TECHNICALREPORT ONTHE MONMOUTHURANIUM PROPERTY BANCROFTAREA CENTRALONTARIO To BancroftUranium Inc. ForNI 43-101 PresentedBy ClarenceR. Marchand P.Eng.

EX-10.1 2 bancroft8kex072808.htm TECHNICAL REPORT ON THE MONMOUTH URANIUM PROPERTY, BANCROFT AREA, CENTRAL ONTARIO, SIGNED ON JULY 21, 2008 BY CLARENCE R. MARCHAND, P. ENG. bancroft8kex072808.htm

TECHNICAL REPORT

ON THE

MONMOUTH URANIUM PROPERTY

BANCROFT AREA

CENTRAL ONTARIO

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

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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

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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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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 ###-###-####	64	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	16	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	32	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	128	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	64	Bancroft	2007-05-29	2009-05-29
SO ###-###-####	192	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	32	Bancroft	2009-05-29	2009-05-29
SO ###-###-####	64	Bancroft	2009-05-29	2009-05-29
SO ###-###-####	32	Bancroft	2009-05-29	2009-05-29
SO ###-###-####	192	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	64	Bancroft	2007-05-29	2009-05-29
SO ###-###-####	80	Bancroft	2007-05-29	2009-05-29
SO ###-###-####	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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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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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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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.

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

map should be undertaken.

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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 ###-###-####

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 ###-###-#### 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 ½)

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 ½ of Lot 5, con 3

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

4220035 (11 units) – East ½ 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 ###-###-#### Ontario upon Gagne’s receipt of

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

common stock, Gagne provided ###-###-#### Ontario with executed transfers of

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

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

NMR equal to 1.5%) by ###-###-#### 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 ###-###-####	64	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	16	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	32	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	128	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	64	Bancroft	2007-05-29	2009-05-29
SO ###-###-####	192	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	32	Bancroft	2009-05-29	2009-05-29
SO ###-###-####	64	Bancroft	2009-05-29	2009-05-29
SO ###-###-####	32	Bancroft	2009-05-29	2009-05-29
SO ###-###-####	192	Bancroft	2007-01-12	2009-01-12
SO ###-###-####	64	Bancroft	2007-05-29	2009-05-29
SO ###-###-####	80	Bancroft	2007-05-29	2009-05-29
SO ###-###-####	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 ###-###-#### 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 ½ 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 ½ 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 ½ 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.

P 29

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 ½ 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.

P 31

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.

P 37

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.

P 38

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.

P 39

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 ½ 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.

P 40

Core boxes containing ½ 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.

P 41

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.

P 43

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.

P 46

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

P 47

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.

P 48

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

P 49

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

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

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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

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