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Seagull Lake Property

Quadro has an option to earn a 70% interest in 192 claim units covering the Seagull Lake Ultramafic Intrusion which hosts a number of PGE discoveries identified in drilling, trenching, and prospecting. The property is located 1 hour north of the city of Thunder Bay in Northwest Ontario and 28 km north of the new copper, nickel, platinum, palladium discoveries of Rio Tinto and Magma Metals (Panoramic Resources Ltd.), recently acquired by Regency Gold Corp. (via Benton Resources Inc.), now Clean Air Metals Inc. The Impala Canada (formerly North American Palladium) Lac des Iles mine, located 50 km northwest of the Seagull Lake property, is the only primary producing palladium mine in Canada. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.

The Seagull Lake property consists of a large land position comprising 492 single cell mining claims totaling 10,390 hectares. The district enjoys excellent infrastructure, with paved and gravel roads, natural gas pipeline and power lines in the area.

Impala Canada recently purchased North American Palladium’s Lac des Ile Mine, Canada’s only primary PGE mine. High grade discoveries by Rio Tinto at Escape Lake and Impala Canada at Sunday Lake Property show the tremendous potential of the Thunder Bay North region: Sunday Lake: 35.8 m of 4.5 g/t Pt+Pd+Au (“3E”) and 41.2 m of 3.22 g/t Pt, 2.08 g/t Pd, 0.21 g/t Au. PGE zones at Seagull are wide open for expansion and drill permitting is underway. Historic holes targeted semi massive to massive sulphides at +800m depths. Potential for the discovery of Norilsk (Siberia) type PGE Cu Ni and contact type PGE sulphide mineralization.

The Seagull Lake property is interpreted to represent the failed third arm of a Proterozoic aged, mid-continent rift system which host such deposits as Eagle, TBN Escape Lake, Tamarac and the Great Lakes Nickel deposit. It is located in the Nipigon Plate and is a 10 km diameter circular intrusive that is composed of ultramafic rocks with a high olivine content, interpreted to having been derived from a deep mantle source. Layering and multiple phases of intrusion have been intersected by diamond drilling and recognized as a favorable setting for Norilsk type sulphide accumulation.

The current palladium breakout is based on supply dynamics. Increasingly stringent global auto emission standards are driven to a large degree by climate change concerns for a carbon-free transportation sector. This will require increased, sustainable production of certain strategic minerals and commodities going forward to meet critical demand. Platinum-palladium and nickel are essential to the lifeline of the EV revolution. Lac des Iles Mine by Impala Platinum underscores the globally recognized significance of the PGE-rich Thunder Bay North region.

Prior to the Quadro-White Metal Resources Corp. option agreement, previous exploration work on the Seagull Intrusion had outlined different styles of PGE mineralization including the discovery of the Norilsk-type Cu-Ni-PGE-rich basal sulphide mineralization. Drill results, prior to 2001, include 3.6 g/t PGE, 0.34% Cu, 0.21% Ni over 2.1 meters, and 1.04 g/t PGE, 0.14% Cu, and 0.16% Ni over 16 meters. (After N Pettigrew, 2002) More recent drilling and resampling of historical drill holes by Platinum Group Metals ("PTM") between 2001-2005 yielded some very encouraging grades of PGE. (See PTM news release dated 04/22/2005 and Table 1 below).

Table 1: Platinum Group Metals drill results including resampling of earlier drill core.

Hole Number Horizon From To Interval Au ppb Pt ppb Pd ppb Ir ppb Os ppb Rh ppb Ru ppb 6PGE+Au g/t
WM-05-20 Lower Dunite 329.12 333.4 4.28 47 826 895 120 151 54 41 2.13
including 331.68 333.4 1.72 88 1526 1640 221 289 99 71 3.93
including 331.68 332.12 0.44 220 3690 3990 674 891 294 204 9.96
WM-00-01 Lower Dunite 577.3 581.54 4.24 60 669 781 79 114 37 27 1.77
including 578.16 580 1.84 78 852 993 125 188 54 40 2.33
WM00-05 Peridotite 734.45 736 1.55 134 1731 2069 39 54 30 10 4.07
including 735.43 736 0.57 251 3250 3920 58 83 50 13 7.63
WM00-06 Peridotite 390.23 391.29 1.06 2 505 623 18 22 13 15 1.2
WM00-01 Upper Dunite 533.14 536.41 3.27 30 223 260 26 29 13 10 0.59

* It is not known if these drill hole intervals represent true widths and are therefore being treated as core length intersections.

Since acquisition, Quadro has initiated a compilation of the historic work and prioritized a number of PGE targets for drill testing. These include step-out holes to test continuity and extensions to the high grade discoveries identified in historic drilling and testing a PEM Off-Hole geophysical anomaly that was never properly tested in the previous drilling. The Company will also test a magnetic anomaly considered to be the feeder zone for the Seagull Intrusion and a possible source of the copper, nickel, PGE mineralization. Additional targets include the up-dip potential of the Lower Dunnite Reef Zone PGE mineralization. Compilation of the existing data base accumulated by the previous operators is in progress and additional PGE targets have been defined from the 3D Mag inversion data.