Covering 6913 acres on past uranium and vanadium-producing property
The West Slope Project is located in Montrose and San Miguel Counties in southwestern Colorado. It comprises nine Department of Energy (DOE) leases along with adjacent lode mining claims and leases, covering a total area of 6,913 acres. These lands have a history of past uranium and vanadium production, with approximately 1.3 million pounds of uranium and 6.6 million pounds of vanadium extracted between 1977 and 2006.
In 2007, Cotter Corporation commissioned Behre Dolbear to produce a Technical Report for the project. Based on available data and using a 0.05% uranium cut-off, Behre Dolbear estimated an in-place Measured Resource of 2.1 million tonnes of uranium at an average grade of 0.25%, equivalent to a total of 11 million pounds of uranium. Additionally, the report estimated an in-place Measured Resource of 1.2 million tonnes of vanadium at an average grade of 1.2%, totaling 53 million pounds of vanadium. In April 2022, BRS, Inc. issued a technical resource report related to four of the nine DOE leases which returned an Indicated uranium resource of 5.4 million pounds of uranium at an average grade of 0.197% and an Inferred vanadium resource of 26.9 million pounds at an average grade of 0.984%.
The West Slope Project is located in Montrose and San Miguel Counties of southwestern Colorado.
The project consists of nine Department of Energy leases covering 6,913 acres.
Historic production took place, where ~1.3Mlbs of uranium and 6.6Mlbs of vanadium were produced from these mines between 1977 and 2006.
In April 2022, the Company released a technical report on the DOE leases, confirming a total indicated mineral resource of 5.38Mlb U3O8 at an average grade of 0.197% and an inferred resource of 26.91Mlb of V2O5 at an average grade of 0.984% from four of the leases (see Table 1 below).
Table 1: West Slope Project, DOE Lease Resource
Source: US DOE Uranium/Vanadium Leases JD-6, JD-7, JD-8, AND JD-9, Montrose County, Colorado, USA, NI 43-101 Mineral Resource Technical Report, Dated April 10, 2022
NI 43-101 resource estimate for the JD-6, JD-7, JD-8 and JD-9 properties, completed by BRS Inc. (effective March 2022); Historic resource estimate for the SR-11, SR-13A, SM-18 N, SM-18 S, LP-21 and CM-25 properties, completed by Behre Dolbear for Cotter Corporation (August 2007).
Indicated and Inferred resources using GT cut-off of 0.1 ft % eU3O8; historic resources using cut-off of 0.05% U3O8.