The South Baker-Thelon properties comprise approximately 1.2 million acres of permits. The region was explored in the 1970's by several companies and has remained unexplored over the last two decades while uranium prices were at much lower levels. A recent review of historic data over the region by Diamonds North has identified numerous areas with known uranium mineralization. The prospect descriptions provided below are based on historical reports and have not yet been verified by the Company.
Kam Prospect - Uranium enriched boulders were discovered by Urangesellschaft over several hundreds of metres. Eleven grab samples from the northern Kam area have returned U3O8 values ranging from 0.19% to greater than 5% U3O8 with an average of 2.04% U3O8. Assays from 18 grab samples collected along the southern part of the prospect have yielded values ranging from 0.03 to 4.03 % U3O8 with an average of 0.69% U3O8. Boulders from this area have been traced for 1600 metres. Limited drilling on the Southern Kam area has intersected 0.44% U3O8 over 1 metre.
L-1 Prospect - Uraniferous boulders yielding up to 2.3% U3O8 have been identified by AGIP over an area covering 550 x 60 metres. Bedrock samples have returned 0.89% U3O8 over 2.5 metres in trenches and 0.4% U3O8 over 4.5 metres in drill core.
Block 24 Prospect -- Shell discovered uranium in outcrop up to 1.17% U3O8. The mineralization is reported to be structurally controlled within volcanic rocks.
Art Occurrence -- AGIP discovered uranium enriched boulders that they believed to be locally derived. Boulders with up to 2.5% U3O8 have been traced for more than 500 metres. A bedrock source of the boulders has not yet been located.
Windy Inlet Occurrence - Uranium rich boulders with up to 1.37% U3O8 were discovered by Noranda Inc at Windy Inlet. The mineralization is associated with 5 to 25% pyrite and 3 to 10% magnetite. The bedrock source for these boulders has not been found, however, the abundance of magnetite will assist detection using geophysics.
Shell Boulder Occurrence -- At this location Shell and Urangesellschaft discovered boulders with uranium values ranging from 0.24% to 0.42% U3O8. A bedrock source was not reported.
E & B Prospect - Radioactive supracrustal and basement boulders have been identified by E & B Exploration. Narrow uranium enriched fractures in outcrop were also found at the E & B site. The U3O8 values in the boulders range from 0.05% to 0.35%.
