First American Uranium Receives NI 43-101 Report with Exploration Recommendations for US-Based Red Basin Uranium/Vanadium Property
First American Uranium Receives NI 43-101 Report with Exploration
Recommendations for US-Based Red Basin Uranium/Vanadium Property
Vancouver, British Columbia – August 30, 2023 – First American Uranium Inc. (CSE: URM) (FSE: IOR)
(OTCPK: FAUMF) (the “Company”) has received the final draft of its NI 43-101 Report (the “Report”) for
the Company’s Red Basin Uranium/Vanadium Property, a n early-stage exploration project located in
Catron County, New Mexico, USA. The project, which consists of 26 optioned lode claims totaling ~537
acres (~217 hectares), is ~250 miles (~402 km) north of the only operating uranium mill in America. The
project’s region produced 1,194 pounds of U3O8 in the 1950s from ore mined with an average grade of
0.17% U3O8 (McLemore & Chenoweth, 2017). According to the Report, evaluations of the Company’s
property from several sources confirm the presence of uranium/vanadium deposits, indicating the
potential to become an advanced stage project. Extensive historic exploration on the property includes
Gulf Oil Corporation drilling 1,000+ shallow holes and delineating 4 potential ore zones.
The Report’s recommendations to advance the project and support a resource calculation include: an
airborne radiometric survey; drilli ng to confirm historic Gulf Oil data and to test new targets; and
environmental baseline studies and an Environmental Assessment (EA) or Environmental Impact Study
(EIS).
While the Report does not include a resource estimate for the Company’s project, prev ious historical
studies (DOE, 1980; Rio Grande Resources, 2012) have made non -43-101-compliant resource estimates
for the property of between 1.6 and 6.5 million pounds U3O8 (triuranium octoxide). With respect to these
historical estimates, a qualified person has not done sufficient work to classify the historical estimates as
current mineral resources or mineral reserves, and First American 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.
“Receiving this 43-101 report is an important milestone toward advancing our understanding of the Red
Basin Uranium/Vanadium Project’s value and for planning our exploration program to help define the
project's resource potential,” said Shawn Balaghi, First American Uranium’s CEO. “As the report indicates,
the project’s location, combined with the extent of past exploration, suggests the Red Basin property is a
very attractive project in the making. Timing is also an advantage due to rising demand for carbon -free
sources of electricity, geopolitical tension with Russia, and uranium prices reaching 10-year highs.”
The 43-101 Report was authored by John E. Hiner and F rank Bain, who are both seasoned professional
geologists (P. Geos) with uranium exploration experience and deep knowledge and expertise in the region.
The authors relied on several historical sources of information, including: a June 1981 New Mexico Bureau
of Mines and Mineral Resources report (Open-File Report No. 138) by Richard M. Chamberlin, Ph.D., titled
“Uranium Potential of the Datil Mountains -Pie Town Area, Catron County, New Mexico” (Chamberlin,
1981); a 1980 Department of Energy report titled “An Assessment Report on Uranium in the United States
of America”; and published historical assays from the Red Basin Project described in a May 1970 inter -
office report titled “Reconnaissance for Uranium in the Datil Region West of Socorro, New Mexico”. John
Hiner approved the Report as NI 43-101 compliant.
The full Report can be downloaded from the Company’s website at:
https://firstamericanuranium.com/projects/#redbasin
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Major mining companies have explored for uranium in the Red Basin area, including Phillips Petroleum,
Occidental Petroleum, Conoco, and Gulf Oil Corporation. Historic drilling encountered known uranium
resources above 350 feet in depth.
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The Red Basin Uranium/Vanadium Project property is accessed from Highway 60 via US Forest Service and
access roads. No other infrastructure is required or planned for this stage of the project.
John E. Hiner, P.Geo., independent of the Company and a Quali fied Person as defined by NI 43 -101, has
reviewed and approved the scientific and technical content of this news release.
About First American Uranium Inc.
First American Uranium Inc. is engaged in the business of mineral exploration and the acquisition o f
mineral property assets in North America. Its objective is to locate and develop economic precious and
base metal properties of merit and to conduct its exploration programs on the Silver Lake and Red Basin
properties. The Silver Lake property is situate d around Goosly Lake and approximately 30 km southeast
of the town of Houston, in the Omineca Mining Division, British Columbia. The Company has acquired a
60% interest in a company that indirectly holds a 100% interest in the Red Basin uranium/vanadium
mineral claims located in Catron County, New Mexico.
ON BEHALF OF THE BOARD
“Shawn Balaghi”
Shawn Balaghi, Chief Executive Officer
For further information, please contact: Telephone: (604) 773-0242
The CSE does not accept responsibility for the adequacy or accuracy of this release.
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This press release includes "forward-looking information" that is subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of the Company. Forward -looking
statements may include but are not limited to, statements relating to the trading of the Company's
common shares on the Exchange and the Company's use of proceeds and are subject to all of the risks
and uncertainties normally incident to such events. Investors are cautioned that any su ch statements
are not guarantees of future events and that actual events or developments may differ materially from
those projected in the forward -looking statements. Such forward -looking statements represent
management's best judgment based on information currently available.