C2C Gold Corp. announced the staking of two new uranium bearing mineral licences in the Codroy Valley of southwest Newfoundland, known as the Codroy Uranium Project. The licences, covering an area of 2,825 ha, were selected due to presence of seven documented uranium occurrences located along a major radiometric high.

The Codroy Uranium Property is approximately 50 km north of Port aux Basque, Newfoundland. This acquisition draws on the expertise of C2C's management team in exploration for sandstone-hosted uranium deposits in the western United States. The style of low-grade uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States.

These districts have produced significant amounts of uranium from conventional and low-impact, low-cost in-Situ Recovery (ISR) operations. The potential for ISR amenable uranium mineralisation has never been evaluated in the Bay St. George Subbasin.

Based on regional maps the widespread nature of the noted uranium occurrences and the volume of potential host-rock is significant in this area and could represent an economic uranium target. ISR is a globally accepted extraction process to remove uranium with wellfield technology, eliminating the need for open pit or underground mining. However, the early regional evaluation programs highlighted anomalous uranium concentrations often accompany the copper mineralisation in outcrop, drill-core, and stream sediment samples.

C2C. intends to evaluate the potential for economic uranium mineralisation in the area and its potential amenability to In-Situ Recovery (IS RISR) techniques. The Codroy Uranium property is underlain by Bay St.

George sub-basin, the northeast extension of the regional-scale Maritime Basin. The 10 km thick succession Carboniferous-age sedimentary rocks form the Anguille, Codroy, and Barachois groups. The most prospective portion of the stratigraphy is the Codroy Group are the Mollichignick Member of the Robinsons River, Woody Cape, and Friars Cove formations.

The Mollichignick Member is a 2,300 m thick succession of red siltstone and red to grey micaceous sandstone. The succession is interpreted to have been deposited as a basin-fill sequences with coarsening-up sequences at the base and braided stream and floodplain deposits in the upper portions of the member. Mineralisation within the succession occurs as disseminated chalcocite, chalcopyrite, pyrite, and malachite with yet to be identified uranium mineral(s).

Mineralisation typically forms within reduced portions of the grey, micaceous sandstone beds, which commonly contain woody trash. Previous work in the area concentrated on the potential for copper mineralization in the Mollichignick member but noted that anomalous uranium has a strong correlation with copper in rock samples. The known mineralised outcrops occur within a 15-20 km2 airborne radiometric anomaly.