As the demand for nuclear energy is steadily growing, Millennia Resources has a good perspective for creating continuing earnings in its business. Canada is one of the leading countries in generating uranium. In 2007 the True North Project in Northwest Territories (NWT) in Canada has been the major mile stone of Millennia Resources achievements. Millennia Resources controls a large of this high potential area. This area been under explored and has lacked advanced 21st century exploration geophysics.
The True North property comprises a group of four contiguous mineral claims on NTS map sheets 086K10 and covers 6040 acres. The property is located north of the east end of Great Bear Lake, 500 km northwest of Yellowknife, NT and 80 km north of Port Radium. The geology of the area is similar to that which hosts the high-grade uranium deposits found in the Athabaska Basin of Saskatchewan. Alternatively, but not exclusively, the geology also resembles that which hosts IOCG deposits such as those that occur to the south of the Hornby Basin Property on the Longtom Property, or NICO Deposit, or the Olympic Dam Deposit in Australia.
The Company's flagship project is this 100% wholly owned True North Project, which consists of 6040 acres in the Great bear Magmatic Zone (GBMZ) of the Northwest Territories (NWT), which is located approximately 430 kilometres northwest of Yellowknife. True North's mineral tenure covers uranium further rare earth elements and copper occurrences. The area offers an excellent potential for discovering major deposits. The Company has identified extensive uranium, copper and gold mineralization on its True North Project. The land is located within 80 km of former producing mines and has similar geology as the Eldorado Mine, the Echo Bay Mine, and the Contact Lake Mine. These mines produced, intermittently from 1930 until 1985, over 48 million ounces silver, 15 million pounds of U3O8 and 7000 tons of copper. The True North Property is located in a regional geological setting which has the potential to host two attractive types of deposits:
Deposits of the Echo-Bay-Cobalt Type produced a combined total of over 49 million ounces silver, 15 million pounds of U3O8 and 7000 tons of copper in the GBMZ between 1930 and 1985. In addition several mineral showings, prospects and small deposits are documented within the property. This mineralization model of the Company's GBMZ property is consistent with the Olympic Dam IOCG property, the largest uranium deposit, the fourth-largest copper deposit and the fifth-largest gold deposit in the world.
The geological similarity between the Company's Great Bear Lake Magmatic Zone (NWT) and Australia's Olympic Dam Mine indicates tremendous reserve potential to host billions of tons of uranium ore. Canada's known uranium resources (Reasonably Assured Resources plus Inferred Resources) at US$130/kgU are 524,000 tonnes of U3O8 (444,000 tU,9% of world total)
The Olympic Dam (in Australia) or IOCG model is proposed as a significant exploration target on Mc Laren Lake property in this part of the Great Bear magmatic zone. These polymetallic targets have the potential to host billions of tonnes of copper, gold and uranium mineralization (Olympic Dam type). The resource at the Olympic Dam deposit (owned by BHP Billiton) was recently increased to 7.7 billion metric tonnes grading 0.87 per cent copper, 0.29 kilogram per tonne uranium oxide, 0.30 gram per tonne gold and 1.61 grams per tonne silver. The Olympic Dam deposit is the largest uranium deposit in the world, the fourth-largest copper deposit and the fifth-largest gold deposit.
