Otish Energy Inc. is a resource exploration company focused on exploration and development of Uranium properties in the Otish Basin of Quebec, Canada.
Otish Energy recently closed a $3.2 million financing to commence an extensive exploration program on its 100% interest in 1030 claims (approximately 54,800 hectares) and its 50% interest in 1,302 mineral claims (approximately 65,000 hectares) in the Otish basin of Quebec.
Otish Energy's claims in the Otish Basin hold potential to host fault-controlled uranium mineralization similar to that discovered at the nearby Matoush Project and also offer potential for classic unconformity-type uranium mineralization similar to the deposits currently mined in Saskatchewan's Athabasca Basin.
The Otish basin is being actively explored for uranium most notably at the Matoush Project where Strateco Resources Inc. has recently announced drill hole intersections of up to 2.13% U3O8 over 15.2m (Strateco Press Release: February 20, 2007). The Matoush fault-type uranium is closely linked to a regional fault that appears to have acted as conduit for uranium bearing fluids. The mineralization generally occurs along the margins of the fault in a highly-fractured and altered environment adjacent to vertical gabbro dykes emplaced within the fault. The uranium mineralization found at Matoush lies well above the basin rim and resembles "Perched bodies" found above the McArthur River and Cigar Lake uranium deposits in the Athabasca basin. The most common uranium mineralization in the Otish Basin is epigenetic with a dominant structural control. The best examples are the Matoush showing in the westcentral part of the basin (currently owned by Strateco), the Beaver Lake showing (owned by Uranerz, now COGEMA)
Gateau Group of Properties
The Gateau Group of properties is located in the western part of the Otish Basin and along its southern contact with the Archean basement rocks. The property consists of four (4) claim blocks: Gateau 1, Gateau 2, Gateau 3, and Gateau 4. Gateau 1 and 2 lie within the Otish Basin and are surrounded by Ditem’s Otish Uranium property; Gateau 3 is at the southern edge of the Otish Basin adjacent to Cameco's Camie River property; and Gateau 4 lies within the Otish Basin, east of Strateco's Matoush property. The Gateau property straddles an unconformable contact with the underlying granitic complex and offers good potential for classic unconformity-type uranium mineralization both below and above the unconformity surface. At present, Gateau 3 appears to be one of the best areas on the Gateau property in terms of uranium potential. Drilling on this claim block intersected mafic volcanic rocks and graphitic and sulphide-rich structures near the unconformity with the Otish Basin. On Cameco's adjacent property, graphite is known to be spatially associated with uranium at the Camie River occurrence (0.52% U3O8 over 7.5m, 15.5% U3O8 over 0.5m, and 0.7% U3O8 over 1m). Mafic volcanic rocks are marked by a major E-W magnetic anomaly that transects all of Block C
Ridgestake Properties
The 231-claim Ridgestake properties lie in the southwestern portion of the Otish basin. The Ridgestake 1-5 properties (roughly 10,000 hectares) are located directly south of Cameco Corp.'s 100-per-cent-owned claims located on the southern margin of the basin. Ridgestake 1-5 is abutted to the west by Dios Exploration and is roughly 18 kilometres west-southwest of the Cami River deposit controlled by UEM (jointly owned by Areva and Cameco). The Ridgestake properties are bisected by the Eastmain winter road.
Ridgestake 6 (roughly 2,200 hectares) is located approximately 15 kilometres northeast of the Cami River deposit, abutted on its northern margin by claims held in a Golden Valley Mines Ltd./Lexam Explorations Inc. joint venture located in the central portion of NTS grid 22M13.
The Otish-Tichegami Property
The Otish-Tichegami Property is comprised of 256 claim blocks (approximately 13,500 hectares). Portions of these claims have been owned variously by Ashton, Soquem, Uranerz, and Ditem. The property is located due north of Strateco's Matoush uranium deposit, and roughly 5km directly south of the Eastmain Gold deposit. The property's eastern and southeastern margin run in contact with the Melkior-Santoy Otish West uranium joint venture, and the easternmost third of the property is transected by the Eastmain winter road. The northwestern margin of the property is not currently abutted by any existing claims.
The Matoush-North Property
The Matoush-North Property is comprised of 59 claim blocks (approximately 3,100 hectares). It is located roughly 10km to the northeast of Strateco's Matoush uranium deposit and is abutted on its entire western margin by the southernmost portion of Consolidated Pacific Bay Minerals' "Rabbit Ears" property. Strateco has selected Pacifc Bay's "Rabbit Ears" area as its first drill target of a joint venture option agreement with the company announced on October 29, 2007. The property is bounded on its entire southern margin by the 52nd parallel, and is not adjoining any claims on its northern or eastern margins.
Euro Property
The Euro property covers the southwest margins of the Paskwati Proterozoic sedimentary basin which is an outlier located 45 km southwest of the main Otish Basin.
Tonka Property
The Tonka property is underlain primarily with the underlying granite complex along the southern margin of the basin. It is also cut by a major northeast-trending fault.
Melkior Properties
The properties include a 50-per-cent interest in 972 mineral claims (the Group A claims) and 13 mineral claims (the Group B claims) in the Ottish basin in Quebec, and a 66-per-cent interest in 317 separate mineral claims in the same area.
Group A claims
This claim group consists of three separate blocks: Otish East, West and Beaver Lake. Otish East is located over the eastern portion of the Otish sedimentary basin and consists of 650 claims totalling 34,229 ha.
The Otish West and Beaver Lake blocks are located at the north western margin of the Otish basin. They cover 322 claims for 16,506 ha. The Beaver Lake property is located less than two kilometers north of the Beaver Lake uranium occurrence.
Subsequent to year end, the Santoy-Melkior joint venture undertook a helicopter borne magnetometer and spectrometer surveys. A total of approximately 4,900 line kilometers were surveyed. The data will be interpreted during the winter in preparation for a 2008 summer exploration program.
Group B claims
This group consists of 13 claims known as the Marc-André block.. The claims cover an uranium showing of great interest, the Marc-André uranium occurrence at the northeast end of the property, and the J. Robert radioactive boulder train in the southwest sector.
Geophysical grids established in the early 1980's by Uranerz Exploration and Mining delineated an east-northeast trending, 100 to 200 meter wide, altered gabbroic dike cut by a series of sub-parallel, north-south to east-northeast trending faults. At the Marc-André occurrence, a number of trenches have investigated the highly altered (limonitic, hematitic, tourmaline and epidote rich, siliceous and sericitic) fault breccia adjacent to and within the gabbroic dike. The best grab sample was reported to have assayed 0.26% U3O8 . On the J. Robert area, a boulder train of angular, altered and brecciated radioactive sediments lies adjacent to a geophysically interpreted fault zone.
In 2007, the Melkior Santoy partnership undertook line cutting and a magnetometer survey over the claims. Several test drill holes were completed on the Marc-Andre uranium occurrence. The holes appear to have been incorrectly located and missed the intended target. Sampling and field work undertaken during the 2007 season have contributed to a better understanding of the geology of the property and further work is planned for 2008.
The geologic setting of the Marc-Andre and of the J. Robert appears to be analogous to the Strateco Resources Matoush Property, 20 km to the southwest, where one of the best reported drill intersections to date has yielded 2.1% U3O8 over 12.4 meters (Strateco press release Dec. 21/06).
This style of mineralization shows similarities to unconformity-related uranium deposits in the Athabasca Basin of Saskatchewan.
Group C claims
The geological setting of the Lac Laparre block, optioned from Majescor, is similar to the Marc-Andre block. The claims are located within the northern portion of the Otish sedimentary basin. A helicopter borne magnetometer and spectrometer surveys were flown over the claims for a total of 1,775 line kilometers. The data will be interpreted and will be used for a 2008 field program.
Steve Smith - President & Director
Steve Smith brings over 16 years experience in the financial markets. He is experienced in the areas of corporate management, corporate finance, public relations and administration. Steve was Vice President of Kakanda Development since 1997, a Director of Kakanda Development Corp. since 2000 and President and CEO since 2002. Steve obtained his Bachelor of Arts (Economics) from the University of Toronto in 1982, and has completed the Canadian Securites Course and Canadian Investment Management Course Part 1. Steve is a partner in Tangent Management Corp.,a financial public relations firm serving public companies. From 2004 to present, Steve has been a Director of CZM Capital Corp.,a mineral exploration company. Previously, Steve was a Toronto-based stockbroker and Vice-President of a Vancouver based Public Relations firm.
Ickbal Boga - CFO & Director
Ickbal Boga has acted as the Company's chief financial officer and corporate secretary and as a director since 1994. Mr. Boga obtained his Bachelor of Science (Honours) in Chemistry from University of London, England and his Bachelor of Commerce (Honours) from University of Windsor, Canada. Mr. Boga obtained his chartered accountant designation while with KPMG and is a Chartered Accountant with over 25 years of experience in financial administration in various senior capacities. Mr. Boga has his own accounting practice, I. J. Boga, Chartered Accountant, serving primarily public companies. From 2004 to present, Ick has been a Director, CFO and Corporate Secretary of CZM Capital Corp., a mineral exploration company. Previously, Mr. Boga was V.P. of Finance & Administration with Workplace Health and Safety Agency, a Director with Canada Post, Assistant Controller of BP Canada Inc., CFO and Secretary of Camflo Mines Ltd., President and CFO of ONA Energy Inc. and 8 Crown Development Corp.
Benoit Moreau - Director
Benoit Moreau has over 20 years of experience in geology, mining and environmental engineering. Benoit Moreau has managed several projects related to geology, quaternary geology, mining and mineral processing, particularly in electrowinning and technical evaluations. He has published more than 1,000 technical reports. He was also responsible for implementing and conducting strategic studies and R & D projects.
Zachery Dingsdale - Director
Zachery Dingsdale is currently a principal of Tangent Management Corp., a financial management firm that provides financial consulting and management services to publicly listed companies. Prior to forming Tangent, Mr. Dingsdale held the position of Mutual Fund Wholesaler at CI Funds Inc. Mr. Dingsdale has over 10 years experience in the capital markets and has completed the Canadian Securities Course. Mr. Dingsdale is a member of the Company's audit and technical committees.
Mr. Steve Smith
President
Telephone: (604) 642-0115
Fax: (604) 642-0116
Toll Free: 1-866-345-0115
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Corporate Office:
Address: Suite 204, 700 Pender Street West, Vancouver, British Columbia, Canada V6C 1G8
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