The Millennium project is a Development stage project, located 36 km northwest of Cameco’s Key Lake Mill in northern Saskatchewan, Canada. The project is a joint venture between Cameco Corporation (“Cameco”) and JCU (Canada) Exploration Company, Limited (“JCU”). Cameco’s equity share is stated at 69.9% and Cameco is the operator of the project.
Cameco disclosed in its Annual Information Form for the year ended December 31, 2023, a NI 43-101 mineral resource estimate for the Millennium project with indicated resources of 75.9 million pounds of U3O8 (1,442.6 thousand tonnes at an average grade of 2.39% U3O8) on a 100% ownership basis and inferred resources of 29.0 million pounds of U3O8 (412.4 thousand tonnes at an average grade of 3.19% U3O8).
Technical presentations by Cameco engineers in 2008 suggested Millennium was to be a 400 – 500 tonnes/day shaft access, blasthole stoping mining operation, planned to produce 6.5 to 7.0 million pounds U3O8 per year for six to seven years. Cameco has disclosed that it submitted a draft EIS submission for the project in 2009, which submission included anticipated production of 150,000 to 200,000 tonnes of ore per year with a potential mine life of 10 years. Cameco chose to pull the EIS application on May 15, 2014, due to market conditions at the time.
The Millennium deposit is a high-grade, unconformity-related uranium deposit with an average stated grade of 2.39% U3O8 for the indicated resources. The mineralization occurs between approximately 600 to 750 metres below surface with a strike length of approximately 300 m.
Figure 1- Millennium Conceptual Mine Plan - Beattie, D Hatley J, and Smith T, 2008
| Mineral Resources – As of December 31, 2023 (100% Basis) | ||||||||
| Measured | Indicated | Inferred | ||||||
| Tonnes (‘000’s) | Grade (% U3O8) | Content (MLbs. U3O8) | Tonnes (‘000’s) | Grade (% U3O8) | Content (MLbs. U3O8) | Tonnes (‘000’s) | Grade (% U3O8) | Content (MLbs. U3O8) |
| 1,442.6 | 2.39 | 75.9 | 412.4 | 3.19 | 29.0 | |||
Note that mineral resources:
- do not include amounts that have been identified as mineral reserves
- do not have demonstrated economic viability
- totals may not add due to rounding
Note on Technical Disclosure
Unless otherwise indicated, the scientific and technical information herein regarding the Millennium Project has been derived from Cameco’s Annual Information Form for the year ended December 31, 2023, Cameco’s Environmental Assessment submissions to the CNSC between 2009 and 2014, and Cameco's other public disclosures, copies of which are available under Cameco's profile on SEDAR+. Additional information and image sourced from Beattie D, Hatley J, and Smith T, 2008. “The Millennium Deposit – Design of a New Uranium Mine in Canada” in Proceedings Tenth Underground Operators' Conference 2008, pp 3-12 (The Australasian Institute of Mining and Metallurgy: Melbourne).
The royalty is a 10% NPI on an approximate 20.6955% participating interest in the Project, which participating interest was previously transferred to the existing owners in 1992. As a profit-based NPI interest, the acquired royalty is calculated based upon generated revenue, with deductions for certain expenses and costs, which include cumulative expense accounts, including development costs.
The Millennium Royalty will only generate revenue to the Company after these cumulative expenditures are exhausted and the Company is treating the Millennium Royalty as a potential medium to long-term revenue generation opportunity.
Cameco disclosed in its Annual Information Form for the year ended December 31, 2023, that no work was planned on the project in 2024.
Cameco chose to pull the EIS application for the project on May 15, 2014, citing market conditions at the time.
In 2012, Cameco paid $150 million to acquire AREVA Resources Canada Inc. (now Orano Canada Inc.)’s 27.94% interest in the project, bringing Cameco’s interest in the project to 69.9%.
Technical presentations by Cameco engineers in 2008 suggested Millennium was to be a 400 – 500 tonnes/day shaft access, blasthole stoping mining operation, planned to produce 6.5 to 7.0 million pounds U3O8 per year for six to seven years.
Cameco has disclosed that it submitted a draft EIS submission for the project in 2009, which submission included anticipated production of 150,000 to 200,000 tonnes of ore per year with a submitted potential mine life of 10 years. The project was designed as a mine-only development, with no plans to build a mill or long-term waste management facilities. The assumption at the time was the ore would be processed at Key Lake, but options were discussed in developing a road between McArthur River and Cigar Lake to allow milling at Rabbit Lake.
Note on Technical Disclosure
Unless otherwise indicated, the scientific and technical information herein regarding the Millennium Project has been derived from Cameco’s Annual Information Form for the year ended December 31, 2023, Cameco’s Environmental Assessment submissions to the CNSC between 2009 and 2014, and Cameco's other public disclosures, copies of which are available under Cameco's profile on SEDAR+.
In 1998, Cameco became project operator of the Cree Extension Project, which initially included the Millennium project claim. Further information on the Cree Extension project is available on its project page. Although no exploration was undertaken in 1999, data compilation and drill core review reinforced the potential and prospectivity of the southern portion of the B1 trend, in particular near DDH CX-38, which was one of the final holes completed by the previous operator Uranerz Exploration and Mining.
Re-examination of DDH CX-38 identified a strong foliation control to alteration in the basement rocks. Projecting this altered basement stratigraphy along with the graphitic conductor up dip to the unconformity presented a priority drill target. The Millennium discovery hole CX-40, drilled in March 2000, was a vertical hole collared 40 m west of DDH CX-38. The Millennium deposit was delineated through geophysical surveys and surface drilling work between 2000 and 2013.
Cameco has disclosed that it submitted a draft EIS submission for the project in 2009, which submission included anticipated production of 150,000 to 200,000 tonnes of ore per year with a submitted potential mine life of 10 years.
In 2012, Cameco paid $150 million to acquire AREVA Resources Canada Inc. (now Orano)’s 27.94% interest in the project, bringing Cameco’s interest in the project to 69.9%.
Cameco chose to pull the EIS application on May 15, 2014, due to market conditions at the time.
Note on Technical Disclosure
Unless otherwise indicated, the scientific and technical information herein regarding the Millennium Project has been derived from Cameco’s Annual Information Form for the year ended December 31, 2023, and Cameco's other public disclosures, copies of which are available under Cameco's profile on SEDAR+. Additional project information was sourced from “Roy, C., Halaburda, J., Thomas, D., & Hirsekorn, D. (2006). Millennium deposit - Basement-hosted derivative of the unconformity uranium model. International Atomic Energy Agency (IAEA): IAEA.”
