Highlights:
Mineral license application covers 68% of the Viken Deposit, which is a large polymetallic deposit containing economically significant levels vanadium (V), uranium (U), molybdenum (Mo), nickel (Ni), copper (Cu), and zinc (Zn).
A 2010 Preliminary Economic Assessment (PEA) Technical Report1 on the Viken Deposit calculated historical mineral resource estimates for V2O5, U3O8, Mo, and Ni of:
Indicated Mineral Resources: 23.6 million tonnes at an average grade of 0.31% V2O5, 0.019% U3O8, 0.028% Mo, and 0.032% Ni containing 162.8 million lbs of V2O5, 9.9 million lbs of U3O8, 14.7 million lbs of Mo, and 16.5 million lbs of Ni.
Inferred Mineral Resources: 2.8 billion tonnes at an average grade of 0.27% V2O5, 0.017% U3O8, 0.024% Mo, and 0.032% Ni containing 16.7 billion lbs of V2O5, 1.0 billion lbs of U3O8, 1.5 billion lbs of Mo, and 2.0 billion lbs of Ni.
A 2014 Updated Resource Estimate and PEA Technical Report2 on the Viken Deposit calculated historical mineral resource estimates for U3O8, Ni, Cu, and Zn of:
Indicated Mineral Resources: 43.0 million tonnes at an average grade 0.019% U3O8, 0.034% Ni, 0.010% Cu, and 0.041% Zn containing 18.0 million lbs of U3O8, 32.0 million lbs of Ni, 10.0 million lbs Cu, and 38.0 million lbs Zn.
Inferred Mineral Resources: 3.0 billion tonnes at an average grade 0.017% U3O8, 0.034% Ni, 0.012% Cu, and 0.042% Zn containing 1.15 billion lbs of U3O8, 2.23 billion lbs of Ni, 799.0 million lbs Cu, and 2.8 billion lbs Zn.
This above mineral resource estimates are considered to be 'historical estimates' under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101'). A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and the Company is not treating these historical estimates as current Mineral Resources. Further details on these historical estimates can be found as footnotes in Tables 1 and 2.
Motion to remove the moratorium on uranium mining in
The Polymetallic Viken Deposit
The Viken Deposit is situated in the province of Jamtland, approximately 570 km northwest of
CPM retained
The Viken Deposit is a polymetallic shale resource contained within the
The stratigraphy across the Viken Mineral License application consists of upper Middle and Upper Cambrian age
Mineralization of potential economic significance is hosted in Middle and
About
The advanced exploration stage Tomtebo Property is located in the
For further information on the Tomtebo Property, please see the technical report entitled 'NI 43-101 Update Technical Report on the
Contact:
President and Chief Executive Officer
T: (604) 288-4430
Neither
Cautionary Statement Regarding 'Forward-Looking' Information.
This news release contains certain statements that may be considered 'forward-looking information' with respect to the Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'targets', 'expects' or 'does not expect', 'is expected', 'an opportunity exists', 'is positioned', 'estimates', 'intends', 'assumes', 'anticipates' or 'does not anticipate' or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might', 'will' or 'will be taken', 'occur' or 'be achieved' and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking statements in this news release relating to the Company include, among other things, statements relating to the Company's application for a 2,302 hectare mineral license (Figure 1) to explore for vanadium, nickel, molybdenum, zinc, and other elements covering a portion of the polymetallic Viken Deposit located in Jamtland County, central
These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, including, without limitation, assumptions about the reliability of historical data and the accuracy of publicly reported information regarding past and historic mines in the Bergslagen district; the Company's ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity; and stability in financial and capital markets
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: the likelihood of the Bergsstaten's (Mining Inspectorate) decision to approve the Company's Viken nr 101 mineral license application; the reliability of historic data regarding the Viken Deposit and the Tomtebo Property; the Company's ability to raise sufficient capital to finance planned exploration (including incurring prescribed exploration expenditures required by the Tomtebo Purchase Agreement, failing which the Tomtebo Property will be forfeited without any repayment of the purchase price); the Company's limited operating history; the Company's negative operating cash flow and dependence on third-party financing; the uncertainty of additional funding; the uncertainties associated with early stage exploration activities including general economic, market and business conditions, the regulatory process, failure to obtain necessary permits and approvals, technical issues, potential delays, unexpected events and management's capacity to execute and implement its future plans; the Company's ability to identify any mineral resources and mineral reserves; the substantial expenditures required to establish mineral reserves through drilling and the estimation of mineral reserves or mineral resources; the Company's dependence on one material project, the Tomtebo Property; the uncertainty of estimates used to calculated mineralization figures; changes in governmental regulations; compliance with applicable laws and regulations; competition for future resource acquisitions and skilled industry personnel; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company's share price; the unlikelihood that shareholders will receive dividends from the Company; potential future acquisitions and joint ventures; infrastructure risks; fluctuations in demand for, and prices of gold, silver and copper; fluctuations in foreign currency exchange rates; legal proceedings and the enforceability of judgments; going concern risk; risks related to the Company's information technology systems and cyber-security risks; and risk related to the outbreak of epidemics or pandemics or other health crises, including the recent outbreak of COVID-19. For additional information regarding these risks, please see the Company's Annual Information Form, under the heading 'Risk Factors', which is available at www.sedar.com. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company. These factors and assumptions, however, should be considered carefully. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws.
All scientific and technical information contained in this news release has been prepared by or reviewed and approved by
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