• U3O8 Content – 20 sample program has produced U3O8 values ranging from 198.5 and 9700 ppm, with average U3O8 content of 0.39% (05/2006)
• Unconformity – Documented geological unconformity.
• Bedrock Source – Radioactive boulder field traced to a bedrock source within claim boundaries.
• Exploration Targets – Multiple radioactive and magnetic targets identified by interpretation of preliminary airborne survey.
• Infrastructure – Extensive pre existing network of logging roads, access routes and power supply.
• Accessibility – Adjacent to Trans Canada Highway and related transportation routes.
• Proximity – Near to economic centres, readily available labour forces, industrial, transportation and sustainable infrastructure.
Lost Pond is Ucore’s largest Newfoundland holding, located near the province’s west coast. The property is comprised of 1646 contiguous claims, spanning a territory in excess of 400 square kilometers. Lost Pond covers the southern portion of the Deer Lake Basin, an area that features a documented unconformity contact between the sedimentary rocks of the basin and the localized granites. This configuration is an established characteristic of potential uranium genesis and placement.
The property is highly accessible. Situated just 50 kilometers east of Stephenville, Lost Pond is within proximity to the province’s west coast economic centre at Corner Brook. The Trans Canada Highway and existing power lines run through the property, as well as an extensive network of logging roads and pre existing access routes.
The Lost Pond area features a geological setting permissive to the hosting of uranium deposits. An extensive boulder field with radioactive content has been traced to a bedrock source within the project’s claim boundary, and Ucore is in the process of advancing the exploration of this source.
Shell Canada Resources
In 1980/81, an area of high radioactive signature was discovered at Lost Pond, Newfoundland, by Shell Canada Resources (Shell). The discovery resulted from ground follow up the anomalous results of an airborne radiometric survey commissioned by Shell. The company’s exploration focus at the time was primarily centred on Western Newfoundland’s potential for stratabound uranium mineralization. At the time, Shell compiled substantial data on a small portion of the property, and successfully located hundreds of uraniferous, radioactive boulders, on surface.
Detailed prospecting of a limited area subsequently traced the boulders to a localized bedrock source. Several highly radioactive bedrock occurrences were also noted, in addition to scintillometer total radioactivity readings to 40,000 counts per second. Shortly thereafter, the uranium price entered a period of protracted decline, and Shell, in response to the market at large, withdrew from active uranium exploration.
Shell’s assessment reports contained scintillometer counts, but no uranium assays. As a result, the digitized mineral occurrence database maintained by the Newfoundland Department of Mines and Energy (NDME) did not show the area as a uranium occurrence. In turn, the comprehensive database, while extensively augmented and updated over the following 25 years, continued to omit the anomalous uranium content localized at Lost Pond.
Hot Rock Uranium
In May of 2006, Hot Rock Uranium (Hot Rock), in the process of reviewing archival documents at NDME, uncovered the Shell report. The promising data subsequently lead to the staking of the original Shell claims at Lost Pond. The original trench areas were visited in late May, 2006, as part of a limited prospecting exercise. Anomalous radioactivity levels were noted throughout the area, and point sources of substantially higher radioactivity levels were identified. In June, Hot Rock took 20 grab samples from boulders and bedrock in the previously worked areas.
The samples yielded results for uranium that ranged between 198.5 and 9700 ppm (1.14% U3O8). More importantly, the global average of these samples exhibited a U3O8 content of 0.39% Further, three additional samples, subsequently taken in the same area and not factored into this average, yielded elevated values of 1.68%, 1.37% and 0.34% U3O8. Independent assay results were provided by Accurassay Laboratories, in Thunderbay, ON, and were subsequently verified by ALS Chemex in Vancouver. On the strength of these results, the original claim area was increased substantially, to over 400 square kilometers.
Based on the results of these samples, Hot Rock immediately contracted with Aeroquest Surveys Ltd. (Aeroquest) of Milton, ON. in June, 2006, to fly a combined radiometric, magnetic and electromagnetic airborne survey over approximately 100 square kilometers at Lost Pond. The company’s proprietary helicopter – borne surveying system was used, with specified line spacing of 100 meters and ground clearance of 30 meters.
Preliminary survey results provided a geophysical characterization of the zone, and an independently obtained interpretation identified several areas with anomalous signatures for ground follow up. Three of these areas were identified as being highest in relative priority. One of these anomalous areas, the Dome 1 Anomaly, is an area in which uraninite occurs within a hemetitic alteration, with varying degrees of associated magnetite. These survey results have also laid the foundation for a comprehensive exploration plan, with particular interest in the Hare Hill Granite Complex, located within the Lost Pond claim boundary.
Ucore Rare Metals
On September 26, 2006, Birchpoint Capital Inc. completed an arm’s length Qualifying Transaction for the purchase of Hot Rock. Soon thereafter, the combined company was renamed as Ucore Rare Metals Inc. (TSX-V: UCU). Today, Ucore holds a 100% interest in the Lost Pond Project, subject to a 2% NSR, 50% of which may be purchased. The company has aggressive plans for exploration development in Western Newfoundland and beyond. For further information on historical development at Lost Pond, as well as a detailed discussion of surveying, sampling and independent verification of the data set forth herein, please see the NI 43-101 compliant report filed on SEDAR: 43-101 (PDF 5 MB)
Potential Uranium Deposit Models
Based on the style of mineralization and local geology surveyed at Lost Pond in 2006, Ucore is pursuing three primary types of prospective uranium deposits. These include:
• Granite (Alaskite) Based Deposits – Data suggests possible granite related deposits at Lost Pond. Mapped mineralization includes uranium fracture systems within 15 to 30 m wide hematite alteration zones. Parent rock is often obliterated in the more heavily altered zones.
• IOCG Deposits – The alkaline granite association, in combination with anomalous Rare Earth Elements (REE), uranium and thorium (plus the presence of hematitic iron alteration) suggest possible Iron Oxide Copper Gold (IOCG) deposits in association with the Hare Hill Granite Complex at Lost Pond.
• Sediment Hosted Deposits – The mineralization found to date is within the basement Grenville rocks, but also within 100’s of meters of the regionally significant Paleozoic unconformity. Stratified sequences of the Bay St. George Carboniferous red bed stratigraphy in Western NF suggests possible stratabound “rollfront” or “redox” style uranium deposits. The uraniferous Grenville granite stratigraphy, in proximity to the Carboniferous unconformity, are excellent source rocks for these deposits.
Since the geology at Lost Pond spans a substantial area of geological sequences (both basement and Carboniferous cover), assessment of the exploration potential for all of the previously referenced deposit categories is under consideration. Additionally, uraniferous bedrock occurrences on the property show close spatial association with unconformable contact areas, suggesting that the geological unconformity itself may be an important factor in localizing uranium mineralization.
While temporal distinctions exist between the unconformity at Lost Pond (Carboniferous) and that of the Athabaska Basin in Saskatchewan (Proterozoic), the comparable potential for localization of uranium along the unconformity is sufficient to merit analysis. As well, Lost Pond has potential for a hybrid type of deposit that reflects a “blind” uranium deposit, localized within the basement sequence of the area.
For further details on the geology and physiography of Lost Pond, as well as the nature of prospective uranium deposits, please refer to the NI 43-101 compliant report filed on SEDAR:
43-101 (PDF 5 MB)
Ucore is pursuing a two phase exploration program at Lost Pond. The initial phase is in progress, involving detailed grid work and sampling of the known mineralization, as well as ground follow-up of the recently completed airborne survey. The second phase incorporates an expansion of the airborne coverage, continued ground follow-up of resulting anomalies, as well as detailed drilling. Additional grid coverage, in combination with geophysical and geochemical investigations are anticipated. The two phase program includes:
• Lost Pond Grid: A 40 km grid has been completed on the Lost Pond showings. Detailed prospecting, geology mapping, geochemistry and ground magnetics are in process. A limited amount of backhoe trenching has also been completed and the results of chip sampling are pending.
• Airborne Follow-up: Multiple airborne uranium radiometric anomalies, identified in the June 2006 airborne survey, are undergoing follow-up prospecting and detailed mapping in order to better define their characteristics.
• Airborne Survey: An additional 4000 km of airborne is scheduled for completed on areas surrounding the initial Lost Pond airborne. An additional 3500 line km of airborne is tentatively scheduled for a number of other properties, recently staked in Newfoundland (see Projects: Greater Newfoundland).
• Ground Follow-Up: Ground follow-up of anomalous targets will continue, weather permitting.
• Diamond Drilling: Drilling is anticipated on the uranium targets once the Phase 1 target testing program is completed.