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In August 2007 Altius consummated and exploration earn-in agreement with Golden Cross Resources (GCR:ASX) whereby GCR may earn a 50 percent interest in the Notakwanon uranium project in central Labrador. Altius retains a 2-percent gross sales royalty on uranium.
Golden Cross has reported that it is in the planning stages for a drilling
program next season in 2010 at the Notakwanon uranium project in northern
Labrador. Results to date on the project include the discovery of 14 new uranium
prospects including three prospects where assays of greater than 1% U3O8 have
been identified. Grab samples from one of the new high-grade prospects yielded a
highest assay of 3.49% U3O8 and a channel sample returned 0.48% U3O8 over 2.5
metres.
The property is underlain by Paleoproterozoic gneiss and Mesoproterozoic
intrusive rocks and the new prospects appear to be shear zone-hosted while
resembling basement-hosted uranium mineralization as in the Athabasca Basin in
Saskatchewan, Canada.
