Red Basin Uranium/Vanadium Project

Pie Town, NM
Pie Town, NM

Red Basin Uranium/Vanadium Project

Property Description and Location

The Red Basin property is located in Catron County, New Mexico, United States of America. The property is located approximately 15 miles northeast of Pie Town, New Mexico, approximately 80 miles eastnortheast of Springerville, Arizona and approximately 85 miles southwest of Albuquerque, New Mexico. 

A region of significant historical uranium exploration. Previous regional studies have estimated a resource at the property between 1.6 and 6.5 million pounds U3O8 (DOE, 1980; RGR, 2012).

The Red Basin Uranium/Vanadium region has significant previous exploration history. Exploration and minor production in the region began in the 1950s with an unknown entity producing 1,194 pounds of U3O8 from ore with an average grade of 0.17% U3O8 (McLemore & Chenoweth, 2017). Figure 5 shows a 1950s era headframe with a late 1960s to early 1980s era Gulf Oil Corporation drill hole in the foreground. Gulf Oil drilled over 1,000 drill holes in the region in the 1970s.

With respect to the above historical estimates a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and FAU is not treating the historical estimates as current mineral resources. The reliability of the estimates is not known and sampling and drilling will be necessary to confirm the estimates.

43-101 REPORT

Prepared for First American Uranium Inc. by John Hiner with Frank Bain, Licensed Professional Geologists. August 18, 2023

Silver Lake Project

Property Description and Location

The Silver Lake Property is situated around Goosly Lake, approximately 30 km southeast of the town of Houston, BC in north-central British Columbia. The Property consists of 8 contiguous mineral claims totaling 1647.24 ha within the Omineca Mining Division (see Table 4.2.1 below). The mineral claims are located on Crown Land.

Previous to FAU’s acquisition, extensive geochemical sampling, geophysical surveys, physical work, percussion and diamond drilling have been conducted on various cells within the Silver Lake Property.

Property Geology

The Silver Lake property and surrounding area is underlain by sedimentary rocks of the Skeena Group (Red Rose Formation), andesitic volcanics of the Kasalka Group, and volcanics of the Endako Group (Buck Creek, Goosly Lake formations). A stock belonging to the Goosly Lake plutonic suite is mapped intruding Kasalka Group sediments in the western portion of the Gillian Link claim.

Source for the above: PROSPERITY EXPLORATION CORP. Canadian Securities Exchange Form 2A Listing Statement January 26, 2022

Magnetic Interpretation Compilation
Notable properties near the Silver Lake Property includes; Equity Silver MIne (Newmont Corp), Silver Hope Property (Finley Minerals Ltd.) and Silver Queen Property ( Equity Metals Corp.)