NWT Uranium acquired a 9.39% stake in Azimut Exploration Inc. through the termination of its option agreement on North Rae & Daniel Lake properties. Azimut's portfolio includes 47 uranium, gold and nickel exploration properties in mining-friendly Quebec, making it the #1 claim-holder in the province. This landholding represents some 27,000 claims (13,100 km2), or about 10% of the active mineral claims in a province known around the world for its exceptional mineral potential and attractiveness as a mining jurisdiction.
Quebec represents a promising territory for uranium exploration and is ranked in the top 3 mining jurisdictions globally. According to the province's Ministry of Natural Resources, previous mineral exploration work conducted from the 1950s through to the 1980s covered large expanses but has limited significance for current uranium exploration due to the lack of radiometric, geochemical and geological data relevant to the commodity at that time.
Location, Accessibility and Infrastructure
Uranium geochemisty map Uranium in lake-bottom sediment 58 KB, approx. 12 seconds at 56.6Kbps
North Rae and Daniel Lake are located on the eastern side of Ungava Bay, approximately 100 miles (160 kilometers) east of the town of Kuujjuaq, near the southern shore of Ungava Bay. With a population of approximately 2,000 people, Kuujjuaq is the largest community in northern Quebec.
North Rae is six to 12 miles (10 to 20 kilometers) from tidewater, which places it in a favorable context with respect to mine development. Daniel Lake is also favorably located, approximately nine miles (15 kilometers) east of George River, which is navigable and flows into Ungava Bay 25 miles (40 kilometers) to the north.
The Ungava peninsula is rich in mineral wealth, mainly nickel, copper, uranium and iron ores. Access to the property is by fixed-wing aircraft or helicopter from Kuujjuaq, which has daily scheduled air service from Montreal. With its two airstrips, Kuujjuaq is the transportation hub of the entire region. The village boasts a number of hotels, restaurants, stores, arts and crafts shops and a bank.
Project Geology
The two properties cover a 25 x 25 mile (40 x 40 kilometer) region and show strong and extensive outcropping or near-surface uranium targets according to the regional-scale geochemical, geophysical and geological context.
According to an independent third-party report, the North Rae Project blocks contain geochemical lake sediment anomalies as high as 1,800 parts per million (ppm) uranium. Many values in the range of 100 ppm to 508 ppm were also recorded. According to the report, "anomalies at 200 ppm uranium exceed the anomalies associated with known uranium deposits at Lac Turgeon (Quebec), Strange Lake (Quebec) and Michelin (Labrador) and several other newly discovered deposits." In a provincial context, most of the area has a high uranium background falling above the 85th percentile. Three main target anomalies, which were defined by Azimut using its proprietary methodology, exhibit 25 to 60 times enrichment in uranium above the local background, while the magnitude and percentage increase in the anomalies suggests a local source for the lake sediment uranium.
The remainder of the geochemical package shows significant cerium enrichment, elevated molybdenum and spotty enrichment in copper, all generating true statistical uranium anomalies on a provincial and local basis.
Daniel Lake covers a strong uranium footprint in lake bottom sediments in an area marked by deep-seated regional faults, felsic intrusives and pegmatites within a metamorphic gneissic context. The exploration model focuses on large surface targets potentially mineable by open pit methods.
The climate is arctic with an average annual temperature between 23°F and 18.5°F (-5°C and -7.5°C). The Ungava Bay area receives about 15 inches to 19 inches (400 millimeters to 500 millimeters) of precipitation annually, with about 45% of this total falling as snow. Each year, there are between 20 and 40 frost-free days.
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