Energy Fuels reported 2022-2Q results in line with expectations, absent mark-to-market losses. The company reported a loss of $18.1 million or $0.11 per share. However, that included a $13.4 million negative mark to market of the value of investments. Absent that charge, adjusted net income would have been a loss of $4.7 million, or $0.03 per share, vs. our forecast for a loss of $8.6 million, or $0.06 per share. Vanadium and Rare Earth Element (RRE) sales are modest but poised to expand. The company sold 575,000 lbs. of vanadium, almost twice our forecast at an average price of $13.44/lb. Pricing has dropped so the company has discontinued sales. UUUU sold 205 tonnes of RRE, in line with expectations and pricing. Energy Fuels continues to make strides towards assuring RRE supply and developing circuits to separate heavy and light RRE at its White Mesa facilities. Read More >>
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Energy Fuels - More signs that production is getting closer to ramping up
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Energy Fuels
Overview
Energy Fuels (TSX:EFR,NYSE:UUUU) has been the largest producer of uranium in the United States and an emerging producer of rare earth elements (REEs). The company is also a major producer of vanadium when market conditions warrant. The company’s portfolio of assets positions it to contribute meaningfully to some of the most important challenges faced by the world today - climate change and energy security. Uranium remains the core business for Energy Fuels; however, the company is rapidly expanding its REE capacity, as well.
Energy Fuels is the only uranium producer with both conventional production and in-situ recovery (ISR) in the US. Its 100-percent-owned White Mesa Mill is the only conventional uranium mill in the country with a licensed capacity of over 8 million pounds (Mlbs) of U3O8 per year. The company also owns the Nichols Ranch uranium recovery facility in Wyoming, which is a fully permitted uranium ISR facility with a licensed capacity of 2 Mlbs of U3O8 per year. The Nichols Ranch project is currently being maintained on standby.
Favorable uranium market conditions prompted Energy Fuels to ramp up uranium production at three permitted and developed uranium mines in Arizona and Utah. Once production is fully ramped up at Pinyon Plain, La Sal and Pandora, the company expects to produce uranium at a run rate of 1.1 to 1.4 million pounds per year. Ore mined from the three sites in 2024 will be stockpiled at the White Mesa Mill in Utah for processing in late-2024 or 2025.
The company is also preparing the Whirlwind and Nichols Ranch mines to commence uranium production within one year, potentially increasing uranium production to over two million pounds of U3O8 annually starting in 2025.
In addition to its core uranium business, Energy Fuels is building out its rare earth element (REE) production and processing at the White Mesa Mill. The company recently completed construction of phase 1 rare earth oxide production with the capacity to produce 800 to 1,000 metric tons (MT) of neodymium-praseodymium (NdPr) oxide per year. The company is designing phase 2 and 3, which will increase NdPr oxide production to 4,000 to 6,000 MT per year, while also adding commercial scale “heavy” rare earth production, including terbium (Tb) and dysprosium (Dy).
In December 2023, Energy Fuels and Astron Corporation executed a non-binding MOU to jointly develop the Donald Mineral sands project, a large heavy mineral sand deposit that has the potential to supply Energy Fuels with approximately 7,000 tonnes of rare earth-bearing monazite sand per year starting in 2026, ramping up to 14,000 tonnes per year soon after.
Further to becoming a global leader in critical minerals production, in April 2023, Energy Fuels executed a definitive scheme implementation deed with Base Resources (ASX:BSE,AIM:BSE) to acquire 100 percent of the issued shares of Base Resources. The acquisition includes Base Resources' 100 percent-owned advanced, world-class Toliara heavy mineral sands project in Madagascar.
Vanadium and medical isotopes present another long-term growth opportunity for Energy Fuels. White Mesa Mill is a significant US producer of vanadium (V2O5), and the only primary producer in the US It currently holds 0.9 Mlbs in inventory and aims to selectively produce and sell into the market based on the strength of price. The company also continues to evaluate the potential to recover medical isotopes from its existing uranium and vanadium process streams. These isotopes are required for emerging cancer therapies.
Sustainability is a key part of the company’s focus. It is committed to recycling naturally bearing uranium and vanadium materials. White Mesa Mill has a separate circuit for processing alternate feed materials, thereby promoting sustainable sourcing, reducing carbon emissions and saving resources.
Further, the company benefits from a management team with a record of building and operating both conventional and ISR uranium mines globally.
Company Highlights
- Energy Fuels is one of the largest producers of uranium in the United States and an emerging producer of rare earth elements (REEs), all of which are key inputs in the production of clean energy.
- The company is currently ramping-up uranium production with a goal to achieve 2 million pounds of uranium production in the short-term.
- The company’s White Mesa Mill, located in Utah is the only conventional uranium and vanadium recovery facility operating in the US, having a licensed capacity of over 8 million pounds of U3O8 per year.
- In addition, the company also owns multiple uranium and uranium/vanadium properties which are in pre-production or on standby, plus three large-scale projects that are in the permitting stage and have potential to produce more than 4 million pounds of additional U3O8 per year.
- Energy Fuels is building the first fully integrated REE supply chain in the US. The White Mesa Mill has the licenses and capability to handle and process radioactive materials in the REE-bearing monazite sands and produce advanced REE products.
- The company recently completed construction of a circuit capable of producing up to 1,000 tpa of NdPr oxide per year, a key ingredient in permanent rare earth magnets needed in EVs, wind energy and military and defense technologies.
- The acquisition of the Bahia project (Brazil) in February 2023 ensures the availability of low-cost REE-bearing monazite sands to the White Mesa Mill for decades.
- The company is also in the process of acquiring the Toliara project in Africa and the Donald project in Australia - both containing large quantities of monazite resources.
- The company’s products have the key ESG attributes needed to address climate change. Uranium is the key fuel for zero-carbon baseload nuclear energy; vanadium is suitable for grid-scale batteries; REEs for clean energy technologies such as EVs and wind power generation.
Key Projects
White Mesa Mill, Utah
White Mesa Mill, located near Blanding, San Juan County, Utah, is the only conventional uranium, vanadium and REE recovery facility operating in the US, with a licensed capacity of over 8 Mlbs of U3O8 per year. In addition to uranium, the Mill has a separate vanadium by-product recovery circuit, and a stand-alone NdPr separation circuit. The company is planning to increase NdPr oxide capacity from 1,000 MT to 4,000 to 6,000 MT per year, while also adding commercial scale “heavy” rare earth production, including terbium (Tb) and dysprosium (Dy). When in full operation, the mill employs approximately 150 people. .
The White Mesa Mill has a separate circuit for recycling alternate feed materials, which are other uranium-bearing materials, not derived from conventional ore. Recycling materials back into the market contributes to Energy Fuels’ commitment to sustainability.
The mill has been producing and selling mixed rare earth carbonate from REE-bearing monazite sands since 2021.
In early 2023, the company began modifying and enhancing its circuits at the Mill (phase 1) to be able to produce separated REE oxides. Phase 1 was completed significantly under-budget and on-time in Q1-2024, with the capacity to produce roughly 800 to 1,000 MT of NdPr oxide per year. It is then planned for a further increase to 4,000 – 6,000 MT by 2026/27 (phase 2). A phase 3 program to produce heavy separated REE products, such as dysprosium, terbium and potentially other advanced REE materials, is expected to be completed by 2027/28.
The input (REE-bearing monazite sands) needed to produce these REEs will be supplied by the Bahia project (Brazil), which was acquired by Energy Fuels in February 2023, along with the Toliara and Donald projects (if announced transactions are completed).
Nichols Ranch, Wyoming
Nichols Ranch is an ISR uranium mine located in the productive Powder River Basin district of Wyoming, with a total licensed capacity of 2 Mlbs of U3O8 per year. Energy Fuels acquired this key production asset in 2015 through its acquisition of Uranerz Energy Corporation.
The project is currently on standby and restoration, pending market conditions improving sufficiently to resume production. The company will need to incur capital expenditures to develop additional wellfields, as all existing wellfields are now depleted.
The Nichols Ranch ISR project has measured and indicated mineral resources of nearly 7 Mlbs of uranium and inferred resource estimate of 1.3 Mlbs of uranium.
Pinyon Plain Project, Arizona
The Pinyon Plain mine is a development-stage high-grade uranium mine located in Arizona. Acquired by Energy Fuels in 2012, the mine is currently in the pre-production stage with ongoing work including installing surface ventilation fans, secondary egress equipment and other underground development work. The mine hosts proven and probable uranium reserves at 1.6 Mlbs at average grades of 0.60 percent U3O8, along with additional indicated mineral resources of 0.70 Mlbs at average grades of 0.95 percent. The company plans to complete an underground drilling program in 2024 to potentially expand the reserves and resources.
La Sal Complex, Utah
The La Sal Project is an existing complex comprising seven individual underground uranium mines and properties in eastern Utah, including the Beaver, Pandora, La Sal, Energy Queen and Redd Block Project. As of September 30, 2023, the company was performing rehabilitation and development work on its La Sal Project. This additional work will make the La Sal Project “mine ready” should market conditions warrant reopening of the mine.
La Sal hosts inferred mineral resources of 4.3 Mlbs of uranium and 17.8 Mlbs of vanadium at average grades of 0.26 percent U3O8 and 1.08 percent V2O5.
Sheep Mountain Project, Wyoming
The Sheep Mountain project, also located in Wyoming, includes an open-pit operation (the Congo pit), as well as the existing Sheep Mountain underground mine. The project is in Jeffrey City, Wyoming, and is easily accessible via airport and road. The project is currently on standby, pending evaluation of the processing options for the Sheep Mountain Project and improvement in market conditions.
The project has a resource estimate of approximately 4.2 million tons of measured and indicated resources at an average grade of 0.11 percent U3O8, including 18.4 Mlbs of probable mineral reserves. The pre-feasibility study estimates the project can produce up to 1.5 Mlbs of U3O8 annually over a 15-year mine life.
Roca Honda Project, New Mexico
The project is in McKinley County in New Mexico, covering an area of 4,440 acres. It is located within trucking distance of the White Mesa Mill and as such, materials mined from the project are to be processed at the White Mesa mill. The project is adjacent to General Atomics’ Mount Taylor mine and could see similar success. The Roca Honda Project is in the advanced stage of permitting.
The project has measured and indicated resources estimated at 1.8 million tons, with an average grade of 0.48 percent U3O8 containing 17.6 Mlbs U3O8, and inferred mineral resources estimated at 1.5 million tons of U3O8 with an average grade of 0.46 percent U3O8 containing 13.8 Mlbs U3O8. Once operational, it could produce up to 2.7 Mlb U3O8 annually with a nine-year mine life.
Bullfrog Project, Utah
The project is located in eastern Garfield County, Utah, covering 2,344 acres. The property is 100 percent owned by the company and was acquired in 2012. There is no existing infrastructure on the Bullfrog Property.
The project has measured and indicated resources estimated at 1.56 million tons, with an average grade of 0.29 percent U3O8 containing 9.1 Mlbs U3O8 and inferred mineral resources estimated at 0.41 million tons of U3O8 with an average grade of 0.25 percent U3O8 containing 2.0 Mlbs U3O8. The project is currently in the permitting stage.
Monazite Supply Chains
Energy Fuels is securing three monazite assets: the Bahia project in Brazil, the Donald project in Australia, and the Toliara project in Africa.
Bahia Project, - Brazil
The Bahia project, a well-known heavy mineral sand (HMS) deposit, covers a total area of 15,089.71 hectares and has the potential to supply 3,000 to 10,000 metric tons of natural monazite concentrate per year for decades. Aside from REE-bearing monazite, the Bahia Project is also expected to produce large quantities of high-quality titanium (ilmenite and rutile) and zirconium (zircon) minerals. REE production is highly complementary to Energy Fuels' existing US-leading uranium business, as monazite and other major REE-bearing minerals naturally contain uranium that will be recovered and other impurities that will be removed at the Mill before further processing into advanced high-purity REE materials. Drilling at the project is underway and resource estimate is expected in late 2024 or 2025.
Donald Project - Australia
The Donald rare earth and mineral sands project is located in the Wimmera Region in Victoria, Australia and is a world-class, world-scale, 'shovel-ready' critical mineral deposit. Energy Fuels believes Donald will provide another near-term, low-cost, and large-scale source of monazite sand in an REE concentrate that would be transported to the company's White Mesa Mill in Utah. The company is currently negotiating definitive JV agreements with Astron Resources under which Energy Fuels will receive all monazite produced from the project.
Toliara Project – Madagascar
Toliara is a significant, long-life, and large-scale mineral sand deposit located in the southwest portion of Madagascar. According to a 2023 Preliminary Feasibility Study( PFS), Toliara is expected to produce an average of 1,033 kt heavy mineral sands per annum (including rutile, ilmenite and zircon), along with 21.8 kt per annum of rare earth bearing monazite. The PFS reports a post-tax NPV10 of $2.0 billion, 32.4% IRR, and $371 million of annual EBITDA. The company is acquiring Toliara through a proposed acquisition of Base Resources, which is expected to be completed by the Fall of 2024, subject to closing.
Management Team
Mark Chalmers – President and CEO
Mark Chalmers brings a wealth of experience in mining and mineral processing to his position. Prior to his promotion to CEO in 2018, he served as president and chief operating officer of Energy Fuels. Chalmers is an expert in ISR uranium production and has managed the Beverley Uranium Mine owned by General Atomics (Australia) and the Highland Mine owned by Cameco Corporation (USA). Additionally, he has consulted several large players in the uranium supply sector, including BHP, Rio Tinto and Marubeni. He has served as the chair of the Australian Uranium Council for 10 years. He holds a Bachelor of Science in mining engineering from the University of Arizona and is a registered professional engineer.
David Frydenlund - Executive Vice-president, Chief Legal Officer and Corporate Secretary
David Frydenlund has over 35 years in the mining and energy sectors with expertise in regulatory and environmental laws and regulations at the state and federal levels. Frydenlund served as the vice-president of regulatory affairs, general counsel, and corporate secretary of Denison Mines. and its predecessor, International Uranium Corporation (IUC). He was also a director at IUC and served as Chief Financial Officer. He was the vice-president of the Lundin Group, a collection of international public mining and oil and gas companies. He also worked as a partner at the Vancouver law firm of Ladner Downs (now Borden Ladner Gervais), specializing in corporate, securities and international mining transactions law.
Curtis Moore – VP of Marketing & Corporate Development
Curtis Moore is involved in overseeing product marketing, public relations, investor relations and government relations, as well as M&A, strategy and legal matters. He has been working with Energy Fuels for over 15 years in various leadership positions. Before Energy Fuels, Moore worked in diverse fields, including multi-family real estate development, government relations and public affairs, production homebuilding, and private law practice. He earned a Juris Doctor degree and a Master of Business Administration from the University of Colorado, Boulder. Additionally, he holds a dual bachelor’s degree in economics-government from Claremont McKenna College.
J. Birks Bovaird – Chairman of the Board
J. Birks Bovaird has served as an independent director of several public resource companies including GTA Resources and Mining (TSXV:GTA) and Noble Mineral Exploration (TSXV:NOB). He brings extensive experience in corporate financial consulting and strategic planning. He holds an ICD.D designation.
Federal Court of Australia Approves Transformational Acquisition of Base Resources
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in uranium and rare earth elements ("REE") production for the energy transition, is pleased to announce that the Federal Court of Australia (the "Court") has today made orders approving the proposed acquisition of Base Resources Limited ("Base") by Energy Fuels by way of a scheme of arrangement under Australia's Corporations Act (the "Scheme").
As previously announced on April 21, 2024, under the Scheme, Energy Fuels will acquire 100% of the issued shares of Base in consideration of the issuance by the Company of 0.026 Energy Fuels Common Shares for every Base share held and the payment by Base of a special dividend of AUD $0.065 per Base share.
Mark S. Chalmers, President and CEO of Energy Fuels stated: "I am very pleased that the Court has approved Energy Fuels' combination with Base Resources. This approval is the final approval required before closing, which is expected to occur on October 2, 2024. We look forward to developing the world-class Toliara Project with Base's experienced team as a major step in our development of a world-class critical minerals company at a time when geopolitics is making domestic supply chains more important than ever. I am also very pleased to see that the recent improvements in REE prices are continuing, with the price of NdPr now at approximately $59.60 per kilogram."
As a next step, a copy of the Court order will be lodged with the Australian Securities and Investments Commission ("ASIC") and the Scheme will become effective, which is expected to occur on September 13, 2024. As a result, September 13, 2024, is expected to be Base's last day of trading on the Australian Stock Exchange ("ASX"). The Special Dividend (AUD$0.065 per share) is expected to be paid to Base shareholders on October 1, 2024, and implementation of the Scheme is expected to occur on October 2, 2024.
The Toliara Project is subject to negotiation of fiscal terms with the Madagascar government and the receipt of certain Madagascar government approvals and actions before a current suspension on activities at the Toliara Project will be lifted and development may occur.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element ("REE") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com.
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as a leading producer of uranium in the U.S.; any expectation that the acquisition of Base Resources will be completed or if completed, completed on the terms and time proposed; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Toliara Project, if acquired; any expectation that the current suspension relating to the Toliara Project will be lifted in the near future or at all; any expectation that the Toliara Project will be developed; any expectation that the Company will become a world-class critical minerals hub; and any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Company to complete the acquisition of Base Resources; the failure of the Government of Madagascar to agree on fiscal terms for the Toliara Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara Project to be lifted on a timely basis or at all; the failure of the Company to provide or obtain the necessary financing required to develop Toliara Project and the Company's other projects; available supplies of monazite; the ability of the Mill to produce REE carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for heavy mineral sands and/or REEs; actual results may differ from all such estimates and projections; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
Federal Court of Australia Approves Transformational Acquisition of Base Resources
Combination expected to close on October 2, 2024
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in uranium and rare earth elements (" REE ") production for the energy transition, is pleased to announce that the Federal Court of Australia (the " Court ") has today made orders approving the proposed acquisition of Base Resources Limited (" Base ") by Energy Fuels by way of a scheme of arrangement under Australia's Corporations Act (the " Scheme ").
As previously announced on April 21, 2024 , under the Scheme, Energy Fuels will acquire 100% of the issued shares of Base in consideration of the issuance by the Company of 0.026 Energy Fuels Common Shares for every Base share held and the payment by Base of a special dividend of AUD $0.065 per Base share.
Mark S. Chalmers , President and CEO of Energy Fuels stated: "I am very pleased that the Court has approved Energy Fuels' combination with Base Resources. This approval is the final approval required before closing, which is expected to occur on October 2, 2024 . We look forward to developing the world-class Toliara Project with Base's experienced team as a major step in our development of a world-class critical minerals company at a time when geopolitics is making domestic supply chains more important than ever. I am also very pleased to see that the recent improvements in REE prices are continuing, with the price of NdPr now at approximately $59.60 per kilogram."
As a next step, a copy of the Court order will be lodged with the Australian Securities and Investments Commission (" ASIC ") and the Scheme will become effective, which is expected to occur on September 13, 2024. As a result, September 13, 2024, is expected to be Base's last day of trading on the Australian Stock Exchange (" ASX "). The Special Dividend (AUD$0.065 per share) is expected to be paid to Base shareholders on October 1, 2024, and implementation of the Scheme is expected to occur on October 2, 2024.
The Toliara Project is subject to negotiation of fiscal terms with the Madagascar government and the receipt of certain Madagascar government approvals and actions before a current suspension on activities at the Toliara Project will be lifted and development may occur.
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (" REE ") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver, and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as a leading producer of uranium in the U.S.; any expectation that the acquisition of Base Resources will be completed or if completed, completed on the terms and time proposed; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Toliara Project, if acquired; any expectation that the current suspension relating to the Toliara Project will be lifted in the near future or at all; any expectation that the Toliara Project will be developed; any expectation that the Company will become a world-class critical minerals hub; and any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Company to complete the acquisition of Base Resources; the failure of the Government of Madagascar to agree on fiscal terms for the Toliara Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara Project to be lifted on a timely basis or at all; the failure of the Company to provide or obtain the necessary financing required to develop Toliara Project and the Company's other projects; available supplies of monazite; the ability of the Mill to produce REE carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for heavy mineral sands and/or REEs; actual results may differ from all such estimates and projections; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar , on SEDAR+ at www.sedarplus.ca , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
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Energy Fuels Advancing Work to Prepare for Restart at Nichols Ranch Uranium Project in Wyoming
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), ("Energy Fuels", "EFR" or the "Company") an industry leader in uranium and rare earth elements production for the energy transition, today announced that its work to prepare for the restart of its Nichols Ranch in-situ recovery ("ISR") uranium mine 80 miles northeast of Casper, Wyoming in the Powder River Basin is advancing as planned, with initial pre-production drilling intercepts showing stronger mineralization than anticipated. The Company currently expects that the development of the remainder of its permitted Production Area 2 ("PA2") could be ready to commence production as early as July 1, 2025, with the start date based on market conditions.
Energy Fuels could quickly add uranium production from Nichols Ranch to its other operating conventional mines in Arizona and Utah. The Company also disclosed an additional uranium supply contract with a US nuclear energy utility in its Q2, 2024 quarterly report, continuing its commitment to the domestic uranium industry and demonstrating expanding offtake interest.
"We are very pleased with our progress to date in preparing Nichols Ranch for a potential restart of production in 2025, and these significant drilling results are exceeding our expectations and further demonstrate the strength of this project," said Mark Chalmers, president and CEO of Energy Fuels Inc. "This puts us one step closer on the path to meeting our projections, increasing our market share of the nuclear fuel supply chain, and potentially expanding our uranium resources."
With a licensed annual capacity of two million pounds of uranium, the fully licensed, permitted and constructed Nichols Ranch ISR facility is a priority resource in the Company's development pipeline. To restart production, the Company is performing delineation drilling and, based on that delineation drilling, plans to advance new header houses and install new well-fields in its permitted PA2 area at the mine. In addition to this delineation drilling, the Company has been advancing the restart by overhauling the on-site deep disposal well earlier this year and making some capital improvements to the existing plant.
Dan Kapostasy, Vice President, Technical Services stated,"We recently drilled 39 out of the planned 125 delineation holes at Nichols Ranch, with five that significantly exceeded expectations and the rest consistent with anticipated results. As we continue our exploration, we will better identify the location of resources within the site to allow us to optimize wellfield design ahead of a final mining decision, anticipated by the end of the year."
Highlights
Pre-development drilling activities at PA2 at Nichols Ranch have completed 39 drill holes to date. All but four holes have uranium mineralization and five have encountered mineralization greater than 1.0 GT.
The Company anticipates updating the Nichols Ranch Technical Report, which will include these significant drill intercepts, once the drilling campaign is completed later this year.
Following this drilling campaign, the Company intends to drill approximately 152 holes on its Collins Draw area, a southeastern extension of its Jane Dough mineralized trend located in Sections 35 and 36, T43N, R76W, and Sections 1, 2 & 12, T42N, R76W, Campbell County, Wyoming. Once complete, these holes, along with historical holes drilled by Cleveland Cliffs and American Nuclear will be used to estimate an NI 43-101/S-K 1300 compliant mineral resource, which would be added to the existing mineral resource at the Nichols Ranch Project.
Technical Details
The current mineral resource estimate for the Nichols Ranch area (including the Jane Dough, Hank and North Rolling Pin areas, but excluding Collins Draw) of the Nichols Ranch Complex is given below, and details can be found in the Technical Report on the Nichols Ranch Project, Campbell and Johnson Counties, Wyoming USAdated February 22, 2022 and effective December 31,2021, as amended February 8, 2023, and prepared by Grant A. Malensek, M. Eng., P. Eng., Mark Mathisen, C.P.G., Jeremy Scott Collyard, PMP, MMSA QP, each a Qualified Person employed by SLR, Jeffrey L. Woods, MMSA QP, a Qualified Person employed by Woods Process Services, and Phillip E. Brown, C.P.G., R.P.G., a Qualified Person employed by Consultants In Hydrogeology (the "Nichols Ranch Technical Report Summary").
Current Nichols Ranch Project Mineral Resource Estimate – Effective December 31, 2021
Notes:
- SEC S-K 1300 definitions were followed for all Mineral Resource categories. These definitions are also consistent with CIM (2014) definitions in NI 43-101.
- Measured Mineral Resource includes reduction for production through December 31, 2021.
- Mineral Resources are 100% attributable to EFR for Nichols Ranch, Hank, and North Rolling Pin, and are in situ. Mineral Resource estimates are based on a GT cut-off of 0.20 %-ft.
- Mineral Resources are 81% attributable to EFR and 19% attributable to United Nuclear Corp in parts of Jane Dough, and are in situ.
- Mineral Resource estimates are based on a GT cut-off of 0.20 %-ft
- The cut-off grade is calculated using a metal price of $65/lb U3O8, operating costs of $19.28/lb U3O8, and 60.4% recovery (based on 71% process recovery and 85% under wellfield)
- Mineral Resources are based on a tonnage factor of 15.0 ft3/ton (Bulk density 0.0667 ton/ft3 or 2.13 t/m3).
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Numbers may not add due to rounding
All grades reported in this press release are "equivalent" eU3O8 grades as they were calculated from calibrated downhole gamma logging of the drill holes. The downhole probe was calibrated at the U.S. Department of Energy test pits located in Casper, Wyoming by Energy Fuels staff and verified on site by Century Geophysical Corporation. All drill holes reported are vertical and were verified as vertical using downhole deviation logging. All thicknesses reported are true thicknesses.
Qualified Person Statement
The scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Vice President, Technical Services for the Company, who is a "Qualified Person" as defined in S-K 1300 and National Instrument 43-101.
About Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element ("REE") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as a leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rates or quantities of production; any expectation that the development of the remainder of PA2 could be ready to commence production as early as July 1, 2025, based on market conditions; any expectation that the Company's progress to date and/or delineation drilling results to date puts the Company one step closer on the path to meeting its projections, increasing its market share of the nuclear fuel supply chain, and/or potentially expanding its uranium resources; any expectation that the Company anticipates updating the Nichols Ranch Technical Report; any expectation that, following the current delineation drilling campaign, the Company will drill approximately 152 holes to convert the historic resource at the Collins Draw area to a current NI 43-101/S-K 1300 mineral resource, or that any such mineral resource would be added to the mineral resource at the Nichols Ranch Project; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; and any expectation as to the accuracy of mineral resource estimates or that any mineral resources will actually be mined. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; market factors; market prices and demand for uranium; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
Energy Fuels' Transformational Acquisition of Base Resources Wins Shareholder Approval; All Required Regulatory Approvals have been Obtained
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in uranium and rare earth elements ("REE") production for the energy transition, is pleased to announce that it has achieved a major milestone toward its planned acquisition of Base Resources ("Base") with the approval of the acquisition by Base shareholders at a special meeting of shareholders held in Perth, Australia on September 5, 2024. Further, as previously announced by Base, all required regulatory approvals for the acquisition have been obtained.
Mark S. Chalmers, President and CEO of Energy Fuels stated:
"We are pleased that the Base shareholders voted overwhelmingly to approve Energy Fuels' combination with Base Resources. We believe that the combined company will clearly emerge as a world-leader in producing several of the critical minerals and materials needed for the clean energy transition. The Toliara, Bahia and Donald projects are expected to become large-scale, world-class, and low-cost heavy mineral sand projects in the coming years, producing titanium, zirconium and rare earth minerals. Energy Fuels is uniquely placed in the world to unlock the value of the rare earth minerals (monazite and xenotime) at our White Mesa Mill, and we have proven our ability to recover and produce advanced separated rare earth materials in the USA. I am also very pleased to see recent improvements in REE prices, with the price of NdPr recently increasing to $60.21 per kilogram.
We look forward to completing the next steps in our acquisition of Base Resources and closing the Transaction on October 2, 2024."
Base Shareholders Overwhelming Vote in Favor of Combination with Energy Fuels:
As previously announced on April 21, 2024, Energy Fuels entered into an agreement to acquire 100% of the issued shares of Base in consideration of the issuance by the Company of 0.026 Energy Fuels Common Shares for every Base share held and the payment by Base of a special dividend of AUD $0.065 per Base share (the "Transaction"). The Transaction is to be effected by way of a scheme of arrangement under Australia's Corporations Act (the "Scheme").
At their September 5, 2024 meeting, the shareholders of Base overwhelmingly voted in favor of the Scheme, with 99.88% of the votes cast by Base shareholders in favor of the transaction, and 93.18% of the Base shareholders present and voting (in person or by proxy) in favor of the transaction. Both voting results significantly exceed the requirements for shareholder approval, being more than 75% of the votes cast and more than 50% of the shareholders present.
As a next step, Base will apply to the Federal Court of Australia (the "Court") for approval of the Scheme, which is scheduled to occur on September 12, 2024. If the Court approves the Scheme, a copy of the Court order will be lodged with the Australian Securities and Investments Commission ("ASIC") and the Scheme will become effective, which is expected to occur on September 13, 2024. As a result, September 13, 2024 is expected to be Base's last day of trading on the Australian Stock Exchange ("ASX"). The Special Dividend (AUD$0.065 per share) is expected to be paid to Base shareholders on October 1, 2024, and Closing of the Transaction is expected to occur on October 2, 2024. The closing remains subject to this Court approval and other routine conditions.
All Required Regulatory Approvals have been Obtained:
On July 1, 2024, Base received notice from the Competition Authority of Kenya that it had approved the proposed combination pursuant to the Competition Act of Kenya. On August 21 2024, Base announced that Energy Fuels had received written confirmation from the Foreign Investment Review Board that the Australian government has no objections to the proposed combination, and on August 27, 2024, Base received confirmation from the Malagasy Competition Council that it does not object to the proposed combination of Energy Fuels and Base and that the Transaction may proceed. As a result, all the regulatory conditions precedent to the Scheme are considered satisfied, and there are no remaining regulatory approval conditions precedent to implementation of the Scheme and closing of the Transaction.
The acquisition of Base Resources and its 100%-owned Toliara Mineral Sand Project in Madagascar ("Toliara"), together with the Company's 100%-owned Bahia Mineral Sand Project in Brazil ("Bahia") and the Company's recently announced joint venture with Astron Corporation to develop the Donald Mineral Sand Project in Australia ("Donald"), is expected to transform Energy Fuels into a world-leader in REE's, titanium, and zirconium production, while maintaining it's position as a leading U.S. uranium mining producer. The Toliara, Bahia, and Donald projects are heavy mineral sand ("HMS") projects that, upon development, will primarily produce titanium and zirconium minerals, including ilmenite, rutile, and zircon. Subject to receipt of further permitting and development, these HMS projects are also expected to produce a valuable monazite sand byproduct, which is one of the best sources of the "magnet" REE's used in electric vehicles ("EVs"), plug-in hybrid vehicles, direct-drive wind energy, and other technologies. The Toliara Project is expected to be Energy Fuels' cornerstone source of monazite supply, providing a long-term and large-scale supply of monazite to the Company's White Mesa Mill in Utah (the "Mill") for processing into REE oxides and other advanced REE materials, along with the recovery of contained uranium. As the monazite is expected to be a very low-cost byproduct of Toliara's primary ilmenite and zircon production, the production of REE oxides at the Mill is expected to be low-cost and globally competitive. The Toliara Project is subject to negotiation of fiscal terms with the Madagascar government and the receipt of certain Madagascar government approvals and actions before a current suspension on activities at the Toliara Project will be lifted and development may occur.
Energy Fuels Successfully Commissions REE Separation Circuit; Turns Focus to Uranium Production for the Remainder of 2024:
During Q2- and Q3-2024, the Company successfully commissioned an REE separation circuit at its 100%-owned White Mesa Mill. This "Phase 1" circuit has the capacity to produce up to 1,000 metric tons ("tonnes") of separated NdPr per year. During commissioning, the Company recovered, dried, and packaged approximately 40 tonnes of high-purity, on-spec separated NdPr. The Company estimates that it recovered an additional 10 to 20 tonnes of separated NdPr, which remains in circuit and will be packaged at a later date. This 50 – 60 tonnes of NdPr production exceeds the Company's original guidance of 25 – 35 tonnes by over 40%.
The Company is currently in the process of shifting its production focus at the Mill from REE's to uranium. During 2024, the Company expects to produce 150,000 to 500,000 pounds of U3O8 from stockpiled alternate feed materials and conventional ore. In addition, ore production and underground development at its Pinyon Plain and La Sal mines continues on schedule and on budget.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element ("REE") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com.
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as a leading producer of uranium in the U.S.; any expectation with respect to timelines to production; any expectation as to rates or quantities of production; any expectation as to costs of production; any expectation that the Bahia Project, Donald Project and/or Toliara Project, if acquired, will be fully permitted and developed; any expectation that, upon development, the Bahia Project, Donald Project and/or Toliara Project will be low-cost sources of monazite feed for the Mill; any expectation that the acquisition of Base Resources will be completed or if completed, completed on the terms and time proposed; any expectation that any production at the Bahia Project, Donald Project and/or Toliara Project, if acquired, or Mill will be world or globally competitive; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Toliara Project, if acquired; any expectation that the current suspension relating to the Toliara Project will be lifted in the near future or at all; any expectation that the additional permits for the recovery of Monazite at the Bahia, Donald and Toliara Projects will be acquired on a timely basis or at all; any expectation that the Toliara Project will become a world-class HMS project; and any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Company to complete the acquisition of Base Resources; the failure of the Government of Madagascar to agree on fiscal terms for the Toliara Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the current suspension affecting the Toliara Project to be lifted on a timely basis or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Bahia, Donald and/or Toliara Projects; the failure of the Company to provide or obtain the necessary financing required to develop the Bahia, Donald and/or Toliara Projects; available supplies of monazite; the ability of the Mill to produce REE carbonate, REE oxides or other REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for HMS and/or REEs; actual results may differ from all such estimates and projections; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company's website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
Energy Fuels Acquires RadTran LLC as A Further Step Toward Addressing the Global Industry Need For Medical Radioisotopes in Emerging Cancer Treatments
Acquisition intended to enhance Energy Fuels' current capabilities and support announced plans for medical isotope development .
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels "), an industry leader in uranium and rare earth elements (" REE ") production for the energy transition, today announces the August 16, 2024 acquisition (the " Acquisition ") of RadTran LLC (" RadTran "), a private company specializing in the separation of critical radioisotopes, to further Energy Fuels' plans for development and production of medical isotopes used in cancer treatments. RadTran's expertise includes separation of radium-226 (" Ra-226 ") and radium-228 (" Ra-228 ") from uranium and thorium process streams. This strategic acquisition is expected to significantly enhance Energy Fuels' planned capabilities to address the global shortage of these essential isotopes used in emerging targeted alpha therapies (" TAT ") for cancer treatment.
Mark Chalmers , President and CEO of Energy Fuels said, "With this Acquisition, we will be combining our unique processing capabilities at the White Mesa Mill, the only permitted and operating uranium mill in the United States , with over 40 years of chemical and metal separations experience, with RadTran's intellectual property and medical isotope experience in radionuclide separation and concentration, which we believe will position Energy Fuels to be a leader in this developing industry.
"Additionally, what I find exciting about this initiative is that Energy Fuels has the potential to recover valuable isotopes from its existing process streams, thereby recycling back into the market material that would otherwise be lost to disposal and repurposing it for use in producing life-saving cancer treatments.
"And our current R&D activities are being conducted using existing Mill facilities without the need for capital improvements of any significance. Capital development for future commercial production capabilities, upon successful production at the R&D level, would be expected to be supported by future offtake agreements for radium production."
Since July 2021 , Energy Fuels and RadTran have been working under a Strategic Alliance Agreement to evaluate the feasibility of recovering Ra-226 and Ra-228 from existing uranium process streams at Energy Fuels' White Mesa Mill in Utah (the " Mill "). Recovered Ra-226 and Ra-228 would be made available to the pharmaceutical industry and others to enable the production of actinium-225 (" Ac-225 "), lead-212 (" Pb-212 ") and potentially other leading medically attractive TAT isotopes. These isotopes are critical components in the development of targeted alpha therapies, which offer promising new treatments for various cancers. The global shortage of Ra-226 and Ra-228 currently presents itself as a significant barrier to the advancement and commercialization of these therapies.
Energy Fuels received regulatory approval and licensing in 2023 for the concentration of R&D quantities of Ra-226 at the Mill and is currently completing engineering on its research and development (" R&D ") pilot facility for Ra-226 production. During 2024, Energy Fuels plans to set up the first stages of the pilot facility and expects to produce R&D quantities of Ra-226 for testing by end-users of the product. Upon successful production of R&D quantities of Ra-226, Energy Fuels plans to develop capabilities at the Mill for the commercial-scale production of Ra-226 and potentially Ra-228 in 2026-2028, conditional on completion of engineering design, securing sufficient offtake agreements for final radium production, and receipt of all required regulatory approvals.
Under the Acquisition, the purchase price payable by Energy Fuels to the owners of RadTran consists of (all dollar amounts in US$): (i) on closing, $1.5 million in cash, $1.5 million in Energy Fuels common shares (" Common Shares ") and the grant of a 2% royalty on future revenues from the sale of produced radium, as well as certain other contractual commitments; and up to an additional $14 million in cash and Common Shares based on the satisfaction of a number of performance-based milestones, including achieving initial production, securing suitable offtake agreements to justify commercial production and reaching commercial production.
In addition, as part of the Acquisition, Saleem Drera PhD, President and CEO of RadTran, will join Energy Fuels as Vice President of Radioisotopes, Radiological Systems, and Intellectual Property. In this role, Dr. Drera will lead Energy Fuels' efforts to integrate RadTran's proprietary technology, which includes a number of patents, pending patents, trade secrets and know-how relating to efficient separation of Ra-226 and Ra-228 from process streams, and drive innovation in the production of medical radioisotopes.
The demand for Ra-226 and Ra-228 is underscored by the extensive clinical research currently underway. More than 30 clinical trials are evaluating Ac-225, a product of Ra-226 and a crucial component of targeted alpha therapies, highlighting the urgent need for reliable isotope supply. Notably, several of these trials have reached final pre-approval stage (phase 3) targeting neuroendocrine tumors and leukemia, with many more earlier stage trials already initiated to address common cancers including prostate cancer.
Critically, a shortfall in Ac-225 production (for which Ra-226 is the limiting raw material), is now delaying trials and challenging the transition to full commercial and clinical availability of these drugs. Energy Fuels intends to step in to alleviate this supply bottleneck and support development of this important new class of life-saving cancer therapies.
Saleem Drera , President and CEO of RadTran, and now Vice President Radioisotopes, Radiological Systems and Intellectual Property of Energy Fuels, said, "At RadTran, we are proud to be a part of the Energy Fuels team. The White Mesa Mill's facilities, permits and licenses, and Energy Fuels' years of experience are Ideally suited to employ RadTran's Technology. Furthermore, we have been impressed with their successful endeavors to separate and concentrate uranium, vanadium and rare earth elements in a manner that adheres to the strictest standards of protection of human health, safety and the environment."
ABOUT Energy Fuels
Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (" REE ") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver , and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming . The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil , which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will complete engineering on its R&D pilot facility for the production of Ra-226 at the Mill, will set up the first stage of the pilot facility, and produce R&D quantities of Ra-226 at the Mill for testing by end-users of the product or at all; any expectation that the Company's evaluation of radioisotope recovery at the Mill will be successful; any expectation that the potential recovery of medical isotopes from any radioisotopes recovered at the Mill will be feasible; any expectation that any radioisotopes that can be recovered at the Mill will be sold on a commercial basis; any expectation that the Acquisition will significantly enhance Energy Fuels' capabilities to address the global shortage of the essential isotopes used in emerging TAT cancer treatments; any expectation that RadTran's technology will enable the efficient separation of Ra-226 and Ra-228 from process streams, or will transform them into valuable sources for medical use; any expectation that the development of TAT therapies will be successful or will offer promising new treatments for various cancers; any expectation that Energy Fuels will be or become at the forefront of the medical radioisotope supply chain; any expectation that any additional licensing for the R&D or commercial production of Ra-226, Ra-228 or any other radioisotopes at the Mill will be obtained on a timely basis or at all; any expectation as to the supply of or demand for Ra-226 and/or Ra-228 or any other isotopes; any expectation as to the successful approval or the timing of approval of any medical isotopes or TAT therapeutics; any expectation that Energy Fuels will step in to alleviate any supply bottlenecks or support development of TAT therapies; any expectation that Energy Fuels will be a leader in the supply of radioisotopes for TAT therapeutics; any expectation as to capital requirements for Energy Fuels' R&D and potential commercial radium production facilities; any expectation that future capital requirements will be supported by offtake agreements for radium production; and any expectation that Energy Fuels' operations will be or continue to be performed in a manner that adheres to the strictest standards for protection of human health, safety and the environment. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; market factors, including future demand for radium; the ability of the Mill to recover radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar , on SEDAR+ at www.sedarplus.ca , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.
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SOURCE Energy Fuels Inc.
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Hertz Energy Clarifies IR Agreement
Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QX1) ("Hertz" or the "Company") at the request of the Canadian Securities Exchange, provides the following clarifying news release with respect to the investor relations agreement entered into with Outside The Box Capital Inc.
Outside the Box
The Company announced that it had entered into a marketing and consulting agreement (the "OTBC Agreement") with an arm's length marketing firm, Outside The Box Capital Inc. ("OTBC") of Oakville Ontario, to provide marketing consulting and investor relations services, including marketing services through social media channels and online media distribution.
In connection with the OTBC Agreement, for a term of 1 month starting on September 4, 2024, the Company will issue OTBC 500,000 options to purchase Hertz Energy shares at a price of $0.085 over two years and payments of $25,000 upon signing of agreement. OTBC has its principal place of business at 2202 Green Orchard Place, Oakville, Ontario L6H 4V4. OTBC can be contacted at jason@outsidethebox.capital or by telephone at (289) 259-4455. OTBC has no direct relationship with the Company other than as set out in this press release.
About the Company
The Company is a British Columbia based junior exploration company primarily engaged in the acquisition and exploration of energy metals mineral properties. The Company's lithium exploration projects include the AC/DC Lithium Project, and Snake Lithium Project in Jame Bay Québec. The AC/DC Project is 26,500 hectares located in the renowned James Bay Lithium District in Québec, Canada, just 26kms southeast of the Corvette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Company's Snake Lithium Project is also district scale and located amongst highly prospective projects held by other exploration companies. Hertz Energy's Harriman Antimony Project is its first Antimony property acquisition.
For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedarplus.ca.
On Behalf of the Board of Directors
Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223896
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Skyharbour's Partner Company North Shore Uranium Provides Exploration Update at Falcon Uranium Project
Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that its partner company, North Shore Uranium ("North Shore"), has provided an update on its exploration activities. North Shore is earning into Skyharbour's Falcon Project and also holds the West Bear Project ("Falcon" and "West Bear") at the eastern margin of the Athabasca Basin in northern Saskatchewan. The two properties are approximately 90 kilometres apart along a southwest-northeast trend. North Shore may acquire an initial 80% interest in Falcon by issuing common shares having an aggregate value of CAD $1,225,000, making aggregate cash payments of $525,000 to Skyharbour, and incurring an aggregate of $3,550,000 in exploration expenditures on the property over a three-year period.
Location Map of Falcon Project:
https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1
North Shore is targeting near-surface basement-hosted uranium mineralization at Falcon and basement-and sandstone-hosted mineralization at West Bear that can be associated with basement structures and electromagnetic ("EM") conductor systems. Working with extensive geologic and geophysical datasets, North Shore is now prioritizing uranium exploration targets on the two properties in preparation for future field work including potential drill programs. This news release summarizes targeting efforts being undertaken in Zone 1 at Falcon where North Shore discovered near-surface uranium mineralization in two drill holes in early 2024 and has identified 12 exploration targets.
Mr. Brooke Clements, President and CEO of North Shore stated: " We believe that the eastern margin of the prolific Athabasca Basin is a great setting for a major new uranium discovery. Building upon our maiden 2024 Falcon drill program, our target generation work is allowing us to build a quality pipeline of potential drill targets."
Falcon Property Targets:
Falcon is located approximately 30 kilometres east of the active Key Lake uranium mill and former mine. Between 1983 and 2002, two deposits at Key Lake produced a total of 209.9 million pounds of U 3 O 8 at an average grade of over 2.0% 1 . There is no guarantee that a uranium deposit similar to Key Lake will be discovered at Falcon. The uranium discovery potential at Falcon is significant and includes shallow basement-hosted unconformity-style and pegmatite-hosted mineralization. In early 2024, North Shore discovered near-surface uranium mineralization in two drill holes.
Map Showing Falcon Exploration Targets and Priority Zones:
North Shore has divided Falcon into three uranium exploration zones, 1, 2 and 3. To date, North Shore has identified 36 uranium targets at Falcon with 12 of those being in Zone 1. The targets have been selected based on analysis of multiple datasets including interpretation by Condor North Consulting LLC ("Condor"), Earthfield Technologies Inc., Skyharbour, TerraLogic Exploration Inc. and North Shore. The following are some of the criteria being used to define and prioritize targets:
- EM: Strength, character and orientation of the EM conductor system. EM data from three airborne surveys was analyzed by Condor and single peak and double peak responses were selected from profile lines. EMIT Maxwell software was used to create subsurface models of interpreted conductors from portions of Zones 1 and 2 to optimize placement of drill collars in early 2024. North Shore expects to prepare more Maxwell plate models to assist with prioritizing targets.
- Structural Interpretation: Potential faults are selected using airborne magnetic data and interpretation of the geology. Basement-hosted uranium deposits are often fault-controlled.
- Gravity and Radiometrics: Airborne gravity-magnetic-radiometric surveys were flown over Falcon in 2022. Higher uranium spectral responses can be indicative of uranium-enriched surface geological features. Gravity lows can be associated with alteration proximal to uranium deposits.
- Evaluation of Historical Exploration Datasets: Significant uranium exploration programs were conducted from the late 1960's to the early 1980's and in the 2000's. Data from these programs is publicly available and complements more recent data acquired by North Shore.
Initial Focus Area in Zone 1:
Within Zone 1, the exploration priority area includes the northeast-southwest trending conductor/structural zone where uranium was discovered by drilling at P03 and P08. As reported on May 16 th , 2024, at P03, a zone from 196.6 to 209.0m included an interpreted brittle fault zone with graphite-rich fault gouge and two samples that returned 345 and 378 ppm U 3 O 8 . At P08, a 4.7m interval between 42.3-47.0m returned 316 ppm U 3 O 8 including one sample with 572 ppm U 3 O 8 . Also, at P08, a brittle, altered pegmatitic and graphitic fault zone was intersected between 102.3-105.5m, the modelled depth of the EM conductor.
Uranium Mineralization Discovered by North Shore in 2024 at Targets P03 and P08:
Based on work completed to date, North Shore has prioritized three target areas in Zone 1 for potential future drilling:
- 3.0km trend from target FA006 to FA003: This trend includes the new uranium discoveries at P03 and P08 and target F004 where two interpreted faults intersect, and the EM conductor is offset. Using the structural knowledge gained by the drilling and further interpretation of the Maxwell conductor plates, several sites will be selected for potential drilling.
- Target FA003: Within the area described above, two prominent parallel northeast-trending EM conductors each change orientation at FA003. A potentially significant structure as defined by a magnetic low also splits into two separate potential subparallel structures. In addition, there is a prominent gravity low anomaly that is entirely land-based and a strong uranium spectral response in the airborne radiometric dataset.
- Target FA002: This target is defined by two strong parallel EM conductors and a parallel magnetic low. The conductor system is intersected by an interpreted cross-cutting fault. In addition, just southwest of the target there is an isolated airborne radiometric uranium high.
Next Steps:
North Shore will continue prioritizing targets at Falcon in an effort to maximize the chances of success in its next drill program. As currently planned, that drill program would have two components, follow-up drilling along the 3.0 km trend where North Shore discovered near-surface uranium mineralization in early 2024 and the testing of new targets within Zone 1 and potentially elsewhere. Additional updates on North Shore's target prioritization efforts will be provided on an ongoing basis.
Falcon Uranium Project:
The Falcon Property, which constitutes part of North Shore's Falcon Property, contains eleven mineral claims comprising approximately 42,908 hectares approximately 50 km east of the Key Lake mine. Nine of the claims are from Skyharbour's original South Falcon Uranium Project and the remaining two claims are from Skyharbour's Foster River Project. Historical uranium mineralization discovered at Falcon is shallow and is hosted in several geological settings including classic Athabasca-style basement mineralization associated with well-developed EM conductors. At the EWA target, up to 0.492% U 3 O 8 and 1,300 ppm lead was encountered in outcrop grab samples (Sask. Mineral Deposits Index [SMDI] 5038). Historical grab sampling at Knob Lake (SMDI 1014) also encountered up to 0.01% U 3 O 8 in an outcrop of pegmatite, while anomalous nickel, copper, and molybdenum were found in historical grab samples from the Fraser North target area (SMDI's 1125 and 1126).
A well-defined northeast-trending, locally folded, electromagnetic conductor system runs throughout the Property, which was defined by airborne and ground geophysical surveys by JNR Resources ("JNR") in the 2000's. In 2008 JNR conducted a drill campaign at the property area. Of the 47 holes drilled that year, 28 holes (totaling 7,348 metres) were drilled on the South Falcon Uranium Property at the Walker (14 holes), Walker South (7 holes), and EWA target areas (6 holes). At the Walker and South Walker targets, which lie along the aforementioned EM conductor system, structurally disrupted and variably altered metasediments (including graphitic pelitic gneisses) with anomalous boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium were encountered in several drill holes. During this same drill campaign, the Fraser Lakes Zone B uranium deposit was discovered approximately four kilometres east of the Walker South target on a refolded extension of the EM conductor system. At the EWA target, which lies along a separate northeast-trending EM conductor, anomalous uranium, boron, lead, and molybdenum were encountered in structurally disrupted pegmatites; the best result was 0.235% U 3 O 8 over 0.5 m (within a 3.5 m interval of 0.113% U 3 O 8 ) in hole WYL-08-501 (Sask. Mineral Assessment File 74H02-0045).
Furthermore, in 2022, Skyharbour completed a FALCON® airborne gravity gradiometer and magnetic survey over nine of the eleven claims at the Falcon Property. This new geophysical data will assist North Shore in prioritizing areas along the EM conductor system for drilling. Over 30 kilometres of the EM conductor system remains untested on the Falcon Property. North Shore's initial focus will be on the two claims formerly part of the Foster Project (geophysics), and on generating drill targets on three claims at the southeastern end of the EM conductor systems including Knob Lake, which shows similarities to the Fraser Lakes Zone B deposit approximately 6 km to the northeast and several other high-priority targets elsewhere along the main EM conductor system.
Significant potential exists on the project for basement-hosted, unconformity-related uranium deposits like those further to the north in the Wollaston Domain (i.e. Eagle Point, Rabbit Lake, Key Lake and others), as well as for pegmatite/granite-hosted (i.e. alaskite-type) U-Th-REE mineralization like at the Fraser Lakes Zone B deposit on Skyharbour's adjacent South Falcon East Property, currently under option to Tisdale Clean Energy.
The Option Agreement:
North Shore may acquire an initial 80% interest in the Property by issuing common shares of the Resulting Issuer ("Shares") having an aggregate value of CAD $1,225,000; making aggregate cash payments of CAD $525,000; and incurring an aggregate of CAD $3,550,000 in exploration expenditures on the Property over a three-year period. Once North Shore has earned an initial 80% interest in the Property, North Shore may acquire the remaining 20% interest in the Property within 90 business days by issuing Shares having a value of CAD $5,000,000, and making a cash payment of CAD $5,000,000 to Skyharbour. If North Shore does not elect to acquire the remaining 20% interest, a joint venture will be formed with Skyharbour holding a 20% participating interest.
North Shore will be the operator of the exploration programs during the earn-in stage and for the joint venture if formed. Two claims totaling 10,673 hectares that form part of Skyharbour's Foster River Property are subject to a one percent (1%) NSR royalty payable to Skyharbour. The remaining nine claims totaling 32,235 hectares that comprise Skyharbour's South Falcon Point Property are subject to a two percent (2%) NSR royalty payable to Denison Mines Corp. ("Denison") with North Shore having the right to purchase one percent of the royalty from Denison at anytime by paying $1 million. All Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
About North Shore Uranium Ltd:
North Shore is a mineral exploration company focused on uranium exploration at the eastern margin of the Athabasca Basin through its Falcon property which will increase from 12,800 to 55,700 hectares with the addition of the claims subject to the Agreement, and the West Bear property located 90 kilometres to the northeast.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's Russell Lake Uranium Project optioned from Rio Tinto, which hosts several high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; TSX-V listed North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B uranium and thorium deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $20 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
_________________________________
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Hertz Energy Acquires Lake George Antimony Property in New Brunswick
Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QX1) ("Hertz" or the "Company") is pleased to announce the acquisition of the Lake George Antimony Property ("Lake George" or the "Property") located in the Province of New Brunswick. The Property is located in the southwestern part of the province, approximately 30 km southwest of the city of Fredericton.
The Property is comprised of 93 mineral claims within two claim blocks recently staked by the Company for a total area of approximately 2,104.5 hectares. The Property surrounds the past-producing Lake George Antimony Mine ("Lake George Mine") and is considered an exploration-stage Antimony-Gold (Sb-Au) prospect located immediately along strike to the southwest and northeast, as well as downdip to the north of the historical Lake George Mine. The Property benefits from excellent road access, hydroelectric power, and nearby available personnel for field and exploration activities.
The Lake George Mine was formerly the largest antimony producer in North America with a long history of production spanning from 1876 to 1996. The mine closed in 1996 due to falling antimony prices. From 1972 to 1981, 34,417 tonnes of concentrate grading 65% to 66% Sb was produced from the first deposit. Then from 1985 to 1990, approximately 1 Mt grading 4% Sb was extracted from a second deposit (Caron, 1996). The mine also contained molybdenum (Mo), tungsten (W), and Au mineralization. Infrastructure on the Lake George Mine includes 3 shafts, underground development on 10 levels, some remaining surface buildings, and a tailings pond. The deepest level of the mine is approximately 400 m below the surface. The Lake George Sb-Au Mine currently represents one of the Top 3 antimony occurrences in the Province of New Brunswick (Figure 1).
The Lake George Mine includes en-echelon gold-bearing polymetallic and antimony veins with massive stibnite hosted in Ordovician sedimentary and volcanic rocks adjacent to the Lake George granodiorite. Four (4) main antimony veins were developed at the mine, that generally have a shallow dip to the north and vary from 1 to 2 metres in width. The east-trending quartz vein system that has been traced over 1 km in depth and over 2 km along strike length (Procyshyn and Morrissy, 1990). A similar geological context of sedimentary rocks in contact with the intrusion, along with NE trending faults zones possibly responsible for developing the vein structures, is present on Hertz's newly-staked claims (Figure 2).
The Lake George Mine is currently under care and maintenance within an active mining lease and is owned by the Province of New Brunswick. Hertz Energy has started discussions with New Brunswick government officials about a possible tender of the mine lease by the Province in the coming months and awaits further feedback on next steps.
The Property claims cover approximately 10 km of strike length along the favourable sediments near the intrusive contact. The Company acquired a 100% interest in the mining claims though staking and there are no underlying agreements or royalties attached to these claims (Figure 3).
The Lake George Antimony Property will undergo detailed geological database compilation along with initial prospecting and geological mapping and soil geochemistry surveys.
The Lake George Antimony Property represents the second Antimony property acquired by Hertz Energy in the past 30 days including the Harriman Antimony Property in the Gaspé Region of Québec (see Hertz news release dated September 6, 2024).
Figure 1: Antimony deposits in New Brunswick including Lake George
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9656/223522_1d32dc42645d49bd_002full.jpg
Figure 2: Property Geology Map
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Figure 3: Property Claim Map
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ABOUT ANTIMONY
In August, China announced antimony export restrictions which take effect on September 15, 2024 (source: Reuters, August 28, 2024) and are expected to have significant implications for the global antimony supply chain. China's announcement of antimony export restrictions has added fuel to a red-hot market and opens another potential flash-point with the West for control of critical minerals. Antimony is a little-known metal with multiple applications. Antimony's largest end-use is as a flame retardant, but it is also found in solar panels and batteries. The U.S. Department of the Interior has designated it a critical mineral because it is also essential for armour-piercing ammunition, infrared sensors, and precision optics.
Antimony prices have nearly doubled since the start of the year to a record $22,750 per tonne in part because of shrinking exports from major producers and a global deficit of the metal. China's exports are in medium-term decline due to higher demand from its solar energy sector, while Russian supply has been crimped by falling output and Western sanctions. The flow from other big producing nations such as Vietnam, Tajikistan, and Myanmar has been disrupted by the re-routing of shipments from the Red Sea due to Houthi attacks on shipping.
Analysts estimate the market was already looking at a 10,000-ton shortfall before China's export restrictions. These new controls are not targeted at any specific country, but Chinese authorities can refuse licences to export to individual end-user companies or countries as they see fit.
Other Information on Antimony:
https://www.csis.org/analysis/chinas-antimony-export-restrictions-impact-us-national-security
https://www.antimony.com/wpfd_file/i2a-china-export-restriction-press-release-20-august-2024/
Kal Malhi, CEO of Hertz Energy commented, "With the Chinese export restrictions on Antimony effective as of September 15, 2024, and several active conflicts around the world, the need for antimony has sky rocketed along with the price of antimony. Antimony is used heavily in a variety of military applications, including night vision goggles, explosive formulations, flares, nuclear weapons production, and infrared sensors plus as a fire retardant, in solar panels and electric batteries. Hertz Energy's Lake George property acquisition in New Brunswick will allow the Company to focus on utilizing our current flow-thru cash position of approximately $800,000 to aggressively explore our Antimony Projects portfolio in the coming months."
QUALIFIED PERSON AND CAUTIONARY STATEMENTS
All scientific and technical information contained in this news release was reviewed and approved by Paul Teniere, P.Geo., Technical Advisor of Hertz Energy, who is a "Qualified Person" as defined in NI 43-101.
This news release contains scientific and technical information with respect to adjacent properties to the Company's properties in Lake George, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding the geology, mineralization, mineral resources, and historical production on adjacent properties is not necessarily indicative of the mineralization potential on the Company's properties.
About the Company
The Company is a British Columbia based junior exploration company primarily engaged in the acquisition and exploration of energy metals mineral properties. The Company's lithium exploration projects include the AC/DC Lithium Project, and Snake Lithium Project in Jame Bay Québec. The AC/DC Project is 26,500 hectares located in the renowned James Bay Lithium District in Québec, Canada, just 26kms southeast of the Corvette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Companies Snake Lithium project is also district scale and located amongst highly prospective projects held by other exploration companies. Hertz Energy's Harriman Antimony Project in the Gaspe and the Lake George Antimony Project in New Brunswick are part of the company's growing Antimony portfolio.
For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedarplus.ca. and website: https://hertz-energy.com
On Behalf of the Board of Directors
Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223522
News Provided by Newsfile via QuoteMedia
Baselode Reports Eighteen Drill Holes with Near-Surface Radioactivity on its ACKIO Uranium Prospect
- Eighteen drill holes encountered anomalous radioactivity starting at depths of less than 100 metres from surface, with nine of these starting within 50 metres
- Highlight drill hole AK24-137 intersected four separate zones of radioactivity with greater than 5,000 counts per second ("cps")
- Seven drill holes intersected radioactivity with greater than 5,000 cps
- Thirteen drill holes reported composite intervals of anomalous radioactivity between 11 and 42 metres in thickness, spanning five distinct areas
Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide radioactivity drilling results from the ACKIO uranium prospect ("ACKIO") in the Athabasca Basin area of northern Saskatchewan (Figure 1, Table 1).
"ACKIO continues to demonstrate significant growth, with broad intersections of anomalous radioactivity, including zones of high radioactivity across multiple Pods. Overall, this has been a successful drill program, expanding the footprint of known near-surface mineralization around Pods 1 and 7, intersecting new zones of higher radioactivity in Pods 6 and 7, and improving our confidence in the continuity of mineralization at ACKIO as a whole," commented James Sykes, CEO, President, and Director of Baselode.
ACKIO Drill Hole Details (Figure 2)
Pod 1 (Figure 3)
Drill holes AK24-134 to AK24-137 were collared along the western margin of Pod 1 with the specific focus of intersecting mineralization in Pod 7. Drill holes AK24-134 and AK24-137 intersected near-surface anomalous radioactivity (i.e., greater than 300 cps) outside of the modeled extents of Pod 1, expanding the near-surface radioactive footprint of Pod 1 in the southwest. Radioactivity in these drill holes started at shallow depths, between 32 and 42 metres beneath the surface.
Drill holes AK24-143 and AK24-144 were collared to pierce the northern extents of Pod 1 while continuing to depth and investigating the northwest strike extension of Pod 7. These drill holes both intersected greater than 10 metres of continuous anomalous radioactivity, confirming the thickness of Pod 1 mineralization to the north., Both drill holes intersected anomalous radioactivity starting as shallow as 36 and 38 metres from surface, respectively.
Pod 6 (Figure 3)
Drill holes AK24-117 to AK24-119, previously released on July 2, 2024, intersected thick, continuous, and exceptional radioactivity results within the centre and near the modelled edges of Pod 6 mineralization. These results have increased the size of Pod 6 and will help improve our understanding of Pod 6, which until now had four drill holes from previous years defining its extents. Drill holes AK24-118 and AK24-119 have intersected the best radioactivity results from all Pod 6 drill holes. The main zones of mineralization were intersected between 124 and 141 metres beneath the surface.
Pod 7 (Figure 3)
Previous drilling in 2023 had doubled the width of the Pod 7 mineralization envelope. Drill holes AK24-134 to AK24-139 were designed to improve our understanding of the mineralization potential that exists at Pod 7. These drill holes intersected between 12 and 39 metres thick composite anomalous radioactivity, and all drill holes (excluding AK24-139) returned intervals with elevated radioactivity (i.e., greater than 5,000 cps), spanning a strike length of approximately 85 metres. In particular, AK24-137 intersected three separate zones of continuous anomalous radioactivity ranging from 1.5 to 13.3 metres thick, each of which intersected radioactivity levels ranging from 5,000 to 10,000 cps. The radioactivity results for AK24-135B, AK24-137 and AK24-138 rank them as the best for Pod 7. The start of radioactivity in these holes were intersected between 44 and 90 metres below the surface.
Pod 8
The mineralization extents of Pod 8 were defined with only three drill holes from previous years. Drill holes AK24-131 to AK24-133 were designed to improve our understanding of this Pod. AK24-133 successfully intersected 11 metres of anomalous radioactivity, confirming continuity of mineralization within the centre of Pod 8. Mineralization starts as shallow as 97 metres beneath the surface.
Pod 9
Similar to Pod 8, Pod 9 was defined with only three drill holes from previous years. Pod 9 is the deepest modeled Pod of mineralization at ACKIO. Drill holes AK24-140 to AK24-142 were not successful identifying mineralization in Pod 9, however, each drill hole identified previously unknown radioactivity at shallow depths, ranging from 66 to 89 metres beneath the surface, respectfully. The Company believes the shallow radioactivity from these drill holes is an extension of Pod 1 mineralization.
ACKIO Exploration Drill Hole Details
Exploration drilling within the immediate ACKIO area (i.e., within 200 m of ACKIO mineralization) was designed to test for additional mineralization; 1) at depth, 2) along strike to the northwest and southest, and 3) at the unconformity.
Depth Exploration
Drill holes AK24-120 to AK24-122 were designed to test the deeper structural controls of mineralization at ACKIO, targeting areas with a combination of uranium and alteration projected from previous years drill holes. Although each drill hole did not intersect anomalous radioactivity, it is noted that drill hole AK24-121 did intersect above-background levels of radioactivity and significantly thick hematite-clay hydrothermal alteration zones underneath ACKIO, suggesting the uranium-fertile hydrothermal fluid system remains open at depth.
Along Strike Exploration
Drill holes AK24-128, AK24-143 and AK24-144 were designed to test for mineralization continuity at depth in the northwest strike direction of Pod 7. Although the drill holes did not intersect their intended targets, they did define new occurrences of radioactivity starting at shallow depths ranging from 36 to 41 metres beneath the surface.
Drill holes AK24-123 and AK24-130 were designed to test for mineralization continuity in the southeast strike direction of ACKIO, following up results from previous years of drilling that suggested the mineralization and alteration system could be open in that direction. These drill holes did not intersect alteration systems of interest.
Unconformity Exploration
Drill holes AK24-124 to AK24-127 were designed to test for the potential of unconformity mineralization along structures penetrating the sandstone to the east of ACKIO. These drill holes are the eastern-most exploration drill holes in the ACKIO system to date. Although they did not intersect mineralization at the unconformity, AK24-127 did intersect anomalous radioactivity within the sandstone, 3.1 and 5.6 metres above the unconformity (i.e., between 52 and 55 metres beneath the surface). Further investigation is required to assess follow-up drilling potential of this drill target.
Drill hole AK24-129 was designed to test for unconformity mineralization potential with the immediate ACKIO area where previous drilling intersected mineralization 10 metres beneath the unconformity. Although the drill hole did not intersect mineralization within the sandstone or at the unconformity, it did intersect anomalous radioactivity in hydrothermal hematite and clay alteration 25 metres beneath the unconformity.
NOTES:
- cps* = "counts-per-second", as measured with a handheld RS-125 Gamma-Ray Spectrometer/Scintillometer ("RS-125"). The reader is cautioned that Baselode uses scintillometer readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium), and that scintillometer results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
- The Company defines RS-125 radioactivity results as i) background radioactivity (50 to 200 cps), ii) above-background radioactivity (200 to 300 cps), iii) anomalous radioactivity (300 to 1,000 cps), and iv) elevated radioactivity (>1,000 cps).
- "Radioactivity (>300 cps)" in Table 1 is defined as drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 300 cps.
- All reported lengths are drill hole lengths and do not represent true thicknesses which have yet to be determined. All reported "beneath surface" measurements are true vertical depths from surface.
About Baselode Energy Corp.
Baselode controls 100% of approximately 238,930 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
QP Statement
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
www.baselode.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
Figure 1 - Baselode projects location map. ACKIO uranium prospect identified with yellow circle
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Figure 2 – Diamond drill hole collar locations and drill traces
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Figure 3 - Cross-section slice of 3D ACKIO uranium mineralization model
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TABLE 1 - ACKIO diamond drill hole radioactivity results
DDH | Target Area | Intended Target | East | North | Elevation | Az. | Dip | EOH | Radioactivity (>300 cps) | Assay Results (>0.05 wt% U3O8) | |
AK24-117* | ACKIO | Pod 6 | 526142 | 6372902 | 465 | 90 | -75 | 227 | 368 cps over 0.45 m at 74.4 m | Assay results pending | |
Pod 6 | 301 cps over 1.8 m at 108.3 m | Assay results pending | |||||||||
Pod 6 | 409 cps over 6.25 m at 117.25 m | Assay results pending | |||||||||
Pod 6 | 426 cps over 12.55 m at 128.1 m | Assay results pending | |||||||||
Pod 6 | 327 cps over 6.4 m at 145.2 m | Assay results pending | |||||||||
Pod 6 | 399 cps over 0.65 m at 160.95 m | Assay results pending | |||||||||
AK24-118* | ACKIO | Pod 6 | 526142 | 6372902 | 465 | 118 | -71 | 257 | 456 cps over 0.8 m at 89.3 m | Assay results pending | |
Pod 6 | 350 cps over 0.5 m at 92.7 m | Assay results pending | |||||||||
Pod 6 | 392 cps over 2.6 m at 119.1 m | Assay results pending | |||||||||
Pod 6 | 315 cps over 3.1 m at 131.8 m | Assay results pending | |||||||||
Pod 6 | 1,115 cps over 13.3 m at 149.3 m | Assay results pending | |||||||||
AK24-119* | ACKIO | Pod 6 | 526133 | 6372907 | 463 | 65 | -75 | 230 | 300 cps over 8.5 m at 109.5 m | Assay results pending | |
Pod 6 | 907 cps over 34.05 m at 131.1 m | Assay results pending | |||||||||
Pod 6 | Includes | 9,173 cps over 0.4 m at 144.6 m | Assay results pending | ||||||||
AK24-120 | ACKIO | Exploration - Depth | 526210 | 6373081 | 464 | 270 | -70 | 512 | No significant results | ||
AK24-121 | ACKIO | Exploration - Depth | 526317 | 6372980 | 465 | 270 | -70 | 452 | No significant results | ||
AK24-122 | ACKIO | Exploration - Depth | 526420 | 6372880 | 467 | 270 | -70 | 446 | No significant results | ||
AK24-123 | ACKIO | Exploration - SE Strike | 526450 | 6372680 | 467 | 270 | -65 | 369 | No significant results | ||
AK24-124 | ACKIO | Exploration - UC | 526335 | 6372730 | 466 | 90 | -90 | 200 | No significant results | ||
AK24-125 | ACKIO | Exploration - UC | 526335 | 6372730 | 466 | 90 | -60 | 331.65 | 495 cps over 0.3 m at 132.75 m | Assay results pending | |
AK24-126 | ACKIO | Exploration - UC | 526342 | 6372830 | 466 | 90 | -70 | 269 | No significant results | ||
AK24-127 | ACKIO | Exploration - UC | 526362 | 6372928 | 467 | 90 | -80 | 215 | 330 cps over 0.15 m at 53.4 m | Assay results pending | |
Exploration - UC | 330 cps over 0.1 m at 55.9 m | Assay results pending | |||||||||
Exploration - UC | 320 cps over 0.25 m at 115.75 m | Assay results pending | |||||||||
AK24-128 | ACKIO | Exploration - NW Strike | 526062 | 6373080 | 466 | 270 | -60 | 200 | 302 cps over 1.85 m at 47.7 m | Assay results pending | |
Exploration - NW Strike | 370 cps over 0.1 m at 50.0 m | Assay results pending | |||||||||
Exploration - NW Strike | 300 cps over 0.6 m at 50.65 m | Assay results pending | |||||||||
Exploration - NW Strike | 310 cps over 0.15 m at 58.6 m | Assay results pending | |||||||||
Exploration - NW Strike | 460 cps over 0.1 m at 59.1 m | Assay results pending | |||||||||
Exploration - NW Strike | 300 cps over 0.2 m at 62.9 m | Assay results pending | |||||||||
Exploration - NW Strike | 418 cps over 0.9 m at 109.05 m | Assay results pending | |||||||||
AK24-129 | ACKIO | Exploration - UC | 526231 | 6372800 | 467 | 270 | -90 | 188 | 324 cps over 0.65 m at 80.65 m | Assay results pending | |
AK24-130 | ACKIO | Exploration - SE Strike | 526453 | 6372383 | 468 | 250 | -60 | 281 | No significant results | ||
AK24-131 | ACKIO | Pod 8 | 526135 | 6372836 | 464 | 76 | -65 | 242 | No significant results | ||
AK24-132 | ACKIO | Pod 8 | 526135 | 6372836 | 464 | 76 | -59 | 218 | No significant results | ||
AK24-133 | ACKIO | Pod 8 | 526124 | 6372879 | 465 | 90 | -60 | 224 | 397 cps over 1.10 m at 112.4 m | Assay results pending | |
Pod 8 | 341 cps over 0.55 m at 116.7 m | Assay results pending | |||||||||
Pod 8 | 350 cps over 0.8 m at 120.3 m | Assay results pending | |||||||||
Pod 8 | 396 cps over 11.65 m at 128.95 m | Assay results pending | |||||||||
Pod 8 | 444 cps over 1.2 m at 155.5 m | Assay results pending | |||||||||
AK24-134 | ACKIO | Pod 1 | 526091 | 6372932 | 463 | 267 | -50 | 191 | 386 cps over 6.05 m at 53.2 m | Assay results pending | |
Between Pods 1 & 7 | 400 cps over 0.5 m at 74.0 m | Assay results pending | |||||||||
Pod 7 | 1,035 cps over 11.0 m at 101.3 m | Assay results pending | |||||||||
Pod 7 | includes | 6,621 cps over 0.7 m at 103.9 m | Assay results pending | ||||||||
Pod 7 | 400 cps over 0.05 m at 128.2 m | Not sampled | |||||||||
Pod 7 | 500 cps over 4.75 m at 131.9 m | Assay results pending | |||||||||
Pod 7 | 6,344 cps over 0.3 m at 138.9 m | Assay results pending | |||||||||
AK24-135B | ACKIO | Pod 1 | 526091 | 6372932 | 463 | 267 | -50 | 185 | 410 cps over 0.6 m at 41.6 m | Assay results pending | |
Pod 1 | 478 cps over 0.4 m at 44.0 m | Assay results pending | |||||||||
Pod 1 | 417 cps over 1.55 m at 47.0 m | Assay results pending | |||||||||
Pod 1 | 442 cps over 0.6 m at 53.3 m | Assay results pending | |||||||||
Pod 1 | 465 cps over 0.2 m at 55.9 m | Assay results pending | |||||||||
Pod 7 | 438 cps over 1.25 m at 89.45 m | Assay results pending | |||||||||
Pod 7 | 983 cps over 28.65 m at 98.2 m | Assay results pending | |||||||||
Pod 7 | includes | 5,920 cps over 0.15 m at 123.1 m | Assay results pending | ||||||||
Pod 7 | 623 cps over 0.6 m at 156.3 m | Assay results pending | |||||||||
AK24-136 | ACKIO | Pod 1 | 526091 | 6372932 | 463 | 245 | -55 | 208.45 | 380 cps over 0.2 m at 52.4 m | Assay results pending | |
Pod 1 | 414 cps over 0.75 m at 56.7 m | Assay results pending | |||||||||
Between Pods 1 & 7 | 366 cps over 4.6 m at 74.0 m1 | Assay results pending | |||||||||
Pod 7 | 328 cps over 6.3 m at 103.8 m | Assay results pending | |||||||||
Pod 7 | 800 cps over 5.15 m at 113.5 m | Assay results pending | |||||||||
Pod 7 | includes | 10,455 cps over 0.2 m at 118.45 m | Assay results pending | ||||||||
Pod 7 | 320 cps over 0.05 m at 125.9 m | Assay results pending | |||||||||
Pod 7 | 471 cps over 0.45 m at 129.4 m | Assay results pending | |||||||||
AK24-137 | ACKIO | Pod 1 | 526091 | 6372932 | 463 | 241 | -69 | 191 | 1,236 cps over 8.95 m at 37.35 m2 | Assay results pending | |
Pod 1 | includes | 5,827 cps over 0.2 m at 39.35 m | Assay results pending | ||||||||
Pod 1 | 325 cps over 3.4 m at 50.5 m | Assay results pending | |||||||||
Pod 1 | 330 cps over 0.15 m at 58.85 m | Assay results pending | |||||||||
Pod 7 | 302 cps over 4.4 m at 96.55 m | Assay results pending | |||||||||
Pod 7 | 365 cps over 3.4 m at 105.25 m | Assay results pending | |||||||||
Pod 7 | 380 cps over 0.1 m at 120.35 m | Assay results pending | |||||||||
Pod 7 | 684 cps over 0.3 m at 124.7 m | Assay results pending | |||||||||
Pod 7 | 1,272 cps over 13.3 m at 127.5 m | Assay results pending | |||||||||
Pod 7 | includes | 5,000 cps over 0.2 m at 130.1 m | Assay results pending | ||||||||
Pod 7 | and includes | 7,000 cps over 0.05 m at 132.1 m | Assay results pending | ||||||||
Pod 7 | and includes | 5,600 cps over 0.85 m at 132.7 m | Assay results pending | ||||||||
Pod 7 | and includes | 10,600 cps over 0.1 m at 134.55 m | Assay results pending | ||||||||
Pod 7 | 1,122 cps over 4.85 m at 142.9 m | Assay results pending | |||||||||
Pod 7 | includes | 5,600 cps over 0.25 m at 143.15 m | Assay results pending | ||||||||
Pod 7 | and includes | 6,500 cps over 0.1 m at 146.15 m | Assay results pending | ||||||||
Pod 7 | 1,063 cps over 1.45 m at 150.65 m | Assay results pending | |||||||||
Pod 7 | includes | 10,000 cps over 0.1 m at 150.65 m | Assay results pending | ||||||||
AK24-138 | ACKIO | Pod 7 | 526060 | 6372968 | 462 | 251 | -60 | 152 | 388 cps over 11.2 m at 64.85 m3 | Assay results pending | |
Pod 7 | 905 cps over 26.5 m at 79.55 m | Assay results pending | |||||||||
Pod 7 | includes | 7,000 cps over 0.1 m at 89.05 m | Assay results pending | ||||||||
Pod 7 | and includes | 6,300 cps over 0.1 m at 96.4 m | Assay results pending | ||||||||
Pod 7 | and includes | 5,500 cps over 0.1 m at 97.55 m | Assay results pending | ||||||||
Pod 7 | and includes | 5,290 cps over 0.6 m at 101.5 m | Assay results pending | ||||||||
Pod 7 | 454 cps over 0.75 m at 108.35 m | Assay results pending | |||||||||
Pod 7 | 738 cps over 0.8 m at 111.95 m | Assay results pending | |||||||||
AK24-139 | ACKIO | Pod 7 | 526060 | 6372968 | 462 | 281 | -45 | 179 | 369 cps over 0.85 m at 62.15 m | Assay results pending | |
Pod 7 | 300 cps over 0.4 m at 65.0 m | Assay results pending | |||||||||
Pod 7 | 664 cps over 24.7 m at 68.45 m | Assay results pending | |||||||||
Pod 7 | 305 cps over 0.05 m at 96.35 m | Assay results pending | |||||||||
Pod 7 | 495 cps over 0.1 m at 98.25 m | Assay results pending | |||||||||
Pod 7 | 388 cps over 0.2 m at 101.45 m | Assay results pending | |||||||||
Pod 7 | 360 cps over 0.1 m at 134.45 m | Assay results pending | |||||||||
Pod 7 | 380 cps over 0.15 m at 137.9 m | Assay results pending | |||||||||
AK24-140 | ACKIO | Pod 9 | 525979 | 6373079 | 461 | 80 | -65 | 275 | 360 cps over 0.4 m at 82.3 m | Assay results pending | |
Pod 9 | 320 cps over 1.6 m at 88.9 m | Assay results pending | |||||||||
Pod 9 | 350 cps over 0.25 m at 92.75 m | Assay results pending | |||||||||
Pod 9 | 300 cps over 0.6 m at 99.9 m | Assay results pending | |||||||||
AK24-141 | ACKIO | Pod 9 | 525979 | 6373079 | 461 | 93 | -76 | 365 | 988 cps over 1.65 m at 91.8 m | Assay results pending | |
Pod 9 | 340 cps over 0.1 m at 180.7 m | Assay results pending | |||||||||
Pod 9 | 300 cps over 0.2 m at 271.4 m | Assay results pending | |||||||||
Pod 9 | 360 cps over 0.2 m at 272.95 m | Assay results pending | |||||||||
Pod 9 | 310 cps over 0.15 m at 274.3 m | Assay results pending | |||||||||
AK24-142 | ACKIO | Pod 9 | 525979 | 6373091 | 462 | 85 | -78 | 343.3 | 300 cps over 0.15 m at 68.0 m | Assay results pending | |
Pod 9 | 458 cps over 1.35 m at 77.25 m | Assay results pending | |||||||||
Pod 9 | 550 cps over 0.1 m at 102.1 m | Assay results pending | |||||||||
Pod 9 | 440 cps over 0.1 m at 112.25 m | Assay results pending | |||||||||
Pod 9 | 757 cps over 0.2 m at 114.1 m | Assay results pending | |||||||||
Pod 9 | 500 cps over 0.15 m at 116.45 m | Assay results pending | |||||||||
Pod 9 | 374 cps over 0.45 m at 184.0 m | Assay results pending | |||||||||
Pod 9 | 380 cps over 0.2 m at 184.8 m | Assay results pending | |||||||||
Pod 9 | 400 cps over 0.1 m at 185.4 m | Assay results pending | |||||||||
Pod 9 | 347 cps over 0.45 m at 276.2 m | Assay results pending | |||||||||
AK24-143 | ACKIO | Pod 1 | 526101 | 6373029 | 463 | 265 | -55 | 221 | 330 cps over 0.45 m at 46.9 m | Assay results pending | |
Pod 1 | 397 cps over 21.25 m at 59.5 m4 | Assay results pending | |||||||||
Exploration - NW Strike | 300 cps over 0.1 m at 90.3 m | Assay results pending | |||||||||
Exploration - NW Strike | 360 cps over 0.3 m at 97.7 m | Assay results pending | |||||||||
Exploration - NW Strike | 300 cps over 0.15 m at 101.0 m | Assay results pending | |||||||||
Exploration - NW Strike | 453 cps over 0.3 m at 123.6 m | Assay results pending | |||||||||
Exploration - NW Strike | 330 cps over 2.1 m at 125.7 m | Assay results pending | |||||||||
Exploration - NW Strike | 450 cps over 0.5 m at 130.75 m | Assay results pending | |||||||||
Exploration - NW Strike | 344 cps over 4.35 m at 136.1 m | Assay results pending | |||||||||
Exploration - NW Strike | 300 cps over 0.2 m at 152.6 m | Assay results pending | |||||||||
Exploration - NW Strike | 380 cps over 0.25 m at 153.65 m | Assay results pending | |||||||||
Exploration - NW Strike | 388 cps over 3.35 m at 155.65 m | Assay results pending | |||||||||
AK24-144 | ACKIO | Pod 1 | 526080 | 6373029 | 463 | 265 | -55 | 200 | 500 cps over 0.25 m at 44.5 m | Assay results pending | |
Pod 1 | 375 cps over 10.45 m at 50.0 m | Assay results pending | |||||||||
Pod 1 | 300 cps over 0.1 m at 64.4 m | Assay results pending | |||||||||
Pod 1 | 300 cps over 0.1 m at 65.3 m | Assay results pending | |||||||||
Exploration - NW Strike | 800 cps over 0.3 m at 98.75 m | Assay results pending | |||||||||
Exploration - NW Strike | 350 cps over 0.55 m at 142.3 m | Assay results pending | |||||||||
28 DDH | 7,372.4 | 19 DDH | 0 DDH |
NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N
Elevation is recorded as "metres above sea level"
Az. = Azimuth, EOH = End of hole (measured in metres)
Composite radioactivity results use 300 cps cut-off and do not contain greater than 2.0 m consecutive dilution
Composite radioactivity results for "Includes/And Includes" use 5,000 cps cut-off and do not contain greater than 2.0 m consecutive dilution
* - previously released results (July 2, 2024)
1 - includes 1.05 m lost core over interval length
2 - includes 0.9 m lost core over interval length
3 - includes 2.75 m lost core over interval length
4 - includes 4.2 m lost core over interval length
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223449
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Hertz Energy Begins Exploration at Harriman Antimony Property in Québec
Hertz Energy Inc. (CSE: HZ) (OTCQB: HZLIF) (FSE: QE2) ("Hertz" or the "Company") is pleased to announce the start of exploration programs at the Harriman Antimony Property ("Harriman Property" or the "Property") comprised of 49 mineral claims (approximately 2,500 hectares) located in the Province of Québec beginning the week on September 16, 2024.
The Harriman Property is an exploration stage antimony project located approximately 17 km northeast of the town of New Richmond in the Gaspé Region of Québec (Figures 1, 2). The Gaspé Region is known for a variety of significant mineral deposits, most notably the Mine Gaspé Copper Mine, currently being developed by Osisko Metals. The Harriman Property benefits from good road access, hydroelectric power, port access, and nearby available manpower.
The Harriman Property is strategically located at the intersection of the major ENE trending Restigouche Fault and Grand Pabos Fault with a second order northeast-trending fault hosting numerous antimony and gold showings (Figure 3).
The Property was developed by compiling and reviewing historical antimony (Sb) and gold (Au) showings from the Québec government geoscientific database known as SIGÉOM. The Property area was defined by a series of four antimony showings, all hosted along a northeast-trending fault structure (Figure 4). Historical results from the nearby showings along the northeast-trending fault include 2.32% Sb, 3.36 g/t Au (Harriman-2), 43.75 Sb, 3.4 g/t Au (New Richmond), 4.8% Sb, 7.89 g/t Au and 15.35% Sb (Harriman-4 Sud) (source: SIGÉOM).
The Harriman Property of Hertz includes the Harriman-4Sud showing returning 15.35% Sb and 0.07 g/t Au from a historical grab sample of a massive stibnite vein in altered sediments. The nearby Harriman Gold occurrence, located 300 m to the northwest, returned an assay of 22.4 g/t Au from a grab sample. These showings and much of the property have had limited previous exploration and has not had any historical drilling.
Hertz Energy will be mobilizing a team of geologist and technicians this month to the Harriman Project to undertake geological mapping and prospecting. The crew will focus in the area of favourable geology, particularly surrounding the historical showings as well as prospect for new antimony and gold showings.
Figure 1: Harriman Project Geology Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9656/223063_914a1942145a1a2d_002full.jpg
Figure 2: Harriman Project Airborne Magnetics Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9656/223063_914a1942145a1a2d_003full.jpg
Figure 3: Harriman Project - Structural context and mineral showings
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9656/223063_914a1942145a1a2d_004full.jpg
Figure 4 Harriman Project - Claim Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9656/223063_914a1942145a1a2d_005full.jpg
About Antimony-In Short Supply
In August, China announced antimony export restrictions which take effect on September 15, 2024 (source: Reuters, August 28, 2024) and are expected to have significant implications for the global antimony supply chain. China's announcement of antimony export restrictions has added fuel to a red-hot market and opens another potential flash-point with the West for control of critical minerals. Antimony is a little-known metal with multiple applications. Antimony's largest end-use is as a flame retardant, but it is also found in solar panels and batteries. The U.S. Department of the Interior has designated it a critical mineral because it is also essential for armour-piercing ammunition, infrared sensors, and precision optics.
Antimony prices have nearly doubled since the start of the year to a record $22,750 per tonne in part because of shrinking exports from major producers and a global deficit of the metal. China's exports are in medium-term decline due to higher demand from its solar energy sector, while Russian supply has been crimped by falling output and Western sanctions. The flow from other big producing nations such as Vietnam, Tajikistan, and Myanmar has been disrupted by the re-routing of shipments from the Red Sea due to Houthi attacks on shipping.
Analysts estimate the market was already looking at a 10,000-ton shortfall before China's export restrictions. These new controls are not targeted at any specific country but Chinese authorities can refuse licences to export to individual end-user companies or countries as they see fit.
Other Information on Antimony:
Ukraine War Is Depleting U.S. Ammunition Stockpiles, Sparking Pentagon Concern https://www.wsj.com/articles/ukraine-war-depleting-u-s-ammunition-stockpiles-sparking-pentagon-concern-11661792188
WASHINGTON-The war in Ukraine has depleted American stocks of some types of ammunition and the Pentagon has been slow to replenish its arsenal, sparking concerns among U.S. officials that American military readiness could be jeopardized by the shortage. https://www.wsj.com/articles/ukraine-war-depleting-u-s-ammunition-stockpiles-sparking-pentagon-concern-11661792188
China's Antimony Export Restrictions: The Impact on U.S. National Security
https://www.csis.org/analysis/chinas-antimony-export-restrictions-impact-us-national-security
i2a China Export Restriction Press Release - 20 August 2024
https://www.antimony.com/wpfd_file/i2a-china-export-restriction-press-release-20-august-2024/
How China's Antimony Ban Will Cripple the US Military
https://www.youtube.com/watch?v=ZbDOEg_Wy_0
Kal Malhi, CEO of Hertz Energy commented, "With the current conflicts around the world and the need for countries to stockpile their antimony reserves, there is a rush to develop antimony resources in North America. Hertz Energy's Harriman project is well located and high grade and Hertz is laser focused on deploying our capital and talented geological team to quickly develop the antimony potential at our Harriman Antimony project. Hertz Energy is well funded and currently has approximately $750,000 in flow thru capital to deploy on our mineral exploration projects and our team will be on the Harriman Project over the next weeks and we aim to identify drill targets and drill the property in the coming months in hopes to define an economic antimony deposit."
QUALIFIED PERSON STATEMENT
All scientific and technical information contained in this news release was reviewed and approved by Paul Teniere, P.Geo., Technical Advisor of Hertz Energy, who is a "Qualified Person" as defined in NI 43-101.
About the Company
The Company is a British Columbia based junior exploration company primarily engaged in the acquisition and exploration of energy metals mineral properties. The Company's lithium exploration projects include the AC/DC Lithium Project, and Snake Lithium Project in Jame Bay Québec. The AC/DC Project is 26,500 hectares located in the renowned James Bay Lithium District in Québec, Canada, just 26kms southeast of the Corvette Lithium Project owned by Patriot Battery Metals and is contiguous to Rio Tinto's Kaanaayaa project claims. The Company's Snake Lithium Project is also district scale and located amongst highly prospective projects held by other exploration companies. Hertz Energy's Harriman Antimony Project is its first Antimony property acquisition located in the Gaspe region of Quebec,Canada.
For further information, please contact Mr. Kal Malhi or view the Company's filings at www.sedarplus.ca.
On Behalf of the Board of Directors
Kal Malhi
Chief Executive Officer and Director
Phone: 604-805-4602
Email: kal@bullruncapital.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223063
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Skyharbour Appoints Athabasca Basin Veteran, Serdar Donmez, as Vice President of Exploration
Skyharbour Resources Ltd.'s (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce the appointment of Serdar Donmez, a recognized geoscientist with decades of experience in uranium exploration and development, as Vice President of Exploration. Mr. Donmez will be working with the rest of Skyharbour's geological team based in Saskatoon.
As a highly experienced geoscientist with nearly two decades of expertise in uranium exploration and development, Mr. Donmez has played an active role in numerous grassroots and advanced uranium exploration projects in northern Saskatchewan and Zambia. Mr. Donmez has an Engineering Degree in Geology and is a registered Professional Geoscientist with the Association of Professional Engineers and Geoscientists of Saskatchewan.
During his 17-year tenure at Denison Mines Corp., Mr. Donmez was pivotal in advancing numerous uranium exploration and development projects. He was involved in various capacities with the Phoenix and Gryphon uranium deposits on Denison's Wheeler River project, from initial discovery to the completion of the Feasibility Study in 2023. As Resource Geology Manager, he was integral to the development of mineral resource estimates and NI 43-101 technical reports for several advanced exploration projects in the Athabasca Basin. Additionally, he was part of a team exploring the application of in-situ recovery mining techniques for high-grade uranium deposits in the Athabasca Basin.
Mr. Donmez's extensive experience in advancing Athabasca Basin uranium projects, particularly his work at the Phoenix and Gryphon deposits at Wheeler River, aligns very well with Skyharbour's exploration and drilling initiatives at its co-flagship adjacent Russell and Moore Lake projects. Recent drilling this year at both projects has identified high-grade, multi-percent sandstone-hosted uranium mineralization. With a fully-funded, 2,500m drill program already underway at Moore and an additional 4,000-5,000m drilling program scheduled for Russell this fall, Mr. Donmez's expertise will be invaluable in advancing these projects and unlocking further value going forward.
Mr. Donmez's deep understanding of the discovery process in the Athabasca Basin along with his experience in implementing innovative exploration and development techniques positions him to play a critical role in advancing both projects as the Company continues to make new discoveries and expand its resource base.
Jordan Trimble, President and CEO of Skyharbour stated: "Serdar brings an incredible wealth of experience to the Skyharbour technical team and has specific exploration and development expertise in the southeastern portion of the Athabasca Basin where our core projects are located. His many years of work at Wheeler River will prove to be invaluable at our Russell and Moore projects as we look to generate and expand on new discoveries as well as delineate high grade uranium resources in similar geological settings. The ability to attract such a talented and seasoned individual to the team is a testament to our portfolio of projects and multi-faceted strategy in the Athabasca Basin where Serdar will also be working to help manage and expand our prospect generator business."
Furthermore, in his most recent role, Mr. Donmez served as Vice President of Exploration at 92 Energy Ltd. until its acquisition by Atha Energy Corp. in April 2024. Following the acquisition, he transitioned to the role of Director of Exploration, where he helped in target generation for drilling programs at Atha's Angilak and Gemini projects in Nunavut and northern Saskatchewan.
Serdar Donmez, Vice President of Exploration of Skyharbour, stated: "I am thrilled to join the Skyharbour team, which has a proven track record in developing and advancing high-profile uranium exploration projects in the Athabasca Basin. Skyharbour's impressive portfolio includes flagship projects like Moore Lake and Russell Lake, where notable high-grade uranium mineralization has been discovered in multiple zones. I look forward to leading the technical team in advancing our exploration initiatives and demonstrating the substantial growth potential that exists within our projects."
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts several high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $20 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
_________________________________
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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