NOTAKWANON URANIUM PROJECT
In August 2007 Altius consummated and exploration earn-in agreement with Golden Cross Resources (GCR:ASX) whereby GCR may earn a 50 percent interest in the Notakwanon and Nuiklavik uranium projects in central Labrador. Altius retains a 2-percent gross sales royalty on uranium.
The property is underlain by Paleoproterozoic gneiss and Mesoproterozoic intrusive rocks. Uranium occurrences on the property, discovered by government geologists in 1982 range from 0.10 to 1.81% U3O8 in grab samples. The Uranium mineralization is shear zone-hosted.
Altius is the first company to conduct Uranium exploration in the region. The 2007 work program consisted of a high resolution airborne magnetics and radiometrics survey, reconnaissance geological mapping, prospecting and rock sampling.
The 2008 work program will include a detailed in-house analysis of the airborne geophysics data and a 1500m drill program is being planned to test several targets.
