Latest News: Latest News: Feb 26, 2007 - Manicouagan Project - Joint Venture Partner to be Sought

Recent Work

During 2006, down-hole pulse-EM surveys were completed on
six diamond drill holes that were designed to explore the contact between the overlying melt-rock and underlying basement. No conductive material was detected in any of the holes (MAN-06-08; MAN-05-03; MAN-05-11; MAN-06-02; MAN-06-09 & MAN-05-14) surveyed.

Selective prospecting and mapping of the melt sheet -- basement contact at the margins of the Manicouagan meteorite impact crater was conducted to assist placing the geophysical and diamond drilling results in a regional context.

Exploration results for the period 2003 -- 2006 were reviewed, compiled and collated. Although previous efforts focused on what were considered to be high priority targets, the Company has drilled only 20 holes for a total of 13,045 metres within the crater area, which is over 65 km in diameter and there remain many unexplored targets. All proprietary geophysical data was compiled and provided to Paterson, Grant & Watson Ltd, (PGW) a Canadian geophysical consulting company who was contracted by the Company to carry out an interpretation and target selection process of the available geophysical data covering Rene-Levasseur Island and the surrounding area of the Manicouagan Impact Structure (MIS). PGW incorporated both proprietary and public domain airborne geophysical data and produced a new structural/lithological interpretation of the study area. PGW paid particular attention to delineation of regional faults that traverse the MIS. A number of priority targets of interest have been identified. These targets have magnetic rather than conductive features, which have been the focus of previous efforts. They consist of those areas where favorable structure, magnetic anomalies and known sulphide mineralization occurs. The majority of the targets are believed to be at intermediate exploration depths of 300 m with near vertical dips.

Location and Ownership

Currently, the project consists of 967 claims. The claims are 100% owned by the Company and are situated in the interior and the periphery of the Manicouagan Impact Structure. After Sudbury, the MIS is the second largest impact structure in North America and the fourth largest in the world. The Company believes that the project continues to have merit as a conceptual high risk -- high reward exploration venture and is seeking a joint venture partner to participate in continued exploration of the MIS for magmatic nickel-copper mineralization.