HIGHLIGHTS
- Raytec's Key Lake West & East properties are located in the prolific Athabasca Basin in Saskatchewan close to the Key Lake Mine and Millenium deposit. Consists of 17 mineral claims totaling 123,945 hectares.
- Projects joint ventured with 50% carried working interest; $5.6 Million in proposed exploration.
RIVER LAKE AND HIGH ROCK PROPERTIES
Ownership & Location
Currently, seven of Raytec’s 17 mineral claims are joint ventured with Triex Minerals Corporation whereby Triex has the right to earn up to a 70% interest. Triex will earn an initial 51% interest in the River Lake (three claims, 16,556 hectares) and High Rock (four claims; 15,206 hectares) properties through cash payments and issuance of stock to Raytec and incurring a total of $1.2 million in staged exploration expenditures on or before November 24, 2008. Triex is the operator for the exploration program.
Exploration & Geology
The River Lake property covers a large, circular magnetic low feature with similarities to the Pasfield Lake magnetic anomaly that the operator is currently exploring. An Athabasca Group sandstone outlier is mapped immediately to the east of the magnetic low feature. A V-TEM survey flown in 2007 identified electromagnetic conductors on both the east and west margins of the magnetic low feature.
The Highrock property covers an Archean basement antiform with flanking conductors, and is located only eight kilometres southeast of the Key Lake deposit situated along the northern margin of the adjacent Archean basement antiform.
2008 Work Program
Ground geophysical surveying is planned for December-January to better define the location and geometry of airborne conductors, with follow-up first-pass drilling to be carried out during the third quarter of 2008. Near-surface, basement-hosted uranium mineralization is the target on both properties.
Dr. Alan Armitage, PhD, PGeo, vice-president of exploration at Triex, is a qualified person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Triex Mineral Corp. in the Athabasca basin.
LITTLE CREE RIVER C & D BLOCK PROJECTS
Raytec has a separate joint venture with Solitaire Minerals Corp. on its remaining 10 uranium claims (totalling 18,328 hectares) which are grouped into two parcels:
- The "D" parcel is located approximately 40 km's west of the McArthur Lake Uranium Mine, and constitutes a total of 3 contiguous claims. Solitaire has the right to acquire a 100% interest in the D block of claims, subject to a 2.5% Net Smelter Royalty ("NSR") in favour of the original vendors of the property, and a 0.5% NSR in favour of Raytec.
- The "C" parcel is made up of 7 non-contiguous claims, and stretch from "C7" which lies approximately 10 km's west of the Cigar Lake Uranium Mine, to "C1", "C2" and "C3" which are located within 25 km's and as close as 8 km's from the Key Lake Uranium Mine. Solitaire has the right to earn up to a 50% interest in these claims by spending total of $1,000,000 in exploration expenditures prior to November 1, 2010. Solitaire will also retain the right to earn an additional 20% (for a cumulative 70%) interest by spending an additional $1,000,000 in exploration expenditures prior to November 1, 2012.
All of the claims are located within or proximal to the Key Lake - McArthur River and Cigar Lake geological trend. The claims are situated within the Athabasca Basin, underlain by rocks of the Wollaston Domain, which is the favourable geological setting hosting most of the major deposits in the eastern portion of the basin.
Exploration & Geology
During 2006, GeoTech carried out airborne VTEM and magnetic surveys over all of the claims. Interpretation of results shows that on the Little Cree River 'D' grid, a prominent magnetic low extends through the central and eastern part of the block with localized highs on the western and eastern sides of the survey area. A VTEM anomaly sits directly over a portion of the magnetic low where the strike changes from NNE to ESE suggesting there may be an underlying folding event in the basement. The CDS section shows that the conductive zone is very close to the unconformity surface and is seen as the best chance of representing a basement conductor.
The 'C4' grid is situated adjacent to the Wheeler 'O' zone and along strike from the 12 km long 'K' zone which hosts up to 0.11% U3O8 over 6.5 m in basement rocks within the K1a conductor. Here the 'C4' VTEM response appears to extend deeper into what is interpreted to be basement rock. This deeper target is 4.5 km south of the 'K' zone, and has never been drill tested.
The 'C5' grid is situated over 4.5 km of the 9 km long Wheeler 'WV' trend. On 'C5' the main structural feature is a thrust fault that vertically offsets the unconformity by approximately 72 m. This type of structure typically forms the locus for the circulation of hydrothermal alteration and mineralizing fluids. A series of basement step faults, which are reflected in the sandstone by a series of splay faults, have resulted in the basal sandstones being fractured into a series of rotated blocks. These all offer excellent targets for the precipitation of uranium mineralization. The VTEM results show a conductive response that appear to extend well above the indicated unconformity level but as well extends deeper into what is interpreted to be bedrock. This deeper target has never been drill tested.
2008 Work Program
A 2007/2008 program involving extensive ground geophysics was completed on the Little Cree River "D" grid and the "C4" and "C5" grids was completed by Solitaire in April 2008. The program involved the establishment of camps, grid lines, level survey and support services. Work is now being directed to identifying existing and new targets at depth.
