Uranium

POTENTIAL & KNOWN RESERVES IN ALBERTA

No defined resource; Dragon Lake vein to 54.5 % U over 0.5 m; ≈95 uranium showings on the Shield

Confidence: Speculative

• Dragon Lake (Maybelle River)Vein 110 m long, ≤5 m wide, <200 m deep; 4.7 % U / 1.7 m and 17.7 % U / 5 m historicCIM — Dragon Lake overview ↗
• Rea project125,328 ha; three corridors >70 km; AER drilling approved 2025GoldMining — Rea ↗
• Shield showings≈half of 190 metallic occurrences are uraniumAGS Bulletin 064 ↗

Where it occurs

• Maybelle River / Dragon Lake
• Rea (GoldMining / Orano)
• Fallingsand Point boulder trains
• Andrew Lake – Charles Lake shield showings

GEOLOGY: WHAT MAKES A DEPOSIT MORE LIKELY

Unconformity-related and basement-hosted vein uranium where reactivated shear zones intersect the Athabasca unconformity.

Host formations

Athabasca Group sandstone / basement unconformity · Taltson basement gneisses · Maybelle River shear zone

Depth range

0–400 m

Favourable conditions

• Graphitic basement conductors beneath preserved Athabasca sandstone
• Reactivated shear zones (Maybelle River) with clay alteration
• Radiometric and lake-sediment uranium anomalies; mineralized boulder trains
• Proximity to Patterson Lake corridor deposits (Triple R, Arrow)

Prospectivity envelopes on the map (1)

• Athabasca Basin western margin (Maybelle River–Burwash)Favourable
  Unconformity-related uranium at the Athabasca sandstone / basement contact · 0–400 m
  • Preserved Athabasca Group sandstone over graphitic basement conductors
  • Reactivated basement faults intersecting the unconformity
  • Radiometric and lake-sediment uranium anomalies; Maybelle River drill intersections up to 5.5 % U3O8
  Source: AGS uranium showings compilation; GSC Athabasca Basin EXTECH studies.

DATASETS THAT TEST THE TARGET

Stack these layers on the integrated map

Discriminating datasets first, then every catalogued public dataset tagged to this commodity. Verified endpoints draw directly; link-only entries open the publisher page.

• Precambrian magnetic basement domains (AGS)Alberta Geological Survey · Aeromagnetics · drawable · verifiedCraton architecture for diamonds (thick cold lithosphere), radiogenic basement for helium, and shear zones for uranium and gold.Source ↗
• Airborne radiometric K / U / Th grids (GDR, link only)Natural Resources Canada – Geoscience Data Repository · Radiometrics · link onlyDirect uranium and potash-brine surface expression; basement heat production proxy for helium and geothermal.Source ↗
• Stream-sediment geochemistry (AGS, 885 sites)Alberta Geological Survey · Geochemistry · drawable · verifiedPathfinder anomalies for uranium, gold and base metals on the Shield and Foothills.Source ↗
• Bedrock geology of Alberta (Map 600 tiles)Alberta Geological Survey · Bedrock geology · drawable · verifiedWhich formation is at the bedrock surface: the first screen for outcropping targets such as silica sand, limestone, ironstone, bentonite, ammonite shell and shallow coal.Source ↗
• Bedrock structures: faults, thrusts, fold axesAlberta Geological Survey · Structure, depth & isopach · drawable · verifiedFault corridors focus brines, helium and MVT fluids and control Foothills coal geometry.Source ↗
• Metallic mineral occurrences (DIG 2019-0026)Alberta Geological Survey · Mineral occurrences · drawable · verifiedKnown showings to anchor exploration models; density is highest on the Shield and Clear Hills.Source ↗
• Geology of Canada compilation (GSC raster)Natural Resources Canada – GSC · Bedrock geology · drawable · verifiedHarmonizes Alberta units with Saskatchewan, BC and NWT geology for cross-border play continuity.Source ↗

VALUE & VALUE CHAIN

U3O8: Spot US$89.63/lb; term US$96.50/lb (30 Sep 2026, record term)

World reactor demand: 68,920 tU (2025) → ≈150,000 tU by 2040 (reference)

Not in the Atlas price deck.

Value chain

1. Exploration drilling
2. Underground mine
3. Mill (Saskatchewan: McClean Lake, Key Lake)
4. Conversion, enrichment, fuel fabrication
5. CANDU / SMR reactors

Industries and products that rely on it

DEMAND & PRODUCTION PROJECTIONS

What the forecasts say

• WNA 2025Uranium demand 68,920 tU → ~150,000 tU by 2040 (reference; 107k low / 204k high)WNA ↗

Key risks

• No resource yet
• Licensing timeline
• Market cycle

DEVELOPMENT: TENURE, ROYALTY, PERMITTING

What a developer needs to know

Tenure

Metallic & Industrial Minerals Tenure Regulation (AR 265/2022): permit — exclusive exploration right, indefinite term, no rent, $625 fee, assessment work $7/ha (first 2 years) → $13 → $20/ha; lease — 15-year initial + 15-year intermediate term, indefinite while producing, $3.50/ha rent.

Royalty

Metallic minerals: 1 % of mine-mouth revenue pre-payout; post-payout the greater of 1 % mine-mouth or 12 % of net revenue (AR 350/93 s.4).

Lead time

15+ years to a mine

Permitting path

1. AER Directive 091 (rock-hosted minerals) under the Mineral Resource Development Act, in force Feb 2024
2. EPEA approval and Water Act licence
3. Public Lands Act surface disposition on Crown land
4. Indigenous consultation via the Aboriginal Consultation Office
5. Canadian Nuclear Safety Commission licence for mining and milling
6. Federal Impact Assessment Act

Infrastructure needs

• Winter road / airstrip
• Mill or toll milling in Saskatchewan

Active players

Recommended next steps

• Drill the Maybelle River shear zone along AGS 2021 aeromagnetic structures
• Compile radiometric and boulder-train data
• Track Energy Alberta's Peace River assessment

MINES, PILOTS & PROJECTS (1)

Who is already working this commodity in Alberta

• Rea uranium (Maybelle River / Dragon Lake)Uranium exploration · GoldMining (75 %) / Orano (25 %) · 125,328 ha; historic Dragon Lake vein to 54.5 % U over 0.5 mExploration (2026)AER approved exploration drilling 2025; 60 km north-west of Triple R / Arrow.Source ↗