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Western Prospector's mine-finding management team is focused on the Saddle Hills Uranium Project. Located in north-eastern Mongolia, in a region of established infrastructure, the 1,900 square kilometre Saddle Hills Uranium Project is unique in that one of its uranium deposits, the Gurvanbulag, was previously readied for production. The 2006 exploration program, budgeted at $15 million, is being directed toward the expansion of known open-ended uranium deposits and the drilling of targets which hold potential for additional uranium deposit discovery. The primary goal of this year's program is to complete a pre-feasibility study of the Gurvanbulag deposit.
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Located in eastern Mongolia, in a region of established infrastructure, the Saddle Hills Uranium Project is comprised of 12 contiguous exploration licenses covering an approximate area of 1,900 square kilometres (190,000 hectares).
There are two equally important aspects of the Saddle Hills Uranium Project: the inclusion of the Gurvanbulag Uranium deposits which were partially developed by the Russians during the 1980s, and the presence of numerous uranium exploration targets identified by prior geophysical surveys and exploratory drilling within a 75 by 15 kilometre Mesozoic volcano-sedimentary basin.
Geology
Uranium mineralization occurs predominantly as stratabound lenses, broadly following stratigraphy in the lower part of a Mesozoic stratigraphic sequence of sediments grading up into volcanic rocks in a basinal sequence forming the Saddle Hills Basin. Multiple horizons of anomalous uranium mineralization have been discovered, some of which are described by earlier workers as occurring within flat lying to gently dipping structures, coincidentally paralleling the bedding. In addition, uranium mineralization occurs as structurally controlled, steeply dipping to vertical zones which may connect with the stratabound zones.
Historic Work
Within the Saddle Hills Basin, uranium mineralization was explored during the period 1975 through 1989 by extensive Russian surface and underground exploration that led to the discovery of a number of uranium deposits, now within the Western Prospector licenses and called Gurvanbulag, Mardaigol, Khavar, Dornod Blocks and Ulaan. The principal Dornod deposit is partially located on licenses held by a third party.
The Gurvanbulag deposits were the subject of extensive underground development, including three shafts. The main concrete-lined four-compartment shaft is 525 metres deep. At the 200-metre level, one of 8 levels, there is an estimated 10,000 metres of underground lateral development and stoping in preparation for mining.
Mineralization
The uranium mineralization at Gurvanbulag comprises fracture coating yellow uranophane and fracture, vein and disseminated black pitchblende or coffinite. The predominant host rocks are felsic volcanics, tuffs or volcanic sediments with lesser mineralization in coarse agglomerates or intermediate to mafic volcanics. Coarse grains of pitchblende or coffinite occurring in veins, planar sheets and fractures are more common than disseminated grains.
The difference in mineralogy and host lithology of the uranium mineralization from northeast to southwest in the Saddle Hills basin is noteworthy. It is reflected in the observations by the Russians that the metallurgy of the Gurvanbulag deposits in the southwestern part of the Saddle Hills basin, with metallurgical recoveries better than 90%, is superior to other deposits elsewhere in the basin.
Historic Resources
Within licenses held by Western Prospector, historic resources calculated by the Russians for five deposit areas during the period from 1982 through 1989 aggregate 4.27 million tonnes grading 0.208% U (0.245% U3O8) for a contained 23.0 million pounds U3O8, in their C1 category of resource. In their C2 category of resource an aggregate of 10.8 million tonnes grading 0.12% U (0.14% U3O8) for a contained 32.9 million pounds U3O8 was reported. Where C2 category resources were further sampled with underground ring drilling and bulk sampling, there was an increase in uranium grade along with a reduction in tonnes. In addition, it was demonstrated that P1 category historic resources were upgraded to C2 category resources in consecutive years of major surface drilling programs through increased density of definition drilling.
The following summarizes the source areas of the C1 and C2 category historic resources defined by the Russians.
* 8,860 Tonnes of Uranium is equivalent to 23.0 million pounds U3O8
** 12,646 Tonnes of Uranium is equivalent to 32.9 million pounds U3O8
It is important to note that Dr. Harper considers the Russian defined C1 Resources to be categorized as Inferred Resources as that term is defined in NI 43-101. Dr. Harper has noted that there are no Indicated or Measured Resources or Mineral Reserves yet to be defined in accordance with NI 43-101. He also advises that the historic C2 Russian resources are not compatible with resources defined in NI 43-101 and therefore shall not be relied upon without further verification through drilling.
While detailed Russian drill logs and sampling results were not found, very comprehensive technical reports of work summarize all the results with sections, tables of core recovery, and comparisons of radiometric hole scanning with core assaying (>0.95 correlation). Therefore it was not possible to check assay the Russians sampling for direct validation of the basis for their resource calculations. Other methods of validation of the Russian work were achieved through examination of production records from the Dornod open pit that were comparable with previously calculated resources. In addition, sampling of drill core by Roscoe Postle and Associates (2005) confirmed expected uranium values.
One area of shallow resources representing about 10% of the C1 categorized resources in the Gurvanbulag central deposits was re-interpreted and re-calculated in a manner consistent with resources as defined by the Canadian Institute of Mining and in accordance with NI 43-101. This verified both the tonnage and grade of this area as reported by the Russians for C1 categorized resources and indicated that the Russian work could be considered conservative.
Exploration
In the vicinity of the known uranium deposits, a program of exploration has been recommended by Dr. Harper which will enhance the confidence in the knowledge of the Inferred Resources to allow them to be reviewed for definition as either Indicated or Measured Resources in accordance with NI 43-101. The program is also intended to enhance confidence in much or all of the existing approximate 10.6 million tonnes of C2 category of Russian historic resources to assess its compatibility with Inferred or higher categorization of resources. Confirmation of the latter will also test whether experience is similar to that of the Russians with significant enhancement of the grade of the blocks (+4% to 55%) even though the geologic continuity definition results in fewer tonnes. Western Prospector is proceeding with a program of digitization of Russian exploration data which will facilitate computer-generated modeling of mineralized blocks as well as definition of exploration drilling targets.
Overall, potential for discovery of additional uranium resources in the Saddle Hills district within the boundaries of Western Prospector's licenses is considered high. Dr. Harper has identified 15 uranium exploration targets, defined by airborne radiometric anomalies and in some cases Russian drill results reporting anomalous uranium values that warrant ground radiometric surveying prior to drill testing.
Maps and Photos
The Hulgar Property, covering widespread porphyry-style molybdenum-copper mineralization, occurs in the eastern portion of the southern Mongolia porphyry belt that hosts the large Oyu Tolgoi deposit being explored by Ivanhoe Mines. The Hulgar Property, comprised of three contiguous licences totaling 37,500 hectares (375 square kilometres), is well-located, with a state road and a power line crossing the property.
At Hulgar, prior workers completed over 50 holes and a short decline that tested a quartz stockwork central core measuring approximately 0.5 by 1.0 kilometres with molybdenum-copper mineralization. Reported drill hole grades vary to 0.30% Mo and 0.05% Cu over 20.3 metres. A re-interpretation of the technical data suggests exploration was largely focused on the upper leached cap of a porphyry mineralizing system within a large zoned intrusion. The stockwork area occurs within the central portion of a linear potassium feldspar altered zone measuring over 6 kilometres in length that has seen little prior drill testing. Prior soil sampling survey results defined molybdenum and copper anomalies coincident with the 6 kilometre long target zone.
Wayne Roberts, P.Geo, Vice-President Exploration of Western Prospector, a Qualified Person, has reviewed the technical information presented in this news release.
Subject to TSX Venture Exchange approval, a 100% interest in the Hulgar Property has been purchased from Brant Enterprises Inc. ("Brant") for a total consideration of US$5,000 and the issuance of 200,000 shares in the capital of Western Prospector to Brant.
Maps and Photos
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Western Prospector, along with advancing its Saddle Hills Uranium Project, has recently acquired exploration licenses within two coal districts in central and north eastern Mongolia, where exploration is now underway and drilling is planned.
Baganuur Coal Project
Located in central Mongolia, the Baganuur is approximately 5,000-hectares in size and covers exploration potential for coal seams within the Baganuur Basin. The Baganuur Basin hosts the largest operating open-pit coal mine in central Mongolia which produces and ships over 5.0 million tonnes annually. It also supplies fuel for the coal-fired electrical generator plants in Mongolia's capital city of Ulaanbaatar. The Western Prospector license is located 4 kilometres from the operating mine. The Baganuur Basin is accessed by both a highway and a spur railway off the China-Mongolia-Russia main rail line -- a busy route for movement of commerce between Russian and China.
Preliminary exploration on ground already acquired includes a regional resistivity survey. Interpretation of this geophysical survey has defined an anomaly covering approximately 15 square kilometres that may represent a prospective coal horizon where drill testing is planned prior to year-end.
Choibalsan Coal Project
Located in north-eastern Mongolia, the Choibalsan is approximately 7,000-hectares in size and covers exploration potential for coal seams within the Choibalsan coal basin. One operating open-pit coal mine in the basin provides fuel for a nearby electrical generating plant that distributes electrical power to the eastern Mongolia power grid.
Western Prospector plans completion of several stratigraphic test drill holes prior to year-end. Successful definition of coal deposits within the Choibalsan basin could establish a potential coal supply for "on-site" energy requirements at the Saddle Hills Uranium Project, located 120 kilometres by road north of Choibalsan.
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- FARMED-OUT TO BOULDER MINING (BDR: TSX-V)
- Gold
Subject to the approval by the Boards of Directors of Boulder Mining Corporation and Western Prospector Group Ltd., Western Prospector, Boulder Mining and the vendors of the Indian River Gold Property have reached agreement with respect to the amendment of underlying agreements between the parties. Located in the Yukon, the Indian River Property, with a historic record of alluvial gold production, holds potential for alluvial mining development as well as exploration for hardrock - hosted gold deposits.
In accordance with an agreement between Western Prospector and the vendors of the Indian River Property, Western Prospector had the right and option to earn a 100% interest in the property, subject to a 2% NSR, by making remaining payments of $200,000 and 600,000 Units on or before December 31, 2007, with each Unit being comprised of one common share of Western Prospector and one-half share purchase warrant. With respect to an agreement between Western Prospector and Boulder Mining, Boulder Mining had the right and option to earn a 70% joint venture interest in the Indian River Property on or before December 31, 2007 by making expenditures of $5.0 million (of which approximately $1.5 million has been spent to date) and making remaining payments to Western Prospector in the amount of $225,000 and 700,000 Units, with each Unit being comprised of one common share of Boulder Mining and one-half share purchase warrant.
By way of an amending agreement dated April 19, 2005 between Western Prospector and the property vendors, Western Prospector will immediately purchase a 100% interest in the property, subject to a 2% NSR, by paying, without further consideration, $100,000 and 300,000 Units to the vendors. By way of an amending agreement dated May 2, 2005 between Western Prospector and Boulder Mining, Boulder Mining will purchase a 100% interest in the property in consideration for an immediate payment to Western Prospector of 700,000 Units and $100,000 plus an additional $125,000 by December 31, 2005. Western Prospector will receive a 2% NSR escalating to a 3% NSR after June 1, 2007 and receive a 2% escalating to 3% royalty from portions of the Indian River Property currently being mined by lease operations. Boulder Mining must also complete cumulative property expenditures of $5.0 million by December 31, 2007 and satisfy the underlying vendors' 2% NSR. All NSR royalties are reduced by 50% for production derived from "hardrock" sources.
Western Prospector's management believes that it is in the best interests of all parties to reach the agreements as outlined above. The opportunity for Western Prospector to minimize shareholder equity dilution and convert a 30% minority joint venture participating interest to an immediate 2% royalty increasing to 3% royalty interest is in keeping with Western Prospector's mandate, and allows Western Prospector to focus on bringing its advanced-stage Saddle Hills Uranium Project in Mongolia to a production decision.
PROPERTY DESCRIPTION:
The Indian River Property consists of 778 placer claims covering a 21 kilometre-long by an average 1.7 kilometre-wide area comprising 3600 ha. Road access is from Dawson City, Yukon approximately 35 kilometres to the north. A full-facility camp is on site.
CURRENT PRODUCTION:
Prior production from the Indian River during the period 1978 to 2002 totals approximately 225,000 ounces gold (15 million tonnes processed at an average recovered grade of 0.5 g/t gold). All prior production was obtained from the Indian River valley bottom utilizing small-scale basic cat/sluice box recovery methods.
PRIORITY EXPLORATION TARGET:
The Ruby or Downstream Bench, the largest of the two white channel valley benches, holds potential for a significant resource for gold, tin, titanium and scandium metals. The ruby bench is Y-shaped and is exposed over a length of 15 kilometres with an average width of 1.0 kilometre.
GOVERNMENT SUPPORT:
The Yukon Government, recognizing the significance of the Indian River Benches, recently conducted a sampling program and processing study. Results of the program, from an independent sampling program conducted by W.P. LeBarge, M.Sc. of the Yukon Geological Survey, have been published. The Yukon government states, "The Indian River alluvial terraces represent a previously unrecognized, undervalued resource, with significant economic values of gold......." A total of 30 samples were collected in several locations and in different stratigraphic sections along the two major high level gravel benches on the Indian River property.
Maps and Photos
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- Farmed out to Platinum Group Metals (PTM: TSX-V)
- Drill ready Copper, Nikel, Platinum Group Metals
- Also Kimberlite with diamond indicators
TERMS OF FARM-OUT AGREEMENT
Under the Option Agreement, PTM can earn up to a 51% interest in the Lakemount Property by completing $2,500,000 in exploration and development expenditures, as well as making staged cash payments totalling $150,000 and issuing a total of 150,000 common shares of PTM in stages to Western before December 31, 2008.
Upon completion of the payments and property expenditures, PTM and Western will enter into a Joint Venture to further develop and explore the property. An Underlying Agreement to the Western agreement provides PTM and Western with the option to acquire up to an additional 11% and 9% respectively in the Property by making a cash payment to the underlying property owner of $300,000 per percentage point. The patented lease is subject to a 1.5% Net Sales Returns Royalty for precious stones and a 1.5% Net Smelter Returns Royalty for metals payable to the original lease holder. This Royalty may be purchased for $2,000,000.
LOCATION AND DESCRIPTION
The Lakemount Property, consisting of N470 Lease, the Wagner License and staked claims, totaling 3625 hectares, covers several precious and base metals occurrences as well as kimberlite. The Lakemount Property is located approximately ten kilometres east of the town of Wawa and approximately four kilometres southwest of Hawk Junction in northwestern Ontario. Highway 101 is a paved, all-season road allowing entry to a network of logging roads that provides easy access to the known mineral occurrences.
EXPLORATION TARGETS
Sunrise Lake (copper-nickel-platinum-palladium)
Mineralization was originally discovered on the Property of 1928 when prospectors uncovered gold veins that reportedly yielded samples grading 3 to 10 grams/tonne g/t) gold. In 1942, copper-nickel mineralization was discovered and by 1957 approximately 23,000 metres of diamond drilling in 146 holes partially defined the open-ended copper-nickel Lakemount deposit.
Although associated platinum group metals were recognized as being associated with copper-nickel, they were not routinely analyzed. Since 1967, little work was undertaken on the Lakemount deposit as attention was focused on drilling elsewhere on the property for gold and zinc.
Prior drilling of 146 holes defined the open-ended Lakemount copper-nickel deposit along a length of approximately 800 metres and depth of 243 metres. The ultimate dimensions of the Lakemount deposit remain to be defined by further drilling. With the exception of several drill holes, associated platinum, palladium and gold was not assayed. The highlight is hole 11 that assayed 1.1% copper, 0.50% nickel, 4.2 g/t palladium, and 1.5 g/t platinum (5.7 g/t PGM) over 17.4 metres. Gross metal value for which at today's metal prices would be approximately US$110 per tonne. The Sunrise ultramafic intrusive, measuring approximately 2000 by 600 metres, also hosts additional PGE prospects that have not seen prior exploration.
PLATINUM GROUP METALS EXPLORATION UPDATE
Platinum Group Metals Ltd. President R. Michael Jones said "We are very pleased to see the Lakemount project advance quickly during a time when copper, nickel and platinum prices are doing so well. As we move into resource estimation we will be looking closely at potential engineering approaches to the project that short cut the typical mining project timelines with the idea of taking advantage of strong markets. Lakemount is only about 350 kilometres on pavement from Sudbury, so there are several ways to execute this project. We continue to follow our dual approach of Canadian and South African projects focussed on platinum and palladium with associated nickel and copper".
PTM has drilled 4,700 metres in 23 holes along the 800-metre long zone of sulphides that is open to depth.
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Historical drilling of 146 holes up until 1957 provided a broad outline of the mineralization at Lakemount, however the details of the grade/thickness profiles were not available and PGEs were not systematically assayed for and as a result a PGE credit could not be evaluated until the recent PTM drilling was conducted. PTM's drilling has successfully traced some of the better grade PGE zones and added significantly to the project's potential contained metals value.
The next phase of work at Lakemount will be to update the 3-dimensional geological and grade models with all available data and then complete a preliminary resource assessment. Roscoe Postle Associates Inc. of Toronto has been retained to complete a resource estimate.
DIAMONDS
As well as precious and base metals potential there is also a possibility of making a diamond discovery of Lakemount. This added "blue sky" recently emerged when it was found that the western portion of the Property covers the southern extension of a geologic belt hosting the Wawa Corridor diamond discoveries. These discoveries, located north of the Lakemount Property, are seeing active exploration by the Band-ore/Kennecott joint venture and Pele Mountain. Preliminary exploration at Lakemount has identified a kimberlite dyke.
GOLD
Historic prospecting, surface stripping and sampling programs have outlined gold-bearing zones. The No. 1 and No. 2 veins have been exposed over a length of 400 metres from which grab samples average a reported 6.9 g/t gold, 4.9% copper and 6.7% zinc. The 'D' zone, contains chip samples assaying 12.0 g/t gold over 3.1 metres. Drilling is warranted to determine the grade and extent of gold mineralization.
MAPS AND PHOTOS
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