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| Location: |
Nunavut, Canada |
| Mineral: |
Uranium (U) |
| Property Size: |
350+ square kilometres |
| Stage of Development: |
Exploration |
| Current Work Program: |
Geophysical Work, Prospecting and Sampling, Defining Drill Target |
| Potential: |
World Class Uranium Deposit |
| Ownership: |
100%; also 50% on JV Properties with UNOR |
Property Description
The Bear Valley Uranium (BVU) Project covers some 350 square km. area along the eastern edge of the Hornby Bay Basin in Nunavut, Canada. The Hornby Bay Basin represents an under-explored sandstone basin with significant uranium potential that shares many geological characteristics with the Athabasca and Thelon Basins. Numerous high-grade unconformity style uranium deposits have been identified within the Athabasca Basin, and mining of these deposits currently generates approximately one third of the world's uranium production.
Property History
The Hornby Bay Basin was a focus of uranium exploration during the 1960s to the early 1980s. Triex/Pitchstone's Mountain Lake uranium deposit that occurs within the Dismal Lakes Group sediments was discovered during that period. With the rise in uranium prices, there is a renewed interest in the uranium exploration activity in the Hornby Bay Basin.
Property Geology
The uranium deposit model types thought to occur within the Company's claims include polymetallic (uranium, copper, nickel, and cobalt) veins in Paleoproterozoic basement rocks, basal unconformity deposits within the Hornby Bay Basin and remobilized uranium mineralization in the overlying Hornby Bay and Dismal Lakes group sediments. The BVU Project consists of two main target areas: Tabb Lake, located at the south end of the property, and the newly discovered Alpha Horizon located northwest of All Night Lake.
All Night Lake Area
Through a geophysical survey in 2005, Adriana delineated a 16 by 6 km stratabound conductive horizon (named as Alpha Horizon) in the sedimentary rocks of the Dismal Lakes Group in the All Night Lake area. Prospecting in 2006 resulted in the discovery of radiometric anomalies in the All Night Lake area. These anomalies are in trachyte sills within the Dismal Lakes Group sediments and represent a uranium depletion zone; whereas, the shales in this horizon indicate the potential presence of a redox interface. The alpha Horizon is located down dip of the All Night Lake anomalies.
Pointer Lake Area
The radiometric anomalies in the Pointer Lake area are mostly in Archean basement granite. There are greenish grey to grey shales in the overlying Dismal Lakes Group sediments. Chemical assays of the samples from this area indicate uranium depletion in the basement and uranium concentration in the sediments.
Tabb Lake Area
As part of the information exchange with UNOR, the Company received analytical results highlighting anomalous uranium values for the Tabb Lake area. Ten samples were collected along a 280 meter mineralized trend during UNOR's 2005 reconnaissance program in the Tabb Lake area and range from 0.067% U3O8 to 4.803% U3O8. Two samples collected during the Company's 2006 field program returned anomalous uranium mineralization. The Tabb Lake area contains a structurally bounded, down dropped block of Hornby Bay sandstones within metamorphic Paleoproterozoic basement rocks. The exposed sandstone package occurring within the north-south trending graben structure is highly altered and bleached. The Tabb Lake Graben structure is approximately 2.5 km long by 1.0 km wide. It is located approximately 2-3 km west of McGregor Lake and immediately North of Iceburg Creek. North of the Tabb Lake showings, a previous operator reported a drill intersection within the UNAD JV claims along the structural corridor that hosts the Tabb Lake uranium mineralization. Drill hole 83-5 (drilled in 1983 and reported in 1984 NWT assessment report 81730) intersected 14.3 meters of 0.005% to 0.020% U3O8 from 9.4 meters to 23.7 meters in brecciated and altered Hornby Bay sandstones. The Company is encouraged by these historical results that indicate uranium mineralization along this 15 km long north-south trending structural corridor. Further work in these areas will include detailed geochemical and geophysical surveys, structural mapping, and prospecting of boulder trains in preparation for drill testing.
Recent Work Completed
During the summer of 2006, Adriana Resources completed a reconnaissance program of uranium prospecting, sampling, geological mapping, and geophysical surveying covering an area of approximately 1,000 square kilometers in the eastern part of the Hornby Bay Basin. This program included work on the Company's wholly owned adjacent MIE Ni-Cu-PGE Project and the UNAD JV properties. The Company also carried out a VTEM geophysical survey in 2005.
Current Work Program
As a result of 2005-06 exploration programs, the Company considers the following three areas promising for further exploration: All Night Lake Area; Pointer Lake Area and Tabb Lake Area.
UNAD
In August, 2006, Adriana announced the formation of the UNAD Uranium Joint Venture with UNOR Inc - TSXV: UNI ("UNOR"). This 50/50 joint venture consists of 29 claims that cover approximately 58,320 acres (23,605 hectares). In August, 2006, Adriana announced the formation of the UNAD Uranium Joint Venture with UNOR Inc. This 50/50 joint venture consists of 29 new claims which cover approximately 58,320 acres (23,605 hectares). The properties are located on the Eastern edge of the Hornby Bay Basin, Nunavut , adjoining Adriana's Bear Valley and MIE projects, and Unor's Coppermine River Property. Five of the claims are located in the Kendall River area of the Hornby Bay Basin . These claims include several historic uranium occurrences cited in assessment reports and theses including: Munch Lake, Bear Valley, and Tabb.
Adriana's joint venture with Unor Inc. has improved the effectiveness of both companies by sharing knowledge and resources. Cameco, a world leader in uranium exploration, has also recently entered the Hornby Bay Basin: through a 19.5% investment in UNOR Inc.; and a large-scale staking program, which was then immediately followed by an airborne geophysical survey.
The company intends to direct approximately $350,000 of the Spring/ Summer 2007 uranium exploration budget towards its obligation under the UNAD Joint Venture with Unor Inc. - (TSX-V:UNI)
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