Golden Cross Resources Labrador Uranium Joint Venture with Altius Resources Update - November 2007
Labrador Uranium - Canada
LABRADOR URANIUM PROPERTIES Golden Cross Resources signed an agreement with Altius Resources Inc whereby GCR may earn a 50% interest in two uranium properties in eastern Labrador, Canada: (i) Notakwanon - by issuing 25 million GCR shares and spending C$3.5 million on exploration by 15 August 2012; and (ii) Nuiklavik by issuing 15 million GCR shares and spending C$2 million on exploration by 15 August 2012.
LABRADOR URANIUM PROPERTIES - NOTAKWANON
NOTAKWANON - URANIUM Highlights include: (i) 5,102 line kilometres of airborne radiometric and magnetics survey complete at an average cost of $69.13/km (incl 14% HST, not incl fuel caching). (ii) Eleven uranium showings in the core area, including nine new discoveries, based on field spectrometer results and visual observations of uranophane. Assays awaited. (iii) Drill targets identified for 2008, subject to assays and data review.
NOTAKWANON - URANIUM
NOTAKWANON - URANIUM Radiometrics Map (preliminary data)radiometric The airborne survey (U ppm) highlights the relatively more radioactive granodiorite gneiss, which hosts the uranium mineral occurrences.
U showings NOTAKWANON - URANIUM
Notak 1 looking west
Notak 1 looking west. Fault zone.
NOTAKWANON - URANIUM 50 metres Notak 1 looking south
NOTAKWANON - URANIUM Notak 1 Prospect Probable site of GSNL samples grading up to 1.81% U3O8 (1980). N-S trending, near vertical minor shear. high radioactivity occurs over widths of 0.5 m to several metres. vertical extent of showing is ~25 m. spectrometer readings to +2000 ppm U and >43,000 TCPM yellow and yellow-green uranophane observed on several boulders/outcrops. 17 grab/composite samples collected.
NOTAKWANON - URANIUM Notak 1 South Prospect New discovery found under soil cover, ~140 m SSW of Notak 1. traced over ~25 m. TCPM to +44,000 and +1400 ppm U. mineralisation occurs in a narrow, brittle shear trending N-S, vertical dip. abundant yellow and orange uranophane
NUIKLAVIK - URANIUM Highlights include: (i) 4,612 line kilometres of airborne radiometric and magnetics survey complete at an average cost of $69.70/km (incl 14% HST). (i) several new occurrences of radioelement mineralisation, including anomalous U, as well as F, Mo, Cu occurrences, and probable REErich zones, based on field observations. Assays awaited. (i) better understanding of property geology and mineral potential
Nuiklavik Caldera - Tenements
NUIKLAVIK - URANIUM Airborne radiometrics (cps) Airborne radiometric survey.
NUIKLAVIK - URANIUM Southern margin of caldera complex. Outlined is an area of late intrusive rocks (ferro diorites to granite) that define the caldera ring structure. Caldera rim
NUIKLAVIK - Magnetics Airborne magnetics. Note definition of caldera margins, mafic dykes and potentially permissive structural zones ( breaks & discontinuities), forming targets for 2008. Compare with airborne uranium channel data map.
NUIKLAVIK - URANIUM First Copper Showing Pyrite - Chalcopyrite sulphides occur as disseminated pyrite, lesser stringer py with trace cp.
Flowers River South #10 Showing Y-Zn-Zr-Pb-Th NUIKLAVIK - URANIUM Tuff - strongly siliceous grey to beige matrix mostly aphyric, but locally contains qtz phenocrysts. sulphide mineralisation occurs as coarse, blebby pyrite.
NUIKLAVIK - URANIUM Proposed Plan for 2008 Detailed in-house analysis of airborne geophysics to prioritise anomalies for 2008 field season. Approx. 20-day program, operated from a camp on site or most likely from Hopedale (in conjunction with the camp at Notakwanon). prospecting and follow-up of targets from airborne survey. stream sediment sampling program, especially in the NE part of project where outcrop is relatively more sparse and there is good stream development.