Exhibit 10.2
SUMMARY
REPORT
BEE URANIUM PROPERTY
Harrison Hot Spring, BC
November 2011
TABLE OF CONTENTS
PAGE
----
EXECUTIVE SUMMARY 3
1.0 INTRODUCTION 4
1.1 TERMS OF REFERENCE 4
1.2 LOCATION AND ACCESS 5
1.3 TOPOGRAPHY, CLIMATE, VEGETATION 6
1.4 PROPERTY STATUS 7
1.5 PREVIOUS WORK 7
2.0 GEOLOGY 7
2.1 REGIONAL GEOLOGY 7
2.2 PROPERTY GEOLOGY 7
3.0 CONCLUSIONS AND RECOMMENDATIONS 10
4.0 REFERENCES 11
FIGURES
1. BEE URANIUM PROPERTY BC LOCATION MAP 4
2. BEE URANIUM PROPERTY REGIONAL LOCATION MAP 5
3. BEE URANIUM PROPERTY MAP 6
4. BEE URANIUM GEOLOGY MAP 8
2
EXECUTIVE SUMMARY
1. The Bee Uranium Property (Minfile 092HSW110) is mainly underlain by
intrusive rocks of the Oligocene (Tertiary) age Chilliwack Batholith. The
property covers the contact between Upper Jurassic Kent Formation sediments
and hornblende granodiorite of the Chilliwack Batholith.
2. Radioactive pegmatite occurs in silicified hornblende granodiorite,
containing a uranium mineral, likely uraninite or uraniferous magnetite.
Chalcopyrite and malachite are also found in the mineralized zone. Cobalt
occurs as coatings of erythrite (cobalt bloom), the primary mineral,
possibly cobaltite, is unknown.
3. A geochemical soil anomaly in the vicinity of the main showing can be
followed for 50 to 150 metres in an east-west direction, indicating further
extensions to the known mineralization.
4. A proposed work program includes construction of a control grid, geological
mapping and rock sampling, a soil and silt geochemical sampling program, IP
and radiometric geophysical surveys, and trenching. Based on a compilation
of these results, a diamond drill program will be designed to explore and
define the potential resources.
3
1.0 INTRODUCTION
1.1 TERMS OF REFERENCE
This summary report is a compilation of geological data currently available
regarding the Bee Uranium Property, located approximately 3 kilometres southwest
of the resort town of Harrison Lake, B.C. Historical information from Laird
Exploration Ltd. files, the BC Department of Mines, the Geological Survey of
Canada and other sources has been reviewed and used where pertinent.
[MAP SHOWING PROPERTY BC LOCATION]
FIG. 1 BEE URANIUM PROPERTY BC LOCATION MAP
4
1.2 LOCATION AND ACCESS
The property is located on the lower, east slope of Mount Agassiz, to the west
of Miami Creek. Easy access to the property is provided from the nearby town of
Harrison Hot Springs.
Access is gained by traveling approximately 3 kilometres south from Harrison Hot
Springs along Highway No. 9. At this point, a powerline road is traveled for
approximately 800 metres west from Highway 9 to Miami Creek. The Bee showing
area is easily accessed from this point, lying at an elevation of 150 metres,
immediately west of Miami Creek.
The Bee mineral claim lies within the New Westminster Mining Division at 49(0)
16.5' north latitude and 121(0) 48' west longitude.
[MAP SHOWING PROPERTY REGIONAL LOCATION]
FIG. 2 BEE URANIUM PROPERTY REGIONAL LOCATION MAP
5
1.3 TOPOGRAPHY, CLIMATE, VEGETATION
The property is found near the southern tip of the Pacific Ranges, which is a
physiographic subdivision of the Coast Mountains. The slopes of Mount Agassiz
are steep and rugged, with numerous rock bluffs.
The current mineral property occupies the steep easterly slopes of Mt. Agassiz,
ranging from about 600 metres elevation on Mt. Agassiz to about 50 metres along
Miami Creek. The Bee mineral showing is at 150 metres elevation, near the base
of Mt. Agassiz.
The mineral property is covered by coniferous forest consisting of fir, cedar
and hemlock. Swampy brush is found along the sides of Miami Creek. The climate
is moderate with warm summers and cool rainy winters.
[MAP SHOWING BEE URANIUM PROPERTY]
FIG. 3 BEE URANIUM PROPERTY MAP
6
1.4 PROPERTY STATUS
The Bee Property comprises one mineral claim containing 6 cell claim units
totaling 126.45 hectares:
BC Tenure # Work Due Date Cells Total Area (Hectares)
----------- ------------- ----- ---------------------
928770 Nov. 9, 2012 6 126.45
1.5 PREVIOUS WORK
Other than radiometric, mapping and geochemical surveys carried out in 1978,
there is very little documented information pertaining to the Bee mineral
showing. Some hand trenching and blasting had been carried out at some time in
the past, but there are no references to this work.
In 1978, an exploration program consisting of geologic mapping, radiometric
surveys and soil sampling was carried out to locate potential areas of uranium
mineralization, in proximity to the Bee mineral showing area. This exploration
work was carried out on behalf of Jet-Star Resources Ltd. of Vancouver, British
Columbia.
2.0 GEOLOGY
2.1 REGIONAL GEOLOGY
The Bee occurrence area is underlain by Lower-Middle Jurassic Harrison Lake
Formation rocks comprised of intermediate to acidic flows and pyroclastics, and
the Upper Jurassic Kent Formation conglomerate, chert and tuffs. These rocks are
intruded by the Oligocene Chilliwack Batholith. The property covers the contact
between Kent Formation conglomerate and hornblende granodiorite of the
Chilliwack Batholith.
2.2 PROPERTY GEOLOGY
The main area of interest on the property is an outcropping of siliceous
pegmatitic rock composed mainly of white to clear quartz enveloping subhedral
crystals of potash feldspar (up to 8 cms long) and fragments of granodiorite
host rock. The outcrop is approximately 6 metres in diameter with lightly
altered hornblende-biotite host rock to the west and north. A light dusting of
sericite is evident in the granodiorite and to a greater degree in the
pegmatite.
7
[MAP SHOWING GEOLOGY OF THE BEE URANIUM PROPERTY]
FIG. 4 GEOLOGY MAP OF THE BEE URANIUM PROPERTY
8
Significant northwest trending fault zones are evident as fault scarps in the
immediate area. Faulting and to a lesser degree fracturing at 005(0) and 340(0)
is indicated adjacent to the mineral zone.
Mineralization is predominantly within the pegmatite or coarse-grained granitic
extrusion. An unidentified uranium mineral, possibly uraninite or uraniferous
magnetite occurs as sporadic fine disseminated black crystals in association
with clusters of fine-grained pyrite. A greenish yellow secondary mineral,
possibly phosphuranylite is also evident through the rock matrix.
Occasional patches of chalcopyrite with splashes of malachite and erythrite
(cobalt bloom) occur sporadically within the zone. Pale purplish fluorite is
present in association with the quartz.
A two-metre chip sample across a portion of the mineral zone assayed 0.020 %
uranium oxide or 0.18 Kg per tonne.
The results of the radiometric and soil sampling surveys were inconclusive. The
radiometric survey indicated that the Bee showing is quite localized, however a
145-sample geochemical soil survey showed an anomaly of higher than average
uranium values extending along an east-west trend for a minimum length of 50
metres to a maximum of 150 metres.
There is potential in this geological environment to form a sandstone- hosted
uranium deposit in sediments of the Kent Formation similar to the large deposits
in the Athabaska Basin, Saskatchewan. The mineral associations are also similar
to Olympic-Dam style mineralization. Neither model type has been explored for in
this area, an exploration program should test the potential of these geological
models.
9
3.0 CONCLUSIONS AND RECOMMENDATIONS
The Bee Uranium Property contains mineralization that is classified as a Rare
Element Pegmatite. Economic deposits of this type are not recognized in British
Columbia; however they can be considered important sources of the rare elements
niobium and yttrium. It is yet uncertain what potential exists for locating
economic levels of uranium on the Bee property.
A proposed work program includes construction of a control grid, geological
mapping and rock sampling of surface showings, a soil and silt geochemical
sampling program, IP and radiometric geophysical survey, and rock trenching.
Based on a compilation of these results, a diamond drill program will be
designed to explore and define the potential resources.
The anticipated costs of this development are presented in three results-
contingent stages.
PHASE 1
Reconnaissance geological mapping, prospecting and rock sampling. $ 25,000.00
PHASE 2
Detailed geological mapping and rock sampling, grid construction,
soil and silt geochemical survey, IP survey, establish drill and
trenching targets.
$100,000.00
PHASE 3
1000 meters of diamond drilling including geological
supervision, assays, report and other ancillary costs. $175,000.00
-----------
TOTAL $300,000.00
===========
10
4.0 REFERENCES
Laird, James, Laird Explorations Ltd. Prospector and Mining Exploration
Contractor for more than 25 years, provided prospecting notes on the geology and
exploration.
Mark, David G. (1978)
Geophysical Report on a Radiometric Survey, Bee Claim Group, Harrison Lake Area,
Geotronics Surveys Ltd.
Mark, David G, (1978)
Geochemical Report on a Soil Sampling Survey, Bee Claim Group, Harrison Lake
Area, Geotronics Surveys Ltd. for Jet-Star Resources Ltd. Assessment Report 6790
Monger, J.W.H. (1970)
Hope Map-Area, West Half, British Columbia
Geological Survey of Canada, Paper 69-47
Monger, J.W.H. (1989)
Geology, Hope, British Columbia
Geological survey of Canada, Map 41-1989
Sookochoff, L. (1977)
Geological Report on the Bee Property for Jet-Star Resources Ltd.
Sookochoff, L. (1978)
Geological Report on the Bee Property for Jet-Star Resources Ltd.
Thomson, Gregory R., Geoscientist & Consulting Geologist of 25 years Provided
notes and personal experience of mineral exploration and local geology gained
while working in the Province of British Columbia
11