International Consolidation Buys Quebec Dieter Lake Uranium VANCOUVER, BC,Feb. 3, 2021/CNW/ - International Consolidated Uranium Inc. ("CUR“ or the ”Company") (TSXV: CUR) is pleased to announce that it has acquired the Dieter Lake uranium deposit ("Dieter Lake") in Quebec, Canada. The property consists of 168 claims totaling 8105 ha and was staked inJanuary 2021. In connection with the acquisition, the Company engaged Jadeite Capital Corp. ("Jadeite") to provide CUR with services related to evaluating, acquiring, and managing uranium projects in Quebec, Canada. Dieter Lake is the first project Jadeite has secured for CUR.
Key Points:
Historic Mineral Resource Table (CNW Group/International Consolidated Uranium Inc.) - Historic Mineral Resources– Based on a 2006 technical report, Dieter Lake was considered to have a historic inferred mineral resource of19.3mtonnes at an average grade of 0.057% containing24.4mlbs of U3O8. This mineral resource 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 the Company to be current. See below under the heading “Historic Mineral Resource Table”.
- Pedigreed Past Owners– Dieter Lake was formerly held by Uranerz Exploration and Mining, Strathmore Minerals Corporation, Fission Energy Corp. and Denison Mines Corp.
- First Project Acquisition of 2021– Following on the heels of an active 2020, the Company now owns outright, or has agreements to acquire, six uranium projects inAustralia,CanadaandArgentina.
- On the Ground Expertise– Through its agreement with Jadeite, CUR is now well positioned to find, acquire and manage uranium projects inQuebecand other parts ofCanada.
- Proven Mining Jurisdiction with Uranium Endowment–Quebecranks highly as a mining jurisdiction and has seen significant past expenditures on uranium exploration by both major and junior mining companies.
- Low Acquisition and Holding Costs- Dieter Lake was acquired by staking and is expected to require modest annual expenditures to maintain.
Philip Williams, CEO commented "Todays acquisition highlights CUR's ability to find and execute on less well-known opportunities in the uranium sector.Quebec, while having a mixed history with uranium development, is a stable, mining-friendly jurisdiction and we believe offers asymmetric upside potential over time. As a standalone project, Dieter Lake has a history of exploration completed by leading uranium companies and boasts a historic resource with higher grade and exploration potential. More importantly, it continues to build critical mass in our portfolio, particularly inCanada, where we see additional opportunities going forward. We are also excited about our partnership with Jadeite who bring tremendous experience identifying and advancing mining projects inQuebec; we look forward to a prosperous partnership going forward."
The Dieter Lake Uranium Project
The Dieter Lake Property is located in North-Central Quebec and occurs within a Lower Proterozoic sedimentary basin, within the Superior Structural Province of the Precambrian Shield. BetweenHudson Bayand Labrador Trough, north-centralQuebec, are two east-west trending belts of sedimentary outliers attributed to the Sakami Formation. The Gayot Lake outlier, which is host to the uranium mineralization at Dieter Lake, measures approximately 52 km east-west, by 12 km north-south. Suggested deposit types for the uranium mineralization at Dieter Lake have included unconformity-type, black shale type, and syngenetic stratabound.
Uranium mineralization at Dieter Lake is in the form of fine-grained, sooty pitchblende within a shale-wacke horizon of the Sakami Formation. The pitchblende is accompanied by various sulphides and moderately associated with metallic elements Fe, Cu, V and Mo. The uranium ore horizon bed has been traced over an east-west distance of 5 km and is generally 20 to80 mabove the unconformity. It ranges from 0.2 to3 mthick and has been observed up to5 mthick.
Uranerz Exploration and Mining conducted significant exploration at Dieter Lake in the late 1970s and early 1980s. Extensive mapping and sampling programs were completed, involving the collection of rock, soil, lake water, and lake sediment samples. Airborne and ground geophysical programs were completed; as well as, diamond drilling, including at least 145 holes. More recently, in 2011, Fission Energy Corp. completed a 10 hole,1,781mdrill program designed to establish continuity and expand mineralization where higher grades and thickness were reported, gain a greater understanding of the deposit with the intent of building a more predictive geological model, and determining the dominant mineral deposit type. CUR, working with Jadeite, plans to collect and analyze available historical data in order to determine its exploration future plans for the project.