Ann: Federal Court Orders Convening of the Scheme Meeting, page-5

The report was posted July 16 on SEDAR:
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Technical Report
on the
Sunday Mine Complex Uranium Property,
San Miguel County, Colorado, USA
for
Western Uranium Corporation Inc.

​

By
Anthony R. Adkins, CPG #8159
July 7, 2015

​

Item 1: Summary
Western Uranium Corporation (WUC) engaged Anthony R. Adkins, of Anthony R. Adkins, P. Geol., LLC to review the Sunday Mine Complex Project data, provide a Canadian National Instrument 43-101 complaint Technical Report describing the current status of the project, including a resource estimate. Mr. Adkins visited the property in the late 1970’s and again on July 6, 2015. WUC is the owner and manager of the Sunday Mine Complex Uranium Project through its wholly owned subsidiary, Pinion Ridge Mining LLC (PRML).
The Sunday Mine Complex is an advanced stage property with a significant drilling and production history. Mining and drilling occurred contemporaneously from the 1950’s through the mid 1980’s. From the 1980’s to the present, mining and drilling occurred only sporadically, typically when uranium or vanadium prices were high. The last mining interval was from 2006 to 2009, and based on the available records, only in 2009 did any drilling take place since mid-1980. Past operators have generated abundant geologic and mining data. However, to date, only a small amount has been passed along to WUC and the author of this report.
Geologically, the main hosts for uranium-vanadium mineralization in the Sunday Mine Complex are fluvial sandstone beds assigned to the upper part of the Salt Wash Member of the Jurassic Morrison Formation, with minor production coming from conglomeratic sandstones assigned to the lower portion of the Brushy Basin Member of the Morrison Formation. Mineralization from both members is present at the property, with the mine production coming from the Salt Wash Member. Beds generally strike NW-SE and dip SW, with some exceptions within fault bounded blocks adjacent to Big Gypsum Valley.
The Uravan Mineral Belt has a long history of exploration and mining for uranium and vanadium. The deposits have been well studied by public and private entities. Reserve and resource estimation methods have been a topic of interest for most of that long history. Both traditional methods and computer modeling have been used and each have their advantages and limitations. For the purpose of this report, and at the confidence levels that the data will allow, traditional methods such are areas of influence around drill holes and around mineralized areas were considered appropriate.
The resource estimate in this report is summarized in Table 1.1

Sunday Mine Complex Undiluted Geologic Resource Estimate Summary - This ReportMeasured IndicatedInferredTons (st)Lbs U3O8Lbs V2O5Tons (st)Lbs U3O8Lbs V2O5Tons (st)Lbs U3O8Lbs V2O5188,243935,1505,610,89914,97472,683436,097264,6041,906,08111,436,484Grade (%)0.251.490.241.490.362.16Measured and IndicatedTons (st)Lbs U3O8Lbs V2O5Grade U3O8 (%)Grade V2O5 (%)203,1701,007,8306,047,0000.251.49​

Table 1.1: Sunday Mine Complex undiluted geologic resource estimate summary
The Sunday Mine Complex, based on historical records and this 43-101 compliant resource estimate, appears to have very good to excellent potential to host in excess of 3,000,000 pounds of uranium-vanadium resources with characteristics suitable for underground mining. As per Items 15 through 22, an economic assessment of the resource base has yet to be conducted.
Two parallel paths of: 1) additional data acquisition and 3-D computer modeling along with, 2) a concurrent 10 hole drill program to verify and confirm trends is recommended. The first path is estimated to cost between $(us)50,000 and $(us)100,000 and the second at around $(us)185,500, for a total estimated cost from about $(us) 235,500 to $(us)285,500.