The Carter Lake Uranium Project covers 691 hectares on the west side of the Athabasca Basin. The project lies within a significant portion of the Carter Lake Corridor, a largescale structural feature, parallel to the Patterson Lake Corridor, control of mineralization for Nexgen’s Rook 1 deposit and Fission Uranium’s PLS deposit. The Carter Lake Project borders Denison Mine’s Hook-Carter Project to the east and Purepoint Uranium’s Hook Lake project to the south.

The principal exploration zone at Carter Lake is ~4.7km of subsurface conductive anomalies, identified in a MegaTEM survey and a VTEM survey, both completed by ESO Uranium Corp. The anomalies are interpreted as a conductive horizon, at or above the unconformity and which may be indicative of hydrothermal enrichment. Recently, the conductive trend tested positive for the presence of uranium decay through a radon gas emission survey.

A total of twelve conductive Target Zones (TZ) have been identified. TZ-2 and TZ-4 have been upgraded to the highest priority in consideration of their higher overall response strength, strike angle consistent with fold axes or faulting, longer strike length, proximity to magnetic lows and proximity to areas of discontinuities in the magnetic high.

* Readers are cautioned that the historical mineral resource estimates do not mean or imply that economic deposits exist on the Project.

The Company has devised a two phased exploration plan to examine TZ-2 and TZ-4. Phase one calls for an airborne MT (Magnetotelluric) survey to accurately map both basement depths and geological features at the unconformity and within the basement rocks. MT surveys have an effective range of penetration of several kilometers and provide superb resolution of faults, contacts and geological domains. Phase two diamond drilling will test the two main target zones, TZ1 and TZ2, at the unconformity and within the basement. The program will consist of two set ups, with three 600m holes per set up, for a total of 3600m. The work programs are subject to a number of factors, including financing.