|
|
Project Highlights
- CMB contains an NI 43-101 indicated resource of 5.19 million lbs of uranium and an additional inferred resource of 5.82 million lbs of uranium, open in all directions for expansion
- CMB contains an NI 43-101 indicated resource of 11.75 million lbs of vanadium and an additional inferred resource of 15.81 million lbs of vanadium, open in all directions for expansion
- Two Time Zone contains NI 43-101 indicated resource of 2.33 million lbs of uranium and an additional inferred resource of 3.73 million lbs of uranium, open to depth and along strike to the south
Location
The Central Mineral Belt Project covers a total of 52,900 hectares in central Labrador, about 140 kilometres north of the town of Happy Valley-Goose Bay and 85 kilometres southwest of the coastal community of Postville on Kaipokok Bay. Helicopter and float plane service out of Goose Bay is the most efficient means of access to the project.
The Central Mineral Belt Project is divided into the Northstar and Lonestar Divisions. The Northstar Division manages the 135 square kilometres in the northern area of the CMB Property and is comprised of the most advanced targets on the Property, including the C Zone. The southern portion of the Property, The Lonestar Division, encompasses more than 585 square km and is characterized by highly mineralized felsic volcanic rocks.
Crosshair also controls an additional 2,116 claims in central Labrador. The Central Mineral Belt Joint Venture is located about 150 kilometres northeast of the town of Happy Valley-Goose Bay. The Two Time Zone is the most advanced prospect and is located approximately 17 km to the northwest of the C Zone in the Central Mineral Belt, Labrador. Crosshair has a 60% interest in the Project, while Silver Spruce Resources maintains a 40% interest.
Project Location Map |
Satellite Photo of Project Location |
CMB Uranium Projects |
History
Uranium was first discovered on the Project in 1956 by British Newfoundland Exploration Limited, which conducted prospecting, geological mapping and radiometric surveying. In 1976, the license was granted to Commodore Mining Company Limited, which in turn, optioned it to Shell Canada Resources Limited (Shell). Over the next few years, Shell drilled a total of 72 holes in the B and C Zones.
In the 1980's, the Uranium price dropped from just over US$40/pound (lb) to less than US$20/lb and then below US$10/lb. This drop suspended all exploration work on the project and Shell abandoned its interest in the area.
Lewis Murphy acquired the claims in 2003 and conducted an airborne gravity survey of the area. As a result of the survey, a kilometre long elliptical anomaly centered between the B and C Zones of uranium was identified. The ground was then optioned to Crosshair in October 2004.
Based on the Property geology, the project has been divided into the Northstar and Lonestar Divisions. The Northstar Division is responsible for developing the more advanced targets on the property including the C Zone. More than 48,500 m in 278 holes has been drilled on the northern portion of the Property to date. Drilling has included targets at the C Zone, B Zone, Area 1, Armstrong, Dominion, Moran Heights, Area 2 and Area 51. In addition, detailed ground exploration programs have been completed which have included prospecting, geological mapping, scintillometer surveys, trenching, sampling and drilling in a number of areas identified following airborne geophysical surveys, including Blue Star and Apollo Zone. The Lonestar Division spearheads exploration in the largely unexplored southern portion of the Property. The geological setting and mineralization style are similar to what is found at the Michelin deposit. Geophysical surveys and intensive ground exploration programs have identified numerous targets.
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
Claim Ownership Map |
Crosshair optioned the original 67 claims from Lewis Murphy in October 2004. Crosshair can earn a 90% interest in the claims, subject to a 2% Net Smelter Royalty, by spending $3,000,000 in exploration, paying $525,000 in cash and issuing 1.5 million shares over the term of the 5 year earn-in agreement.
In March 2005, the Murphy agreement was amended to include an additional 187 claims to the northeast. An additional $50,000 must be paid in cash and 100,000 shares issued within the 5 year earn-in agreement. Crosshair also staked 2000 claims in March 2005. These claims are 100% held by Crosshair.
Crosshair entered into an option agreement with Triassic Properties Ltd. in December 2005. Crosshair can earn a 100% interest in 56 claims, subject to a 1.5% Net Smelter Royalty, by spending $600,000 in exploration, paying $125,000 in cash and issuing 225,000 shares over the 3 year earn-in agreement.
To date, the total land position of the Central Mineral Belt Project is 2880 claims and 2570 of the claims were staked by Crosshair.
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.
For additional Information on the geology and exploration work on the Central Mineral Belt, please visit the Northstar Division, the Lonestar Division and the CMB Joint Venture
Technical Reports
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)
Click here for the complete NI 43-101 report on the CMBNW Property (Two Time Zone) (PDF 10.26MB)
| |
)
)
)
)