The Radium Point Project covers ~3,300km2 in the Echo Bay district of the northern Great Bear magmatic zone (GBMZ) and comprises an extensively hydrothermally altered and mineralised Proterozoic continental andesitic stratovolcano-plutonic complex. The known uranium, copper and gold occurrences are associated with epithermal veins, with historical production recorded from multiple historical mines of varying sizes, the two most significant being the Eldorado/Echo Bay mine and the Contact Lake Mine. After Uranium production ended (Contact Lake 1939 and Eldorado/Echo Bay 1960), the area became a silver and copper producer between 1964 and 1982 when processing ceased.

Exploration History and Project Information

During a field trip along the east arm of Great Bear Lake in August 1900, James McIntosh Bell of the Geological Survey of Canada noted evidence of iron, copper, uranium and cobalt in the vicinity of Echo Bay. Thirty years later, on May 16, 1930, prospector Gilbert LaBine discovered high-grade pitchblende and silver at the site, subsequently named Eldorado/Echo Bay, with production starting in 1932 and ceasing in 1982.

Historical work undertaken before 1985 by multiple public institutions and private companies over Radium Point demonstrates widespread undrilled mineralisation expressed at surface. The Company will release these results once further work is done on their verification due to their high grade nature.

Various regional airborne surveys have been completed, which will be used to guide initial work on the Project along with the information contained within the mass of historical data containing large amounts of drill, soil, rock chip and trench results.

The Company will now work on assimilating these geological, geochemical & geophysical datasets to prepare a systematic and detailed exploration programme for 2024.

Geological Setting of The Radium Point Project

The Radium Point Project located in the Echo Bay district of the northern Great Bear magmatic zone (GBMZ) comprises extensive, hydrothermally altered and mineralised, Proterozoic continental andesites and volcano-plutonic complexes.

The region is located on the east shore of Great Bear Lake and is known for its past production (1930 – 1982) of U, Ag, Cu, Ra, Co, Ni, and Pb, from quartz-carbonate-hematite-sulphide and arsenide epithermal veins. Following re- examination of the district by state geologists, it is now recognised as one of Canada’s most prospective regions for iron oxide copper-gold (IOCG-U-U) and associated styles of mineralisation (Mumin et al., 2007, 2010; Corriveau et al, 2010, 2011). Significant mapping projects have been undertaken by state geologists in the Port Radium-Echo Bay district including the geology and alteration mapping of Hildebrand (1980, 1983, 1986), Hildebrand et al. (1987), Reardon (1992), Mumin et al. (2007, 2010), and Corriveau et al. (2007, 2010).

More recent work again by state surveyors (Mumin et al. 2014) builds on these works with significant new detailed geological mapping (mostly 1:2000 scale), structural analysis, air photo structural interpretation, geophysical surveys, and detailed geological mapping, to help bridge the knowledge gap between the volcano-plutonic activity with associated hydrothermal activity and mineralisation, and the tectonic and structural development of the district These datasets as well as the recent state survey mapping coupled with modern exploration techniques gives the Company a great platform from which to define further resources.

Historical Production

The Radium Point project has seen several phases of production over several decades. The most notable was uranium production between the 1930’s to the 1970’s.

Total Historical production (pre-1982) from the project area is recorded as follows;

  • 13,700,000lbs Uranium oxide (“U3O8”),
  • 34,200,000oz of refined silver and
  • 11,377,040 lbs of copper with gold credits.
  • 104,000kg lead, 127,000kg Nickel & 227,000kg Cobalt
  • Using current prices this conservatively represents more than US$2bn worth of metal production on the licence area.

This production was focussed around three large scale production centres at Radium point;

Initial Exploration and Study Activities

The Company proposes to complete:

  • Compilation and review of all historical, open data source information not already acquired by the Company.
  • Acquisition and processing of all high resolution satellite hosted products and aerial photography.
  • Compilation and review of existing geophysical surveys.
  • Assessment of modern airborne geophysical techniques for targeting, such as MobileMT
  • Field crews will be mobilised in due course for orientation / reconnaissance and planning for future work.
  • Ground truth and resampling of historic and new mineral showings and review within context of new studies on mineral systems in the project area