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– British Columbia Properties

– Vega Copper-Gold Project, BC, Canada

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Jerry D. Blackwell, P. Geo. B.C., Advisor to the Board of Canasil, is the designated Qualified Person for the Company's technical information in accordance with National Instrument 43 101.

Location and Geology

The 100% owned Vega claims cover 11,104 hectares located between the Osilinka and Mesilinka river systems in the Omineca Mining Division of British Columbia, 300 km northwest of Prince George. Access to the property, which lies at an elevation of 1,100 – 1,600 metres, is via the Omineca Mines Access Road and logging roads. The property lies on a north-northwest trending fault structure in Takla Group Volcanic rocks of Upper Triassic to Jurassic age. This volcanic sequence has been intruded by syenite, monzonite and diorite dykes and sills related to the Hogem Batholith to the southwest. Intrusive volcano-sedimentary contacts typically parallel the regional northwest structural trend. Mineralization on the Vega property occurs in brecciated and altered andesite/basalt, altered syenite and altered brecciated syenite. Concentration of sulphides, consisting of pyrite, chalcopyrite, magnetite and minor bornite, occur along shear and fracture zones. Intense, close spaced fracturing and faulting is observed over a broad deformation zone which is 490 metres wide and 2,100 metres in length. Reconnaissance work in 2011 also identified lenses of volcanogenic massive sulphide mineralization.

Exploration History

Early prospecting in the project area by Cominco in the 1930’s reported exposed mineralization with copper and gold mineralization on the south bank of Vega Creek. Cominco completed approximately 200 metres of underground workings to investigate the mineralization, identifying a 10.5 metre zone with average 1.46% copper and 4.82 g/t gold. In subsequent years various companies explored the area outlining copper anomalies and in the mid 1970’s BP Minerals undertook geochemical and geophysical surveys and over 2,000 metres of diamond drilling, however there is no data available from these programs. In the 1980’s, Canmine Development Corp., a predecessor of Canasil, acquired the claims over the original Cominco showings and carried out geochemical sampling, outlining several large zones with anomalous values in copper, gold and arsenic. This work resulted in an option agreement with Cyprus Gold (Canada). In 1988 Cyprus completed 1,088 metres of diamond drilling in 8 drill holes. The highest gold value intersected was 2.03 g/t (0.059 opt) over 1.45 metres (4.76 ft.) in V-88-01, and the best weighted average intercept was 0.51 g/t (0.015 opt) over 5.96 metres (19.55 ft.) in V-88-08. Little significant work has been done on the project since that time. Canasil has maintained and expanded the claims area to cover potential copper-gold showings in the surrounding area.

Recent Exploration

In 2011 reconnaissance work on the expanded Vega project claims identified a strata-bound sulphide deposit (the Pluto showings) represented by sulphide rich gossans, inter-bedded with green intermediate volcanic flows which are porphyritic in places. The volcanic pile is intruded by an un-altered k-feldspar porphyry.  Results from rock samples from the limited 2011 sampling program showed up to 4,714 ppm copper and >10,000 ppm arsenic, as well as samples with anomalous copper and arsenic values taken downstream of the Pluto showing. Prospecting and sampling upstream and downstream from the main showing area investigated areas of gossanous soil and pyritic volcanic rocks that may in part define a large hydrothermal system that extends significantly beyond the Pluto showings.

A review of 1970’s and 1980’s drill data shows encouraging copper and gold grades from the original showings at the Vega project, indicating at least two major mineralized zones for further exploration within the project area.

Exploration Potential

The regional and geological setting of the VEGA property and numerous copper and gold geochemical anomalies in the area are strongly indicative of mineralized systems hosting large gold-copper porphyry deposits. The relatively shallow historical drilling in the original Vega showings only tested a small zone at a very shallow depth. The occurrence of significant and relatively high grade gold and copper values form this area requires further prospecting, geological mapping and systematic exploration including airborne and ground geophysics and diamond drilling to investigate the source of the copper and gold mineralization. The recently discovered Pluto showings provide a second target area with the potential for hosting a large mineralized system and which also requires further detailed exploration.