The Tay-LP property consists of 413 claims covering a 20-kilometre-long by four-kilometre-wide belt of gold prospects (7,880 hectares). The property has good road access, favourable gold geology, multiple exploration targets and strong potential to make new gold discoveries. Several million dollars have been spent on the property since its discovery in 1984, by companies including Cominco, Newmont and most recently Canarc Resource Corp. A National Instrument 43-101 compliant technical report, prepared by David Dunn, PGeo, and James Moors, PGeo, for Canarc Resource, and available on SEDAR, states that the Tay-LP property has good potential to host an economic replacement type gold deposit. The technical report, dated March 30, 2010, recommended three major phases of work. The first phase consisting of a 470-kilometre helicopter borne VTEM and magnetometer geophysical survey was completed in May, 2010, and successfully identified several new EM conductors and magnetic anomalies within prospective geological settings. Coronet is currently having an updated NI 43-101 report written, which will include the results of the 2010 airborne geophysical program and recommendations for further work.