South Dakota Uranium - 2020

Uranium (Nuclear Minerals) / Exploration, Mining, Marketing, & Acquisitions

The Dewey Burdock Uranium Project is located in South Dakota and is a high-grade in-situ recovery deposit. Azarga Uranium owns 100% of the Dewey Burdock Uranium Project. The Company’s 100% owned Dewey Burdock Uranium Project is an in-situ recovery (“ISR”) uranium project located in the Edgemont uranium district, in South Dakota, USA. Through property purchase agreements, mining leases and/or mining claims, the Dewey Burdock Uranium Project is comprised of approximately 12,613 surface acres and 16,960 net mineral acres. The Dewey Burdock Uranium Project is the Company’s initial development priority.

History
Uranium was found in the Edgemont district in 1952. Early discoveries were at surface. Later drilling revealed deeper uranium deposits. In the mid 1970’s, Tennessee Valley Authority (TVA) bought a major interest in the area and made Dewey Burdock their main exploration target. Silver King Mines was hired as the operator by TVA and explored the property until the mid 1980’s.

Regional Geology
The Dewey Burdock deposit occurs in the Fall River and Lakota Formations of the lower Cretaceous age. The Fall River and Lakota formations consist of permeable sandstones deposited in a major sand channel system. The uranium occurs in the sandstones as classic roll front deposits favorable to ISR mining methods.

Summary of Mineral Resources
In December 2018, the Company filed an updated National Instrument 43-101 (“NI 43-101”) compliant independent resource estimate for the Dewey Burdock Uranium Project prepared by Rough Stock Mining Services (the “Dewey Burdock Report”) with an effective date of November 12, 2018.

Dewey Burdock Project ISR Mineral Resource Estimate
In addition to the ISR mineral resource estimate, the NI 43-101 resource estimate includes an additional 1,060,000 pounds of non-ISR (located above the water table) Measured resources at 0.057% U3O8. These resources are not included in the Measured resources presented in the table above.

Details of the assumptions and parameters used with respect to the Dewey Burdock Report, including information on data verification, are set out in the Dewey Burdock Report dated December 21, 2018. The Company’s immediate objective is to complete an updated preliminary economic assessment based on the updated 2018 resource estimate and to obtain the necessary permits and licenses to advance the Dewey Burdock Uranium Project to the construction phase.