Kernaghan Lake Project, Northern Saskatchewan, Canada
The Company granted an option whereby the optionee has earned 80% interest in certain mineral claims by making certain payments (received), and completing exploration work totaling $1,000,000 (deemed completed). The project area is located near the northeast rim of the Athabasca Basin approximately 42 km north of Points North Landing. The Kernaghan / Bell project currently consists of 13 mineral claims totaling 4,342 ha. The target unconformity depth ranges from 160m to 290m. Presently, 38 diamond drill holes within the property outline totaling 10,051.4m have been drilled.
The 2008 drill program was not carried out as previously outlined, as the availability of certain equipment and other conditions did not allow for commencement of the drilling operation. The 2009 work program, with an approved budget of $800,000, is designed to complete ground definition of the conductor system. Completed drilling to date for the 2009 program consists of 8 drill holes totaling 2,683.4m. Geochemical analysis results for the core samples are pending.
