Dufferin Project

PROJECT OVERVIEW

  • Located in the Athabasca Basin, renowned for its high-grade uranium mines and ongoing discovery record of new uranium discoveries

  • Consists of 19 mineral tenures and 14,800 hectares

  • Refined Energy has an option agreement to own up to 75% interest in the Dufferin Project

  • In close proximity, historic drill hole VR-031W3 intersected 8.78% U308 over 33.9m in Cameco’s Centennial Zone*

  • The Dufferin Project consists of two properties, the Dufferin West and Dufferin North

  • The geology of the surrounding area is highly prospective for unconformity uranium deposits

*This result was taken from Saskatchewan Industry and Resources Assessment Work File: 74G12-0061, Cameco Corp., 2009, DDH VR-031W3. The Company has not had a qualified person verify this information, and this information is not necessarily indicative of the mineralization (if any) present at the Project.

Dufferin Project Overivew

Click to enlarge

Dufferin Project Location

Click to enlarge

PROJECT LOCATION

  • Project is made up of the North and West properties, both of which are located approximately 18km from Cameco’s Centennial Deposit

  • Dufferin Project is located 310 km and 330 km northwest of La Ronge, Saskatchewan within the Athabasca Basin.

  • Access to the property is via helicopter or floatplane

  • The geology of northwestern Saskatchewan comprises northeast trending belts of metamorphosed Archean-Proterozoic supracrustal and plutonic rocks of the Rae-Hearne craton overlain by siliciclastic rocks of the Proterozoic Athabasca basin

PROJECT GEOLOGY

  • The properties are prospective for unconformity- and basement-hosted uranium mineralization in proximity to NE-SW trending faults

  • Faulted basement contacts and brittlely reactivated structures are the primary locations for mineralization in the area covered by the Dufferin Project.

  • The relatively high concentration of secondary uranium bearing minerals at the Project demonstrated by prior exploration work on the Project may also indicate uranium mineralization remobilization may play an important role in this region of the Athabasca Basin.

  • Several monometallic and polymetallic unconformity uranium occurrences are found along the Dufferin Lake fault and other NE-SW trending faults that transect the Dufferin West and North tenures.

Project Geology
Project Geology

Click to enlarge

DUFFERIN PROJECT HISTORICAL WORK

2005: Airbourne EM and GEOTEM Survey

  • The survey outlined a magnetic low and a conductor axis along the Dufferin Lake fault and a weak NE-SW trending conductor in the NE corner of the Dufferin West tenure.

2006: Airborne Gravity, Magnetic, Radiometric Survey, and GEOTEM Survey

  • Geophysics delineated basement lithology contacts and inferred NE-SW and NW-SE trending faults below the Athabasca unconformity.

  • The GEOTEM survey identified NE-SW trending conductors parallel to the Dufferin Lake fault.

2007-2008: Airborne VTEM Geophysical Survey and Lake Sediment, Soil, and Tree Geochemistry Surveys

  • Exploration discovered a weak NE-SW trending conductor along a magnetic low identified as a target for future exploration.

2014: Two Diamond Drill Holes, Drill Core Geochemistry, Gamma Logs, TDEM, and IFG Geophysical Surveys

  • Diamond drilling aimed to test a ZTEM conductor and both holes intersected desilicified zones of dravite-rich fault gouge presumed to be a splay fault from the primary conductor.

  • Diamond drill hole SL14-002 encountered elevated radioactivity of 185 cps along the unconformity.

2019: Airborne EM and Magentic Survey

  • Identified several conductive zones throughout the wider area and mapped unconformity isopachs.

  • One conductive zone identified as a future target is a NE-SW trending zone in the NE corner of the Dufferin West, overlapping a previously identified conductor of interest from 2005.

DUFFERIN PROJECT RECENT WORK

  • Advanced interpretation and modelling of historical geophysical datasets of Dufferin West. Using state of the art 3D inversion techniques, the focus is prioritizing the known conductors and structures that control the uranium depositional environments. COMPLETED.
  • Using the advanced modeling results, identify specific targets for follow up ground EM geophysical surveys to refine Dufferin West drill targeting for 2025. COMPLETED.
  • Conduct an airborne Mobile MT geophysical survey on Dufferin North. This will measure the electromagnetic and magnetic fields which are excellent indicators of the conductors and structures that control the uranium depositional environments. COMPLETED, weather constraints reduced final survey size.
  • Incorporate the new geophysical data with historical data in advanced interpretation and modeling to identify Dufferin North drill targets. COMPLETED.

DUFFERIN WEST PLANNED DRILL PROGRAM

  • Minimum of four holes and 1,250 metres planned in Q1 2026.
  • Conductor is interpreted to extend from the unconformity at the sandstone contact well into the underlying basement rocks.
  • Second target is a conductor also interpreted to extend from the unconformity to a lesser distance into the underlying basement rocks.
  • Neither target has ever been drill tested.
  • Depth of sandstone cover above the unconformity is estimated to be relatively shallow at less than 200 metres.