The Eastern Athabasca Basin
Long Harbour is focused on uranium exploration programs in the Athabasca Basin, the foremost uranium exploration area in the world. The Athabasca Basin is a 100,000 sq. km area in Northern Saskatchewan where the world’s largest uranium mines and highest-grade uranium deposits are located. The average grade of uranium in the Eastern Athabasca Basin is 2.5 times higher than the rest of the Basin and 20 times higher than the world average (10% U3O8 Eastern Athabasca Basin average > 4% U3O8 Athabasca Basin average > 0.5% U3O8 world average).
Mines in the Athabasca Basin have contributed almost one third of the western world's uranium mine production for over three decades: Rabbit Lake produced 120 M lbs U3O8 from 1968 to 1993; Key Lake, 190 M lbs U3O8 from 1975 to 2022; McArthur River, produced 191.1 M lbs U3O8 from 2000 to 2010 and is projected to produce 18.7 M lbs more. These mining operations have also established a legacy of infrastructure and improvements, which reduce costs for exploration and mining companies today.
Long Harbour's properties, Madison and 2Z Lake, are located in the prolific Eastern Athabasca Basin. The two prime properties sit on a large northeast trending belt of conductive structures, which hosts several uranium occurrences, deposits and mines, including Rabbit Lake, West Bear, Horseshoe, and Raven (within a 10-km radius). To the north, another parallel to sub-parallel northeast trending belt hosts deposits such as Midwest Lake, Dawn Lake, McClean Lake, and the recently discovered Roughrider deposits. Approximately 25 km to the southwest of the properties is the world-class Cigar Lake deposit, which has reserves of 209.3 M lbs of 17.04% U3O8.
The characteristic geology of the Athabasca Basin hosts high-grade, unconformity-related uranium deposits unique to the region. Current exploration efforts have expanded to include basement-hosted style mineralization as evidenced by discoveries at Hathor’s Roughrider and Cameco’s Millennium deposits.
Geophysics surveys show that Long Harbour’s current properties, 2Z Lake and Madison, are favourable for the discovery of basement-hosted uranium. Their Eastern Basin-edge locations have shallow depth-to-basement (less than 100 meters of sandstone cover) and east-northeast trending electromagnetic conductors, a favourable conductor trend for uranium mineralization.
Kent Ausburn, a director of the Company, is the qualified person (as defined in NI 43-101) who supervised the preparation of or approved the scientific and technical information appearing herein.