Date: Jun 7, 2018
Western Uranium Corporation (CSE:WUC) (OTCQX:WSTRF) (“Western” or the “Company”) is pleased to announce that it has signed a Letter Agreement (“Agreement”) with Battery Mineral Resource Nevada Inc., a wholly-owned subsidiary of Battery Mineral Resources Limited (“BMR”) to form a joint venture for vanadium development at the Sage Mine Project. Vanadium grades in excess of 1.50% at the Sage Mine represent some of the highest in the world.
BMR is a private company engaged in battery minerals exploration in and for North America whose existing portfolio contains graphite, lithium, and cobalt, primarily focusing on the critical mineral inputs for the rechargeable battery and energy storage sectors.
The Sage Mine Project is located within the Uravan Mineral Belt and comprised of 94 unpatented mining claims in Utah and Colorado, USA. Sage Mine’s last production was in 1990. A technical report on the Sage Mine Project entitled “Technical Report on Sage Plain Project” (the “Report”) was prepared for Colorado Plateau Partners LLC. The Report, which is dated December 16, 2011, was prepared in accordance with the National Instrument 43-101, Standards of Disclosure for Mineral projects (“NI 43-101”). The Report was prepared by Douglas C. Peters (Peters Geosciences) as a “qualified person” as such term is defined under NI 43-101.
The Report provided historic resource estimates of about 4.8 million pounds of vanadium at an average grade of 1.72% and about 580,000 pounds of uranium at an average grade of 0.21%; an approximately 8:1 ratio of vanadium to uranium. Moreover, the Report disclosed ultra-high vanadium grades in the Sage Mine deposit at 1.67%, 2.54%, and 1.80%, respectively for the formerly classified measured, indicated, and inferred resources.
Western notes that a “qualified person” (as defined in NI 43-101) has not done sufficient work on the Sage Mine Project to classify historical estimates as current “mineral resources” or “mineral reserves” (as defined under NI 43-101) and Western is not treating these historical estimates as current “mineral resources” or “mineral reserves”. More work, including the filing of a NI 43-101 technical report on www.sedar.com will be required in order to disclose the historic estimates outlined above as current NI 43-101 mineral resource estimates. In the Report, the vanadium grades are based on assays where known, and otherwise were estimated at the average vanadium to uranium ratios for the property used by previous operators based on past production. Western believes that the historical estimates are relevant to support continued exploration and development of the Sage Mine Project.
