Crosshair Energy Corporation - CMB Joint Venture

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USA Division CMB Division

CMB Property CMB Joint Venture

Gemini Division Photos

Project Highlights

Contains an NI 43-101 indicated resource of 2.33 million lbs of uranium and an additional inferred resource of 3.73 million lbs of uranium
Zone remains open to depth and along strike to the south

Technical Reports

Click here for the complete NI 43-101 report on the CMBNW Property (Two Time Zone)

2011 Program

Additional uranium mineralization has been identified on the CMB JV Project. Seven diamond drill holes, totaling 2,961 metres, were completed on the Two Time property, with the aim of investigating the down dip extension of the NI 43-101 compliant resource previously reported. Results from this most recent drilling confirmed uranium mineralization to depths of over 500 metres. A second component of the 2011 drilling program was to investigate a number of coincident airborne radiometric geophysical and rock geochemical anomalies outside the Two Time property. Fourteen diamond drill holes, totaling 1,245 metres, were completed on four separate prospects within the CMB-JV project area. Three of the fourteen drill holes intersected thin uranium mineralized zones. The most notable being from the Firestone prospect, where drill hole FS-11-007 intersected a three and a half metre interval that returned 0.084% U3O8. Contained within this interval was a 0.5 metre interval that returned 0.519% U3O8.

Click here for complete assay highlights

History

The Property was first identified following uranium-in-lake sediment anomalies discovered by the Government of Newfoundland and Labrador. Various companies were granted concessions in the mid 1940's to mid 1980's. The Property was first claim-staked in September 2005 by 10565 Nfld Inc. The claims were subsequently transferred to Silver Spruce in late 2005. Universal Uranium and Silver Spruce entered into a joint venture agreement in spring of 2006 by which Universal earned in a 60% interest in the Property.

Claim Ownership

In July of 2008 Crosshair acquired Universal Uranium's 60% interest in 4,741 claims in the Central Mineral Belt. In return, Crosshair paid CDN$500,000 and 10,000,000 common shares, and 7,500,000 warrants to Universal. These claims were part of a property agreement between Universal and Silver Spruce Resources under which Universal had earned a 60% interest. Silver Spruce declined to participate in the recent program and has been diluted to a 37% interest while Crosshair retains a 63% ownership in the Property.

The property location map can be seen below:

CMB-JV East and West Areas Properties and Licenses

Geology

The Two Time Zone is the most advanced prospect on the CMB Joint Venture. It has a current strike length of 475 metres and remains open to the south and to depth. Mineralization is hosted by altered, brecciated, and fractured granitic rocks of the late-Archean Kanairiktok Intrusive Suite. Chlorite, carbonate, hematite, and albite alteration predominates. This is the first occurrence of significant uranium mineralization in these rocks.

Previous Exploration Work

The Two Time Zone is located approximately 17 km to the northwest of the C Zone in the Central Mineral Belt, Labrador. It is the most advanced prospect in the package of approximately 4000 claims.

The Two Time Zone was discovered following an airborne radiometric survey completed by Universal Uranium/Silver Spruce Resources in 2006. Follow-up work included prospecting, soil and stream geochemistry, scintillometer surveys and hand trenching. This helped to further identify potential targets for subsequent drilling. 41 holes were drilled on the JV Property, 40 of which targeted the Two Time Zone. A single hole tested a RadonEx soil anomaly located north of the Two Time.

Click to Enlarge

Significant Drill Results:

0.052% U₃O₈ over 107 m including
0.11% U₃O₈ over 30 m in CMB-07-6
0.041% U₃O₈ over 147 m including
0.11% U₃O₈ ¬over 11 m and
0.12% U₃O₈ over 7 m in CMB-07-12
0.042% U₃O₈ over 109.2 m including
0.103% U₃O₈ ¬over 32 m in CMB-07-14
0.022% U₃O₈ over 192 m including
0.127% U₃O₈ over 9 m in CMB-07-16
0.109% U₃O₈ over 17 m in CMB-07-18
0.026% U₃O₈ over 199 m including
0.129% U₃O₈ over 4 m CMB-07-19

An independent NI 43-101 resource estimate was carried out based on drilling at the Two Time Zone up to February 4, 2008. The report estimates an indicated resource of 2.33 million pounds of uranium (1.82 million tonnes grading 0.058% U3O8) and an additional inferred resource of 3.73 million pounds (3.16 million tonnes grading 0.053% U3O8).

During the summer of 2009, a geological mapping, prospecting and sampling program was conducted to evaluate airborne geophysical and ground geochemical anomalies. The program confirmed the presence of historic high-grade mineralized float at the CMB-East (CMB-E) Property and also resulted in the discovery of four new uranium targets, two of which are located on the CMB-Jacques Lake (CMB-JL) Property and two located on the CMB-North East (CMB-NE) Property.

At the CMB-E Property, 2.19% U3O8 was returned from the re-sampling of strongly altered and mineralized granitic float. This sample is located proximal to interpreted airborne magnetic features that appear to be associated with Fronteer's Jacques Lake Deposit, which is located approximately 11 kilometres to the southwest. Additional work is warranted to determine the source of the high-grade mineralization.

Exploration activities on the CMB-JL Property were successful in outlining a significant new area of mineralized granite float and bedrock called the South Brook Target. A total of 26 samples were collected from this target with assays ranging from 0.03% to 0.46% U3O8. Additional work carried out approximately 5.5 kilometres southeast of the South Brook Trend has outlined a second target coincident with a two kilometre long, linear airborne radiometric anomaly. This new target is called the Running Man Target and 9 of the 10 float samples assayed from 0.03% to 0.11% U3O8.

Two new significant showings of uranium mineralization were discovered on the CMB-NE Property, one of which is hosted in altered granitic rocks and is referred to as Big Bear. Four grab samples were collected from this new zone, which assayed from 0.02% to 0.10% U3O8. A second showing referred to as the JJ Showing was discovered two kilometres west-southwest of Big Bear. This showing consists of magnetite-pyrite mineralization in felsic volcanic rocks that assayed 0.13% U3O8 in one sample from bedrock.

The planned 2011 summer exploration program will consist of prospecting/ sampling, trenching and drilling on three new targets (South Brook, Running Man and Big Bear Showings) as well as the Two Time Zone.

Stewart Wallis, P.Geo., is President of the Company and a Qualified Person as defined by National Instrument 43-101 for the above mentioned projects. The QP is a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) as a registered Professional Geoscientist (P.Geo.).