MAYO LAKE MINERALS - YUKON PROPERTIES

SYNOPSIS

PROSPECTIVE PROPERTIES

Carlin-Roop

Anderson-Davidson

Edmonton

GEOLOGIC OVERVIEW

Yukon

Mayo Lake Area Geology

Mayo Lake Area Mineralization

REPORTS

November 17, 2021
Carlin-Roop NI 43-101 Technical Report Carlin-Roop Silver Project, Mayo Lake District, Yukon Territory, Canada by Clinton F. David, P.Geo.

October 20, 2017
N1 43-101 Technical Report on the Mineral Exploration and Mineral Potential of the Anderson-Davidson Claim Group, Mayo Mining District, Yukon Territory by C. Tucker Barrie, Ph.D., P.Geo. 

Mayo Lake Minerals - Yukon Properties

SYNOPSIS

Mayo Lake Minerals Inc. (C: MLKM) (MAYO) a public company on the Canadian Securities Exchange (‘CSE’) on May 5, 2022.

Since its 2011 inception as a private company, immediately followed by its staking of numerous highly prospective gold and silver claims in the Mayo Lake area of the Yukon, the focus of its exploration has been on locating the bedrock sources of the many gold placer deposits on its 4 large gold properties and more recently its exciting discovery of silver on its promising Carlin -Roop property, located in proximity to Hecla's (previously Alexco’s) producing silver mines.

Miners in the district have consistently produced gold from creeks for over 100 years and have always believed that the gold’s source is located in the uplands surrounding the placer creeks. Prior to MAYO acquiring the properties in 2011, little modern exploration was ever completed in the areas covered by MAYO’s projects. MAYO believes that the Mayo placer district has the same potential as the White Gold district south of Dawson City where a number of projects are moving forward to mine development. Nearly every creek in the Mayo district is a current or past producer of gold, but very little modern exploration techniques have been employed in the surrounding area in the search for gold.

During the interval beginning in around 2019, MAYO began to realize that a 600m plus long, very anomalous silver in soil anomaly on its Carlin-Roop Property lay within the Eastern Sector of the Keno Hill Silver District. The rocks, structures and mineralization underlaying most of the Carlin-Roop were very similar to those at the Keno Hill Silver District. MAYO’s focus has since prioritized exploration of Carlin-Roop.

Mayo is the center of mining investment for silver and gold in the Yukon (Figure 1). Active mines include Victoria Gold’s Eagle Gold mine with commercial production initiated on July 1, 2020; and Hecla's Keno Hill Silver Mines with mining beginning in Q1 2021. Metallic Minerals, whose properties are to the east of Hecla’s holdings and north of MAYO’s has confirmed the silver prospectivity of the Eastern Sector of Keno Hill Silver District with their drill programs. Minerals also drilled 1.26m at 3267 Ag/t (~ 100 oz Ag/t) on its silver project in the Western Sector of the Keno Hill Silver District. The area immediately to the northwest of Carlin-Roop has gold and silver prospectivity where Strategic Metals has optioned its Mount Hinton precious metal property to Trifecta-Gold.

MAYO successfully defined highly prospective areas and drill targets after it completed airborne magnetics (Figure 2) over all its properties and reconnaissance and grid soil sampling over a portion of its properties. This was followed by detailed grid sampling, ground geophysics and limited percussion probing and trenching. A good proportion of each property has yet to be screened fully by soil geochemistry or prospecting.

MAYO’s Carlin-Roop and Anderson-Davidson properties are fully permitted for advanced exploration. During the early winters of 2020 2021, 4 holes that were diamond drilled identified Keno Hill Silver Mineralization (narrow, potentially high-grade silver mineralization) in two structures at its Carlin-Roop property. On Anderson-Davidson, MAYO has defined the Anderson Gold Trend with four drill-ready gold targets.

Trail-Minto (now sold to Banyan Gold) has an attractive 3.5km long gold in soil anomalies associated with a prospective intrusive and its surrounding alteration zone. Attractive geophysical and geochemical (base metal and gold) anomalies have been identified on Edmonton that indicate gold and base metal potential. Much of the properties have yet to be screened by geochemical or geophysical surveys.

Figure 1.

Figure 2. Detailed and regional total magnetic intensity on Mayo Lake Minerals properties. Keno City is in the centre of Keno Hill Silver District, which includes Carlin-Roop. Trail-Minto is owned by Banyan Gold following its sale in late December, 2025.

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MAYO'S PROSPECTIVE PROPERTIES  

The properties are all strategically located in the Mayo-Keno part of Tombstone Gold Belt / Keno Silver Camp, an area characterized by Reduced Intrusion Related Gold Systems (Fig. 5). Exploration and mine development is flourishing in the Mayo-Keno area. Some of the more dynamic operations are listed below.

Figure 5. Tombstone Gold Belt

Victoria Gold has reported Meas. and Ind. Res. of 4.66M ounces Au (245/M tonnes at 0.59g Au/t) at its Eagle Mine and Olive deposit. It also has reported 1.07M ounces gold (19.9M tonnes at 0.97g Au/t)). These resources were calculated at a gold price of US$1,700/ oz. Au. Hecla mines at Keno produced between 5.6M and 6.0M ounces Ag during 2024 and 2025. Hecla recorded Proven and Probable Resources of 64.36M ounces Ag 2.64M tonnes at 24.3 oz./t.as of December 31, 2024.

Banyan Gold is continuing to add to its reported Ind. Resources of- 2.27M oz. Au (112.5M tonnes at 0.63g /t); and Inf. Resources of 5.45M oz Au (280.5M tonnes at 0.6 g/t). It is anticipating that it will be able to define 5M ounces of Au from rock averaging over 1.0g Au/t for a starter pit. It has also reported pockets of high-grade silver. Sitka Gold is reporting Ind. Resources - 1.29M oz. Au (40.0 tonnes of 1.01g/t) at Blackjack and Eiger; 1.04M oz. Au (34.6M tonnes at 0.94g/t) at Blackjack and 0.44M oz. Au (27.4M tonnes at O.50g/t). Sitka is suggesting that it is sitting on a large multi-phase RIRGSs at its RC property.

Beyond the Mayo-Keno area, the Tombstone Gold Belt is home to many companies with exploration programs locating, delineating and expanding intrusion- related gold deposits. Schedule 1 lists some of the prominent mines and advanced projects in the TGB.

On the one hand, Mayo’s properties may not be host to reserves, resources and mineralization of the size and grade quoted for the above mines and. advanced projects. Ton the other hand, the results from Mayo’s properties to date have in no way diminished the potential for similar resources and mineralization.
 
Carlin-Roop (C-R) is a district-scale exploration opportunity in the world-class Keno Hill Silver District (KHSD) with high-grade silver potential. It is comprised of 226 contiguous claims, totalling 44.5 sq. km in area and is road accessible. The property captures the eastern extension of geological structures that have produced over 210 million ounces of silver at remarkable historical grades of 44 oz/t Ag. Nearby in the heart of the KHSD, Hecla Mining is currently developing reserves grading 804g Ag/t at its Keno mines.

• Mayo’s Carlin West zone has a footprint and characteristics that match those of the Elsa Mine, which produced 30M oz and whose vein systems were the second largest producer in the Keno Silver Camp (Cathro, R. J., 2006; Excerpts from Great Mining Camps of Canada).
• The Carlin West zone is a 580m ± long silver in-soil zone where grab samples of float collected adjacent to the zone assayed up to 3,994g Ag/t (~ 128 oz. Ag/t) (Fig. 6). Soil samples in a 120m by 60m area within the core of the zone, all assayed at ≥30g Ag/t (~1.0z Ag/t). Lineations believed to be fault traces that could carry fluids containing silver and other metals all coalesce in this area.
  
• Previous Mayo diamond drilling along the length of Carlin West identified a “silver structure”, possibly two, paralleling the zone. These structures have 6 to 22m down hole lengths, consisting of altered and fractured rock, and weakly mineralized rock; short intervals will yield 1-150g Ag/t. Assay results of 124.4 g/t Ag over 0.85m within a broader zone of 64.4 g/t Ag over 2.65m. presents a higher-grade interval within a silver structure. Wallrock is commonly barren.
• The AJ zone, which lies about 280m northwest of Carlin West, has a length of 240m. Four grab samples taken along the axis of the AJ zone assayed 412, 182, 179 and 44g Ag/t.
• The North Roop anomaly near the northern edge of Carlin-Roop is another very attractive exploration target (Fig. 7). Soil geochemistry and SGH surveys plus magnetic patterns suggest the presence of significant intrusion-related Au±Ag±Cu±Zn mineralization at North Roop.
• Mayo has concluded that the Carlin West and AJ zones plus the North Roop anomaly merit further investigation. Much of Carlin-Roop remains unexplored, but soil sampling has identified 3 other areas with silver anomalies that are worthy of additional work.

Figure 6. Drill Targets Carlin West and A.J.

Anderson-Davidson (A-D) consists of 434 claims totalling 86.8 sq. km. in area. Access is by a seasonal road linking Davidson Creek placer operations to the all-weather Mayo Lake Road. A 4x4 track running east–west crosses through the centre of the claims (Fig. 8).

• Airborne magnetics and extensive soil sampling by Mayo have defined a 16 by 3 km. long belt characterized by gold placer creeks named the Anderson Gold Trend (AGT).
• A-D has the potential to become a large gold camp based on its dimensions and the number of identified gold prospects. Much of the ground within the AGT itself is covered by glacial sediments and has not been completely explored. The length of the Au in soil anomalies at prospects where soil analysis has been completed suggest that each could probably support a profitable mining operation should the soil anomalies be tracing economic grade gold in reasonably thick veins.
• The Anderson–Davidson highlands have supported placer mining for decades. Davidson Creek is actively mined each summer, while Anderson Creek and Dawn Gulch operate intermittently.
• Geological Survey of Canada sampling in the 1960s returned up to 275,000 ppm Au in heavy mineral concentrates from creeks draining the property, strongly suggesting a significant bedrock gold source, subsequently identified.
  

Figure 8. Edmonton Soils

Anderson Gold Trend (AGT)

• Eight prospects have been identified in the AGT, of which four are drill-ready, after review of reconnaissance geochemical soil sampling combined with interpretation of high-quality airborne magnetics. The linear character of most Au in soil anomalies is probably the surface trace of high-grade vein systems.
• Anderson-Owl - four zones. A 3,000m long linear zone consisting of intermittent in soil anomalies (gold anomalies marked by gold values up to 527ppb Au). Three other zones total 1,080m in length with gold values to 101ppb Au.
• Anderson-Owl - 640m RC drill program. A gold structure was intercepted that was continuous along strike for 50m and open in all directions. The width and grade of the gold mineralization have not been determined because both holes were collared in mineralization. One hole recorded 0.9g Au/t over 3.1m expanding to 0.77g Au/t over 6.1m; a second along strike assayed 0.55g Au/t over 3.1m. The drilled structure consisted of quartz–sulfide veins containing stibnite, arsenopyrite, pyrite, and silica-cemented breccia with strong Au–As–Sb–Hg geochemical signatures.
• Peak - six zones. A 1,600m long zone with gold values up to 272ppb Au. Four other zones total 2,630 in length with gold values up to 340ppb Au.
• Steep Creek – six zones. A 1,700m long zone with gold values up to 142ppb Au. Five other zones totalling 2,240m in length with gold values up to 140ppb Au.
• Norman – two zones. Nearly 1,270m of anomalies are marked by gold values up to 87ppb Au.

 
Davidson Drill Target.

• Stream-sediment and soil sampling on the Davidson portion of the property has identified gold anomalies ranging from 400 to 1,500 metres in length with strong Sb–As halos. Several grids require extension to pinpoint the bedrock sources for the Davidson Creek placer gold.
• One target has been identified with soil geochemical sampling just to the north of the Davidson Creek placer operations. The presence of a gold system at depth is confirmed by a SGH geochemical survey.

 
Edmonton (EDM) consists of 76 contiguous claims with an area of 15.2 sg. km. Access is primarily by helicopter for exploration but there is an ice road in winter and boat/barge access during summer. EDM is bordered on the west by Edmonton Creek, a historically active gold placer creek. Several other creeks draining eastward from EDM show evidence of historical placer mining.
 
A 6 sq. km. magnetic low is present within the southern part of EDM where glacial pond sediments tend to mask the soil geochemical results of underlying sediments (Fig.9). This magnetic low has been interpreted as an alteration zone associated with a buried stock. Magnetic lineations clearly delineate faults and fractures common to EDM and the adjacent Tombstone strain zone.

• Soil sampling has defined a number of areas of anomalous and enhanced gold and base metal mineralization that tend to be positioned toward the outer part of a large redox cell as determined by SGH. Much of the gold mineralization identified by soil geochemistry is positioned just outside of the redox cell related to the base metals. It would appear that all mineralization is related to buried intrusions.
• Linear gold anomalies tend to follow magnetic lineations within much of EDM, even in the area where the geochemistry is masked by pond sediments.

Figure 5. Silver discovery and multiple silver ± gold targets defined at Carlin West.

Figure 6. The Carlin West and New Zone at Carlin-Roop.

Figure 6a. Anderson-Davidson property with priority area for exploration identified.

Figure 7. Anderson Gold Belt, Anderson-Owl occurrence and multiple drill gold targets.

Figure 8. Gold and base metal anomalies in soil and their associations with magnetic anomalies and lineation on Edmonton.