The project is the subject of an agreement between Titan and Vale Exploration Canada (VEC), an affiliate of Vale Inco, each wholly owned by Vale S.A. (VALE). VEC, by funding CAD$12m over a five year period in exploration, can earn 60% undivided interest in the project.
The drilling crew and equipment were mobilized to the site by Major Drilling and the first hole of this program was collared August 14, 2009.
On this phase of the project, operated by Titan, approximately 835 meters of drilling is planned. Previous drilling on the project has elevated uranium values in the sandstone rocks above a regional basement graphitic horizon.
The Sand Hill Lake project includes the Sand Hill Lake and Rook II properties. The project is located in the southern central portion of the Athabasca Basin in north Saskatchewan.
The Sand Hill Lake project is adjacent to the Cameco/Areva Resources Canada/Formation Capital Virgin River property that hosts the Centennial deposit where the highest grade-thickness intervals are found in hole VR-031W1 which intersected 7.62% U3O8 over 17.8 meters. Cameco has advised its partners that a conceptual study is planned for the summer 2009 to determine the potential economic viability of a uranium deposit in this region.
