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The Nipigon Uranium project is located in the Nipigon Basin, 60 kilometres east of Thunder Bay, between Lake Superior and Nipigon Lake, in Northern Ontario. Quadro Resources has the exclusive rights and option to earn up to a sixty (60) percent interest in the project with joint venture partner, Benton Resources Corp.
The Nipigon Basin (also referred to as the Sibley Basin) is considered highly prospective for uranium as it has a very similar geologic setting to that of Saskatchewan's famous Athabasca Basin, which hosts some the world's highest grade uranium deposits. Both basins were formed in the Helikian age (approx 1,339-1,350 million years ago); both basins have deep paleo-weathering of basement rocks; both basins overlie basement rocks with high background uranium content or enrichment and both basins were intruded by Helikian-age magmatic activity. The basement rocks under both basins contain chemical traps that are capable of reacting with uranium bearing water in the sandstone to precipitate and concentrate uranium mineralization. These traps can include graphitic units, sulphide zones and iron formations.
Regionally, exploration has identified uranium, copper and hematite bearing prospects which suggest the potential for Olympic Dam-type deposits. There have been recent discoveries of very high grade uranium (up to 12% U3O8) near the property. Rampart Ventures, with property north of Quadro's ground, has announced drilling results of 2.99% U3O8 over a 1.5 meter.
The Company commenced initial exploration of the property with an airborne magnetic-electromagnetic MEGATEM survey, conducted by Fugro Airborne in early 2007 over the entire Nipigon Uranium project, to assess the area for favourable basement geology which could be spatially associated uranium mineralization. To follow up the results of the airborne MEGATEM survey, the Company completed the first phase of diamond drilling on the Sibley Basin uranium property in 2007. This initial drill program was designed largely for geological purposes, to test a series of conductive zones and probable faults in the central portion of the property, as interpreted from the airborne magnetic and EM data.
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