Norasa Mineral Resource

The Norasa Project Resource Statement is a consolidation of two separate compliant resources (Valencia and Namibplaas)  The consolidated Norasa resource and the individual resource statements as at February 2015 are as follows:

 

Norasa

Category Cut-Off Grades Tonnes (M) U308(ppm) U308(Mlbs)
Measured V60: N100 ppm 27 151 9
Measured V100: N140 16 200 7
Measured V140: N180 10 249 6
Indicated V60: N100 ppm 469 152 157
Indicated V100: N140 249 196 108
Indicated V140: N180 130 251 72
Measured + Indicated V60: N100 ppm 496 151 166
Measured + Indicated V100: N140 265 197 115
Measured + Indicated V140: N180 140 251 77
Inferred V60: N100 ppm 50 153 17

 

Valencia

Category Cut-Off Grades Tonnes (M) U308(ppm) U308(Mlbs)
Measured 60 ppm 27 151 9
Measured 100 ppm 16 200 7
Measured 140 ppm 10 249 6
Indicated 60 ppm 256 152 86
Indicated 100 ppm 157 198 69
Indicated 140 ppm 98 247 53
Measured + Indicated 60 ppm 283 152 95
Measured + Indicated 100 ppm 174 199 76
Measured + Indicated 140 ppm 108 248 59
Inferred 60 ppm 20 145 6
Inferred 100 ppm 11 199 5
Inferred 140 ppm 7 253 4

 

Namibplass

Category Cut-Off Grades Tonnes (M) U308(ppm) U308(Mlbs)
Measured 100 ppm
Measured 140 ppm
Measured 180 ppm
Indicated 100 ppm 213 151 71
Indicated 140 ppm 91 193 39
Indicated 180 ppm 32 262 18
Measured + Indicated 100 ppm 213 151 71
Measured + Indicated 140 ppm 91 193 39
Measured + Indicated 180 ppm 32 262 18
Inferred 100 ppm 30 159 11
Inferred 140 ppm 15 201 7
Inferred 180 ppm 6 267 3

 

Norasa Mineral Reserve Estimate

The Mineral Reserve Estimate was prepared using industry best practise and reported in accordance with the NI 43-101 (OSC 2011) guidelines. The Mineral Reserve is based on pit optimisations using the resource models discussed previously and applying modifying factors such as costs and mining and metallurgical factors determined to be appropriate for the deposits and scale of operation to a feasibility study level of accuracy.

The Mineral Reserve Estimate for Norasa is tabulated below and has been assigned confidence levels of Proven and Probable Reserve using the guidelines within the NI 43-101. Mineral Resources that are not Minerals Reserves have not demonstrated economic viability, or have not fulfilled the company’s strategic criteria of cut-off grade.

Classification Mt Grade ppm U3O8 Mlbs U3O8
Proven 16 200 7.1
Probable 190 200 83.6
TOTAL RESERVE 206 200 90.7

 

A breadown of the individual reserves as follows:

Valencia 100ppm cut-off

Classification Mt Grade ppm U3O8 Mlbs U3O8
Proven 16 200 7.1
Probable 139 200 61.3
TOTAL RESERVE 155 200 68.4

 

Namibplass 140ppm cut-off

Classification Mt Grade ppm U3O8 Mlbs U3O8
Proven 0 0
Probable 51 198 22.3
TOTAL RESERVE 51 198 22.3

Martin Hirsch, Chief Geologist for Forsys, was responsible for the geology and mineral resource definition. Mr Hirsch, M.Sc in Geology and a Member of the British IMMM, was the designated Qualified Person responsible for the Company’s exploration programs and reporting of Mineral Resources until April 2014. Mr Hirsch, currently Exploration Manager at Reptile Uranium has sufficient experience that is relevant to the style and mineralization, type of deposit and the use of radiometrics in resource estimation and continues to qualify as a Qualified Person under NI 43-101