Mountain Lake

Snapshot

Location: Nunavut, Canada (Hornby Bay sedimentary basin)
Ownership: Under option from IsoEnergy Limited (Consolidated Uranium Inc. to obtain 100% interest upon full exercise)
Deposit Type: shale-related deposit with fracture-controlled and strata-bound mineralization
Stage: Exploration
Primary Minerals: Uranium

Mineral Resources: 

Category

Tons (000s)

%U3O8

lbs U3O8 (000s)

Indicated

1,600

0.23

8,200

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 Mountain Lake project is located in Nunavut, Canada within the Hornby Bay Basin. The project was staked by ISO in 2017 and was previously owned in a 50:50 JV by Pitchstone Exploration Ltd. and Triex Minerals Corporation. 220 holes had been drilled by previous operators and higher grade potential identified (Up to 5.18% never followed up).

Acquisition Terms

  • Option agreement with IsoEnergy Ltd signed July 16, 2021
  • 900,000 CUR shares and $20,000 up front
  • $1m 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, IsoEnergy will receive $410,000
    • If the uranium spot price reaches USD$75, IsoEnergy will receive $615,000
    • If the uranium spot price reaches USD$100, IsoEnergy will receive $820,000

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