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Kootenay Project

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Properties

Ledgend

The Ledgend Property was the first documented occurrence of nickel-cobalt bearing massive sulphides in the region. Discovered by prospectors in 1981 during construction of a logging road, now largely overgrown, the showing was not subsequently staked until 1997. The mineralization was described in 1998 by the B.C. Geological Survey as outcropping massive pyrrhotite with nickel and cobalt minerals. The geologist noted that the mineralized horizon could be traced over hundreds of meters along strike. In 2016, the underlying owners relocated the discovery outcrop and grab sampling returned values of 0.15 to 0.76% nickel and 0.01 to 0.09% cobalt, as well as up to 0.53% chrome and anomalous copper and zinc. Subsequent work in 2016 included a soil survey, completed by the underlying owners, covering an area 500 by 1600 metres at 25 metre spacing on 100 metre lines. This generated a nickel-cobalt anomaly 800 metres in length extending to the southeast of the showing, with the peak of the anomaly (values up to 0.84% nickel) located on a steep slope about 200 metres southeast.

A conformable and probably syngenetic horizon of manganiferous‐rich exhalite is associated with the massive sulfides located to date. Sampling has intermittently traced this horizon throughout the length of the soil grid and beyond, from at least 400 metres to the north to some 4,500 metres to the south, where similar conformable sulfide mineralization occurs along a road cut. Another soil grid has been completed covering one kilometre of the southern strike extension. The northern portion of the claims covers two kilometres of the horizon's strike and will be sampled in 2018.


Sample of massive sulphide from the Ledgend discovery outcrop.



Nickel values from the 2016 rock and soil sampling at the Ledgend property. The 2017 soil survey extension carried out by the Company is shown with results pending.



Cobalt values from the 2016 rock and soil sampling at the Ledgend property. The 2017 soil survey extension carried out by the Company is shown with results pending.


Tesla-Enerplus

The Tesla-Enerplus property comprises three claims totaling 551 Ha west of Gerrard, along Healy Creek. Mineral Mountain Resources in 2011 sampled banks along the logging road that follows the creek and discovered several horizons of black, manganiferous biotite schist with broad, weakly anomalous Ni and Co, as well and Cu and Zn (Assessment Report 32242). These horizons and sample locations were verified by the property owners in 2016. Cardero's prospecting and contour soil sampling (25m spaced) in fall 2017 along several logging roads on the west slope, above the Healy Creek road, have traced some of these horizons, but more rock sampling and soil lines are needed. Only a few silt samples were collected, as the drainages run parallel to geological trends thereby limiting their usefulness.

Lardeau

The Lardeau property comprises three claims totaling 5381 Ha along the west side of the Lardeau River, covering prospective Index and Jowett Formation rocks. The heavily vegetated area contains three B.C. RGS Ni-Co anomalies (95th percentile) and two lesser anomalies. Limited reconnaissance work along the access roads at Lardeau has identified listwanite float in the creeks with anomalous nickel silt samples. Listwanite is an alteration product of nickel-bearing ultramafic rocks, similar to the talc and actinolite schists found at Ledgend. Ultramafic rocks are also associated with the massive sulphides at the Standard showing. Most of the creeks are perpendicular to the dominant northwest trend of the geology and are ideal for detailed (200m spaced) silt sampling. A total of 155 silt samples were collected across the claim block in fall 2017. Areas adjacent to anomalous drainages will be soil sampled and prospected.

Spine

The Spine property consist of a single claim, 123 Ha in size, located 15 km northeast of Trout Lake on Spine Mountain, above treeline and with good rock exposure. Mineral Mountain Resources contour soil sampled in detail (5m spacing) the large orange and white gossans developed within black phyllite and obtained highly anomalous Cu, Zn, Au and Ni soil values. Peak values were 4119 ppm Cu, > 1% Zn, and 3678 ppm Ni along one line, and another had up to 703 ppm Cu, > 1% Zn, and 7244 Ni (Assessment Report 32242).





Cardero has not independently verified this sampling in the field but, based on reviewing the report, considers the samples were appropriately collected, assayed, and compiled following industry standards. Nonetheless, the results should not be relied upon.

Nico

The Nico property consist of a single claim, 245 Ha in size, located 25 km northeast of Beaton, B.C.. , and 1 km east of Mount Darling. Similar to Spine, it is located in the alpine and has good rock exposure. Detailed (5m spacing) soil sampling by Mineral Mountain in 2011 obtained anomalous Ni, Co, Cr and Cu associated with a narrow layer of argillite. The nickel appears to come from nickel arsenide.



Cardero has not independently verified this sampling in the field but, based on reviewing the report, considers the samples were appropriately collected, assayed, and compiled following industry standards. Nonetheless, the results should not be relied upon.

Sampling Procedures and Quality Assurance and Quality Control

The work program at the Kootenay Project was designed and supervised by M. McClaren, P.Geo. and J.M. Dawson, P.Eng., and has been the subject of due diligence by John Drobe, P.Geo., the Company's Chief Geologist. Soil samples were taken from the 'B' horizon whenever possible and were collected using a mattock or shovel. Sample sites were labelled with blue and orange flagging tape with the number recorded on the tape. Soil samples were placed in waterproof kraft envelopes, after which samples were dried and collated. All soil samples were then shipped in sealed bags to ALS Minerals laboratories in North Vancouver, B.C. The samples were dried at <60 degrees C. and sieved to &#8208;180 microns (Prep 41), then analysed by ICP&#8208;MS for 51 elements (method AuME--TL43).

This initial sampling program did not include a comprehensive QA/QC programme; however, ALS Minerals is an ISO 9002 registered laboratory and inserted blanks, standards and duplicates following their QA/QC protocol. In addition, follow-up field duplicate samples were collected from the anomalous soil lines, both high and low, and the results returned satisfactory values.

Qualified Person

John Drobe P.Geo., Cardero's Chief Geologist and a qualified person as defined by National Instrument 43-101, has reviewed the scientific information that forms the basis for this news release, and has approved the disclosure herein. Mr. Drobe is not independent of the Company as he is an officer, a shareholder and hold incentive stock options.

Cautionary Note Regarding Forward-Looking Statements

Forward Looking Information: This webpage includes certain information that may be deemed "forward looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the potential of the Kootenay project, general future plans and objectives for the Kootenay project, the availability of financing to the Company and the Company's plans in relation to exploration programs and exercising its options regarding the Kootenay project are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.

This webpage is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.