Nyah Resources acquiring 94 Ontario claims
2008-05-23 14:41 MT - Property Agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to an assignment and assumption of property acquisition agreement, dated April 29, 2008, between Nyah Resources Corp. and several arm's-length parties, whereby the company has acquired a 100-per-cent interest in 94 mineral claims located in the Elliott-Lake Blink River district of Northern Ontario.
Under the terms of the agreement, the company will make a cash payment of $40,000 and issue 100,000 common shares to the vendors.
For further details, please refer to the company's press release dated May 5, 2008.
From Sedar:
EXPLORATION PROPERTIES
Agnew Lake North Property, Ontario
On February 19, 2007, the Company and URSA Major Minerals Incorporated (“URSA”) entered into a
purchase and sale agreement whereby URSA agreed to sell its 100% interest in the Agnew Lake uranium
properties, subject to a 1.5% net smelter return royalty (the “NSR”) on the property to be retained by
URSA for cash payment of $2,500,000 (paid) and issuance of 5,000,000 common shares of the Company
with a deemed value of $1,250,000 (issued).
URSA shall retain the 1.5% NSR on all production from the Property. Under the agreement, the
Company has the right to acquire 50% of the NSR for $2,000,000. A director of the Company is also a
director and officer of URSA.
The Agnew Lake Property is situated in Hyman Township approximately 80 km west of Sudbury,
Ontario. It is accessible by paved and loose surface roads from Highway 17. The Property covers the old
Agnew Lake Mine site, and adjoins on one side a property held by URSA and on which the Shakespeare
nickel-copper-PGE deposit is located. The Nyah property comprises seven, unpatented mining claims,
consisting of 63 units, in Hyman and Porter Townships, with a total nominal area of 1,575 hectares. The
property is fully-owned by Nyah, subject to a 1.5% net smelter return ("NSR") royalty payable to Ursa
Major, 50% of which Nyah has the option to purchase, at any time, for $2,000,000.
In the Blind River District, Lower Proterozoic quartz-pebble conglomerates of the Huronian Supergroup
contain significant uranium deposits at Elliot Lake and, 70 km to the east, at Agnew Lake. As many as 11
mines operated in the Blind River District at its peak.
The Property is underlain by basement granitic rocks, quartzite and argillite of the lowermost Huronian
Supergroup, as well as minor gabbroic rocks and diabase. In the Agnew Lake area, the quartzites are
adjacent to the Birch Lake Batholith, a coarse-grained rock with considerable quartz veining. The granitesedimentary
rock contact, an erosional unconformity, is subparallel to bedding in the overlying lower
quartzite, which includes a sequence of argillite and quartzite, with lesser polymictic conglomerate and
volcanic rocks. The polymictic conglomerate beds, consisting of a greywacke matrix with quartz pebbles
and granite cobbles are continuous enough to be useful as marker horizons.
Uranium mineralization occurs in oligomictic quartz-pebble conglomerates similar to those hosting the
mineralization of the famous, past-producing Elliot Lake camp. Low values of uranium occur in the
interbedded arkoses. Individual mineralized zones consist of a combination of beds. Structurally, the
uranium-bearing conglomerates are on the north limb of an isoclinal syncline, the axis of which follows
Agnew Lake.
The Agnew Lake Mine operated from 1978 to 1983 and produced approximately 850,000 kg of U3O8
using a combined surface leaching and an underground in situ leaching ("ISL") system. The deposits were
accessed by a 950-metre deep six-compartment shaft and an uncertain amount of underground workings
as well as a decline from surface to the 580 m level. Originally discovered in the mid 1950s as an
extension of the Elliot Lake rush, the deposits were drilled by New Thurbois Mines and later in the 1960s
by Kerr Addison Mines.
Several historic resource estimates have been prepared, the latest of which dates from the end of 1983 at
the time of closure of the Agnew Lake operations. The estimate of "mineable reserves" (based on a cutoff
of 0.75 lb U3O8/ton or 0.38 kg U3O8/t; a minimum 12 ft (3.66 m) mining width and a dilution factor of
28%) includes: 5,803,000 tons (5,266,000 t) of "reserves" and "probable reserves" grading 1.04 lb
U3O8/ton (0.52 kg U3O8/t); 1,638,000 tons (1,486,000 t) of "possible reserves" in pillars grading 0.85 lb
U3O8/ton (0.42 kg U3O8/t); 3,535,000 tons (3,208,000 t) of "inferred reserves" at a grade of 1.07 lb
4
U3O8/ton (0.54 kg U3O8/t); and 2,221,000 tons (2,015,000 t) of partially leached "broken in stope"
material at a grade of 0.36 lb U3O8/ton (0.18 kg U3O8/t). (The historical resources do not meet the
definition standards of National Instrument 43-101 and the Canadian Institute of Mining and
Metallurgy, and cannot be relied upon.)
In 2002 and 2005, the claims now constituting the Property, amongst others, were staked for URSA. who
commissioned Watts, Griffis and McOuat Limited (“WGM”) in 2005 to do a summary report on the
former Agnew Lake Uranium Mine. WGM recommended the search for and acquisition of additional
data, surface mapping and trenching, and the drilling of two 800 m holes to test the deeper parts of the
deposit. The proposed budget was C$250,000. In late 2005, URSA carried out a modest amount of
exploration, including an airborne geophysical survey, trenching and a three-hole, 474-metre diamond
drilling program to test the two main mineralized zones (No. 3 and No. 5) above the 100 m level. The best
result from the No. 3 Zone was 0.0703% U3O8 (1.41 lb U3O8/ton, or 0.70 kg U3O8/t) across 1.61 m. The
best intervals in the No. 5 Zone were 0.0470% U3O8 (0.94 lb U3O8/ton, or 0.47 kg U3O8/t) across 1.95 m
and 0.0514% U3O8 (1.028 lb U3O8/ton, or 0.514 kg U3O8/t) across 1.3 m (intervals not corrected for true
width).
Between June and early August, 2007, Nyah conducted a seven-hole program of diamond drilling
totalling 1,432 m to again test the No. 3 Zone (six holes) and No. 5 Zone (one hole) at relatively shallow
depths. Several highlights of results include the following intersections (not corrected to true thickness):
• 2,270 ppm U (5.35 lb U3O8/ton, or 2.68 kg U3O8/t) across 1.0 m (No. 3 Zone); • 1,100 ppm U (2.59 lb
U3O8/ton, or 1.30 kg U3O8/t) across 1.0 m (No. 3 Zone); • 593 ppm U (1.40 lb U3O8/ton, or 0.70 kg
U3O8/t) across 3.0 m (No. 3 Zone); • 551 ppm U (1.30 lb U3O8/ton, or 0.65 kg U3O8/t) across 3.0 m (No.
5 Zone); and, • 528 ppm U (1.25 lb U3O8/ton, or 0.63 kg U3O8/t) across 2.0 m (No. 5 Zone).
In October 2007, WGM completed a NI 43-101 technical report on the Property which includes Nyah's
Phase I drilling and recommends further drilling, geophysics and mapping.
Nyah launched its Phase II drill program in November, 2007. The Phase II program was designed to
further delineate mineralized zones at depths of 300-400 m as well as target on-strike extensions to the
known historically mined areas. Nyah drilled 13 holes totaling 4,448 metres and the program was
completed in March 2008. Complete assays analyzed by ICP-MS for 48 elements including U, Th, Y,
and REE for the 13 holes from ALS Chemex confirm the historical resource indicated for zone 3 and zone
5 (this resource is not 43-101 compliant) and establish the continuation of mineralization along strike in
zone 3.
T
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