Moran Lake

Snapshot

Location: Labrador, Canada (Central Mineral Belt)
Ownership: Under option from private vendor (Consolidated Uranium to obtain 100% interest upon full exercise)
Deposit Type: structurally-controlled within fracture systems and shear zones
Stage: Exploration
Primary Minerals: Uranium, Vanadium

Mineral Resources: 

Category

Tonnes (m)

U3OGrade (ppm)

Contained U3O8 (m lbs)

V2OGrade (ppm)

Contained V2O(m lbs)

Indicated

14.7

340

5.2

1517

42.8

Inferred

28.3

334

4.4

1596

93.6

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 Moran Lake project is located in Labrador, Canada within a bona-fide uranium camp in the Central Mineral Belt. The Central Mineral Belt is host to several other uranium deposits including Paladin Energy's advanced Michelin project. The “C” zone was the subject of significant exploration activity between 2006 and 2013. In March 2011 a previous operator published a combined uranium and vanadium 43-101 compliant resource estimate.

Planned Work

  • An updated 43-101 technical report has been undertaken.
  • The summer 2021 exploration program is well underway.

Acquisition Terms:

  • Option agreement closed on December 7, 2020.
  • 150,000 in CUR shares and $150,000 upfront
  • $1m in cash or CUR shares to acquire 100% interest (36 months to exercise)
  • $200,000 in cash and CUR shares on the 12 and 24 month anniversaries
  • Contingent payments (in cash or CUR shares) as follows:
    • If the uranium spot price reaches USD$50, the vendor will receive $250,000
    • If the uranium spot price reaches USD$75, the vendor will receive $375,000

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