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The Target 1 mineral claim is located adjacent to the west side of Alberta Star's Longtom Lake property in the Northwest Territories where an iron oxide copper-gold-type mineral occurrence has been explored in search of an "Olympic Dam"-type ore deposit. The Longtom Lake mineral zone occurs with strong hematite/magnetite alteration and copper and uranium mineralization in Proterozoic-age volcanic sediments intruded by granitic and monzonitic plutons. The Target 1 claim is situated immediately south and west of the principal Longtom mineral zone, the Damp. Both properties are believed to be underlain by similar rock formations.
ADJACENT PROPERTIES & PRIOR EXPLORATION
The Target 1 claim adjoins the Longtom Lake property that includes the Damp mineral occurrence. That property has been explored since about 1985 by all common techniques including prospecting, mapping, soil and rock chip sampling, ground and airborne geophysical methods (including radiometric, magnetic and electromagnetic surveys) and by drilling. The discoverers, Central Electricity Generating Board Exploration (Canada), drilled 1008 metres in 16 holes before ceasing their exploration initiative. Mongolia Gold Resources Ltd. (now Tyhee Development Corp.) in 1996-1997 conducted an airborne survey (combined radiometric, electromagnetic and magnetic surveys) and drilled 944.6 metres in four holes. The current owner, Alberta Star, completed a comprehensive gravity survey over much of the property in October, 2002 that confirmed two very large 2.5-3.5 milligal gravity anomalies on the Longtom Property that are coincident with strong magnetic anomalies. Combined gravity, magnetic and radiometric anomalies are common targeting criterion for Olympic Dam iron oxide, copper and gold (IOCG) style mineralization and necessary in proving up an economic ore body. Mineralization at Longtom Lake occurs in specular hematite-magnetite breccia, similar to that seen at the 2.6 Billion tonne Olympic Dam (IOCG) deposit in South Australia
In May, 2003 Scott Geophysics of Vancouver, B.C, as contractor, conducted a ground geophysics program on Alberta Star's Longtom Lake property that included detailed, localized induced polarization/resistivity ("IP") traverses over selected portions of the 2.5 to 3.5 milligal gravity-magnetic anomalies identified on the property, which occurred along a 7.5 km long trend and are up to 1.5 km in width. Scott Geophysics also conducted IP traverses on the Target 1 Claim during this survey.
Twelve holes were completed by Alberta Star during the summer of 2003, for a total of 8,643 feet. The diamond drill program tested a number of widely spaced geophysical anomalies and confirmed the presence of a large underlying IOCG-style alteration system with breccia-hosted mineralization in concentrations that approach economically significant values. Highly anomalous polymetallic mineralization (copper, gold, silver, uranium, bismuth, REE), a signature of iron oxide hosted copper-gold deposits, was encountered in all 10 holes.
On October 30, 2003 Alberta Star announced that it had entered into an agreement with Fronteer Development Group (TSX: FRG) and NW Mineral Ventures providing for the continued development of the Longtom Lake iron oxide copper gold project, with all upcoming mineral exploration on the Longtom Lake property to be financed by NW Mineral Ventures.
In mid-September, 2004 MAX was advised that Fronteer Development Group (TSX:FRG), as operator, had intersected high-grade uranium mineralization on the Longtom Lake property. Drilling conducted by Fronteer intersected 1.68% U3O8 over one metre at a downhole depth of 80 metres, which was part of a broader interval that returned 0.56 per cent U3O8 over three metres, and 0.16 per cent U3O8 over one metre that was intersected at a depth of 51 metres in the same hole.
Based on these recent results and historical records for the surrounding area, there are indications of a near-surface uranium system of size and high-grade potential. MAX intends to review all available data from future exploration work conducted by Alberta Star and others on the Longtom Lake area in order to determine what exploration activity, if any, should be undertaken by MAX on the Target Claim in the future.
