Paladin Energy: PLS Project Winter Drilling Delivers Positive Results At Saloon East

Collar

Total
depth

 (m)

Hole ID

Easting
(UTM
NAD83)

Northing
(UTM
NAD83)

Elevation
(masl)

Azimuth
(deg)

Dip
(deg)

From

To

Interval

 Average cps

 Max cps

Saloon East

PLS25-685

601774.8

6388784.0

498.3

128

-70

44.4

558.0

263.6

272.1

8.5

694

2,009

279.2

289.2

10.0

2,576

14,772

291.7

294.0

2.3

1,140

2,916

299.7

303.2

3.5

641

1,715

319.1

324.5

5.4

1,177

3,346

333.4

333.9

0.5

578

672

342.9

343.7

0.8

1,406

2,422

387.8

390.5

2.7

2,641

7,413

394.2

396.7

2.5

2,566

10,010

428.5

429.1

0.6

3,713

6,165

PLS25-688A

601789.1

6388769.2

498.0

129

-71

51.0

552.0

108.7

109.8

1.1

589

800

204.6

205.1

0.5

598

687

210.2

215.4

5.2

1,115

3,962

223.1

223.8

0.7

576

637

225.8

236.1

10.3

2,474

11,660

289.7

290.8

1.1

1,377

2,152

312.0

312.5

0.5

1,402

2,002

365.4

365.9

0.5

1,151

1,665

370.4

371.7

1.3

6,133

14,862

416.3

419.8

3.5

4,030

11,964

424.0

426.5

2.5

3,443

11,280

433.2

445.5

12.3

3,582

13,657

497.0

498.7

1.7

773

1,046

PLS25-690

602270.6

6389053.9

498.2

321

-75

51.0

387.0

243.0

246.0

3.0

533

1,092

283.6

290.3

6.7

764

2,122

295.8

297.5

1.7

1,403

2,250

PLS25-691

601800.2

6388759.9

498.2

129

-71

50.6

492.1

180.9

184.3

3.4

682

919

227.3

227.9

0.6

778

961

251.4

254.7

3.3

531

802

268.1

272.0

3.9

960

1,951

418.3

424.8

6.5

627

1,847

427.8

431.2

3.4

1,057

2,625

443.0

443.8

0.8

536

647

PLS25-692

602270.4

6389065.4

498.0

305

-73

53.5

330.0

190.8

192.0

1.2

669

793

195.6

199.1

3.5

639

2,849

202.7

212.4

9.7

1,314

5,423

234.0

234.8

0.8

612

803

249.7

252.3

2.6

623

944

256.8

267.5

10.7

1,172

4,988

273.5

277.9

4.4

1,650

4,837

317.0

317.6

0.6

1,360

2,015

PLS25-693

602270.4

6389065.4

498.0

310

-68

60.8

318.0

164.8

166.4

1.6

515

726

180.1

181.1

1.0

782

1,271

204.1

210.1

6.0

923

3,976

213.4

217.9

4.5

634

1,908

220.5

257.7

37.2

4,761

34,636

294.4

295.1

0.7

809

1,373

PLS25-694A

601841.6

6388784.0

498.0

129

-75

46.8

348.0

185.7

190.1

4.4

1,418

3,856

195.9

196.4

0.5

867

1,208

198.5

205.5

7.0

1,548

3,010

222.0

223.3

1.3

831

1,190

226.7

228.1

1.4

1,209

1,752

241.6

246.5

4.9

1,079

1,913

250.5

251.2

0.7

824

1,179

264.0

273.7

9.7

928

2,466

288.4

294.1

5.7

871

1,783

PLS25-695

602270.4

6389065.4

498.0

305

-60

56.4

213.0

Drillhole lost, not gamma probed

PLS25-696

601895.9

6388750.8

498.3

335

-80

64.9

351.0

161.5

164.8

3.3

652

1,185

185.3

218.3

33.0

1,101

6,723

222.9

224.3

1.4

703

896

227.6

232.3

4.7

738

2,057

241.9

253.4

11.5

8,957

51,303

258.8

260.9

2.1

1,750

4,473

306.5

307.2

0.7

662

943

PLS25-697

602252.2

6389079.1

498.2

304

-66.25

74.4

250.1

120.5

125.8

5.3

563

1,099

138.6

139.5

0.9

604

798

141.0

141.5

0.5

675

793

152.4

161.5

9.1

611

1,960

172.7

173.6

0.9

618

677

177.1

178.1

1.0

608

679

184.2

188.8

4.6

1,377

4,104

193.9

195.7

1.8

925

1,446

PLS25-698

602019.0

6388634.2

510.7

316

-49

92.5

357.0

134.9

135.5

0.6

717

763

259.2

265.7

6.5

1,513

4,702

276.2

281.8

5.6

954

2,999

291.6

304.1

12.5

4,198

27,730

Saloon 

PLS25-700A

602083.8

6388022.1

527.1

313

-77

83.6

537.0

183.8

187.9

4.1

554

1,258

436.6

437.3

0.7

806

1,107

446.7

447.3

0.6

947

1,232

PLS25-703

598710.0

6386314.0

565.0

320

-75

126.0

198.3

Drillhole lost

South Patterson

PLS25-686A

599131.0

6388680.0

498.1

0

-90

201.0

129.0

131.0

2.0

624

1,038

134.5

135.5

1.0

568

721

142.7

147.3

4.6

536

821

149.3

152.1

2.8

589

1,145

163.9

164.6

0.7

545

643

174.3

179.1

4.8

692

1,041

181.3

182.8

1.5

666

848

Far East

PLS25-687

600112.8

6390497.2

498.3

348

-70

47.8

204.4

No anomalous radioactivity

PLS25-689

600359.3

6390575.5

501.9

158

-79

54.2

372.0

No anomalous radioactivity

PLG Main

PLS25-699

597359.7

6389781.8

536.4

157

-77

95.7

558.0

120.9

124.1

3.2

633

856

128.5

130.5

2.0

501

581

132.6

134.8

2.2

778

1,196

PLS25-701

596345.0

6389136.0

548.3

347

-77

111.0

270.0

104.4

124.5

20.1

1,796

4,076

PLS25-702

596058.2

6389209.5

554.4

155

-60

143.4

288.0

No anomalous radioactivity

PLS25-704

596189.5

6389089.4

552.1

335

-78

110.3

318.0

105.0

137.6

32.6

2,117

5,133

138.3

141.2

2.9

634

866

142.8

152.4

9.6

1,036

6,415

170.8

171.4

0.6

795

980

173.0

174.8

1.8

828

1,476

177.8

183.8

6.0

589

1,505

Criteria

JORC Code explanation

Commentary

Sampling techniques

• Nature and quality of sampling (eg 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 (eg '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 (eg submarine nodules) may warrant disclosure of detailed information.

• Results reported in this announcement consist of downhole radioactivity measured using a 2PGA-1000 gamma probe
• The 2PGA-1000 gamma probe records radioactivity in counts per second (cps) every 10 cm throughout the entire length of the drillhole in both the up and down directions, at a speed of approximately 6 m/minute
• Gamma probe measurements are made within the drill rods
• The 2PGA-1000 gamma probe comes calibrated from the manufacturer and is checked on site at Patterson Lake South using a historical calibration drillhole

Drilling techniques

• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg 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
• In select drillholes with poor ground conditions at the top of bedrock HQ (63.5 mm) diameter coring was performed, but drillholes are primarily NQ (47.6 mm) diameter, standard tube
• Drill core is orientated by the logging geologist, with orientation marks provided by a REFLEX 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 recovery is not relevant to this release as it pertains to in-situ gamma probe results

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 core drilled at the PLS project has been geologically and geotechnically logged in detail
• Drill core relevant to this news release has not been logged in a level of detail to support resource estimation or mining studies as these are exploration drillholes
• Logging is qualitative in nature core photos have been collected for all drill core

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.

• Not relevant to this release

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 (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

• Radioactivity measurements in this release were recorded using a 2PGA-1000 single gamma probe manufactured by Mount Sopris
• The gamma probe comes calibrated from the manufacturer, and Paladin has an on-site check drillhole which is used to confirm the probe accuracy prior to the start of every drill campaign
• Radioactivity measurements were recorded every 10 cm
• Drillholes are surveyed in the down and up directions, effectively duplicating the results, which are compared for any discrepancies after surveying

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 alterative company personnel
• No holes have been twinned
• Gamma probe data was collected at the drill by Paladin contactors, then the raw data was directly issued to the Paladin technical team
• All probe data is converted to Excel format and stored in Paladin's drillhole database

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 a TN-14 azimuth aligner
• A final collar position is 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
• 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 m 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 the geology, but there is limited knowledge of the geology in exploration areas
• Occasional drillholes will be orientated parallel to features of interest to test their depth extent
• It is noted within the release that all radioactive intervals are core lengths and not true widths

Sample security

• The measures taken to ensure sample security.

• Not relevant to this release

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

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

• Drilling presented in this release was completed on mineral claim S-111376 which is 100% owned by Fission Uranium Corp a subsidiary of Paladin Energy Ltd.
• All claims are in good standing and all necessary permits for drilling and geophysical surveys have been received

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties.

• The PLS project has been explored by a number of historical exploration companies including Uranerz Exploration and Mining Ltd., Hudson Bay Exploration and Development and Canadian Occidental Petroleum Ltd.
• There are historical drillholes on the property, none of which have tested the areas presented in this announcement

Geology

• Deposit type, geological setting and style of mineralisation.

• The target deposit type is unconformity-associated high-grade uranium, hosted at the base of the Athabasca Basin or underlying metamorphic basement rocks

Drill hole Information

• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
  • easting and northing of the drill hole collar
  • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
  • dip and azimuth of the hole
  • down hole length and interception depth
  • hole length.
• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• This information is included in Table 1 of the announcement
• No material information has been excluded

Data aggregation methods

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• Radioactivity measurements are recorded every 10 cm throughout the drillhole length, no weighting is applied

Relationship between mineralisation widths and intercept lengths

• These relationships are particularly important in the reporting of Exploration Results.
• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

• All intervals are down hole lengths
• Due to the early-stage nature of these results, true widths are not known at this time

Diagrams

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• Refer to the figures in the announcement

Balanced reporting

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• All relevant exploration data has been reported

Other substantive exploration data

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• All relevant exploration data has been reported

Further work

• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• Next steps are outlined within the release