Post by Franko10 ™ on Sept 11, 2004 14:22:22 GMT -5
Mr Rick Walker reports:
The company has acquired three uranium properties in the Wollaston Lake area of northern Saskatchewan. The properties are 30km north of four known uranium deposits (McClean Lake, Rabbit Lake, Collins Bay, and Eagle Point). Potential exists for the discovery of significant uranium/nickel-platinum deposits. The following is a geological overview of the three properties: The James straddles the edge of the Athabasca sandstone and has geological features conducive to strong uranium mineralization. The Whitney is in an area known to have sandstone outliers and covers a geophysical anomaly immediately up ice from some exciting geochemical anomalies. The Mary Ann has a geological setting very similar to the Rabbit Lake and Eagle Point area. The claim covers the junction of a major northeast trending fault zone (MFZ) and a northerly trending fault. The target is a weak geophysical conductor with a coincident magnetic low that parallels the MFZ. Previous work to the southwest on this conductor located significant uranium-nickel mineralization (0.16% U308/1 metre and 0.35% Ni/0.6 metre). Down ice from the claim are unexplained radiometric anomalies and a nickel-copper-lead anomaly believed to originate from this claim. All three properties have good exploration potential for economic mineral deposits. The James lends itself to a Collins Bay or Eagle Point type deposit. The Whitney holds promise for a Voisey Bay type nickel-platinum deposit or a Rabbit Lake type deposit. The Mary Ann has the potential to host a Rabbit Lake or Eagle Point type uranium deposit.
The company is acquiring a 100% interest in the properties for a cash payment of $10,000 and the issuance of 50,000 treasury shares. A further 50,000 shares are to be issued if, as and when a geological resource exceeding one million pounds of uranium is outlined on any of the properties.
The company has acquired three uranium properties in the Wollaston Lake area of northern Saskatchewan. The properties are 30km north of four known uranium deposits (McClean Lake, Rabbit Lake, Collins Bay, and Eagle Point). Potential exists for the discovery of significant uranium/nickel-platinum deposits. The following is a geological overview of the three properties: The James straddles the edge of the Athabasca sandstone and has geological features conducive to strong uranium mineralization. The Whitney is in an area known to have sandstone outliers and covers a geophysical anomaly immediately up ice from some exciting geochemical anomalies. The Mary Ann has a geological setting very similar to the Rabbit Lake and Eagle Point area. The claim covers the junction of a major northeast trending fault zone (MFZ) and a northerly trending fault. The target is a weak geophysical conductor with a coincident magnetic low that parallels the MFZ. Previous work to the southwest on this conductor located significant uranium-nickel mineralization (0.16% U308/1 metre and 0.35% Ni/0.6 metre). Down ice from the claim are unexplained radiometric anomalies and a nickel-copper-lead anomaly believed to originate from this claim. All three properties have good exploration potential for economic mineral deposits. The James lends itself to a Collins Bay or Eagle Point type deposit. The Whitney holds promise for a Voisey Bay type nickel-platinum deposit or a Rabbit Lake type deposit. The Mary Ann has the potential to host a Rabbit Lake or Eagle Point type uranium deposit.
The company is acquiring a 100% interest in the properties for a cash payment of $10,000 and the issuance of 50,000 treasury shares. A further 50,000 shares are to be issued if, as and when a geological resource exceeding one million pounds of uranium is outlined on any of the properties.