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UEC’s 100%-owned Horseshoe & Raven deposits is our most advanced Canadian exploration stage project, located only 5 km south of Cameco’s Rabbit Lake Mill. The Project has direct access to all-weather roads and power infrastructure.

Given the shallow depths to mineralization (between 100 and 450 m depth), uranium grades, and lack of sandstone cover, the Horseshoe and Raven Deposits are potentially amenable to combined conventional open pit and underground mine development and should not require costly ground freezing to prevent water incursion or extra radiation protection measures routinely employed at many of Saskatchewan’s uranium operations.

In 2016, additional metallurgical testing was completed on the Horseshoe and Raven mineralization with the objective of evaluating the potential benefit of heap leach extraction in lieu of toll milling. The testing program was conducted by SGS Lakefield Laboratories and was successful at demonstrating the potential of heap leaching. This historical scoping study was completed on the Horseshoe and Raven Deposits by JDS Mining in December 2016. The results of the study indicate that further investigations into heap leaching as an extraction method for the Horseshoe and Raven mineralization are warranted.

The Deposits are hosted within gently folded quartzite and arkose and represents a unique style of basement-hosted Athabasca-type uranium deposit. Mineralization at the Horseshoe Deposit has been defined over a strike length of approximately 800 m and occurs at depths between 100 m to 450 m below surface. Mineralization occurs in several stacked and shallow plunging shoots that generally follow the fold axis of the gently folded host rocks. Uranium mineralization is often best developed along the fold limbs between the bedding planes.

The Raven Deposit is located 500 m west-southwest of the Horseshoe Deposit and has been defined over a strike of 910 m and ranges between 100 m and 300 m in depth. The bulk of the uranium mineralization occurs in two sub-horizontal tabular zones that are oriented parallel to the axial plane of the folded host rocks package.