The Carter Lake Uranium Project covers ~ 1113 hectares on the Carter Lake Corridor, an exploration zone adjacent to the Patterson Lake Corridor which hosts two of the most significant recent discoveries in the basin: Nexgen’s Arrow Prospect and Fission’s Patterson Lake South Deposit.

The Carter Lake Project lies near the eastern edge of the Clearwater Domain, ~ 21km northeast of the Patterson Lake Project, where last week Fission Uranium Corp. announced a NI 43‐101 resource estimate of over 105 million lbs U3O8 for their Triple R deposit (see Fission press release dated January 9, 2015). The Project borders Alpha Exploration’s Hook Lake Project to the east and ground held by Cameco to the south. Basement depths are estimated at between 400‐500m, within the general discovery range of the McArthur River mine.

The principal exploration target at Carter Lake is ~ 4.7km of subsurface conductive anomalies, identified in a 2006 MegaTEM survey and a 2008 VTEM survey, both completed by ESO Uranium Corp. The anomalies are interpreted as a conductive horizon at or above the unconformity, which may be indicative of hydrothermal enrichment.