Projects

Project Overview

Uracan's 100%-owned Pipewrench Lake Property is located in the Wollaston Domain in Saskatchewan, approximately 120 km south of the Athabasca Basin, one of the most prolific uranium producing areas of the world. Pipewrench Lake is only 130 km NW of the town of La Ronge, Saskatchewan, a major mining supply centre.

The Wollaston Domain is a long north-south trending geologic belt that is the basement rock to many of the major mines in the eastern Athabasca Basin. While the Wollaston Domain is deeply buried in the Athabasca, it is at or near surface at Uracan's Pipewrench Lake. Uracan's claim block is 10,000 hectares, or approximately 100 square km. In 2006, the Company staked two claim blocks in the Pipewrench Lake and Narrows Lake areas in Saskatchewan.

In September 2006, Uracan staked two mineral claims totalling approximately 2,056 hectares in the Pipewrench Lake and Narrows Lake area approximately 130 kilometers northwest of La Ronge, Saskatchewan. Subsequently, Uracan staked additional ground surrounding the existing claims, increasing the total area staked to 100 km2 (collectively, the "Saskatchewan Property") and forming one contiguous group of claims. Uracan Resources holds a 100% interest in the Saskatchewan Property.

Pipewrench Lake had several phases of exploration in the late 1960's and 1970's, including ground and airborne geophysics, prospecting, surface sampling, trenching, mapping and diamond drilling. It has not seen any exploration activity since the late 1970's.

Exploration & Development

2008 Drilling Work Program

• Total of 2,596 meters of diamond drilling in 16 holes were completed prior to spring break up

• Three zones were drill-tested:
  • Pipewrench North Zone
  • Narrows Lake Zone
  • Portage Zone

Pre-2008 Work Program

• Consisted of mapping, trenching, sampling and ground scintillometer surveys on several historic showings throughout the property

• Designed to investigate the potential of the property and validate historic mineralized occurrences

• Programs were successful in delineating significant mineralization

• Five historic uranium occurrences were sampled:
  • Pipewrench Lake
  • Pipewrench North
  • Narrows Lake
  • Portage Zone
  • Cross Lake West occurrences

• Pipewrench North and Narrows Lake have had limited historic diamond drilling
  • Encountered significant uranium mineralization over considerable widths

• Pipewrench Lake, Portage Zone & Cross Lake West have seen minimal work in the past and offer excellent exploration targets

Uracan's early exploration results include the Pipewrench North showing, which hosts several significant trenched intervals including 4.8 meters of 0.056% U₃O₈ and 1.9 meters of 0.122% U₃O₈. Values up to 0.027% U₃O₈ over 9.7 meters at Narrows Lake and 0.015% U₃O₈ over 13.3 meters at the Portage showing were also assayed from channel sampling.

Technical Data

Overview

Mineralization

Mineralization on the property is hosted by pegmatites, coarse grained granites, garnetiferous biotite schist and smoky grey quartz veins. Many of the surface occurrences have significant uranium alteration minerals (uranophane) associated with them.

Drill Summary

Pipewrench North

• total of 1,545.4 meters of diamond drilling in nine diamond drill holes
• results indicated that the trend of the mineralization is oriented approximately az. 220° within a topographic low.
• mineralization is hosted within a sequence of pegmatites and pelitic gneisses

Narrows Lake

• a total of 530.1 meters of diamond drilling in three diamond drill holes
• results included 18 meters of 0.020% u3o8 and 21.9 meters of 0.016% u3o8

Portage Zone

• total of 520.5 meters of diamond drilling in four diamond drill holes (including 12.7 meters of 0.142% u3o8)
• this drilling targeted uranium mineralization encountered in surface channel sampling in 2007

Joint Venture Option with Bonaventure Enterprises Inc.

In the fall of 2008, Uracan Resources completed a reconnaissance exploration project as part of its commitment to the option agreement with Bonaventure Enterprises Inc. The area in question surrounds Uracan's Pipewrench Lake property and is comprised of 115 claims over 4,755.1 square kilometers. Results of the fall sampling program are pending.

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