Partner
NUIKLAVIK URANIUM-REE PROJECT
In early January 2010, Altius announced the sale of its Nuiklavik
rare-earth-element (REE) property in northern Labrador to Rare Element Resources
Ltd., in exchange for 200,000 common shares of the company in staged payments.
Altius will retain a 2% gross overriding royalty on the property.
Altius initiated and staked this 790 claim (197.5 km2) project in 2006 to target
volcanic-hosted uranium-type deposits. The project is located approximately 25
km from the coast and encompasses twenty-four yttrium-zirconium-niobium-REE,
fluorine, and base metal occurrences as documented in the provincial government
survey database.
The property is underlain by alkaline to peralkaline Proterozoic volcanics that
host numerous rare earth element (REE) and base-metal occurrences identified by
government geologists. The Nuiklavik Uranium Project represents a new
exploration concept in an area not previously explored for uranium.
Prospecting over the past two field seasons guided by a high resolution airborne
magnetics and radiometrics survey has resulted in the discovery of numerous
additional uranium and rare earth occurrences in felsic dykes and volcanic
rocks, including grab samples from separate occurrences with highest values of
0.067% U3O8, 2.3% ZrO2, >1.27% Y2O3, >1.15% Nb2O5, and 1.1% TREO (total rare
earth oxides).
The metallogenic signature and geological setting resembles that of the Strange
Lake REE deposit located 200 km to the northwest where an historical
non-compliant 43-101 resource of 52 million tonnes of 3.5% ZrO2, 0.66% Y2O3,
0.56% Nb2O5, and 1.3% TREO was reported by the Iron Ore Company of Canada in
1983. Altius has also discovered new occurrences of Cu, Au, Ag, Mo, and Be
throughout the property.
