LUR:CNX

LURAF:OTCQB

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Angilak

Angilak

SNAPSHOT

Location:

Nunavut

Ownership:

100% Owned

Deposit Type:

Uranium Vein-type Deposit of Beaverlodge, Saskatchewan

Stage:

Advanced Exploration

Primary Minerals:

Uranium, Molybdenum, Copper, Silver

OVERVIEW

  • Angilak is located in southern Nunavut and covers 68,552 hectares with a property that is 40 km long by 20 km wide.
  • It comprises of the Lac 50 Trend deposit, a trend 15 km long by 3 km wide, ranking amongst one the highest-grade uranium resources globally outside of the Athabasca Basin, and has additional upside from molybdenum, copper and silver with a historical mineral resource estimate of:
    • Inferred mineral resources of 2,831,000 tonnes at an average grade of 0.69% U3O8 and 0.17% molybdenum containing 43.3 million pounds of U3O8 and 10.4 million pounds of molybdenum.
    • This estimate is considered to be a “historical estimate” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and is not considered by Latitude Uranium to be current. See below for further details regarding the historical mineral resource estimate for the Angilak Property.
    • The Angilak Property has been the subject of significant past expenditures with over $95 million spent on exploration and resource delineation including approximately 95,000 metres of drilling.

HISTORICAL MINERAL RESOURCES

Historical 2013 Inferred Mineral Resource Summary by Zone

  1. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
  2. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
  3. The quality and grade of the reported inferred resource in these estimations are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category.
  4. Contained value metals may not add due to rounding.
  5. A 0.2% U3O8 cut-off was used.
  6. The mineral resource estimates contained in this table are considered to be “historical estimates” as defined under NI 43-101 and are not considered by LUR to be current.
  7. Reported by ValOre Metals Corp. in a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013.
  8. As disclosed in the above noted technical report, the historic estimate was prepared under the direction of Robert Sim, P.Geo, with the assistance of Dr. Bruce Davis, FAusIMM, and consists of three-dimensional block models based on geostatistical applications using commercial mine planning software. The project limits area based in the UTM coordinate system (NAD83 Zone14) using nominal block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH) at J4. Grade (assay) and geological information is derived from work conducted by Kivalliq during the 2009, 2010, 2011 and 2012 field seasons. A thorough review of all the 2013 resource information and drill data by a Qualified Person , along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical resource subsequent to the publication of the 2013 technical report, would be required in order to verify the Angilak Property historical estimate as a current mineral resource.
  9. The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).

 

Angilak Long Section

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