Reexploration identifies uranium target at Eureka

Executive Summary

• Reexploration Inc. has identified a large-scale uranium exploration target at its Eureka project in Namibia, located immediately southwest of the existing Eureka Dome REE resource.
• The target is defined by a 6.5-by-3.5-kilometer airborne radiometric anomaly characterized by high uranium and low thorium, consistent with "Rossing-style" leucogranite-hosted uranium deposits.
• Field reconnaissance confirmed elevated uranium in weathered leucogranites (up to 853 ppm U via pXRF) and shallow overburden samples (up to 1,500 cps), while historical shallow drilling (avg depth 5.8m) left primary bedrock targets largely untested.

Key Details

• Target Location & Size: New uranium target located immediately southwest of the Eureka Dome; defined by a 6.5 km by 3.5 km airborne radiometric anomaly.
• Geological Setting: Situated along Namibia's "Alaskite Alley," a structural corridor hosting major deposits like Rossing, Husab, and Etango. The setting includes proximity to the Welwitschia Lineament, a major basement dome (Eureka Dome), and reactive calc-silicate host rocks.
• Radiometric Data: Airborne data shows high uranium/low thorium responses. Handheld gamma-ray spectrometer readings in shallow overburden/drains reached up to 1,500 counts per second (cps).
• Field Sampling Results: Portable XRF (pXRF) analysis of weathered leucogranites (alaskites) showed semiquantitative uranium values up to 853 parts per million (ppm).
• Historical Exploration Context: Historical work (2009) focused on shallow overburden mineralization (carnotite) via 100 prospecting pits and 139 RAB drill holes totaling 803 meters (average depth 5.8 meters).
• Historical Resource Estimate: Preliminary, non-NI 43-101 compliant estimates from 2009 indicated approximately 600,000 pounds of U3O8 at 70 ppm within overburden gypcretes and calcretes, based on ~3.9 million tonnes of mineralization.
• Future Work: The company plans to drill below the weathering profile to test for primary leucogranite-hosted mineralization (uraninite), as historical drilling was too shallow to test bedrock targets.
• Qualified Person: Tolene Kruger, BSc (honours), MSc, consulting geologist and registered professional natural scientist (SACNASP).

Notable Quotes

• "This uranium target, which is almost entirely covered by thin overburden, represents a promising exploration opportunity within one of the world's most prolific uranium belts... The geology, structural setting and early results are consistent with the deposit models that led to the discovery of the major leucogranite-hosted uranium deposits within Namibia." — Tolene Kruger, Senior Geologist
• "The identification of this new target highlights the strong technical work completed by our exploration team and the expanded potential of the Eureka project... this extensive target immediately outside the dome adds significant exploration upside and optionality for our shareholders." — Christopher Drysdale, Interim CEO