Portsoy Nickel - Copper - Cobalt Project 

On August 7, 2025, Winshear entered, subject to the approval of the TSX Venture Exchange, into an arms length agreement with Peak Nickel Limited, a private UK registered company, whereby Winshear can earn a 100% interest in the 250km2 Portsoy Project, located in Aberdeenshire, Northeast Scotland. The Portsoy Project has demonstrated the presence of near surface, high-grade nickel – copper – cobalt sulphide mineralisation.

The Portsoy Project is located approximately 60km northwest of the city of Aberdeen, in NE Scotland, and comprises a 250km2 area covered by a Mines Royal Option (MRO) (see map above). An MRO is granted by the Crown, allowing the holder of the MRO to explore for gold and silver.

The Portsoy Project Overview and History

• Drilling has confirmed the presence of massive, semi-massive and disseminated nickel – copper – cobalt sulphide mineralisation hosted within a mafic / ultramafic intrusive complex;
• The Portsoy Project includes the Rodburn Target, discovered in the early 1970s by Exploration Ventures Ltd (EVL), a Goldfields / Rio Tinto joint venture company;
• EVL drilled 26 holes (4,115m) at Rodburn, outlining a northeast trending, northwest dipping sheet of sulphide mineralisation (now named the South Zone), intersecting up to 12.6m grading 1.1% Ni and 0.33% Cu. Cobalt was not assayed for. (Wilks, G.F. (1974)1; Wilks, G.F. and Smith, M.R.M. (1976) 2. Note - the EVL drilling and the intersect mentioned herein is historic in nature and is only used for reference purposes;
• EVL’s programme was halted in the mid 1970s due to legal issues and was forgotten about for the last 50 years;
• Between 2019 and 2022 Peak Nickel signed exploration and 100-year mining lease agreements with the landowners to conduct work over the Rodburn target;
• Between 2022 and 2023 Peak Nickel completed 3,700m of drilling in 24 drill holes testing two zones, North (2 holes) and South (22 holes), expanding the extents of the Rodburn Target (see Table 1 below) and confirming the presence of cobalt mineralisation (Peak Nickel news releases dated February 21, 2024 here);
• A 3d model of the two zones of mineralisation and their spatial relationship can be viewed here;
• The South Zone is up to 30m thick (true thickness) and dips at approximately 50o to the northwest. The surface expression appears as a coincident soil and magnetic anomaly with a strike length of over 3km. To date only 350m of strike length has been drill tested, confirming continuous mineralisation to a vertical depth of 180m. Mineralisation is open to depth; (Peak Nickel presentation can be viewed here);
• The North Zone appears to be a flat to shallow dipping zone up to 35m thick sub-cropping beneath approximately 15m of glacial till. Only two drill holes have tested this target, which remains open in all directions;
• Selected intercepts from the Peak Nickel drilling include:

* Ni Eq % and **Cu Eq % grades were calculated using values of US$7.00 / lb for nickel, US$4.40 / lb for copper and US$ 15.00 / lb for cobalt 

1  Wilks, G.F. (1974)  A Report on Exploration Undertaken by Consolidated Gold Fields Ltd on the Western Side of the EVL Project, NE Scotland, 1968 – 1973. Consolidated Gold Fields Ltd unpublished internal report.
2 Wilks, G.F. and Smith, M.R.M. (1976) Exploration and Geology of Nickel & Copper Deposits in North East Scotland. EVL unpublished report. 
 

The map below shows the extent of the coincident magnetic / soil geochemical anomalies that define the North and South Zones. The map also shows additional coincident anomalies that have yet to be drill tested.

2025 Work Programme

Upon receipt of TSX-V approval the Company plans to immediately commence a minimum 1,000m drill programme (including downhole EM geophysical surveying) and start a metallurgical testwork study to determine the optimum recovery process for this style of mineralisation.