OTHER Exploration Lands
In addition to the leases relating to the Audet Lands and the Birch Mountain Lands, SilverWillow holds 57,600 net acres of additional exploration land with a 100 percent working interest in each lease.
Leases 042, 043 and 044, each comprising 11,520 acres, were purchased at a Crown land sale in March 2011. These leases form a contiguous block, with lease 044 located immediately east of, and adjacent to, lease 271 of the Audet Lands and, therefore, these lands have resource potential; however, surface access is not currently permitted as they are located in a wildland park, and there can be no certainty that access will be permitted in the future. There are five legacy wells that were completed on these lands in the 1970’s with three of the wells indicating oil sands thickness equal to or greater than twenty meters.
Leases 422 and 423, collectively the Jordan Lands, each comprising 11,520 acres, were purchased at a Crown land sale in December, 2006. Eight core holes were drilled on the Jordan Lands during the 2006/2007 and the 2008/2009 winter seasons to provide an initial evaluation of the resource potential. Of the eight core holes drilled, one encountered oil sands, with a thickness of 30 metres and at a depth of 45 metres. Additional exploration drilling and evaluation will be required to determine the extent of the resource and potential recovery methods. At this time, no resource estimates have been attributed to this property.