The Gwyn Lake Prospect is situated approximately 15 km east of Beardmore in the north-western Ontario. The Prospect contains gold mineralization hosted by volcani-sedimentary iron formations of Archean age and lies within the Beardmore-Geraldton Gold Camp (BGGC), a well known gold mining district with extensive mining history. During the period 1934 – 1968, fourteen gold mines situated in the BGGC and Tashota-Onaman Belt reportedly produced more than 4 million ounces (127.4 tonnes) of gold with combined average grade 0.37 oz (11.5 g /t) gold.

The gold mineralization at Gwyn Lake occurs in the greenstone belt hosted banded iron formations (BIF). The BIFs are made up of repeated layers of iron oxides (magnetite, hematite) alternating with bands of iron-poor shale and chert. At Gwyn Lake the BIFs  commonly associate with parallel shear zones hosting quartz veins and stringers with disseminated sulphides and/or lenses of massive sulphide.

In 2007 and 2008 Ultra continued to explore the Gwyn Lake prospect. An ATV trail was cut to access the south-western, central and northern portions of the claim package and several mineralized BIFs and associated shear zones were discovered and opened by mechanized stripping. Systematic, continuous channel sampling of the mineralized zones and veins followed and more than 500 samples were collected. The assays results indicate several potential ore-grade zones with significant strike lengths and widths exist on the prospect. Based on to-date knowledge the writer recommends further exploration of these zones and their extensions having a potential to become suitable drilling targets for testing the gold mineralization at depth.