NI 43-101 TECHNICAL REPORT ON THE ADELINE COPPER PROJECT

NEWFOUNDLAND AND LABRADOR, CANADA

Prepared For:

Chesterfield Resources Plc.

Suite 1 - 15 Ingestre Place, London, United Kingdom, W1F 0DU

Report Authors:

Paul Ténière, M.Sc., P.Geo. Michael Cullen, M.Sc., P.Geo.

Effective Date: March 21, 2022

Report prepared for

Client Name

Chesterfield Resources Plc.

Project Name

Adeline Copper Project

Contact Name

Martin French

Contact Title

Executive Chairman

Office Address

Suite 1 - 15 Ingestre Place, London, UK W1F 0DU

Report issued by

Mercator Geological Services Limited

65 Queen Street Dartmouth, Nova Scotia

B2Y 1G4 Canada

Report information

File Name

Chesterfield Resources NI 43-101 Report_Adeline Project_March 21 2022.docx

Effective Date

March 21, 2022

Report Status

Final

Date and Signature

Contributing Author (QP)

Paul Ténière B.Sc., M.Sc., P.Geo.

Signature:

[Original signed and sealed "Paul Ténière"]

March 21, 2022

Contributing Author (QP)

Michael Cullen B.Sc., M.Sc., P.Geo.

Signature:

[Original signed and sealed "Michael

Cullen"]

March 21, 2022

TABLE OF CONTENTS

  • 1.0 SUMMARY ................................................................................................................................ 1

    • 1.1 Overview ................................................................................................................................... 1

    • 1.2 Property Description and Ownership ....................................................................................... 1

    • 1.3 Geology and Mineralization ..................................................................................................... 2

    • 1.4 Exploration ............................................................................................................................... 4

    • 1.5 Interpretation and Conclusions ................................................................................................ 6

    • 1.6 Recommendations .................................................................................................................... 8

  • 2.0 INTRODUCTION ........................................................................................................................ 8

    • 2.1 Scope of Reporting ................................................................................................................... 8

    • 2.2 Qualified Persons and Report Authors ..................................................................................... 8

    • 2.3 Personal Inspection (Site Visit) Details ..................................................................................... 9

    • 2.4 Information Sources ............................................................................................................... 10

    • 2.5 Table of Abbreviations ........................................................................................................... 10

  • 3.0 RELIANCE ON OTHER EXPERTS ................................................................................................. 12

  • 4.0 PROPERTY DESCRIPTION AND LOCATION ................................................................................. 13

    • 4.1 Property Location and Description ......................................................................................... 13

    • 4.2 Option Agreements and Royalties .......................................................................................... 15

    • 4.3 Surface Rights, Permitting, and Mineral Exploration Titles ................................................... 16

    • 4.4 Permits or Agreements Required for Exploration Activities .................................................. 18

    • 4.5 Other Liability and Risk Factors .............................................................................................. 19

  • 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ............. 20

    • 5.1 Accessibility, Local Resources, and Infrastructure ................................................................. 20

    • 5.2 Climate and Physiography ...................................................................................................... 20

  • 6.0 HISTORY ................................................................................................................................. 22

    • 6.1 Government Surveys and Academic Research ....................................................................... 22

    • 6.2 Previous Work Completed By Exploration and Mining Companies ....................................... 22

    • 6.3 Historical Mineral Resources and Past Production ................................................................ 25

  • 7.0 GEOLOGICAL SETTING AND MINERALIZATION .......................................................................... 26

    • 7.1 Regional Tectonic and Geological Setting .............................................................................. 26

    • 7.2 Property Geology .................................................................................................................... 28

    • 7.3 Structure and Metamorphism ................................................................................................ 31

    • 7.4 Mineralization ........................................................................................................................ 32

  • 8.0 DEPOSIT TYPES ....................................................................................................................... 33

  • 9.0 EXPLORATION ......................................................................................................................... 35

    • 9.1 Overview ................................................................................................................................. 35

    • 9.2 Prospecting and Outcrop Mapping Results ............................................................................ 35

    9.2.1 Mineralization Styles .................................................................................................. 35

    9.3 Structural Observations and Measurements ......................................................................... 48

    9.4 Magnetic Susceptibility Measurements ................................................................................. 58

    9.5 Spectrometer Measurements ................................................................................................ 59

  • 10.0 DRILLING ................................................................................................................................ 61

  • 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ................................................................... 62

    11.1 Rock and Chip Sampling Method and Approach .................................................................... 62

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11.2 QAQC Results .......................................................................................................................... 62

11.3 Authors' Opinion on Sample Preparation, QAQC Protocols, and Analytical Methods .......... 64

12.0 DATA VERIFICATION ................................................................................................................ 65

12.1 Overview ................................................................................................................................. 65

12.2 Review of Supporting Documents and Assessment Reports ................................................. 65

12.3 Site Visit Details ...................................................................................................................... 66

  • 12.3.1 Historical Copper Occurrences Visited ....................................................................... 66

  • 12.3.2 Copper Mineralization Styles Encountered ................................................................ 66

  • 12.3.3 Property Scale Geological Reconnaissance Traverses ................................................ 68

  • 12.3.4 Historical Drill Hole Collar Checks .............................................................................. 68

  • 12.3.5 Site Visit Conclusions .................................................................................................. 71

12.4 Review of Rock and Chip Sampling Procedures and Data Results ......................................... 74

12.4 Authors' Opinion on Data Verification ................................................................................... 74

  • 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING ............................................................ 75

  • 14.0 MINERAL RESOURCE ESTIMATE ............................................................................................... 76

  • 23.0 ADJACENT PROPERTIES ........................................................................................................... 77

  • 24.0 OTHER RELEVANT DATA AND INFORMATION ........................................................................... 78

  • 25.0 INTERPRETATION AND CONCLUSIONS ..................................................................................... 79

    • 25.1 Summary ................................................................................................................................. 79

    • 25.2 Interpretation of 2021 Field Program Results ........................................................................ 79

    • 25.3 Conclusions ............................................................................................................................. 80

  • 26.0 RECOMMENDATIONS .............................................................................................................. 82

  • 27.0 REFERENCES ........................................................................................................................... 84

  • 28.0 CERTIFICATES OF QUALIFIED PERSON ...................................................................................... 88

LIST OF TABLES

Table 1-1: Mineral Claims Table for Adeline Copper Project ........................................................................ 2

Table 1-2: Significant assay highlights from the 2021 Adeline Field Program .............................................. 5

Table 1-3: Recommended Program Budget .................................................................................................. 8

Table 4-1: Mineral Claims Table for Adeline Copper Project ...................................................................... 13

Table 7-1: Formations of the Seal Lake Group (from Seymour et al, 2016) . .............................................. 30

Table 9-1: Significant assay highlights from the 2021 Adeline Field Program ............................................ 41

Table 26-1: Recommended Program Budget .............................................................................................. 82

LIST OF FIGURES

Figure 4-1: Regional Map - Adeline Project, Labrador ............................................................................... 14

Figure 4-2: Mineral licences comprising the Adeline Project ..................................................................... 15

Figure 5-1: Location Map - Adeline Project ................................................................................................ 21

Figure 7-1: Geological Map of Labrador (after Wardle et al., 1997) .......................................................... 27

Figure 7-2: Geology of the Adeline Copper Project Area ............................................................................ 29

Figure 7-3: Map of the Seal Lake Group (from Wilton, 2021) .................................................................... 31

Figure 9-1: Whiskey Lake 68 Prospect ........................................................................................................ 36

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Figure 9-2: Grey beds hosting mineralization within veins at Adeline Mountain - South Prospect .......... 37

Figure 9-3: Photos of mineralization associated with quartz veins ............................................................ 37

Figure 9-4: Salmon Lake Main Prospect (left and top right) displaying vein hosted native Cu .................. 38

Figure 9-5: Grab sample of vein from Salmon Lake Main Prospect with extensive native copper ............ 39

Figure 9-6: Ellis Main Prospect outcrop photos .......................................................................................... 40

Figure 9-7a: Map #1 indicating location of chip and grab samples collected in 2021 ................................ 42

Figure 9-7b: Map #2 indicating location of chip and grab samples collected in 2021 ............................... 43

Figure 9-7c: Map #3 indicating location of chip and grab samples collected in 2021 ................................ 44

Figure 9-7d: Map #4 indicating location of chip and grab samples collected in 2021 ............................... 45

Figure 9-7e: Map #5 indicating location of chip and grab samples collected in 2021 ................................ 46

Figure 9-7f: Map #6 indicating location of chip and grab samples collected in 2021 ................................ 47

Figure 9-8: An asymmetrical open fold within a quartzitic unit along the Naskaupi Narrows ................... 48

Figure 9-9: Brian Prospect structural observation ...................................................................................... 49

Figure 9-10: Adeline Lake Prospect structural observation ........................................................................ 49

Figure 9-11: Ellis Main Prospect structural observation ............................................................................. 50

Figure 9-12: Adeline Falls Prospect structural observation ........................................................................ 52

Figure 9-13: Ellis Main Prospect structural observation ............................................................................. 53

Figure 9-14: Adeline Mountain Prospect structural observation ............................................................... 53

Figure 9-15: Adeline Island Prospect structural observation ...................................................................... 54

Figure 9-16: Stereonet displaying poles to bedding and foliation/bedding measurements . ..................... 55

Figure 9-17: Stereonet displaying poles to confirmed bedding measurements ........................................ 56

Figure 9-18: Stereonet displaying poles to all vein measurements ............................................................ 57

Figure 9-19: Chart displaying magnetic susceptibility readings vs. rock types, n=137 ............................... 59

Figure 9-20: Chart displaying spectrometer reading results, n=22 . ........................................................... 60

Figure 11-1: Certified Standard CDN-ME-1811 Results - Cu % (n=5) .......................................................... 63

Figure 11-2: Certified Standard CDN-ME-1409 Results - Cu % (n=4) .......................................................... 64

Figure 12-1: Newfoundland Helicopters aircraft at Adeline Island mineral occurrence ............................ 67

Figure 12-2: Highly deformed Adeline Island Formation lithologies at Adeline Falls ................................. 69

Figure 12-3: Brinex drill hole casing at Brandy Lake occurrence ................................................................ 70

Figure 12-4: Chesterfield chip sampling line at Ellis Main occurrence ....................................................... 72

Figure 12-5: Altius and Chesterfield channel sampling lines at Adeline Island occurrence ....................... 73

Figure 26-1: Initial 15 target areas defined by Chesterfield ....................................................................... 83

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Chesterfield Resources plc published this content on 27 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2022 08:20:09 UTC.