Aldever Resource Inc. has a 90% interest in the Gulch Mine Uranium Project (the “GMP”), which covers an area of ~3007ha at the eastern shores of Athabasca Lake. The Project covers 10km of the Black Bay Fault on the northern extent of Crackingstone Peninsula and is 16km southwest of Uranium City. The property was first worked in the early 1950’s and subsequently drill holes oriented so as to cut the adjacent Black Bay Fault encountered consistent uranium mineralization on the footwall side of that structure and was ultimately explored with 35,000 feet of drilling and 5,456 feet of lateral underground development on three levels.
The GMP is proximal to the Gunnar Mine, which produced ~21.1M lbs. uranium between 1961 and 1964. The project adjoins ground registered to Fission 3.0 Corp to the northeast. VTEM data acquired by JNR Resources in 2006 suggests several targets that could expand the mineralized structure along the Black Bay Fault, primary control of mineralization, to delineate an economic deposit. Access is via trails and exploration roads originating from Uranium City.
Aldever can earn a 90% interest in the project by completing $2,500,000 in exploration on the GMP within 5 years, paying an aggregate of $500,000 to the underlying vendor before May 21, 2019 and $250,000 to Unity Energy Corp. on the fifth anniversary of the earn-in agreement. After earning its interest, the Companies will enter into a joint venture agreement to jointly explore the project. The interest in the GMP is subject to A 2.5% GOR payable to the Owner, of which 1% may be purchased at any time by paying to the Owner $1,500,000, less all amounts previously received by Owner as GOR payments.