Coles Hill

Mineral Resources: 

Notes:

1. Reported by Virginia Energy Resources Inc. in a Preliminary Economic Assessment entitled “NI-43-101 Preliminary Economic Assessment Update (Revised) – Coles Hill Uranium Property”, prepared by John I. Kyle, PE, of Lyntek inc. and Douglas Beahm, PE, PG, of BRS Engineering, dated August 19, 2013.
2. As disclosed in the above noted technical report, the historic estimate was prepared by Explormine consultants under the direction of Douglas Beahm, PE, PG, using block models utilizing ordinary kriging to interpolate grades into each block. The resource estimate was based on a minimum grade of 0.025% eU3O8 using a uranium price assumption of $65/lb. CUR would need to conduct an exploration program, including twinning of historical drill holes in order to verify the Coles Hill historical estimate as a current mineral resource.

Coles Hill is the largest undeveloped uranium deposit in the U.S. and among the largest projects by total uranium resources in the world and is located on gently rolling hills in Pittsylvania County, southern Virginia, on approximately 3,000 acres in close proximity to established infrastructure and skilled labour.

The Project consists of two deposits, Coles Hill North and South. Uranium mineralization occurs in three distinct episodes with the earliest and strongest mineralization consisting of coffinite and uranium rich apatite with chlorite and anatase in narrow (cm scale) zones within cataclasite and fault breccia. The initial phase is cut by calcite-pitchblende-anatase-pyrite and then by barium zeolite-pyrite-quartz- pitchblende-anatase vein sets. The productive phases are cut by three non ore mineral bearing phases dominated by chlorite, calcite and quartz, respectively.

The uranium deposition mechanism at Coles Hill is similar to that in the Athabasca Basin as indicated by the presence of alteration minerals hematite, epidote and chlorite. The deposition mechanism in the Athabasca Basin has produced high-grade uranium mineralization which might occur in the untested deeper parts of the Coles Hill deposits.

The deposit was initially explored between 1980 and 1982, when Marline and Union Carbide drilled 210 holes (190,000 feet) to define the deposits. Potential for resource expansion exists as indicated by historical mineral resources table. There are several higher-grade zones near surface to provide for many development options. The exploration drilling permit is still in good standing.