United Reef Limited
Advancing base and precious metals projects: McFauld's Lake - Sudbury Basin - Nova Scotia
United Reef Limited, founded in 1948, is a Toronto-based exploration stage company engaged in the generation, acquisition and exploration of mineral projects with good discovery potential.
The Company's current focus is on advancing its base and precious metals projects at McFauld's Lake (northwestern Ontario) and Hants County (Nova Scotia) and the Nickel Offsets property (Sudbury Basin) which is under option to URSA Major.
United Reef also has exposure to the oil and gas sector through its investment in General Reef Corporation and through a farmin right (currently under force majeure) in the Central African Republic. Some of United Reef's historic assets continue to hold promise through retained royalty interests.
McFauld's Lake property, James Bay Lowlands, Ontario
- option to acquire 50% in 5 claims covering 11.2 km² in the McFauld's Lake area, owned by Canstar Resources Inc. and Geocanex Limited
- property is contiguous to the southeastern boundary of the Spider/KWG's claims which host the 2003 high grade Zn-Cu-Ag-Pb-Au discovery (18.9m @ 8.1% Cu)
- United Reef to fund $150,000 worth of exploration work in 2008
- issued 5MM shares to Canstar/Geocanex; paid $50,000 to Canstar (April '08)
- Past exploration on the claims includes a Spider/KWG airborne EM/mag survey in 2003; a Canstar ground mag/TDEM survey in 2004; and a AeroTEM II survey in late 2007; surveys confirm the presence of at least 6 EM conductors on the claims.
- Final data interpretation is awaited to select targets for a diamond drill program.
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Hants County property, Nova Scotia (Gold-Base Metals)
- 13 exploration licences: 481 claims covering 76 km²
- processed data images from an aeromagnetic survey (2001) of the Kennetcook Basin for hydrocarbon exploration carried out by Northstar Energy show a 12 km long, 200-300 m wide magnetic anomaly and numerous other NW-trending linears
- Mar.'07: ground magnetic survey confirmed location/intensity of channel anomaly
- Jun.'07: auger/diamond drilling program to 50 m depth; source remains untested
- Jan.'08: NI 43-101 report postulates possible sources as:
- bedrock-hosted concentration of metals (Pb, Zn) along fissure, fault or shear;
- paleochannel from north with magnetite & ilmenite heavy sands;
- paleochannel tapping auriferous Rawdon Hills Au mineralization from south
- continued compilation suggests link between magnetic anomalies, faults and known mineralization in the basin (e.g., Walton Mine Ba-Pb-Zn deposit)
- Jan.'08: new claims staked targeting magnetic anomalies; additional ground magnetic surveys and deeper diamond drilling are planned to test possible sources
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Nickel Offsets property, Sudbury, Ontario (Ni, Cu-PGE's)
- URSA Major granted option March ’08 to earn 70% interest in the property by making $1.25 MM of exploration expenditures over 3 years and total cash payments of $75,000 to United Reef
- 12 patented & 5 unpatented claims covering 883 acres, 2.3-km of Foy Offset dike
- Nickel Offsets Mine produced +200,000 tons of Ni-Cu ore in 1940-50's
- exploration neighbours include FNX, Wallbridge, Xstrata, and Vale Inco
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Oil & Gas Interests
- Western Canada: United Reef owns 40% of General Reef Corporation, a private company with a farmin option (Sept.'07) on 40.6 sections of EnCana freehold rights, Warner area, Alberta; drilled first well in Dec.'07 read more
- Central African Republic (project currently under Force Majeure): right to earn 25% interest in a 55,504 km² oil & gas permit and contract; 18 defined prospects in the Salamat Basin in CAR from 200 to 6,500 ha read more