The 100%-owned advanced stage Juniper Project is located in Wyoming.
The Juniper Ridge Project is located in the southwest portion of Wyoming, approximately 10 miles west of the town of Baggs and accessible by county and local roads. The Juniper Project consists of approximately 3,300 acres of unpatented lode mining claims and State of Wyoming mineral leases and is located within a brownfield site which has experienced extensive exploration, development, and mine production.
Uranium was discovered in the Juniper Ridge area in 1951, with commercial uranium mining occurring intermittently from 1954 until 1966. Seven companies have mined uranium in the area producing over 0.5 million pounds via open-pit and shallow underground mines.
The Juniper Project was owned by Strathmore Minerals Corporation from 2007 until 2013, when the company and the project was acquired by Energy Fuels Inc. URZ Energy purchased the project on October 31, 2016 and it is now 100% owned by Azarga Uranium.
Summary of Mineral Resources
In June 2017, a technical report was prepared by BRS Inc., and T.P. McNulty and Associates Inc. on the Juniper Ridge Project titled “Juniper Ridge Uranium Project, Amended and Restated 43-101 Mineral Resource and Preliminary Economic Assessment Technical Report”. The technical report outlines an indicated resource of 6.0 million pound eU3O8 (5.1 million tons at an average grade of 0.058% eU3O8) and an inferred resource of 0.2 million pound eU3O8 (0.1 million tons at an average grade of 0.085% eU3O8) – see Table 1 below for further details.
The uranium mineralization is characterized as Wyoming sandstone mineralization. While local mineralization displays some of the characteristics of known uranium deposits in the Gas Hills district and in the Powder River Basin of Wyoming, the mineralization at Juniper Ridge is sandstone hosted. Data sources for the estimation of uranium mineral resources for Juniper Ridge consists of 2,716 drill holes including radiometric equivalent data (eU3O8) for 2,167 drill holes pre-2011, Uranium Spectral Analysis Tool (“USAT”) assay data for 400 drill holes completed during the 2011 drilling program, and radiometric equivalent and PFN assay data for 149 drill holes completed in 2012.
Table 1: Juniper Ridge 43-101 Resource Estimate
|Class||Cut-off||Tons (x1,000)(1)||Weighted Average Grade (% eU3O8)||Pounds eU3O8 (x1,000)(1)|