Initial Review Of Historical Uranium Reserves-Resources In Colorado

VANCOUVER - Urano Energy Corp. announced completion of its initial review of historical uranium reserve and resource estimates for its Bachelor, Dulaney, and La Sal Creek uranium-vanadium (U-V) projects in Colorado, which were part of the fifteen recently acquired uranium assets. The three projects are located in the Uravan Mineral Belt and La Sal Creek District and have a history of production, containing historical estimates of uranium-vanadium reserves and resources.

The deposits are hosted in the Saltwash Member of the Morrison Formation, a favorable host throughout the district. This preliminary evaluation covers approximately 5% of the acreage of the recently acquired 15 property package. The projects cover a total of 20 lode mining claims spanning 425 acres (1.72 square kilometers). The three Properties in this review host drilled out historical estimated uranium and vanadium reserves, plus additional historical resources. The Company has detailed reports and maps for the three Properties indicating the location and disposition of the historical uranium reserves and resources remaining after cessation of mining over 40 years ago.

With the addition of over 477 thousand historical lbs. of uranium (U3O8) reported for the three Properties, Urano's inventory of drilled out historical estimated uranium reserves includes approximately 714 thousand lbs. of uranium ("U3O8") including the Company's previously reported drilled out historical uranium reserves. (UE News Release dated October 23, 2024).

The Company is continuing analysis and confirmation work to define additional historical uranium and vanadium reserves and resources across the portfolio of projects, all of which have been past producers. The Company has reports, drill hole and mine maps as well as reserves and resource estimates for a majority of the additional properties.

Jason Bagg, Chief Executive Officer, said, "The addition of the drilled out historical uranium reserves of nearly half a million pounds of uranium (U3O8) for Urano Energy's Bachelor, Dulaney and La Sal Creek properties is a real asset for the Company. With the continuing analysis of our current database of drilled out historical uranium reserves and resources, I expect Urano's historical uranium mineral reserve inventory to increase substantially over the coming months. In the longer term, most of the Company's properties are also known to include drill targets with a high potential for extension and/or new discoveries, thereby adding another dimension for building Urano Energy's uranium ("U3O8) mineral inventory."