Moonshine Project, Arizona
The Moonshine Springs project (EU NR dated Nov 25, 2015) is located in Mohave County, Arizona, USA. The project comprises approximately 1000 acres (approximately 400 hectares), including 23 owned lode mining claims along with 7 lode mining claims and 320 acres of fee land held under lease. The property was previously explored during the 1970’s and 1980’s by Exxon Corp and later by Pathfinder. Sandstone hosted uranium occurs in at least three stratigraphic zones identified to date within the Triassic Chinle formation. The upper two zones lie at an average depth of 170 feet and are considered open pit candidates with the lower zone lying at a depth of 760 feet. Most of the known mineralization occurs below the ground water surface (water level depth of 120 feet) suggesting the possibility that the ore is amenable to ISR. The Company’s technical team will further evaluate the ISR amenability of the mineralization at Moonshine Springs. Several historical estimates of the uranium resource at Moonshine have been made including:
- Pathfinder historically reported the upper sand to contain 1.44 million pounds of U3O8 at an average grade of 0.325% using a cutoff of 0.15% in an open pit configuration with a strip ratio of 8.8:1. (Cogema Mining, internal report, 2004);
- Exxon reported a global resource figure for the upper two sands of 3.67 million pounds of U3O8 at a grade of 0.15%;
- Exxon reported an estimated resource for the lower sand of 1 million pounds of U3O8 at a grade of 0.26%. (Cogema Mining, internal report, 2004) Notably Exxon reported that drilling intercepts of 6 feet or more grading 0.35% U3O8 were not uncommon. (Cogema Mining, internal report, 2004).
*Readers are cautioned that a qualified person has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves as defined by NI 43-101. The Company is not treating the historical estimates as current mineral resources or reserves as defined by NI 43-101. Further compilation of the historic geological and drilling data, resource modelling and additional drilling will be necessary to convert the historic estimates outlined above to NI 43- 101 conforming mineral resources.
The Moonshine Property is currently a pipeline property, however the company intends to continue to compile historic data with field validation in 2023 to bring historic resources into compliance with NI 43-101 standards.
1. NI-43-101 Technical Report PENDING
*A Qualified Person (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as a current mineral resource. Additional work will be required to verify and update historical estimates, including a review of assumptions, parameters, methods and testing. Historical estimates do not use the current mineral resources categories prescribed under NI 43-101. Nuclear Fuels is not treating the historical estimate as a current mineral resource and it should not be relied upon.
LAB Project, Labrador
The LAB Critical Metals Project offers district-scale potential with uranium outcrop grades up to 6.7% and numerous highly-enriched rare earth element (REE) occurrences along the 112 km trend. Initial exploration work is planned in 2023 to follow up on significant uranium targets discovered in 2009, as well as new radiometric and magnetic anomalies defined in compilation work and geophysical reprocessing, along with other rare earth element and uranium targets. Results are pending from the 2023 snow machine-based scintillometer survey and sampling program, and subsequent and ongoing helicopter based prospect and sampling program.
The Lab Critical Metals Project claims are adjacent to, and display similar styles of mineralization, to Search Minerals Inc’s Critical Rare Earth Metals Project claims. In March 2022, Search Minerals published a Preliminary Economic Assessment on their Critical Rare Earth Metals Project.
*Exploration results on adjacent projects and geologically similar projects are not necessarily indicative of the mineral potential of Nuclear Fuels’ claims. the company’s Labrador Critical Metals project is under an 100% option agreement and subject to a 3% NSR with a 1.5% buyback with a third party.
Search Minerals website, https://searchminerals.ca/projects/technical-reports/ -July 18, 2022
Exploration results on adjacent projects and geologically similar projects are not necessarily indicative of the mineral potential of Nuclear Fuels claims.
Lisbon Valley Project
The Lisbon Valley project has two claim blocks; the LS and JB mining claims, totaling 107 claims covering approximately 2,211 acres (895 hectares) in the Lisbon Valley Uranium District, southeastern Utah.
The Lisbon Valley District is in the Colorado Plateau region, 30 miles southeast of Moab, Utah. The Lisbon Valley District was a center of historic conventional surface and underground mining uranium production from 1948 to 1988 of approximately 78 million pounds U3O8. The uranium mineralization in the Lisbon Valley district is primarily hosted by the Moss Back Member of the lower Chinle Formation of Triassic age. The Moss Back sandstone has the unique distinction of hosting some of the highest-grade uranium and vanadium mineralization in the Colorado Plateau region.
The LS claim group is located just southeast and adjacent to the Lisbon mine, on the downthrown side of the Lisbon Valley anticline. The Lisbon mine was owned and operated by Rio Algom Mines Ltd., with production between 1972 to 1988, producing approximately 22 million pounds U3O8 from the Moss Back sandstone. Drilling on the LS claims in 2007 reported* intersecting significant uranium mineralization amounting to 17.5 feet grading 0.11 per cent U3O8 (including 3.5 feet grading 0.28 per cent U3O8) in drill hole L-15, collard about 8,000 feet southeast of the Lisbon mine. The claims are subject to a 2-per-cent net smelter royalty.
*Reported in a press release dated Sept. 10, 2007, Mesa Uranium Corp. this drilling is historical in nature and a qualified person has not done sufficient work to verify historic drilling. Additional work will be required to verify and update historical work.