South Fork
Titan can earn up to a 32.5% interest in the South Fork project, located to the east of the Cypress Hills in southwestern Saskatchewan. The property vendor is JNR Resources. The property consists of 48 claims for an area of 44,352 ha.
The terms of the original option agreement called for Titan to reimburse JNR for prior expenditures, not to exceed $100,000, and to carry out $1,500,000 of exploration by January 25, 2009. This would earn Titan a 50% interest. Titan could then increase its interest to 65% by spending an additional $1,000,000 on exploration activities by January 25, 2011. Subsequently Mega Uranium signed an agreement to earn 50% of Titan’s interest. Titan is the project operator. The initial interest has been earned, so Titan now has a fully vested 25% interest in the property.
The project consists of just over 50,000 hectares with excellent potential to host roll-front uranium deposits, in a geological environment very similar to the prolific Powder River Basin in Wyoming. In Wyoming, such deposits are commonly amenable to in situ leach recovery. The property is underlain by sandstones and shales of the Frenchman and Ravenscrag Formations.
The area was explored in the late 1970’s and early 1980’s by Saskatchewan Mining Development Corporation (SMDC), a predecessor company of Cameco Corporation. SMDC carried out regional geochemical and geophysical surveys, followed by reconnaissance drilling programs. These field activities resulted in the identification of several extensive regional redox systems that were never adequately followed up. SMDC dropped the project after the 1982 field season due to depressed uranium prices. Reconnaissance-scale drilling by SMDC intersected anomalous uranium concentrations over widespread areas.
A 45-hole drilling program was been completed on the project in in the early summer of 2008. Two drill rigs were contracted from Layne Christensen Drilling, of Aurora, CO, to complete this major drill program. The program consisted of 5,402 meters of drilling.
The drilling program focused on the largest paleochannel in the Frenchman and Ravenscrag Formations, as interpreted from a Fugro Tempest airborne EM survey. These formations are believed to have the potential to host roll-front style uranium mineralization, similar to that found in the prolific Powder River Basin of Wyoming.
Four of the drill holes intersected uranium mineralization in sandstones of the Ravenscrag formation. The best intersection was obtained in SF-1042, which intersected 1.4 m with an average grade of 0.028% eU3O8, at a depth of 66.8m. This zone included 0.7m @ 0.038% eU3O8. Additional mineralized intersections ranged from 1.4 m @ 0.014% to 0.8m @ 0.024% eU3O8 (see Table 1 below).
Of the remaining 41 drill holes, nine intersected anomalous radioactivity (better than 2 time background), 14 are considered to be weakly anomalous (2 times background) and the remaining 18 were barren.
All holes were drilled at -90º dip. Lengths presented in Table 1 represent down hole measurements and are estimated to approximate true width. Grades are reported as equivalent uranium (eU3O8) as determined by downhole radiometric logging equipment. Contract logging services were provided by Century Wireline Services of Penhold, AB.
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