Schiffer (WWC Engineering) reported on the Moore Ranch Uranium Project in Wyoming for Uranium One Americas, Inc. The objective is to disclose a uranium resource estimate for the Project that meets the established definitions and guidance of NI 43-101. The estimate results from analysis of historical data on the Project and recent confirmation drilling. An independent technical report is necessary to comply with NI 43-101, Section 5.3(1)(c).Prior to, and separate from, this technical report, an independent NI 43-101 technical report entitled “Moore Ranch Uranium Project, Campbell County, Wyoming, U.S.A., 43-101 Mineral Resource Report” (BRS, Inc., 2008) dated June 27, 2006 and amended and restated on March 31, 2008, was prepared for the Project by BRS Inc., a Professional Engineering and Natural Resource Corporation duly licensed in the State of Wyoming, U.S.A. and authored by Douglas Beahm, P.E., P.G.
This report addresses the geology and uranium mineralization of the mineral holdings for the Project located in Campbell County, Wyoming, located at approximate Latitude 43o 35’ North and Longitude 105o 50’ West. The Project is located within the Pumpkin Buttes Uranium Mining District of the Powder River Basin (PRB), and approximately 54 air miles northeast of Casper, Wyoming (see Figure 1). Uranium One controls the mineral rights of the Project area with 86 unpatented federal lode mining claims, four State of Wyoming mining leases, and seven fee mineral leases.
Mineral resources within the Project occur in sands of the Eocene age Wasatch Formation. The Wasatch is a fluvial deposit composed of sandstones interbedded with claystone, siltstone, carbonaceous shale, and coals. The uranium mineralization is typical of the Wyoming type rollfront deposits. Uranium One developed a geologic unit identification nomenclature for the Project that describes sand units in ascending order from the 10 sand to the 80 sand. The majority of the mineral resources at the Project occur in the 70 host sand. Other, currently undeveloped, resources also exist in deeper horizons. The 70 sand is up to 120 feet thick and average depth to the mineralized zones is approximately 180 feet below the ground surface depending on local
topography.
Approximately 2,800 historic exploration drill holes were completed within the Project area between 1968 and 1992 with the majority being drilled by Conoco Minerals (Conoco). Wold Uranium (Wold), Kerr-McGee Nuclear (Kerr-McGee), Rio Algom Mining (Rio Algom), and Power Resources (now Cameco Resources) held rights to the area during the early 1990’s. Since 2005, Uranium One has drilled an additional 803 new exploration and delineation holes in the Project.
Uranium One’s drilling program is described in Section 10.0 of this report. Data available for the resource estimate presented in this technical report include lithologic and geophysical logs from the drilling described above. A total of 3,662 geophysical logs were evaluated for this report.
This technical report presents an estimate of Mineral Resources as defined in Section 1.2 of NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimated mineral quantity and grade described in this technical report were calculated using accepted protocols. The estimate meets the NI 43-101 classification of Measured and Indicated Mineral Resources as defined by NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definitions Standards incorporated by reference therein.
The Mineral Resource estimates shown below in Table 1 were calculated using the grade thickness (GT) contour method where the uranium grade is multiplied by the mineralization thickness. The GT values of the subject mineralized intervals for each hole were plotted on a drill hole map along with notations of where in the roll front that intercept was located. The roll front was then mapped and contour lines for the GT values were drawn. The areas within the GT contour boundaries were used for calculating resource estimates utilizing the following criteria:
Measured Resource: < 70’ between data points area of influence ~5,000 ft2
Indicated Resource: from 70’ to 200’ between data points: area of influence ~ 40,000 ft2
Inferred Resources: from 200’ to 400’ between data points: area of influence ~160,000 ft2
The minimum grade cutoff was determined to be 0.02% eU3O8 and a thickness cutoff of 2 feet was utilized. The mineral resources are reported based on a grade thickness (GT) cutoff of 0.30 which is presented in the following table. Section 14.0 provides a detailed description and tabulation of the resources by section. Based upon data from the above-described historical and confirmation drilling, the current resource estimate yields a total of 3.21 million pounds eU3O8 in the Measured and Indicated categories. The Uranium One resource estimation is based on geologic cutoffs as described above. The current resources at the Project are reported in Table 1.
The Author, a Wyoming Professional Geologist (PG) and the independent QP, is of the opinion that the classification of the resources as stated meets the CIM definitions as adopted by the CIM Council on May 2014. The mineral resource estimates in this report, based on historical and recent drilling, were
reviewed and accepted by the Author.
Recommendations for further work on the Project are summarized as follows:
Continue delineation and in-filling drilling as necessary to better refine future wellfields,
convert inferred resources to higher categories and to evaluate potential for additional
resource targets.
The author concludes the Measured and Indicated resources of approximately 3.210 million pounds of U3O8 for the Project are compliant with Canadian NI 43-101 guidelines. There is limited risk that the estimate of quantity, quality, and physical characteristics of the resources of the Project will be unfavorably affected by future investigations. The reader is cautioned that due to the uncertainty attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource, because of continued exploration. Confidence in the Inferred Mineral Resource estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Inferred Mineral Resources must be excluded from estimates forming the basis of PEA or other feasibility studies.
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