FN Media Group News Commentary - Uranium markets are seen to be significantly growing by most experts, for years to come. One such expert, Statista, said : "In line with the rise of nuclear energy since the 1950's, uranium has become a pivotal commodity. This is especially true for countries that are highly dependent on nuclear energy to fulfill their domestic energy needs. Kazakhstan is the largest single producer of uranium in the world by a significant margin. Other top uranium producers include Canada, Namibia, and Australia. The world's largest uranium producing mine is Cigar Lake in Canada. The leading consumers of uranium worldwide are the countries with the highest share of nuclear energy: the United States, China, and France. The U.S. used nearly 18,050 metric tons of uranium in 2022. That was more than twice as much as France, which ranked third. Although there are global tendencies towards alternative energies, the worldwide nuclear energy consumption has remained consistent over the past decade. This suggests that uranium will likely continue to be an important commodity for decades to come. And another industry watcher Sprott added : "Geopolitical tensions and supply uncertainties persist, influencing uranium supply dynamics. Despite these challenges, global demand remains robust, driven by nuclear reactor restarts and new builds, supporting a sustained bullish outlook for uranium." Active mining companies in the markets this week include Stallion Uranium Corp. (OTCQB: STLNF) (TSX-V: STUD), Mustang Energy Corp . (CSE: MEC), NexGen Energy Ltd. (NYSE: NXE), CanAlaska Uranium Ltd. (OTCQX: CVVUF) (TSX-V: CVV), FISSION URANIUM CORP. (OTCQX: FCUUF) (TSX: FCU).
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![GTI Energy](https://investingnews.com/media-library/gti-energy.png?id=51780493&width=1200&height=800)
Drilling Success Expands Mineralised Trends at Lo Herma
GTI Energy Limited (ASX: GTR) (GTI or Company) is pleased to advise that a total of 66 mud rotary drill holes have now been completed at its 100% owned Lo Herma ISR Uranium Project (Lo Herma), located in Wyoming’s prolific Powder River Basin (Figures 1 & 2). GTI has now completed 13,405m (43,980 ft) of drilling at Lo Herma this summer representing ~87% of the planned 76-hole program.
HIGHLIGHTS
- GTI has now completed 66 resource estimate development drill holes of 76 planned at the Lo Herma ISR uranium project during the 2024 drill program
- Drilling to date confirms that uranium mineralisation continues north from the current mineral resource area with strong mineralised intercepts over good thicknesses encountered stretching at least 2km north along projected trends
- Best mineralised intercepts reported include 6.0ft at 0.123% (1,230ppm) eU308 in drill hole LH-24-028, and 11.0 ft at 0.054% (540ppm) eU308 in drill hole LH-24-063
This news release follows on from the Company’s 31 July 2024 news release which reported results from the first ten (10) drill holes of the 2024 drill program. The results from the next fifty- six (56) drill holes (Table 2) include several highlights:
- Drill hole LH-24-028 returned the highest-grade intercept at 6.0ft of 0.123% eU3O8, and a total hole grade thickness (GT) of 0.903*.
- 45 of 56 drill holes have intercepted on trend mineralisation.
- Mineralisation continues across multiple sandstone units as GTI expands the mineralised trends to the north, as demonstrated by drill hole LH-24-03 which encountered 11ft of 0.054% eU3O8 (0.594 GT) and 6.5ft of 0.043% eU3O8 (0.280 GT) from different sand units.
* Typical economically viable ISR grade and GT cut-offs are: 0.02% (200ppm) U3O8and 0.2GT i.e., 10 ft (3 m) @ .02% (200ppm) U3O8.
GTI Executive Director & CEO Bruce Lane commented“Drilling to date at Lo Herma has been very successful in demonstrating extensions of mineralisation, with strong GT numbers to the north of the project area and at depth in the sands of the lower Wasatch formation. Results so far give us great confidence that we can grow the global uranium resource estimate and upgrade a material portion to the indicated category. Drilling is currently running to schedule with operations now moved to the east of the project area to test for deeper mineralisation in the Fort Union formation. The sand units of the lower Wasatch formations are showing reliable continuity and mineralisation far along trend to the north so we are now excited to see what the deeper Fort Union formation sands may hold as we move to our final exploration area for this phase of drilling.”
LO HERMA URANIUM PROJECT – LOCATION & BACKGROUND
The Lo Herma ISR Uranium Project (Lo Herma) is located in Converse County, Powder River Basin (PRB), Wyoming (WY). The Project lies approximately 15 miles north of the town of Glenrock and close to seven (7) permitted ISR uranium production facilities. These facilities include UEC’s producing Willow Creek (Irigaray & Christensen Ranch) & idled Reno Creek ISR plants, Cameco’s idled Smith Ranch-Highland ISR facilities and Energy Fuels idled Nichols Ranch ISR plant (Figure 1).
The Powder River Basin has extensive ISR uranium production history with numerous defined ISR uranium resources, central processing plants (CPP) & satellite deposits (Figure 1). The Powder River Basin has been the backbone of Wyoming U3O8 production since the 1970s.
FIGURE 1. WYOMING IS URANIUM PROCESSING PLANTS & GTI PROJECT LOCATIONS1
As reported to ASX on 14 March 2023, a comprehensive historical data package, with an estimated replacement value of ~$15m, was purchased for Lo Herma in March of 2023. The data package includes original drill data for roughly 1,771 drill holes, from the 1970’s and 1980’s, pertaining to the Lo Herma region. A total of 1,391 original drill hole logs were digitised for gamma count per second (CPS) data and converted to eU3O8% grades.
833 of these historical drill holes are located on GTI’s land position and were used to prepare the maiden MRE. 21 additional drill holes are located in an expanded area of additional claims that were subsequently staked across Section 4 of Township 36N, Range 75W. Along with the 26 drill holes completed in the initial 2023 drill program, GTI holds data from 880 drill holes within the current Lo Herma mineral holdings prior to the current 76 hole drill campaign.
An initial Exploration Target for the Lo Herma project was previously announced to the ASX on 4 April 2023. An additional data package, containing previously unavailable drill maps with geologically interpreted redox trends, was subsequently secured by GTI, as announced to the ASX on 27 June 2023 (refer to Table 1).
Whilst additional redox trends were interpolated based on the 2023 drilling and acquisition of the newly located mineral claims, the Exploration Target has not yet been updated. GTI plans to update the mineral resource and exploration target estimates following completion of the current 2024 drilling campaign.
Click here for the full ASX Release
This article includes content from GTI Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Overview
Wyoming has the largest uranium reserves of all the US states and is the home of in-situ recovery (ISR) uranium mining, with experimental ISR mining during the early 1960s and commercial ISR mining starting in 1974. The state is an energy powerhouse in the US, second only to Texas in energy production and accounting for more than 80 percent of the country’s uranium production. It has a production history that dates back to the late 1940s. With a soaring uranium price that passed $90 by the end of 2023, many analysts believe the price will remain on the higher end for years to come.
GTI Energy (ASX:GTR,OTCQB:GTRIF) is a mineral exploration company focused on developing a portfolio of attractive uranium projects in the United States. The company now boasts approximately 42,000 acres in the prolific Great Divide and Powder River Basins, which are low-cost ISR uranium-producing districts within 100 miles of each other.In 2022, the company completed an additional 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Great Divide Basin to 7.5 miles.
The company has also commenced work at its Green Mountain ISR uranium project next to Rio Tinto’s (ASX:RIO) uranium deposits. GTI has historical drill data confirming the presence of uranium mineralised roll fronts on the properties.
The company is led by a highly experienced management and exploration team with an extensive track record in the mineral exploration industry. GTI’s operational team has proven development and engineering expertise with a history of success in ISR uranium deposit discovery in Wyoming.
GTI’s acquisition of Branka Minerals in November 2021 gave the company control of the largest non-US or Canadian-owned uranium exploration landholding in the Great Divide Basin, with approximately 19,500 acres. The landholding included underexplored and highly prospective sandstone-hosted uranium properties which are the company’s Wyoming projects today. This holding then grew with the purchase of the 13,800-acre Green Mountain project in 2022.
The company further expanded its ISR uranium portfolio in 2023 by acquiring the Lo Herma Project in Wyoming’s prolific Powder River Basin uranium district. The newly staked 13,300 acres of claims are located within 16 kilometers of Cameco’s Smith Ranch-Highland ISR uranium production plant – the largest production site in Wyoming
GTI Energy leverages the strategic positioning of its Wyoming projects, which are located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant and the now-rehabilitated historic Rio Tinto Kennecott Sweetwater Mill. The Lost Creek plant is claimed by Ur Energy to be the lowest-cost ISR uranium production plant outside of Kazakhstan.
GTI is committed to strong environmental, social and governance (ESG) initiatives to support the clean energy transition. In November 2021, the company adopted an internationally recognized Environmental, Social and Governance Stakeholder Capitalism Metrics framework, with 21 core metrics and disclosures.
In December 2021, GTI Energy announced it would be transitioning to carbon-neutral operations. The company has subsequently received its carbon neutral certification for its Australian head office and US field operations, through the Australian Government’s Climate Active Program.
GTI Energy is positioned for growth with the pursuit of ISR mining on its Wyoming projects, presenting an opportunity for low operating expenses and capital expenditures with low environmental impact compared to conventional mining. ISR mining supports the company’s goal of low-impact mining and carbon neutrality on its Wyoming projects.
In 2021, the company completed field exploration on its Henry Mountains project in Utah. In the same year, GTI Energy also began a 15,000-meter drill program on its Wyoming projects, concluding the program in early 2022. The drilling confirmed that the targeted ISR-amenable uranium mineralization was present at the Thor project. In 2022, the company completed an additional 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Basin to 7.5 miles.
Company Highlights
- GTI Energy owns multiple promising assets in Wyoming’s prolific and in-situ recovery (ISR) uranium-producing Great Divide and Powder River Basins. Wyoming is the leading US uranium production state and is “uranium-friendly”.
- GTI’s flagship Lo Herma project comprises 13,300 acres of ground in Wyoming within circa 16 kilometers of Cameco’s $16-billion ISR uranium plant (the largest permitted ISR production facility in Wyoming) and 80 kilometers of five permitted ISR uranium production facilities, including UEC’s Christensen Ranch (due to restart in August 2024) and Peninsula Energy’s (ASX:PEN) Lance Project (due to recommence production in late 2024).
- GTI’s Great Divide Basin projects are strategically located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant which has re-commenced production.
- Maiden uranium resource and updated exploration target at the Lo Herma ISR project delivered an inferred mineral resource estimate of 5.71 Mlbs uranium oxide at an average 630 ppm plus an exploration target of an additional 5.87 to 10.26 Mlbs potential at average grade of 500 to 700 ppm.
- Updated total resources across its Wyoming projects of 7.37 Mlbs plus an exploration target of an additional 11.97 to 19.79 Mlbs potential at average grade of 500 – 700 ppm.
- In early 2022, the company completed a further 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Great Divide Basin to 7.5 miles.
- In late 2023, GTI completed 26 holes at Lo Herma to verify the historical data base & confirm exploration potential along trend & at depth.
- GTI acquired a 1,771 drill hole data set over Lo Herma with a replacement value of AU$15 million.
- GTI received its carbon neutral certification for its Australian head office and US field operations, through the Australian Government’s Climate Active Program.
- GTI aims to utilize ISR mining at its Wyoming projects, which offers lower environmental impact, lower opex and capex than conventional mining.
- GTI Energy has a highly experienced exploration team including the recent appointment of ISR specialist, Matt Hartmann, with a history of successful uranium discovery in Wyoming.
Key Projects
Wyoming Projects
The Wyoming projects are located in the Powder River & Great Divide Basins in Wyoming and the Henry Mountains (Colorado Plateau) Utah, United States. The Greta Divide Basin projects consist of the Thor, Logray, Loki, Odin, Teebo, Wicket and Green Mountain claims. The approximately 13,000 hectare group of projects is prospective for ISR-amenable sandstone-hosted roll-front uranium. The Wyoming projects are situated 5 to 30 kilometers from Ur-Energy’s Lost Creek ISR plant. The projects are also located near Rio Tinto’s Sweetwater/Kennecott Mill.
GTI Energy’s land holding in the Great Divide Basin was bolstered by the acquisition of the Green Mountain project comprising 5,585 hectares of contiguous ISR uranium exploration claims which abuts the Rio Tinto claims at Green Mountain. Historical drill data and geophysics confirms the presence of major uranium mineralisation at the projects.
Initial drilling at Lo Herma commenced in November 2023 and was completed in December with 26 drill holes successfully verifying the historical Lo Herma drill hole database. A drilling permit amendment is currently in progress aiming to optimise follow-up drilling, increase the total number of drill holes, and construct monitoring wells for groundwater data collection. Drilling is expected to resume by July 2024 with an enlarged program, and the mineral resource estimate and exploration targets are expected to be updated in the fourth quarter of 2024.
The company began initial exploration on Thor in 2021, and in 2022, it completed an additional 103 mud rotary exploration drill holes. The drilling of 70 holes was previously reported at the Thor prospect and an additional 33 holes combined have now been completed at the Odin, Teebo and Loki prospects. These 33 holes have discovered an additional combined 4.26 kilometers of ISR amenable uranium mineralised roll front trends increasing the total trend length for GTI’s projects in the Basin to 12.07 kilometers.
In February 2023, GTI Energy secured, by staking, approximately 3,500 hectares of unpatented mineral lode claims known as the Lo Herma project, about 16 kilometers from Cameco’s Smith Ranch-Highland ISR Uranium facility and Energy Fuels Nichols Ranch ISR plant. Lo Herma also lies within 97 kilometers of the companies leading the restart of uranium production in the USA, including Uranium Energy, Ur-Energy, Energy Fuels, Encore Energy and Peninsula Energy.
The company subsequently, secured a material historical data package for the project, which allowed GTI Energy to report a maiden uranium resource and exploration target update at the Lo Herma ISR project, including a cut-off grade of 200 parts per million (ppm) uranium oxide and a minimum grade thickness (GT) of 0.2 per mineralised horizon as 4.12 million tonnes of mineralisation at an average grade of 630 ppm uranium oxide for 5.71 million pounds (Mlbs) of uranium oxide contained metal. The inferred mineral resource estimate is 5.71 Mlbs uranium oxide at an average of 630 ppm.
The company also completed collection of aerial geophysical data at its Lo Herma, Green Mountain and Loki West ISR uranium exploration projects in Wyoming. The survey was conducted using a twin-engine aircraft loaded with a suite of sensors that provide detailed radiometric, magnetic and electromagnetic data, allowing for correlation between the three products.
The airborne geophysical survey at its Green Mountain project consequently updated its drill plan with 16 potential drill holes. The permit application process is underway for the 2024 drill program which aims to test the validity of the historical Kerr McGee drill hole maps, as well as the interpreted mineralised regions as determined from the airborne geophysical survey.
Henry Mountains Uranium Project
GTI’s uranium/vanadium projects in Utah are considered suitable for conventional mining and are located on the east flank of the Henry Mountains, covering 3,860 acres. The permits host historical production, open underground workings and have an exploration permit in place. The projects saw significant work from 2019 to 2021 including two drill programs totaling 52 drill holes and geophysical logging of an additional 76 historical drill holes. GTI subsequently elected to prioritise work at its newly acquired Wyoming ISR projects until such time as activity and investment in the region improves. The company’s projects lie within ~100 miles of Energy Fuels’ (NYSE American: UUUU) (TSX: EFR) White Mesa Mill and within a few miles of Anfield Energy’s (TSX.V: AEC) Shootaring (Ticaboo) mill site. The owners of both of these mills are actively pursuing mill re-starts.
In addition, Western Uranium & Vanadium (CSE:WUC) (OTCQX:WSTRF) has announced the purchase of a mill site in Green River Utah and work to design and permit the facility for processing uranium and vanadium. The plant, which will be located ~80 miles from GTI’s projects, is intended to process feed from Western's recently restarted Sunday Mine Complex over 160 miles away. Western advised of a mine operations restart at Sunday in February 2024. Western stated its new "mineral processing plant" will recover uranium, vanadium and cobalt from ore from Western's mines and that produced by other miners. Western said, on February 13, 2024, it expects the plant to be licensed and constructed for annual production of 1 million pounds U3O8 and 6 million pounds of V2O5, with initial production in 2025.
Based on the renewed interest in exploration, mining, and processing of uranium ore in this region, GTI is currently evaluating potential paths for further exploration, resource development, or other value creating activities with its Utah projects.
Management Team
Nathan Lude - Non-executive Chairman
Nathan Lude has broad experience working in the asset and fund management, mining, and energy industries. Lude is the founding director of Advantage Management, a corporate advisory firm. Lude has previously held directorships with ASX-listed mining companies.
Currently, he is the executive director of ASX-listed Hartshead Resources (ASX:ANA). Lude has grown a large business network across Australia and Asia, establishing strong ties with Australian broking firms, institutions, and Asian investors.
Bruce Lane - Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 15 years most notably with ASX listed companies Atom Energy Ltd & Stonehenge Metals Ltd & Fenix Resources Ltd (FEX).
James (Jim) Baughman - Executive Director
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a qualified person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic - Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
Simon Williamson - Non-executive Director
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project.
Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia. He also held roles with minerals industry participants in Australia and the US including various positions at Cliffs, Sons of Gwalia the WA Chamber of Minerals & Energy and WMC where he negotiated the mine closure criteria for a gold project near Sacramento, California.
Matt Hartmann - Director
ISR uranium specialist Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Matthew Foy - Company Secretary
Matthew Foy is an active member of the WA State Governance Council of the Governance Institute Australia. Foy has more than 14 years of experience in facilitating ASX-listing rule compliance. His core competencies are in the secretarial, operational, and governance disciplines for publicly listed companies. Foy has a working knowledge of the Australian Securities and Investments Commission and Australia Stock Exchange reporting. He has document drafting skills that provide the basis for valuable contributions to the boards on which he serves.
Rigs Secured For Wyoming Uranium Drilling & Utah Fieldwork Completed
GTI Resources Ltd (GTI or Company) is pleased to advise that 2 mud rotary drill rigs have been secured for its planned drilling campaign at the Thor ISR uranium project in Wyoming’s Great Divide basin (Figure 1). As previously advised, GTI is on track to commence drilling during December. This maiden drill program is designed to confirm the grade and tenor of uranium mineralisation that was previously identified by Kerr McGee in the 1970’s & 80’s and to ultimately support definition of an economic uranium resource.
Figure 1. Thor Project Uranium Drilling Location Map, Great Divide Basin, Wyoming USA
Henry Mountains Utah Uranium & Vanadium Projects
GTI also completed a field reconnaissance exploration program at its Henry Mountains project. The program aimed to enhance GTI’s understanding of uranium & vanadium mineralisation within Section 2 at the southwestern end of the 5.5km mineralised strike including Section 36 between the Jeffery & Rats Nest areas (Figure 2). The data collected will help guide any further exploration drilling at the project area.
Read the full article here.
Updated Production Target Improves Economics at Tiris Uranium Project
Aura Energy Limited (ASX: AEE, AIM: AURA) (“Aura” or “the Company”) is pleased to present the updated production target improves economics at Tiris Uranium Project.
KEY POINTS:
- The February 2024 Front End Engineering Design (“FEED”)1 study production target and economics has been updated using the recently expanded 91.3Mlbs U3O8 Mineral Resource2 at the Tiris Uranium Project in Mauritania
- Production Target Update increased the total Project U3O8 life of mine production by 44% to 43.5Mlbs U3O8 and extended the mine life from 17 years to 25 years
- Project economics have also significantly improved:
- NPV8% of US$499 million (A$734 million) an increase of 29%
- IRR of 39% post tax and payback only 2.25 years
- Life of Mine post tax cash flows of US$1,509 million an increase of 42%
Aura’s Managing Director and CEO, Andrew Grove commented:
"The updated economics from the Production Target Update clearly show the very significant value inherent at Tiris as Aura Energy rapidly progress towards the funding and development of the Project. The US$4.5 million drilling program undertaken earlier this year not only delivered a 55% increase In Mineral Resources3 but has also demonstrated over US$100 million of additional Project NPV, now standing at US$499 million. It is our strong belief that there is still very significant potential to continue to add to the Mineral Resource and Reserve inventory around Tiris East and across the whole northern Mauritanian region, within the 13,000km2 of tenements that Aura has under application4.
With the current large scale of the Mineral Resource Estimate inventory and future resource growth potential, the prospect for significant increase in the uranium production rate from Tiris once in production is very real and we are working on assessing, analysing and shortly presenting the results from the work currently being undertaken.
The updated Production Target study has not only increased the mine life and significantly improved the project economics but has simplified and de-risked the early mining sequence and brought forward some uranium production by 21% in the first year, and by 9% over the first five years compared to the FEED study5. These improved metrics will further support the funding process which is currently underway with indicative offers due this quarter.
The Company is rapidly working towards achieving the Final Investment Decision by the end of the current quarter with many activities underway including water drilling, engagement with EPCM contractors and operational readiness preparations. And we look forward to providing further updates on progress.”
Key highlights and outcomes of the updated Production Target:
The update to the production target for the FEED study5 has allowed revenue to be moved forward in the mining schedule and also increased the overall life of mine.
- Robust base case project financial economics demonstrated by post-tax NPV8 of US$499M (A$734M) with IRR of 39%, and a 2.25-year payback at realised uranium price of US$80/lb U3O8
- At uranium prices of US$100/lb U3O8 the economics increase to post-tax NPV8 of US$779M (A$1,145M) with IRR of 55%
- Initial mine life increased from 17 years to 25 years, producing an average 1.8Mlbspa U3O8 from the 2.0Mlbspa U3O8 capacity process plant
- Life of Mine (“LOM”) uranium production increased from 30.1Mlbs U3O8 to 43.5Mlbs U3O8
- 93% Measured and Indicated Mineral Resources in mining schedule during the first four years, LOM Inferred material totals 33% mostly beyond ten years in the mining schedule
- The open pit mining is a simple, low-risk, shallow, free digging operation without the need for crushing and grinding
- Beneficiation delivers a high-grade leach feed averaging 2,217ppm U3O8 increasing from 1,997ppm U3O8 (over first 5 years) and overall remains approximately the same at 1,752ppm U3O8 from 1,743ppm U3O8 (LOM) at a very low average cost of US$9.16/lb U3O8
- AISC has increased to US$35.7/lb U3O8, an escalation of 3% on the 2024 FEED estimate5, largely due to a minor increase in waste to ore strip ratio from 0.7 to 0.8 waste to ore tonnes
- CAPEX of US$230M, was not re-evaluated in this update and remained unchanged from the FEED study7
- Uranium production planned within 18 months of Final Investment Decision
- Modular design provides opportunities for further capital efficient expansion and scalability
- The construction and operation of the Tiris Uranium Project will deliver significant and ongoing benefits to the people of Mauritania
Modular design provides opportunities for further capital efficient expansion and scalability
The update to the Production Target based on the successful exploration drilling program to update the Mineral Resource Estimate6 confirms the value in continued growth of the Tiris Project. The modular circuit design shown in Figure 1 allows flexibility in production scheduling and potential for rapid and simple expansion of production capacity.
Click here for the full ASX Release
This article includes content from Aura Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
A$1.48M Capital Raising: Entitlement Offer Launched
AuKing Mining Limited (ASX: AKN, AuKing) is pleased to advise that it has launched a pro-rata non-renounceable entitlement offer to existing shareholders to raise up to a maximum A$1.48M to fund ongoing exploration activities across the Company’s portfolio of exploration projects.
Highlights:
- Launch of a pro-rata non-renounceable entitlement offer of ordinary shares (New Shares) to existing shareholders on a 2 for 3 entitlement basis at an issue price of 0.7 cents per share to raise approximately $1.48 million (Entitlement Offer).
- For every two (2) New Shares issued to a holder as part of their subscriptions under the Entitlement Offer, the holder will also receive one (1) unlisted attaching option exercisable at 3 cents and expiring 30 April 2027 (New Option).
- Entitlement Offer is to fund:
- the planned drilling program at the Mkuju uranium project in southern Tanzania;
- a proposed radiometric survey over the Myoff Creek niobium/REE project in eastern BC, Canada;
- a planned RC drilling program at Sandiego North, part of the Koongie Park copper/zinc project;
- initial soil sampling program at the newly-acquired Great Codroy uranium project in Newfoundland, Canada; and
- the costs of the Entitlement Offer and for general working capital purposes.
- AuKing’s Directors (Peter Tighe and Paul Williams) have committed to subscribing for their pro-rata entitlements under the Entitlement Offer.
The issue price of $0.007 per Share under the Entitlement Offer represents a:
- 12.5% discount to the last closing price of $0.008 on 6 September 2024 (being the last trading day before AuKing announced the Entitlement Offer); and
- 31.4% discount to the 15-day volume weighted average price of AuKing shares on ASX of $0.0102 as at the same date.
The Entitlement Offer is not underwritten but Co-Lead Managers Empire Capital Partners Pty Ltd and Peak Asset Management Pty Ltd have been appointed by the Company to assist on a best endeavours basis to place any shortfall that may arise in respect of the Entitlement Offer.
Eligible shareholders will be invited to take up all or part of their entitlements under the Retail Entitlement Offer with the ability to subscribe for additional New Shares in excess of their entitlement. The Entitlement Offer will open on Friday, 20 September 2024 and close at 5:00 pm (Sydney time) on Thursday, 10 October 2024.
Eligible Shareholders include persons who:
- are registered as a holder of fully paid ordinary shares in AuKing as at 7:00 pm (Sydney time) on Tuesday, 17 September 2024 (Record Date);
- have a registered address in Australia and New Zealand as noted on the Company’s share register;
- are not in the United States and are not a person (including nominees or custodians) acting for the account or benefit of a person in the United States (to the extent such person holds existing shares for the account or benefit of such person in the United States); and
- are eligible under all applicable securities laws to receive an offer under the Entitlement Offer.
Entitlements are non-renounceable and will not be tradeable on ASX or otherwise transferable. Eligible shareholders who do not take up their Entitlements in full will not receive any payment or value in respect of those entitlements. Ineligible shareholders will not receive any payment or value in respect of entitlements that they would otherwise have received had they been eligible.
A Prospectus for the Entitlement Offer has been lodged by the Company with ASIC and ASX today. The Prospectus together with personalised Entitlement and Acceptance Forms will be dispatched to all Eligible Shareholders. It is important to note that this will include via electronic distribution for those Eligible Shareholders who have previously supplied the registry with their email address.
If you are an Eligible Shareholder, the number of New Shares and New Options that you are entitled to subscribe for under the Entitlement Offer (Entitlement) will be set out in a personalised Entitlement and Acceptance Form that will be enclosed with the Prospectus.
Click here for the Entitlement Offer Prospectus
Click here for the full ASX Release
This article includes content from AuKing Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AuKing Mining
Investor Insight
With a portfolio of advanced stage exploration assets in the uranium, critical minerals and base metals space, AuKing Mining is poised to execute and accomplish its goals of becoming a mid-tier producer, creating significant shareholder value.
Overview
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals, in Western Australia, Tanzania and British Columbia, Canada. The company aims to become a mid-tier copper, uranium and critical metals producer through the acquisition and development of near-term production assets.
AuKing’s portfolio of assets includes the Koongie Park copper-zinc project in Western Australia, the Mkuju uranium project in Tanzania, and the recently acquired Myoff Creek niobium-REE project in British Columbia, Canada.
AuKing has acquired the uranium bearing mineral claim known as the Grand Codroy uranium project approximately 50 km north of Port aux Basque, Newfoundland. Grand Cordroy spans 2,200 hectares and hosts several documented uranium occurrences located along a major radiometric high.
The company is led by an experienced management and board of directors supporting and executing on the company’s strategic goals of becoming a mid-tier producer through its diverse project portfolio.
Company Highlights
- AuKing Mining is an exploration and development company with a portfolio of exploration assets focused on uranium, copper and critical minerals.
- The company holds a diverse portfolio of advanced exploration assets in Western (Koongie Park), Tanzania (Mkuju) and British Columbia, Canada (Myoff Creek)
- Koongie Park has a mineral resource estimate totalling 21.1 Mt across three well-explored deposits - Onedin, Sandiego and Emull.
- AuKing is led by a highly experienced management team executing the company’s strategies to increase shareholder value.
Key Projects
Mkuju Uranium Project (Tanzania)
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources Limited (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a proposed 11,000m drilling program that is about to commence at Mkuju. Results included:
Auger drilling:
MKAU23_020 3m @ 1,273ppm U3O8 incl 1m @ 3,350ppm U3O8
MKAU23_045 3m @ 250ppm U3O8 incl 1m @ 410ppm U3O8
Soil samples:
MKGS006 510ppm U3O8
MKGS017 8,800ppm U3O8
MKGS056 960ppm U3O8
Rock chip samples:
MKGS056 2,250ppm
MKGS057 800ppm U3O8Mkuju project location
Myoff Creek Niobium-REE Project (British Columbia, Canada)
In July 2024, AuKing Mining completed the acquisition of the Myoff Creek niobium/REE project in British Columbia, Canada, known for its rich mineral deposits. The site offers excellent accessibility with well-maintained road infrastructure. The project highlights near-surface carbonatite mineralization that spans an area of 1.4 km by 0.4 km with high-grade historic drilling intercepts that include 0.93 percent niobium and 2.06 percent total rare earth oxides.
There is significant potential to expand the current target area as it remains open at depth and along strike.
HERE AuKing’s exploration team has completed a recent site visit to Myoff Creek and have identified the need for a detailed airborne radiometric survey to be undertaken across the tenure area. This survey is expected to commence in Q4 of 2024 and will include coverage of the area where historical drilling identified significant niobium/REE results – thereby providing a “marker” for potential mineralization across the rest of the Myoff Creek area.
Koongie Park Copper-Zinc Project
Koongie Park project lies within the highly mineralized Halls Creek Mobile Belt. The area also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the former Argyle diamond mine and the Nicolsons gold mining operation of Pantoro Limited. Koongie Park is located about 25 kms southwest of the regional centre of Halls Creek on the Great Northern Highway in northeastern Western Australia.
AuKing owns 100 percent interest (subject to a 1 percent net smelter royalty) in Koongie Park and has received significant historical exploration and drilling since the 1970s. The project contains three deposits of note: Onedin and Sandiego copper-zinc-gold deposits, and the Emull copper deposit.
Onedin and Sandiego are both in advanced exploration stages with a total mineral resource estimate of 4.8 Mt and 4.1 Mt, respectively, containing copper, zinc, gold, silver and lead. The Sandiego prospect boasts a scoping study (released in June 2023) that highlights an 11-year life of mine with a processing capacity of 750 ktpa and pre-production capex of $135 million for a 2.5 year payback. Economics highlight a pre-tax NPV of $177 million and 40 percent IRR.Koongie Park and neighboring project holdings
The Emull base metal deposit has received significant drilling by previous owner Northern Star Resources several years ago and subsequently by AuKing in 2022. The deposit has a maiden resource estimate of 12.2 Mt, containing copper, zinc, lead and silver, with significant upside potential as more drilling is performed.
Grand Codroy Uranium Project
The Grand Codroy uranium project covers 2,200 hectares with the presence of several documented uranium occurrences located along a major radiometric high. The property is approximately 50 km north of Port aux Basque, Newfoundland.
Project Highlights:
- Uranium Mineralisation: Uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States.
- High Grade Samples: Notable high-grade historical rock samples including:
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2%) Cu and 435ppm U
(Sample 3522) - >20,000ppm (2%) Cu and 400ppm U - Grand Codroy River #4 – 22,000ppm (2.2%) U
- Overfall Brook – 595ppm U
(Source – Newfoundland Labrador Dept of Industry, Energy and Technology)
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2%) Cu and 435ppm U
- Significant Exploration Potential: Grand Codroy tenure area largely untouched by modern exploration. Note the impressive results being reported by Infini Resources Limited (ASX:I88) at its Portland Creek uranium project, to the north of Grand Codroy in western Newfoundland.
- Strategic Location: The mineral claim is strategically situated approximately 50 km north of Port aux Basque, Newfoundland.
- Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
- Capital Raising: Placement of $130,000 to sophisticated investors with Melbourne's boutique Peak Asset Management leading the Placement, together with upcoming entitlement offer to existing shareholders.
Board and Management Team
Peter Tighe – Non-executive Chairman
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Tighe (with his wife Patty) owns Magic Bloodstock Racing (MBR), a thoroughbred horse racing and breeding company. MBR has acquired many horses which are trained and raced across Australia and around the world including “Winx”, one of the greatest thoroughbreds of all time winning more than $26 million in prize money.
Paul Williams – Managing Director
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
ShiZhou Yin – Non-executive Director
ShiZhou Yin holds a Master of Professional Accounting degree and is a Chinese-certified public accountant and a senior accountant. From September 1994 to September 2010, Yin served successively as accountant of Beijing No. 2 Water Pipe Factory, audit manager and audit partner of Yuehua Certified Public Accountants Firm, and senior partner of Zhongrui Yuehua Certified Public Accountants Co.
From April 2017 to the present time, Yin has been vice-president, chief financial officer and secretary of the board of JCHX Group Co..
Yin has also been the chairman of the board of supervisors of JCHX Mining Management Co. (Shanghai Stock Exchange Code: 603979) since May 2017. JCHX Mining Management is one of China’s largest mining services companies with operations around the world and has a share market capitalization of approx. US$5 billion.
Chris Bittar – Exploration Manager (MGeoSc, MComm (Finance), BMSc)
Chris Bittar was previously senior project geologist at Pantoro Limited’s Norseman Project in Western Australia, where he supervised the planning and execution of near-mine exploration and resource development programs as part of the Definitive Feasibility Study program at Norseman.
Prior to his Pantoro role, Bittar held senior geologist roles with Millennium Minerals (Nullagine Gold project) and Pilbara Minerals (Pilgangoora Lithium project), and exploration geologist roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project in WA). In these roles, Bittar gained extensive experience in taking projects from greenfield exploration to resource development and up to mine-ready feasibility study stage. This experience included supervision of multiple drilling campaigns, geological interpretation, data management and project reporting. Bittar has also maintained a strong commitment to company safety policies and procedures.
Paul Marshall – Chief Financial Officer and Company Secretary
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.
Global Demand for Uranium Remains Robust While Becoming a Pivotal Commodity in Today's Market
Sprott continued: "After a landmark year for uranium markets in 2023, 2024 has been an important step forward… On the commodity front, multiple factors are at play. The uranium bull market is still well underway. The uranium spot price increased 88.54% last year, with the majority of this occurring in a rapid, almost straight upward movement during the latter half of the year. As such, we believe a natural correction within the broader context of a bullish market cycle is a healthy sign of a functioning market… fundamentals continue to strengthen with nuclear power plant restarts, new builds and a deepening supply deficit. Notably, the spot market may have paused, but the increasingly positive fundamental picture has played out differently for both the term market and uranium miners."
Stallion Uranium ($STUD.V $STLNF) Outlines 9 High Priority Targets in Prolific Southwestern Athabasca Basin - Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF) (FSE: HM40) is pleased to provide an exploration update outlining 9 high priority target areas discovered across its land package in the prolific Southwestern Athabasca Basin. The targets highlighted are the compilation of all available data from survey's completed by the company that have allowed for the identification of previously unknown high priority targets. The company is continuing to undertake survey programs that will work to further upgrade these target areas and help prioritize them for advanced exploration and drill testing.
Key Exploration Highlights:
- Uncovered over 600km of prospective conductive corridors
- Outlining only high priority targets from over 3,000 sq/km of prospective land
- Discovered 9 Tier One target areas across land package
- Successful maiden drill program following Exploration Funnel, near term discovery potential
"Stallion's vision to discover the next significant uranium deposit in the Athabasca Basin is well underway," said CEO Drew Zimmerman "We acquired over 3,000 sq/km of highly prospective, yet vastly underexplored ground in the southwestern basin that borders industry majors like Cameco, Orano, Uranium Energy Company, NexGen Energy, and Fission Uranium. With the utilization of the latest exploration technology, we have transformed our ground from an unknown expanse into a land package that hosts not one, two or three areas with the potential for a world class deposit, but the nine being highlighted today!"
Overview - Stallion has covered every square kilometre of their land package with regional airborne surveys to uncover the most prospective conductive corridors. These conductive corridors are the "plumbing" network for uranium deposits that are detectable through airborne surveys in the Athabasca Basin. The company has continued their survey work, continuing to layer on more new data, which has allowed the company to highlight 9 tier one target areas that hold significant potential for discovery.
At the beginning of this year Stallion took huge strides, moving from early-stage exploration to the advanced stage with its maiden drill program. As the company implemented its exploration funnel, the Appaloosa target moved to the top of the list for drill testing, yielding great initial success in completing its objectives. The technical success that came from the first target has bolstered the company's confidence. With 8 additional tier one targets moving through the exploration funnel Stallion's opportunity, and probability, of making a significant uranium discovery continue to grow. CONTINUED … Read these full press releases and more news for Stallion Uranium at: https://stallionuranium.com/news/press-releases/
Other recent developments in the mining industry of note include:
Mustang Energy Corp . (CSE: MEC) on Sept. 6, 2024, entered into a binding purchase and sale agreement with two private arm's-length parties, Proton Uranium Ltd. and Electron Uranium Ltd. Pursuant to the purchase agreement, the company will acquire a 100-per-cent undivided interest in seven mineral claims, covering a total of 25,000 hectares, located in the Cluff Lake region of the Athabasca basin of Saskatchewan. Closing of the transaction remains subject to, without limitation, receiving all necessary consents and approvals, including the approval of the Canadian Securities Exchange, as well as satisfaction of customary closing conditions. Mustang expects to complete the transaction by Sept. 15, 2024.
About the Mineral property in the Cluff Lake region of the Athabasca basin - The 100-per-cent acquisition from Proton and Electron marks an exciting milestone in the Cluff Lake region of the Athabasca basin, with the newly secured land package spanning over 25,000 hectares (250 square kilometres). This prime positioning highlights the potential of the Cluff Lake properties, nestled within one of the world's most prolific uranium-producing areas. The extensive land package underscores the exploration potential and the opportunity to tap into high-grade uranium resources in a region renowned for its rich deposits.
NexGen Energy Ltd. (NYSE: NXE) recently announced the mineralized zone at Patterson Corridor East (PCE) has materially expanded since the original discovery in the 2024 Winter Program (see NexGen News Release dated March 11, 2024). The Summer Drill Program commenced May 21st, with eight (8) out of twelve (12) drillholes intersecting mineralization to date (Figures 1 and 2, Table 1). Extensive mineralization plunges to the east with a span of 540 malong strike and 600 m vertical extent, showing wide intervals of elevated radioactivity that remain open at depth and along strike. In comparison, previously reported holes from PCE had identified two mineralized holes, 275 m apart.
Leigh Curyer, Chief Executive Officer, commented: "In the first two months of the summer program, the results have rapidly indicated an expansive, mineralized footprint with remarkable continuity. Geological characteristics are very analogous to Arrow indicating a large, pervasive and high-grade system. The summer program has been purposely bold with very large drill step outs and has intersected mineralization in an additional 8 of the 12 holes drilled. Important to note, PCE has currently hit 4 holes with intense mineralization >61,000 cps, with this occurring at Arrow for the first time in the 15 th hole - which led to subsequently delineating broad ultra-high grade zones in the A2 shear of Arrow.
CanAlaska Uranium Ltd. (OTCQX: CVVUF) (TSX-V: CVV) recently reported that the Moon Lake South Joint Venture ("MLSJV") has approved a supplemental 2024 exploration budget. The supplemental budget will be used to complete a fall drill program that will test newly identified conductivity anomalies along the mineralized CR-3 Corridor. The CR-3 corridor is host to high-grade uranium mineralization discovered in 2023 in drill hole MS-23-10A (2.46% U3O8 over 8.0 metres). The MLSJV is 75%-owned and operated by Denison Mines Corp. ("Denison"), and CanAlaska holds a 25% ownership. CanAlaska is funding the Company's share of the 2024 exploration program.
CanAlaska CEO, Cory Belyk, comments, "I am very pleased with results from the winter geophysical program that have highlighted additional untested targets in the vicinity of high-grade mineralization intersected in 2023. The CR-3 corridor is already host to a significant number of mineralized drillholes which highlight its discovery potential. I congratulate our partner, Denison, for outlining additional priority targets and bringing this supplemental budget to the JV for consideration and approval. CanAlaska and its shareholders can look forward to continued news flow from the Moon Lake South JV in the fall."
FISSION URANIUM CORP. (OTCQX:FCUUF) (TSX: FCU) recently announced it has completed the Front End Engineering Design ("FEED") at its PLS high-grade uranium project in Saskatchewan, Canada. The completion of this crucial development phase includes all geotechnical drilling required for the tailings management facility ("TMF") and underground mine access, including the decline and ventilation shafts. The Company is now transitioning fully into the Detailed Design phase. Additionally, Fission is pleased to announce it has responded to all information requests received from the Ministry ("SK-ENV") regarding its initial draft EIS and has officially submitted an updated draft that includes all feedback received. The EIS permitting process, including a ministerial decision, is expected to conclude in Q4, 2024.
Ross McElroy, President and CEO for Fission, commented, " Fission's expert engineering team continues to make excellent progress at PLS. The completion of the FEED further derisks the project and is a critical step on the pathway to production. Completion of FEED brings the engineering to the level required to support the CNSC application to prepare site and construct a mine or mill. We are now fully transitioning into Detailed Design. In addition, pending assays, the success of this year's resource upgrade drilling at the R1515W zone should allow us to integrate this important high-grade zone into our overall mine plan, which aims to increase mine reserves. I am also delighted to confirm that Fission has submitted a revised draft EIS to the Province, and a Ministerial Decision is expected in Q4 of this year."
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Acquisition of Grand Codroy Uranium Project in Newfoundland, Canada
AuKing Mining Limited (ASX: AKN) is pleased to announce the proposed acquisition of a 100% interest in the Grand Codroy uranium exploration project in Newfoundland, Canada.
HIGHLIGHTS
- Uranium Mineralisation: Uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States.
- High Grade Samples: Notable high-grade historical rock samples including:
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2%) Cu and 435ppm U
(Sample 3522) - >20,000ppm (2%) Cu and 400ppm U - Grand Codroy River #4 – 22,000ppm (2.2%) U
- Overfall Brook – 595ppm U
(Source – Newfoundland Labrador Dept of Industry, Energy and Technology)
- Grand Codroy River #6 (Sample 153) - >20,000ppm (2%) Cu and 435ppm U
- Significant Exploration Potential: Grand Codroy tenure area largely untouched by modern exploration. Note the impressive results being reported by Infini Resources Limited (ASX:I88) at its Portland Creek uranium project, to the north of Grand Codroy in western Newfoundland.
- Strategic Location: The mineral claim is strategically situated approximately 50 km north of Port aux Basque, Newfoundland.
- Excellent Accessibility: The site offers excellent accessibility with well-maintained road infrastructure leading directly to the area.
- Capital Raising: Placement of $130,000 to sophisticated investors with Melbourne's boutique Peak Asset Management leading the Placement, together with upcoming entitlement offer to existing shareholders.
AuKing’s Managing Director, Mr Paul Williams, said that with the strong industry sentiment emerging from last week’s World Nuclear Association symposium in London, there is likely to be renewed levels of interest for uranium projects. The Company already has a significant position with its Mkuju uranium project in Tanzania and that the Company was excited to have been able to secure the Grand Codroy project in North America. With the global search for sources of uranium mineralisation in full steam he welcomed the opportunity to commence exploration activities after the completion of the acquisition.
Grand Codroy Uranium Project
AuKing has acquired a uranium bearing mineral claim in the Codroy Valley of south-west Newfoundland, Canada known as the Grand Codroy Uranium Project. The claim, covering an area of 2,200 ha, was selected due to presence of several documented uranium occurrences located along a major radiometric high. The Grand Codroy Uranium Property is approximately 50 km north of Port aux Basque, Newfoundland.
Figure 1 – Location of Grand Codroy uranium project, showing historical uranium and copper occurrences across the tenure (Source – Newfoundland Labrador Dept of Industry, Energy and Technology’s “Mineral occurrences database system report”)
The style of low-grade uranium mineralisation within extensive, organic-rich siliciclastic rocks is similar to sandstone-hosted uranium districts in the western United States. These districts have produced significant amounts of uranium from conventional and low-impact, low-cost in-Situ Recovery (ISR) operations. The potential for ISR amenable uranium mineralisation has never been evaluated in the Bay St. George Sub-basin. Based on regional maps the widespread nature of the noted uranium occurrences and the volume of potential host-rock is significant in this area and could potentially represent an economic uranium target.
ASX-listed Infini Resources Limited (ASX: I88) holds the Portland Creek uranium project in western Newfoundland, which is to the north of the Grand Codroy area. I88 is well advanced with a major surface geochemical sampling program and reporting results such as a 74,997ppm U3O8 assay result. (See I88 ASX release on 29 August 2024).
Click here for the full ASX Release
This article includes content from AuKing Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Cameco Named to TSX30 for 2024
Cameco (TSX: CCO; NYSE: CCJ) has been named #14 on the TSX30 2024, an annual ranking of the top performing stocks by the Toronto Stock Exchange (TSX).
Cameco's dividend-adjusted share price performance is up 186% and the company has seen a 210% increase in market capitalization over the past three years.
"We are pleased to see Cameco's strong and steady growth acknowledged by the TSX. As one of the largest global providers of uranium fuel, we have benefitted from the increasing demand for nuclear power while continuing to enhance value for investors through our disciplined strategy that aligns our operational, marketing and financial decisions," Cameco President and CEO Tim Gitzel said.
"While doing so, we've remained steadfast in our commitment to sustainability, including decarbonization efforts at our operations, diversifying our workforce, and building on our more than 35-year relationship with Indigenous and local communities. We are grateful for the dedicated work of our valued employees who make continued growth possible."
Established in 2019, the TSX30 is an annual list of the 30 top-performing companies on the TSX based on dividend-adjusted share price performance over a three-year period.
"This year's TSX30 reflects the leadership and innovation of Canadian companies as they drive the transition to a cleaner energy future. These top performers are shaping the future of Canada's economy and ensuring our strengths in energy and mining align with the emerging technology sector to keep Canada competitive on the global stage," said Loui Anastasopoulos, Toronto Stock Exchange CEO.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
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306-716-6782
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