Work History

Staked as the Hasl cl 1-8 (YA10292) in Jun/77 by Eldorado Nuclear Ltd. Eldorado added Hasl cl 9-40 (YA10397) in July and Aug/77, and cl 41-88 (YA10551) in Sep/77. The company conducted geological mapping, geochemical and ground and airborne radiometric surveys in 1977. In May/78 the company staked Hasl cl 89-118 (YA29693) and explored with geological mapping, geochemical and radiometric surveys in 1978, water, silt and heavy mineral sampling in 1979 and reanalysis in 1980. In 1982, Eldorado changed its name to Eldor Resources Ltd.
Restaked as Pedlar cl 1-36 (YC35273) in Oct/2004 by Strategic Metals Ltd. In Dec/2004 Strategic Metals sold seven uranium properties including the Pedlar claims to Twenty-Seven Capital Corp in return for 5 million common shares of Twenty-Seven Capital representing a acquisition value of #2 000 000.00.
In Sep/2005 Twenty-Seven Capital formed the Yukon Uranium Joint Venture with Cash Minerals Ltd to collaborate on exploration efforts on their respective claim holdings. Each company would hold a fifty percent interest in the joint venture and each company would contribute various properties to the joint venture. The Pedlar claims was one of the properties Twenty-seven Capital contributed to the joint venture. In Mar/2006 the two companies entered into a agreement to amalgamate the two companies rights and obligations under various prior agreements into a single agreement resulting in the formation of the Yukon Uranium Project. The Pedlar claims were transferred to the Yukon Uranium Project and both companies retain 50% interests in the claims.
In May/2006 the joint venture partners drilled 5 reverse circulation percussion drill holes (730 m) on the Pedlar claims. In Oct/2006 Mega Uranium Ltd announced its intentions to acquire all the outstanding common shares of Twenty-Seven Capital Corp. The sale of Twenty-Seven Capital to Mega Uranium was completed in Feb/2007. In Dec/2008 Cash Minerals wrote off its interest in the Yukon Uranium Project resulting in Mega Uranium acquiring a 100% interest in the Pedlar claims (Cash Minerals' Consolidated Financial Statements Dec 31, 2008 and 2007 page 15, available on SEDAR).

Capsule Geology

The area was reconnaissance mapped by D. Templeman-Kluit in 1974. Beginning in 2000 J. Ryan and S. Gordey (2004) of the Geological Survey of Canada began re-mapping the Stewart River area. Their mapping focused on the Yukon-Tanana terrane, comprising complexly deformed mostly (?) Paleozoic meta-igneous and metasedimentary rocks and extended southwards to cover this occurrence. In 2005 S. Gordey and J. Ryan released a geological compilation map for the Stewart River area. The map units generally remained the same as the 2004 geology map but age dates were changed to reflect new dates obtained through geochronology data.
The occurrence area is underlain by a sequence of Devonian to Mississippian schists interlayered by amphibolite and intruded by tonalitic or intermediate to mafic orthogneiss. The sequence is intruded by a small quartz monzonite stock (or two bodies separated by Paleozoic rocks) assigned to the 100 to 109 million year Coffee Creek Plutonic Suite.
Exploration work carried out by Eldorado Nuclear obtained uranium values up to 304 ppb from water in the major stream draining the property. Stream sediment samples contained up to 1 853 ppm uranium and soil samples up to 4 790 ppm uranium. The only mineralization uncovered was a 5 cm wide veinlet of uraninite-magnetite in granitic felsenmeer found at the headwaters of the stream that assayed 0.14% uranium oxide (U3O8).
The joint venture group focused their efforts on the central portion of the Pedlar claims where Eldorado Nuclear obtained their best results. The reverse circulation percussion drilling tested the assumed southerly contact between the granitic intrusion and the underlying Paleozoic metasedimentary/metavolcanic rocks. This boundary is marked by a pronounced topographic depression that is assumed to be a fault. The holes penetrated both intrusive and metasedimentary rocks. Several of the holes were collared to intersect suspected fault zones and cross geologic contacts. None of the zones intersected any zones of anomalous radioactivity and none of the analyses returned greater than 20 ppm uranium.

References

CASH MINERALS LTD AND TWENTY-SEVEN CAPITAL CORP., Apr/2007. Assessment Report #094771 by W.D. Eaton.

CASH MINERALS LTD, Annual Report. 2005, 2006, 2007, 2008. (available on SEDAR).

ELDORADO NUCLEAR LTD, 1977. Assessment Report #090339 by W.J. Olsson.

ELDORADO NUCLEAR LTD, 1978. Assessment Report #090449 by C.J. Riley.

ELDORADO NUCLEAR LTD, 1980. Assessment Report #090612 by C.J. Riley.

ELDORADO NUCLEAR LTD, Dec/80. Assessment Report #090679 by W.J. Olsson.

GORDEY, S.P. AND MAKEPEACE, A.J. 2003: Yukon Digital Geology, version 2.0, S.P. Gordey and A.J. Makepeace (comp); Geological Survey of Canada, Open File 1749 and Yukon Geological Survey, Open File 2003-9 (D).

GORDEY, S.P. AND RYAN, J.J. 2005. Geology, Stewart River Area (115N, 115 O and part of 115J), Yukon Territory; Geological Survey of Canada, Open File 4970, scale 1:250 000.

MINERAL INDUSTRY REPORT 1978, p. 26.

MORTENSEN, J.K., 1990. Geology and U-Pb geochronology of the Klondike district, west-central Yukon Territory. Canadian Journal of Earth Sciences, vol. 27, p. 903-914.

RYAN, J.J. AND GORDEY, S.P., 2002: Bedrock geology of Yukon-Tanana terrane in southern Stewart River map area, Yukon Territory; Geological Survey of Canada, Current Research 2002-A1, 11 p.

Ryan, J.J. ET AL., 2003: Update on bedrock geological mapping of the Yukon-Tanana terrane, southern Stewart River map area, Yukon Territory; Geological Survey of Canada, Current Research 2003-A9, 7 p.

Ryan, J.J. AND GORDEY, S.P., 2004; Geology Stewart River Area (Parts of 115N/1, 2, 7,8 and 115O/2- 12), Yukon Territory; Geological Survey of Canada, Open file 4641, scale 1:100 000.

TWENTY-SEVEN CAPITAL CORP., News Release. 17 Dec/2004, 18 Apr/2006, 2 May/2006, 31 Oct/2006.

YUKON EXPLORATION AND GEOLOGY 2006, p. 37, 45, 46.

YUKON GEOLOGY AND EXPLORATION 1979-80, p. 267.