CENTRAL PLATEAU PROJECT – CHUBUT PROVINCE, ARGENTINA

Located within the San Jorge Basin in the Province of Chubut, UrAmerica’s extensive land package has significant exploration potential, containing one of Latin America’s most prolific uranium deposits as well as critical metals such as Lithium, Rare Earths, Molybdenum and Vanadium.

In October 2011, UrAmerica entered into a Strategic Alliance Agreement with Cameco, the largest uranium producer in the world from Canada, focused only on uranium exploration in our extensive multi-mineralized district. A drilling campaign of 24,000m was completed in 18 months by UrAmerica, which was the fastest and most cost-effective drilling campaign based on Cameco technical standards.

The drilling provided data for a NI43-101 Technical Report for a Mineral Resource Estimate (‘MRE’) totaling 27.9 million tonnes with an average grade of 310 ppm eU3O8 for a contained 19.1M lb of eU3O8 using a cut- off grade of 200 ppm. The resource is hosted by the Graben, Plateau West and Plateau East deposits, within sub-horizontal layers between 40 meters and 140 meters below surface and between 1 and 15 meters in thickness. The geometry, host rock and hydrogeological setting of the uranium mineralisation may favour extraction of uranium by In-Situ Recovery (ISR).

The company has quantified exploration targets immediately adjacent to various Inferred Resources between up to 65.4M lb U3O8 with an average grade of 285 to 362 ppm U3O8. All these information is certified in the latest NI43-101 Report dated September 2021.

In 2013, based on the resulting depressed market for uranium because of Fukushima event, Cameco adjusted its global strategy to focus only on their core production mines and closed their Exploration Department. As consequence and beyond UrAmerica had achieved the goals on the agreement, both companies agreed to a way out for Cameco’s equity position in a win-win arrangement for both parties. UrAmerica recovered its independence to develop other strategic minerals.

GEOLOGY & MINERALIZATION

The San Jorge Basin, which extends over 180,000 square kilometers and is at an average elevation of 800 meters, contains all the conditions considered essential for the presence of world class uranium deposits. It is largely composed of Jurassic and Cretaceous continental sediments and volcanic with an abundance of organic matter, hydrocarbons, and inorganic reducing agents throughout.

The host rock (the Los Adobes Formation) is comprised of sandstone and conglomerates, providing high permeability, while the topography of the basin, dipping 5° North to South, provides a hydraulic head and fluid flow. The overlying formations, such as Cerro Barcino, are the source of the uranium present in the Los Adobes Formation. Discontinuous clay lenses and variations in permeability towards the edges of the paleochannel provide physical changes in the Los Adobes Formation for uranium deposition.

Uranium deposition has been observed in areas with organic matter and in faults, amongst others. In addition, drilling data has demonstrated oxidized conditions in the northern part of the Central Plateau and reduced conditions in the southern part (downstream) of the Los Adobes Formation, as well as evidence of the presence of a roll front system.

HISTORIC EXPLORATION

The CNEA’s Cerro Solo Uranium Deposit was discovered by the CNEA in 1979 and is currently estimated to contain 15.4M lb U3O8 at an average grade of approximately 0.30% eU3O8. There are numerous additional zones of mineralization within CNEA’s Cerro Solo property, but the 15.4M lb U3O8 are located in just two ore bodies. These ore bodies are directly adjacent to UrAmerica’s property.

The CNEA’s Cerro Solo Uranium Deposit is described as a series of tabular shaped ore bodies containing abundant carbonaceous material and surrounded by oxidized sediments. UrAmerica’s exploration model considers the CNEA’s Cerro Solo Uranium Deposit to be a remnant of a major roll front system, very similar in origin to the roll front deposits in Wyoming and the Grants New Mexico Mineral Belt.

The CNEA’s Cerro Solo Uranium Deposit is hosted within sandstones and conglomerates of the Cretaceous Los Adobes Formation, which were laid down within a major northeast–southwest trending paleochannel. The uranium is transported by oxidizing solutions down the hydrologic gradient somewhere to the southwest of CNEA’s Cerro Solo deposit and onto UrAmerica’s property.