Thelon Basin Project

Great Bear holds 200,000 acres of land in the southern portion of the Thelon Basin, regarded as the highly prospective northern analogue of the uranium-rich Athabasca Basin 300km to the south.  Great Bear holds 40% of this permit area through a joint venture agreement with Hillcrest Resources Ltd.

Figure: Location of Thelon and Athabasca Basins

Figure: Thelon Basin Project Mineral Claims (Green)

The Thelon Basin exhibits similarities in size, age, geology and mineralization with the Athabasca Basin of Saskatchewan; the single largest uranium producing region in the world supplying over 30% of all the uranium produced from mines annually.

Identical in most key aspects to the Athabasca Basin, the Thelon is also known to host significant concentrations of uranium mineralization, including AREVA's 131 million pound U3O8 Kiggavik project.

Until recently, the Thelon Basin has been relatively under explored.  A low level of worldwide uranium exploration over the past 25 years, combined with the relative remoteness of the Thelon Basin has resulted in a pronounced exploration deficit with regard to the basin's geologic potential.

With the recent spike in the price of uranium there has been resurgence in exploration activity throughout the basin.  Regarded as one of the most prospective areas to search for new uranium deposits in North America, majors and juniors alike have descended upon the region in search of valuable unconformity related uranium deposits.  Amongst many others, companies with strategic positions in the basin include: AREVA, Ur-Energy Uravan Minerals, and Western Uranium Corporation.

As operator, Hillcrest Resources has engaged Aeroquest International Limited to fly a radiometric geophysical survey over the Thelon claims this summer.  The program will be aimed at identifying drill targets for unconformity type uranium deposits.  Known unconformity related uranium deposits in the Thelon Basin include the aforementioned Kiggavik uranium deposit in the northeastern basin, and the Boomerang Lake uranium-gold prospect joint ventured by Uravan/Cameco in the southwestern part of the basin.

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