United Battery Metals Filing of NI 43-101 Technical Report on its Wray Mesa Project
United Battery Metals Corp., Suite 1080, 789 West Pender Street, Vancouver, BC V6C 1H2
T 604-428-9063 | F 604-428-7052 | E [email protected]
www.ubmetals.com
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UNITED BATTERY METALS FILING OF NI 43-101 TECHNICAL REPORT ON ITS WRAY MESA PROJECT
• Report covers the formerly producing Geo 1 Mine, previously operated by Pioneer Uravan
Inc in the late 1970’s and the early 1980’s.
• From the 1950s through the 1980s more than 700 holes were completed by Pioneer Uravan
• From 2011 to 2015, 35 holes were completed by Royal USA Inc.
Vancouver, B.C. (February 18 , 2018) –United Battery Metals Corp. (CSE: UBM, OTC: UBMCF, FWB: 0UL) (“United
Battery Metals” or the “Company”) is pleased to announce the filing of a NI 43-101 technical report on its Wray
Mesa Project, covering the past producing GEO 1 Mine. The report covers 900 acres encompassing the past
producing GEO 1 Mine, and does not cover the additional targets acquired by the Company that total an
additional 2,490 acres. The Wray Mesa Project is an explo ration stage uranium property located in Montrose
County, Colorado, USA. The distance from Denver, the State Capitol, is about 381 kilometers (238 miles)
southwest. The subject claims are located on land where both the surface and mineral ownership is held by the
Bureau of Land Management (BLM), part of the US Department of Interior.
The report, entitled “NI 43-101 Technical Report Wray Mesa Project” (“technical report”) and dated February
14, 2019, was prepared in accordance with National Instrument 43 -101 “Standards of Disclosure for Mineral
Projects” and can be found under the profile of the Company on www.SEDAR.com . Matthew J. Hartman,
MScMEM, PG, MAusIMM, RM-SME of SRK Consulting (U.S.) Inc. (Denver) was the independent Qaulified Person
(QP), as defined by NI 43-101, responsible for preparation of the technical report.
Mineral Exploration Target* (Excerpt from the technical report)
“While there is not sufficient data available to complete a mineral resource estimate for the Wray Mesa
Project, there is sufficient information to project an exploration target. The exploration target * is
conceptual in nature and based on a data package that includes:
• The existence of the Geo 1 Mine, and its production history as demonstrated through mapped
mine workings and large number of surface drill holes.
• Historical drill intercept maps, including mapped mine workings that indicate areas of
unexploited mineralization, and isolate d drill holes which appear to have significant
mineralized intercepts greater than 1% U3O8.
• The results of a historical high -grade drill hole (GS -79-57), twinned by previous project
operator Lynx -Royal JV LLC with drill hole WM -11-002, that reasonably conf irms the uranium
mineralization as projected by the historical drill hole maps in that location.
• The general elongate trend of the uranium -vanadium deposits in the Salt Wash within the La
Sal and La Sal Creek districts in comparison to the open and unteste d areas within the Wray
Mesa Project.
• The limited assay results which indicate a favorable uranium -vanadium ratio, consistent with
other deposits in the region, and in line with current findings in Energy Fuels Inc. La Sal
Complex operation to the west of the Wray Mesa Project.
• Historical resource estimates for the Wray Mesa Project area that were not compliant with
NI 43 -101, but aid in understanding the mineral potential of the project area.
United Battery Metals Corp., Suite 1080, 789 West Pender Street, Vancouver, BC V6C 1H2
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Based on the above considerations and the nature and characteris tics of the entire data available for
the Wray Mesa Project, the following Exploration Target is presented in Table 1 -1.
Table 1-1: Exploration Target for the Wray Mesa Project.*
Exploration
Target Range Tons Grade %
U3O8 U3O8 (lbs) V:U Ratio Grade %
V2O5 V2O5 (lbs)
Low 80,000 0.15 240,000 4:1 0.60 960,000
High 150,000 0.18 540,000 10:1 1.80 5,400,000
Source:SRK
The Exploration Target * presents a wide range of potential outcomes, especially for the vanadium
exploration target. This is due to the high degree of uncertainty surrounding the relationship between
vanadium and uranium within the Wray Mesa Project area. Further study of the va nadium-uranium
ratio is required to better understand the potential of the deposit to host a significant vanadium
resource. Furthermore, as demonstrated by the ongoing operations at Energy Fuels Inc. La Sal
Complex operations, there is a significant differ ence in grades and vanadium -uranium ratios once the
exploration and mining process targets vanadium ahead of uranium (Energy Fuels Inc. press release, October 25,
2018).
*The exploration target is a conceptualized estimate of the exploration potential of the Wray
Mesa Project based on a review of the geological setting and available historical and current
exploration data. At this time there has not been sufficient exploration work undertaken, nor
data generated, to support a mineral resource. Furthermore, there is no guarantee that that
additional exploration activities will yield a mineral resource for the Wray Mesa Project.”
Conclusions and Recommendations (Excerpt from the technical report)
“The Wray Mesa Project is an example of a project retaining potential upside due to shutdown of a
producing mine as a result of a decline in commodity prices. The project area, surrounding the formerly
producing Geo 1 Mine, provides opportunity to capitalize on both deposit knowledge gained through
historical drilling, and the potential to re-develop the mine.
The recommended program to advance the Wray Mesa Project includes additional data acquisition,
deposit modeling, a 25 -hole drill program, and a small investigation into the condition of the now seal ed
Geo 1 Mine decline. The total estimated costs to complete the program is US$1,740,000 and would
require a period of 8 to 12 months to complete.”
Wray Mesa Area Activity
Other companies active or holding ground in the Wray Mesa area exploration for Vanadium include Energy Fuels
Inc. (TSX EFR), who recently reported $51.3 million in working capital and “expects to produce approximately
200,000 to 225,000 pounds of V2O5 per month for a period of 16 to 20 months” from its White Mesa Mill located
approximately 100 miles south of Company’s Wray Mesa Property. Western Uranium and Vanadium are active
in the Wrat Mesa Uravan Mineral Belt, with the significant Sunday Mine Project in San Miguel County fully
United Battery Metals Corp., Suite 1080, 789 West Pender Street, Vancouver, BC V6C 1H2
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permitted for production, and Uranium Energy Corp., holding properties to the south of the Company’s Wray
Mesa Property in San Miguel County.
Going Forward
The company intends undertake the Phase 1 activity proposed in the technical report for an estimated cost of
US$50,000 with the intentio n to identify the best locations for drilling the Phase 2 activity proposed in the
technical report.
The company expects to complete the acquisition of additional vanadium properties in North America, and has
been reviewing multiple opportunities with higher grade (0.50% V2O5 or greater) that appear very prospective
subject to reasonable property acquisition costs.
The company also expects to undertake a financing to allow for the intitiaon of Phase 2 activity proposed in the
technical report as well as to be able to quickly move on potential acquisition targets and have sufficient capital
to initiate work programs on any successful acquisition.
Qualified Person
Mr. Matthew Rhoades, CPG., VP Exploration and director of the Company, is the Qualified Person as defined
under NI 43 – 101. Mr. Rhoades has reviewed and approved the scientific and technical information in this news
release.
ON BEHALF OF THE BOARD OF
UNITED BATTERY METALS CORP.
/s/ Michael Dehn
Michael Dehn
Chief Executive Officer and Director
For further information, please telephone: (647) 477-2382
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news
release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws, including
statements relating to the Company’s strategic direction, the outlook of the business of the Company, the Company’s
intention to explore and develop the Wray Mesa Property, the results of any such exploration and development, and the
Company’s intention to acquire additional properties. Although the Company believes in light of the experience of its officers
and directors, current conditions and expected future developments and other factors that have been considered appropriate
United Battery Metals Corp., Suite 1080, 789 West Pender Street, Vancouver, BC V6C 1H2
T 604-428-9063 | F 604-428-7052 | E [email protected]
www.ubmetals.com
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that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on
them because the Company can give no assurance that they will prove to be correct. Actual results and developments may
differ materially from those contemplated by these statements. The statements in this news release are made as of the date
of this release. Except as required under applicable securities legislation, the Company undertakes no obligation to update
or revise forward-looking information that is incorporated by reference herein, except as required by applicable securities
laws.