Portland Creek Project
Location and Tenure
Licenses 036683M, 036684M and 036685M comprise an area of 10,800Ha (108km2) located approximately 6km northeast of Portland Creek township in Newfoundland Canada. The claims are situated over a large regional uranium anomaly that was identified in the 1970’s by a Newfoundland government stream sediment sampling program.
The western part of Newfoundland is underexplored by modern standards and is considered highly prospective for the discovery of new uranium deposits.
Geology and Prospectivity
The licenses are situated in the Precambrian Long Range Complex and are part of the Humber Tectonic – Stratigraphic zone. These members include metaquartzite and a suite of paragneisses, intruded by leucocratic pink granite, and lying in fault contact with a darker more radioactive porphyritic granite.
The claims fall inside a large area mapped by S. J. Nelson (1955) for the Geological Survey of Newfoundland and cover a uranium anomaly in lake sediments sampled by the Newfoundland Government, Davenport and Butler (1976). Conwest Exploration first became interested in the Portland Creek Pond area in 1976 and initiated reconnaissance scintillometer and geological traverses along with sediment sampling. A grid was set up to include geochemical and radiometric anomalies, track etch, scintillometer and geochemical tests. In 1976, diamond drilling was performed by Eldorado Nuclear Limited in the Portland Creek Pond Area to test for uranium mineralization in fault zones. Footage drilled was 383. No uranium mineralization was intersected in the fault structure however the drillhole was placed 4km south of the highly anomalous radioactive grab sample site that assayed 1849 ppm U and 8 ppm Th.
Planned Exploration
The Portland Creek area has had very limited exploration in recent years. Based on available information, the Company considers that a further detailed review and on-ground exploration is warranted.
Funds raised from the Public Offer will be used to undertake a systematic exploration program including MMI soil sampling and UAV magnetic/radiometric surveys to define targets for drill testing.