Finland Projects

Highlights

The Palmottu project includes significant historic work completed by the Geological Survey of Finland (“GTK”) between 1979 and 1998 and Areva (Orano) in 2005-2006, which provides confidence in the style or target allowing targeted follow-up work. The main mineralisation appears to show variable thickness between 1 and 15 metres and is known to occur over a strike length of around 400 metres15. Known historical drilling appears to demonstrate strike extension potential, and other anomalous historic rock chips were recorded within the project area.

Historical work at Löttö identified numerous uranium occurrences within bedrock and in glacial cover. Uranium associated with molybdenum and phosphate rock in two main areas of interest were identified for initial assessment. The best grades observed in the south of the project appear to be related to a shear zone running parallel to a lithological contact, where historic rock chips from trenches (which have not been verified). In the north of the project area, bedrock mineralisation has been identified in subcrop between glacial cover with grades reported at 1170 ppm U₃O₈, and anomalous Mo ranging from 250 to 340 ppm. Additionally, a series of anomalous boulders are recorded within the project area.

The Temo project is located adjacent to the Siilinjarvi phosphate mine, Finland’s largest open pit mine. Significant work was completed at the Temo project in the 1960s following uranium identified in association with P2O5 within the project area. Eight drill holes are known to have been completed within the project area, with each drill hole reported to have intersected U₃O₈ and P2O5, the drill testing was not reported in accordance with the requirements of the JORC Code. The Company intends to perform complete verification works to confirm the underlying data to facilitate future reporting in accordance with the requirements of the JORC Code, if warranted.