propriétés > otish mountains uranium
Synopsis
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July 2007 Airborne Geophysical Survey
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May 2007 Ground Geophysical Survey
Jan 2007 Airborne Geophysical Survey
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Geology
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Otish Photo Gallery
The Otish Mountain Proterozoic Basin uranium district of central Québec contains uranium deposits similar to those in the prolific Athabasca Basin of Sasktechewan. The focus of Pacific Bay's staking and acquisition effort has been the area immediately surrounding the Matoush high grade uranium deposit, discovered by Uranerz Exploration and Mining in the mid-1980's. Strateco Resources Inc. has been exploring the Matoush deposit since 2005 and in September 2009 released a 43-101 report outlining an indicated mineral resources of 7.46 M pounds U3O8 grading 0.78% U3O8 and inferred mineral resources of 12.78 M pounds U3O8 grading 0.50% U3O8. These resources lie in the AM-15, MT-34 and MT-22 zones, and extend over a strike-length of 1.4 km. The Matoush structure has been traced 11 km to the south and 2.5 km to the north.
Strateco plans to carry out 120,000 metres of surface drilling per year in 2010, and 2011. Strateco's goal for 2010 and 2011 is to define the potential for the Matoush structure to contain over 60 million pounds of uranium. The drilling budget of 2010 is $8.6 million.
Pacific Bay Activity
Pacific Bay aggressively staked and acquired ground throughout the Matoush District beginning in early 2006, and as the claim map shows, Pacific Bay became the only other player in the immediate Matoush camp. Exploration began in the late summer of 2006 with an airborne helicopter geophysical survey. The first ground work was undertaken in March-April 2007 when winter VLF/mag surveys were run over magnetic linear structures seen in the airborne data that resembled the geophysical signature of the original Matoush discovery. In June 2007 Pacific Bay established a camp on Lac Alfred, named after the local trapper Alfred Coon-Come, and embarked on ground scintillometer prospecting surveys across priority areas on its Matoush claims. Another helicopter airborne geophysical survey was flown during the summer of 2007 on additional claims staked subsequent to the first survey, and the strong "Rabbit Ears" coincident magnetic linear and radiometric anomaly was discovered in the NE part of the claim block (see map below). When this anomaly was seen in the preliminary data, a ground geophysical crew was immediately mobilized to run VLF/magnetics across the linear features to locate possible dikes and faults that could contain uranium mineralization.
Drill targets were defined in 4 main areas, Grid 1, the Matoush fault projection 4 kilometers north of the Matoush deposit; Grid 6, an area of magentic linears and conductors about 3 kilometers east of the Matoush deposit; Block "B", an airborne magnetic linear with a coincident radiometric signature approximately 12 kilometers southeast of the Matoush; and the "Rabbit Ears", approximately 11 kilometers northeast of the Matoush deposit, so called because the claims were staked in two elongated northeasterly groups following radiometric anomalies in an up-ice direction. There is little outcrop in this region, and the diamond and uranium explorers use the Ice Age glaciers' inferred movement patterns dispersal patterns to prospect back to the source of pathfinder minerals and elements such as uranium. In this case, a strong radiometric anomaly in the southern "Rabbit Ear" was observed to stop up-ice at a magnetic linear feature that could be the source of the anomaly.
In late October 2007, Pacific Bay Minerals Ltd. made a strategic decision to join forces with Strateco Resources Inc and option 60% of its 277 claims in the Matoush in order to consolidate the district into a single exploration block. Pacific Bay has combined its database with Strateco's to prospect potential mineralized trends which extend through both companies' claims. This synergy will result in a better focused exploration program and will make both companies stronger.
Les termes de l'accord « Option » sont les suivants:
Strateco Ressources Inc. peut acquérir un intérêt de l'ordre de 60% dans les 277 concessions, en versant à Pacific Bay un montant total de 500 000 dollars, en fournissant 200 000 actions de Strateco et en réalisant des dépenses de prospection d'un montant total de 3 millions de dollars pour un forage minimum de 10 000 mètres dans les 4 années.
Programme de dépenses de 3 millions de dollars pour Strateco:
$750 000 pendant la première année pour un forage au diamant minimum de 2 500 mètres.
$750 000 pendant la deuxième année pour un forage au diamant minimum de 2 500 mètres.
$750 000 pendant la troisième année pour un forage au diamant minimum de 2 500 mètres.
$750 000 pendant la quatrième année pour un forage au diamant minimum de 2 500 mètres.
En plus d'acquérir un intérêt de l'ordre de 60% dans les concessions, les deux parties vont former un partenariat commercial et participer à des programmes communs en fonction de leurs intérêts et de leur budget. Outre l'argent comptant et les actions de base de la Société, Strateco acquerra 1 million d'actions de la Pacific Bay à un prix unitaire de 0,30 dollar (période de participation de 12 mois). Chaque unité comprend une action de base et un mandat permettant d'acheter une action de Pacific Bay à un prix unitaire de 0,60 dollar par action pour une période de 24 mois.
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