CSE : GXP
FRA : HW3

THE NUT LAKE PROJECT

INTRODUCTION

thelon basin

  • Urangesellschaft Canada Limited discovered the first uranium showing in the Baker Lake area of the Thelon Basin in 1974.
  • 1970s-1980s saw a flurry of exploration activity.
  • A secondary rush in the 2000s to 2011 saw regional work hunting for unconformity-type uranium.
  • Around 160 million pounds of Uranium has been defined to date.
  • The Basin hosts the renowned Angilak Deposit, with a historical resources of 43 MM Lbs1.

  • Larger than the Athabasca with Extensive uranium showings and similar Basin ages. Additional Thelon discoveries are yet to be made.

Click to enlarge

INTRODUCTION

thelon basin

  • Urangesellschaft Canada Limited discovered the first uranium showing in the Baker Lake area of the Thelon Basin in 1974.
  • 1970s-1980s saw a flurry of exploration activity.
  • A secondary rush in the 2000s to 2011 saw regional work hunting for unconformity-type uranium.
  • Around 160 million pounds of Uranium has been defined to date.
  • The Basin hosts the renowned Angilak Deposit, with a historical resources of 43 MM Lbs1.

  • Larger than the Athabasca with Extensive uranium showings and similar Basin ages. Additional Thelon discoveries are yet to be made.

Nut Lake Project

INTRODUCTION

  • Historical drilling on the Project intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth¹.
  • The Project hosts high grade samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0% Ni1.
  • The Project sits within an intersection of multiple tectonic features including reactivated basement faults and a major unconformity.
  • 4,036 Hectares in the Thelon Basin, a renowned Uranium district in Nunavut, Canada.
  • The Project is located just ~55km north of the 43MLb Angilak Uranium Deposit (formally owned by Latitude Uranium Inc.) which was recently bought (pending shareholder approval) by Atha Energy Corp. for a CDN $57 million valuation.
Click to enlarge

Nut Lake Project

INTRODUCTION

  • Historical drilling on the Project intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth¹.
  • The Project hosts high grade samples of up to 4.36% U3O8, 53.16 oz/t Ag, 1.15% Pb and 7.0% Ni1.
  • The Project sits within an intersection of multiple tectonic features including reactivated basement faults and a major unconformity.
  • 4,036 Hectares in the Thelon Basin, a renowned Uranium district in Nunavut, Canada.
  • The Project is located just ~55km north of the 43MLb Angilak Uranium Deposit (formally owned by Latitude Uranium Inc.) which was recently bought (pending shareholder approval) by Atha Energy Corp. for a CDN $57 million valuation.

geology

NUT LAKE PROJECT

Thelon’s Uranium Model is similar to the Athabasca Basin

UNCONFORMITY VEIN & BRECCIA TYPE

  • Cross-cutting basement rocks (Amer and Neoarchean Woodburn Lake Groups).
  • Associated with Illite, Chlorite Hematite alteration.
  • Reactivated basement faults intersecting unconformity and overlying sediments.
  • Syngenetic Mineralization.
  • Contact between Showing Lake and Oora Lake Formations.
  • Presence of pore-filling Pitchblende or finely disseminated Uranite.
  • Associated with chalcopyrite, magnetite and calcite in sandy layers of siltstone.
  • Sandstone-hosted phosphatic – breccia and matrix.
  • Phosphatic – limonitic, vuggy and bearing secondary uranium minerals; torbernite and autunite.
Click to enlarge
GEOLOGY

Nut Lake Project

Thelon’s Uranium Model is similar to the Athabasca Basin

UNCONFORMITY VEIN & BRECCIA TYPE

  • Cross-cutting basement rocks (Amer and Neoarchean Woodburn Lake Groups).
  • Associated with Illite, Chlorite Hematite alteration.
  • Reactivated basement faults intersecting unconformity and overlying sediments.
  • Syngenetic Mineralization.
  • Contact between Showing Lake and Oora Lake Formations.
  • Presence of pore-filling Pitchblende or finely disseminated Uranite.
  • Associated with chalcopyrite, magnetite and calcite in sandy layers of siltstone.
  • Sandstone-hosted phosphatic – breccia and matrix.
  • Phosphatic – limonitic, vuggy and bearing secondary uranium minerals; torbernite and autunite.
previous work

Nut Lake Project

DRILLING & SURFACE SAMPLING

  • 1979 Winkie Drilling returned several encouraging drilling results, including up to 9ft of 0.69% U3O8 including 4.9% U3O8 over 1ft from 8ft depth.
  • Historically Pan Ocean Oil identified multiple coincident anomalies including Magnetic Lows, VLF Electromagnetic, Radiometric, Uranium present in Soils, including Track-etch Anomalies.
  • The intersection of reactivated faults and unconformities is highly prospective for uranium deposits. e.g. Cigar Lake, Key Lake.
  • Unconformity Uranium deposits require reactivated faults intersecting the unconformity between the Paleoproperozoic basement and the overlying Sediments.
Click to enlarge

previous work

Nut Lake Project

DRILLING & SURFACE SAMPLING

  • 1979 Winkie Drilling returned several encouraging drilling results, including up to 9ft of 0.69% U3O8 including 4.9% U3O8 over 1ft from 8ft depth.
  • Historically Pan Ocean Oil identified multiple coincident anomalies including Magnetic Lows, VLF Electromagnetic, Radiometric, Uranium present in Soils, including Track-etch Anomalies.
  • The intersection of reactivated faults and unconformities is highly prospective for uranium deposits. e.g. Cigar Lake, Key Lake.
  • Unconformity Uranium deposits require reactivated faults intersecting the unconformity between the Paleoproperozoic basement and the overlying Sediments.

previous work

NUT LAKE PROJECT

HISTORICAL DRILLING & SURFACE SAMPLING

In 1979, Pan Ocean Oil Ltd. performed an exploration program consisting of ground geophysics, geological mapping, prospecting and Winkie drilling as follow up to previous sampling with elevated uranium in dyke swarms, fractures and contacts between syenites and trachytes.

Two significant Uranium bearing showings were discovered, the “Lake Showing” and the “Heartbreak Showing”. The most noteworthy was the Heartbreak showing which revealed a 3.0” and 3.5” sample across a fracture that assayed 2.11% U3O8 and 4.36% U3O8 respectively.

The results were followed up with a radon gal survey, a VLF-EM survey and an overburden sampling program. The radon survey results showed that the response is irregular with several good highs and the VLF-EM survey showed a series of northwesterly trending anomalies. It was concluded that further drilling of the Lake Showing is recommended.

The Project and surrounding proximal area has seen approximately 805ft of Winkie Drilling and 6920ft of diamond drilling completed on it. Multiple holes intersected significant uranium mineralization, with the most noteworthy being at the “Tundra Showing” Hole Winkie AX intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth¹ (Pan Ocean Oil Ltd., 1979 Assessment Report #81075).

Click to enlarge

previous work

NUT LAKE PROJECT

HISTORICAL DRILLING & SURFACE SAMPLING

In 1979, Pan Ocean Oil Ltd. performed an exploration program consisting of ground geophysics, geological mapping, prospecting and Winkie drilling as follow up to previous sampling with elevated uranium in dyke swarms, fractures and contacts between syenites and trachytes.

Two significant Uranium bearing showings were discovered, the “Lake Showing” and the “Heartbreak Showing”. The most noteworthy was the Heartbreak showing which revealed a 3.0” and 3.5” sample across a fracture that assayed 2.11% U3O8 and 4.36% U3O8 respectively.

The results were followed up with a radon gal survey, a VLF-EM survey and an overburden sampling program. The radon survey results showed that the response is irregular with several good highs and the VLF-EM survey showed a series of northwesterly trending anomalies. It was concluded that further drilling of the Lake Showing is recommended.

The Project and surrounding proximal area has seen approximately 805ft of Winkie Drilling and 6920ft of diamond drilling completed on it. Multiple holes intersected significant uranium mineralization, with the most noteworthy being at the “Tundra Showing” Hole Winkie AX intersected up to 9ft of 0.69% U3O8 including 4.90% U3O8 over 1ft from 8ft depth¹ (Pan Ocean Oil Ltd., 1979 Assessment Report #81075).

previous work

NUT LAKE PROJECT

HYPERSPECTRAL & MAGNETIC HELIUM AND FAULTING

  • Regional Magnetics shows a strong NW-SE trending fault.
  • A hyperspectral survey undertaken identified several helium anomaly clusters spatially associated with the fault.
  • Helium is a decay product of Uranium and is an exploration vector for buried uranium deposits.
  • The fault is considered basin bounding with an associated unconformity.
  • The combination of historically defined anomalies and modern exploration techniques provides prime ingredients for the potential of discovering a high-grade uranium system within the Project area.
  • The Nut Lake Property has the potential to host unconformity vein and breccia type, syngenetic and sandstone-hosted phosphatic type mineralization.
Click to enlarge
Click to enlarge

previous work

NUT LAKE PROJECT

HYPERSPECTRAL & MAGNETIC HELIUM AND FAULTING

  • Regional Magnetics shows a strong NW-SE trending fault.

 

  • A hyperspectral survey undertaken identified several helium anomaly clusters spatially associated with the fault.

 

  • Helium is a decay product of Uranium and is an exploration vector for buried uranium deposits.

 

  • The fault is considered basin bounding with an associated unconformity.

 

  • The combination of historically defined anomalies and modern exploration techniques provides prime ingredients for the potential of discovering a high-grade uranium system within the Project area.

 

  • The Nut Lake Property has the potential to host unconformity vein and breccia type, syngenetic and sandstone-hosted phosphatic type mineralization.