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| Project Highlights
Previous Exploration Work The C Zone of the Central Mineral Belt Property currently represents the most advanced uranium prospect on the property. It has been identified by Crosshair personnel as having the potential to host Iron Oxide Copper Gold (IOCG) type mineralization. IOCG type deposits are typically large, iron rich systems that carry variable amounts of copper, silver and gold and locally significant amounts of uranium. Olympic Dam in Australia is the world's largest uranium deposit and one of the world's largest copper deposits. Click here to read about similarities between C Zone and Olympic Dam. Drilling by Shell Canada in the late 1970's returned assay results as high as 1.18% U3O8 over 1.32 metres and 0.562% U3O8 over 3.99 metres. Following a drop in the price of uranium in the early 1980's, Shell abandoned its interest in the area. The 58 holes drilled during the 2006 exploration season expanded the uranium resource area to over 700 metres along strike and to over 200 metres deep (from Shell's original maximum depth of 75 metres). As well, the program identified two main zones of mineralization, the Upper C and Lower C, and intersected thick, high grades of uranium (and potentially significant vanadium as well as locally significant copper and silver) from the Upper C Zone. A total of 28,684 metres in 155 holes was completed during the 2007 drilling season, which extended the C Zone mineralization to 1500 m of strike length. This included two of our best holes two date (ML-87 and ML-122), which intersected excellent economic grades and widths. Examples of some of the better intersections from 2006/2007 drilling include:
Examples of copper and silver enrichment:
2008 winter drilling at C Zone consisted of 1,509 metres in 9 holes and resulted in an updated 43-101 estimate including an indicated resource of 5.19 million pounds of uranium (6.92 million tonnes at 0.034%) and an inferred resource of 4.44 million pounds of uranium (6.77 million tonnes at 0.030%). In addition to increasing the uranium resource, the vanadium resource was also significantly increased to 11.75 million pounds of vanadium (6.92 million tonnes at 0.077%) in the indicated category and an additional 13.55 million pounds of vanadium (6.77 million tonnes at 0.091%) in the inferred category. The 2008 summer drill program focused on expanding the known mineralization along the C-Zone - Armstrong Corridor. 4 of the holes, which all intersected mineralized intervals in hematized and brecciated mafic volcanic rocks, were drilled approximately half way between Area 1 and C Zone, adding further evidence of the existence of a 4.5 km long mineralized corridor. Click here to see drill results for C Zone In March of 2010 the company completed Phase I of the Vanadium Resource Expansion Program which was planned with the goal of adding significant pounds of vanadium to the existing vanadium resource without the need for further drilling. The current vanadium resource includes only the vanadium found within the uranium envelope, but it's possible that the ultimate vanadium resource is much greater. Phase II of the program is set to commence in July of 2010 and will consist of sampling the holes that are stored at the Armstrong camp in central Labrador. Click here to see Vanadium Assay Highlights
Exposure is generally poor along the 4.5 kilometre long structure, but it does outcrop at the C Zone where it has been drilled for 1500 metres of strike length. The zone outcrops again at Area 1 and at Armstrong, which are located 1500 metres and 3000 metres, respectively, along strike to the southwest.
Technical Report Click here for the complete NI 43-101 report on the Central Mineral Belt Uranium Project (C Zone, Area 1 and Armstrong) (PDF 12.2MB) | | ||||||||||
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