With money tinkling in its pocket, Universal Power Corp. (TSX.V: UNX, FSE: 3U2A) is ready to start to explore both in Africa and also a world far in Scandinavian Canada.
The junior Vancouver-based account to begin work on its uranium property of compartment of Mbamba in southernmost Tanzania before the end of the year.
At the same time, the universal power is two-third of the way by a not-sponsored private placement, raising a crude of $2.68 million in date of at the end of November. The company intends to achieve the placement soon, bringing of the $720.000 additional ones.
As well as to obtain its African project the power in progress and universal also envisages to begin work this spring on its property recent-acquired of ore-copper-but of iron of large bear in the Territories of the North-West of Canada.
The universal power achieved the acquisition of the property of 45.000 acres, covering 20 blocks of complaint, in October. Large bear, 430 kilometers of north of Yellowknife, lies between the project of the south of Eldorado of the corp. of development of star of Alberta and properties of Terra of ores Inc. of wet cooper, which saw the diamond drilling in season 2007 of exploration.
The property of large bear is geologically similar to the Olympic layer of stopping to bottoms of Roxby in Australia south-west. The Olympic stopping is a large money and gold, uranium, copper deposit, which supports an underground mine as well as a metallurgical installation of integrated transformation. It is the world more broadest choose the deposit of uranium, although uranium explains only one small portion of the income of the mine.
And the universal power also began geophysical work on its project of Sibley in Ontario of the North-West to identify targets of drill for this winter. The universal power has an option to gain an interest of 60 _ for 217 units of complaints in the area of lake havoc, close to Thunder Bay.
The basin of Sibley is a sedimentary basin of semi-Protérozoïque-age which has the potential to accomodate the incompatabilité-related uranium deposits like those found in the basin uranium-rich person of Athabasca.
In Tanzania - based on an recent-accomplished ratio of Nor 43-101-compliant - the universal power expects that its exploration of phase 1 on the compartment of Mbamba included the cartography and geological sampling, a radiometric outline on the ground, a not very major breaking up and a not very major drilling of air blast of recognition of approximately 100 holes.
One expects that phase 1 costs approximately $250.000, with $400.000 50 deeper perforate, reversed programme of drilling of circulation to follow, according to preliminary results.
The property of compartment of Mbamba of 960 square- measures in kilometres, one of two held by universal power in Tanzania, is close lake Nyasa in the southernmost part of the country. The compartment of Mbamba and the smaller property of Mbinga belong to the superb group of African Karoo is, equivalent to the Canadian shield by containing rich mineral discoveries.
The regional geology of the sector is characterized by the protérozoïques and metamorphic crystalline rocks of basement which are covered by the sedimentary rocks with younger Karoo. The sector possible for is concealed in the sandstone and of the igneous-types of uranium deposits
