Elliot Lake Property

Historic Resources

Resource Snapshot

The following historic resources were not estimated in accordance with definitions and practices established for the estimation of Mineral Resources and Mineral Reserves by the Canadian Institute of Mining and Metallurgy (“CIM”). As such, the historical resources are not compliant with Canada’s security rule National Instrument 43-101 (“NI 43-101”), and unreliable for investment decisions. Neither Appia nor its Qualified Persons have done sufficient work to classify the historical resources as current mineral resources, except where noted for Teasdale Lake and Banana Lake Zones. Nevertheless, most of the historic resources were estimated by mining companies active in the Elliot Lake area using assumptions, methods and practices that were accepted at the time, and based on corroborative mining experience.

Teasdale Lake Zone
True Vertical Depth Range to Top of Ore Zone 48.8 m to 626.9 m
Thickness 1.5 m average
0.6 m to 2.9 m range
Overall Size 17,458,200 tons of rock
U3O8 Size 20,787,200 lbs U3O8
Grade U3O8 1.206 lbs U3O8/short ton
0.060 wt% U3O8
Banana Lake Zone
True Vertical Depth Range to Top of Ore Zone 1,433.0 m to 1,581.0 m
Thickness 5.4 m average
3.4 m to 13.4 m range
Overall Size 175,800,000 tons of rock
U3O8 Size 133,608,000 lbs U3O8
Grade U3O8 0.760 lbs U3O8/short ton
0.038 wt% U3O8
Gemico Block #3 (Buckles Zone)
True Vertical Depth Range to Top of Ore Zone 1,118.0 m
Thickness 28.5 m average
Overall Size 42,800,000 tons of rock
U3O8 Size 16,264,000 lbs U3O8
Grade U3O8 0.380 lbs U3O8/short ton
0.019 wt% U3O8
Gemico Block #10 (Bouck Zone)
Thickness 3.0 m average
2.1 m to 4.7 m range
Overall Size 20,700,000 tons of rock
U3O8 Size 15,525,000 lbs U3O8
Grade U3O8 0.750 lbs U3O8/short ton
0.0375 wt% U3O8
Canuc Zone
Thickness 1.4 m average
Overall Size 7,000,000 tons of rock
U3O8 Size 13,020,000 lbs U3O8
Grade U3O8 1.860 lbs U3O8/short ton
0.093 wt% U3O8

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