McCarthy Lake Project

The McCarthy claim (S-110884) covesr 4,082 hectares (10,580 acres) and lies 40 kilometers east of the MacArthur River Mine and 29 kilometers southeast of the Cigar Lake Mine (both owned by Cameco Corp.) on the eastern edge of the Athabasca Basin in Northern Saskatchewan, the heart of uranium in Canada.

The Company owns 50% of the claims with no encumbrances save a 2.5% net smelter royalty. In 2007, a 4,600 kilometer airborne Tempest MAG/EM survey was flown over the Property to test for the presence and extent of graphitic zones that can host uranium mineralization, as well as to map contacts and faults on the property.

The results of the survey were extremely positive, mapping several large conductors identified at shallow basement depths that were coincident with magnetic lows and with faulting on the property. The survey also showed the northern and northwestern parts of the area to exhibit higher conductivity for the most attributable to conductive cover. A smaller area of higher conductivity with increasing conductivity at depth can be seen near the southeastern corner of the block, coincident with a small elongated magnetic high.

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The McCarthy Lake claims are located ~33km northwest of the Moore Lake Property, which is controlled by Denison Mines and JNR Resources. The Moore Lake Project contains a zone of significant uranium enrichment, called the Maverick Zone. Both the Moore Lake and the Don McCarthy claims form part of a general northwest enrichment trend (the Outer Trend) that roughly follows the eastern border of the Athabasca basin.

The Outer Trend, which is approximately 10km in width, appears to parallel the Inner Trend, which hosts, from South to North, the Key Lake Mine, MacArthur River Mine, Cigar Lake Mine, Midwest Mine and McClean Lake Mine.

Significant structures on the proposed Outer Trend, from South to North, include the Moore Lake Maverick Zone, Harrigan Zone (Cameco), South Cigar Trend (IUC/JNR), several exploration drill holes and the Collins Bay Mine and Eagle Point Mine. The McCarthy Lake claim lies within the Outer Trend, adjoining the eastern border of the South Cigar Project.

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