Energy Fuels Announces High-Grade Uranium Intercepts at Nichols Ranch ISR Project

LAKEWOOD, CO, Aug. 15, 2016 /PRNewswire/ – Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU), a leading producer of uranium in the United States, is pleased to announce that it has intercepted several large and high-grade areas of mineralization in the next wellfield expected to go into production at its Nichols Ranch ISR Project (“Nichols Ranch”) in Wyoming, USA.  On August 1, 2016, the Company began delineation drilling and the installation of the wellfield to be associated with Header House 9 at Nichols Ranch.  Currently, four rigs are being utilized to drill pilot holes, ream, case, and complete the injection and recovery wells for this wellfield.  Header House 9 is expected to begin producing uranium later in 2016. The table below contains data for the 10 best holes drilled to date in this wellfield:

* GT represents grade multiplied by the thickness and is calculated by multiplying eU3O8 grade (in percent) by gamma anomaly thickness (in feet) as determined from down-hole radiometric probing. For example, a drill hole that has 10 feet of 0.10% uranium mineralization has a GT of 1.0 and would be considered a good hole by ISR mining standards.
To date, a total of 52 holes in this new wellfield have been drilled.  Of the 52 holes, 46 have encountered mineralization which is above the grade % x thickness (“GT”) cut-off of 0.3.  This includes one hole which encountered 5.0 feet of mineralization with an average grade of 2.40% eU₃O₈.  In addition, many of the holes have encountered multiple intercepts above the GT cutoff.  It is anticipated that a total of 120 wells will be incorporated into Header House 9. 
Stephen P. Antony, President and CEO of Energy Fuels stated:  “The drill results we are seeing in the wellfield for Header House 9 at Nichols Ranch are very positive, and the uranium grades and thicknesses are significantly exceeding expectations.  Indeed, it is quite rare to encounter mineralization in U.S. ISR projects that have grades above 2.0% U₃O₈and GT values above 10.  Due to the size of the wellfield, expected number of wells, and the quality of mineralization we are encountering, we expect this to be the largest and most productive portion of the wellfield at Nichols Ranch to date.  Overall, the Nichols Ranch deposit continues to deliver results that exceed our original expectations.  We look forward to producing uranium from this new wellfield beginning later this year.”
Connect with Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) to receive an Investor Presentation.