Sandybeach Lake, Nunavut

During 2006 Ucore established a promising land package in Nunavut, in proximity to the Northern Manitoba border on NTS map sheets 65B/4 and 65C/1. The Sandybeach Lake Property (SLP) is centered on Sandybeach Lake located 5 km northeast of the northern extents of Neultin Lake.

The Neultin Lake region is underlain by a series of metasedimentary rocks intruded by Archean granitic gneisses and monzonite, which are unconformably underlain by Proterozoic aged sediments of the Hurwitz Group. The northeast – southwest trending belt or rocks is an extension of the Wollastin Belt, through northern Saskatchewan and Manitoba, which hosts or is basement to the world class Athabasca Uranium deposits.

Previous work by past companies has concentrated on finding the source of high grade uranium plus gold in boulders. Values up to 13.68% U308 and 66.89 oz/t Au were returned from granitoid and skarn altered boulders with a complex assemblage of elevated metals and trace elements.

In 2007 an airborne radiometric and magnetics survey was completed on behalf of Ucore Rare Metals. Numerous radiometric anomalies were defined and targeted by a prospecting program in July 2007. The samples from the prospecting program returned assay values of up to 1.47% U3O8 and 27.7 g/ton Au from a cluster of angular float material comprised of weakly to strongly altered mineralized meta-arkose with a sulphide assemblage of phyrrotite, arsenopyrite and +/- chalcopyrite as well as strongly altered granitic material devoid of sulphides.

The company’s two properties, totaling approximately 18.5 square kilometers, have been surrounded as a result of adjacent staking by Cameco Corporation. Cameco now has approximately 256 square kilometers enveloping Ucore’s ground in the area.