New High-Grade Uranium Discovery Identified at PLS Project

2 hours ago 2

Article content

Although at the date of this announcement Paladin believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed in such forward-looking statements due to a range of factors including (without limitation) fluctuations in commodity prices and exchange rates, exploitation and exploration successes, environmental, permitting and development issues, geopolitical events and political risks (including armed conflict or escalation of hostilities in the Middle East), and the impact of such events on global security conditions, economic activity, trade flows, energy markets, sanctions regimes, and uranium supply and demand, First Nation engagement, climate risk, operating hazards, natural disasters, severe storms and other adverse weather conditions, shortages of skilled labour and construction materials, equipment and supplies, energy costs, inflation, regulatory concerns, continued availability of capital and financing and general economic, market or business conditions and risk factors associated with the uranium industry generally, and other factors. There can be no assurance that forward-looking statements will prove to be accurate.

Article content

Article content

Readers should not place undue reliance on forward-looking statements, and should rely on their own independent enquiries, investigations and advice regarding information contained in this document. Any reliance by a reader on the information contained in this document is wholly at the reader’s own risk. Recipients are cautioned against placing undue reliance on such projections without conducting their own due diligence with appropriate professional support. The forward-looking statements in this document relate only to events or information as of the date on which the statements are made. Paladin does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. No representation, warranty, guarantee or assurance (express or implied) is made, or will be made, that any forward-looking statements will be achieved or will prove to be correct. Except for statutory liability which cannot be excluded, Paladin, its officers, employees and advisers expressly disclaim any responsibility for the accuracy or completeness of the material contained in this document and exclude all liability whatsoever (including negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission therefrom. Except as required by law or regulation, Paladin accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this document or any other information made available to a person, nor any obligation to furnish the person with any further information. Nothing in this document will, under any circumstances, create an implication that there has been no change in the affairs of Paladin since the date of this document. To the extent any forward-looking statement in this document constitutes “future-oriented financial information” or “financial outlooks” within the meaning of Canadian securities laws, such information is provided to demonstrate Paladin’s internal projections and to help readers understand Paladin’s expected financial results. Readers are cautioned that this information may not be appropriate for any other purpose and readers should not place undue reliance on such information. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions, and subject to the risks and uncertainties, described above.

Article content

Article content

JORC Code, 2012 Edition – Table 1

Article content

Section 1 Sampling Techniques and Data

Article content

(Criteria in this section apply to all succeeding sections.)

Article content

CriteriaJORC Code explanationCommentary
Sampling techniques
  • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • Aspects of the determination of mineralisation that are Material to the Public Report.
  • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.
  • Drilling related to this release was carried out using a conventional coring drill rig.
  • Drill core that returned handheld RS-121 scintillometer readings equal to or greater than 300 counts per second (cps) relative to a background of 100 counts per second was marked for sampling and split in half along the core axis into 50-centimetre core-length samples.
  • One half of the core was placed into a labelled sample bag and sent for geochemical analysis and weight percent (wt%) U₃O₈ assay, while the other half remained in the core box as a permanent record.
  • Core samples for geochemistry and U₃O₈ assay were crushed to 60% passing −2 mm, and a 100 g to 200 g sub-sample was split using a riffle splitter. The sub-sample was then pulverized to 90% passing 106 μm using a standard puck-and-ring grinding mill. An aliquot of the pulp was digested in a concentrated mixture of HNO₃:HCl in a hot water bath for one hour and was then diluted with de-ionized water. The samples were analysed using a Perkin Elmer ICP-OES instrument.
Drilling techniques
  • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).
  • All drilling reported in this release was completed using a Zinex A5 core drill.
  • Drillholes PLS26-708 and 708A were drilled entirely as NQ diameter core (47.6mm).
  • Drillholes PLS26-708B and 711 began as NQ diameter core which was reduced to BQ diameter (36.4 mm) coring during drilling due to poor ground conditions.
  • PLS26-716, 718, 720 and 722 began as HQ diameter (63.5 mm) core at the top of bedrock which was reduced to NQ diameter core once ground conditions improved.
  • Drill core is orientated by the logging geologist, with orientation marks provided by an IMDEX ACTIII.
Drill sample recovery
  • Method of recording and assessing core and chip sample recoveries and results assessed.
  • Measures taken to maximise sample recovery and ensure representative nature of the samples.
  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
  • Drill core was logged geotechnically on a run-by-run or ISRM rock strength basis and included the number of naturally occurring fractures, mechanical fractures, intact core recovery, rock quality designation (RQD), ISRM rock strength, longest stick, and radioactivity measured in cps.
  • Core recovery was generally very good, which allowed representative samples to be taken and accurate analyses to be performed.
  • Presence of radioactivity was used to confirm areas of poor core recovery using a downhole gamma probe.
  • No sampling bias was observed due to preferential loss or gain of drill core.
Logging
  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
  • The total length and percentage of the relevant intersections logged.
  • All drill core was descriptively logged by a Paladin Canada Inc. geologist, with particular attention given to major and minor lithologies, alteration, structure, and uranium mineralisation.
  • Paladin Canada Inc. geotechnicians recorded drill core recovery, rock RQD, rock strength, longest stick, natural breaks, joint condition, weathering grade, discontinuity features, and radioactivity.
  • Logging and sampling information was entered into a spreadsheet-based template, which was reviewed and was then integrated into the project’s digital database.
  • All drill core was photographed while wet using a digital camera before sampling.
  • Drill core was logged geologically and geotechnically in sufficient detail to support mineral resource estimation.
Sub-sampling techniques and sample preparation
  • If core, whether cut or sawn and whether quarter, half or all core taken.
  • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.
  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
  • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
  • Whether sample sizes are appropriate to the grain size of the material being sampled.
  • All core samples were standardized to half-meter lengths, except in zones of poor recovery (<25%) where the interval length was adjusted.
  • All core samples consisted of half-split drill core that was split parallel to the core axis. Half of the drill core from each sample interval was placed into a marked and tagged sample bag, while the remaining half was left in the core box as a permanent record.
  • Drill core was half-split using a manual core splitter, with efforts made to ensure consistent representativity.
  • Duplicate samples were collected from each mineralised drillhole, except for PLS26-711 due to the thin zone of mineralisation.
  • In thicker zones of mineralisation, a duplicate was taken every 10 m throughout the zone.
  • Because drill core samples covered the full half-meter interval, they were considered appropriate in size relative to the material being sampled.
Quality of assay data and laboratory tests
  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
  • Drill core samples were sent to the Saskatchewan Research Council (SRC) Geoanalytical Laboratory in Saskatoon, Saskatchewan, an SCC ISO/IEC 17025:2005 accredited facility. Uranium assay samples were analysed using the U₃O₈ wt% package, which was an ISO/IEC 17025 accredited method for determining U₃O₈ wt% in geological samples. For this package, an aliquot of sample pulp was digested in a concentrated HCl:HNO₃ mixture, the digest was diluted with deionized water, and the solution was analysed by ICP-OES.
  • The SRC Geoanalytical Laboratory inserted Certified Reference Material (CRM) samples for every 20 samples analysed and performed duplicate analyses every 40 samples. SRC CRM and duplicate results were monitored by Paladin upon receipt.
  • Paladin’s internal quality assurance–quality control program included the following components:
    • Determination of precision — was achieved through regular insertion of duplicate samples at each stage of the process where a sample was taken or split.
    • Determination of accuracy — was achieved through regular insertion of CRM samples.
    • Checks for contamination — were carried out through the insertion of blanks.
    • CRM were sourced from the Canadian Certified Reference Materials Project. UTS-3 (0.051% U₃O₈), RL-1 (0.201% U₃O₈), BL-5 (8.36% U₃O₈) representing low-, medium- and high-grade uranium references, respectively.
    • CRM were inserted into the sample sequence for each drillhole that intersected >300 cps radioactivity on a handheld scintillometer.
    • Blanks were also inserted into the sample sequence for these drillholes and were sourced from barren quartz veins intersected on the PLS property in historical drillholes.
    • Duplicate samples were taken per mineralised drillhole, or every 20 mineralised samples in thicker zones of mineralisation and consisted of the remaining half-split core from the sample interval.
    • CRM, blanks, and duplicates aimed to comprise approximately 5% of the total samples sent to the laboratory.
    • Uranium results for CRM and blanks were reviewed upon receipt from the laboratory. CRM failure criteria were triggered when a sample fell outside three standard deviations of the expected value, or when two consecutive samples fell outside two standard deviations on the same side. Blank failure criteria were triggered when a sample returned a uranium concentration greater than five times the U₃O₈ assay detection limit.
    • In the event of a CRM or blank failure, the entire batch containing the failed CRM was reanalysed, and if the reanalysed batch passed, those sample values were used.
Verification of sampling and assaying
  • The verification of significant intersections by either independent or alternative company personnel.
  • The use of twinned holes.
  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
  • Discuss any adjustment to assay data.
  • Significant intersections have not been verified by independent or alternative company personnel.
  • No holes have been twinned.
  • All drillhole data was compiled and reviewed upon completion and was then imported and validated in Seequent MX Deposit and Bentley GEMS by Paladin staff.
  • One 50-centimetre sample from PLS26-708B was incorrectly split in the field and was separated into a 20 centimetre and 30-centimeter sample. A weighted average grade was calculated for a 50-centimetre composite. 
Location of data points
  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
  • Specification of the grid system used.
  • Quality and adequacy of topographic control.
  • All drillhole collars are positioned using a Trimble real time kinematic GPS system.
  • All coordinates are in UTM NAD83.
  • Drillholes are aligned to the planned azimuth and dip using an IMDEX TN-14 azimuth aligner.
  • A final collar position was collected using the Trimble GPS once the drill has moved off the site.
  • Drillhole azimuth and dip information is measured every 50 m during drilling using a REFLEX EZ-Trac and every 10 m upon completion using a Stockholm Precision Tools North Seeking Gyro.
  • The PLS property has a detailed digital terrane model to provide topographic control.
Data spacing and distribution
  • Data spacing for reporting of Exploration Results.
  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
  • Whether sample compositing has been applied.
  • Pierce point spacing for exploration drilling can vary between 15 to 50 metres depending on the geology and level of radioactivity encountered.
  • Drillhole pierce point spacing is considered appropriate for the current exploration stage of drillholes in this release.
Orientation of data in relation to geological structure
  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
  • Drilling orientations are generally sub-perpendicular to the interpreted dip of geology, but there is limited knowledge of the geology in exploration areas.
  • It is noted within the release that all uranium assay intervals are core lengths and not true widths.
Sample security
  • The measures taken to ensure sample security.
  • Drill core samples were stored in tamper-proof pails with locking lids at the PLS core logging facility until shipment. Sample pails were counted and loaded onto a transport truck for shipment, accompanied by Dangerous Goods paperwork that outlined the number of pails and the total radioactivity of the shipment. Pail numbers and samples were verified by the SRC upon arrival. A strict chain of custody was maintained for transporting radioactive sample pails from PLS to the SRC.
Audits or reviews
  • The results of any audits or reviews of sampling techniques and data.
  • No audits or reviews of the data presented in this release have occurred.
Read Entire Article