Athabasca Basin Uranium Targets
Wescan acquired a 50% working interest in several mineral properties in March 2005 that are prospective for uranium mineralization. The properties are made up of 6 blocks covering approximately 134,000 hectares over diverse geological settings within the Athabasca Basin and the Wollaston Ford belt of Northern Saskatchewan. The Athabasca Basin hosts several of the world’s largest and highest grade uranium deposits and current exploration activity in the region is intense. With current uranium prices at all time highs, Wescan is very pleased to a participant in this very prospective part of the world for uranium exploration.
The properties are held by a 50:50 Joint Venture with Santoy Resources Ltd with Santoy acting as operator. The various properties were selected on the basis of regional geology, structural setting, regional magnetic coverage, and proximity to known uranium mineralization. Two of the properties are in the northeast sector of the basin, south of the Fond du Lac River. Also in the northeast sector is a permit on Fir Island on Black Lake, just west of known significant uranium mineralization including the historic Nisto mine. Another permit sits immediately south of Lake Athabasca just east of the Alberta border. The remaining property in the portfolio is located south of the Key Lake mine and covers an area of known uranium mineralization and is transacted by the Key Lake Road.
During 2006, the JV’s initial year of exploration on the blocks, five of the areas which are within the Athabasca Basin were flown with high resolution electromagnetic and magnetic surveys. Final interpretive results are in hand for four of these project areas. The interpretations have been prepared by Roman Tykajlo, P.Geo., a qualified person as defined under NI 43-101. All the prospecting permits have come to their two year term and the favourable areas based on geophysical surveys and historical exploration results have been protected by staking of claims. The total property package has been reduced by a net 24,746 ha. Selected maps illustrating the geophysical results will be posted on the respective websites for each of the companies.
Exploration Update 2008 - Final laboratory results are still pending for SHG (soil gas hydrocarbon) sampling and sandstone boulder and outcrop sampling for clay mineral alteration analysis. Planning of exploration programs has commenced where sufficient information is available. A winter line cutting program followed by Transient ATM surveys are planned for all the sandstone hosted properties. Diamond drilling is anticipated to be considered for most of the properties, subject to receiving all the results. Additional soil sampling and other geochemical sampling will be completed to help define other drill targets.
The Karpinka Lake property will have ground geochemistry, prospecting and geophysics completed over the airborne targets in preparation of prioritizing drill targets.
The joint venture encompasses six individual project areas totaling 134,217 ha, five of which are situated within the Athabasca basin. Exploration on the sandstone areas consisted of deep penetrating airborne geophysics followed last year by additional CDI processing of conductive trends. Surface work consisted of: lake sediment geochemistry, muskeg and lake water sampling for multi-element analyses and radon determinations, detailed prospecting, sandstone boulder sampling and soil geochemical sampling. Preliminary results for the sandstone areas are as follows:
FIR ISLAND PROJECT
This property straddles the northeast portion of the Athabasca unconformity and is transacted by the Black Lake Virgin River tectonic zone. This trend is considered to be very prospective for unconformity-style uranium deposits. The historic Nisto Mine, which is considered to be very unconformity-style deposit developed in basement rocks, is located on the west boundary of the property on the shore of Black Lake.
Structural features identified in both the airborne magnetic and electromagnetic interpretations warrant drill investigations. Significant post Athabasca movement on these features could be in excess of 200 vertical metres. Available date indicates the presence of anomalous uranium and pathfinder metals in lake sediment and waters, anomalous radon in waters, and indications of elevated scintillometer readings in sandstone crop areas.
Several lines of Transient AMT surveys are planned and the permits for the line cutting and surveys are in hand. The timing for the diamond drilling will in part be influenced by contractor availability and drill hole targeting awaits the final geochemical results.
DOWLER LAKE PROJECT
The geologically favourable portions of Prospecting Permit 1217 have been converted to claims S-110447 to S-110449 totalling 16,597 ha. The property is situated on the south shore of Lake Athabasca immediately east of the Alberta–Saskatchewan boundary. The property was covered by a MEGATEM electromagnetic and magnetic survey system operated by Fugro Airborne Surveys Corp. Depth to basement appears to be in the order of 500 to 900 metres based on magnetic interpretations and drilling on the Alberta side. Aeromagnetic responses over the property are broad and generally unsuitable for detailed depth calculations.
The interpretation by Fugro highlighted a potentially significant, structurally controlled trend in the decay-constant (Tau) data. These features may result from clay alteration that could in turn be related to a mineralizing event.
Results to date indicate possible basement structures and the possibility of an alteration halo in the overlying sandstones. The MEGATEM survey did not penetrate to the basement due to flat lying conductive horizon at approximately 550m.
Limited Transient AMT lines are proposed to ascertain if basement features of interest are present.
Further processing of geophysical data and a surface sampling program to establish the presence of clay alteration is planned to be completed. This year’s program will also consist of boulder and outcrop sampling for clay alteration and prospecting for uranium and associated metal leakage along structures. Based on these results, ground geophysical coverage will be planned to define drill targets.
HAZEMPA LAKE PROJECT
The geologically favourable portions of Prospecting Permits 1210 and 1211 have been converted to claims S-110431 to S-110433 and are contiguous with claims S-108600, S-108601 and S-108621. The project is situated in the north central portion of the Athabasca Basin, immediately south of Engler Lake.
The project was covered by a MEGATEM electromagnetic and magnetic survey operated by Fugro. Modelling suggests a depth to basement over the project area in the 700 to 900 metre range. However, no drill holes to basement are available in the immediate area to confirm this interpretation. The geophysical surveys identified two sub-parallels north to northeast-trending structures passing through the eastern portion of the project area. These structures are also evident on Land sat images and from the Extech IV research program information. No associated anomalous electromagnetic response was evident.
The presence of post- Athabasca faulting is indicated by the airborne geophysical interpretations and is further evident in Landsat imagery. The presence of elevated uranium and metal values in lake sediment and water sampling as well as elevated radon in waters spatially associated with these structures supports the anomalous designation of these features. Significant vertical movement on these structures is considered important for possible unconformity related uranium targets.
A program of winter line cutting to be followed by Transient AMT surveys should assist in selection of drill targets. Solitaire Minerals Corp. is currently drilling a SGH target immediately to the north and east of our project.
PATTYSON LAKE PROJECT
The Pattyson Lake property of Prospecting Permits 1214 and 1215, have been converted to claims S-110437 to S-110446. The property is situated within the northeast sector of the Basin where the Athabasca Fm. is underlain by basement rocks of the Mudjatic Domain, locally comprised of Aphebian age meta-pelites and Archaen age granitoids. Public records indicate two historic drill holes in the eastern sector of the project area.
The property was flown with a MEGATEM electromagnetic system operated by Fugro. The basement rocks are indicated to be highly resistive, with a discontinuous decay-constant anomaly in the western part of the project. Several splays of the Tabbernor fault system (north-south) as well as a significant east-west fault are evident in the geophysical data.
The lake sediment sampling results have identified a number of areas of interest with elevated uranium and pathfinder elements. Other target areas are indicated by the radon and multi-element analyses from water samples. A number of these target areas are supported by airborne interpretations.
Winter line cutting followed by Transient AMT surveys are planned for a number of lines to determine more specific drill targets.
RICHARDS LAKE PROJECT
This property consists of one claim, S-108623, situated immediately west of Richards Lake. It was flown with a MEGATEM electromagnetic and magnetic survey. Radioactive phosphatic boulders are reported to the east of Richards Lake. These may have been derived from the Wolverine Formation.
This survey defined a wide, complex, east-northeast/west-southwest structural corridor transecting the centre of the project. It separates a magnetic-high to the north from potentially graphitic lithology to the south and forms a favourable target for uranium exploration. Depth to basement based on magnetic processing supports a 600 to 700 metre interpretation. This area of interest was also evident from the compilation of historical exploration work.
The follow-up program for this property includes further processing of the geophysical data and lithogeochemical sampling to investigate clay alteration patterns, especially those associated with the geophysical features. A 2007 field program of sampling and mapping structural features is to be completed and contingent upon obtained geochemical results, ground geophysical surveys will also be considered.
The airborne magnetic and airborne MEGATEM results delineated east-west structural trends that appear regional in nature. The CDI profiles suggest vertical movements as well as possible sandstone alteration. Anomalous uranium values in lake sediment samples were obtained within this trend.
Winter line cutting followed by two Transient AMT lines are planned to further define drill locations.
KARPINKA LAKE PROFECT
Prospecting Permit 1218 has been converted to claims S-110428 to S-110430 covering the most favourable geological trends. The property is situated approximately 30 km. south of the Athabasca unconformity and covers the boundary between the Wollaston and Mudjatic Domains.
Historical exploration has identified numerous radioactive boulders and outcrops with uranium mineralization associated with calc-silicate, arkosic and pegmatitic units. The most significant historic occurrence on the property is the George occurrence, which was explored by Getty Minerals by overburden stripping and diamond drilling. Active exploration is taking place to the north and south of the property by other companies. Recent exploration to the south by Forum Resources has been successful in locating new uranium occurrences of significance on trend. Exploration further to the north by Denison Mines is being directed at the same graphitic conductor trends.
The joint venture is planning a drill program to investigate the George occurrence that remains open along strike and down dip and will consider completing a state of the art geophysical coverage over the area to supplement the historical data prior to drilling. It is considered to be prospective for basement-hosted unconformity style deposits as well as Aphebian age uranium deposits. The presence of numerous uranium occurrences in the region supports it’s prospectively.
A TEMPEST Airborne survey was completed in 2007 which outlined conductivity trends associated with the Wollaston-Mujadic boundary and what is interpreted to be basal Aphebian sediments which ring interpreted Archean Domal features
Exploration on these targets is ongoing to the north and south of this property. These settings are the southern continuation of the basement geology present at Key Lake and other Athabasca hosted deposits. A program of summer prospecting, geochemistry and ground geophysics will be completed to define drill targets.
2008 EXPLORATION PROGRAM
An exploration budget in the order of $2,000,000 is anticipated by the joint venture for the coming year. Diamond drilling is anticipated on the Fir Island and Karpinka Lake projects during the current season. The Athabasca Basin properties will all be subjected to surface sampling programs that will focus on geophysical targets and structural features. Lithogeochemical samples (outcrop and angular boulders) will be collected and processed for clay alteration studies. A review of the available deep penetrating ground geophysical procedures will be reviewed for suitability to these projects. Line cutting and ground geophysics will be undertaken at the earliest convenience to assist in prioritizing drill targets.
