Pursuant to the Acquisition, LUR acquired the Projects in exchange for the issuance of 5,000,000 common shares of LUR (the 'Common Shares') at a deemed price of
Located approximately 35 km southwest of the coastal community of
Contains historical Inferred Mineral Resources estimate of 5.1 million tonnes at an average grade of 0.044% U3O8 containing 4.91 million lbs of U3O8. 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 LUR to be current. (See Table 1 below)
Covers a strike length of 750 meters and extends down-dip in the plane of mineralization to 663 meters within a broadly undulating sheetlike body and is open in all directions.
Located 9 km to the west along strike from the Melody Hill prospect where significant high grade uranium values of up to 28.2% occur in granite boulders (now owned by
Reconnaissance fieldwork conducted by LUR to the northeast of the Anna
1. The mineral resource estimate contained in this table is considered to be a 'historical estimate' as defined under NI 43-101, and is not considered by LUR to be current and is not being treated as such. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. LUR would need to review and verify the scientific information and conduct an analysis and reconciliation of historical drill and geological data in order to verify the historical estimate as a current mineral resource.
2. Reported by
3. A 3-dimensional geologic model of the deposit was created for the purpose of the resource estimate using the Gemcom/Surpac modeling software. A solid model was created using a minimum grade x thickness cutoff of 3 meters grading 0.03% U3O8. Intersections not meeting this cutoff were generally not incorporated into the model. The shell of this modeled zone was then used to constrain the mineralization for the purpose of the block model. Assay composites 2.5 meters in length that honoured the mineralized domains were used to interpolate grades into blocks using ordinary kriging. An average specific gravity of 2.93 was used to convert volumes to tonnes. The specific gravity data was acquired in-house and consisted of an average of seventeen samples collected from the mineralised section of the core. The resource was classified into Measured, Indicated or Inferred using semi-variogram ranges applied to search ellipses. All resources estimated at Anna Lake fall under the 'Inferred' category due to the wide spaced drill density. LUR would need to conduct an exploration program, including twinning of historical drill holes to verify the
Moran B Prospect (Figure 1)
Addition of the
Occurs near the edge of a large gabbroic intrusion associated with a pronounced aeromagnetic anomaly that is much more widespread than the intrusions mapped surface expression, suggesting it could be more extensive at depth.
Previous results from chip sampling of surface mineralization indicate polymetallic mineralization grading 0.087% U3O8, 0.28% Cu, 13.23 g/t Ag over 11.8 meters (Crosshair Assessment report,
Grab sampling reporting from a 2003 property visit to an original Shell surface trench returned 0.46% Cu, 31.7 g/t Ag and 1.03 g/t Au (Crosshair Assessment report,
Drill campaigns in 2006 and 2008 intersected significant uranium mineralization in several holes.
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E: skeith@labradoruranium.com
T: +1 (647) 299-0046
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E: info@labradoruranium.com
Website: www.labradoruranium.com
Cautionary Statement Regarding 'Forward-Looking' Information
This news release contains 'forward-looking information' within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of the Acquisition, completion of the Flow-Through Offering, the approval of the CSE, potential mineralization, exploration activities and planned future exploration activities, and other activities, events or developments that are expected, anticipated or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' or the negative connotation thereof.
Forward-looking information and statements are based on our current expectations, beliefs, assumptions, estimates and forecasts about LUR's business and the industry and markets in which it operates. Such forward information and statements are based on numerous assumptions, including among others, that general business and economic conditions will not change in a material adverse manner, that locations of historical mineral resources estimates could lead to new mineralization discoveries and potentially be verified as current mineral resource estimates, that financing will be available if and when needed and on reasonable terms to conduct further exploration and operational activities, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by LUR in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of
Although LUR has attempted to identify important factors that could cause actual actions, events or results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. LUR undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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