Overview
| Stage | Preliminary Economic Assessment |
| Mine Type | In-Situ |
| Commodities |
|
| Mining Method |
|
| Mine Life | 14 years (as of Jan 1, 2010) |
In 2006, enCore Energy Corporation (Buyer or Company) entered into an option agreement to purchase uranium rights on certain areas of the Centennial Project. Pursuant to the agreement, the contingent payments are payable upon receipt of regulatory permits and licenses allowing uranium production. If the Buyer does not obtain such permits and licenses by September 27, 2019, the uranium rights, at the option of the seller, can be transferred back to the seller. To date, Buyer has neither obtained the required permits and licenses, nor has it been able to renegotiate the option agreement. The Company is attempting to renegotiate the option agreement and the seller has not exercised its option to have the uranium rights transferred back. |
Source:
p. 29
In 2006, enCore Energy Corp. (Company) entered into an option agreement to purchase uranium rights on certain areas of the Centennial Project for consideration of $1,895,000 plus contingent payments of $3,165,000. Pursuant to the agreement, the contingent payments are payable upon receipt of regulatory permits and licenses allowing uranium production. If the Company does not obtain such permits and licenses by September 27, 2019, the uranium rights, at the option of the seller, can be transferred back to the seller. To date, the Company has neither obtained the required permits and licenses, nor has it been able to renegotiate the option agreement. The Company is attempting to renegotiate the option agreement and the seller has not exercised its option to have the uranium rights transferred back.
Contractors
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Summary:
The Centennial Project is located within the Cheyenne Basin, a sub-basin of the greater Denver-Julesburg Basin, which is bordered on the northwest by the Hartville Uplift in Wyoming and on the east and northeast by the Chadron Arch in Nebraska.
Uranium deposits in the Centennial Project are sandstone, roll front type typical of those in Wyoming, South Dakota and Texas. These type deposits are usually “C” shaped in cross section, a few tens of feet-to-100 or more-feet wide and often thousands of feet long. Uranium minerals are usually deposited at the interface of oxidizing solutions and reducing solutions or redox boundaries. Typical alteration associated with this redox boundary consists of limonitic and hematitic staining of the sandstones.
As the uranium minerals precipitate, they coat sand grains and fill the interstices between grains. As long as oxidizing groundwater movement is constant, minerals will be solubilized in the interior portion of the “C” shape, and precipitated in the exterior portion of the “C” shape, increasing the tenor of the ore body by multiple migration and accretion. The thickness of the ore body is generally a factor of the thickness of the sandstone host unit. Mineralization may be 10 to 15ft thick within the roll front while being inches to feet thick in the tail portions.
Ore mineralogy consists of uraninite, pitchblende, coffinite, and carnotite, with associated vanadium in some deposits. Typical alteration in the roll-front sandstone depo ........
Summary:
The Centennial mineralization is located at depths of 100 to 500 feet below surface, as primarily three separate mineralized horizons, which are sinuous and narrow but extend for several miles along trend. The deposits are planned for ISR mining by development of individual well fields for each mineralized horizon. A well field will be developed as a series of injection and recovery wells, with a pattern to fit the mineralized horizon, typically a five-spot well pattern on 70 to 100 foot (ft) drillhole spacing depending on local hydrogeologic character.
The Centennial Project has two sections, the Northern project area and the Southern project area, both of which will be developed for ISR mining. The Northern deposits are located below the water table in the host formations with conditions favorable for ISR methods. Much of the mineralization in the Southern project area lies at or just above the water table, which will require a localized enhancement of the water table with a well field encircling freshwater injection fence to facilitate ISR mining methods.
In principle, in situ recovery from permeable sandstone formations is conducted by injecting a solution (lixiviant) into a mineralized section of the formation and extracting a uranium loaded production composite solution (PC) for treatment in a surface facility to recover the dissolved uranium. Typically, solution treatment produces a barren solution from which a bleed stream is disposed for control ........
Source:
Summary:
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Projected Production:
| Commodity | Units | Avg. Annual | LOM |
|
Uranium
|
k lbs
| 700 | 9,523 |
All production numbers are expressed as U3O8.
Reserves at June 2, 2010:
Project resources are reported for a 0.20 GT cut-off.
| Category | Tonnage | Commodity | Grade | Contained Metal |
|
Indicated
|
6,873,199 tons
|
U3O8
|
0.09 %
|
10,371,571 lbs
|
|
Inferred
|
1,364,703 tons
|
U3O8
|
0.09 %
|
2,325,514 lbs
|
Source:
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Corporate Filings & Presentations:
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