Michelin: Advanced Exploration.
Total Mineral Resources: 127.8Mlb
- Paladin holds 60% interest in 52,250 ha of mineral licences in Labrador, Canada.
- Six deposits with a total of 127.7Mlb of Mineral Resources.
- Largest of the six is Michelin.
- Among largest deposits in North America.
- US$75M of total historical in-ground exploration to-date.
Paladin, through its wholly-owned subsidiary Aurora Energy Ltd (Aurora), holds a 60% interest in 52,250 hectares of mineral licences.
These are located within the Central Mineral Belt of Labrador, Canada. The area is approximately 140km north of Happy Valley-Goose Bay and 40km south-west of the community of Postville.
Since May 2018, Paladin has had the right to increase our interest by 5% each year. This is by funding the exploration and project commitments, increasing our ownership to 75%. The mineral licences are coincident with 127.7Mlb of uranium Mineral Resources. At Paladin we believe there is significant potential to grow the existing Mineral Resources further through extension drilling and greenfield discovery.
Newfoundland and Labrador have a regulatory framework that is supportive of responsible development of Mineral Resources A large portion of the Michelin project lies within an area administered by the Labrador Inuit through the Nunatsiavut Government.
This Government supports development that contributes to regional growth. Support is contingent upon taking community concerns into account. Development is supported provided this Government passes Environmental Assessment regulations, and an Impacts and Benefits Agreement is in place.
In June 2015, the Federal Canadian Government granted Paladin an exemption to the Non-Resident Ownership Policy. This policy requires that by the stage of first production Canadian resident ownership must be at least 51%. Our exemption allows Paladin, at the appropriate time, to proceed to production with no requirement for a majority Canadian partner.
Our Michelin Project claims cover a significant area of prospective ground over the Central Mineral Belt. The claims coincide with a total of 127.7Mlb of Mineral Resources across six deposits.
The largest of these deposits is Michelin. As the flagship deposit of the project, Michelin contains a total Mineral Resource of 92Mlb uranium, 82.2Mlb of which is classified as Measured and Indicated Mineral Resources.