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Introduction:

The Goldbar Lake property contains Au-Cu-Zn-Ag showings which have been worked intermittently since the 1950's. All drill holes reported in this section are to be found on the Goldbar Lake property.

The Marlhill - Goldbar Lake showings appear to occur along the same stratigraphic horizon, All showings consist of quartz stringers hosting pyrite, chalcopyrite and sphalerite mineralization within quartz-sericite schist. The Marlhill Showing is characterized by two separate sub-parallel copper and zinc plus-minus gold rich zones within a zone up to 300 feet wide and traced for 2,000 feet along strike. All holes drilled into this zone where short holes, deeper drilling along this zone may will outline a gold/copper deposit. Most of the ore bodies of past and producing mines within this green stone belt are deep seeded. (Example Hemlo Mines surface rock samples 150 ppb Au)

Marlhill Mines Ltd. conducted diamond drilling during 1954-55 on the Marlhill showings. Drilling of the Marlhill occurrence delineated a northern copper mineralized zone with intersections up to 0.45% Cu / 42.8 m in drill hole M55-17A. Gold assays were erased on the assay sheet.

Drilling of the Marlhill occurrence in 1954-55 delineated a southern copper mineralized zone with intersections up to 1.11% Zn over 6.4 m - including 3.33% Zn / 1.8 m in drill hole M55-20. Gold & Copper assays were erased on the assay sheet.

Drill hole M55-22 with over 85.5 meters of 0.25% Cu and Gold assays were erased on the assay sheet.

Shear structure drill site M55-22

Drill hole M55-12 drilled by Marlhill Mines Ltd. intersected 4 feet of 0.62 oz/t Au on claim # 1248058

Work conducted by Noranda during 1990 on the property included Hole MH90-11 intersected 5.6 m of 3% sphalerite with 10% py-po no assays were reported.

- Hole MH90-05 intersected 0.92% Cu - 0.12% Zn over 27 meters, Gold assays were erased on the assay sheet.

Cumberland Resources 1984 - Molybdenum, Arsenic and Lead Soil Anomalies over 150 m x 200 m on the Goldbar Lake property claim #1248058. One soil anomaly zone on line 80 center in claim 1248058 appears to be strong in Molybdenum, Arsenic and elevated in Lead. Prospecting is required to check for a favorable host rock structure. Detailed prospecting should zero in on the geochemical and geophysical anomalies.

Molybdenum - Arsenic - Lead Anomalies

Molybdenum Arsenic Lead

One grid was cut by Phoenix Matachewan Mines on the property. The Grid 1 East was cut and Geological mapped. Also a VTEM survey

was contacted over the property to outline an VMS deposit.. Phoenix Matachewan Mines outlined a number of drill targets to be drilled on the property. Due to funding problems the company couldn't go forward with the drill program on the property.

We discovered several highly brecciaed angular high grade float boulders as previously reported just 150 meters north of Hwy. 17, the high grade gold float boulders returned consistent results ranging from 91.2 to 189 g/t gold. The hydrothermally altered float samples (silica, sericite and iron carbonate with pyrite) consisted of fragile angular blocks that are assumed not far to their source location. We did located a shear structure with silica, sericite and iron carbonate with pyrite about 980 meters to the north east of the float boulder and to date, the zone has been traced intermittently for approximately 400 meters, has an apparent width of 40 to 45 meters, and remains open along strike in both directions. Several bedrock grab samples taken by Ministry of Northern Development and Mines Resident Geologist, Thunder Bay, Ontario returned gold values to 2.86 g/t Au. Two more gold occurrences were found in the northern section of the claim block, see pictures below.

The Goldbar Lake property still has excellent potential to host a gold/copper - base metal deposit. Exploration should be concentrated along the horizon described above (Marlhill), we should keep in mind that these drill holes were short drill holes into the southern and northern shear structure and only the core section with very high percentage of sulphide were assayed in 1954/55. These two shear structures have very high potential to host a gold/copper deposit.

Marlhill Mines Ltd. were looking for a VMS deposit within the shear structures and they did not have the knowledge of conducting a VTEM survey on the property at that time. The VTEM survey was done over the Goldbar Lake property in 2008 and the survey outlined a number of drill targets for a VMS deposit to the south of the Marlhill's shear structures and these drill targets are still waiting to be drilled. We also found Volcanic vent material in the western section of the Godbar Lake property.

Farther exploration should be concentrated 980 meter north of the high grade gold float boulders on claim #4222878 where we located a shear structure that is similar to the float boulders. We also discovered two other gold occurrences in the northern section of this claim block. Farther prospecting is needed to evaluate these two sites where surface rock samples returned assays over 0.5g/t Au.

As previously reported, the discovery of high grade gold float returned consistent results ranging from 91.2 to 189 g/t gold. The hydrothermally altered float samples (silica, sericite and iron carbonate with pyrite) consisted of fragile angular blocks that are assumed not far to their source location.

Cut and Polished Float Boulder 189.0 g/t 5.52 oz/t Au and 40 g/t Ag found by Rudy Wahl & Russel Renner in creek below claim #4222878

Property ties on to Lund Gold Ltd.

Lund Gold Ltd. : June 16, 2010
Blackfox Property Summer Program Update

To find out more about Lund Gold Ltd. (TSX-V: LGD), visit the website at: Show News Releases June 16, 2010

Goldbar Lake Property:

The Property consist of 65 units (1040 hectare) continues mining claims in the Walsh Twp.- Tuuri Twp. recorded in good standing in Thunder Bay Mining Division.

Claim Numbers:

4201000, 4201001, 4207483, 3015159, 1248058, 3015219, 3015123, 4258078

Location and Access

The Goldbar Lake Property is located within Tuuri and Walsh Township ( G 635 and G 636 ) approximately 225 kilometers via Trans Canada Highway 17 northeast of Thunder Bay Ontario.

The Trans Canada Highway crosses the southern quadrant of the property and provides excellent access to the south half of the property. Access to the north of the property is restricted to trails / logging roads along the hydro lines. Electrical power lines cross the property. The property is located between the towns of Terrace Bay and Marathon which can provide all supplies and manpower needed for exploration and development.

Property Geology

A laterally extensive unit or units of chert, graphitic shale, and sulphidic chert-magnetite iron formation, collectively interpreted to be exhalites, is of critical interest on the Goldbar Lake property. It lies along the contact between the central felsic sequence and the flanking more mafic volcanic sequence, and thus warps around the major fold structure that closes to the east. To date this unit has been interpreted to cap the felsic sequence, thus conforming to the interpreatation of the major fold being anticlinal.

Preliminary compilation of geochemical data indicates that the felsic rocks are high temperature rhyolites, with intercalated mafic rocks that are profoundly Eu - depleted (Franklin 2005). "The felsic strata are remarkably Na-depleted, and just below the exhalite unit, they are Mn and base-metal enriched" (Franklin 2005).

Regional Geology

The Goldbar Lake property is located on the north shore of Lake Superior mid-way between Marathon and Terrace Bay. The property is centered on a large area of Archean aged metavolcanics within the Abitibi-Wawa subprovince. A major felsic vocanic centre forms the core of an antiform, and is overlain by a thin, laterally extensive unit of chert, shale sulphide iron-formation and related sedimentary rocks.

The felsic volcanic sequence in the Goldbar Lake area is an antiformal sequence of rhyolite flows, coarse epiclastic breccia, minor pyroclastic strata and some subvolcanic domes and dykes. The prominent antiformal axis is coincident with strong cleavage development with most primary features rotated to parallel the axis. These are interlayered with mafic flows, and capped by a near continuous exhalite unit. The capping exhalite units are overlain by a predominantly mafic sequence.

Preliminary geochemical compilation indicates that the felsic strata are "high-temperature" rhyolites, and that the mafic strata are profoundly europium (Eu) depleted. The latter are mainly andersite, whereas the overlying mafic flows are basaltic. The felsic strata and remarkably sodium (Na) depleted and just below the exhalite unit they are manganese (Mn) and base-metal enriched. In summary, the petrochemical data from Phonix Matachewan Mines indicate that the strata are part of a major high-temperature hydrothermal system.

Overall, the lowest part of the stratigraphic section corresponds to the antiformal axis. The antiform appears to plunge to the east and thus the western part of the system in the area of Santoy Lake, may represent the overall base of the section. That region is typified by epidotized mafic rocks, and is adjacent to a felsic intrusive complex that may contain portions of a subvolcanic sill system.

The past-producing VMS deposits in both the Manitouwadge (to the east) and Winston Lake (to the west) area are both associated with felsic sequences (proximal at Winston, siliciclastic at Manitouwadge). The presence of possibly laterally equivalent strata at Goldbar Lake, including well developed volcanic breccia, coupled with excellent geochemical indicators of high-temperature hydrothermal discharge indicate high VMS-Gold potential in the Goldbar Lake area. Both belts have yielded significant base metal deposits, the former producing over 65 milliion tonnes (Willroy, Geco and Big Nama Creek) of ore and the latter 6 million tonnes of ore (Winston Lake).

Mineralization

Previous exploration has located several copper-zinc occurrences within the felsic sequence, near its anticlinal core. Examination of these indicates that these are stringer-type zones, surrounded by sericite-chlorite alteration, and rotated into the plane of schistosity. Immediately below the exhalite unit, the rocks are broadly manganese enriched, with local base metal enrichment in several areas. Previous work focused on the stringer-type mineralization (e.g. the Starhill Zone) and ignored the upper part of the sequence where focused discharge and massive sulfide deposition appears to have occurred. For example, in the Bozema Lake area massive sphalerite occurs in the exhalite; this type of target is the primary focus of Phoenix Matachewan’s program. The past-producing VMS deposits in both the Manitouwadge (to the east) and Winston Lake (to the west) areas are both associated with felsic sequences (proximal at Winston, siliciclastic at Manitouwadge). The presence of possibly laterally equivalent strata at Goldbar Lake, including well developed volcanic breccia, coupled with excellent geochemical indicators of high-temperature hydrothermal discharge indicate high VMS-Gold potential in the Goldbar lake area.