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Project Highlights

  • enCore acquired a 14,500 Acre (5,868 ha) Private Land Lease to the Marquez Property
  • The Marquez uranium deposit, McKinley County, is located in the eastern Grants Uranium District, 25 miles (40 km) NE of Grants, and 300 miles (480 km) from Energy Fuel’s White Mesa mill
  • Hosts a sandstone-type uranium deposit discovered and drilled by Kerr McGee Corp. in 1970s and 1980s
  • enCore’s “historic al resources estimate” for the Marquez deposit is based on 150 drill holes from a 2010 NI 43-101 Technical Report 

Project Overview

The Marquez property is located in McKinley and Sandoval Counties, New Mexico, along the eastern margin of the Grants Uranium District, approximately 20 miles (32 km) north of the town of Laguna. enCore controls the mineral right through a 14,501 acre (5870 hectares) private lease. The property was extensively explored from 1973-1977 by Kerr McGee Corp., with more than 384 holes drilled and probed. Kerry McGee was a major uranium miner and producer in the Grants District during this period. Following completion of a Pre-Feasibility study and mine planning, in 1978 Kerr McGee sold 50% of the project to joint venture partner Tennessee Valley Authority. Kerr McGee also conducted tests of chemical equilibrium for uranium and process amenability. The joint venture elected to pursue underground mining operations by the mid-1980s. However, with the decrease in the uranium market prices, the mine plan was shelved and the Property was returned to the lease holders in the late 1980s.

Mineral Resources

There are no current Mineral Reserves or Mineral Resources on the Marquez Property. enCore Energy Corp. has not done sufficient work to classify the historical mineral resource estimates reported below under Historical Exploration, as current mineral resources or mineral reserves. Further compilation of the historic geological and drilling data, resource modelling and possible confirmation drilling will be necessary to convert the historic estimates outlined below to NI 43-101 resources/reserves.

Geology and Mineralization

The Jurassic age Morrison Formation Member hosting most of the sandstone-type uranium deposits in the Grants Mineral Belt, including the Marquez area, is the Westwater Canyon sandstone, primarily the lower two C and D sand units. The Marquez uranium mineralization primarily occurs as the tabular-type, however lesser amounts of roll-type mineralization are also reported.

Historical Exploration

On June 10, 2010, Strathmore Minerals Corp filed the ”Marquez Uranium Property, McKinley and Sandoval Counties, New Mexico National Instrument 43-101 Mineral Resource Report” on SEDAR. Of the 384 holes drilled by in the Marquez Canyon area, radiometric logs from 150 holes were used in making the uranium mineral resource estimate. The estimate for the property was made using a polygonal estimation methodology based on gamma logs from 140 holes drilled on the property by Kerr McGee Corp., and 10 by Bokum Resources. The deposit is located on the McKinley County portion of the Marquez Property. A cross-section C-C’ along the southeasterly portion of the Marquez deposit is shown below.

The Strathmore report also indicates that during Kerr McGee’s historical evaluation of the property it conducted studies of Chemical Disequilibrium of the Marquez uranium mineralization. The studies were conducted based on chemical analysis of drill core to access the state of equilibrium between estimates of uranium from gamma logs and results of chemical analysis of the corresponding core samples. Overall, the analyses of the seven core holes resulted in a positive disequilibrium ranging from 1.17 to 1.58. While these results suggest that the Historical Mineral Resource Estimates shown below may underestimate the uranium resource, no adjustments in uranium grade were made to take into account these positive results.  

Under “Rules and Policies” of NI 43-101Standards of Disclosure, enCore is required to report this uranium resource estimate made in 2010, as a Historical Mineral Resource Estimate.

Table 1 - Historical Mineral Resource Estimate for the Marquez Uranium Property
McKinley and Sandoval Counties, New Mexico
Grade Cutoff > =.10 - GT Cutoff >=.60
Category Tons Grade eU3O8% U3O8 (lbs) Avg. Thickness
Measured 998,625 0.126 2,512,301 11.16 ft
Indicated 2,611,584 0.127 6,618,042 11.28 ft
Total (M+I) 3,610,209 0.126 9,130,343 11.26 ft
Inferred 2,159,520 0.114 4,906,695 10.78 ft


Under “Rules and Policies” of NI 43-101Standards of Disclosure the mineral resource estimate in the report by M. Hussan Alief, CPG, must be reported as a Historical Resource Estimate. A qualified person has not done sufficient work for enCore to classify the historical estimate as a current mineral resource estimate. The Company does not treat this historical estimate as a current mineral resource estimate, and the estimate should not be relied upon.The Technical Report and Historical Mineral Resource Estimate for the Nose Rock Uranium Property was prepared for Strathmore Minerals Corp. by M. Hussan Alief, CPG, Alinco GeoSciences Inc., Wheat Ridge, CO 80034, June 10, 2010. The reader is referred to the Technical Report filed by Strathmore on SEDAR for additional information.

Douglas H. Underhill, PhD, CPG, enCore’s Chief Geologist, is the Qualified Person as defined under National Instrument 43-101 and has reviewed and verified the information presented throughout this enCore Energy Corp. website.

Figure 1. Representative cross section through the Marquez Uranium Deposit.

Source: Hussan Alief’s June 10, 2010 Technical Report on the Marquez Uranium Property.

 

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