GoviEx Uranium Inc.

Total Reserves and Resources

Summary of the classified mineral resources in accordance with CIM guidelines for Madaouela Project (cut-off: 0.4 kg/t eU) as of March 2nd, 2016

Classification Tons (Mt) Grade (kg/t eU3O8) e3O8 (t) eU3O8 (Mlb)
Marianne/Marilyn
Measured 2.14 1.79 3,835 8.45
Indicated 14.72 1.43 21,000 46.30
Inferred 5.04 1.17 5,908 13.02
Miriam
Measured 9.62 1.08 10,397 22.92
Indicated 2.68 0.79 2,112 4.66
Inferred 0.58 1.33 773 1.70
MSNE
Indicated 5.05 1.61 8,111 17.88
Inferred 0.10 1.34 131 0.29
Maryvonne
Indicated 1.23 1.79 2,195 4.84
Inferred 0.42 1.66 703 1.55
MSCE
Inferred 0.72 1.81 1,308 2.88
MSEE
Inferred 1.45 1.64 2,373 5.23
La Banane
Indicated 1.57 1.64 2,589 5.71
Inferred 1.15 1.18 1,358 2.99
TOTAL MEASURED 11.76 1.21 14,232 31.37
TOTAL INDICATED 25.25 1.43 36,007 79.39
TOTAL INFERRED 9.46 1.33 12,556 27.66

The company’s mineral resources as at March 2, 2016 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards - For Mineral Resources and Mineral Reserves” in accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects" (the Instrument). Mineral reserve and mineral resource estimates reflect the company's reasonable expectation that all necessary permits and approvals will be obtained and maintained. (1kg/t eU3O8=0.1% eU3O8). The “e” symbol denotes that resource estimation is based on spectrometer data obtained in the field and confirmed by a smaller number of samples by laboratory chemical analysis.

Mineral resources that are not mineral reserves do not have to demonstrate economic viability. Mineral resources are subject to infill drilling, permitting, mine planning, mining dilution and recovery losses, among other things, to be converted into mineral reserves. Due to the uncertainty associated with inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to indicated or measured mineral resources, including as a result of continued exploration.

The Mineral Resource Statement was prepared by John Arthur, FGS, CGeol (CP) and Peter Gleeson FAusIMM (CP) of SRK Consulting (UK) Ltd, both are Qualified Persons as defined by the CIM Code.

Madaouela Probable Mineral Reserves as at February 18, 2021

 

Classification

Cut-off (kg/tU)

ROM Mt

Grade (kg/tU)

Tonnes U

Open Pit

Miriam **

Probable

0.3

7.8

0.85

6,601

Underground

Marianne-Marylin (“M&M”) *

Probable

0.6

10.5

0.88

9,180

MNSE-Maryvonne *

Probable

0.6

6.7

0.79

5,273

Total

Probable

24.9

0.85

21,054

* Underground Mineral Reserves for M&M and MSNE-Maryvonne are reported at a cut-off grade of 0.60 kg/t eU. Cut-off grades are based on a price of USD 50 /lb of U3O8 and uranium recoveries of 89.3%, without considering revenues from other metals. Note Mineral Reserves include both Measured and Indicated Resources.

**Open Pit Mineral Reserves are reported within a designed pit shell at a cut-off grade of 0.3 kg/t eU. Cut-off grades are based on a price of USD 50 /lb of U3O8 and uranium recoveries of 93.0%, without considering revenues from other metals. Note Mineral Reserves include both Measured and Indicated Resources.

The Qualified Person responsible for the declaration of Mineral Reserves is Tim McGurk, Corporate Consultant (Mining). Tim is a full time employee of SRK Consulting (UK) Ltd, a Fellow of the IOM3 and has the required experience in reporting Mineral Reserve statement relevant to the Madaouela Project.

CIM Compliant Mineral Resource Inventory - Mutanga Uranium Project (as at 12th September 2013)

Deposit U3O8 lower cut-off Measured Indicated Inferred
Tons (Mt) U3O8 (ppm) U3O8 (Mlbs) Tons (Mt) U3O8 (ppm) U3O8 (Mlbs) Tons (Mt) U3O8 (ppm) U3O8 (Mlbs)
Mutanga 100 1.88 481 2.0 8.4 314 5.8 7.20 206 3.3
Mutanga Extensions 200             0.50 340 0.4
Mutanga East 200             0.20 320 0.1
Mutanga West 200             0.50 340 0.4
Dibwe 100             17.00 234 9.0
Dibwe East 100             39.80 322 28.2
Total   1.88 481 2.0 8.4 314 5.8 65.20 287 41.4

In order to comply with the requirement that a mineral resource must have reasonable prospects for economic extraction, a third party (Roscoe Postle and Associates, “RPA”) prepared a preliminary conceptual Whittle pit optimization for reporting of mineral resources within the conceptual pit shell, based on a uranium price of $70/lb U3O8.

Mutanga’s mineral resources as at September 12, 2013 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards - For Mineral Resources and Mineral Reserves" in accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects" (the Instrument). Mineral reserve and mineral resource estimates reflect the company's reasonable expectation that all necessary permits and approvals will be obtained and maintained.

The Mineral Resource Statement was prepared Mr Malcom Titley as the Qualified Person (QP) as defined by the CIM Definition Standards and Section 5.1 of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Form 43- 101F1 and Companion Policy 43-101CP).

Falea Mineral Resources as at October 26, 2015

Category Tonnes (MT) U3O8 (%) Cu (%) Ag (g/t) U3O8 (Mlb) Cu (Mlb) Ag (Moz)
Indicated 6.88 0.115 0.161 72.8 17.4 24.4 16.11
Inferred 8.78 0.069 0.200 17.3 13.4 38.7 4.9

Notes:

  • CIM definitions were followed for classification of Mineral Resources
  • Reported above a cut-off grade of 0.03% U308, based on a uranium price of US$75/lb
  • Bulk density is 2.65 t/m3
  • Numbers may not add due to rounding

The company’s mineral resources as at October 26, 2015 are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards - For Mineral Resources and Mineral Reserves" in accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral Projects" (the Instrument). Mineral reserve and mineral resource estimates reflect the company's reasonable expectation that all necessary permits and approvals will be obtained and maintained.

Mineral resources that are not mineral reserves do not have to demonstrate

The Mineral Resource Statement was prepared Mark Mathisen, C.P.G., Senior Geologist, of Roscoe Postle Associates Inc., who is a Qualified Persons as defined by the CIM Code.

Source: Falea NI 43-101 RPA Report: October 26, 2015.

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