The Cantoo Property is a 513-hectare area comprised of 63 claims (See Figure 1). The Property is located 15 kilometers north of Hyder AK, 3 kilometers west of the past-producing Premier Gold Mine and 10 kilometers south of the past-producing Scottie Gold Mine. Blackwolf Copper and Gold acquired a 100% interest in this property through staking in May of 2021.

The Cantoo property hosts a series of shallow, southeast-dipping breccias, stockworks and vein structures up to 30 meters in thickness. Historic literature describes an upper ‘gold rich’ vein and a lower ‘silver rich vein’ with a single historic sample from the upper vein collected by USGS government geologists in 1995 assaying 27.7 g/t Au⁽¹⁾. These veins outcrop on cliff faces that are clearly observable from the air. Historic adits and two, aerial tram line cables dating back to the late 1920’s, helped Blackwolf’s geologists to locate the veins, and according to Alaskan territorial records, ore was directly recovered and shipped from surface without blasting. Work ceased on ambitious development plans at Cantoo after the stock market crash of 1929. Experienced climbing technicians were able to access the ‘upper’, 30 meter-wide, gold-rich vein, and a composite chip sample from it returned 37.6 g/t Au⁽²⁾. The mineralization was associated with silicification, stockwork quartz veining, and up to 25% disseminated pyrite mineralization. Grab samples from altered zones on the edge of the 30m zone returned 0.74 and 0.38 g/t Au. A series of additional zones of veining and alteration were noted on the cliff below the upper vein but were not sampled for safety reasons. Together, these form a series of stacked zones of veining and alteration over 300 meters in vertical extent. Additional sampling was also conducted from scree slopes and limited outcrop exposure below the cliffs assayed up to 2.66 g/t Au.

The Cantoo property geology is dominated by multiple phases of the regionally prospective Early Jurassic Texas Creek granodioritic intrusive suite with occurrences of the prospective megacrystic ‘Premier Porphyry’. This geologic setting, along with shallow vein/breccia orientations and compositional similarities show parallels between the Cantoo veins and Ascot’s immediately adjacent Premier, Big Missouri and Silver Coin deposits. Blackwolf plans to target these vein structures with exploration drilling during the spring of 2023.

(1) Refer to the US Bureau of Mines Open File Report 11-95:  Mineral Investigations in the Ketchikan Mining District Southeastern Alaska by Maas et. al. (1995)

(2) Refer to the Company's news release dated January 17, 2023. Available on SEDAR.