Ucore’s Elliot Lake Property (ELP) is situated within the Elliot Lake Uranium District, located north of Lake Huron, midway between Sudbury and Sault Ste. Marie, Ontario. The area has historically been known for prolific uranium output, producing in excess of 270 million pounds of uranium from conglomerate deposits, with ore ranging from 0.08 to 0.1% U3O8.

Ucore’s ELP was staked in 2006, and now covers a total area of 3152 hectares, comprised of 197 contiguous claim units within 14 claim blocks. The project is located west – northwest of the past producing Elliot Lake Mines, within the Blange and Raimbault townships of northwest Ontario. The area is underlain by a series of conglomerates and related sedimentary rocks. The source rocks are stratabound pyritic quartz pebble conglomerates, which have been mined by Stanleigh and Algom Mines. The conglomerate units are part of a shallow syncline of Proterozoic rocks overlying the Archean basement. The Elliot Lake Property covers a portion of the north limb of this syncline.

In 2007, Ucore’s float sample assay program returned values ranging from 15 ppm U to 4,340 ppm U (0.51% U3O8 equivalent). A cluster of semi-massive hematitic float boulders was also identified within a 0.4 x 1 km area, returning assays of between 0.034% and 0.51% U3O8, and averaging 0.26% U3O8.

Also during the 2007 exploration season, Ucore completed a full low level airborne high resolution multi-channel spectrometer survey of the project. The survey identified a number of total count and uranium channel anomalies, closely coincident with the favorable quartz pebble conglomerates. The most significant of these was a discrete target, 3 km long by up to 700 meters wide, with radioactivity readings up to ten times background. This target, referred to as Ten Mile Lake East, is located within a linear west-northwest trending anomaly that traverses across the claims and includes the area of uranium-bearing float.