Work History

Staked as Monarch cl 1-24 (Y46873)and cl 25-67 (Y46901) in Dec/69 by Gold Hawk Eexploration Ltd. The claims were not staked sequentially and no exploration appears to have been carried out.

Restaked within XY cl 1-80 (YD50701) in Jun/2010 by Silver Quest Resources Ltd. The company staked XZ cl 1-30 (51901) 4 km to the northeast at the same time. Both claim groups are part of Silver Quest’s larger Boulevard property (Minfile Occurrence #115J 050). The company’s 2010 soil sampling grid terminated approximately 0.75 km to the north and no work appears to have been carried around this occurrence. In Oct/2010 the company added XY cl 95-300 (YD51595) and cl 311-315 (YD51811).

As Silver Quest Resources has not yet released any results from the 2011 exploration season it is unclear if the company carried out any work in the vicinity of this occurrence .

In Oct/2011 Silver Quest Resources signed a binding letter of agreement with New Gold Inc whereby New Gold would acquire all outstanding shares of Silver Quest Resources. As part of the agreement Silver Quest Resources’ Yukon based mineral properties were to be spun off into a newly formed Yukon-focused precious metals exploration company, McIntyre Minerals Inc. In Nov/2011 the companies agreed to an ammenment to the agreement whereby the name of the new precious metal company would be changed to Independence Gold Corp.

GEOLOGY

The area was reconnaissance mapped by D. Templeman-Kluit in 1974. Gordey and Makepeace (2003) released a geological compilation that covered this area. In 2006, M. Colpron of the Yukon Geological Survey released a Tectonic Assemblage map which included this portion of the Yukon-Tanana Terrane. Recently J. Ryan, C. Roots and others of the Geological Survey of Canada has been conducting geological mapping in the area as part of a joint project with the Yukon Geological Survey. Various maps and other products are tentively scheduled to be pubically released in 2012.

The occurrence area is located west of the northwestern headwaters of Coffee Creek in west-central Yukon. The occurrence is underlain by mid-Cretaceous granodiorite assigned to the Dawson Range batholith. Approximately 0.75 km to the north the batholith is in contact with polydeformed and metamorphosed quartzite, psammite, pelite, marble and schist rocks which form the underlying basement rocks. Colpron assigned the metamorphic rocks to the Devonian to Mississippian Snowcap Assemblage but recent work completed by J. Ryan and others suggests that these rocks belong to the slightly younger Permian aged Klondike Schist assemblage. Younger dactic dykes are known to intrude both the metamorphic and granitic rocks.

The Monarch claims were likely staked during the staking rush which followed the discovery in Dec 1969 of the Casino gold-copper-molybdenum deposit (Minfile Occurrence 115J 028) located approximately 35 km to the southeast. The occurrence location likely marks the approximate center point of the claim block

Regional scale soil sampling completed in 2010 over the metmorphic rocks to the north outlined a 20 km long trend called the “Boulevard Trend” that hosts numerous gold, arsenic, antimony and molybdenum soil geochemical anomalies. The Boulevard Trend is a northwest-southeast corridor that extends across the Boulevard property and includes the newly discovered Sunset, Vegas and Hollywood soil anomalies (Minfile Occurrence #115J 110).

The XY and XZ claims appear to have been staked to cover the possibility of the mineralization continuing into the batholith. Except for a small skarn showing (Toni Tiger - Minfile Occurrence # 115J 052) located approximately 4 km to the north, neither Silver Quest Resources nor the previous operators have identified any substantial mineralization hosted within the granitic rocks on the property.

As of the end of November 2011, Silver Quest Resources has not publically released any exploration results from their 2011 exploration season.

REFERENCES

SILVER QUEST RESOURCES LTD, Feb/2011. Assessment Report #095391 by D. Baker.

SILVER QUEST RESOURCES LTD. News Release. 17 Nov 2009, 13 Jul/2010, 15 Sep/2010, 17 Jan/2011, 18 Jan/2011, 1 Jun/2011, 12 Sep/2011, 17 Oct/2011, 7 Nov/2011.

SILVER QUEST RESOURCES LTD. Dec/2011. Web Site: www.silverquest.ca.

TEMPLEMAN-Kluit, D.J., 1974. Reconnaissance geology of Aishihik Lake, Snag and part of Stewart River map-areas, west-central Yukon; Geological Survey of Canada, Paper 73-41, 97 p. (including preliminary maps 16-1973 (115JK), 17-1973 (115H) and 18-1973 (115N)).

YUKON EXPLORATION AND GEOLOGY, 2010, p. 32, 58, 64.