Mineralization is hosted within typical roll front–type deposits in the Cretaceous-age Fall River and Lakota formations. The contiguous claim block covers Uranium mineralization drilled by Union Carbide Corp (UC) in the late 1970s.

Union Carbide-defined, non-43-101 compliant historical measured and indicated resources (“UC Mining Reserves”) total 2,379,990 lbs. U3O8. Mineralization occurred in three areas and was evaluated by UC for conventional open pit and underground mining. UC resource calculations also report an additional potential resource based on the geologic projection of the UC-calculated “measured and indicated resources” (UC “Potential Mining Reserve”) of 1,440,000 lbs. U3O8. Resource calculations are documented in UC and subsequent claimant reports and UC radiometric ore maps covering most of the reported mineralization.

UC delineated two unoxidized deposits (October Jinx and Viking) that are 350 ft. to 500 ft. deep and, based on historic depth-to-groundwater measurements (Cohan, 1984), are believed to lie below the water table. Mineralization is hosted in three sands of the lower Chilson member of the Lakota formation. Historical UC resources (“UC Mining Reserves”) were calculated using internal UC protocol for underground mining. Drill patterns were on 100 ft. and 50 ft. centers. Measured resources of deposits drilled on 50 ft. centers were calculated using the manually calculated Polygonal Block Method. Measured resources on 100 ft. drill spacing were computed using a 300 tons per foot estimate per ore intercept. Indicated resources based on 100 ft. drill spacing were derived by subtracting the measured resources from the total resources calculated using the standard formula, which relates the ratio of ore holes to total holes within the volume of the area of equally spaced drilling (Pinnick, 1982). Resources were calculated using a 0.06% U3O8 cut-off grade and a grade X thickness (GT) cut-off of 0.30. Dilution was also incorporated due to minimum underground mining widths and grade distribution (Pinnick, 1982).

Underground Mining Resources (historical, non-43-101 compliant)

UC drilling delineated at least eight small, conventional open-pit mining (oxidized) deposits in the Fall River and Lakota formations. Drill patterns were on 50 ft. centers, and measured resources were calculated for open pit mining at a 0.04 % U3O8 cut-off and a minimum of 0.08 GT (Pinnick, 1982).

Open Pit Mining Resources (historical, non-43-101 compliant)