rich hydrothermal fluids emplaced at contacts and within carbonate wall rocks. As exploration proceeds, more litho-geochemical sampling, advanced geochemical and petrographic, and other studies will be required to further investigate this suggestion.

9.0 EXPLORATION

9.1 Exploration Activities

Exploration conducted by RenGold commenced on the Golden Shears Property beginning in early 2013 and continued to early 2015 (Figure 9.1). Geochemical sampling programs (2013 to 2015) include initial reconnaissance rock chip and stream sediment and follow-up soil geochemical and more extensive rock geochemical sampling. Geologic mapping, (1:5,000 scale) begun in 2013 was continued to early 2015. Ground magnetic and gravity surveys were conducted during June 2014. Geophysical data was interpreted in September 2014. No drill programs have been completed on the Property.

Geochemical sampling programs

The objective of the surficial sampling programs was to determine the distribution, character and controls to mineralization. Sample methods, protocols, security, and other methods are described below. To date, geochemical soil, rock and stream sediment samples collected over Property and outside the boundaries to the Property are summarized below by sample type.

Property Adjacent areas Total

Rocks 233 103 336 Soils 262 34 296 Sediments 17 10 27

Table 9-1. Geochemical samples collected on and around the Property.

Rock samples include both in-place and float samples and were collected to determine mineralogic, alteration, lithologic, structural and other controls to mineralization. Select samples include chips taken to specifically determine alteration, lithologic or other controls to mineralization. Collected to determine mineralization within a discrete area or structure or lithologic break, representative chips are unbiased samples taken across a measured width (channels) or chips within a small area, usually less than 5 feet (1.5 m) in diameter. Trench samples are continuous chips collected from road cuts or other disturbances sometimes in shallow channels over prescribed interval to obtain a representative metal value of the rocks. Float or transported samples have been detached from the source outcrop and have moved short or significant distances away from the original location.

The precise sample location, (UTM), sample type (chip, channel, select, dump, trench, float etc.) lithologic, mineralogic, alteration, structural and other features, were recorded along with the date, etc. in field books or in sample tag books. Rock cuttings or chips were sealed on-site in cloth or plastic sample bags and marked with sequential numbers.

Soil samples were collected from 8-12 inches below the surface over intermittent intervals, nominally 32 feet (15 m) at the Irleand mine and 165 feet (50 m) at Crystal Pass along lines to determine mineralization within a broad area of little or no outcrop. Sample sites were occassionally moved to avoid areas of human disturbance. Soil material was field sieved (~10

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Figure 9-1. Exploration work programs completed on the Property during 2013 to 2015.

Distribution of geochemical samples, geophysical surveys conducted on the Property and detail maps of target areas, Figures 9.2 through 9.6. The outer Property boundary is shown as a red line.

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mesh) and the residual material placed in small cloth bags and secured on-site. The location, character, and other observed features were recorded on site in field books or logs. Sample bags were stored and secured along with rock samples before delivery to ALS.

Stream sediment samples were collected at nominal 50 foot (15 m) and 82 foot (25 m) intervals within dry drainage washes to determine possible upstream geochemical anomalies from broad catchment areas. Samples were collected from main stream and discrete channels in similar fashion to soil samples.

Geologic mapping

Geologic mapping on the Property was conducted using both digital and hard copy bases. Early reconnaissance mapping was completed using an ArcPad and air photo bases. Property scale (1:5,000) systematic mapping was completed with an Ipad using GIS Pro by Garafa. Sampling locations were verified with handheld Garmin GPS units. Field maps were compiled in ArcGIS in a geodatabase on both topographic and airphoto bases. Representative photographs (730 of them) were taken to augment field notes and help with consistency in selecting stratigraphic breaks, etc. Assay and geologic data were uploaded into Google Earth as .kmz files from ArcGIS for further review and presentation.

Geophysical surveys

Ground gravity and magnetic surveys (Figure 9.1) were completed over the Property in June 2014 by Zonge International Inc. (www.zonge.com) headquartered in Tucson, Arizona. The survey lines were oriented N N90°E and N45°E and spaced approximately 200 meters apart for a total of 886 stations and a total of 62 repeated stations. Gravity and magnetic data acquired by Zonge International was interpreted by Rockgeophysics of Reno, Nevada (White, 2014). Modeling indicated several concealed intrusives and at least two skarns just south of Crystal Pass (Figure 9.8) and west and south of the Ireland mine target (Figure 9.9).

Magnetic survey – All total magnetic field data were acquired on foot using GEM Systems GSM-19 Overhauser-effect magnetometers and Geometrics G-858 Cesium magnetometer. Positioning for the GSM-19 magnetometer was determined with an external Trimble PRO-XRS GPS receiver that utilizes the integrated real-time DGPS beacon for position corrections. Spatial coordinates for the magnetic data are initially recorded in the GPS in geodetic coordinates (latitude/longitude), using the WGS84 datum, with elevations stored as ellipsoidal heights in the WGS84 vertical datum. Geodetic coordinates were converted to NAD 27 (CONUS) UTM, Zone 11N coordinates using Geosoft Montaj Software (Zonge, 2014a).

Gravity survey - All survey operations were conducted on foot using Leica SR530 and Viva GPS receivers along with two gravity meters: an L&R G-meter and Scintrex CG5. A single GPS base station location was used for this survey and was located in the central project area. Positional data were obtained with Leica Geosystems model SR530 and Viva GPS receivers, while elevations were obtained from Post-processed GPS. At least two measurements were taken at each station. The Complete Bouguer Anomaly is computed using a reduction density of 2.70 gm/cc (Zonge, 2014b).

9.2 Exploration Results and interpretation

Anomalous Au-Ag-Cu-Pb-Zn mineralization as determined by geochemical sampling is clustered in three principal target areas, from north to south Crystal Pass, Ireland mine, and South pits. Sampling in intervening areas between targets indicated sporadic anomalous mineralization although these areas are covered by recent alluvium and colluvium. The primary objective of the

http://www.zonge.com/

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geophysical surveys was to locate concealed intrusive and skarn bodies in covered areas between targets.

Crystal Pass, and Ireland mine target geochemical maps for Au, Ag, Cu, Pb, Zn are shown below as Figures 9.2 through 9.6. Anomalous geochemical samples collected outside of the target areas are located on Figure 9.7 and listed on Table 9.2. Modeling of the geophysical and magnetic data indicated several concealed intrusive and skarn bodies. The depth extent to the northern Crystal Pass intrusives ranged from 130 feet (40 m) to 1,640 feet (500 m) beneath the surface. In the southern end of the survey area, modeled intrusives around the Ireland mine ranged from 165 feet (50 m) to 985 feet (300 m) deep. Interpreted skarn and intrusive anomalies are summarized in Figures 9.8 and Figure 9.9. Geochemical sampling results indicate carbonate hosted replacement, skarn, and structurally controlled precious and base metal mineralization is present in three target areas from north to south, Crystal Pass, Ireland mine, and South pits. These have distinct mineralization characteristics. Crystal Pass – Ag-Zn mineralization is related to northwest trending structures some of which are occupied by feldspar porphyry dikes. Weak anomalous mineralization is also associated with the magnetite-talc skarn, possibly related to a concealed shallow, sill-like intrusive, extending beneath the wash, indicated by gravity and magnetic interpretation. The highest Pb values are related to a second set of northwest striking chimneys or structures at the contact of a feldspar porphyry body. Ireland mine - The highest Au-Ag-Cu-Pb-Zn values discovered to date on the Property are located within northwest striking faults or fracture zones and folded carbonate rocks at the southern margin of the target. Mineralization, open to the south, is likely related to several shallow intrusive bodies which occur west and south of the Ireland mine beneath alluvium in Porter Wash, extending to the northwest side of the South pits target area where a skarn body has been interpreted at the edge of the wash. South pits – High Ag mineralization is indicated from a sample collected on one of the former heap leach dumps. The source of this mineralization has not been determined. Northest trending faults cut carbonate rocks and a conceled intrusive body sits at the northest margin of the target area.

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Figure 9-2. Gold in rocks and soils. Maximum values in PPM are indicated.

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Figure 9-3. Silver in rocks and soils. Maximum values in PPM are indicated.

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Figure 9-4. Copper in rocks and soils. Maximum values in PPM are indicated

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Figure 9-5. Lead in rocks and soils. Maximum values in PPM are indicated.

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Figure 9-6. Zinc in rocks and soils. Maximum values in PPM are indicated.

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Figure 9-7. Index map anomalous samples. Sample values appear in Table 4.2. The author’s sample

locations are indicated (see section 12.0, Data Verification).

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Sample # Sample Type Au ppm Ag ppm Cu ppm Pb ppm Zn ppm 86 Dump Sample 0.068 309.00 42600 1185 681 106 Transported Float 0.008 0.60 361 170 52 132 Representative Chip 0.079 17.90 499 888 205 142 Select Chip 0.010 1.33 67 328 3150 146 Dump Sample 0.033 103.00 201 2490 3900 147 Dump Sample 0.019 11.90 11 111 345 148 Dump Sample 0.055 236.00 656 8340 13900 149 Dump Sample 0.043 29.20 186 2640 4450 151 Dump Sample 0.067 471.00 1070 9930 14700 152 Dump Sample 0.089 609.00 1100 12300 11250 211 Transported Float 0.162 0.65 1245 105 1110 212 Transported Float 0.428 1565.00 2160 26000 58700 235 Transported Float 0.103 1.09 385 21 174

Table 9-2. Anomalous geochemical sampling outside of target areas. Anomalous samples thresholds are >0.5 ppm Au, or >10 ppm Ag, or >300 ppm Cu, or >3000 ppm Pb, or >3000 ppm Zn.

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Figure 9-8. Interpreted gravity map. Skarn and shallow intrusive bodies are indicated.

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Figure 9-9. Interpreted magnetic map. Skarn and shallow intrusive bodies are indicated.

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10.0 DRILLING

Walmer has not yet conducted drilling on the Golden Shears Property and there is no evidence of historical drilling within the Property boundaries.

11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY

Sample Collection, security and shipping - Samples consisting of rock chips, soils or sediment, were collected at the site by RenGold geologists and placed in labelled, plastic or cloth bags. Bagged samples were carried from the field daily and stored in a secure hotel room for the duration of the work campaign. Periodically, samples were transported to Reno by RenGold staff in pickup trucks or shipped via commercial carriers to the Reno, Nevada office of RenGold. From the point of collection to subsequent delivery to the analytical laboratory of ALS Minerals (“ALS”) in Reno, Nevada, samples were securely locked or under the direct supervison of RenGold staff. With offices and operations in more than 350 locations, in 55 countries, and on six continents, ALS is a highly regarded, multi-national, analytical and testing laboratory completely independent of Walmer, and RenGold. Contractors and employees of Walmer or RenGold do not participate in any part of the sample preparation and analytical procedures once samples are submitted to ALS.

ALS is part of the ALS Group (a subsidiary of Campbell Brothers Ltd. – ASX:CPB) a diversified group of testing companies with offices strategically located around the world. Most ALS Geochemistry laboratories are registered or are pending registration to ISO 9001:2008, and a number of analytical facilities including the Reno ALS laboratory have received ISO 17025 accreditations for specific laboratory procedures. Some of the sample pulps prepared in Reno are subsequently transported by a contracted commercial airliner to ALS in Vancouver, Canada while other analytical procedures are completed in Reno. The Vancouver facility of ALS has received ISO/IEC 17025:2005, and ISO 9001:2008 certification and other accreditations for specific laboratory procedures.

Quality Control and Quality Assurance - Quality Assurance/Quality Control (QA/QC) are the protocols and procedural steps taken to assure accuracy (how close to the real result you are) and precision (how reproducible your results are) within any sample set. QA/QC procedures were employed during sample collection by RenGold geologists as well as steps taken by ALS during sample preparation and analysis.

To ensure required precision and accuracy for all geochemical sampling programs, RenGold geologists anonymously inserted sample blanks (containing no or very negligible Au) at the beginning of most batches submitted to ALS (Pace, 2015). Additionally, one or more sample standards (with certified Au content) were also anonymously submitted with each batch for a total of 16 standards inserted into the total 336 rock samples submitted (Table 9.1). For the 296 soil samples collected on and adjacent to the Property, a total of 10 sample standards were anonymously submitted into sample batches following four major campaigns between 2013 and 2015. All sample standards (Au and Ag) used in the rock and soil campaigns were prepared and certified by MEG Labs (Reno, Nevada). No QA/QC samples were submitted with the small stream sediment batch. QA/QC sample results from the rock and soil programs did not indicate problems requiring further investigation.

ALS employs extensive internal Quality Assurance/Quality Control methods including the use of systematically incorporated certified standards, blanks, and duplicates to assure precision and accuracy. On arrival at ALS, the Company uses the laboratories standard rock and stream sediment codes for sample preparation and geochemical analysis.

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ALS sample preparation and analytical codes – A variety of ALS sample preparation and analytical procedures were employed to determine Au, Ag, and 48 element multi-elements contained within rock, soils, and stream sediments.

Sample preparation CRU-31 fine crushing, - 70% -2mm SPL-21 Split sample in riffle splitter PUL-31 Pulverize split to 85% <75um CRU-22c Crush entire sample >70% - 19mm PREP-41 Dry sample and dry sieve to -180 microns (soil and sediments) Analytical procedures ME-MS61 48 element four acid digestion, ICP-MS1 analysis ME-OG62 Ore grade elements, four acid digestion, ICP-AES2 Ag-OG62 Ore grade Ag, four acid digestion, variable analysis Cu-OG62 Ore grade Cu, four acid digestion, variable analysis Pb-OG62 Ore grade Pb, four acid digestion, variable analysis Zn-OG62 Ore grade Zn, four acid digestion, variable analysis Au-ICP21 Au 30 g FA3 ICP-AES finish Au-GRA21 Au 30 g FA, gravimetric finish, WST-SIM (type of scale used) The sample preparation, security, and analytical procedures employed by RenGold geologists are adequate and appropriate for the early stage of exploration on the Property. The QA/QC procedures employed by RenGold geologists, were not completely comprehensive and consistently applied throughout the sampling campaigns conducted in 2013, 2014, and 2015 but were reasonable and sufficient considering the early stage of exploration. More rigourous, systematic, and comprehensive security and QA/QC measures will be required when the recommended drill program commences.

12.0 DATA VERIFICATION

The author conducted a site visit of the Property on April 1, 2015 accompanied by Mr. Richard Bedell of Renaissance Gold Inc. During this site visit all major target areas including Crystal Pass, Ireland mine and South pits were examined and eight audit samples were collected. In preparation of this Technical Report the author reviewed publications of the Nevada Bureau of Mines and Geology, United States Geological Survey, and Economic Geology, and extensive internal primary geologic, geochemical, and geophysical data generated from RenGold’s exploration of the Property. Additionally, extensive discussion of project details were held with project geologists Mr. Lindsay Craig, Mr. Dan Pace, and computer geologist Ms. Marilyn Miller.

To confirm the presence of gold and silver, and base metals the author collected eight rock samples from targets on the Property. The author’s sample locations (Figure 9.7), descriptions, and analytical result are summarized below (Table 12.1). The author collected and transported the April 1, 2015 samples in his custody directly to the preparation facility of ALS in Reno, Nevada. The ALS facility was subsequently responsible for sample custody. All of the author’s rock samples were submitted to ALS (see Sample Preparation, Analyses, and Security section above) for precious,

1 ICP-MS Inductively Coupled Plasma – Mass Spectrometer 2 ICP-AES Inductively Coupled Plasma - Atomic Emission Spectroscopy 3 FA Fire Assay

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RAL samples - Golden Shears (WGS 84), April 1, 2015

SAMPLE # E UTM N UTM TYPE DECRIPTION Au

ppm Ag

ppm Cu

ppm Pb

ppm Zn

ppm RLGS-1 641586 3962798 RC gossan, well oxidized, goethite, 0.5 m skarn pod 0.045 3.11 648 8110 14050 RLGS-2 641603 3962739 RC 1.0 m breccia, limestone, oxidized, silic. N35W, 78E shear fault 0.033 5.15 7.8 107 304 RLGS-3 641888 3962862 Dump select limestone, siderite, med grnd, abundant CuOx, silicate, occas qtz veinlets 0.272 91.1 21300 59400 515 RLGS-4 642578 3958791 RC 0.1 m limestone, pervasive silica at base to silica veinlets, vuggy, in stratiform bed 0.012 0.37 81.5 269 33 RLGS-5 642957 3958760 RC 0.1 m limestone, pervasive to weak veinlets, weak to mod FeOx 2.62 328 658 66400 3870 RLGS-6 642953 3958659 Dump select limestone, moderate to recrystallized, goeth, limonite, v occas. CuOx 2.75 17.6 4140 40300 8440 RLGS-7 642976 3958698 Dump select limestone, very strong FeOx, siderite, siliceous 51.6 24.3 2830 4 13050

RLGS-8 642983 3957248 Dump select limestone, FeOx in irregular pods, occas. late, qtz, calcite veinlets 0.089 13.6 163 1415 2610 Table 12-1. Results of Author's audit samples, collected April 1, 2015. Abbreviations: grnd grained, med medium, occas occassional, mod

moderate, qtz quartz, RC rock chip, silic silicic, v very.

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base metal, and multi-element analyis using identical techniques to those employed by RenGold geologists as summarized above (section 11.0).

It is the author’s opinion that the project data generated by RenGold to the date of this Technical Report is of high technical merit and conforms to practices and procedures recommended in NI 43-101. Accordingly, this data is appropriate and adequate for the purposes used within this Technical Report.

13.0 MINERAL PROCESSING AND METALLURGICAL TESTING

No metallurgical testing has been conducted by RenGold on the Property. However, eight rock samples were selected and tested for cyanide soluble gold and silver. ALS analyzed for Au by ICP21, and Ag by MES61 methods. Once head grades were determined, a representative split of the sample pulp was digested in a solution of sodium cyanide (AA13) to determine the total cyanide soluble Au and Ag present. The cyanide recoveries calculated are shown below (Table 13.1).

Much more advanced, comprehensive and systematic metallurgical and process testing will be required as exploration work advances.

Method Ag-AA13 Ag-Me-MES61* Ag AA/FA_Ratio Au-AA13 Au-ICP21* Au AA/FA Ratio Analyte Ag ppm Ag ppm Au ppm Au ppm 360208 55.69 104 0.535 1.73 2.6 0.665 360210 5.85 27.4 0.214 0.21 0.362 0.580 360227 31.51 67.2 0.469 8.04 11.1 0.724 360229 1.68 4.93 0.341 7.08 11.25 0.629 360231 0.9 5.86 0.154 1.91 2.39 0.799 125904 15.33 39.3 0.390 9 10.25 0.878 125905 8.01 21.9 0.366 1.07 1.57 0.682 125913 3.2 23.5 0.136 0.12 0.293 0.410

Average Ag CN Recovery 32.6% Average Au CN Recovery 67.1% Table 13-1. Cyanide soluble gold and silver in samples. Analytical methods are described in section

11.0. *Ag >100 ppm and Au >10 ppm assayed by gravimetric methods.

14.0 MINERAL RESOURCE ESTIMATES

There is no information available for the Golden Shears Property that would allow for estimation of a mineral resource.

15.0 MINERAL RESERVE ESTIMATES

There is no information available on the Golden Shears Property that would allow for estimation of a mineral reserve.

16.0 MINING METHODS

There is no information available on the Golden Shears Property that would allow for a discussion of mining methods.

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17.0 RECOVERY METHODS

There is no information available on the Golden Shears Property that would allow for a review of the recovery methods anticipated.

18.0 PROPERTY INFRASTRUCTURE

There is no information available on the Golden Shears Property that would allow for the Property infrastructure to be reviewed.

19.0 MARKET STUDIES AND CONTRACTS

Possible market studies and contracts associated with possible development of the Golden Shears Property are not known.

20.0 ENVIRONMENTAL, PERMITTING, SOCIAL OR COMMUNITY IMPACT

No information is available on the Golden Shears Property to determine environmental, permitting, and social and community impact.

21.0 CAPITAL AND OPERATING COSTS

No information is available on the Golden Shears Property to determine possible capital and operating costs.

22.0 ECONOMIC ANALYSIS

No information is available on the Golden Shears Property to provide an economic analysis.

23.0 ADJACENT PROPERTIES

Several patented and unpatented mining claims are located just on the western side of the Property (Figure 4.1). At the present time, no active exploration or other prospecting work is being conducted on these claims (Pace, 2014).

24.0 OTHER RELEVANT DATA AND INFORMATION

No additional information or explanation is known by the author to be necessary to make this Technical Report understandable and not misleading.

25.0 INTERPRETATION AND CONCLUSIONS

The Golden Shears Property lies on the east side of a structurally complex district of carbonate-hosted Ag-Pb-Zn-Cu-Au precious and base metal mineralization. Most of the base metal deposits in the district are associated with a single stratigraphic horizon and are interpreted as MVT-type (Missississippi Valley Type) replacement deposits based on isotope work; in contrast, Au + Ag deposits, along with Cu and PGE (Platinum Group Elements) deposits are associated with Triassic feldspar porphyries (Vikre, et. al., 2011). The bulk of the intrusive-related mineralization is hosted along a series of stacked thrusts in the main portion of the district.

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At the Golden Shears Property, a shallowly west-dipping shear zone (the Golden Shears Detachment) juxtaposes strongly recyrstallized partially dolomitized limestone in the footwall with weakly recrystallized dolomite in the hangingwall. The footwall rocks are intensely folded and cut by a series of imbricate thrust slices. The contrast in deformation and kinematic indicators indicate a component of normal detachment-style faulting on the shear zone. Mineralization hosted in the footwall of the shear zone, and localized by folding, suggests that mineralizing fluids were emplaced during or after at least one phase of compression. The main ore-hosting thrusts in the Goodsprings district project into shallow alluvial cover just east of the Golden Shears exposures, and are indicated by the deformation in the footwall of the detachment. Given the spatial correlation between thrusts and mineralization in the main portion of the Goodsprings district, the buried thrusts are seen as prospective drill targets proximal to the exposed Au mineralization. Based on geologic, geochemical and geophysical surveys, carbonate replacement, skarn Cu-Pb-Zn and fissure/vein type Au-Ag mineralization is present on the Property over at least a six mile (+10 km) segment on the margin of shallow pediment. The presence of several dikes, dike swarms, plugs sills, stocks, metal zonation (distal high silver and base metal mineralization to proximal gold and copper mineralization), alteration (core sericite and potssic alteration) is suggestive of a porphyry setting which has been considered in other locations within the Goodsprings district. Magnetic and gravity results indicate shallow discrete feldspar porphry bodies under shallow alluvial cover between target areas some of which may be associated with contact skarns. All mineralization styles within the Property contain multi- percent lead and zinc. At the north end in the Crystal Pass area, the strongest hypogene intrusive margin alteration is a small zone of magnesian skarn with magnetite that runs up to 0.7 grams Au with 0.2% Cu within a small skarn. In the central Ireland mine target gold values exceeding 10 grams have been obtained from northwest trending structures and folded carbonate beds. High gold values obtained at the south end of the target are also associated with elevated Ag-Cu-Pb-Zn and are open to the south where several intrusive bodies have been located beneath shallow cover. Approximately one mile (1.5 km) to the south of the Ireland mine, high grade silver mineralization (609 grams) is indicated from one sample collected off a reclaimed heap. The results of exploration conducted on the Property to the date of this Technical Report are indicative of a significant mineralizing system that can only be further evaluated by drilling.

26.0 RECOMMENDATIONS

Exploration work on the Property has advanced to the stage where further evaluation can only be conducted by a staged drill program. The recommended budget (Table 26.1) below is broken down into two separate Phases. Phase I recommended drill holes should be focused on the southern end of the Ireland mine target and the adjacent wash. The contacts of intrusive bodies identified by the geophysical surveys within Porter Wash should be tested. To the extent possible, structural and stratigraphic targets permissive to mineralization should be tested. The modest Phase I program includes 5 RC (Reverse Circulation) drill holes approximately 600 feet in depth (Figure 26.1) as well as a rigourous and comprehensive program of QA/QC sampling to validate drill results. Widely used in Nevada with numerous compentent drill contractors, RC drilling is recommended since it is an efficient and less expensive alternative to diamond (or core) drilling. Furthermore, RC drilling is sufficient to test for anomalous mineralization, and gross lithologic contacts, especially where minimal quartz veining is expected.

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Figure 26-1. Recommended Phase I drill holes.

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The decision to proceed to the Phase II program (6 – 800-850 foot or 243-260 m RC drill holes) should be based solely on results obtained during the Phase I program. Phase II drill holes should be focused on the Ireland mine target and intervening covered areas to the South pit exposures. Consideration should also be given to locating one or two holes at the contact of the concealed intrusive body at the south end of the Crystal Pass target. If Phase II drill results are successful futher drilling will be necessary to continue to advance the Golden Shears Property. It is recommended that future drilling beyond Phase II, if warranted, will require diamond drill holes as more detailed structural, lithologic, and alteration controls to mineralization are sought.

Phase I Exploration Budget - Golden Shears Property ($US) Work activity

Item cost



10,000

Water cost drilling

9,000 Mobilization/demobilization

10,000

Drill pad/road construction

12,000 Assays ($39/sample X 600 samples)

24,000

QA/QC (15% total or 90 samples)

4,000 Geologic supervision (project)

23,000

Geologic management (project)

6,000

TOTAL 200,000

Phase II Exploration Budget - Golden Shears Property ($US) Work activity

Item cost



22,000

Water cost drilling

18,000 Drill pad/road construction

25,000

Assays ($39/sample X 500 samples)

39,000 QA/QC (15% total or 60 samples)

6,000

Geologic supervision (project)

45,000 Geologic management (project)

15,000

TOTAL 340,000

Table 26-1. Recommended Phase I, Phase II Exploration Budget.

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27.0 REFERENCES

Corbett, G.J., and Leach, T.M., 1998, Southwest Pacific rim gold-copper systems: structure, alteration and mineralization: Society of Economic Geologists Special Publication 6, 238 p.

Crafford, A.E.J., 2007, Geologic Map of Nevada: U.S. Geological Survey Data Series 249, 1 CD-ROM, 46 p., 1 plate.

Hewett, D. F., 1931, Geology and Ore Deposits of the Goodsprings Quadrangle, Nevada: US Geological Survey Professional Paper 162, 172 p.

Kepper, J. C., 2004, The Goodsprings (Yellow Pine) Mining District, Clark County, p. 91-101 in Castor, S. P., Ferdock G. C. Minerals of Nevada, Nevada Bureau of Mines and Geology, Sp. Pub. 31, 512 p.

Longwell, C. R., E.H. Pampeyan, B. Bower, and R. J. Roberts, 1965, Geology and Mineral Resources of Clark County, Nevada: Nevada Bureau of Mines and Geology, Bulletin 62, 218 p.

Pace, D., 2015, Personal Communication.

Van Angeren, P., 2013, Geological Assessment and Exploration Proposal (2013/2014) for the Boss Project, Goodsprings Mining District, Clark County, Nevada: NI 43-101 Technical Report for Boxxer Gold Corp., 78 p.

Vikre, P., Brown, Q. J., Fleck, R., Hofstra, A, and Wooden, J., 2011, Ages and Sources of Components of Zn-Pb, Cu, Precious Metal, and Platinum Group Element Deposits in the Goodsprings District, Clark County, Nevada: Economic Geology, v. 106 p. 381-412.

White, T., 2014, Golden Shears Magnetics and Gravity Interpretation: Memorandum for Renaissance Gold Inc., 19 p.

Zonge International, 2014 (a) , Geophysical surveys on the Golden Shars Project, Clark County, Nevada, Volume 1 Ground Magnetic Survey, Data Acquisition and Processing Report: Private report prepared for Renaissance Gold Inc. 21 p.

Zonge International, 2014 (b), Geophysical surveys on the Golden Shars Project, Clark County, Nevada, Volume 2 Gravity Survey, Data Acquisition and Processing Report: Private report prepared for Renaissance Gold Inc. 32 p.

Documents

GEOLOGICAL REPORT AND SUMMARY OF FIELD · PDF fileGEOLOGICAL REPORT AND SUMMARY OF FIELD EXAMINATION, GOLDEN SHEARS PROPERTY, Clark County, Nevada . USA . June 15, 2015 . R. A. Lunceford,