Property Overview

In 2008, the Corporation focused on conducting and evaluating exploration work on its Boomerang uranium project located in the southwest Thelon Basin, NT and its Garry Lake uranium project located in the northeast Thelon Basin, NU. Through 2007 and 2008 exploration activity on both the Boomerang and Garry Lake projects has been extremely challenging due to land access delays and restrictions. In addition to resolving land access issues on existing projects, in 2009 the Corporation has focused its efforts on future land acquisitions and opportunities in the Athabasca Basin, Saskatchewan and the Otish Basin, Quebec. Beyond the Corporation's property acquisition efforts in Canada, the Corporation will continue evaluating other prospective uranium-bearing 'basins' in specific areas globally.

It is the Corporation's goal to have a land position in the Athabasca Basin by year end 2009. The terrain being evaluated is in the under-explored areas and further basin ward where historical data is scarce or lacking.  Currently, a regional basin-wide compilation has been completed, corridors of interest identified and areas for specific land acquisition picked based on the recently completed Athabasca Core Review. It is anticipated that the results of the Cigar Lake Survey commensurate with high-resolution geophysical techniques will significantly narrow the window for vectoring drill targets.

The Boomerang uranium property is located about 478 kilometers east of Yellowknife, NT and consists of 5 mineral leases and 253 contiguous mining claims covering about 647,003 acres located along the southwestern margin of the Thelon Basin, NT. The property straddles the southwestern edge of the Thelon Basin for about 90 kilometers in a north-south direction and extends into the basin from the basin edge for distances between 7 and 25 kilometers. 

Exploration is focused on the discovery of large, high-grade, unconformity related uranium deposits in the Thelon sandstone basin environment that represents a setting that is analogous to the prolific mineralized Athabasca sandstone basin environment in Saskatchewan.

Previous exploration on lands now covered by the Boomerang uranium property was conducted by Urangesellschaft Canada Ltd between 1976 and 1984, and PNC (Canada) Exploration Co. Ltd. in 1990 and 1992. Significant results were obtained with the intersection of 0.5 meter grading 0.50% U3O8, 22.4 g/t Au, and 12.3 g/t Ag at the faulted unconformity contact, at the base of the Thelon sandstone, coincident with a graphite hosting basement and geophysical conductive corridor, representing the target horizon for future drilling. These companies drilled a total of 51 drill holes for a total of 6336.7 m. on what is now called the F-Trend (EM conductive corridor).

The Garry Lake uranium property consists of 355 mining claims covering 829,171 acres located along the northern margin of the Thelon Basin as well as extending southward into the basin. The property is located in the Garry Lake area, northern Thelon Basin, approximately 245 kilometers NW of Baker Lake, Nunavut. This land package is owned 100% by the Corporation and compliments the Corporation's prospective Boomerang Lake uranium land holdings in the southwestern Thelon Basin. 

Exploration is focused on the discovery of large, high grade, unconformity related uranium deposits in the Thelon sandstone basin environment that represents a setting that is analogous to the prolific mineralized Athabasca sandstone basin environment in Saskatchewan.

The Garry Lake land package covers the interpreted up-ice terminus of a high-grade uraniferous boulder train defined by another exploration company in the early 1980's. Kidd Creek Minerals made the discovery of 19 uraniferous boulders that define a 3 kilometer long dispersal train. The 19 uraniferous boulders yielded assays ranging from 0.87% U₃O₈ to 27.12% U₃O₈ with an average of 7.19% U₃O₈. The elemental signature of individual mineralized boulders is U-Pb-Se-Te-Ag-Cu-As-S. The surface mineralization is hosted in basement metasedimentary rocks belonging to the lower Proterozoic Amer Group, near overlying coarse-grained clastic sedimentary rocks of the Thelon Formation.   This polymetallic elemental signature along with the carbonate gangue and clay alteration composition of the boulders indicates that this mineralization may belong to the fracture-controlled basement hosted unconformity-related uranium deposit type.

The Rottenstone property is located approximately 130 kilometers NNE of the town of La Ronge, northern Saskatchewan consisting of 8 contiguous mineral dispositions covering 33,009 acres.  The Corporation owns 100% of the mineral interest covered by the mineral dispositions as described below.  Claude Resources Inc. ("Claude") retains a 2% net smelter return (NSR) on one mineral claim, S-106565, and a 0.5% NSR on the adjoining mineral claims within a 3 kilometer distance from S-106565.  The Corporation has the option to purchase one-half (1% NSR) of the 2% NSR by paying Claude $1,000,000. Based on an Amendment to the Option to Purchase Agreement dated October 5, 2007, by November 30, 2013, the Corporation must complete a 'bankable feasibility study' on S-106565 or return the mineral disposition to Claude.

The Rottenstone Ni-Cu-PGE Property was a historical focus of the Corporation's exploration efforts from 1998 through 2004 consisting of geophysical, geochemical and diamond drilling programs. The Cu-Ni-PGE target pursued was an extension of the previously exploited Rottenstone deposit. The Rottenstone deposit was mined in the mid-late 1960's, producing approximately 40,000 tons of high-grade ore grading 3.28% Ni, 1.83% Cu and 9.63 g/t PGE.  The Corporation has not been successful in finding the extension or source of the high-grade Ni-Cu-PGE mineralization associated with the previously exploited Rottenstone deposit.