The Wheeler-Beckett Project consists of 11 contiguous claims (the “Claims”) totaling 51,100 hectares located on the eastern edge of the Athabasca Basin. The Company holds a 100% interest in the property subject to making payments totaling $250,000 and issuing 1,000,000 common shares. The claims are subject to a 2˝% net return royalty of which 2% may be purchased for $1,000,000.
The Claims were optioned from a former geologist of Cameco (12 years) because of their proximity to large, high-grade mines and for potential to host similar mineralization as the Eagle Point Mine. The Claims are located on the eastern edge of the Athabasca Basin approximately 40 kilometers from the McArthur River Mine (Cameco/Cogema), the largest, high-grade uranium mine in the World (reserves of 389.1 million lbs with an average grade of 24.3% U3O8 and producing 18.7 million lbs per annum). The property is adjoined to the upper portion of the JNR claim listed as the source of the Hook Lake sample showing of 48% U3O8 (See Map Here)
(Click For Larger Image)
(Click For Larger Image)
Geology
Geologically, the Claims are underlain by a steeply dipping and northeast trending, highly folded sequence of intercalated Aphebian-aged Wollaston Group sediments that conformably overly and flank an Archean gneiss dome.
The basement hosted-mineralization at nearby JNR Resources’ Hook Lake has similarities to other uranium deposits such as Eagle Point. Both are structurally controlled, vein-type, high grade and likely part of the 'feeder system' to more typical unconformity deposits. The Company plans an exploration program in 2007 to prove similar potential on the Wheeler-Beckett.
Other Information
- There is gravel road access to the property via the Great Bear Highway
- Close proximity to the mills in the eastern side of the basin
- The Hook Lake showing on JNR Resources ground located approximately 6km from the Claims tested 48% U3O8 and will be drilled in January ’07.
- The Company is targeting shallow drilling (200m). Drilling inside the Athabasca Basin is as deep as 500-700m and very expensive.
- Favorable environmental situation (ie. less water than inside the Basin)
Click Here to see the Wheeler-Beckett Claims
Click Here to see the Basin Map in Relation to Wheeler-Beckett
Preliminary Property evaluation of the Wheeler-Beckett Claims Northern Saskatchewan
By Dr. Peter Born PGeo
The Wheeler-Beckett claims of CanAm Uranium Corp. covers approximately 51,100 hectares on the eastern edge of the Athabasca basin in Nothern Sasketchewan. It is approximately 60 km to the SE of the MacArthur River uranium mine (one of the largest in the world) and about 14 km northeast of a significant Uranium showing called the Hook Lake Showing with >40% U3O8 in outcrop/shear zone, directly on strike with the Wheeler-Beckett claims.
There are several promising features outlined by the preliminary data. The first being the location of the Basin margin which appears to truncate the western boundary at an oblique angle. It also seems fairly certain that this entire area is drift covered and any confirmation of the exact boundary will be through geophysical (indirect) methods possibly followed by drilling of subcrop. This basin margin probably consists of a basal Read Formation typical of conglomerates, arenites (sandstones) and pebbly mudstones, overlain by the lower Manitou Falls Formation of conglomerates and sandstones etc. A weathered horizon (regolith) probably exists in the underlying basement rocks. All are important components for unconformity type Uranium mineralization as found at nearby mines (ie MacArthur River etc). Several geochemical anomalies of elevated Arsenic also occur just within the western property boundary. This may illustrate a spatial association with the unconformity and uranium/polymetallic sulphide mineralization in close proximity.
Other key geophysical features of the western half of the property include a prominent derivative gravity anomaly (high values) which could be related to the unconformity, but more likely to the underlying rocks of the Proterozoic basement rocks. Further detailed geophysical and prospecting are needed to explain/or reject the significance of this feature. Other elements of structural geology consist of a fairly regular (2 km spacing) north trending fracture/fault system over the entire property. Although this pattern disappears to the north, it probably continues in the basement rocks underneath the Athabasca sandstone basin. These basement rocks are also classified as part of the Proterozic-aged Wollaston Domain consisting of high metamorphic grade amphibolite gneisses flanking an older felsic orthogneiss complex (probably Archean) along the easternmost part of the property.. Reconnaissance airborne electromagnetic (EM) surveys indicated regional conductive zones along this northeast trending boundary between the felsic meta-igneous rocks and the younger meta-sedimentary rocks of the Wollaston domain. In fact there is a 6 km long conductive zone of unknown origin. Further definition by more detailed airborne surveys and subsequent ground surveys are imperative. This feature could represent a structural zone/or graphitic horizon, perhaps analogous to the nearby Hook Lake Showing with >40% U3O8 in sheared outcrop. Although the 6 km long Electromagnetic (EM) anomaly does not appear to be on strike with the Hook Lake showing it could be an en-echelon feature, or just similar because it is near a major tectonic boundary (collosion/compression zone) between meta-sedimentary domain and granitic (continental) domain. Such electromagnetic anomalies could represent a graphitic horizon analogous to Eagle Point Uranium deposit which contains uraninite/graphite deep within the basement rock several hundred metres below the Athabasca unconformity (Helikian age).
Thus, there are several compelling reasons for increased exploration activity on the Wheeler-Beckett claims namely, exploring for the Athabasca unconformity beneath the western part of the property, also exploring for the basement regoltih in close proximity to the unconformity at this eastern edge of the Athabasca basin. In addition, there are several geochemical anomalies of Arsenic associated with this eastern basin edge (on the property) and several indicators from airborne geophysics including an unexplained gravity anomaly near the basin edge, and the presence of a 6 km long EM conductor near the eastern edge of the property. The later may be analogous to the nearby Hook Lake showing which has >40% U3O8.
It is recommended that a complete airborne geophysical survey (EM, gravity, magnetometer and radiometric) of the property be completed in the next month. Ground follow-up and prospecting of any geophysical or radiometric anomalies as well as the eastern basin margin (ie the western half of the property) should also occur during the 2007 field season.
Disclaimer:
My initial evaluation of the property is based on a set of overlay maps at the property scale compiled by G Santos Geoscience Limited (the accuracy of which I have no knowledge). Addition maps included general Airborne magnetic, gravity and radiometric surveys (Province-wide maps) as well as the latest ExTech IV maps for radiometric data (large scale 1:1,000,000) which cover the Wheeler-Beckett claims. These claims cover about 1 square inch on the latter (1:1,000,000 scale maps). Thus, three data sets with 3 to 5 different map scales (not compiled on a common scale) also introduces potential scaling and location errors with respect to any potential data anomalies within the Wheeler-Beckett claims. Also I can not say that I reviewed all of the data, just whatever was sent to me. Potentially there could be other geological data out there residing in the Saskatchewan assessment files etc., but I have not undertaken any search to confirm or deny the existent of other property data, regardless of the data quality or quantity. Also I have never personally visited the property, nor have I validated/audited any of the data presented to me. The preceding paragraph outlines the framework or preamble for this preliminary assessment of the Wheeler-Beckett Claims Northern Saskatchewan.
Current Maps Of The Claim:
Figure 1. Winter
Figure 2: Summer
Figure 3: Magnetic Geophysics Map
Figure 4: 50m Map
