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|  Project Highlights
Location The Central Mineral Belt Joint Venture Project covers a total of 4,741 claims in central Labrador, about 150 kilometres northeast of the town of Happy Valley-Goose Bay. Crosshair has a 60% interest in this Project, while Silver Spruce Resources maintains a 40% interest. History In July of 2008 Crosshair acquired a 60% interest in an additional 4,741 claims from Universal Uranium. Silver Spruce Resources has retained a 40% interest in the claims. 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 Crosshair acquired Universal Uranium's 60% interest in 4,741 claims in the Central Mineral Belt in July of 2008. 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 has retained their 40% interest in the Property and continues to act as the operator. Geology The Central Mineral Belt project lies on an area composed of Archean to Mesoproterozoic gneissic, sedimentary, volcanic and granitoid rocks. The project lies near the junction of three regional faults, where the Grenville front overprints the northeast trending boundary between the Nain and Makkovik tectonic Provinces. Basement to the area is Archean gneiss of the Nain craton. The local geology is comprised of Archean gneiss and intrusive Maggio Gneiss/Weekes Amphibolite and Kanairiktok Intrusive Suite intruded by diabase and pegmatitic dykes. The Two Time Zone is the most advanced prospect on the newly acquired claims. 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 In 2006, Fugro Airborne Surveys completed a radiometric survey on the claims which comprise the newest acquisition. The survey identified 17 high priority targets, which were selected for follow-up. Follow-up over the following year, which included prospecting using scintillometers, trenching, channel/chip sampling, stream sediment sampling, and lake bottom surveying, helped to identify the Two Time Zone and Firestone Showing as potential mineralization targets. The majority of subsequent exploration work has focused on the Two Time Zone. Forty one holes have now been drilled in the area, 40 of which tested the Two Time Zone. . A single hole tested a RadonEx soil anomaly located north of the Two Time. A recently completed independent NI 43-101 resource estimate was carried out based on drilling at the Two Time Zone up to Feb. 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). Current Exploration Work Crosshair is focused on compiling the extensive database on the CMB Joint Venture Project in preparation for comprehensive drill and ground exploration programs in the future. Technical Reports Click here for the complete NI 43-101 report on the CMBNW Property (Two Time Zone) | | ||