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The Fire Eye property consists of 2 claims totaling 10,434 hectares and is located 50 kilometres southwest of the Gunnar Mine, which produced 19 million pounds of U3O8, and 80 kilometers southwest of the Beaverlodge district that produced in excess of 50 million pounds of U3O8. Depth to basement is locally less than 600 metres based on magnetic interpretation, making this an economical exploration target.
The Black Bay fault and splays off this fault are associated with the uranium deposits in the Beaverlodge area (an area of approximately 30 historical producing deposits) and strikes directly toward the Fire Eye block. To confirm that the Fire Eye structures were an extension of the Beaverlodge structures, in particular the Black Bay fault, a detailed, high resolution magnetic survey over the waters of Lake Athabasca was carried out by Purepoint. That magnetic survey confirmed that the Beaverlodge uranium belt is structurally associated with Purepoint's Fire Eye property.
The presence of the Black Bay structure under the Fire Eye claim block should allow direct exploration methods, such as reflection seismic, to accurately locate the faults. Initial drill holes may be followed by downhole electromagnetic geophysics to locate target areas of conductive graphite for additional drilling. |
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