Northern Uravan District
Montrose County, Colorado, USA
Part Of The Historic
Uravan Mineral Belt
DISTRICT HIGHLIGHTS
One of the largest uranium producing areas in the United States, having produced more than 80 million pounds of U₃O₈ and over 400 million pounds of V₂O₅ ¹
Portfolio includes the Eula Belle, King Pin, and October projects, all located within the Northern Uravan District
Eula Belle carries historical* estimated Minable Reserves of 43,900 tons containing 219,500 pounds U₃O₈ at 0.25% and 780,200 pounds V₂O₅ at 0.90% ²
King Pin and October are well advanced with historic company reports and sub-surface data
¹ Chenoweth, William L., 1981, “The Uranium-Vanadium Deposits of the UravanMineral Belt and Adjacent Areas, Colorado and Utah. In New Mexico Geological Society Guidebook 32, Western Slope, Colorado” and Goodnight, Craig S., William L. Chenoweth, Richard D. Davyaultand Edward T. Cotter, 2005: “Geologic Road Log for UravanMineral Belt Field Trip, West-Central, Colorado” Rocky Mountain Section of the Geologic Society of America.
² Mineable Reserves estimate by UCC, May, 1989, Internal Report, Table V.
Eula Belle Project
The Eula Belle was the leading uranium producer among the hundreds of mines in the historic Uravan district — recovering 1,588,000 pounds U₃O₈ at 0.248% between 1962 and 1978(1). Today, 31 claims in the western portion of Montrose County cover much of that historical mine ground.
Union Carbide Corp. ("UCC")'s 1989 reserve records indicate historical* estimated Minable Reserves² of 43,900 tons containing 219,900 pounds U₃O₈ at an average grade of 0.25%, and 780,200 pounds V₂O₅ at 0.90%. UCC also estimated an additional Potential Resource of 37,000 tons including 135,000 pounds U₃O₈ at 0.25% and 666,000 pounds V₂O₅ at 0.90%.
Historical uranium reserve
219,500 lbs U₃O₈ at 0.25% average grade, forming part of the historical* estimated Minable Reserves of 43,900 tons. ²
Additional historical resource
UCC estimated an additional Potential Resource of 37,000 tons including 135,000 lbs U₃O₈ at 0.25%. ²
Historical mine production
Leading uranium producer among the hundreds of Uravan mines — 1,588,000 lbs U₃O₈ at 0.248% recovered from 1962–1978.
Historical vanadium reserve
780,200 lbs V₂O₅ at 0.90%, forming part of the historical* estimated Minable Reserves of 43,900 tons. ²
Additional vanadium inventory
666,000 lbs V₂O₅ at 0.90% within the additional historical* Potential Resource estimate. ²
Land position
31 claims in the western portion of Montrose County, covering much of the historical Eula Belle mine.
Historic resource estimate*
Estimated Historical U₃O₈ and V₂O₅ Mineral Reserves/Resources*
¹ Mineable Reserves estimate by UCC, May 1989, Internal Report, Table V.
King Pin Project
The Company is continuing analysis and confirmation work to define additional historical uranium and vanadium reserves and resources across the portfolio of projects, all of which have been past producers. The Company has reports, drill hole and mine maps as well as reserves and resource estimates for a majority of the additional properties.
October Project
The Company is continuing analysis and confirmation work to define additional historical uranium and vanadium reserves and resources across the portfolio of projects, all of which have been past producers. The Company has reports, drill hole and mine maps as well as reserves and resource estimates for a majority of the additional properties.
*The historic resource and reserve estimates are based on a report prepared by Union Carbide in May of 1989, and do not comply with mineral resource categories set out in National Instrument 43-101. A Qualified Person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources and the company is not treating the historical estimate as current mineral resources. The company considers the historic information relevant and reliable, however additional work, including drilling, will be required to confirm the presence of a uranium deposit, and if present, to establish the amount and grade of any mineralization that is found.
Reference
¹ Chenoweth, William L., 1981, "The Uranium-Vanadium Deposits of the Uravan Mineral Belt and Adjacent Areas, Colorado and Utah. In New Mexico Geological Society Guidebook 32, Western Slope, Colorado" and Goodnight, Craig S., William L. Chenoweth, Richard D. Dayvault and Edward T. Cotter, 2005: "Geologic Road Log for Uravan Mineral Belt Field Trip, West-Central, Colorado" Rocky Mountain Section of the Geologic Society of America.
² Minable Reserves estimate by UCC, May, 1989, Internal Report, Table V.
³ Union Carbide's ("UCC" or "Umetco") "Minable Reserves" class for Uravan hosted U-V deposits is specifically defined in its 1985 "Manual of Resource and Reserve Estimation," as: "The following reserve definitions are to be utilized in the calculation of U-V reserves in the Uravan area of the Colorado Plateau, as): 'An estimate of quantities of mineralized material that can be mined and processed at current costs, accounting for mining dilution, mining extraction and process recoveries.'" In addition, Union Carbide defines "Potential Resources," "An estimate based on regional geologic projection of quantities of mineralized material assigned to areas which have not been tested but which would appear to possess the possibility of producing reserves. The property for which the estimate is made is controlled by Umetco Minerals and it is assumed that the geology, geometry, environment, potential economics of a likely find are favorable."
Historical Estimate Disclaimer
The historical Minable Reserve and Potential Resource estimates presented on this page are based on Union Carbide Corporation ("UCC") internal reports prepared in 1989² using reserve and resource classifications defined in UCC's 1985 Manual of Resource and Reserve Estimation.³ These historical estimates do not comply with the mineral resource and mineral reserve categories established under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). A Qualified Person has not completed sufficient work to classify the historical estimates as current mineral resources or mineral reserves, and the Company is not treating the historical estimates as current mineral resources or mineral reserves. The historical information is considered relevant to understanding the exploration potential of the property and provides a basis for future exploration; however, additional exploration, including drilling and verification, will be required to confirm the presence, continuity, quantity, and grade of any mineralization.
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