Uranium Resources
Cobalt and Nickel Resources
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Horseshoe-Raven and West Bear Resources Table
|
Deposit
|
Indicated Resources
(at 0.05% U3O8 Cut-Off) |
||||
|
Tonnes
|
Grade
(wt% U3O8) |
U3O8
(lbs) |
UEX Share (lbs)
|
||
| Horseshoe-Raven (100% interest) | |||||
| Horseshoe |
4,982,500
|
0.215
|
23,594,000
|
23,594,000 | |
| Raven |
5,370,000
|
0.117
|
13,832,400
|
13,832,400
|
|
| West Bear (100% interest) |
|
|
|
|
|
| West Bear Uranium | 78,900 |
0.908
|
1,579,000 | 1,579,000 | |
1. The mineral resource estimates follow the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and classifications follow CIM definition standards.
2. The Horseshoe and Raven mineral resources were estimated at a cut off of 0.05% U3O8 as documented in the "2021 Techncial Report on the Horseshoe-Raven Project, Saskatchewan" with an effective date of December 31, 2021, which was filed on SEDAR at www.sedar.com on June 10, 2022.
3. The West Bear uranium mineral resource was estimated at a cut off of 0.05% U3O8, and are documented in the “Preliminary Assessment Technical Report on the Horseshoe and Raven Deposits, Hidden Bay Project, Saskatchewan, Canada” (The Preliminary Assessment Technical Report”, the “PA” or the Horseshoe-Raven Report”) with an effective date of February 15, 2011 which was filed on SEDAR at www.sedar.com on February 23, 2011.
4. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
|
Deposit
|
Indicated Resources
(at 0.30% U3O8 Cut-Off) |
Inferred Resources
(at 0.30% U3O8 Cut-Off) |
|||||||
|
Tonnes
|
Grade
(wt% U3O8) |
U3O8
(lbs) |
UEX Share
(lbs) |
Tonnes
|
Grade
(wt% U3O8) |
U3O8
(lbs) |
UEX Share
(lbs) |
||
| Shea Creek (49.1% interest) |
|
|
|
|
|
|
|
|
|
| Kianna |
1,027,000
|
1.535
|
34,743,000
|
17,057,944
|
547,000
|
1.390
|
16,772,000
|
8,234,633
|
|
| Anne |
560,000
|
2.002
|
24,735,000
|
12,144,267
|
134,000
|
0.883
|
2,612,000
|
1,282,427
|
|
| Colette |
327,000
|
0.787
|
5,674,000
|
2,785,792
|
492,000
|
0.717
|
7,768,000
|
3,813,894
|
|
| 58B |
142,000
|
0.773
|
2,419,000
|
1,187,669
|
81,000
|
0.510
|
906,000
|
444,823
|
|
| Total - Shea Creek |
2,056,000
|
1.491
|
67,570,000
|
33,175,672
|
1,254,000
|
1.015
|
28,057,000
|
13,775,777
|
|
1. The mineral resource estimates follow the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and classifications follow CIM definition standards.
2. The Shea Creek mineral resources were estimated at a cut-off of 0.30% U3O8, and are documented in the “2022 Technical Report on the Shea Creek Project, Saskatchewan”, with an effective date of January 1, 2022 which was filed on SEDAR at www.sedar.com on June 6, 2022.
3. Certain amounts presented in the Shea Creek N.I. 43-101 report have been rounded for presentation purposes. This rounding may impact the footing of certain amounts included in the tables above.
4. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For additional information on the mineral resource estimate, please refer to “2022 Technical Report on the Shea Creek Project, Saskatchewan” as filed on SEDAR on June 6, 2022.
Christie Lake Resources Table
Table 1 Mineral Resource Statement*, Christie Lake Project, Saskatchewan, Canada, SRK consulting (Canada) Inc., December 31, 2021.
|
Deposit
|
||||
|
Tonnes
|
Grade
(% U3O8) |
Contained Metal
(Mlb U3O8) |
||
| Inferred Mineral Resources | ||||
| Paul Bay |
338
|
1.81
|
13.49
|
|
| Ken Pen |
149
|
1.05
|
3.44
|
|
| Ōrora |
102
|
1.53
|
3.41
|
|
| Total |
588
|
1.57
|
20.35
|
|
* Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Reported at a cut-off grade of 0.2% Uranium.
The maiden resource estimate for the Christie Lake Project is 20.35 Million lb U3O8 at the Paul Bay, Ken Pen, and Ōrora deposits using a 0.2% U3O8 cut-off grade. The average grade for the deposits is 1.57% U3O8. The resource estimate was developed using holes drilled by PNC between 1989 and 1997 and UEX from 2016 to 2018.
The resource estimate was completed by Mr. Glen Cold, P. Geo., of SRK Consulting (Canada) Inc. The effective date for the resource estimate is December 31,2021 (see UEX press release dated July 8, 2022). The early stage of the Project, widely spaced drilling, and uncertainty of the distribution of the grades necessitate classification of the resource as inferred by SRK.
Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.
| Mineral Resource Statement*, West Bear Cobalt-Nickel Project, Saskatchewan | ||||||
|
Grade
|
Contained Metal
|
|||||
|
Category
|
Quantity
Tonnes |
Cobalt
(%) |
Nickel
(%) |
Cobalt
('000 lb) |
Nickel
('000 lb) |
|
| Indicated |
295,000
|
0.58
|
0.49
|
|
3,763
|
3,164
|
*Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. All figures are rounded to reflect the relative accuracy of the estimates. Resources were estimated using a cut-off grade of 0.14% CoEq and consider metal prices of US$32.84 per pound cobalt and US$ 11.64 per pound nickel. Cobalt equivalent (“CoEq”) grades have been calculated using the following factor CoEq% = Co% + (Ni%*0.38).
The current mineral resource estimate includes the results from 430 sonic and diamond drill holes totalling 27,571.1 m which were drilled during the period 2003, 2005, 2007, 2018, and 2019 targeting mineralization between 18 m and 130 m from surface.
Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve.