The Nose Rock property is in the area known as Mine Unit #1, in the State of New Mexico mineral lease Section 36. Nose Rock lies to the northeast of Crownpoint within the Grants Mineral Belt. Strathmore Minerals, Nu-Mex Uranium’s joint-venture partner has acquired through mineral leases, or by claim staking, an additional 7 sections contiguous or near the Section 36 lease. The Nose Rock Property as a whole consists of 5,000 acres of land.

According to the previous operator Phillips Uranium, a division of Phillips 66 Oil Company in the 1970's, two parcels of land under the Company's control, Sections 1 and 36, contain a demonstrated resource of 6,694,217 tons ore at a grade of 0.135 % U3O8 which translates to 18,230,955 lbs U3O8. The discovery of the Unit #1 ore body was announced in December, 1975 (p. 20, New Mexico Bureau of Mines and Minerals.)