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The Wray Mesa Project

The Wray Mesa Project is an exploration stage uranium-vanadium property located in Montrose County, Colorado, USA. The distance from Denver, the State Capitol, is about 381 kilometers (238 miles) southwest. The property consists of over 107 contiguous mining claims for a total size of about 3000 acres. Centroid coordinates are 671,500N; 44,241,500E. The claims are located on land where both the surface and mineral ownership is held by the Bureau of Land Management (BLM), part of the US Department of Interior. Valid unpatented mining claims grant the holder the right of mineral possession as allowed by the General Mining Law of 1872, subject to the various State and Federal rules and regulation pertaining to mineral exploitation.

The project area, considered part of the La Sal Creek District, has a history of exploration and production efforts. Records are incomplete, but it appears the drill exploration started in the late 1940’s with the U.S. Geological Survey, then continued from the 1960’s through the 1980’s with the private sector. Records extant indicate that, from the mid-1970’s to the late-1980’s, a mine was intermittently active within the project, with an unknown production amount of Uranium as at the time vanadium was not what the previous property owners were exploring for. Historically significant mines in the La Sal Creek District area are the Firefly-Pygmy, Vanadium Queen, and the Black Hat.

Geologically, the main hosts for uranium-vanadium mineralization in the La Sal Creek District 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 are relatively flat-lying, with low amplitude northwest-southeast trending anticlines and synclines associated with the Paradox Fold and Fault Belt present in the area.

Resource estimation software was used to model the mineralization detected in a number of the 715 historical and 24 recent drill holes within the project area. The results of the model run minus the estimated effects of the historic mining indicates that there is an indicated resource of approximately 85,500 short tons at an average grade of 0.16% eU3O8 for a total of 271,000 pounds of contained uranium. Inferred resources total 57,400 short tons at an average grade of 0.15% eU3O8 for a total of about 169,000 pounds of contained uranium. The vanadium resource for the two are based on a conservative V:U ratio of 6:1 would be 1,626,000 (0.95% avg. grade) and 1,014,000 (0.88% avg. grade) pounds respectively.

The Wray Mesa Project, based on historical records, appears to have very good to excellent potential to host in excess of 500,000 pounds of uranium-vanadium resources with characteristics suitable for underground mining

Location Map

Accessibility, Climate, Local Resources, Infrastructure and Physiography

The property can be accessed from either Colorado or Utah. Access from Colorado is via State Highway 90 west out of Naturita, CO for about 30 miles until the highway enters Utah and becomes Utah State Highway 46. Travel another 3 miles until a San Juan County road labeled “Wray Mesa” enters on the south, or left. Access from Utah is via the aforementioned Highway 46, which starts at La Sal Junction, and is about 20 miles south on US Highway 191 from Moab, Utah.

Underground mining took place on the Property from the late 1970’s to the late 1980’s. The mine was named the Geo 1 Mine and maps obtained from the last lessee indicate that Pioneer Uravan, a historic area uranium mining company, was active at the mine from about 1977 to 1979. State permitting documents available on the web (http://drmsweblink.state.co.us/drmsweblink/0/doc/485046/Page1.aspx?searchid=09e3afb7-9cf1- 47a9-8d64-f69998cec4df) indicate that Pioneer Uravan received a mining permit in January of 1979 for the Geo 1 Mine.

Geological Setting and Mineralization

Because of the presence of uranium and vanadium in the region, the project area, along with the parts of southwest Colorado and southeast Utah, has been intensively studied by both public and private-sector investigators. Principally leading the public sector workers were geologists of the USGS and of the Atomic Energy Commission (AEC) during the 1940’s through the 1970’s.

Mineral Resource Estimates

The mineral resource estimate was made using the 739 drill hole database discussed in part or its’ entirety in Items 6, 10 and 12 of the 43-101. The Rockworks 16 software was used to estimate the mineral estimate. In the opinion of the author of the 43-101 prepared in 2013, the use of Rockworks 16 is appropriate for the deposit model.

The results of the model run minus the estimated effects of the historic mining indicates that there is a indicated resource of approximately 85,500 short tons at an average grade of 0.16% eU3O8 for a total of 271,000 pounds of contained uranium. Inferred resources total 57,400 short tons at an average grade of 0.15% eU3O8 for a total of about 169,000 pounds of contained uranium. The vanadium resource for the two categories, listed for interest only and based on a conservative V:U ratio of 6:1 (see Table 7.1, above) would be 1,626,000 (0.95% avg. grade) and 1,014,000 (0.88% avg. grade) pounds respectively.

Mineral Resources

Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource.

A Mineral Resource is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge.

Inferred Mineral Resource - An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

Indicated Mineral Resource - An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

Measured Mineral Resource - A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

 

View 43-101 Report

The Team

Matthew Rhoades

President, C.E.O & Director

With a BS and MS in Geology and an MBA, Matt Rhoades is an accomplished professional geologist. He has direct working experience with exploration and development projects at numerous deposits and mines throughout the American West, Canada...

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Eric Saderholm

Advisor

Mr. Saderholm is a professional Geologist and who worked as Newmont’s former Exploration Manager for the Western US. Mr Saderholm has worked on many large mines and projects including Bingham Canyon, Carlin, Midas, Gold Quarry, Twin Creeks, Lonetree...

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Charn Deol

C.F.O & Director

Charn Deol has earned a M.A. from UBC and a PhD from Columbia State College. Deol also has over 30 years of experience in the financial markets. He has served on both private and public company boards.

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John Read

P. Geo. & Director

33 years of experience in precious metals mining/exploration. Reconnaissance/generative exploration, early- and advanced-stage projects through feasibility, mine-site. Includes positions as project manager.

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George Sharpe

P.Geo, Ltd., QP, MCIM, CGT- Mineral Exploration Geoscientist & Director

Mr. Sharpe is a qualified Mineral Exploration Geoscientist, QP, MCIM and CGT. He has over twenty-three years of global mineral exploration ...

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Anthony Kovschak

MSc, C.P.G. & Director

Director of Tierra Rara Minerals LLP,which took over Strategic Resources’ property positions. Served on Board of Directors of Strategic Resources, a Canadian Junior, with focus on rare earth exploration in New Mexico...

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Applications

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Steel hardening tools

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