bancroft8kex072808.htm


    
      

      

    

    


    


    


    


    TECHNICAL
REPORT

    


    ON
THE

    


    MONMOUTH
URANIUM PROPERTY

    


    BANCROFT
AREA

    


    CENTRAL
ONTARIO

    


    


    


    


    


    To

    


    Bancroft
Uranium Inc.

    


    For
NI 43-101

    


    Presented
By

    


    Clarence
R. Marchand P.Eng.

    


    


    


    


    Effective
Date: July 6, 2008

    Signing
Date: July 21, 2008

    


    
      
        
           


        

        
           


          
            

          

        

        
           


        

      

    

    


    


    


    
      	
              TABLE
      OF CONTENTS

            	 
      
	
              1.0

            	
              TITLE
      PAGE

            	 
      	 
      
	
              2.0

            	
               TABLE
      OF CONTENTS

            	 
      
	
              3.0

            	
              SUMMARY

            	 
      
	
              4.0

            	
              INTRODUCTION
      AND TERMS OF REFERENCE

            	 
      
	 
      	
              4.1

            	
              TERMS
      OF REFERENCE

            	
              11

            
	 
      	
              4.2

            	
              SOURCES
      OF INFORMATION

            	
              11

            
	 
      	
              4.3

            	
              UNITS,
      CURRENCY AND GLOSSARY

            	
              12

            
	
              5.0

            	
              RELIANCE
      ON OTHER EXPERTS

            	
              14

            
	
              6.0

            	
              PROPERTY
      DESCRIPTION AND TENURE

            	 
      
	 
      	
              6.1

            	
              INTRODUCTION

            	
              14

            
	 
      	
              6.2

            	
              MONMOUTH
      PROPERTY DESCRIPTION

            	
              16

            
	
              7.0

            	
              LOCATION,
      ACCESS, PHYSIOGRAPHY AND INFRASTRUCTURE

            	 
      
	 
      	
              7.1

            	
              LOCATION
      AND ACCESS

            	
              17

            
	 
      	
              7.2

            	
              PHYSIOGRAPHY

            	
              17

            
	 
      	
              7.3

            	
              INFRASTRUCTURE

            	
              17

            
	
              8.0

            	
              HISTORY
      AND PREVIOUS EXPLORATION

            	 
      
	 
      	
              8.1

            	
              INTRODUCTION

            	
              18

            
	 
      	
              8.2

            	
              EXPLORATION
      HISTORY

            	
              18

            
	
              9.0

            	
              GEOLOGICAL
      SETTING

            	 
      
	 
      	
              9.1

            	
              REGIONAL
      GEOLOGY

            	
              22

            
	 
      	
              9.2

            	
              PROPERTY
      GEOLOGY

            	
              23

            
	
              10.0

            	
              DEPOSIT
      TYPES

            	 
      
	 
      	
              10.1

            	
              URANIUM
      DEPOSITS IN THE BANCROFT AREA

            	
              23

            
	 
      	
              10.2

            	
              DEPOSIT
      MODEL

            	
              24

            
	
              11.0

            	
              MINERALIZATION

            	 
      
	 
      	
              11.1

            	
              INTRODUCTION

            	
              25

            
	 
      	
              11.2

            	
              HOST
      ROCKS

            	
              26

            
	 
      	
              11.2.1

            	
              ROCK
      TYPES

            	
              26

            
	 
      	
              11.2.2

            	
              ALTERATION
      AND VEINING

            	
              27

            
	 
      	
              11.2.3

            	
              STRUCTURE

            	
              29

            
	 
      	
              11.3

            	
              URANIUM
      MINERALISATION AND MINERALOGY

            	
              29

            


    

    


     

    


    
      
        
           


        

        
          P
1

          
            

          

        

        
           


        

      

    

    


    


     

    
      	
              12.0

            	
              EXPLORATION

            	 
      
	 
      	
              12.1

            	
              OVERVIEW
      OF SURFACE EXPLORATION

            	
              30

            
	 
      	
              12.2

            	
              TRENCH
      SAMPLING

            	
              31

            
	 
      	
              12.3

            	
              GEOPHYSICAL
      SURVEYS AND MAPPING

            	
              31

            
	
              13.0

            	
              DRILLING

            	 
      
	 
      	
              13.1

            	
              INTRODUCTION

            	
              32

            
	 
      	
              13.2

            	
              2008
      PROGRAM OVERVIEW

            	
              32

            
	 
      	
              13.3

            	
              SUMMARY
      OF RESULTS

            	
              33

            
	 
      	
              13.4

            	
              DISCUSSIO

            	
              35

            
	
              14.0

            	
              SAMPLING
      METHOD AND APPROACH

            	 
      
	 
      	
              14.1

            	
              2008
      DRILLING PROGRAM

            	
              36

            
	 
      	14.2SAMPLING
      PROCEDURE 	36
	 
      	
              14.3

            	
              GEOLOGIC
      CONTROLS

            	
              37

            
	 
      	
              14.4

            	
              SAMPLING
      COVERAGE AND TRUE WIDTHS IN MINERALISED ZONES

            	
              38

            
	 
      	
              14.5

            	
              COMPARISON
      OF NORTHERN NUCLEAR AND BANCROFT DRILLING RESULTS

            	
              39

            
	
              15.0

            	
              SAMPLE
      PREPARATION, SECURITY AND ANALYSIS

            	 
      
	 
      	
              15.1

            	
              2008
      DRILLING PROGRAM PROCEDURES

            	
              40

            
	 
      	
              15.2

            	
              QUALITY
      CONTROL- ACTIVATION LABORATORIES LTD.

            	
              41

            
	
              16.0

            	
              DATA
      VERIFICATION

            	 
      
	 
      	
              16.1

            	
              CM
      SITE VISIT AND INDEPENDENT SAMPLING

            	
              43

            
	 
      	
              16.2

            	
              DATABASE
      VERIFICATION

            	
              44

            
	
              17.0

            	
              ADJACENT
      PROPERTIES 

            	45  
	
              18.0

            	
              METALLURGICAL
      PROCESSING AND METALLUGICAL TESTING

            	 
      
	 
      	
              18.1

            	
              PREVIOUS
      METALLUGICAL STUDIES

            	
              45

            
	 
      	
              18.2

            	
              CURRENT
      METALLURGICAL STUDIES

            	
              46

            


    

    


     

    


    
      
        
           


        

        
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              19.0

            	
              INFERRED
      MINERAL RESOURCE ESTIMATE

            	 
      
	 
      	
              19.1

            	
              INTRODUCTION

            	
              46

            
	 
      	
              19.2

            	
              RESOURCE
      METHODOLOGY

            	
              47

            
	 
      	
              19.3

            	
              KEY
      ASSUMPTIONS

            	
              47

            
	 
      	
              19.4

            	
              SUMMARY
      OF RESULTS

            	
              49

            
	
              20.0

            	
              OTHER
      RELEVENT DATA AND INFORMATION

            	 
      
	 
      	
              20.1

            	
              ENVIRONMENTAL
      STUDIES

            	
              49

            
	
              21.0

            	
              CONCLUSIONS

            	
              50

            
	
              22.0

            	
              RECOMMENDATIONS

            	
              52

            
	
              23.0

            	
              REFERENCES

            	
              54

            
	
              24.0

            	
              CERTIFICATE

            	
              60

            
	
              25.0

            	
              CONSENT
      OF AUTHOR

            	
              61

            
	
              26.0

            	
              ILLUSTRATIONS

            	 
      


    

    


    


    
      	
              APPENDIX
      1

            	
              SGS
      METALLURGICAL REPORT

            
	
              APPENDIX
      2

            	
              DIAMOND
      DRILL LOG SUMMARY- NORTHERN NUCLEAR

            
	
              APPENDIX
      3

            	
              DRILL
      SECTIONS- BANCROFT URANIUM

            
	
              APPENDIX
      4

            	
              DRILL
      SECTIONS- TWINNED HOLES

            
	
              APPENDIX
      5

            	
              DIAMOND
      DRILL LOGS AND ASSAY CERTIFICATES

            


    

    


    


    
      	
              LIST
      OF FIGURES

            	 
      
	
              Figure
      6-1

            	
              Claim
      Map- Monmouth Property

            
	
              Figure
      7-1

            	
              General
      Location of the Monmouth Property

            
	
              Figure
      9-1

            	
              Geological
      Setting of Monmouth Property

            
	
              Figure
      9-2

            	
              Property
      Geology

            
	
              Figure
      11-1

            	
              epresentative
      Cross Section 20+00E -Skarn Zone

            
	
              Figure
      12-1

            	
              Trench
      Location Map

            
	
              Figure
      12-2

            	
              Geophysical
      and Mapping Grid Base Map

            
	
              Figure
      13-3

            	
              2008
      Drilling Program- Drill Hole Collar Map

            
	
              Figure
      13-4

            	
              2008
      Drilling Program- Diamond Drill Cross Section 20+00E

            
	
              Figure
      19-1

            	
              Inferred
      Resource Section- 20+00E

            
	
              Figure
      19-2

            	
              Inferred
      Resource Plan Map

            


    

    


    


    
      
        
        

      

      
        P
3

        
          

        

      

      
        
        

      

    

    


    
      	
              LIST
      OF TABLES

            	 
      
	
              Table
      6-1

            	
              Monmouth
      Property- Mineral Claims

            
	
              Table
      13-1

            	
              Drill
      Hole Summary

            
	
              Table
      13-2

            	
              Summary
      of Assay Composites- 2008 Drill Program

            
	
              Table
      16-1

            	
              Summary
      of Verification Sampling Results

            
	
              Table
      19-1

            	
              Summary
      of Inferred Resources

            


    

    


    
      
        
           


        

        
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4

          
            

          

        

        
           


        

      

    

    


    SUMMARY

    


    PROPERTY
DESCRIPTION

    


    The
Monmouth property consists of 12 unsurveyed contiguous mineral
claims

    comprising
1136 ha. The unpatented mining claims are located in Monmouth

    Township
in the County of Haliburton in South Central Ontario. Two of the

    claims
have existing surface rights ownership with the remaining 10 claims

    being
staked on Crown lands with no surface rights or other alienations.

    


    The
mining claims are summarized below.

    


    Monmouth
Property- Mineral Claims

    
 

    
      
        	
                Claim
      No.

              	
                Area

                (Ha)

              	
                Holder

              	
                Recording

                Date

              	
                Due

                Date

              
	
                SO
      4211944

              	
                64

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4211945

              	
                16

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4211946

              	
                32

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4211947

              	
                128

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4220039

              	
                64

              	
                Bancroft

              	
                2007-05-29

              	
                2009-05-29

              
	
                SO
      4211948

              	
                192

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4220037

              	
                32

              	
                Bancroft

              	
                2009-05-29

              	
                2009-05-29

              
	
                SO
      4220038

              	
                64

              	
                Bancroft

              	
                2009-05-29

              	
                2009-05-29

              
	
                SO
      4220034

              	
                32

              	
                Bancroft

              	
                2009-05-29

              	
                2009-05-29

              
	
                SO
      4211949

              	
                192

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4220036

              	
                64

              	
                Bancroft

              	
                2007-05-29

              	
                2009-05-29

              
	
                SO
      4220033

              	
                80

              	
                Bancroft

              	
                2007-05-29

              	
                2009-05-29

              
	
                SO
      4220035

              	
                176

              	
                Bancroft

              	
                2007-05-29

              	
                2009-05-29

              


      




    LOCATION

    


    The
Monmouth Property is located approximately 150 kilometres northeast
of

    Toronto,
Ontario. The town of Bancroft with a population of 3,500 is
situated

    40
kilometres east of the property. Access to the claim block is via the
all

    weather
provincial highway 503 which traverses the north boundary of the

    property.
Several bush roads leading off of highway 503 afford internal

    access
routes.

    


    


    
      
        
           


        

        
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5

          
            

          

        

        
           


        

      

    

    


    OWNERSHIP

    


    Bancroft
Uranium Inc. formed a Canadian subsidiary, 2146281 Ontario Inc., in

    August
2007 for the purpose of exploiting three mineral properties in
Ontario,

    Canada.
Through our subsidiary, Bancroft controls an extensive regional

    resource
totaling over 9,000 acres of mineral claims in Ontario, Canada that

    are
prospective for uranium. 2,800 acres are currently held under
mining

    claim
and are being explored at the Monmouth Project.

    


    GEOLOGY
& MINERALIZATION

    


    The
Monmouth claim block lies within the Bancroft Terrane, which is
located

    in
the western part of the Grenville Province of the Canadian Shield.

    


    The
property is underlain by Proterozoic age carbonate metasediments

    which
occupy roughly 30% of the northern half of the block and several

    bodies
of mafic and mafic alkalic intrusive rocks which occupy most of the

    southern
half of the block.

    


    The
calcitic marbles are invaded by several north by northeast
striking,

    sinuous
intrusive felsic bodies in addition to much smaller bodies of
similarly

    oriented
quartz-alkali feldspar pegmatite. Narrow lenses of

    quartzofeldspathic
and variably amphibolitic clastic sedimentary rocks are

    also
present in the northern parts of the claim block.

    


    The
Monmouth uranium deposit can best be characterized using a

    metasomatic
or contact metamorphic model such as Satterly (1957) has

    described
under his category of “metasomatic deposit(s) in marble”. The

    metasomatic
model requires source rocks, commonly hydrous intermediate

    to
felsic-intermediate compositions and receptive host rocks. The best
host

    rocks
are carbonate sediments, being relatively soluble and highly
reactive

    to
hydrothermal solutions. Both of these components occur at the
Monmouth

    Property.
Uranium mineralization occurs in a relatively flat lying, east

    dipping,
roughly NE-SW striking zone of bright orange coloured calcite

    bearing
diopside skarn. Millimetre scale, subhedral, earthy black grains of

    uraninite
are visible in diamond drill core and trenches along with biotite,

    phlogopite,
tremolite and small amounts of pyrite, pyrrhotite and

    molybdenite.

    


    The
mineralization has been tested for approximately 1200 feet along
strike

    and
750 feet down dip and is open on both dimensions.

    


    


    
      
        
           


        

        
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    EXPLORATION
CONCEPT

    


    The
intent was to focus on areas in and around the historical drill
results

    from
the Northern Nuclear 1969 program in order to bring data into N.I.
43-

    101
compliance. In addition, the drilling was designed to extend the
known

    strike
length and dip extent of the skarn that hosts the uranium

    mineralization,
with the aim of expanding the historically estimated

    potential.

    


    STATUS
OF EXPLORATION

    


    Diamond
drilling on the Monmouth Property began on February 25th, 2008

    and
was completed by April 14, 2008. Twelve cross sections oriented at

    110/2900 true were drilled along a
strike length of some 1200 feet. The

    drilling
investigated uranium bearing mineralization from several surface

    expressions
(trenches) downdip to the southeast for a distance of about 750

    feet.
52 NQ sized holes totaling 12,020 feet were completed.

    


    A
surface exploration program at Monmouth commenced in May of 2007
that

    was
designed to confirm and follow up on historical work. The 2007 work

    program
involved radiometric prospecting, mechanical trenching and

    sampling
and limited, property wide geological mapping along a cut line
grid.

    


    The
uranium bearing skarn has been traced for over 6,000 feet; detailed
work

    was
focused within a 1,500 foot long strike length.

    An
Inferred Resource Estimate has been prepared from the drill program

    data.

    


    CONCLUSIONS

    


    1-Uranium
mineralization in a skarn package on the Monmouth Property as

    previously
explored by Northern Nuclear Mines Ltd. in 1969 has been located

    


    


    
      
        
           


        

        
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7

          
            

          

        

        
           


        

      

    

    


    2-
The 2008 drilling program has sampled the mineralization and
collected

    geological
information on a hole spacing of about 100 feet by 100 feet in both

    strike
and dip dimensions. This was adequate for the initial interpretation
of

    geology
and mineralization and the preparation of an inferred resource

    estimate.

    


    3-
Some uncertainty exists with respect to grade (also see 4 and 5 below).
A

    better
understanding of the structural geology and the impact of structure
on

    the
shape and size of mineralization would assist in further assessing
the

    grade
of the deposit. The visual character and distribution of uranium

    mineralization
suggests that the distribution of metal values may be

    somewhat
irregular in this deposit, that is, there may some outliers [nugget

    effect].
The grade from both surface data and drill holes remains unverified

    at
the date of this report.

    


    4-
A substantial difference in U3O8 grade exists between the two
resource

    estimates
(based on diamond drilling) presented herein. Northern Nuclear

    reports
a historical resource estimate of 2.0 MT at a grade of 0.045% (0.9

    lb/ton)
U3O8, based on 22 drill holes.
Bancroft Uranium has drilled 52 holes in

    the
same skarn zone. An inferred
resource of 1.4 MT at a grade of 0.5 lb/ton

    U3O8 has been estimated from this
drilling. The difference in grades may be

    attributed
to 1- a differing number and length of drill core samples taken and

    used
to estimate grade with, 2- differing methods of sample analysis, and
3-

    different
grade estimation methods, one of which is unknown.

    


    5-
A comparison of 12 Northern Nuclear drill holes with nearby Bancroft
holes

    shows
generally higher assay values were returned in similarly sampled
rock

    volumes
by the 1969 holes verses 2008 holes.

    


    6-
The historical data and the current Bancroft information suggest
that

    there
is potential to enlarge the area of known mineralization and
discover

    other
significant uranium mineralization on the property.

    


    


    
      
        
           


        

        
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8

          
            

          

        

        
           


        

      

    

    


    RECOMMENDATIONS

    


    A
concurrent program of surface exploration and a phase 2 drilling
program

    are
recommended. The program should continue to focus on and expand the

    known
mineralization in the skarn rocks but should also begin evaluation
of

    the
radioactive pegmatite occurrences throughout the property. An
overall

    budget
of $1.0 to 1.5 M is proposed for surface exploration, data
compilation,

    drilling,
bulk sampling and check assay work with the objective of generating

    a
database for a more rigorous resource estimate.

    


    A
phase 2 drilling program consisting of 50 to 60 drill holes
comprising

    approximately
10,000 to 15,000 feet should be completed with the objective

    of
verifying mineralogical continuity and tenor and expanding the
deposit.

    Fill-in
holes should be added within the limits of the 2008 program and

    additional
holes added both along strike and in both dip directions. A
drilling

    budget
of $800,000 (as part of the overall budget) is recommended.

    


    A
detailed structural interpretation should be completed within the

    mineralized
skarn zones to further understand geological controls on the

    mineralization.

    


    A
composite 50 to 100 ton bulk sample should be removed from the
skarn

    zone
for further metallurgical testing, verification of the tenor, and
the

    determination
of the specific gravity of the mineralization.

    


    A
rigorous check assay program should be completed to verify tenor
reported

    in
the 2008 drilling.

    


    A
study of the statistical distribution of the metal content in the
existing

    assay
database should be undertaken.

    


    Prospecting,
mapping and sampling in the remainder of the claim block

    should
be completed with an emphasis on a more detailed investigation of

    known
radioactive mineralization in pegmatites in addition to discovering

    new
radioactive occurrences of any type.

    


    Compilation
of the trench data should be undertaken and this information

    should
be projected onto the drill sections to assist in tenor evaluation
and

    mineralogical/structural
interpretation.

    


    
      
        
           


        

        
          P
9

          
            

          

        

        
           


        

      

    

    


    Compilation
of radiometric and mapping data collected in 2007 on a base

    map
should be undertaken.

    


    
      
        
           


        

        
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10

          
            

          

        

        
           


        

      

    

    


    INTRODUCTION AND TERMS OF
REFERENCE

    


    4.1
TERMS OF REFERENCE

    


    The
following technical report was prepared to document exploration
work

    (diamond
drilling), and provide an Inferred Resource of uranium

    mineralization
found at the Monmouth Property (the “Property” or “Project”).

    Bancroft
Uranium Inc. (“Bancroft”) has a 100% interest in the property.

    


    This
report was prepared by Clarence R. Marchand P.Eng (“CM”) at the

    request
of Mr. Les Hammond, President, Bancroft Uranium Inc. (“Bancroft”).

    Bancroft
is a Phoenix based resource company with its corporate office at:

    


    8655
East Via De Ventura, Suite G200

    Scottsdale,
Arizona

    85258

    


    Tel:
1-866-860-2995

    Email:
info@bancrofturanium.com

    


    This
report is considered to be current as of July 6, 2008.

    


    CM
carried out a study of the relevant portions of the available literature
and

    other
documented information concerning the project. Discussions were
held

    with
technical personnel from Bancroft regarding all pertinent details of
the

    project.
Readers are referred to data sources outlined in the “Sources of

    Information”
portion of this report. The author made a site visit to the

    property
on June 26, 2008

    


    The
current report has been prepared to provide an independent, NI
43-101

    compliant
report on the Monmouth Property. CM understands that this report

    may
be used in support of the Initial Public Offering of the Company on
the

    TXS
Exchange. The report may also be used to support further public
equity

    financings.

    


    4.2
SOURCES OF INFORMATION

    This
report is based in part on internal company technical reports and
maps,

    and
on published government reports and other public documents. These
are

    listed
in the “References” section 23.0 at the end of the report. Sections
from

    reports
authored by other consultants have been summarized and are

    referenced
where appropriate.

    


    
      
        
           


        

        
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    4.3
UNITS, CURRENCY AND GLOSSARY

    


    Both
metric and Imperial units are used in this report. Uranium assays

    returned
from diamond drilling and trench (channel) sampling are reported in

    pounds
per short ton (lb/ton). Canadian dollars (CDN$) are used in this
report

    unless
US dollars (US$) are specifically stated. The following Glossary of

    Terms
summarizes the meanings of terms used throughout this report.

    


    
      	
              “Bancroft”

            	
              means
      Bancroft Uranium Inc.

            
	
              “BIF”

            	
              means
      banded iron formation

            
	
              “$”
      and “CDN$”

            	
              means
      Canadian currency

            
	
              “CIM”

            	
              means
      the “Canadian Institute of Mining, Metallurgy and
    Petroleum.”

            
	
              “CSA”

            	
              means
      the Canadian Securities Administrators

            
	
              “Cameco”

            	
               means
      Cameco Corporation

            
	
              “CM”

            	
               means
      Clarence R. Marchand P.Eng

            
	
              “CMB”

            	
               means
      Central Metasedimentary Belt

            
	
              “cpy”

            	
               means
      chalcopyrite, a copper bearing sulphide mineral

            
	
              “DNC”

            	
               means
      Delayed Neutron Counting, a technique used to measure metal content by
      placing samples in a nuclear reactor and afterward measuring neutrons
      produced during fission of some of the U235 in the
  samples.

            
	
              “DDH”

            	
               means
      diamond drillhole

            
	
              “E”

            	
               means
      east

            
	
              “eln”

            	
               means
      elevation level

            
	
              “ft”

            	
               means
      feet

            
	
              “g/t”

            	
               means
      grams per tonne

            
	
              “ha”

            	
               means
      hectare

            
	
              “km”

            	
               means
      kilometer

            
	
              “lb/ton"

            	
               means
      pounds per short ton

            
	
              “m”

            	
               means
      metre

            
	
              “M”

            	
               means
      million

            


    

    


     

    


    
      
        
           


        

        
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              “MA”

            	
               means
      millions of years

            
	
              “Management”

            	
               means
      management of the Company

            
	
              “masl”

            	
               means
      metres above sea level

            
	
              “MNDM”

            	
               means
      Ontario Ministry of Northern Development and

            
	
              Mines

            	 
      
	
              “MT”

            	
               means
      millions of tons

            
	
              “N”

            	
               means
      north

            
	
              “NE”

            	
               means
      northeast

            
	
              “NI”

            	
               means
      National Instrument

            
	
              “NTS”

            	
               means
      National Topographic System

            
	
              “NW”

            	
               means
      northwest

            
	
              “Property”

            	
               means
      the Monmouth Property

            
	
              “ppm”

            	
               means
      parts per million

            
	
              “QP”

            	
               means
      Qualified Person

            
	
              “REE”

            	
               means
      rare earth element

            
	
              “S”

            	
               means
      south

            
	
              “SE”

            	
               means
      southeast

            
	
              “SCC”

            	
               means
      Standards Council of Canada

            
	
              “SW”

            	
               means
      southwest

            
	
              “Skarn”

            	
               means
      a metamorphosed limestone or dolomite often containing silicate and
      sulphide minerals

            
	
              “t”

            	
               means
      tonnes (metric measurement)

            
	
              “T”

            	
               means
      short tons (Imperial measurement)

            
	
              “T/d”

            	
               means
      tons per day

            
	
              “thermalized”

            	
               means
      moderated or slowed neutrons

            
	
              “True
      Thickness”

            	
               means
      the thickness of a geological unit measured at 90 degrees to its true
      dip

            
	
              “U”

            	
               means
      uranium

            
	
              “U3O8”

            	
               means
      natural uranium-uranium mine concentrates commonly expressed in
      pounds (lb)

            
	
              “US$”

            	
               means
      U.S. currency

            
	
              ”UTM”

            	
               means
      Universal Transverse Mercator

            
	
              ”VLF”

            	
               means
      very low frequency, a type of electromagnetic

            
	
              survey

            	 
      
	
              “W”

            	
               means
      west

            


    

    


    


    
      
        
           


        

        
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    5.0
RELIANCE ON OTHER EXPERTS

    


    CM
has assumed that all information and technical documents listed in
the

    Sources
of Information and References sections of this report are accurate

    and
complete in all material aspects. CM has carefully reviewed all
data

    made
available to us; however we cannot guarantee the accuracy and

    completeness
of this information. CM reserves the right, but will not be

    obligated
to revise this report and the conclusions therein if additional

    information
becomes known to us after the date of this report.

    


    A
draft copy of this report has been submitted to the client
(Bancroft)

    for
a review of any factual errors. CM has relied upon Bancroft’s
knowledge

    of
the property and the work. Statements and opinions expressed in
this

    report
are presented in good faith and in the belief that any such
statements

    are
not false and misleading at the date of the report.

    


    6.0
PROPERTY DESCRIPTION AND TENURE

    


    6.1
INTRODUCTION

    


    On
September 14, 2007, Bancroft Uranium, Inc. entered into a Share

    Purchase
Agreement with 2146281 Ontario Limited, a private Canadian

    corporation
with interests in three mineral properties in Ontario, Canada,

    that
included the Monmouth Uranium Project. The Agreement provided that

    the
Company would acquire 100% of the issued and outstanding shares of

    2146281
Ontario Limited, including thereby ownership of the mineral

    interests,
for payment of a 7% net mineral royalty and 1,250,000 shares of

    the
Company’s common stock. The mineral rights interests also require

    additional
cash payments which the Company will have to make.

    


    Our
Canadian subsidiary, 2146281 Ontario Inc., was formed in August,
2007

    for
the purpose of exploiting three mineral properties in Ontario,

    Canada.
Through our subsidiary, Bancroft controls an extensive regional

    resource
totaling over 9,000 acres of mineral claims in Ontario, Canada that

    are
prospective for uranium. 2,800 acres are currently held under
mining

    claims
and are being explored at the Monmouth Project.

    


    
      
        
           


        

        
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    2146281
Ontario Inc. had acquired the Monmouth claims from Yvon Gagne.

    Under
the terms of the agreement, the following claims were acquired:

    mining
claims representing 71 units in the Southern Ontario Mining
Division,

    Monmouth
Township, Ontario, Canada

    


    4211944
(4 units) – lot 5 con 7 and lot 6 con 7

    


    4211945
(1 unit) – lot 7 con 7 (South 1⁄2)

    


    4211946
(2 units) – lot 8 con 7

    


    4211947
(8 units) – lots 5, 6, 7 and 8 con 6

    


    4211948
(12 units) – lots 3, 4, 5, 6, 7 and 8 con 5

    


    4211949
(12 units) – lots 3, 4, 5, 6, 7 and 8 con 4

    


    4220033
(5 units) – Lots 3, 4, West 1⁄2 of Lot 5, con 3

    


    4220034
(2 units) – all of Lot 2, con 4

    


    4220035
(11 units) – East 1⁄2 of Lot 5, Lots 6, 7, 8, 9, 10, con 3

    


    4220036
(4 units) – Lots 9, 10, con 4

    


    4220037
(2 units) – Lot 9, con 5

    


    4220038
(4 units) – Lots 11, 12, con 5

    


    4220039
(4 units) – Lots 9, 10, con 6

    


    The
claims were transferred to 2146281 Ontario upon Gagne’s receipt of

    500,000
common shares. Within thirty days following the delivery of the

    common
stock, Gagne provided 2146281 Ontario with executed transfers of

    an
undivided hundred (100%) percent interest in the Claims to 2146281

    Ontario
and Bancroft Uranium Inc. to legally record the transfers. The
project

    is
subject to a 3% NMR (Net Mineral Royalty) that may be partially
purchased

    by
2146281 Ontario at any time (as to 50% thereof - leaving Gagne with
an

    NMR
equal to 1.5%) by 2146281 Ontario paying to Gagne $1,500,000.

    


    The
project is subject to cash payments of $5,000 which was paid upon

    signing
of the term sheet subject to 60 day due diligence, $15,000 which
was

    paid
to Gagne on or before May 14, 2007, $40,000 was paid to Gagne on
May

    14,
2008; $60,000 will be paid to Gagne by no later than May 14, 2009;
and

    $80,000
will be paid to Gagne by no later than May 14, 2010.

    


    
      
        
           


        

        
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    6.2
MONMOUTH PROPERTY DESCRIPTION

    


    The
Monmouth property consists of 12 unsurveyed contiguous mineral
claims

    comprising
1136 ha (71 units). The unpatented mining claims are located in

    Monmouth
Township in the County of Haliburton in South Central Ontario.

    Two
of the claims have existing surface rights ownership with the
remaining

    10
claims being staked on Crown lands with no surface rights or other

    alienations.

    


    The
focus of work performed by Bancroft is a mineralized skarn package

    located
in the northeast corner of the property on claims SO4211944 and

    SO4211947.

    


    The
mining claims are summarized in Table 6-1 and a view of the claim
block

    with
the Skarn Zone location is presented in Figure 6-1.

    


    All
claims are in good standing at the time of this report.

    


    Table
6-1 Monmouth Property- Mineral Claims

     

    
      
        	
                Claim
      No.

              	
                Area

                (Ha)

              	
                Holder

              	
                Recording

                Date

              	
                Due

                Date

              
	
                SO
      4211944

              	
                64

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4211945

              	
                16

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4211946

              	
                32

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4211947

              	
                128

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4220039

              	
                64

              	
                Bancroft

              	
                2007-05-29

              	
                2009-05-29

              
	
                SO
      4211948

              	
                192

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4220037

              	
                32

              	
                Bancroft

              	
                2009-05-29

              	
                2009-05-29

              
	
                SO
      4220038

              	
                64

              	
                Bancroft

              	
                2009-05-29

              	
                2009-05-29

              
	
                SO
      4220034

              	
                32

              	
                Bancroft

              	
                2009-05-29

              	
                2009-05-29

              
	
                SO
      4211949

              	
                192

              	
                Bancroft

              	
                2007-01-12

              	
                2009-01-12

              
	
                SO
      4220036

              	
                64

              	
                Bancroft

              	
                2007-05-29

              	
                2009-05-29

              
	
                SO
      4220033

              	
                80

              	
                Bancroft

              	
                2007-05-29

              	
                2009-05-29

              
	
                SO
      4220035

              	
                176

              	
                Bancroft

              	
                2007-05-29

              	
                2009-05-29

              


      

    

     

    


    
      
        
           


        

        
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    7.0
LOCATION, ACCESS, PHYSIOGRAPHY AND INFRASTRUCTURE

    


    7.1
LOCATION AND ACCESS

    


    The
Monmouth Property is located approximately 150 kilometres northeast
of

    Toronto,
Ontario. The town of Bancroft with a population of 3,500 is
situated

    40
kilometres east of the property. Access to the claim block is via the
all

    weather
provincial highway 503 which traverses the north boundary of the

    property.
Several bush roads leading off of 503 afford internal access
routes.

    See
Figure 7-1.

    


    7.2
PHYSIOGRAPHY

    


    The
Property covers an area of irregular, rolling topography (10-20
metre

    relief)
interspersed with more abrupt hilly or ridged terrain with locally 20
to

    50
metre relief. Irregular drainage feeds swamps and small ponds in the
low

    lying
areas. The Irondale River snakes across the central part of the
block

    from
east to west.

    


    The
property is entirely covered with mixed boreal forests. Areas at
higher

    elevations
are typically covered by deciduous species with mixed coniferous

    stands
occupying areas of lower elevation.

    


    7.3
INFRASTRUCTURE

    


    Two
small centers able to furnish basic exploration supplies are
Gooderham

    and
Wilberforce; these settlements are within 6 and 15 kilometres of
the

    property
respectively and easily accessible by Highway 503.

    


    The
larger town of Bancroft is an established community serving the
north

    central
Ontario region. Historically the Bancroft area has been the focus
of

    uranium
mining and related exploration activities since about 1929. This
will

    facilitate
any future development of the Property. Several provincial

    highways
converge at Bancroft allowing good access to southerly facilities

    and
markets.

    


    Cameco’s
uranium processing facility is located some 105 kilometres south

    of
the property at Port Hope on Lake Ontario.

    


    


    
      
        
           


        

        
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    Electrical
power is available at the property through an exiting transmission

    line
following highway 503 and potentially via a small hydroelectric
plant

    located
on claim SO 4211497 on the Irondale River. This facility is
operated

    by
Devil’s Gap Power Corporation. It produces approximately 200,000 KWH
of

    power.

    


    8.0
HISTORY AND PREVIOUS EXPLORATION

    


    8.1
INTRODUCTION

    


    Portions
of this report summarize information that is historical in nature
and

    which
may contain terms or descriptions that may not reflect modern

    terminology
or that are unclear. Two examples are cited; 1- mineral resource

    or
reserve categories may not be appropriate under the current
regulatory

    regime,
and 2- the tenor of samples may be reported but it is not stated

    whether
the values are radiometrically or chemically derived. Nevertheless,

    the
data has been presented in its original form to preserve historical

    accuracy.
Readers should not relay on such information to be relevant or in

    keeping
with current practices.

    


    Any
resource estimates contained in this chapter are considered historical
in

    nature
and are based on prior data that cannot be verified. The work
needed

    to
verify the classification of any such estimates has not been done.

    Therefore
any such resource estimates cannot be treated as defined by NI

    43-101.
Such estimates should not be relied upon. There is no assurance
that

    any
such resources will ever become economically viable, either in whole
or

    in
part.

    


    8.2
EXPLORATION HISTORY

    


    A
number of exploration programs were conducted on portions of the
present

    Monmouth
claim block from 1954 through to 1982. The uranium prospect

    originally
explored by Wadasa Gold Mines and later by Northern Nuclear in

    1969
is the target of the current exploration program.

    


    Jesko Uranium Mines Ltd.
(1954)

    


    In
1954 to 1955, Jesko Uranium Mines held a block of 27 claims in

    Concessions
3 and 4, Lots 6 through 16 in southwest Monmouth Township.

    


    


    
      
        
           


        

        
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    Three
radioactive showings located on and northeast of Hadlington Lake

    were
investigated in 1954 by surface trenching and the completion of 13

    diamond
drill holes totaling 1998 feet. The number one showing located on

    the
north shore of Hadlington Lake was a lenticular leucogranite
pegmatite

    body
which was explored by opening three trenches. Geiger readings
varied

    between
4x and 10x background. Four grab samples taken from the showing

    averaged
0.108% U3O8. The number two showing was
located about 700 feet

    north
of the number 1 showing. A shoreline exposure of leucogranite

    pegmatite
was exposed for about 50 feet wide by about a 200 feet length.

    Five
shallow test pits were blasted into the pegmatite. Geiger readings
in

    three
pits were 4x background and in the remaining two about 6x

    background.
Four grab samples from the showing averaged 0.09% U3O8.

    Accessory
minerals encountered included magnetite, purple fluorite, allanite

    and
uranothorite. The number three showing was located 31 chains at N200E

    from
the number two showing at Hadlington Lake. A dyke or sill of

    leucogranite
pegmatite striking at about N300E was explored by
opening

    three
trenches and a number of small pits over about 450 feet of strike

    length.
The body is exposed for 50 to 90 feet and intruded biotite or

    hornblende
gneisses. Abundant magnetite and accessory zircon, uranothorite

    and
uraninite were noted. Geiger readings were typically 5x to 12x with
rare

    spot
readings of 18x where magnetite was more abundant. Eleven grab

    samples
taken at 25 to 50 foot intervals from freshly blasted pits over a

    length
of 200 feet returned an average of 0.198% U3O8. These samples
came

    from
the north part of the showing. Three grab samples taken over 250
feet

    from
the southern part of the showing returned an average of 0.05% U3O8.

    (Satterly,
1957)

    


    Wadasa Gold Mines Ltd.
(1954)

    


    Wadasa
Gold Mines Ltd., held 22 claims in Monmouth Township. In 1954 a

    uranium
showing in Lot 5, Con 6 was explored by trenching and drilling.

    Seven
diamond drill holes were completed totaling 1813 feet. One trench

    was
opened for 195 feet exposing granitic pegmatite on which geiger

    readings
averaged 4x background and micaceous marble which returned

    average
readings of 17x background. An 80 lb bulk sample taken over a

    length
of 35 feet from this trench assayed 0.14% U3O8. Six drill holes
tested

    the
main exposure and of these, 3 cut ore grade material over mineable

    widths.
The seventh drill hole tested another zone beneath overburden some

    100
feet northwest of the main zone and returned six feet assaying
0.011%

    U3O8 (radiometric). Three
additional pits were opened late in 1954 and

    sampled;
these returned radiometric assays ranging from 0.002 to 0.163%

    U3O8. (Satterly, 1957)

    


    


    
      
        
           


        

        
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    Urotomic Mines Ltd.
(1955)

    


    Urotomic
Mines Ltd. completed two diamond drill holes totaling 723 feet in

    the
south 1⁄2 of Con 5, Lot 12 of Monmouth Township. The first drill-hole
log

    indicates
the hole cut a sequence of pegmatite, skarn and then sediments.

    The
second log reports the hole having cut biotite schist and then skarn.
No

    radiometric
or chemical assay data is recorded. (Barton, 1955)

    


    D.C. McKechnie
(1955)

    


    D.C.
McKechnie records having drilled three -900 diamond drill holes
totaling

    91
feet in the S 1⁄2 of Concession 6, Lot 10, Monmouth Township in
September

    of
1955. The three holes intersected skarn. No radiometric or chemical
assay

    data
is recorded. (McKechnie, 1955)

    


    Fairley Red Lake Gold Mines
Ltd. (1956)

    


    Fairley
Red Lake Gold Mines held 11 claims in the southwest part of

    Monmouth
Township. Work was conducted on a radioactive leucogranite

    body
in the north half of Con 3, Lot 4 cutting amphibolite. A
scintillometer

    survey,
seven packsack holes totaling 483 feet and a 20 foot long trench
was

    completed
at this showing. The granitic body is known to be 200 feet wide

    and
was traced for 800 feet to the northeast. In the trench, geiger
readings

    were
20-30x background with lows of 10x-14x background in the leached

    zone
near surface. Erratic spot highs on the granite ranged between 2x
and

    7x
background. (Satterly, 1957)

    


    Northern Nuclear Mines Ltd.
(1969)

    


    Northern
Nuclear Mines Ltd. acquired 15 claims in Monmouth Township. Of

    interest
was a uranium occurrence in the N 1⁄2 of Lot 5, Con 6. In 1969 a

    drilling
program comprising 11,139 feet in 48 diamond drill holes was

    completed.
In addition an open cut some 40 feet long by 12 feet wide by 14

    feet
high at the face was excavated and 10 tons of material was shipped
to

    Lakefield
Research of Canada Ltd. for metallurgical testing. A considerable

    amount
of high grade material was encountered in the cut. The open cut and

    45
of the drill holes tested a zone of radioactive micaceous skarn
(A-Zone),

    while
the remaining 3 holes intersected a granitic pegmatite horizon.

    


    


    
      
        
           


        

        
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    Significant
assays were intersected in drill holes over a strike length of
1,600

    feet.
An average assay thickness of the skarn zone was established at 25

    feet.
The A-Zone was estimated to contain 2,000,000 tons of material at
an

    overall
average grade of 0.045% (0.9 lb) U3O8 from 22 holes. Both
chemical

    and
radiometric methods were used to establish this grade. (See Appendix
2

    for
Northern Nuclear Log Summary)

    


    Preliminary
metallurgical testing using gravity separation techniques yielded

    an
81.3% recovery of uranium oxide from a concentrate weighing 3.3% of
the

    feed.
(Evans, 1968, 1969, Scobie, 1969)

    


    Imperial Oil Ltd.
(1975)

    


    Imperial
Oil held claims in Con 5, Lots 3-8 and Con 6, Lots 9 and 10 in

    Monmouth
Township. Radiometric surveys and geological mapping was

    conducted
in 1973 and 1975 respectively on these claims. 35 miles of

    traverse
was completed. Radioactive granitic and syenitic pegmatites were

    found
intruding syenite gneiss, marble and nepheline gneiss. Assessment

    maps
show spotty anomalies in gabbroic rocks and a larger pegmatite body

    in
the eastern portion of the claim block. (Hasan 1974, Farstad 1975)

    


    Western Mines Ltd.
(1979)

    


    Western
Mining commissioned Kenting Earth Sciences Ltd. of Ottawa,

    Ontario
in July, 1979 to complete an airborne geophysical survey over the

    west
half of Monmouth Township. Radiometric, magnetic and VLF surveys

    were
completed along 255 line miles. Eight significant radiometric
anomalies

    were
detected; the report’s author suggested that these features were

    targets
already known from earlier work. The magnetic survey highlighted

    more
strongly magnetic rocks in the southern part of the survey area,
which

    corresponds
to mafic lithologies in that area. The VLF survey picked out

    existing
power lines on the claim block. (Stemp, 1979)

    


    
      
        
           


        

        
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    Gaslight Petroleum Ltd.
(1982)

    


    Gaslight
Petroleum Ltd. held 71 claims in Monmouth Township in

    Concessions
3 through 6, covering part Lots 2 through 13. Mapping,

    radiometric
surveys and geochemical surveys were completed. Eight

    anomalous
zones were reported. (Gledhill, 1982)

    


    9.0
GEOLOGICAL SETTING

    


    9.1
REGIONAL GEOLOGY

    


    The
Monmouth Property is located within the Grenville Province of the

    Canadian
Shield. The Grenville is a complex orogenic zone of Proterozoic

    age
(circa 1.1 billion years)
which is thought to truncate several older

    geologic
provinces.

    


    Within
the Grenville are found several belts or structural/metamorphic
zones

    of
rocks; the Central Metasedimentary Belt is the regional host of the

    Property.
This belt has been described as an accumulation of supracrustal

    rocks,
intruded by a range of plutonic phases, diverse in composition and
of

    syntectonic
and post tectonic ages. The package has been deformed and

    metamorphosed
to grades between greenschist and granulite facies.

    


    Within
the CMB are a number of terranes; hosting the Monmouth claim block

    is
the Bancroft Terrane. This region of calcitic and dolomitic marbles
and

    minor
siliceous, clastic and volcaniclastic sediments is cut by plutonic

    tonalite-granodiorite
and gabbro-diorite-syenite-granite complexes. Syenitic

    and
nepheline syenite rocks and metasomatic phases (skarns, pegmatites)

    are
also present. The rocks in the Bancroft terrane are often
metamorphosed

    to
upper amphibolites facies grade.

    


    Structurally
the CMB is complex. Numerous large scale structural breaks

    have
been mapped as fault zones (Masson, 1982a,b) and these features
have

    in
turn been used to help subdivide the CMB into various terranes.
Late

    tectonic
structures or high strain zones are thought to be the loci for

    emplacement
of granitic pegmatites. As well, there is probably some

    association
of pegmatite intrusion with sheared and low angle faulted marble

    contacts
(Bright, 1980; van der Pluijm and Carlson, 1989; Carlson et al., 1990;

    Lentz,
1992).

    


    
      
        
           


        

        
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    9.2
PROPERTY GEOLOGY

    


    The
Monmouth claim block lies within the Bancroft Terrane, which is
located

    in
the western part of the Central Metasedimentary Belt. (see Figure
9-1)

    


    The
property is underlain by carbonate metasediments which occupy
roughly

    30%
of the northern half of the block and several bodies of mafic and
mafic

    alkalic
intrusive rocks which occupy most of the southern half of the
block.

    


    The
calcitic marbles are invaded by several north by northeast
striking,

    sinuous
bodies of alaskite (circa
1250-1240 Ma) alkalic syenite and nepheline

    syenite
( circa <1290>1250
Ma) in addition to much smaller bodies of

    similarly
oriented quartz-alkali feldspar pegmatite. The pegmatites are

    thought
to be related to a late fenite-carbonatite suite (circa 1070-1040
Ma).

    Narrow
lenses of quartzofeldspathic and variably amphibolitic clastic

    sedimentary
rocks are also present in the northern parts of the claim block.

    (Lumbers
and Vertolli, 2000).

    


    Mafic
rocks to the south consist of gabbros and diorites; these are cut
by

    pegmatite
dykes and small swarms of the same and relatively narrow and

    irregular
bodies of alkali syenite. Narrow irregular bands of calcitic marble

    are
also present towards the southern claim boundary, although in small

    volumes
as compared to the north part of the block (Lumbers and Vertolli,

    2000).

    


    The
Monmouth deposit is located in a skarn zone within calcitic marbles

    which
are sandwiched between a pear-shaped body of alaskite and a more

    linear,
northeast striking area of alkali syenite in the extreme northwest

    corner
of the claimblock. Metre scale, northeast striking exposures of red
to

    pink
granitic pegmatite are present in the immediate area also. (see Figure
9-

    2).

    


    10.0
DEPOSIT TYPES

    


    10.1
URANIUM DEPOSITS IN THE BANCROFT AREA.

    


    The
uranium occurrences in the Bancroft area can be subdivided into
three

    main
types as presented by Satterly (1957); these include 1) deposits in

    granitic
pegmatites, 2) metasomatic skarn deposits and 3) hydrothermal vein

    


    


    deposits.
Later researchers have retained this classification and
investigated

    the
close spatial relationship between the three types of deposits.

    


    
      
        
           


        

        
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    A
number of hypotheses for the origin of the deposits have been
proposed.

    These
include ideas ranging from primary igneous (carbonatite)

    sources(Spence,
1929; Heinrich, 1966) to crustal anatexis (Allen, 1971;

    Tremblay,
1974; Ford, 1982, 1983) to hydrothermal replacement (Storey and

    Vos,
1981) or metamorphic or magmatic hydrothermal processes (Hewitt,

    1967;
Nishimori et al., 1977;
Fowler, 1980; Storey and Vos, 1982; Fowler and

    Doig,
1983a and b; Shaw, 1958; Vokes, 1963; Karvinen, 1973; Carter et al .,

    1979;
Masson and Gordon, 1981; Currie, 1951; Satterly, 1957; Lang et al.,

    1962;
Kreczmer, 1974; Rowe, 1952; Wilson, 1924; and Powell, 1965). The

    deposits
generally have a spatial relationship with marbles in the Central

    Metasedimentary
Belt and occur in rocks of upper amphibolite facies

    metamorphic
grade (Lentz, 1992).

    


    Important
mineralogical associations with uranium in these deposits include

    molybdenum,
apatite, biotite, calcite, fluorite, REE and Ca pyroxene. Other

    accessory
minerals may include pyrite, pyrrhotite, magnetite and feldspar.

    


    Uranium
was first discovered in the Wilberforce area in 1922 during

    exploration
for radium. The Richardson (Fission) fluorite-apatite-calcite vein

    was
found to contain uraninite (Ellsworth, 1932). In the mid 1950’s a
number

    of
pegmatite, skarn and vein type deposits were discovered and some
were

    developed
into small operations. Several of the uranium-pegmatite

    occurrences
went into production in the mid 1950’s but had short production

    runs. Robertson (1978, 1981) reports a
total production of 5500 tons of U3O8

    at
a grade of 0.17% U3O8 from these deposits. Most
significant was the

    Faraday
(pegmatite) mine which was opened again in 1975 (Madawaska

    Mine)
and remained in production until 1981 (Masson and Gordon, 1981).
The

    deposit contained 5,260,000 tonnes at a
grade of about 0.10% U3O8

    (Alexander,
1986).

    


    10.2
DEPOSIT MODEL

    


    The
Monmouth uranium deposit can best be characterized using a

    metasomatic
or contact metamorphic model such as Satterly (1957) has

    described
under his category of “metasomatic deposit(s) in marble”.

    


    
      
        
           


        

        
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    The
metasomatic model requires source rocks, commonly hydrous

    intermediate
to felsic-intermediate compositions and receptive host rocks.

    The
best host rocks are carbonate sediments, being relatively soluble
and

    highly
reactive to hydrothermal solutions. Both of these components occur
at

    the
Monmouth Property.

    


    Historical
exploration on the site (trenching and drilling) has found uranium

    mineralization
in both altered carbonate metasediments and in granitic

    pegmatite
bodies intimately associated with the marbles.

    


    Other
discreet felsic bodies (pegmatitic and otherwise) in the vicinity of
the

    prospect
are also variably radioactive; this suggests that models describing

    uranium
bearing felsic intrusive rocks should also be applied when
exploring

    the
property.

    


    The
current exploration program is the first phase of 43-101 compliant

    investigation
of a known uranium bearing skarn or marble package. The

    intent
has been to re-evaluate the known mineralization and apply any new

    knowledge
gained to help expand the deposit and find new similar deposits

    on
the property using both metasomatic and intrusive models.

    


    11.0
MINERALIZATION

    


    11.1
INTRODUCTION

    


    The
Monmouth deposit is located in the northwest corner of the
claimblock

    in
calcitic marbles which are sandwiched between a pear-shaped body of

    alaskite
and a more linear, northeast striking area of alkali syenite in the

    extreme
northwest corner of the claimblock. The zone explored by Northern

    Nuclear
in 1969 is exposed on surface in several trenches and old cuts on a

    roughly
north-south striking ridge.

    


    Uranium
mineralization occurs in a relatively flat lying, east dipping,
roughly

    NE-SW
striking zone of bright orange coloured calcite bearing diopside
skarn.

    Millimetre
scale, subhedral, earthy black grains of uraninite are visible in

    diamond
drill core and trenches along with biotite, phlogopite, tremolite
and

    small
amounts of pyrite and molybdenite. Figure 11-1 illustrates a
typical

    cross
section.

    


    


    
      
        
           


        

        
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    11.2
HOST ROCKS

    


    11.2.1
ROCK TYPES

    


    The
Monmouth deposit is hosted in a pale grey-green medium to coarse

    grained
calcitic marble sequence which is variably altered with diopside,

    tremolite,
biotite and salmon orange colored calcite. Intercalated and/or

    interbedded
with the primary carbonate metasediment are occasional foot

    scale
thick layers/beds of fine grained sandy carbonate and slightly
thicker

    and
more abundant dark grey to pale purplish very fine grained and
siliceous

    layers
of variably magnetic sediment interpreted as oxide facies BIF.
Other

    thin
beds of non-magnetic, fine grained, arenaceous sediments are also

    present.

    


    Stratigraphically
above the grey-green uraniferous skarn is present a pale

    bone
white, fine to medium grained weakly siliceous calcitic carbonate
rock

    logged
as “porcelaineous skarn”. This phase is exposed via drilling in a
down

    dip
direction only and does not host any significant mineralization
(including

    diopside,
orange calcite or uranium minerals), nor has it been found in

    outcrop
to date.

    


    The
BIF and other detrital units are found in many drillholes and may
be

    usable
as marker horizons. The distribution of these rocks along with the

    orientation
of the contact between the grey-green diopside skarn package

    and
the overlying “porcelaineous skarn” suggests the primary

    metasedimentary
stratigraphy may be striking at approximately 0200 true

    and
dipping approximately 20-300
to the east.

    


    Intruding
the skarn are a number of thin (sub-foot apparent thickness) fine

    grained
mafic and felsic dykes. These rocks commonly cut drill core at high

    core
angles although not exclusively. The mafic phases are typically
very

    fine
grained, and often altered with chlorite, amphibole?, serpentine and
very

    fine
calcite. Very common is the development of biotitic alteration halos
or

    rinds
along dyke margins. These rocks are variably magnetic; responses
are

    weak
with the pen magnet. Small amounts of fine pyrite and pyrrhotite
are

    present
in many of these rocks.

    


    


    
      
        
           


        

        
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    Felsic
dykes or zones vary in grain size from pegmatitic (granitic) to
medium

    grained,
looking very much like the footwall alaskite, to very fine grained,

    with
a microcrystalline aspect. They vary in colour from pale pink to grey
to

    almost
brownish. Typically these rocks are very hard (silicified) and
variably

    mineralized
with fine subhedral pyrite and pyrrhotite. Some portions of these

    rocks
are weakly hematized where silicification appears more intense.

    


    Below
the carbonate package, a pale pink to reddish toned, medium to

    medium
coarse grained granitic (alaskite) rock forms the footwall. These

    rocks
are in sharp contact with the overlying skarn and consist of

    predominantly
feldspar and slightly finer interstitial quartz with no

    appreciable
primary mafics. The rocks are weakly magnetic in some

    examples
and slightly pyritic, becoming slightly more so where weak

    silicification
and hematization has occurred.

    


    Portions
of the alaskite are more pegmatitic and appear similar to

    pegmatites
described cutting the skarn rocks above.

    


    11.2.2
ALTERATION AND VEINING

    


    The
carbonate rocks are variably altered with coarse crystalline pale
green

    subhedral
diopside throughout with the exception of the overlying

    “porcelaineous
skarn” unit.

    


    Variable
amounts of biotite, phlogopite, muscovite, tremolite, apatite, and

    zircon?
also occur as fine speckling throughout the grayish to off white

    coarse
calcitic hosting matrix. These minerals are interpreted to have

    overprinted
or been added to an earlier diopside-calcite assemblage.

    


    Heavier
bands, layers, patches or marginal rinds of the micas occur as

    discreet
features, or sometimes associated with shears or faults, or as

    alteration
halos surrounding mafic dyke rocks.

    


    Dark
grey, wispy and flamey quartz stringers and inch scale high angle
veins

    and
swarms of the same crosscut many parts of the skarn package
although

    they
are more common in the upper portion of the sequence in the
diopside

    skarn.
These veins are often barren but not exclusively so; small amounts
of

    pyrite
and pyrrhotite may be present.

    


    


    
      
        
           


        

        
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    Very
fine siliceous microfractures are visible in many of the felsic
lithologies.

    Calcite
“veining” is slightly more ambiguous; salmon orange to pale orange

    to
pale yellow calcite to pale pink calcite has invaded much of the
skarn

    package.
Associated with it is fine grained uraninite, pyrite, pyrrhotite
and

    minor
magnetite along with variable amounts of tremolite and mica as fine

    speckling.
The orange or “salmon” calcite is generally fairly coarse grained

    and
although “patchy” describes its texture, there is a sense that the
fluid

    originally
crosscut the host carbonate at high core angles. Orange calcite is

    variable
in its coverage; if these are indeed veins per se, then they may be

    several
feet wide in many instances. Pink calcite veins, in contrast are

    generally
much thinner (less than a foot wide), are finer grained and appear

    much
more like fracture-fillings, again at very high core angles.

    


    Other
examples of calcite alteration (both orange and pink varieties)
appear

    more
like a weak pervasive background wash.

    


    Chlorite,
serpentine and amphibole(?) are found in and around mafic dykes

    and
as interstitial infillings in what are interpreted as healed breccias
zones.

    Chlorite
has overprinted portions of skarn material presenting a dark grass

    green,
somewhat finer grained rock with a patchy texture. Very fine, high

    angle
fracture-fillings of serpentine are more common lower in the skarn

    system.

    


    Very
fine chlorite is typical in many of the felsic dykes, often defining
a

    subtle
foliation, or occurring as an interstitial alteration product in
the

    groundmass.

    


    Patchy,
watery grey to almost colourless, generally barren quartz and
calcite

    are
not common, but do occur.

    


    Weak
hematite alteration occurs in association with local pervasive

    silicification
in many of the felsic rocks.

    


    Pyrite
and pyrrhotite are common throughout the skarn system. Fine (mm

    scale)
anhedral grains are sprinkled throughout the carbonate groundmass,

    with
larger subhedral plates forming in close associations in and around

    veining,
dyke contacts and in brecciated zones. Pyrrhotite is often slightly

    more
abundant. Pyrite is sometimes closely associated with magnetic
grains.

    Traces
of chalcopyrite have been identified, normally in association with

    higher
concentrations of pyrite and pyrrhotite.

    


    
      
        
           


        

        
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    Very
fine magnetite, hematite and pyrrhotite occur in fine grained
laminated

    sediments
lower in the skarn sequence.

    


    Molybdenite
occurs as fine blades or blebs, most commonly in the pale

    green,
diopside skarn, higher in the skarn sequence.

    


    11.2.3
STRUCTURE

    


    A
subtle high angle [to the core axis] foliation, or layering or
banding

    permeates
much of the skarn system. In general this fabric becomes more

    pronounced
approaching the footwall alaskite; increasing amounts of aligned

    chlorites
and micas are typical.

    


    Felsic
dykes and the footwall alaskite are similarly foliated; both
contain

    very
fine chlorite metacrysts lying at moderate to high core angles.

    


    Portions
of the skarn, again more so approaching the alaskite are locally

    brecciated
and healed with serpentine, calcite and quartz. Many of the

    pegmatite
units logged throughout the skarn system appear to be coarsely

    brecciated
and recemented with a siliceous, slightly hematitic fluid. Very

    fine
siliceous microfractures overprint these often fuzzy textures in
turn.

    


    Late
faults, typically slightly gougy or sandy crosscut all portions of
the

    skarn
package and the mafic and felsic dykes. These features are thought
to

    post
date the orange calcitic alteration and its associated uranium

    mineralization.

    


    The
faulting lies at moderate to high core angles with the vast
majority

    logged
at high angles.

    


    11.3
URANIUM MINERALISATION AND MINERALOGY

    


    Earthy,
black, millimeter scaled subhedral uraninite was the only uranium

    mineral
identified in hand specimen in the core. The uraninite occurred in

    several
environments.

    


    Of
greatest importance is the association of fine uraninite and zones of
pale

    orange
to more intense salmon toned calcite veining/alteration. Individual

    grains
or groups of grains were observed randomly throughout these

    alteration
zones. The greatest intensity of orange colour in the calcite

    alteration
coupled with slightly greater amounts of pyrite, pyrrhotite, mica

    and
tremolite often correlated well with U tenor in these zones.
Uraninite

    grains
varied from 1-2 mm to 4-5 mm and exhibited diffuse, rather fuzzy
grain

    boundaries.
The widest intervals and the highest tenor of uranium assays

    were
normally found in this environment.

    


    
      
        
           


        

        
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    Other
less common occurrences of visible uraninite were located lower in

    the
skarn system both with and without orange or pink calcite

    alteration/veining.
Often felsic dykes were nearby.

    


    A
very few relatively coarser grains of uraninite were found in the pale
green,

    diopside
and calcite skarn at the top of the skarn sequence. These rare

    occurrences
were lacking in calcite veining/alteration and any significant

    sulphide
or micaceous alteration.

    


    One
area in a granitic pegmatite with a strong radioactive response
carried

    very
fine grains of a black mineral, possibly uraninite.

    


    Radioactive
zones without visible uraninite were associated with felsic

    intrusive
rocks, both fine grained and pegmatitic varieties and zones of

    biotitic
alteration both as discreet layers or bands or where biotite and

    phlogopite
formed alteration halos against other rocks, often mafic or felsic

    dykes.

    


    12.0
EXPLORATION

    


    12.1
OVERVIEW OF SURFACE EXPLORATION

    


    A
surface exploration program at Monmouth commenced in May of 2007
that

    was
designed to confirm and follow up on historical work. The 2007 work

    program
involved radiometric prospecting and hand trenching followed by

    mechanical
trenching with a back hoe and washing of surface outcrops with

    diamond
saw channel sampling to test maximum surface exposures.

    


    Work
also included limited, property wide geological mapping along a cut
line

    grid.
The line grid was cut on 100 metre centers and totals in excess of
160

    kilometres.
The grid was prospected by crews using radiometric survey tools

    as
in hand held scintillometers. The uranium bearing skarn has been
traced

    for
over 6,000 feet; detailed work was focused within a 1,500 foot long
strike

    length.

    


    
      
        
           


        

        
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    Trenching
began with hand tools and where warranted, a backhoe was

    utilized
to further expose bedrock. Crews used hand pumps to wash

    outcroppings
and trenches prior to sampling. A diamond hand saw was used

    to
cut 1-2 inch deep channel samples over intervals that did not exceed
5

    feet.
Samples were bagged and tagged and submitted for chemical analysis.

    


    12.2
TRENCH SAMPLING

    


    At
the time this report was prepared, only limited detailed trench
information

    was
made available to the author for inclusion into this report as
Bancroft

    was
still assembling this data at the time. A few highlights of the
channel

    sampling
are included, as are the sizes and locations of the trenches.

    


    Trenches
are located as follows: T7- L21+90E to L22+90E, T24- L21+90E, T6-

    L21+70E,
T23- L20+90E, T25- 19+40E, T10- L17+20E, T11- L17+20E, T12-

    L17+00E,
T13- L16+90E, T14 to 17-L16+00E and T18- 14+30E. (See Fig 12-1)

    


    A
stripped area of approximately 6,700 square feet, in a total of 14
trenches

    was
exposed over a strike length of 860 feet. Black, earthy subhedral

    crystalline
uraninite grains up to a 1⁄2 inch across occurred within the

    trenched
skarn zone.

    


    At
Trench location T-17, detailed channel saw sampling returned grades
of

    0.158%
U3O8 over 10 meters or 3.16 lbs/ton
U3O8 over 32.8 feet. This
includes

    an
interval of 0.31% U3O8 over 5 meters or 6.2 lbs/ton
U3O8 over 16.4 feet.

    Other
intervals include channel saw sample results of 1.7 lbs/ton U3O8 over

    29.52
feet and in Trench-24, 2.6 lbs/ton U3O8 over 9.8 feet.

    


    12.3
GEOPHYSICAL SURVEYS AND MAPPING

    


    At
the time this report was prepared, only limited information from
the

    geophysical
work, mapping and sampling was made available to the author

    for
inclusion into this report. Bancroft was compiling this data at the time.
A

    few
highlights of the work are included herein.

    


    


    
      
        
           


        

        
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    Approximately
54 kilometers of grid line was mapped and prospected with

    scintillometers.
Radiometric readings were recorded with the scintillometer

    at
25 metre stations, and locally more often as dictated by changing
geology

    and
the size and density of radiometric anomalies. Grab samples were
taken

    at
significant anomalies.

    


    The
work revealed approximately 140 radiometric anomalies scattered

    across
the entire property with greater concentrations occurring around
the

    skarn
zone and in the more southerly parts of the property, most commonly

    in
pegmatite bodies intruding mafic intrusive rocks. Scintillometer
readings

    of
20 to 30 times background were recorded in some locations. Rock
types

    mapped
included several types of syenite, several areas of skarn, minor

    amounts
of gritty feldspathic sediments and larger amounts of mafic

    intrusive
rocks, both fine and coarse grained. (see Fig 12-2)

    


    13.0
DRILLING

    


    13.1
INTRODUCTION

    


    Diamond
drilling on the Monmouth Property began on February 25th, 2008

    and
was completed by April 14, 2008. The intent was to focus on areas in
and

    around
the historical drill results from the Northern Nuclear 1969 program
in

    order
to collect data in N.I. Policy 43-101 compliance. In addition, the
drilling

    was
designed to extend the known strike length and dip extent of the
skarn

    which
hosts the uranium mineralization with the aim of expanding the 1969

    estimated
potential.

    


    13.2
2008 PROGRAM OVERVIEW

    


    Drill
holes completed in 1969 by Northern Nuclear were drilled at -900 and

    oriented
on a series of section lines with a 1100 true azimuth. Before
drilling

    in
2008 commenced, the Northern Nuclear drill hole collars were
surveyed

    and
the original grid was recreated on a digital drill plan. Surveyed collars
of

    the
1969 holes were plotted on plan and then projected onto a fresh set
of

    digital
sections. Geologic interpretation was added to the sections and the

    2008
program was subsequently designed.

    


    New
holes were located using tape and compass from the 1969 drill
casings.

    In
order to more easily incorporate the 1969 drill information all new
drill

    data
was collected using the Imperial system. This required the
conversion

    of
metric drill rod information into feet during logging. Casing was left in
all

    holes
and all holes were capped.

    


    
      
        
           


        

        
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    Both
inclined holes and -900
holes were utilized. Angle holes were typically

    drilled
to the west (az 2900 true)
at dips of about -46 degrees. This

    orientation
was designed to intercept the main target zones at roughly 90

    degrees
to the assumed dip. Downhole dip tests were taken in the -46 holes

    and
all collars were surveyed after program completion. A summary of
the

    drill
holes is found in Table 13-1.

    


    13.3
SUMMARY OF RESULTS

    


    Twelve
sections oriented at 110/2900
true were drilled along a strike length

    of
some 1200 feet. The drilling investigated uranium bearing
mineralization

    from
several surface expressions (trenches) downdip to the southeast for
a

    distance
of about 750 feet. (See Figures 13-3, 13-4, Appendix 3)

    


    52
NQ sized holes totaling 12,020 feet were completed.

    


    The
drilling revealed a roughly north–south striking, rather flat
easterly

    dipping
package of medium coarse to coarse grained recrystallized calcitic

    metasediments,
much of which is variably altered with diopside, biotite,

    phlogopite,
sericite and tremolite. These rocks are draped over a similarly

    flat
easterly dipping alasksite body which is exposed on surface
immediately

    to
the west and northwest of the skarn zone.

    


    The
skarn package may be roughly subdivided into three flat lying,
easterly

    dipping
zones beginning at surface. Radioactive mineralization was

    encountered
in each zone. Based on geological interpretation completed to

    date
by Bancroft, geological and assay intercepts reported from the -46

    degree
holes are thought to reflect true thicknesses. True widths are

    reported
below in the zone descriptions.

    


    Drill
holes initially intersect a pale green, generally homogeneous and

    coarsely
crystalline diopside skarn which carries only small amounts of mica

    and
tremolite and only traces of fine pyrite or pyrrhotite. On occasion,
very

    local
and spotty millimetre scale uraninite grains are found in this area
in

    addition
to the odd tiny blade of similarly sized molybdenite. Radioactive

    


    
      
        
           


        

        
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    Table
13‐1

    Bancroft
Uranium 2008 Drill Program‐ Monmouth Project

    Drill
Hole Summary

    Hole No
length (ft) dip az (true) section Remarks

    08‐1
354.3 ‐47.0 110.0 1600E

    08‐2
251.2 ‐90.0 na 1600E twin 69‐1

    08‐3
244.4 ‐90.0 na 1675E twin 69‐2

    08‐4
254.1 ‐46.0 290.0 1675E

    08‐5
282.2 ‐46.0 290.0 1600E

    08‐6
203.4 ‐90.0 na 1500E

    08‐7
183.9 ‐46.0 290.0 1500E

    08‐8
249.3 ‐46.0 290.0 2200E

    08‐9
351.0 ‐46.0 290.0 2270E

    08‐10
210.0 ‐46.0 290.0 2350E

    08‐11
160.8 ‐46.0 290.0 2200E

    08‐12
213.3 ‐46.0 290.0 2270E

    08‐13
167.5 ‐49.0 290.0 2270E

    08‐13A
118.1 ‐90.0 na 2270E twin 69‐6

    08‐14
131.2 ‐46.0 290.0 2350E

    08‐15
213.3 ‐46.0 290.0 2400E

    08‐16
211.8 ‐46.0 290.0 2100E

    08‐17
190.3 ‐46.0 290.0 2100E

    08‐18
193.6 ‐46.0 290.0 2400E

    08‐19
210.2 ‐46.0 290.0 2500E

    08‐20
183.2 ‐46.0 290.0 2500E

    08‐21
119.8 ‐90.0 na 2500E twin 69‐7

    08‐22
262.5 ‐46.0 290.0 2400E

    08‐23
237.2 ‐46.0 290.0 2270E

    08‐24
278.7 ‐46.0 290.0 2270E

    08‐25
136.1 ‐90.0 na 2200E twin 69‐28

    08‐25A
251.2 ‐46.0 290.0 2200E

    08‐26
262.5 ‐90.0 na 2200E twin 69‐20

    08‐26A
317.0 ‐46.0 290.0 2200E

    08‐27
301.8 ‐46.0 290.0 2100E

    08‐28
262.6 ‐46.0 290.0 2100E

    08‐29
229.4 ‐46.0 290.0 2000E

    08‐29A
174.1 ‐90.0 na 2000E twin 69‐22

    08‐30A
190.3 ‐46.0 290.0 2000E

    08‐31
164.1 ‐90.0 na 1850E twin 69‐4

    08‐32
239.9 ‐46.0 290.0 1850E

    08‐33
121.4 ‐46.0 290.0 2500E twin 69‐7

    08‐34
173.0 ‐55.0 290.0 2500E

    08‐35
232.9 ‐46.0 290.0 2500E

    08‐36
174.0 ‐90.0 na 2270E twin 69‐17

    


    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

    


    08‐37
174.1 ‐90.0 na 2500E twin 69‐8

    08‐38
162.1 ‐90.0 na 2600E twin 69‐14

    08‐39
206.8 ‐90.0 na 2200E twin 69‐28

    08‐40
376.8 ‐47.0 290.0 2400E

    08‐41
446.0 ‐47.0 290.0 2200E

    08‐42
495.5 ‐47.0 290.0 2000E

    08‐43
262.6 ‐46.0 290.0 1850E

    08‐44
288.7 ‐46.0 290.0 2000E

    08‐45
252.3 ‐46.0 290.0 2000E

    08‐46
242.8 ‐46.0 290.0 2500E

    08‐47
242.8 ‐46.0 290.0 2600E

    08‐48
164.0 ‐46.0 290.0 2600E

    52 holes
total 12020.1

    


    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

    


     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    


    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

    


    


    zones
are generally absent except for these small highly anomalous spots.

    Parts
of this zone may be strongly veined with centimeter scaled, pale
grey

    barren
quartz stringers which have been logged as having a flamey aspect.

    This
pale green zone varies in thickness from several feet to several tens
of

    feet.

    


    Below
the green diopside skarn is a system of more strongly altered and

    veined
carbonate rocks, much of which has been overprinted or veined? with

    variable
amounts of patchy pale orange to more intense salmon orange toned

    calcite.
The amount of mica, tremolite and sulphide mineralization increases

    in
this zone along with the density of mafic and felsic dykes. This
calcite

    alteration
has been interpreted to strike roughly north south and dip gently
to

    the
east that is, it is thought to mimic the geometry of the skarn
package

    and
the carbonate-alaskite contact. Individual calcite zones or groups
of

    similarly
oriented zones vary in true thickness from 20 feet to in excess of
85

    feet.

    


    Much
of the orange calcite contains radioactive mineralization; fine
anhedral

    uraninite
is visible in many places as is fine pyrite and pyrrhotite. The
most

    significant
assay intercepts were returned from this package. In some cases

    assays
greater than 0.2 lb U3O8 were returned across the
entire width of

    calcite
alteration, while in other examples, thinner assay zones or groups
of

    the
same were intersected within wider alteration packages.

    


    Stratigraphically
below the orange calcite system is another skarn package

    where
groundmass silicate alteration becomes slightly more intense with

    increasing
amounts of disseminated mica and tremolite developed. This

    system
varies in thickness from 50 feet to in excess of 110 feet.

    


    The
lowermost skarn zone is defined in many holes with the appearance
of

    both
a bright green conspicuously spotted skarn and thin (conformable?)

    sedimentary
intervals, some of which are quite magnetic. Scattered,

    generally
thinner layers (<10 feet) of less intense orange calcite
alteration

    and
scattered pink calcite are still present, but many of these examples
are

    not
radioactive. Felsic dyke material, both pegmatitic and fine grained,
are

    somewhat
more common and more inclined to report U assays. Overall the

    carbonates
are more gneissic and may reflect weak contact metamorphic

    effects
from the underlying alaskite body.

    


    
      
        
           


        

        
          P
34

          
            

          

        

        
           


        

      

    

    


    Scattered
uranium assays, of variable tenor were returned from portions of

    the
alaskite proper; radioactive areas along the contact and coarser
grained

    to
pegmatitic areas deeper inside the intrusive were sampled. Table
13-2

    summarizes
all significant assay results as drillhole composites.

    


    13.4
DISCUSSION

    


    An
area some 1,200 feet long by 750 wide has been found to contain
uranium

    mineralization.
The mineralization can be characterized as relatively flat

    lying,
dipping to the east at 20 to 30 degree and striking at
approximately

    020
degrees true. Significant U3O8 mineralization occurs within a
volume of

    calcitic
alteration, varying from 20 to 85 feet in thickness [true] and

    extending
to the limits of current information, both along strike and down

    dip.
The mineralization is open in both strike directions and in both
dip

    directions.

    


    In
addition, there are scattered but significant U assays found in
granitic

    pegmatites
and in the footwall alaskite.

    


    Several
geological controls bear mentioning as they may impact on the size,

    shape
and tenor of the mineralization as more information becomes
available

    and
more interpretation is completed.

    


    Throughout
the entire skarn system, late faulting is commonplace. These

    structures
typically cut the core at moderate to high core angles. On many

    sections
these breaks do not appear to offset or otherwise greatly impact on

    the
interpretation of alteration or uranium mineralization. There is
however

    evidence
of normal faulting and apparent offsets of about 25 feet in both

    alteration
and U mineralization on section 2100E.

    


    It
is the author’s opinion that further detailed interpretation of faulting
will

    impact
on the shape and volume of mineralization.

    


    Three
drillholes located farthest to the east suggest that the calcitic

    alteration
package(s) and associated U mineralization are thinning to the

    east.
The system is still open in the downdip direction however.

    


    There
is some evidence to suggest that the U mineralization may be
plunging

    at
a very shallow angle to the south or southwest. If either gentle folding
in

     

     

    
      
        
        

      

      
        P
35

        
          

        

      

      
        
        

      

    

    


    Figure
13‐2

    Bancroft Uranium
Summary of Significant
Drill Hole Assay Composites

    Monmouth
Project

    assays in
lb U3O8

    Drill
Hole Composite Interval Included composites

    08‐1
0.387 lb over 2.5 feet 11.9 to 14.4 feet

    08‐1
0.803 lb over 12.5 feet 55.3 to 67.8 feet

    08‐1
0.344 lb over 30.5 feet 182.1 to 212.6 feet

    08‐1
0.805 lb over 13.8 feet 276.2 to 290.0 feet 1.02 lb over 9.3 feet at 280.7 to
290.0

    08‐2 0.148 lb over 13.0 feet 216.0
to 229.0 feet

    08‐3 1.486 lb over 8.0 feet 6.6 to
14.6 feet

    08‐3 0.349 lb over 6.6 feet 19.4 to
26.0 feet

    08‐4 0.406 lb over 4.5 feet 7.5 to
12.0 feet

    08‐4 3.443 lb over 4.9 feet 29.1 to
34.0 feet

    08‐4 0.266 lb over 4.7 feet 63.5 to
68.2 feet

    08‐5 0.232 lb over 5.3 feet 7.0 to
12.3 feet

    08‐5 0.443 lb over 5.0 feet 36.1 to
41.1 feet

    08‐5 0.139 lb over 34.8 feet
235.6 to 270.4 feet

    08‐6 0.466 lb over 10.0 feet 16.0
to 26.0 feet

    08‐7 0.255 lb over 6.0 feet 24.0 to
30.0 feet

    08‐7 0.291 lb over 7.9 feet 44.0 to
51.9 feet

    08‐8 0.540 lb over 60.6 feet 15.0
to 75.6 feet

    08‐9 0.596 lb over 51.9 feet 31.0
to 82.9 feet 0.315 lb over 14.9 feet at 31.0 to 45.9 feet and

    0.923 lb
over 24.5 feet at 51.0 to 82.9 feet

    08‐10 0.740 lb over 52.2 feet 12.8
to 65.0 feet

    08‐10 0.915 lb over 32.0 feet 12.8
to 44.8 feet

    08‐10 0.616 lb over 15.0 feet 50.0
to 65.0 feet

    08‐11 0.222 lb over 4.8 feet 18.2
to 23.0 feet

    08‐11 0.520 lb over 7.7 feet 42.0
to 49.7 feet

    


    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

    


    08‐12 0.513 lb over 49.9 feet 6.3
to 56.2 feet

    08‐13 0.464 lb over 9.5 feet 9.6 to
19.1 feet

    08‐13A 0.332 lb over 25.1 feet 9.3
to 34.4 feet

    08‐14 0.743 lb over 4.1 feet 9.0 to
13.1 feet

    08‐15 0.238 lb over 2.0 feet 48.0
to 50.0 feet

    08‐15 0.108 lb over 4.2 feet 113.8
to 118.0 feet

    08‐16 0.309 lb over 29.6 feet 49.6
to 79.2 feet

    08‐16 0.137 lb over 3.6 feet 91.2
to 94.8 feet

    08‐16 0.184 lb over 2.7 feet 133.7
to 136.4 feet

    08‐17 0.337 lb over 10.9 feet 35.2
to 46.1 feet

    08‐17 0.469 lb over 2.4 feet 92.1
to 94.5 feet

    08‐18 0.316 lb over 5.2 feet 15.1
to 20.3 feet

    08‐18 0.125 lb over 4.6 feet 37.1
to 41.7 feet

    08‐18 0.467 lb over 8.0 feet 55.0
to 63.0 feet

    08‐19 0.397 lb over 49.2 feet 5.2
to 54.4 feet 0.365 lb over 9.0 feet at 5.2 to 14.2 feet and,

    0.646 lb
over 10.4 feet at 18.9 to 29.3 feet and,

    0.565 lb
at 14.5 feet at 34.0 to 48.5 feet

    08‐19 0.595 lb over 17.3
feet

    71.0 to
88.3 feet (carb

    zone)

    08‐20 0.152 lb over 0.7 feet 63.3
to 64.0 feet

    08‐22 0.717 lb over 18.5 feet 73.0
to 91.5 feet

    08‐22 0.135 lb over 0.7 feet 171.7
to 172.4 feet

    08‐22 0.164 lb over 3.0 feet 259.5
to 262.5 feet

    08‐23 0.401 lb over 9.8 feet 39.4
to 49.2 feet

    08‐23 0.374 lb over 7.7 feet 55.4
to 63.1 feet

    08‐23 0.794 lb over 33.3 feet 81.6
to 114.9 feet

    08‐23 0.486 lb over 3.9 feet 125.7
to 129.6 feet

    08‐24 0.495 lb over 19.8 feet 56.0
to 75.8 feet

    


    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

    


    08‐24 0.248 lb over 3.4 feet 82.0
to 85.4 feet

    08‐24 0.747 lb over 51.4 feet 104.9
to 156.3 feet 0.988 lb over 36.1 feet at 114.8 to 150.9 feet

    08‐25 0.226 lb over 11.2 feet 39.6
to 50.8 feet

    08‐25 1.134 lb over 23.9 feet 103.7
to 127.6 feet

    08‐25A 1.158 lb over 0.7 feet 41.6
to 42.3 feet

    08‐25A 0.594 lb over 1.5 feet 58.5
to 60.0 feet

    08‐25A 0.420 lb over 55.1 feet 69.0
to 124.1 feet 0.363 lb over 26.7 feet at 73.9 to 100.6 feet and

    0.656 lb
over 19.2 at 104.9 to 124.1 feet

    08‐26 0.389 lb over 31.9 feet 46.8
to 78.7 feet 0.461 lb over 22.2 feet at 46.8 to 69.0 feet and

    0.413 lb
over 1.6 feet at 72.1 to 73.7 feet and

    0.479 lb
over 3.1 feet at 75.6 to 78.7 feet.

    08‐26 0.245 lb over 5.0 feet 111.0
to 116.0 feet

    08‐26 0.526 lb over 5.0 feet 119.0
to 124.0 feet

    08‐26 0.507 lb over 17.1 feet 143.4
to 160.5 feet

    08‐26 0.104 lb over 10.8 feet 171.5
to 182.3 feet

    08‐26 0.369 lb over 21.1 feet 188.7
to 209.8 feet

    08‐26A 0.147 lb over 6.0 feet 84.0
to 90.0 feet

    08‐26A 0.197 lb over 16.3 feet 43.7
to 60.0 feet

    08‐26A 0.633 lb over 36.7 feet
135.9 to 172.6 feet 0.788 lb over 18.1 feet at 135.9 to 154.0 feet
and

    0.683 lb
over 13.0 feet at 159.6 to 172.6 feet.

    08‐27 5.377 lb over 2.1 feet 38.2
to 40.3 feet

    08‐27 0.611 lb over 10.2 feet 66.2
to 76.4 feet

    08‐27 0.323 lb over 1.9 feet 99.6
to 101.5 feet

    08‐27 0.250 lb over 9.2 feet 141.0
to 150.2 feet

    08‐28 0.643 lb over 5.1 feet 52.5
to 57.6 feet

    08‐28 0.241 lb over 2.1 feet 64.1
to 66.2 feet

    08‐28 0.352 lb over 14.2 feet 124.0
to 138.2 feet 0.304 lb over 5.0 feet at 124.0 to 129.0 feet and

    0.521 lb
over 6.5 feet at 131.7 to 138.2 feet

    08‐28 0.215 lb over 1.1 feet 140.8
to 141.9 feet

    08‐28 0.525 lb over 26.3 feet 168.0
to 194.3 feet 1.618 lb over 3.3 feet at 172.8 to 176.1 feet and

    0.578 lb
over 13.7 feet at 180.6 to 194.3 feet

    08‐29 0.207 lb over 7.0 feet 29.3
to 36.3 feet

    


    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

    


    08‐29 0.357 lb over 18.7 feet 50.2
to 68.9 feet

    08‐29 0.126 lb over 4.8 feet 101.7
to 106.5 feet,

    08‐29 0.134 lb over 1.1 feet 218.4
to 219.5 feet

    08‐29A 0.832 lb over 7.7 feet 31.0
to 38.7 feet

    08‐29A 0.794 lb over 41.8 feet 53.3
to 95.1 feet 1.107 lb over 26.7 feet at 53.3 to 80.0 feet

    08‐29A 0.164 lb over 2.6 feet 122.1
to 124.7 feet

    08‐30A 0.274 lb over 7.4 feet 42.7
to 50.1 feet

    08‐30A 0.557 lb over 3.6 feet 143.7
to 147.3 feet

    08‐31 0.377 lb over 3.0 feet 27.0
to 30.0 feet

    08‐31 0.307 lb over 2.9 feet 49.1
to 52.0 feet

    08‐31 0.440 lb over 18.7 feet 60.2
to 78.9 feet 0.563 lb over 12.0 feet at 60.2 to 72.2 feet

    08‐31 1.226 lb over 7.4 feet 114.0
to 121.4 feet

    08‐32 1.231 lb over 1.0 foot 19.7
to 20.7 feet

    08‐32 0.214 lb over 0.4 feet 24.8
to 25.2 feet

    08‐32 0.245 lb over 5.8 feet 214.0
to 219.8 feet

    08‐33 0.443 lb over 25.0 feet 4.3
to 29.3 feet. 0.510 lb over 15.8 feet at 4.3 to 20.1 feet and

    0.443 lb
over 6.3 feet at 23.0 to 29.3 feet

    08‐35 0.644 lb over 0.8 feet 15.6
to 16.4 feet

    08‐35 0.667 lb over 2.8 feet 110.8
to 113.6 feet

    08‐35 0.228 lb over 8.0 feet 115.2
to 123.2 feet

    08‐36 0.349 lb over 4.6 feet 41.3
to 45.9 feet

    08‐36 0.854 lb over 4.4 feet 68.8
to 73.2 feet

    08‐36 0.371 lb over 7.1 feet 91.5
to 98.6 feet

    08‐37 0.406 lb over 7.1 feet 3.6 to
10.7 feet

    08‐37 0.331 lb over 13.1 feet 26.5
to 39.6 feet 0.710 lb over 4.7 feet at 30.0 to 34.7 feet

    08‐37 0.306 lb over 16.7 feet 89.7
to 106.4 feet

    08‐38 0.669 lb over 21.8 feet 39.7
to 61.5 feet

    08‐38 0.366 lb over 4.9 feet 71.1
76.0 feet

    08‐38 0.409 lb over 20.8 feet 89.7
to 110.5 feet

    08‐39 0.169 lb over 2.1 feet 34.8
to 36.9 feet

    


    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

    


    08‐39 0.276 lb over 1.4 feet 40.0
to 41.4 feet

    08‐39 0.361 lb over 2.0 feet 62.0
to 64.0 feet

    08‐39 0.614 lb over 46.3 feet 98.2
to 144.5 feet 0.325 lb over 6.2 feet at 98.2 to 104.4 feet and

    1.124lb
over 16.4 feet at 105.5 to 121.9 feet and

    0.393 lb
over 20.2 feet at 124.3 to 144.5 feet

    08‐40 0.443 lb over 1.3 feet 114.3
to 115.6 feet

    08‐40 1.085 lb over 0.7 feet 124.3
to 125.0 feet

    08‐40 0.448 lb over 1.7 feet 181.5
to 183.2 feet

    08‐40 0.375 lb over 1.7 feet 263.3
to 265.0 feet

    08‐40 0.173 lb over 2.3 feet 293.0
to 295.3 feet

    08‐40 1.314 lb over 5.4 feet 313.9
to 319.3 feet

    08‐41 0.939 lb over 1.1 feet 263.7
to 264.8 feet

    08‐41 0.830 lb over 2.2 feet 348.5
to 350.7 feet

    08‐41 0.231 lb over 5.7 feet 378.8
to 384.5 feet

    08‐41 0.175 lb over 5.4 feet 310.3
to 315.7 feet

    08‐41 0.146 lb over 3.1 feet 325.0
to 328.1 feet

    08‐41 0.188 lb over 1.4 feet 337.9
to 339.3 feet

    08‐42 0.344 lb over 0.6 feet 48.6
to 49.2 feet

    08‐42 0.831 lb over 15.5 feet 368.6
to 384.1 feet 3.773 lb over 2.6 feet at 368.6 to 371.2 feet

    08‐43 0.112 lb over 6.9 feet 10.7
to 17.6 feet

    08‐43 1.004 lb over 11.6 feet 97.2
to 108.8 feet 1.905 lb over 5.0 feet at 97.2 to 102.2 feet and

    0.536 lb
over 3.8 feet at 105.0 to 108.8 feet

    08‐43 0.472 lb over 2.2 feet 136.7
to 138.9 feet

    08‐44 0.401 lb over 0.6 feet 59.0
59.6 feet

    08‐44 0.288 lb over 11.4 feet 64.4
to 75.8 feet

    08‐44 0.401 lb over 9.6 feet 104.2
to 113.8 feet

    08‐44 0.441 lb over 2.4 feet 89.0
to 91.4 feet

    08‐44 0.701 lb over 4.1 feet 124.9
to 129.0 feet

    08‐44 0.600 lb over 1.7 feet 141.9
to 143.6 feet

    08‐44 0.505 lb over 1.4 feet 162.6
to 164.0 feet

    08‐44 0.170 lb over 5.5 feet 173.0
to 178.5 feet

    08‐44 0.483 lb over 2.3 feet 263.7
to 266.0 feet

    08‐45 0.126 lb over 14.1 feet 18.9
to 33.0 feet

    08‐45 0.433 lb over 32.1 feet 56.3
to 88.4 feet 1.014 lb over 9.7 feet at 56.3 to 66.0 feet

    08‐45 0.256 lb over 14.3 feet 74.1
to 88.4 feet

    08‐45 0.155 lb over 7.0 feet 92.5
to 99.5 feet

    


    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

    


    08‐45 0.356 lb over 3.5 feet 138.9
to 142.4 feet

    08‐45 0.236 lb over 1.5 feet 215.4
to 216.9 feet

    08‐46 0.372 lb over 14.9 feet 89.0
to 103.9 feet 0.613 lb over 7.3 feet at 89.0 to 96.3 feet and

    0.154 lb
over 6.9 feet at 97.0 to 103.9 feet

    08‐46 0.367 lb 25.8 feet 125.9 to
151.7 feet 0.447 lb over 17.0 feet at 125.9 to 142.9 feet and

    0.358 lb
over 5.2 feet at 146.5 to 151.7 feet

    08‐47 0.142 lb over 2.0 feet 16.2
to 18.2 feet

    08‐47 0.219 lb over 4.2 feet 42.5
to 46.7 feet

    08‐47 0.474 lb over 43.3 feet 82.0
to 125.3 feet 0.601 lb over 2.5 feet at 82.0 to 84.5 feet and

    0.736 lb
over 9.2 feet at 87.0 to 96.2 feet and

    0.436 lb
over 9.7 feet at 100.1 to 109.8 feet and

    0.554 lb
over 6.4 feet at 113.0 to 119.4 feet and

    1.116 lb
over 3.8 feet at 121.5 to 125.3 feet

    08‐47 0.135 lb over 4.0 feet 131.4
to 135.4 feet

    08‐48 1.069 lb over 13.6 feet 13.3
to 26.9 feet

    08‐48 0.302 lb over 4.1 feet 58.6
to 62.7 feet

    08‐48 0.188 lb over 1.2 feet 76.0
to 77.2 feet

    


    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

    


    the
strike dimension and or east-west cross faulting exists these may
impact

    on
this interpretation.

    


    A
number of erratically distributed pegmatitic zones or dykes exist in
and

    around
the orange calcitic alteration package. The shape and extent of
many

    of
these bodies is unknown at present, nor is their potential impact on
the

    volume
of U mineralization. As an example, a significant domelike feature
of

    footwall
alaskite is present on section 2500E. This feature does not appear

    to
impact on the amount of mineralization on this section.

    


    14.0
SAMPLING METHOD AND APPROACH

    


    14.1
2008 DRILLING PROGRAM

    


    Drill
core from the 2008 program was logged and sampled on site as a

    continuous
process during the drilling operation. All data was recorded on a

    laptop
computer, backed up daily onto a portable data storage device and

    stored
offsite. Core recovery was nearly 100% in all holes drilled. The NQ

    size
core very effectively recovered core in all rock types and the
holes

    exhibited
little dip or azimuth deviation based on downhole survey data.

    


    1279
samples were taken from 52 drill holes. All samples were analyzed

    using
the DNC assay method. Of the 52 holes, 13 were designed to twin

    existing
Northern Nuclear holes for comparison of assay results. Although

    radiometric
assays are recorded in some drill logs, these were not used for

    the
calculation of assay composites or in the calculation of inferred

    resources.

    


    14.2
SAMPLING PROCEDURE

     

    All
drill core was benched and visually checked for footage errors.
Footage

    blocks
were converted from metres into feet and all drill core was
measured

    and
footage points marked on the core. Any lost core or ground core

    intervals
were documented.

    


    All
core was then scanned with a scintillometer and radioactive zones

    marked
on the core. Areas of greater and lower radioactivity were

    discriminated
and noted on the core. The scanning procedure involved

    scanning
each piece of core in a similar established manner, at a specified

    distance
from the main logging tables to avoid radioactive interference from

    the
bulk of the core on the tables. The same scintillometer was used for
all

    such
scanning.

    


    
      
        
           


        

        
          P
36

          
            

          

        

        
           


        

      

    

    


    A
Radiation Solutions Inc., RS-230 BGO Super Spec Spectrometer was
used

    for
scanning the core. This instrument utilizes a 2 inch by 2 inch BGO

    detector.

    


    The
core was then logged; all pertinent lithological, alteration,
mineralogical,

    veining
and structural information was collected. After logging was

    completed,
samples were measured and laid out using a steel tape. The start

    and
finish of each sample was clearly marked on the core and durable

    sample
tags inserted at the end of each sample. Lastly, each core box was

    identified
with aluminum tags indicating hole number, box number and the

    footage
included in each box.

    


    Samples
were defined using both geological and radiometric parameters.

    Geological
or alteration criteria within radioactive zones dictated exact

    sample
lengths, as did the presence of radioactive mineralogy and high or

    low
radiometric readings as determined from the scintillometer scans.

    Sample
lengths rarely exceeded five feet; most were shorter. Local highs

    were
broken out using shorter, more discriminatory samples. Radioactive

    zones
were often bracketed with one or two samples into wall rocks with
no

    radiometric
response.

    


    Some
samples were taken based on geological parameters only. Check

    samples
were also taken in waste intervals as determined by lack of

    radiometric
response and favourable geology or alteration.

    


    14.3
GEOLOGIC CONTROLS

    


    Of
most interest were relatively wider zones of pale orange to salmon

    coloured
calcite alteration/veining. Smaller quantities of pale pink
alteration

    or
veining, strong biotitic and more disseminated micaceous alteration
and

    various
dykes, of either mafic or felsic composition were also radioactive.

    These
geologic features were generally found in the upper parts of the
skarn

    package,
but not exclusively so.

    


    
      
        
           


        

        
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    As
drilling proceeded, spotty radioactive mineralization was discovered
in

    parts
of the skarn package that contained little or no orange calcitic or

    micaceous
alteration or dyking; these areas were also sampled.

    


    Radioactive
zones were also found and sampled in intervals of pegmatitic

    dyke
material cutting both the skarn system and the footwall alaskite
rocks.

    


    The
orange calcite zones were variable in width between ten and fifty
feet

    with
some examples exceeding 65 feet. Pink calcite zones were also
variable

    but
generally did not exceed three feet. Individual radioactive
micaceous

    zones,
mafic dykes and spotty mineralization in relatively unaltered areas

    generally
did not exceed five feet in width.

    


    Felsic
dykes intersected were variable in width between several feet and

    tens
of feet.

    


    14.4
SAMPLING COVERAGE AND TRUE WIDTHS OF MINERALIZED ZONES

    


    All
of the important zones of alteration and mineralization were
repeatedly

    intersected
and sampled with drill holes on twelve drill sections, which were

    spaced
on approximately 100 feet centers along a strike distance of

    approximately
1,200 feet. Spacing between drill holes in the dip dimension

    was
also approximately 100 feet. Geological interpretation on the new

    sections
suggests that the largest mineralized zones defined by the orange

    calcitic
alteration are most likely striking at about 0200 true and dipping
at

    about
25 to 30 degrees to the southeast.

    


    The
2008 holes were drilled on the existing 110/290 degree grid, typically
at

    an
azimuth of 290 degrees and at dips of -460 and -900. The -46 degree
holes

    intersected
the orange calcitic zones at about 90 degrees to the zone dip;

    this
implies that geological and assay intercepts in these holes will

    represent
true widths quite closely. -900
holes drilled through the same zones

    will
overestimate true thicknesses.

    


    Individual
assays and composites intersecting some of the pegmatitic zones

    may
not represent the true width of such intercepts as the geometry of
most

    of
these zones is poorly understood at present.

    


    
      
        
           


        

        
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    14.5
COMPARISON OF NORTHERN NUCLEAR AND BANCROFT DRILLING

    RESULTS

    


    All
of the Northern Nuclear drill holes within the skarn zone were plotted
on

    the
new drill sections, and, assay data in 1969 holes that were twinned
by

    2008
holes was converted into lb of U3O8 and shown on section
for

    comparison.
Table 13-1 shows the locations of the twinned holes. In most

    cases
the 2008 holes are located very close to the 1969 holes. In some
cases

    there
are offsets between the twinned holes and angled holes from the
2008

    program
served to compare information.

    


    Globally,
mineralized zones were similarly sampled by both sets of holes. In

    most
cases, higher grade mineralization was detected by both data sets,
but

    in
some instances longer samples were taken in 1969 across these
[narrow]

    higher
grade zones. 2008 data with shorter sample lengths was generally

    more
effective at discriminating high, medium and low grade
mineralization.

    


    Many
more samples were taken across and adjacent to mineralized zones by

    the
2008 program. Globally 1,279 samples in 52 holes verses 165 samples
in

    27
holes were collected in more or less the same rock volume.

    


    A
comparison of length weighted composites calculated across the

    mineralized
zones and individual assays in both data sets illustrated some

    very
good grade correlation in some cases and yet, in many examples
higher

    assay
and composite values were reported in the 1969 data in comparison
to

    the
2008 data.

    


    In
some examples, the longer sample lengths in the 1969 data across

    [narrow]
higher grade zones may have biased the composite value. But, in a

    few
examples individual 1969 assays are higher and have also
discriminated

    narrow
higher grade zones.

    


    Both
radiometric and chemical assays were reported in the 1969 data. 10

    samples
of the 165 taken were reported as both radiometric and chemical. In

    general
the assays were very close except for one example where the

    radiometric
assay was 18% higher than the chemical assay for the same

    core
interval. All assay data was used in the comparison. Drill sections
with

    both
data sets are in Appendix 4. Northern Nuclear data is shown in dark

    green;
Bancroft data is shown in red. All assays are in lb U3O8 and lengths

    are
in feet.

    


    
      
        
           


        

        
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    15.0
SAMPLE PREPARATION, SECURITY AND ANALYSIS

    


    15.1
2008 DRILLING PROGRAM PROCEDURES

    


    Core
logging, sampling and splitting was conducted on the Property in a

    small
facility constructed for this activity. A core shack and separate

    splitting
shack, both with internal core racks were constructed. The

    Company
employed a qualified contract geologist to supervise the drilling,

    log
and sample the core and supervise the sample preparation, splitting
and

    dispatch
to the analytical laboratory.

    


    Access
to the property was limited to authorized persons during the
drilling

    program.
Contract security personnel controlled road access, patrolled the

    access
roads and inspected the core shack, splitting shack and drilling

    equipment
on a twenty four hour, seven day a week basis. Both the core

    shack
and splitting shacks were closed and locked at any time that the

    geologist
or splitting personnel were absent from the site.

    


    Completed
(logged and tagged) boxes were removed from the core shack by

    Company
employees and transferred in numerical order, directly by hand into

    a
core rack in the nearby (within 100 feet) splitting shack. At no time
was

    unsplit
sampled core stored outside of either the core shack or the
splitting

    shack.

    


    Samples
were then split in order of layout using either a Longyear splitter

    with
mallet or cut with a small diamond saw. All core was split in half
along

    the
longitudinal axis of the core. One half of the sample was
transferred

    directly
into a 6ml plastic bag and sealed with the sample tag. The tag was

    sealed
in the plastic bag such that it was not in contact with the rock

    material
and would remain dry and intact during any transport of the

    samples.
The sample number was also inscribed on the plastic bags with

    permanent
markers. The remaining 1⁄2 core was replaced in the core box in

    the
same order to maintain core continuity. All equipment used for
splitting

    was
cleaned after each sample was cut to avoid any sample
contamination.

    


    
      
        
           


        

        
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    Core
boxes containing 1⁄2 split core or unsplit core were immediately
covered

    with
clean core box lids, securely closed and piled in neat stockpiles
within

    100
feet of the core shack.

    


    All
completed samples (in bags) were stored within the splitting shack
or

    core
shack, in small rows of bags, all in numerical order. A tally sheet
was

    filled
out daily by the splitting personnel detailing all samples prepared
for

    that
day.

    


    Samples
were transported every two to three days directly to the analytical

    lab
by one designated Company employee in a Company vehicle. On the day

    of
transport, prepared samples were put into clean, dry grain sacs and
the

    sample
numbers of all samples contained therein labeled on the exterior of

    each
bag. A shipment sheet detailing all samples in that shipment was

    prepared
by the splitting personnel and checked by the geologist. An exact

    copy
was made and filed with the geologist.

    


    After
the drilling program was completed and all samples were transported

    to
the laboratory, all remaining boxed and secured core was removed
from

    the
site by Company personnel and transported to a secure storage
location.

    


    15.2
QUALITY CONTROL- ACTIVATION LABORATORIES LTD.

    


    All
core samples were submitted to Activation Laboratories Ltd. located
in

    Ancaster
Ontario. Activation Laboratories Ltd. has an international quality

    standard
ISO/IEC 17025 accreditation. It also has the CAN-P-1579

    accreditation
for mineral analysis.

    


    CAN-P-1579
Guidelines for the Accreditation of Mineral Analysis Testing

    Laboratories

    


    This
voluntary program is intended for laboratories that perform the
analysis

    of
all media used in mining exploration and processing. This includes, but
is

    not
limited to, sediments, rocks, ores, metal products, tailings, water
and

    vegetation.
The program is designed to create a network of testing

    laboratories
that meet minimum quality and reliability standards and to

    ensure
a demonstrated uniform level of proficiency among these testing

    laboratories.
To obtain initial accreditation by SCC, a laboratory must

    successfully
complete both a proficiency testing regimen and an on-site

    assessment.

    


    
      
        
           


        

        
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    Sample Receiving and
Preparation Procedure

    


    1.
Receive samples, lay out on benches, check sample state, order and

    identification.

    2.
Leave in original plastic bags which are opened and place on carts and
dry

    at
60°C until the sample is dry in drying rooms.

    3.
Crush each in Terminator jaw crusher to >85% passing -10 mesh.

    4.
Split immediately after crushing to obtain 250g sample using rifle
splitter.

    5.
Pulverize 250g split to 95% passing -150 mesh. Mill is cleaned with
cleaner

    sand
between every sample.

    6.
Bag the reject with original sample tag and Actlabs label

    7.
Make a new pulp from another split of reject for every order over
40

    samples.

    


    Uranium Analysis by Delayed Neutron
Counting (DNC)

    


    DNC
is a rapid form of neutron activation analysis which is used for

    measuring
fissile elements such as U235. (The isotopic ratio in natural

    samples
is fixed with the exception of the Okla natural reactors in Africa

    where
the age of the deposit and very high uranium content allowed
natural

    nuclear
reactors operating in situ to burn up some U-235).

    


    In
DNC, the samples are placed in a neutron flux produced by a nuclear

    reactor.
The U235 within the sample absorbs neutrons which fission some of

    the
U235 producing fission products including neutrons. After rapid
removal

    from
the reactor, the neutrons are thermalized and measured by an array
of

    BF3
neutron detectors. This technique is ideal for measuring uranium
from

    0.1
ppm to 1%.

    


    A
one gram sample is accurately weighed into a small polyethylene
vial

    which
is then encapsulated and sealed into a larger polyethylene
"carrier"

    vial
used for irradiation in the DNC system. The DNC system is
calibrated

    with
a series of Canmet certified reference materials. Blanks and
control

    standards
are run throughout the analytical run as are preparation duplicates

    made
from a new pulp prepared from crusher reject material and pulp

    duplicates.
The advantage of this technique is speed of analysis, high

    accuracy
and precision.

    


    


    
      
        
           


        

        
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    Quality
Control

    


    Canmet
standards SY-2, BL-3, BL-4A, DH-1A are routinely analyzed on a

    rotating
basis 1 for every 30 samples. A blank is also run whenever
standards

    are
run. Sample duplicates or preparation duplicates are processed in
the

    same
fashion as samples. (Hoffman, 1992)

    


    16.0
DATA VERIFICATION

    


    16.1
CM SITE VISIT AND INDEPENDENT SAMPLING

    


    The
Monmouth property was visited by the author on June 26, 2008. A tour
of

    the
property was made to inspect the geophysical /mapping grid,
trenches

    and
the drill sites.

    


    Nine
assay verification samples were selected from 3 drill holes by

    inspecting
drill logs and choosing a set of assay verification samples to be

    taken.
A range of low, medium and higher grade samples were selected.

    


    The
intervals of interest were sampled by removing the remaining half
split

    cores
from the core boxes and immediately bagging, tagging and sealing
the

    core
check samples. These samples were then taken by the QP to
Activation

    Labs
in Ancaster, Ontario for analysis.

    


    The
sample intervals and drill holes selected for the verification
program

    were
not disclosed to any Bancroft employee or contracted personnel at
any

    time
before or after the verification program was conducted. Bancroft

    personnel
did not have any access to check sample materials collected for

    the
verification program.

    


    Table
16-1 summarizes the results of the drill hole verification program.
The

    CM
results for U were satisfactory and show that the grade of
mineralization

    reported
from the verification program is very similar to that reported from

    the
drilling program.

    


    It
is the author’s opinion that sample preparation procedures,
security

    protocols
and analytical procedures appear to be satisfactory.

    


    
      
        
           


        

        
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    Table
16-1 SUMMARY OF VERIFICATION SAMPLING RESULTS

    


    


    
      	 
      	 
      	 
      	 
      	
              Bancroft

            	
              CM

            
	
              Sample
      No.

            	
              DDH
      No.

            	
              From(ft)

            	
              To(ft)

            	
              U
      (lb U3O8)

            	
              U
      (lb U3O8)

            
	
              166831

            	
              08-25A

            	
              73.9

            	
              76.9

            	
              0.34

            	
              0.55

            
	
              166834

            	
              08-25A

            	
              85.3

            	
              88.0

            	
              0.93

            	
              0.84

            
	
              166836

            	
              08-25A

            	
              91.8

            	
              96.5

            	
              0.70

            	
              0.46

            
	
              166562

            	
              08-19

            	
              42.2

            	
              45.3

            	
              0.91

            	
              0.80

            
	
              166563

            	
              08-19

            	
              45.3

            	
              48.5

            	
              0.71

            	
              0.58

            
	
              166564

            	
              08-19

            	
              48.5

            	
              50.8

            	
              0.14

            	
              0.14

            
	
              168010

            	
              08-44

            	
              64.4

            	
              67.3

            	
              0.56

            	
              1.18

            
	
              168011

            	
              08-44

            	
              67.3

            	
              69.5

            	
              0.19

            	
              0.36

            
	
              168012

            	
              08-44

            	
              69.5

            	
              72.0

            	
              0.20

            	
              0.57

            


    

    


    


    16.2
DATABASE VERIFICATION

    


    Bancroft
personnel have generated a database of new drillhole data from the

    2008
drilling program and incorporated drilling information from the
1969

    Northern
Nuclear drilling program into this database.

    


    As
many 1969 drill hole collars as could be located in the field were
surveyed

    in
and a digital survey plan generated. New 1969 drillhole collar
information

    was
incorporated with the original log data and input into the new
database.

    Hard
copy sections were plotted with the 1969 data and used for layout
of

    the
2008 program. After the current program was completed, the new
collars

    were
surveyed and a new set of sections were generated.

    


    The
author has reviewed the new database and the internal procedures
used

    for
data collection and verification with Bancroft personnel. The result is
that

    a
sound quality control system has been established and that the new

    database
has successfully integrated older data with the 2008 data.

    


    
      
        
           


        

        
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    17.0
ADJACENT PROPERTIES

    


    17.1
There was no current activity on contiguous claims. Other
properties

    are
referred to in Chapter 23.0.

    


    18.0
METALLURGICAL PROCESSING AND METALLUGICAL TESTING

    


    18.1
PREVIOUS METALLUGICAL STUDIES

    


    In
1969, S.W. Evans wrote that “the uranium values are obtained from
free

    milling
uraninite crystals of varying size enclosed in a soft calcite rich
rock

    that
lends itself to low cost autogenous crushing and handling”.

    


    Northern
Nuclear conducted testing in 1969 with a ten ton bulk sample

    derived
from the Cut No. 1 excavation. This was shipped to the plant of

    Lakefield
Research of Canada Limited, for metallurgical testing.

    


    A
series of heavy liquid separations on various screen size fractions
was

    carried
out. These Sink-Float procedures were on the whole unsatisfactory,

    although
a recovery of 99.2% was obtained in a Sink concentrate making up

    37.5%
of the feed by weight at a relatively coarse grind. In preliminary
tests

    by
simple gravity separation techniques a tabling test was very

    encouraging
in that 81.3% of the uranium oxide was recovered in a

    concentrate
weighing 3.3% of the feed.

    


    They
concluded that this was an excellent concentration ratio (30 to 1)
and

    further
tabling tests were conducted to ascertain what improvements in

    recovery
and concentration ratios could be effected by simple gravity

    methods.
They speculated that a combination of heavy Liquid Separation

    and
Gravity Concentration would give the optimum recovery and

    concentration
ratio.

    


    A
representative sample was also shipped to Ferro-Magnetics Limited
in

    Prescott,
Ontario, to ascertain whether the Jones High Intensity Wet

    Magnetic
Separator might have beneficiation applications on the Northern

    Nuclear
Mines material. (Scobie, 1969)

    


    
      
        
           


        

        
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    18.2
CURRENT METALLURGICAL STUDIES

    


    Metallurgical
tests on samples of the uranium-bearing Monmouth rock were

    conducted
for Bancroft Uranium between November 2007 and February 2008

    by
SGS Mineral Services Laboratory at Lakefield, Ontario. Their report
(see

    Appendix
1) concludes that 91.4% recovery of the uranium can be achieved

    through
simple gravity separation. The optimal grind of the soft limestone

    host
rock is 348 microns or 0.3mm in size. SGS also concludes that
“uranium

    was
effectively concentrated by gravity separation” and was
concentrated

    into
a commercial grade of 31% from the initial mass of 0.11%. These
results

    far
exceed the gravity separation and heavy liquid test work conducted
by

    Lakefield
Research in 1969 which showed an 82.1% recovery and a 7.75%

    concentrate.
The objective of the program has established that modern

    milling
techniques will deliver results significantly greater than
previously

    identified.

    


    The
conclusions of SGS are as follows:

    


    “Bancroft
Uranium Inc. provided a sample of ore from the Bancroft/Madoc

    area,
which was crushed to -10 mesh and split into 10kg charges. These

    charges
were used in three tests, exploring the effect of crush/grind size
on

    gravity
separation. The Wilfley, Mozley, Knelson, and superpanner equipment

    was
used in these tests in order to upgrade the uranium. The sample

    demonstrated
an excellent response to gravity separation, attaining a

    recovery
of 91.4% U3O8 at a grade of 31.0% U3O8 in 0.11% of the mass,
from

    the
test conditions.”

    


    Future
test work was recommended including spiral concentrators and

    grinding
variations to achieve optimal milling techniques. Various flow

    sheets
have been prepared, one of which is a simple gravity milling
proposal

    that
can be used by the company in future planning.

    


    19.0
INFERRED MINERAL RESOURCE ESTIMATE

    


    19.1
INTRODUCTION

    


    Bancroft has requested that the author
prepare an inferred resource

    estimate for exploration
planning purposes. This estimate is not intended for

    use
in any type of economic evaluation or feasibility study. CIM
Definition

    Standards define an inferred resource
as “that part of a Mineral Resource for

    which
quantity and grade or quality can be estimated on the basis of

    geological
evidence and limited sampling and reasonably assumed, but not

    verified,
geological and grade continuity. The estimate is based on limited

    information
and sampling gathered through appropriate techniques from

    locations such as outcrops, trenches,
pits, workings and drill holes.” This

    definition
is the basis for this inferred resource estimate.

    


    
      
        
           


        

        
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    In
this estimate, the Specific Gravity and the grade of the
mineralization

    have
not been verified.

    


    


    19.2
RESOURCE METHODOLOGY

    


    The
estimate was calculated using the sectional method, using drill
hole

    data
only. Resource blocks were initially constructed on sections, within
the

    rock
volume with the greatest drill hole density.

    


    The
interpreted mineralized zones based on assays and geology was used
for

    generating
resource blocks on the drill sections. Both interpretation and

    blocks
were then projected onto a surface plan for three dimensional

    verification
and adjustments made where required.

    


    Additional
blocks not containing drill holes were then generated around

    these
initial blocks based on reasonable projections of the geology and

    uranium
mineralization away from the drill data.

    


    Calculations
were done in Imperial units (short tons, feet). No dilution or

    other
allowances for mining were made in this calculation. Grades are

    reported
in lb/ U3O8.

    


    19.2
KEY ASSUMPTIONS

    


    The
following assumptions and criteria were used in the preparation of
the

    resource
estimate:

    


    Specific
Gravity

    


    An
assumed SG of 2.67 was used for this calculation. Converting 2.67
into

    Imperial
units yields a tonnage factor of 12.0 cubic feet per short ton.

    


    Grade
Cut Off

    


    
      
        
           


        

        
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    A
cut off of 0.2 lb/ton was utilized for composites applied to resource
blocks.

    That
is, no length weighted composite of less than 0.2 lb U3O8 was used to

    estimate
the grade of any resource block.

    


    Individual
assays of less than 0.2 lb U3O8 were used in some
composites

    where
there was reasonable geological or mineralogical continuity

    interpreted.

    


    Minimum
Width

    


    A
five foot minimum true width was applied to resource blocks. If
blocks

    were
projected towards drill hole intercepts above cutoff grade but below
5

    feet
in true width, the blocks were truncated where interpreted blocks

    reached
the 5 foot limit.

    


    Projection
Criteria

    


    Where
drilling information existed, resource blocks were not projected
more

    than
50 feet from drill hole intercepts, if geological and/or
mineralogical

    continuity
was in doubt. The projection of resource blocks between drill

    holes
beyond this 50 foot rule was allowed in both the dip and the strike

    dimensions
if geological/mineralogical continuity was interpreted.

    


    On
sections where no drilling or limited drilling existed, blocks were

    constructed
based on reasonable projections of geology and mineralization

    from
adjacent sections which did contain drill hole data. Resource
blocks

    were
also constructed based on reasonable projections of geology and

    mineralization
for a maximum of the width of one drill section (typically 100

    feet)
on strike to the north and south of the drilled volume.

    


    Grade
Estimation

    


    In
most resource blocks, drill hole spacing in both the dip and strike

    dimensions
was approximately 100 feet or less and intercepts were

    interpreted
to closely represent the true thickness of mineralization. For

    estimating
grade in blocks containing drill hole intercepts, all composites

    within
the block were used to calculate a global weighted average based on

    sample
lengths. This grade was then applied to the tonnage calculated for

    each
block. The final grade for each section was then calculated by

    weighting
block grades by block tonnages. The overall grade was calculated

    similarly
by weighting section grades by section tonnages.

    


    
      
        
           


        

        
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    Where
blocks were truncated at the 5 foot minimum width, intercepts
within

    50
feet of the block which were used as the basis of the block
construction

    were
also used in the grade estimate.

    


    For
resource blocks without drill holes located between adjacent
sections

    with
drill data, grade was estimated by calculating a length weighted
global

    average
of the adjacent blocks used to generate the inferred block. For

    inferred
blocks north of or south of [along strike] of the drilled volume,
the

    grade
of the adjacent section was applied to that inferred block.

    


    Tonnage
Estimation

    


    Geological
and mineralogical interpretation and the resource blocks were

    generated
on digital sections. Areas of the blocks were measured using the

    CAD
software. In plan, the section widths were established by using the
mid

    points
between section lines.

    


    19.4
SUMMARY OF RESULTS

    


    The
inferred resource estimate is summarized in Table 19-1. An inferred

    resource
of 1.4 MT at a grade of 0.5 lb/ton U3O8 has been estimated.
(Figure

    


    19-1
illustrates a typical resource section. Figure 19-2 illustrates
resource

    blocks
in plan.) Drill sections with blue coloured resource blocks are in

    Appendix
3.

    


    20.0
OTHER RELEVENT DATA AND INFORMATION

    


    20.1
ENVIRONMENTAL STUDIES

    


    Bancroft
Uranium has an ongoing commitment to environmental principals,

    the
health of its workers, the community and to the overall protection of
the

    environment.
Bancroft has contracted and retained Earth Tech Canada of

    Toronto
as Environmental Consultants to conduct all aspects of

    environmental
management on the Monmouth Project.

    


    Earth
Tech is advising the Company on issues such as the Canadian Nuclear

    Safety
Commission (the national regulatory body) and all Federal and

    


    


    
      
        
           


        

        
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    Figure
19‐1

    Bancroft Uranium
Inferred Resource
Estimate Summary

    Monmouth
Property

    Section

    Block

    Number

    Area Area
Thickness Volume Tonnage Grade Comments Grd x tons

    weighted
grade

    by
section

    m2 ft2 ft ft3 short tons lb U3O8

    1400E
#1‐#5 591.7 6,369.1 100.0 636,905.9 53,075.5 0.399 no drill data inferred block,
grade as 1500E 21,177.1 53,075.5

    total
tons

    0.40 grade lb U3O8

    1500E #1A
35.0 376.7 100.0 37,674.0 3,139.5 0.255 800.6

    1500E #1B
55.6 598.5 100.0 59,847.8 4,987.3 0.466 2,324.1

    1500E #2
63.9 687.8 100.0 68,782.0 5,731.8 0.291 1,668.0 53,075.5 total tons

    1500E #3
127.1 1,368.1 100.0 136,810.4 11,400.9 0.291 no drill data inferred block
3,317.7 21,189.7 total grdXtons

    1500E #4 225.2 2,424.1 100.0 242,405.3
20,200.4 0.344 no drill data inferred block 6,949.0 0.40 grade lb U3O8

    1500E #5
84.9 913.9 100.0 91,386.4 7,615.5 0.805 no drill data inferred block
6,130.5

    0.0

    1600E #1
28.7 308.9 100.0 30,892.7 2,574.4 0.232 597.3

    1600E #2
41.7 448.9 100.0 44,885.9 3,740.5 0.443 1,657.0 65,839.8 total tons

    1600E #2A
46.4 499.4 100.0 49,945.0 4,162.1 0.803 3,342.2 29,462.6 total
grdXtons

    1600E #2B 15.1 162.5 100.0 16,253.6
1,354.5 0.387 524.2 0.45 grade lb U3O8

    1600E #3
430.3 4,631.7 100.0 463,174.9 38,597.9 0.344 13,277.7

    1600E #4
119.6 1,287.4 100.0 128,737.4 10,728.1 0.805 8,636.1

    1600E #5
52.2 561.9 100.0 56,188.1 4,682.3 0.305 1,428.1

    0.0

    1675E #1
146.0 1,571.5 100.0 157,154.4 13,096.2 0.669 8,761.4

    1675E #2
77.2 831.0 100.0 83,098.1 6,924.8 0.232 no drill data inferred block 1,606.6
63,489.7 total tons

    1675E #3
118.8 1,278.8 100.0 127,876.3 10,656.4 0.443 no drill data inferred block
4,720.8 29,465.1 total grdXtons

    1675E #4 291.1 3,133.4 100.0 313,340.0
26,111.7 0.344 no drill data inferred block 8,982.4 0.46 grade lb U3O8

    1675E #5
74.7 804.1 100.0 80,407.1 6,700.6 0.805 no drill data inferred block
5,394.0

    1800E #1
416.0 4,477.8 75.0 335,836.8 27,986.4 0.587 no drill data inferred block
16,428.0 27,986.4 total tons

    1800E 0.0
16,428.0 total grdXtons

    1800E 0.0 0.59 grade lb U3O8

    0.0

    1850E #1
46.1 496.2 125.0 62,027.6 5,169.0 0.288 no drill data inferred block
1,488.7

    1850E #2
154.2 1,659.8 125.0 207,476.1 17,289.7 0.504 8,714.0 61,096.9 total
tons

    1850E #3
27.7 298.2 125.0 37,270.4 3,105.9 1.050 3,261.2 25,688.1 total
grdXtons

    1850E #4 62.2 669.5 125.0 83,690.1
6,974.2 0.245 1,708.7 0.42
grade lb U3O8

    1850E #5
131.9 1,419.8 125.0 177,471.5 14,789.3 0.401 no drill data inferred block
5,930.5

    1850E #6
122.8 1,321.8 125.0 165,227.4 13,769.0 0.333 no drill data inferred block
4,585.1

    1850E 0.0
125.0 0.0 0.0 0.0

    0.0

    2000E #1
100.0 1,076.4 100.0 107,640.0 8,970.0 0.288 2,583.4 99,280.0 total
tons

    2000E #2
866.5 9,327.0 100.0 932,700.6 77,725.1 0.548 42,593.3 55,634.7 total
grdXtons

    2000E 0.0 100.0 0.0 0.0 0.0 0.56 grade
lb U3O8

    2000E #4
140.3 1,510.2 100.0 151,018.9 12,584.9 0.831 10,458.1

    0.0

    2100E #1
68.0 732.0 100.0 73,195.2 6,099.6 0.643 3,922.0

    2100E #2
222.7 2,397.1 100.0 239,714.3 19,976.2 0.460 9,189.0 151,135.5 total
tons

    2100E #3
296.9 3,195.8 100.0 319,583.2 26,631.9 0.454 12,090.9 62,566.6 total
grdXtons

    2100E #4 310.4 3,341.1 100.0 334,114.6 27,842.9
0.317 8,826.2 0.41 grade lb U3O8

    2100E #5
366.5 3,945.0 100.0 394,500.6 32,875.1 0.473 no drill data inferred block
15,549.9

    2100E #6
246.8 2,656.6 100.0 265,655.5 22,138.0 0.337 no drill data inferred block
7,460.5

    2100E #7
173.6 1,868.6 100.0 186,863.0 15,571.9 0.355 no drill data inferred block
5,528.0

    0.0

    2200E #1
461.3 4,965.4 85.0 422,061.8 35,171.8 0.324 11,395.7 207,378.8 total
tons

    2200E #2
60.1 646.9 85.0 54,987.9 4,582.3 0.226 1,035.6 99,932.2 total
grdXtons

    2200E #3 1,835.5 19,757.3 85.0 1,679,372.4
139,947.7 0.558 78,090.8 0.48 grade lb U3O8

    2200E #4
363.0 3,907.3 85.0 332,123.2 27,676.9 0.340 9,410.2

    2200E 0.0
85.0 0.0 0.0 0.0

    0.0

    2270E #1
355.7 3,828.8 65.0 248,869.1 20,739.1 0.334 6,926.9 131,967.5 total
tons

    2270E #2
594.1 6,394.9 65.0 415,668.0 34,639.0 0.765 26,498.8 76,429.1 total
grdXtons

    2270E #2A 501.1 5,393.8 65.0 350,599.6
29,216.6 0.507 14,812.8 0.58 grade lb U3O8

    2270E #3
493.6 5,313.1 65.0 345,352.2 28,779.3 0.756 no drill data inferred block
21,757.2

    2270E #4
318.9 3,432.6 65.0 223,121.6 18,593.5 0.346 no drill data inferred block
6,433.3

    0.0

    2350E #1
437.8 4,712.5 75.0 353,435.9 29,453.0 0.740 21,795.2 121,041.2 total
tons

    2350E #2
352.8 3,797.5 75.0 284,815.4 23,734.6 0.334 no drill data inferred block 7,927.4
81,630.6 total grdXtons

    2350E #3 1,008.6 10,856.6 75.0
814,242.8 67,853.6 0.765 no drill data inferred block 51,908.0 0.67 grade lb
U3O8

    0.0

    2400E #1
252.0 2,712.5 75.0 203,439.6 16,953.3 0.688 11,663.9 28,195.0 total
tons

    2400E #2
35.0 376.7 75.0 28,255.5 2,354.6 0.316 744.1 19,789.0 total
grdXtons

    2400E #3 75.4 811.6 75.0 60,870.4
5,072.5 0.467 2,368.9 0.70 grade lb U3O8

    2400E #4
56.7 610.3 75.0 45,773.9 3,814.5 1.314 5,012.2

    0.0

    2500E #1
125.2 1,347.7 90.0 121,288.8 10,107.4 0.372 3,760.0 90,361.1 total
tons

    2500E #2
437.0 4,703.9 90.0 423,348.1 35,279.0 0.388 13,688.3 35,014.0 total
grdXtons

    2500E #3 374.8 4,034.3 90.0 363,091.2
30,257.6 0.401 12,133.3 0.39 grade lb U3O8

    2500E #4
77.6 835.3 90.0 75,175.8 6,264.6 0.372 no drill data inferred block
2,330.4

    2500E #5
104.7 1,127.0 90.0 101,429.2 8,452.4 0.367 no drill data inferred block
3,102.0

    0.0

    2600E #1
782.9 8,427.1 110.0 926,984.9 77,248.7 0.564 43,568.3 121,522.0 total
tons

    2600E #2
283.3 3,049.4 110.0 335,438.5 27,953.2 0.470 no drill data inferred block
13,138.0 61,357.5 total grdXtons

    2600E #3 165.4 1,780.4 110.0 195,840.2
16,320.0 0.285 no drill data inferred block 4,651.2 0.50 grade lb U3O8

    0.0

    2700E
#1‐#3 1,231.6 13,256.9 100.0 1,325,694.2 110,474.5 0.505 no drill data inferred
blocks, grade as 2600E 55,778.6 110,474.5

    total
tons

    0.0 0.000 0.0 0.0 0.00 0.50 grade lb
U3O8

    0.000 0.0
0.0 0.00

    0.000 0.0
0.0 0.00

    Total
tonnage 1,385,919 691,542.9 0.50 overall grade

    


    


    


    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

     

    


     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
 

    
      
        
           


        

        
          
          

          
            

          

        

        
           


        

      

    

    


    Provincial
regulations that come under the Canadian Environmental

    Protection
Act, The Fisheries Act, The Environmental Management and

    Protection
Act, The Clean Air Regulations and The Mineral Industry

    Environmental
Protection Regulations. Bancroft will be required to

    incorporate
reclamation and decommissioning plans as part of the

    Environmental
Impact Study that will form part of Bancroft’s application for a

    mining
license if the project were to proceed to this stage. The Company

    would
also be required to post a bond to guarantee reclamation of all
public

    and
private lands.

    


    Regarding
the safety of our workers, Bancroft required all employees at the

    Monmouth
project site to wear dosimeters which are regularly monitored.

    The
Company also intends to apply for I.S.O. certification in accordance
with

    the
I.S.O. 14001 standard for environmental management systems. Earth

    Tech,
under the supervision of Mr. Derek Parks, Senior Geoscientist

    implemented
a water sampling base line study where ground water from

    streams
and ponds were sampled and analyzed, prior to exploration and

    during
the trenching and drilling operations. Earth Tech will continue to

    advise
the Company on a going forward need basis recommending a course

    of
action to comply with any and all environmental regulations.

    


    21.0
CONCLUSIONS

    


    The
following conclusions are based on the author’s review of both
historical

    work
and the exploration conducted by Bancroft.

    


    1-Uranium
mineralization in a skarn package on the Monmouth Property as

    described
by Evans (1968, 1969) has been located and sampled with the

    2008
diamond drilling program. The general objectives of the program
were

    met;
the general shape and size of the deposit has been confirmed and
the

    mineralization
has been expanded in the downdip dimension (easterly). The

    mineralization
remains open along strike and in both dip dimensions. The

    estimated
resource was not increased however.

    


    2-
The 2008 drilling program has sampled the mineralization and
collected

    geological
information in a spacing of about 100 feet by 100 feet in both

    strike
and dip dimensions. In the author’s opinion, this was adequate for
the

    initial
interpretation of geology and mineralization and the preparation of
an

    inferred
resource estimate.

    


    
      
        
           


        

        
          P
50

          
            

          

        

        
           


        

      

    

    


    3-
Some uncertainty exists with respect to U3O8 grade in the deposit (see
4

    below
also). A better understanding of the structural geology and the
impact

    of
structure on the shape and size of mineralization would assist in
further

    assessing
the overall grade of the deposit. Limited trench assay data

    suggests
a higher grade of material might exist in portions of the surface

    expression
of the skarn zone in comparison to the grade estimate from drill

    holes,
but this has not been verified.

    


    The
character and distribution of uranium mineralization seen in drill
core

    and
trenches by the author and a review of drill logs and assay data
suggests

    that
the distribution of metal values may be somewhat irregular in this

    deposit,
that is, there may some outliers [nugget effect]. The grade from
both

    surface
data and drill holes remains unverified at the date of this report.

    


    4-
A substantial difference in U3O8 grade exists between the two
resource

    estimates
(based on diamond drilling) presented herein. Northern Nuclear

    drilled
11,139 feet on the Monmouth property in 1969. Of this, some 10,302

    feet
were completed on the “A- Zone” in 45 holes, 26 of which reported

    assays.
A historical resource estimate of 2.0 MT at a grade of 0.045% (0.9

    lb/ton)
U3O8 was reported with the tenor
being derived from 22 drill holes

    completed
in the “A- Zone” (skarn zone)(Evans, 1969). Presumably both the

    chemical
and radiometric determinations were used in the grade

    determination
but this has not been verified. Bancroft Uranium has drilled 52

    holes,
totaling 12,020 feet in the same skarn zone. An inferred resource
of

    1.4
MT at a grade of 0.5 lb/ton U3O8 has been estimated. The grade
has been

    derived
from DNC analyses only.

    


    The
difference in grade in the resource estimates may be attributed to 1-
a

    differing
number and length of drill core samples taken and used to estimate

    grade
with, 2- differing methods of sample analysis, and 3- different
grade

    estimation
methods, one of which is unknown.

    


    A
comparison of 12 Northern Nuclear drill holes twinned with nearby

    Bancroft
holes shows generally higher values from assays returned in

    similarly
sampled rock volumes by the 1969 holes verses 2008 holes.

    


    
      
        
           


        

        
          P
51

          
            

          

        

        
           


        

      

    

    


    5-
A limited amount of current exploration data was available for the

    preparation
of this report. Nonetheless, it is the author’s opinion based on

    both
historical data and the Bancroft information that there is potential
to

    enlarge
the area of known mineralization and discover other significant

    uranium
mineralization on the property.

    


    


    22.0
RECOMMENDATIONS

    


    It
is the opinion of the author that the Monmouth Property is of
sufficient

    merit
that continued exploration including mapping, sampling and drilling
is

    warranted.

    


    1-
A concurrent program of surface exploration and a phase 2 drilling

    program
are recommended. The program should continue to focus on and

    expand
the known mineralization in the skarn rocks but should also begin

    evaluation
of the radioactive pegmatite occurrences throughout the property.

    An
overall budget of $1.0 to 1.5 M is proposed for surface exploration,
data

    compilation,
drilling, bulk sampling and check assay work with the objective

    of
generating a database for a more rigorous resource estimate.

    


    2-A
phase 2 drilling program consisting of 50 to 60 drill holes consisting
of

    approximately
10,000 to 15,000 feet should be completed with the objective

    of
verifying mineralogical continuity and tenor and expanding the
deposit.

    Fill-in
holes should be added within the limits of the 2008 program and

    additional
holes added both along strike and in both dip directions. A
drilling

    budget
of $800,000 (as part of the overall budget) is recommended.

    


    3-a
detailed structural interpretation should be completed within the

    mineralized
skarn zones to further understand geological controls and their

    impact
on the distribution of mineralization. A study of the statistical

    distribution
of the metal content based on the existing assay database

    should
be undertaken. Results from these studies should be used to refine

    drillhole
lay out both within the 2008 data framework and beyond.

    


    4-Additional
geological mapping and sampling should be undertaken to aid in

    defining
and extending the skarn zone

    


    
      
        
           


        

        
          P
52

          
            

          

        

        
           


        

      

    

    


    5-A
composite 50 to 100 ton bulk sample should be removed from the
skarn

    zone
for further metallurgical testing, verification of the tenor and
specific

    gravity
of the mineralization.

    


    6-A
rigorous check assay program should be completed to verify tenor

    reported
in the 2008 drilling. This program should continue forward and be a

    component
of any future drilling campaigns.

    


    7-Prospecting,
mapping and sampling in the remainder of the claim block

    should
be completed with an emphasis on a more detailed investigation of

    known
radioactive mineralization in pegmatites in addition to discovering

    new
radioactive occurrences of any type.

    


    8-Compile
the trench data and project this information onto the drill
sections

    to
assist in tenor evaluation and mineralogical/structural
interpretation.

    9-Complete
the compilation of radiometric and mapping data collected in

    2007
on a base map. The radiometric data should be contoured. New

    mapping
and sample data should added to this information base with the

    intent
of generating new exploration/drilling targets.

    


    
      
        
           


        

        
          P
53

          
            

          

        

        
           


        

      

    

    


    23.0
REFERENCES

    


    Allen,
J.M., 1971. The genesis of Precambrian uranium deposits in Eastern

    Canada,
and the uraniferous pegmatites of Mont Laurier, Quebec.

    Unpublished
M.Sc. Thesis, Queens University, Kingston, Ontario

    


    Alexander,
R.L., 1986. Geology of Madawaska Mines Ltd., Bancroft, Ontario.

    In Uranium deposits in Canada.
E.L. Evans editor. Canadian Institute of

    Mining
and Metallurgy Special Volume 33, p. 62-69.

    


    Barton,
A., 1955. Drill Logs in MNDM Assessment file #10, Monmouth

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MNDM office, Tweed Ontario

    


    Bright,
E.G., 1980. Eels Lake area, southern Ontario, Ontario Geological

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    Carlson,
K.A.,van der Pluijm, B.A., and Hanmer, S., 1990. Marble mylonites
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    the
Bancroft shear zone: Evidence for extension in the Canadian
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    Carter,
T.R., Colvine, A.C., and Meyn, H.D., 1979. Geology of base metal,

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    area.
Ontario Geological Survey Mineral Deposits Circular 20, 186p.

    


    Currie,
J.B., 1951. The occurrence and relationship of some mica and
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    Easton,
R.M., 1992. The Grenville Province and the Proterozoic history of

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    Ellsworth,
H.V., 1932. Rare-element minerals in Canada. Economic Geology

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    Evans,
S.W., 1968. Report on Mining Claims E.O.-37858 to E.O.-37872

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    Evans,
S.W., 1969. Progress Report on the Monmouth Township Property for

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Internal

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    Farstad,
J.H.M., 1975. Geological Survey of Monmouth Prospect, Claims E.O.

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file #67 (Monmouth Township)(Tweed)

    


    Ford,
K.L., 1982. Uraniferous pegmatites of the Sharbot Lake Area,
Ontario.

    In Uranium in Granites, Y.T.
Maurice editor. Geological Survey of Canada

    Paper
81-23, pp.125-138.

    


    Ford,
K., 1983. Geology and geophysics of uraniferous pegmatites, Black

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Carlton University, Ottawa, Ontario

    


    Fowler,
A.D., 1980. The age, origin and rare-earth element distributions of

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McGill University, Montreal, P.Q..

    


    Fowler,
A.D., and Doig, R., 1983a. The age and origin of Grenville Province

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granites and pegmatites. Canadian Journal of Earth Sciences, v.

    20,
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    Fowler,
A.D., and Doig, R., 1983b. The significance of europium anomalies
in

    the
REE spectra of granites and pegmatites, Mont Laurier, Quebec.

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et Cosmochimica Acta. v. 47, p. 1131-1137.

    


    Gledhill,
T., 1982. Report on Claim Groups Monmouth Township, Haliburton

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    Hasan,
Z., 1974. Scintillometer survey of Monmouth Prospect, Claims E.O.

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file #62 (Monmouth Township)(Tweed)

    


    Heinrich,
E.W., 1966. The geology of carbonatites. Rand McNally and

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D.F., 1967. Pegmatite mineral resources of Ontario. Ontario

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E.L., 1992. Instrumental Neutron Activation in Geoanalysis. Journal

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W.O., 1973. Metamorphic molybdenite deposits in the Grenville

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Unpublished Ph.D. Thesis, Queens University, Kingston, Ontario.

    


    Kreczmer,
M.J., 1974. Petrology of the skarn deposit and geochemistry of

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D.R., 1992. Petrogenesis of U-Th-Mo and REE-bearing pegmatites,

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J.L., 1965. Isotopic composition of strontium in four carbonate
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J.A., 1978. Uranium deposits in Ontario. In Uranium
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R.B., 1952. Petrology of the Richardson radioactive deposit,

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