Resource World Magazine

A U G U S T / S E P T E M B E R 2 0 1 9 www.resourceworld.com 13 ISR uranium production in the US and is the key supplier of US-sourced uranium nuclear facilities worldwide. The company's owns the only operating conventional uranium mill in the US – the White Mesa mill which has a licensed capacity of over 8 million pounds of U 3 O 8 per year. In addition to uranium produc- tion, Energy Fuels is the only producer of vanadium in the US. The White Mesa mill has a separate production circuit for the recovery of vanadium from the company's vanadium mines and other streams. NextGen Energy Ltd. [NXE-TSX, NYSE American] has intersected radioactivity in an additional 20 holes comprising 7,969.5 metres from its feasibility-stage drill - ing program at the 100%-owned Rook I property in the Athabasca Basin. The drilling is designed to convert indicated U 3 O 8 resources to the measured category. The current drilling phase is targeting the A2 and A3 high-grade domain mine plan- ning sections at a spacing of between 9.0 and 16.7 metres. Indicated resources at the Arrow deposit on the Rook 1 property stand at 256.6 million lbs grading 4.04% U 3 O 8 . ALX Uranium Corp. [AL-TSXV; ALXEF-OTC; 6LLN-FSE] has varying inter- ests in a number of uranium prospects in the Athabasca Basin. The company recently purchased a 100% interest in the Rea Lake uranium property near Stony Rapids, Saskatchewan. ALX has also com - pleted a borehole-enhanced 3-D induced polarization/resistivity (BHIP/Res) geo- physical survey at the Close Lake uranium project in the eastern Athabasca Basin area situated between the two highest-grade uranium mines in the world. IsoEnergy Ltd. [ISO-TSXV; ISENF- OTCQX] has 13 uranium projects in the Athabasca Basin that are either optioned or owned. Recent drilling intersected uranium mineralization in the first drill hole at its 100%-owned Larocque East property in the eastern Athabasca Basin. Drill hole LE19- 14B intersected a 2.0-metre-thick upper zone of sandstone-hosted mineralization from 323.0 to 325.0 metres. The upper zone is followed by a 3.5-metre thick lower zone of dominantly sandstone-hosted mineral - ization sitting on top of the sub-Athabasca unconformity from 327.5 to 331.0 metres. Fifteen planned drill holes remain in the fully financed summer program. Drilling is targeting extensions of the newly discovered Hurricane Zone ura - nium mineralization at Larocque East. The Hurricane zone was discovered in July, 2018 and was recently followed up with a 12-hole drilling campaign in the winter of 2019. Eleven of those 12 holes inter - sected substantial uranium mineralization, including 10.4% U 3 O 8 over 3.5 metres in hole LE19-02 and 3.2% U 3 O 8 over 8.5 metres in hole LE19-12. Standard Uranium Ltd. is plan- ning to go public in the near future with a listing on the TSX Venture Exchange with the ticker symbol STND. The com- pany's flagship Project – the Davidson River Project – is the largest, unexplored, highly prospective target in the Patterson Lake Uranium District in the southwest Athabasca Basin. Work completed to date with the aim of identifying drill targets includes regional lake sediment sampling, ground gravity surveys, airborne radio - metric survey and a VTEM survey. Plateau Energy Metals Inc. [PLU- TSXV; PLUUF-OTCQB; QG1-FSE] has discovered a new area near the Falchani lithium project in southeast Peru and has begun work with the community of Quelcaya for future exploration. The discovery area is to the west of Falchani West/Tres Hermanas and is prospective for additional lithium-rich mineralization. Outcrop sampling of lith - ium-rich mineralization is located about 6 km west of Tres Hermanas, with grades ranging from 2,841 parts per million (ppm) to 3,096 ppm lithium, along with an aver- age grade of 2,986 ppm lithium. Mapping to date has identified the potential for this new zone to extend over at least 1.5 km north-south. At the Falchani lithium deposit, the high-grade lithium-rich tuff hosts indi - cated resources of 42.5 million tonnes of 3,491 ppm lithium with inferred resources at 123.6 million tonnes of 3,243 ppm lith- ium. The lithium-rich tuff + Upper and Lower Breccia has indicated resources of 60.9 million tonnes of 2,954 ppm lithium. Inferred resources are 260.1 million tonnes of 2,706 ppm lithium. Plateau also has an indirect 100% inter - est in the Macusani uranium project, also in southeast Peru. Measured and Indicated resources: 52.9 Mlbs U 3 O 8 (248 ppm) (75 ppm U cut-off). Inferred: 72.1 Mlbs U 3 O 8 (251 ppm) (75 ppm U cut-off). There are 45+ targets around existing defined deposit. At US $50/lb U 3 O 8 NPV is US $603 M; IRR is 40.6% with a 1.8-year capital payback (post-tax). Proposed production averages over ~6 Mlbs U 3 O 8 /year over a 10-year mine life. The Macusani Project also hosts signifi- cant lithium resources. COBALT Cobalt 27 Capital Corp. [KBLT-TSXV; CBLLF-OTCQX; 27O-FSE] recently announced that Pala Investments Limited will acquire 100% of Cobalt 27's issued and outstanding common shares, other than the approximately 19% that Pala already owns, for total consideration of approxi - mately CDN $501 million on a 100% basis. Under the terms, Cobalt 27 shareholders will receive CDN $5.75 per common share, comprised of $3.57 in cash plus $2.18 in shares of a newly-listed company to be named Nickel 28 Capital Corp. Nickel 28 will be created to hold Cobalt 27's joint venture interest in Ramu, a low-cost, long- life producing nickel-cobalt mine in Papua New Guinea, its royalty portfolio on future projects including the Turnagain royalty, a royalty over one of the largest undevel - oped nickel sulphide projects globally, the Dumont royalty, a shovel-ready nickel project in Canada and certain equity positions including in Giga Metals Corp. Nickel 28 will be funded with US $5 mil - lion in cash at inception. Cobalt 27 has large stockpiles of cobalt metal in Europe and the US. The company also manages a portfolio of 11 royalties and a cobalt stream on Vale's Voisey's Bay Mine in Labrador. Cobalt Blockchain Inc. [COBC-TSXV; COBCF-OTCQB] is expanding its explora - ENERGY METALS

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