Exhibit 99.2
LAKE FOREST MINERALS INC.
A REPORT ON THE
GEOLOGY, SOIL GEOCHEMISTRY AND MINERAL POTENTIAL
OF THE
VIN MINERAL CLAIM, PRINCETON MINING DIVISION
BRITISH COLUMBIA
(NTS 092H16)
By T.L. Sadlier-Brown, P.Geo.
June 30th 2008
page
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TABLE OF CONTENTS
SUMMARY 1
1.0 INTRODUCTION 2
1.1 Terms of Reference and Scope of Report. 2
1.2 Property Description and Claim Status 3
1.3 Location, Physiography and Access 3
1.4 History of Previous Work 4
2.0 GEOLOGY 5
2.1 Regional Geological Setting 5
2.2 Property Geology and Mineralization 5
3.0 GEOCHEMICAL RECONNAISSANCE 6
4.0 DISCUSSION AND CONCLUSIONS 6
5.0 RECOMMENDATIONS 6
6.0 REFERENCES 7
TABLES
1: Cost Proposal 7
MAPS AND FIGURES
1: Property Location Map 2
2: Claim Map 3
APPENDIX
A: Author's Certificate 10
B: Certificate of Analysis 11
SUMMARY
The Vin property covers a gold soil geochemical anomaly located in the southern
interior of British Columbia 40 km north of the town of Princeton. It comprises
458.779 ha of forested Crown Land held in good standing to February 22 2009. It
lies in a largely overburden-covered area underlain principally by the Triassic
volcanic rocks of the Nicola Group.
The area was subjected to a regional soil geochemical survey by Fairfield
Minerals in 1991. This work identified an elongate zone of elevated soil gold
geochemical values ranging up to 76 ppb Au against a background of <5ppb Au. The
zone strikes at about 100(Degree) and traverses the central part of the Vin
Claim over an interval of 1,300 metres.
A field examination, which included a preliminary geological assessment of the
area of the soil anomaly and a limited amount of additional soil sampling was
carried out by the writer on June 25th and 26th 2007.
The available geochemical data is consistent with the presence of an elongate
mineralized structure concealed beneath the glacial overburden in the immediate
area of the anomaly. Accordingly, a two-phase program of geochemical and
geophysical survey work is recommended to evaluate the area. The estimated cost
of the proposed field work is US$15,000 for the initial phase and an additional
US$55,000 for a second phase which would be contingent upon the Phase I results.
[MAP SHOWING THE PROPERTY LOCATION]
FIGURE 1: PROPERTY LOCATION MAP; PRINCETON-MERRITT AREA, B.C.
1.0 INTRODUCTION
1.1 TERMS OF REFERENCE AND SCOPE OF REPORT
This report is intended as a description of the geology of the Vin Claim area
and a set of recommendations for a preliminary program of geological,
geochemical and geophysical exploration on the property. It has been prepared at
the request of Mr. Jeffrey Taylor, president of Lake Forest Minerals Inc. (Lake
Forest) and is based on a review of available pertinent technical data from
published and unpublished reports and maps and on a field examination carried
out by the writer on June 25th and 26th 2007.
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1.2 PROPERTY DESCRIPTION AND CLAIM STATUS
The Vin Claim is assigned Tenure Number 552520 and is recorded in the name of T.
L. Sadlier-Brown of North Vancouver, B.C. The date of record is February 22nd
2007 and the claim is in good standing to February 22nd 2009. The property
comprises 458.779 hectares included within 22 Mineral Title Grid Units. The
claim is depicted in Figure 2 which is part of NTS Map 092H16.
[MAP SHOWING THE CLAIM LOCATION]
Scale~1:50,000
FIGURE 2: CLAIM MAP
1.3 LOCATION, PHYSIOGRAPHY AND ACCESS
The Vin Claim straddles the northeast-trending valley of Vinson Lake about 40 km
north of the town of Princeton or 45 km southeast of the town of Merritt. Both
communities are supply and service centres for the southern interior of B.C. The
claim is centred approximately at UTM coordinates 0685000E, 5520000N in an
incised plateau area of moderate relief between elevations of about 1,400 and
1,600 metres above sea level.
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The region is largely mantled in glacial overburden consisting of till, clay and
silt with local areas of gravel and regolith. Bedrock exposures appear to be
confined, for the most part, to higher elevations and steep slopes but are
sufficiently abundant to permit reconnaissance scale geological mapping. The
area is forested mainly by dense stands of pine and minor deciduous groves
consisting of birch and poplar. The coniferous forest has been extensively
harvested and logging is ongoing in the area.
The claim area is drained by several small tributaries to Vinson and Dillard
Creeks which flow westerly contributing to Summers Creek at the south end of
Missezula Lake. Summers Creek is a tributary of Alison Creek and, ultimately,
the Similkameen, Okanagan and Columbia Rivers.
The property lies within the Interior Plateau climate zone, a region where mean
temperatures range between -5(Degree) to -15(Degree) in the winter and from
20(Degree) to 30(Degree) during the summer months. Total monthly precipitation
varies from a low of about 20 mm during March, the driest month, to over 50 mm
in July. Snow may be expected from October through March with between 40 and 50
cm occurring in each of December and January.
Access from Merritt is east via Highway 97C to the Loon Lake turnoff, from there
south on well-maintained gravel forest roads to Buck Lake then southerly about 3
km to the property at Vinson Lake. From Princeton the site is accessed via Route
5A north to about 50 km to the Missezula Lake turnoff then easterly about 20km
to the Buck Lake and Vinson Lake areas. The property is traversed by two forest
roads and is partly clear-cut.
1.4 HISTORY OF PREVIOUS WORK
The general area was first prospected during the late 1800s at which time a
number of copper and gold occurrences were discovered in the nearby Aspen Grove,
Princeton and Tulameen areas. Among these were the Copper Mountain deposits
which became the Granby and later Similco Mines south of Princeton and the
gold-platinum placers in the Tulameen area. Placer gold was also mined from
Siwash and Shrimpton Creeks which lie respectively 3 km east and 6 km north of
the Vin Claim.
In 1986 a high-grade gold-quartz occurrence was discovered near Siwash Lake 10
km northeast of the Vin Claim during a geochemical and conventional prospecting
program carried out on behalf of Fairfield Minerals. This deposit became the
Siwash Mine (now called the Elk Mine) which was placed into production by
Fairfield in 1992 and, during the 1990s, produced 51,750 ounces of gold from a
small open pit. Its discovery resulted in a substantial amount of exploration
work - including that done in the Vinson Lake area - and the staking of a large
number of mineral claims in the area during the early and mid 1990s. In 2001
Fairfield amalgamated with Almaden Resources Corp. to form Almaden Minerals
Ltd., the current owner of the Elk Mine. According to Alamaden's February 2007
news release, the reported measured, indicated and inferred reserves at the Elk
Mine total 1.94 million tonnes containing 473,000 ounces of gold. Exploration
work on the mine property is ongoing. Although subsequent regional exploration
work has not identified any additional comparable mineral occurrences several
subtle geochemical anomalies have been found including that on the Vin Claim.
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2.0 GEOLOGY
2.1 REGIONAL GEOLOGICAL SETTING
The Vin property lies in a region characterized by extensive glacial overburden
and, con-sequently, data on the bedrock geology is limited. Available outcrops,
however, suggest that the regional geology is dominated by the upper Triassic
volcanic rocks of the Eastern Belt of the Nicola Group (uTrNE) as depicted in
mapping by the B.C. Geological Survey (BCGS).
About 1 km west of the property BCGS mapping has outlined an area of Nicola
Group sedimentary facies rocks (uTrNsf) consisting mainly of siltstone, mudstone
and minor sandstones. East of the property the Nicola Group volcanic rocks are
in contact with a small Triassic granodiorite pluton (LTrJgd) and the middle
Jurassic granitic rocks of the Osprey Lake Batholith (MJgr). These Mesozoic
terrains are locally intruded by small intermediate to alkaline Tertiary
(Eocene) granitic plutons (Egd) and unconformably overlain by outliers of
Tertiary sedimentary rocks including shale, sandstone, conglomerate and coal
measures comprising the Princeton Group (Qvk). The youngest consolidated rocks
are the Miocene and later valley basalts that occupy isolated fault-bounded
grabens that occur over limited extents throughout the general region.
2.2 PROPERTY GEOLOGY AND MINERALIZATION
The only outcrops observed within the claim area consist of exposures of
andesite and dacite on the steep west-facing slope a few hundred metres east of
Vinson Lake and in an area of moderate terrain about 1km east of the lake. The
rocks are variably grey to green in colour and could be termed greenstones. They
are generally fine-grained, locally porphyritic and, in some instances, exhibit
an equigranular intrusive texture suggesting that they may be dikes or sills.
They are considered to represent part of the Eastern Belt of the Nicola terrain
in the area of interest.
The bedrock exposures lie in an area of steep, but not extreme, terrain less
than 100 metres north of a coincident copper and gold soil geochemical anomaly
described by Cormier (1992) that defines the area of interest. The anomalous
area is outlined in Figures 3 and 4 as an elongate feature extending for about
1,300 metres on a bearing of about 100(Degree) from a point just west of the
south end of Vinson Lake and through the central part of the Vin Claim. It
contains a cluster of elevated soil gold geochemical values ranging up to 76 ppb
Au against a background of <5ppb Au. The coincident copper anomaly is
discontinuous but nevertheless distinct and contains values ranging up to 288
ppm Cu.
The anomalous area parallels the base of a moderate east-west trending slope and
coincides in part with the valley of a small stream. These surface features
suggest the presence of a geological structure such as a fault, lithological
contact or vein - but it is also possible that they are attributable only to the
morphology of the glacial drift that blankets much of the area.
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3.0 GEOCHEMICAL RECONNAISSANCE SAMPLING
During the course of the field examination of the property on June 25th and 26th
a suite of soil samples was taken along a traverse (Traverse A) across the trend
of the anomaly discovered by Fairfield. The samples were taken from 34 stations
along a flagged line extending from UTM coordinates 068850E; 519100N on a
bearing of 030(Degree) for 410 metres to UTM coordinates 684992E; 5519405N.
Station intervals were 20 metres from Sample V-01 to V-09 and 10 meters
thereafter. Geochemical analyses using the ICP method was done by Acme
Analytical Laboratories of Vancouver B.C. Results are provided in Appendix B.
The gold and copper values tended to be lower than those reported by Cormier
with the higher values occurring in the vicinity of a small stream valley and
the west facing slope to its north between Stations 3+20NE and 3+80NE (Sample
Numbers 25 to 31).
4.0 DISCUSSION AND CONCLUSIONS
The past exploration work carried out in the Vin Claim area identified moderate
soil-gold and soil-copper geochemical anomalies aligned along an east-southeast
direction from the vicinity of the south end of Vinson Lake. The geochemical
data may indicate the presence of an elongate mineralized structure concealed
beneath the glacial overburden in the immediate area of the anomaly but it may
also be attributable to glacial transport of mineralized material from a distal
source. The apparent direction of ice movement interpreted from aerial
photography is 150(Degree) which is at an angle of about 50(Degree) to the
strike of the soil anomaly. This configuration does not preclude a glacial
origin for the gold and copper values, but it tends to favour a crosscutting and
local source such as a vein or fault structure that mineralized the soils
subsequent to their deposition. The re-connaissance sampling described in
Section 3 did not clearly define the original anomaly but the elevated values
from the northeastern part of the traverse probably lie within it.
Accordingly, there is considered to be a reasonable possibility for the
discovery of gold-copper mineralization in the immediate area of the soil
anomaly with the envisioned target being a small-to-intermediate-sized precious
metal deposit.
5.0 RECOMMENDATIONS
A two-phase program of geochemical and geophysical survey work is considered an
appropriate approach for evaluation of the area and is recommended. Phase 1
should consist of additional soil sampling in the general area of the known
anomaly. This work should be done in greater detail than the original survey
which employed 50 metre sample spacing and over a larger area than the current
reconnaissance sampling. The target could be a zone much less than 50 metres
wide and, accordingly, soil sampling at 10 metre intervals on flagged
north-south lines is recommended. The lines should be 100 meters apart in the
core area and 200 metres apart in the extreme eastern part of the anomaly. The
anomalous area would be adequately covered by about 2.8 line km of survey work
with survey control provided using both chain and compass and GPS equipment.
Sample stations should be flagged and numbered. The sampling should be
accompanied by conventional prospecting.
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Provision should be made for a second phase of exploration contingent upon Phase
1 results. Although a decision on the precise nature of any Phase 2 work or any
allocation of the various tasks is not yet possible, it may be expected to
include both EM and magnetometer geophysical surveys. If a target for more
site-specific work is identified, a diamond drilling program would constitute a
third phase.
Including allowances for mobilization, demobilization, permitting and survey
work, an estimate of the time required to complete the field component of the
Phase 1 project, assuming a two-man crew is employed, would be on the order of 5
days. Phase 2 will require an estimated 10 days to complete.
An estimate of the cost of the proposed program is $70,000 including $15,000 for
the initial phase and $55,000 for the contingent second phase as summarized in
Table 1.
TABLE 1: COST PROPOSAL
PHASE I
Soil sampling survey: ~ 3 line km 5,000
Geochemical analyses: 34 element ICP + Au FA & AA; ~400 samples @ $22 6,000
Camp costs; mobilization & demobilization 2,500
Data evaluation, interpretation and report preparation 1,500
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Sub-total 15,000 15,000
PHASE II
Provision for geophysical surveys 35,000
Provision for detailed mapping, trenching & rock sampling and assays 10,000
Data evaluation, interpretation and report preparation 5,000
5,000
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Sub-total 55,000 55,000
GRAND TOTAL 70,000
6.0 REFERENCES
Almaden Minerals Ltd. (2007): Elk Gold Project, News Release
Cormier, John (1992): Geochemical Report on the Vin Property. Cordilleran
Engineering Ltd.; Assessment Report # 22259 for Fairfield Minerals Ltd.
Preto, V.A. (1979): Geology of the Nicola Group between Merritt and Princeton,
B.C. Ministry of Energy, Mines and petroleum Resources, Bulletin 69.
Rice, H.M.A. (1946): Princeton Map Area. Geological Survey of Canada Map # 888A
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APPENDIX A
AUTHOR'S CERTIFICATE AND STATEMENT OF QUALIFICATIONS
I, Timothy L. Sadlier-Brown, of Suite 306 126 East 12th Street, North Vancouver,
B.C., am a Professional Geoscientist and exploration geologist.
Since 1972, have been a partner in the firm of Sadlier-Brown Consulting Ltd.
(formerly Nevin Sadlier-Brown Goodbrand Ltd.), Consulting Geologists, of Suite
500, 455 Granville Street, Vancouver, B.C
I am a member of the Association of Professional Engineers and Geoscientists of
British Columbia and a Fellow of the Geological Association of Canada;
I was educated at Carleton University, Ottawa, Ontario; Faculty of Geological
Sciences, B.Sc. requirement in Geology; 1964, and have practiced my profession
continuously since that time.
I have been employed in the mineral exploration industry in positions of
responsibility since 1965 and have extensive experience in metallic and
industrial mineral exploration throughout Canada, the western U.S., Mexico and
in Central and South America.
This report is based on a personal field examination of the property and on a
comprehensive review of assessment reports and other published and unpublished
reports, maps and documents describing the project area.
I am the staker and vendor of the mineral claim described herein subject to
terms of an option agreement dated June 29th 2007..
I hold no interest, direct or indirect, in Lake Forest Minerals Inc. except as
disclosed in an option agreement dated June 29th 2007
Permission is hereby granted to the management of Lake Forest Minerals Inc. for
the use of this report, in its complete form as written.
Dated at Vancouver, British Columbia, this 30th day of June 2008
/s/ Timothy L Sadlier-Brown
- ----------------------------------
Timothy L Sadlier-Brown, P. Geo
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APPENDIX B
ANALYTICAL CERTIFICATE
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