Base Metals

Lascano

The Lascano Project is based on a large geophysical anomaly located in the department of Rocha in the southeast of Uruguay. Initial tenements were acquired during 2002 and additional prospecting licenses have been acquired since this time. UME now has 262,000 hectares under prospecting and exploration license. The Lascano project area is 70 km long x 40 km wide.

The Lascano geophysical anomaly is a large gravity and magnetic feature. It was originally discovered in the late 1980‘s during a search for petroleum and sits in the intersection of two major north east and north west structural corridors, and has been interpreted to be caused by a large series of ultramafic or other intrusive bodies. There is no surface expression of the anomaly due to a thick cover of alluvial material.

In June 2002 UME, in conjunction with BHP Minerals International Exploration drilled a 450 meter deep, stratigraphic diamond drill hole designed to provide basic geographical information on the anomaly. The top 40 meters of the hole were drilled through unconsolidated sands. From 40 meters onward the hole revealed a thick sequence of volcanics which showed alteration and oxidation to a depth of 320 meter after which the sequence was fresh rock to 450 meters. The results of the hole did not adequately explain the anomaly.

During 2006 UME completed a airborne gravity and magnetic survey using Bell Geospace Inc‘s Air-FTG 9 tensor gravity survey system. Approximately 10,400 line km were flown at line spacing of 400 meters. The objective of this survey was to better define the structures causing the geophysical anomalies to provide drill targets. The quality of data obtained from this survey has clearly identified the regional structures causing the anomaly.

The initial interpretation shows 2 to 3 concentric circular shaped gravity and magnetic highs. The modeling suggests that the gravity high is caused by medium density rocks surrounded by non magnetic lower density rocks. Depths of the gravity source are estimated to be 400 meters in some locations.

A number of targets are expected to be drilled during 2006/07.

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