NI 43-101 Resources1 – The Berlin Project in Caldas Province is a sediment-hosted uranium deposit that also contains vanadium, phosphate, nickel plus rare earths and other elements. Positive initial metallurgical results show that we can efficiently extract the suite of commodities from the Berlin rock. A PEA on the Berlin Deposit shows that the uranium could be produced for zero cash cost thanks to the by-product revenues. The PEA is based on a uranium resource from only three kilometres (“km”) of a 10.5km mineralized trend – and our exploration suggests that the whole trend has 60-80mlb of uranium potential, which should further enhance the economics of the project.
1 Based on the NI 43-101 resource and scout drilling results, there is a conceptual uranium target of 27-36 million tonnes at 0.09% to 0.11% U3O8 (60-80mlb) on the entire 10.5km Berlin trend. Potential quantity and grades are conceptual in nature. There has been insufficient exploration to define a mineral resource beyond the current Berlin Deposit. It is uncertain if further exploration will result in additional mineral resources on the property (see Disclaimer).
NI 43-101 Resource – The Laguna Salada Project in Chubut Province has a surficial uranium-vanadium deposit on which a PEA is underway towards the goal of showing that this project could be simple to move into production in a relatively short timeframe using low-cost mining and processing methods. Mineralization is free-digging and lies at surface to three metres depth contained within unconsolidated gravel. Simple screening increases uranium and vanadium grades by 3-11x, leading to head grades of 620-670ppm for uranium. Alkaline leaching recovered 90-94% of the uranium and 32-51% of the vanadium. Exploration of similar targets aim to grow the resource to 20-25mlb2 of uranium in the region.
Exploration Upside – An extensive land position near Argentina’s two largest known uranium deposits3 (Cerro Solo deposit - a historic resource of 10mlb at 0.15% U3O8 and Sierra Pintada - a historic resource of 30mlb at 0.12% U3O8) offers exploration upside, including significant sandstone-hosted uranium intersected in the Cerro Solo Area, near the State’s Cerro Solo deposit.
NI 43-101 Resource – Uranium in the Kurupung Batholith is geologically similar to albitite-hosted uranium deposits4 worldwide that typically host resources in the 60 to 130mlb range. We are growing our pipeline of uranium-bearing structures with the potential to add to our current NI 43-101 resource and show that the Kurupung system could be of comparable size to peer deposits.
Exploration Upside – Our exploration in the Roraima Basin is identifying key features typically associated with unconformity-related uranium in Canada’s Athabasca Basin, which accounts for 20% of the world’s uranium production5. Roraima targets share characteristics of Athabasca-type uranium in terms of their structure, alteration patterns and enrichment in pathfinder metals.
2 Laguna Salada (see Disclaimer)
3 Historic resources at Cerro Solo and Sierra Pintada (see Disclaimer)
4 Albitite-hosted deposits worldwide (see Disclaimer)
5 Source: World Nuclear Association