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Close Lake Property

One of two of the Compay's properties that have down hole uranium.

The Close Lake Project, which is comprised of a singe mineral disposition covering an area of ~596 hectares, is ~10.6km northwest of the Cigar Lake mine. The Tucker NE conductivity trend, which lies immediately north of the CL Property, was delineated by a 1991 Comega (now Areva) ground EM survey and a 2004 MEGATEM Airborne EM & Magnetic Survey. The anomaly was interpreted as a series of 3 or more northeast parallel basement conductive anomalies, the most southerly of which (C-12A) lies ~170m from the northernmost boundary of Unity’s CL property.

In 1992, Comega, under the direction of F. Hopfengartner and R.Koch P.Geo., explored the graphite-rich and sulphide-rich metapelites conductive anomalies with an 8 NQ hole diamond drill program to test for mineralization to the limit of the basement.

Hole number CLC12-069 was drilled on the C12-A conductor and intersected the basement at a depth of 615m. A region of strong fracturing and clay alteration was encountered 15m above uncomformity. The basement consisted of semipelite—metapelite interlayed with light grey dense calcsilicate gness. Graphite concentration was 2-5% and no significant gamma readings were present.

Hole number CLC12-073, drilled southeast of the conductor and ~80m inside Unity’s CL Property’s boundary, was a follow-up to hole CLC12-69 to test the limit of alteration. The basement was intersected at 604m and geology was almost identical to that of CLC12-069 except for the presence of fresh garnets and a chlorite peak—a region of strong fracturing and strong clay alteration—15m above and below the basement. Of further interest, a down-hole gamma peak of 1299cps was encountered at the end of the hole, at the uncomformity and ~55m into the basement. Uranium analysis of a 20cm split sample at 622m gave a high value of 1069ppm (greater than 0.1%) U over 0.20m.

 

The increase in gamma response moving away from the conductor is viewed as significant as several significant uranium discoveries in the Athabasca Basin (including the Cameco’s Millennium Deposit, Dennison’s Wheeler River Project and Fission’s Waterbury Lake discovery) have been made “off-conductor,” i.e. 100-300m away from the pelitic conductive zones. In addition, several discoveries, most notably, Hathor’s Roughrider zone, were found to exist within the basement, beyond the drilling depths of historical exploration. The Company is reviewing historic data on the project and will develop an exploration strategy in the near term.

* Dr. Peter Born P.Geo., the Company’s Qualified Person and Director, has reviewed the drill logs—but not the original assays or core—for the aforementioned drill holes.  Geological and exploration information contained in this summary is derived from sources believed to be credible.

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