Property Description

Wildcat holds a 100% interest in the Foster River zinc-lead property in northern Saskatchewan, located approximately 120 km north of the town of La Ronge. The property consists of five claims (11,873 ha), three of which (8,089 ha) are subject to a 2% net smelter royalty.

Multiple lines of evidence including age, metamorphic grade, lithologies of accompanying rocks and the presence of minerals characteristic of the SEDEX (sedimentary exhalative) type of Zn-Pb deposits, highlight compelling parallels between the Foster River Zn-Pb mineralization and that of the Broken Hill type Zn-Pb orebodies in Western Australia and elsewhere in the world. Broken Hill itself is a large deposit containing approximately 300 million tonnes of ore grading in excess of 15% combined Zn and Pb.

Highly mineralized glacially transported boulder trains are located on the Foster property. The erratically deposited glacial boulders, characterized by the some of the highest Pb-Zn concentrations recorded on this property (up to 13.2 % Zn and 14.9 % Zn+Pb combined), may be subdivided into two distinct populations, one Zn rich and another dominantly mineralized with Pb. Tracing of the boulder trains to their putative origin undertaken by Wollex Exploration in 1971, tentatively identified the source of the mineralization in an area covered by the Foster River and alluvial detritus.

Past exploration of the Foster River property, undertaken over decades by prospectors and major companies, outlined several Zn-Pb occurrences of which the most significant is the Sito East, an historical (not 43-101 compliant) mineral occurrence containing 50,000 drill-defined tonnes with a grade of 4.5 % Zn.

Activities in 2009

A comprehensive fact sheet summarizing relevant geological information available for the Foster River property was prepared.

Wildcat continued supporting a research project dealing with the composition and geochemistry of the Foster River mineralization. This study, undertaken by Mr. J. Steadman, under the direction of Prof. Dr. P. G. Spry of Iowa State University, is complete and the Company is awaiting receipt of the final report.

During the quarter, on the basis of the results of work to date, the Company decided to concentrate its exploration programs on the three southernmost claims of the property and as a result, during October the two northern claims were allowed to lapse.

Activities Contemplated for the Future

Wildcat’s exploration efforts will focus on evaluating the origin of highly mineralized, glacially transported, boulder trains.

The erratically deposited glacial boulders, characterized by the some of the highest Pb-Zn concentrations recorded on this property (up to 13.2 % Zn and 14.9 % Zn+Pb combined), may be subdivided into two distinct populations, one Zn rich and another dominantly mineralized with Pb. Tracing of the boulder trains to their putative origin undertaken by Wollex Exploration in 1971, tentatively identified the source of the mineralization in an area covered by the Foster River and alluvial detritus.

Wildcat is considering the acquisition of high precision satellite photography of this area and retaining the services of an expert glaciologist to advise on tentative local glacial debris distribution patterns. With the aid of this information Wildcat plans to formulate the direction of further exploration in this area.