Bruce River, Labrador

Status: Exploration
Commodity: Uranium, copper
Ownership: 26.66% interest by Eros Resources
Operator: Mega Uranium
Location: Approximately 120 km north of Happy Valley - Goose Bay, Labrador

The Bruce River property hosts numerous copper and uranium occurrences, as documented in government reports. Santoy flew a combined radiometric/magnetic survey over the property in 2005, and conducted intensive prospecting campaigns in 2005 and 2006. A number of historical showings were re-sampled and several new areas of mineralization were discovered. Mineralization is generally structurally controlled, with associated hematite alteration, and is hosted either by felsic volcanics of the Sylvia Lake Formation or conglomerates of the Heggart Lake Formation (both belonging to the Bruce River Group). In October 2007 a total of 402 m in 3 holes was drilled on the Sylvia Lake prospect, which is characterized by spatially coincident radiometric and gravity anomalies, as well as an east trending topographic lineament. The best intersection was 0.3 m of 0.237%.

A program of surface water geochemical sampling was completed on the Bruce River property in September 2007. Water surveys of this type have been found to be successful in locating subsurface uranium mineralization especially in overburden-covered areas. A total of 1036 samples were collected with an average sample density of five per square kilometre. One set of anomalies consists of a cluster of elevated uranium and molybdenum values along a northeast linear trend and was the focus of ground follow-up in the summer of 2008.

Further detailed prospecting was carried out on the western portion of the property along strike and in the same geologic setting as Crosshair Exploration & Mining Corp’s “C Zone” resource. This program led to the discovery of 25 previously undiscovered radioactive boulders. Four grab samples from the radioactive boulders returned uranium values ranging from 0.076% U3O8 to 0.23% U3O8.

In 2008, geologic mapping focused on five showings within the Bruce River property. The showings are Moran ‘A’, Moran East Zone 3 (MEZ-3), McInnes, Fergusson-Brown, and Noseman showings.

The Moran A, and MEZ 3 showings are hosted by Heggart Lake formation conglomerate and contain uranium mineralization in association with a pyrite-bearing conglomerate. Moran A zone is exposed over a 200 m by 75 m wide area and is steeply dipping. The MEZ 3 zone is exposed over 110 by 85 metres and is also steeply dipping. Assay results of grab samples from Moran A range from 0.007% to 0.218% U3O8 (6 samples) and from MEZ-3 range from 0.07% to 0.67% U3O8 (8 samples).

At the Noseman showing uranium mineralization has been mapped over an exposed strike length of approximately 200 by 50 m. The showing is hosted within a cataclastic, altered granite fault zone with chlorite and hematite alteration similar to mineralization on the Mustang Lake property. Assay results of 12 samples of altered granite yielded results ranging from 0.013% to 0.29% U3O8.

In addition to the mapping, prospecting was conducted over water and lake sediment anomalies identified in a 2007 survey. This led to the discovery of 14 radioactive boulders in a dispersed boulder train named the Anderneill boulder field. Boulders are composed of hematized sandstone and altered basalt with assay results ranging from 0.001% U3O8 to 2.47% U3O8 (in 14 boulder samples).

A limited 2009 field program is aimed at isolating the up-ice source of the Anderneill boulder train.

Mustang Lake, Labrador

Status: Drilling stage
Commodity: Uranium
Ownership: 26.66% interest by Eros Resources
Operator: Mega Uranium Ltd.
Location: Approximately 120 km north of Happy Valley - Goose Bay, Labrador

The Mustang Lake property is located 8 km northeast of the Michelin uranium deposit, where a Measured and Indicated resource of 67.4 million pounds of U3O8 has been reported by Aurora Energy Resources Inc. and is also close to Aurora’s recently discovered Jacques Lake deposit. Mustang Lake is underlain by felsic volcanics of the Aillik Group, the same rock type which hosts the Michelin and Jacques Lake deposits.

The Mustang Lake property features four glacially dispersed uranium-bearing boulder trains known as the Irving, South Prospect, Mustang South and Mustang Lake East Zones. Three of these boulder trains were originally defined and sampled by Brinex in the 1970’s - sampling of 117 boulders on the Irving Zone averaged 1.28% U3O8 (range 0.09 to 6.25%), sampling of 40 boulders on the South Prospect returned assays averaging 0.55% U3O8 (range 0.02 to 3.5%), and sampling of 22 boulders on the Mustang Lake East zone averaged 0.1% U3O8(range 0.02 to 0.6%). Prospecting by Santoy in 2005 confirmed the existence and location of these zones. In addition, Santoy flew a combined radiometric/magnetic survey in 2005.

A total of 10 holes (approximately 1500 m) were drilled in 2005 and 17 holes (2700 m) in 2006 by the Monster Copper-Santoy JV in an attempt to discover the source of the boulders and to test radiometric anomalies. Anomalous uranium (>0.035% U3O8) was encountered in 10 of the holes, with a best intersection of 9.11 m @ 0.12% U3O8 (Table 1).

Field work by the JV in 2006 shed light on the structural controls to mineralization with the interpretation that mineralization at Mustang Lake plunges to the southwest. This is very similar to the situation at the nearby Michelin deposit, where the orebody has a southwest plunge and has an increase in grade with depth, located within a major deformation zone.

In 2007, 2516 m (nine holes) were drilled on land during a summer program and 2215 m (eight holes) on lake ice in the winter of 2008. Best results from the summer drill program included 1 m grading 0.197% U3O8, 0.6 m of 0.167% U3O8, and 0.98 m of 0.110% U3O8 in three of the South Prospect target zone holes. Best results from the winter program include 4.3 m grading 0.044% U3O8 and 1 m of 0.144% U3O8.

Channel sampling of the Mustang East showing yielded 3 m of 0.14% U3O8, 3 m of 0.11% U3O8 and 1 m of 0.23% U3O8. The mineralization as sampled in these trenches is over a strike length of 12 metres and is open to the southwest under cover.

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