Ben Lomond/Georgetown

Ben Lamond Snapshot

Location: Queensland, Australia
Ownership: Under option from Mega Uranium Ltd. (Consolidated Uranium Inc. to obtain 100% interest upon full exercise)
Deposit Type: volcanogenic unconformity-related
Primary Minerals: Uranium, Molybdenum
Stage: Development

Ben Lamond Mineral Resources: 

Category

Tons (000s)

%U3O8

lbs U3O8 (000s)

Indicated

1,300

0.27

7,900

Inferred

600

0.21

2,800

¹ This table reflects historical mineral resource estimates considered to be a “historical estimate” under NI 43-101 and is not considered by the Company to be current.

Georgetown-Maureen Snapshot

Location: Queensland, Australia
Ownership: Under option from Mega Uranium Ltd. (Consolidated Uranium Inc. to obtain 100% interest upon full exercise)
Deposit Type: volcanogenic unconformity-related
Primary Minerals: Uranium, Molybdenum
Stage: Development

Maureen Mineral Resources: 

Category

Tons (000s)

%U3O8

lbs U3O8 (000s)

Indicated

3,100

0.09

5,900

Inferred

200

0.11

400

¹ This table reflects historical mineral resource estimates considered to be a “historical estimate” under NI 43-101 and is not considered by the Company to be current.

Overview

The Ben Lomond and Georgetown projects are located in Queensland, Australia and is currently under Option Agreement with Mega Uranium which was executed on June 18, 2020. Mega had acquired the projects for ~$10m and had spent ~$30m. The CUR team is acquiring and analyzing the historical data with a view to undertaking a PEA once the option is exercised.

Some geologists regard the Maureen deposit as an unconformity-related deposit, arising from geological changes occurring close to a major unconformity. In this class of deposit the rocks are usually faulted and brecciated below the unconformity. The overlying younger rocks are usually undeformed. The ore minerals are generally uraninite and pitchblende.

Planned Work

CUR intends to secure FIRB approval for the transaction which is a requirement to exercise the option.

Acquisition Terms:

  • 900,000 CUR shares, 900,000 CUR warrants and $180,000 upfront
  • $3,000,000 in cash or CUR shares to acquire 100% interest (24 months to exercise)
  • Contingent payments (in cash or CUR shares) as follows:
    • If the uranium spot price reaches USD$50, Mega will receive $850,000
    • If the uranium spot price reaches USD$75, Mega will receive $1,275,000
    • If the uranium spot price reaches USD$100, Mega will receive $1,685,000

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