More good newsMr. Jeremy Caddy reports
ALDERSHOT'S OPTIONS HIGH GRADE URANIUM PROPERTIES IN QUEBEC
Aldershot Resources Ltd. has entered into option agreements pursuant to the terms of which it has been granted the right to acquire 100-per-cent interests in two groups of mineral claims in the province of Quebec, located approximately 70 kilometres northwest of Ottawa. The first group, known as the Pool group (42 claims), is located in Huddersfield and Clapham townships. The second group, known as the Halliwell group (17 claims), is located in Huddersfield, Clapham and Pontefract townships.
The Pool group adjoins the Halliwell group and the company is incorporating both groups of claims into a large uranium camp. It is also staking additional claims in the area. Aldershot's right to the Pool and Halliwell groups represents a unique opportunity for the company to revisit a known uranium district which was last explored as much as 50 years ago and overlooked in the current uranium rush.
The company may earn its 100-per-cent interest in the two groups of claims as follows: As to the Pool group, for the purchase price of $140,000, the issuance of 750,000 shares and exploration expenditures of $500,000 all over a five-year period. The company is obligated to pay the vendor $15,000 upon receiving regulatory approval and to carry out exploration expenditures of $50,000 during the initial year; as to the Halliwell group, for the purchase price of $100,000, the issuance of 500,000 shares and exploration expenditures of $400,000 over a five-year period. The company is obligated to pay the vendor $10,000 upon receiving regulatory approval and to carry out exploration expenditures of $40,000 during the initial year.
The company's consulting geologist, Dr. Peter LeCouteur, PEng, a qualified person, writes: "The 10-claim groups that make up the Aldershot options are located in southwestern Quebec and are underlain by rocks of the Grenville province. These include granitic gneiss, paragneiss, migmatite, amphibolite, quartzite, arkose, marble and calc-silicate zones in marble. Later pegmatites and granites are common and form dikes and small bodies.
"Uranium was discovered in this general area in 1953 and exploration in the following few years located many more radioactive occurrences. Radioactive zones were found in a variety of rock types, including seams in gneiss, disseminations in granite and pegmatite, and in marble and calc-silicates. The more important occurrences in the area are associated with apatite, fluorite and pink calcite zones in marble. In some cases, the U-Th mineralization is also associated with significant sulphide content, including molybdenite, chalcopyrite and sphalerite. The main primary U-Th minerals identified are uranothorianite and uranothorite, and there is some secondary uranium (uranophane and gummite). Thorium predominates over uranium, with the Th/U ratio varying from about 2:1 to 30:1.
"Previous work carried out on the Aldershot option claims has been quite extensive, and includes air and ground scintillometer surveys, stripping of overburden and washing of bedrock, test pitting and trenching, and diamond drilling. A summary of work done on some of the Aldershot option follows:
The Pool group of claims
"In the years 1955-1957, Pool Mining Corp. located about 50 radioactive zones on 12 claims, only 10 of which were explored in any detail. Twelve analyses from three of these showings gave U3O8 values in the range 0.01 per cent to 0.78 per cent U3O, and 0.02 to 28 per cent ThO2." For details, kindly refer to the following table.
Showing Chemical ThO2
U3O8 analysis indicated
% %
5 0.45 15
5 0.42 8.5
5 0.50 4
6 0.49 15
6 0.63 20
6 0.78 14
6 0.65 16
6 0.46 17
7 0.69 28
7 0.62 15
7 0.41 13
7 0.01 0.4
"Prospecting by Lake Otter Mines Ltd. in 1954 located two main showings, one of which yielded a grab sample of 2.68 per cent U3O8 and 16.4 per cent ThO2. In 1955, Panorama Mines Ltd. carried out 32.9 miles of ground scintillometer surveying and found eight radioactive zones. Work on a property of William Leys Mining Corp. Ltd. in 1955 located several extensive radioactive zones and a grab sample from one trench in granitic rocks with sulphides gave 1.97 per cent U3O8."
The Halliwell group of claims
"Work in 1954 on ground owned by Consolidated Halliwell Mines included a scintillometer survey, stripping of 15,560 cubic feet of overburden, 16 trenches excavated 421 cubic feet in bedrock and diamond drill holes totalling 1,825.5 feet were drilled. Assays of between 0.1 and 0.5 per cent U3O8 were obtained in red and grey granite and biotite gneiss. In 1976 and 1977, Augmitto Exploration Ltd. prospected, made scintillometer surveys and followed up with bulldozer stripping and trenching. In 1978, Carling Copper Mines Ltd. drilled eight diamond drill holes (total 1,498 feet) and obtained intersections as high as 3.76 pounds per ton U3O8 over 1.8 feet, mainly in quartzite and arkose. Copconda Mines Ltd. carried out drilling in 1978-1980, drilled 17 diamond drill holes totalling 4,305.3 feet, analyzed 65 intervals from one to 10 feet and obtained results between 0.04 and 1.74 pounds per ton U3O8. These intervals were mainly in quartzite, arkose, pink and grey gneiss, hornblende gneiss, and pink granite.
"Claims in the general area that are not part of the Aldershot option claims, also received considerable work beginning in the 1950s and five significant U zones were located on these nearby blocks. Little work appears to have been done since about 1980. The target of principal interest is zones of uranothorianite that occur in marble and pyroxenite, perhaps related to pegmatite intrusions."
Further to the company's news issued in Stockwatch dated May 12, 2005, the private placement disclosed therein has netted Aldershot $1.26-million and management plans to commence work on the Pool and Halliwell groups in June, 2005, with an initial airborne scintillometer survey over its large holdings to be followed up by a ground survey to open up old workings and sample radiometric highs.