TSX-V: SIR

Projects

Top Cat Project Summary

Property

Multiple claims, covering approximately 240 sq.km, north and west of Sun Metals’ Lorraine. Acquired by option agreement announced in July 2019. Top Cat comprises the Goose and Pinchi claims.

Location & Infrastructure

Located 170km west-northwest of Mackenzie and 290km northwest of Prince George. The properties are immediately adjacent to the northern margin of Sun Metals’ and Teck’s Lorraine properties, approximately 10km north of the Lorraine deposit. Accessible via forest service Roads from either Mackenzie or Fort St. James.

Target Summary

Multiple occurrences and areas of interest on the land package, prospective for porphyry Cu-Au systems.

Ownership

Option agreement with a syndicate of prospectors. Staged cash and share payments by Serengeti and granting of a 3% NSR to the syndicate.

Planned Work

Phase I: Detailed review, digitisation and compilation of all all data sets, with special focus on digitisation of data related to the newly optioned claims. Identify areas of interest on which to focus initial field efforts.

Phase II: Complete a two-week surface mapping and sampling program to validate historical exploration work and to investigate areas identified in Phase 1, to develop targets for follow-up geochemical and geophysical surveys. Review historic drill core.

Phase III: Geochemical and geophysical surveys to develop drill targets.

Location and Infrastructure

The Top Cat claim group is located 170km west-northwest of Mackenzie and 290km northwest of Prince George, BC in the central portion of the Omineca Mining Division, and approximately 10km north of Sun Metals’ Lorraine deposit (6.4Mt Indicated resource at 0.61% copper and 0.23 g/t gold, and 28.8Mt Inferred resource at 0.45% copper and 0.19 g/t gold). Access is via a developed network of Forest Service Roads from either Mackenzie or Fort St. James. At the property scale, 4x4 access roads continue from the Osilinka River in the Haha area toward the west and northwest as far as the Slide area on Haha Creek, and the Nova area is also partially road-accessible.

Summary Exploration History

Multiple work programs have been completed over several decades but to date, there hasn’t been a comprehensive compilation of exploration data for the whole property together in the context of regional geology and mineral deposits to develop a property-scale understanding of the geological environment and economic potential. Approximately $1.1m has been spent on exploration of the Cat Mountain and Pnchi projects since 2011.

Project Summary

Over 50 government MINFILE occurrences are located within and immediately adjacent to the claim group, the most notable of which includes the Slide, Tam and Misty prospects which were drilled by Teck in the late 2000’s, Alton Resources’ Hawk prospect, and Cat Mountain, which is part of the Pinchi land package and has seen nearly 10,000 metres of drilling since 1977. The claim group covers at least 9 identified areas of interest in varying stages of exploration including Cat Mountain, Haha, Slide, Fox, Raven, Dove, Mustard, Dondon and, Nova.

Occurrence

Target Concept

Comments

Cat Mountain

Alkalic Cu-Au porphyry prospect close to the contact between the Ur Triassic Takla Group volcanics and an early Jurassic plutonic suite.

Has seen historic exploration, including nearly 10,000m in 69 holes. Historic drill results from the Bet zone include 122m @ 1.1g/t Au apparent width in hole 90-1 and 100m @ 1.36g/t Au in hole 94-1. Grab sampling of Au-Ag-Cu‐magnetite veins returned trace up to 548g/t Au.

Slide

Alkalic Cu-Au porphyry prospect on the north margin of the Ducking Creek syenite complex.

Teck Cominco ran an IP survey over Slide that outlined a 1.5km-long chargeability anomaly, open to the northwest onto the optioned claims group. Cu-Au-Ag mineralisation was cut in two drill holes spaced 1000m apart testing the extents of surface mineralisation and IP chargeability anomalies. Hole JTM06-07 intersected 0.72% Cu over a core width of 55.5m and hole JTM06-10 intersected 0.64% Cu + 0.15 g/t Au + 30g/t Ag over a core width of 22.9m.

Dove, Haw, Raven

Porphyry Cu-Au

Limited historical work, but new regional mapping and age dating of intrusive rocks has greatly increased the prospectivity of these occurrences. Historical rock sampling has highlted a strong copper response over a 4 square Km area.

Property Geology

Intrusive rocks of the Hogem Batholith are found throughout the claim group and in fault contact with both Cache Creek and Takla Group rocks. The Hogem Batholith can be dvided into five main suites . The oldest interpreted intrusive suite is a hornblendite (196Ma) which is understood to be part of the Thane Creek suite and is defined by distinctive intense magnetism visible as magnetic bumps in regional surveys. The Thane Creek suite (196Ma) is composed of a deformed granodiorite to quartz monzodiorite to quartz monzonite that has undergone recrystallisation and potassium- metasomatism. Next, the Duckling Creek suite (180Ma) is composed of monzodiorite to syenite. The Duckling Creek suite hosts the mineralisation at Sun Metals’ Lorraine project and indeed most of the occurrences in the area. Recent mapping has shown that it extends further toward the northwest than previously mapped. The Osilinka suite granite (160 – 170Ma) follows the Duckling Creek and is characterised by distinctive joint sets which occasionally host gold-bearing quartz veins. The youngest interpreted intrusive suite is the Mesilinka suite (130Ma) which is defined as a deformed granite with a characteristic biotite foliation.

Proposed Work

Phase I: Detailed review and compilation of all public and private datasets, with special focus on digitisation of data related to Pinchi. Pull all data together so as to be viewed on common layers for the whole property and related to adjacent properties, such as Lorraine. Identify areas of interest on which to focus initial field efforts. Some effort should be spent to digitise and model the Cat Mountain system in order to determine if straightforward opportunities exist to once again advance the project to the drill- ready stage.

Phase II: Complete a two-week surface mapping and sampling program in order to validate historical sample values as well as investigate areas identified in step 1, above, in an effort to develop targets for follow-up geochemical and geophysical surveys. Drill core from Cat Mountain should be reviewed, however efforts should be scaled depending on the results of the initial Cat Mountain review, above. Surface mapping and sampling should proceed in an empirical way so as to limit the potential for areal bias and develop a complete property-wide geological and geochemical understanding.

Phase III: Following the above, definition geochemical and geophysical surveys should be completed in order to develop drill targets.

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