Project Overview | Photo Gallery
The Rea uranium project is located in northeastern Alberta on the western edge of the Athabasca Basin. The project covers 446,330 acres of highly prospective ground and surrounds AREVA's Maybelle River uranium deposit. The Athabasca Basin is host to some of the worlds largest and richest uranium mines and currently contributes about 32% of the world's uranium supply; past production and resources total almost 1.5 billion pounds of U3O8.
The company completed an airborne magnetic and electromagnetic survey over the entire property in late 2005. Follow-up ground induced polarization (IP) surveys over high priority geophysical targets (12) were completed in 2006. The IP surveys identified a number of anomalies that may be caused by alteration associated with uranium mineralization. In March and April of 2007, the company drilled (1,903 metres in 8 holes) six of these relatively shallow high priority targets. Three of these holes intersected significant alteration and anomalous concentrations of uranium in sedimentary rocks immediately above the unconformity with the underlying basement pegmatite.
In 2008, the company completed a ground geophysical program (electromagnetic) on some of the high priority targets identified in the previous exploration programs. The program mapped a number of conductors more precisely, which may represent the intersection of basement fault structures and the unconformity with the overlying sedimentary rocks. This is the location that hosts uranium mineralization in many of the Athabasca Basin deposits.
Brazilian Gold optioned the property to Uramin Inc. in 2006, which was subsequently purchase by AREVA in 2007. AREVA holds a 25% interest in the project and is required to make expenditures of C$2.84M before December 31, 2011 to increase their interest to 50%. In 2010, AREVA will complete compilation and follow-up surveys to the airborne gravity survey to identify targets for diamond drilling in 2011.
