Consolidated Uranium : Moran Lake Project Technical Report

NI 43-101 TECHNICAL REPORT

MORAN LAKE PROJECT

Central Mineral Belt, Newfoundland and Labrador, Canada

Consolidated Uranium Inc.

402 - 217 Queen Street West

Toronto, ON,

M5V 0R2

Terrane Geoscience Inc.

Suite 207 - 390 King St.

Fredericton, NB

E3B 1E3

Stefan Kruse, Ph.D., P.Geo.

Project Number - 21-0012-F

Effective Date: November 5, 2021

Signing Date: December 14, 2021

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1.	SUMMARY.......................................................................................................................	6
1.1	Issuer and Purpose......................................................................................................	6
1.2	Author and Qualified Person Site Inspection ................................................................	6
1.3	Property Location and Description ...............................................................................	7
1.4	Tenure Maintenance and Permitting ............................................................................	7
1.5	Access .........................................................................................................................	7
1.6	Environmental and Property-Related Uncertainties......................................................	8
1.7	Regional Geology ........................................................................................................	8
1.8	Mineralization...............................................................................................................	9
1.9	Historical Exploration ..................................................................................................	10
1.10	Recommendations ......................................................................................................	11
2.0	Introduction ..................................................................................................................	12
2.1	Issuer and Purpose.....................................................................................................	12
2.2	Authors and Qualified Person Site Inspection .............................................................	12
2.3	Sources of Information ................................................................................................	13
2.4	Units of Measure.........................................................................................................	14
3.0 Reliance of Other Experts............................................................................................	15
4.0 Property Description and Location .............................................................................	16
4.1	Description and Location.............................................................................................	16
4.2	Agreements and Royalties ..........................................................................................	16
4.3	Tenure Maintenance ...................................................................................................	20
4.4	Permitting ...................................................................................................................	21
4.5	Environmental Liabilities and Significant Factors ........................................................	22
4.6	Labrador Inuit Lands ...................................................................................................	23
4.7	Innu Settlement Area ..................................................................................................	24
4.8	Other Stakeholders .....................................................................................................	24
5.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography ............	27
5.1	Site Topography, Elevation and Vegetation ................................................................	27
5.2	Climate .......................................................................................................................	28
5.3	Local Resources and Infrastructure ............................................................................	28
6.0	History...........................................................................................................................	30
6.1	Previous Ownership....................................................................................................	30
6.2	Mineral Deposits/Occurrences ....................................................................................	34
6.3	Geochemical Surveys .................................................................................................	36
6.4	Trenching and Rock Channel Sample Geochemical Surveys .....................................	38
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6.5	Geophysical Surveys ..................................................................................................	43
6.6	Diamond Drilling .........................................................................................................	47
6.7	Historical Resources at the Moran Lake Property .......................................................	55
6.8	Historical Mineral Processing and Metallurgical Test Work .........................................	59
7.0 Geological Setting and Mineralization ........................................................................	60
7.1	Central Mineral Belt: Geological Framework ...............................................................	60
7.2	Property Geology ........................................................................................................	63
7.2.1	Bedrock Geology .................................................................................................	63
7.2.2	Structural Geology ...............................................................................................	67
7.2.3	Surficial Geology..................................................................................................	69
7.3	Mineralization..............................................................................................................	71
7.3.1	Moran Lake C-Zone .............................................................................................	71
7.4	Lower C-Zone .............................................................................................................	75
7.5	Area 1 .........................................................................................................................	76
7.5.1	Armstrong ............................................................................................................	76
7.5.2	Other Mineral Occurrences ..................................................................................	77
8.0	Deposit Types...............................................................................................................	79
8.1	Magmatic-related Mineralization .................................................................................	79
8.2	Metamorphic-Metasomatic-related Mineralization ......................................................	80
8.3	Sediment-hosted Mineralization ..................................................................................	81
9.0	Exploration ...................................................................................................................	82
10.0	Drilling...........................................................................................................................	83
11.0 Sample Preparation, Analyses and Security ..............................................................	84
11.1	Pre-2000 Drilling Analyses, QA/QC and Security ........................................................	84
11.2	Post-2005 Drilling Analyses, QA/QC and Security ......................................................	85
11.3	Adequacy of Sample Collection, Preparation, Security and Analytical Procedures......	87
12.0	Data Verification ...........................................................................................................	88
12.1	Data Verification Procedures ......................................................................................	88
12.2	Qualified Person Site Inspection .................................................................................	88
12.3	Validation Limitations ..................................................................................................	90
12.4	Adequacy of the Data .................................................................................................	90
13.0 Mineral Processing and Metallurgical Testing ...........................................................	91
14.0	Mineral Resource Estimates........................................................................................	92
15.0	Mineral Reserve Estimates ..........................................................................................	93
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16.0	Mining Methods ............................................................................................................	94
17.0	Recovery Methods........................................................................................................	95
18.0	Project Infrastructure ...................................................................................................	96
19.0	Market Studies and Contracts .....................................................................................	97
20.0	Environmental Studies, Permitting and Social or Community Impact .....................	98
21.0	Capital and Operating Costs .......................................................................................	99
22.0	Economic Analysis.....................................................................................................	100
23.0	Adjacent Properties....................................................................................................	101
23.1	Developed Prospects................................................................................................	101
23.1.1	Western CMB Deposits......................................................................................	101
23.1.2	Eastern CMB Deposits.......................................................................................	102
23.2	Other prospects ........................................................................................................	102
24.0	Other Relevant Data and Information........................................................................	104
25.0	Interpretation and Conclusions.................................................................................	105
26.0	Recommendations .....................................................................................................	107
27.0	References..................................................................................................................	109
28.0	Certificate of Author...................................................................................................	114

LIST OF TABLES
Table 4.1 - Mineral License Summary ......................................................................................	16
Table 4.2 - Option Agreement Payment Schedule....................................................................	17
Table 6.1 - Historical summary of submitted mineral assessment exploration work for the Moran
Lake property.. ..........................................................................................................................32
Table 6.2 - Mineral occurrences in the Moran Lake property ....................................................	34
Table 6.3	- Select results from channel samples for the Moran Lake property..........................	39
Table 6.4	- Summary of historical drilling on the Moran Lake Property. ....................................	53
Table 6.5	- Selected drill intersections from the Moran Lake property ......................................	54
Table 6.6 - Summary of mineral resource modelling and estimation methods used for historical
estimates for the Moran Lake property. .....................................................................................	57
Table 6.7	- Historical mineral resource estimates for the Moran Lake Property. .......................	58
Table 26.1 - Recommendations for future exploration work at the Moran Lake Property. .......	108

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LIST OF FIGURES
Figure 4.1 - Moran Lake Project location. .................................................................................	18
Figure 4.2 - Moran Lake Project mineral tenure........................................................................	19
Figure 4.3 - Moran Lake Project licences relative to Labrador Inuit Lands................................	25
Figure 5.1 - Physiography of the Moran Lake Project Area.......................................................	29
Figure 6.1 - Uranium mineral occurrences on and proximal to the Moran Lake Project ............	35
Figure 6.2 - Bedrock and float grab samples on and proximal to the Moran Lake Project.........	37
Figure 6.3 - Lake and stream sediment samples on and proximal to the Moran Lake Project...	40
Figure 6.4 - Till samples on and proximal to the Moran Lake Project licenses ..........................	41
Figure 6.5 - Trench and drill hole locations on and proximal to the Moran Lake Project ...........	42
Figure 6.6 - Regional radiometric survey (Total count U ratio) image .......................................	44
Figure 6.7 - Regional magnetic survey (1st vertical derivative) image .......................................	45
Figure 6.8 - Regional airborne gravity survey (Bouger correction) image. ................................	46
Figure 6.9 - Drill collar locations, northern C-Zone ...................................................................	49
Figure 6.10 - Drill collar locations, Southern C-Zone, Poz Pond and EM target areas ..............	50
Figure 6.11 - Drill collar locations, Area 1 and Trout Pond target areas ....................................	51
Figure 6.12 - Armstrong Lake drill collar locations ....................................................................	52
Figure 7.1 - Simplified bedrock geology of the Central Mineral Belt and Moran Lake Project.. .61
Figure 7.2 - Property-scale geology of the Moran Lake Project. ...............................................	65
Figure 7.3 - Tectono-stratigraphic summary of the Moran Lake Project area............................	66
Figure 7.4 - Surficial Geology of the Moran Lake Project Area. ................................................	70
Figure 7.5 - Cross section through the Upper and Lower C-Zone deposits...............................	73
Figure 23.1 - Adjacent properties and mineral occurrences in the Western CMB ...................	103

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