Germany

Greater Newfoundland

In addition to Ucore’s substantial project at Lost Pond, the company has acquired extensive claims throughout Western Newfoundland and in Labrador.

Makkovik River, CMB, Labrador

In 2006 and 2007, Ucore staked 829 claims at the company’s Makkovik River Project (MRP), within Labrador’s promising Central Mineral Belt (CMB). The project spans 20,725 hectares on lands previously restricted from development. Prior to this time, no exploration had taken place, due to negotiations which eventually led to a settlement of land claims with the Nunatsiavut Government. The claim area is proximal to the Jacques Lake uranium deposit, and features comparable geology. Historically, limited work was performed in this area for granite-hosted uranium deposits. The claims are predominantly underlain by proterozoic granitic and mafic intrusive units containing similar-aged volcanic rocks that host many of the uranium deposits elsewhere within the Central Mineral Belt of Labrador.

In 2007, Ucore conducted a 2,280 line kilometer airborne radiometric and magnetic survey as part of a joint venture with Bayswater Uranium. Numerous equivalent uranium radiometric anomalies were generated and 29 priority targets were subsequently identified from in-house processing. Preliminary examination of these targets led to the discovery of three new radioactive zones of interest, each containing potentially significant uranium mineralization.

Also in 2007, a total of 94 rock samples were collected from outcrop and boulders by the joint venture prospecting team, as a follow-up of the various airborne radiometric anomalies. Results from this work have led to the identification of three new bedrock uranium mineralized zones – Makkovik River East, Makkovik River West, and CD showings, as well as other lower priority targets. Two of the new uranium showings – Makkovik River East and Makkovik River West – are located within the MRP claim area and are hosted by commonly brecciated and hematitic, coarse grained, magnetite-bearing granites.

Based on the 2007 collected data, the Makkovik River East showing is characterized by a well defined 400 meter long by 200 meter wide zone of high radioactivity. The Makkovik River West showing is a moderately radioactive airborne anomaly that measures 1.0 kilometer long by 500 meters in width. Both of these anomalous areas are coincident with newly discovered uranium showings in bedrock within large boulder fields typical of large portions of the Central Mineral Belt of Labrador. Abundant highly radioactive boulders with total counts greater than 10,000 cps have been documented in both these areas. The CD Showing is represented by a series of localized airborne radiometric highs in a 1.0 kilometer by 1.0 kilometer area. Results from grab samples taken from outcrop assayed from background up to 0.14% U3O8, with all three areas returning values exceeding 0.10% U3O8.

Further detailed work is warranted on these targets, along with other priority radiometric anomalies identified via the airborne survey. The joint venture’s goal is to further investigate the primary targets as well as the remainder of the identified anomalies during the 2008 field season. High priority targets will be brought to the drill stage and drill tested if warranted.