High-Grade Uranium Encountered in Nuclear Fuels' First Drill Program

High-Grade Uranium Encountered in Nuclear Fuels' First Drill Program

(TheNewswire)

Nuclear Fuels Inc.

Vancouver, British Columbia TheNewswire - November 9, 2023 Nuclear Fuels Inc. (CSE:NF) ("Nuclear Fuels" or the "Company") announced today initial results from the first 12 holes of its drill program designed to confirm and expand the historic resource at its Kaycee Uranium Project in Wyoming's Powder River Basin. 5 holes contain high-grade uranium mineralization suitable for In-Situ Recovery ("ISR") extraction technology. ISR technology extracts uranium in a non-invasive process through the use of natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium.

Highlights:

  • High-grade mineralization was encountered in 5 holes with Grade Thickness (GT) ranging from 0.441 to 0.908. The highest grade intercept being 3.0 feet of 0.240% eU

  • Five holes have Grade Thickness (GT) of over 0.3 which is considered an economic minimum for inclusion in a typical wellfield in the Power River Basin;

  • Grade thickness (GT) is defined as Grade x Thickness of a mineralized intercept;

  • Phase 1 drilling is focused on the Saddle Zone which hosts a historic resource. Drilling is focused on confirming and expanding historic resources in the lower Wasatch Formation which occur at shallow depths ranging from approximately 220 to 350 feet in saturated sands;

  • Drilling continues with additional results expected in November 2023.

To view Kaycee Uranium Project maps please visit: https://bit.ly/3QLS327

Michael Collins, Chief Executive Officer, stated: "Our initial results from the Saddle Zone at the Kaycee Uranium project are exceeding our expectations.  We continue to make steady advances with more than 1,000 feet drilled on an average day and look forward to continued results. With over 100 miles of historically defined roll fronts, drilling continues with results following quickly due to the on-site eU 3 O 8 gamma probe logging."

Table of Significant Results

Hole No

Depth (ft)

Thickness (ft)

Grade % (U 3 0 8 )

GT

SD23-001

249.0

4.0

0.114

0.456

SD23-006

241.0

2.0

0.066

0.132

SD23-007

255.0

2.5

0.029

0.073

SD23-008A

273.5

2.5

0.050

0.125

and

282.0

2.0

0.053

0.106

and

294.5

7.0

0.097

0.679

SD23-009

331.5

4.0

0.227

0.908

SD23-010

306.5

2.0

0.039

0.078

and

331.5

4.0

0.212

0.848

SD23-012

286.5

4.5

0.163

0.734

and

293.5

2.5

0.062

0.186

and

314.5

2.5

0.043

0.108

Drill holes are reported that returned significant zones of uranium mineralization with >2 ft thickness at or above a grade cut-off of 0.02 per cent eU 3 O 8 .  Bold type represents potentially ISR recoverable uranium with  a Grade Thickness of >0.3 which is considered suitable for inclusion in a wellfield. (1) % eU3O8 is a measure of gamma intensity from a decay product of uranium and is not a direct measurement of uranium. Numerous comparisons of eU 3 O 8 and chemical assays of Powder River Basin core samples indicate that eU 3 O 8 is a reasonable indicator of the actual uranium assay.

Kaycee Uranium Project, Wyoming

The Kaycee Project in Wyoming's Powder River Basin ("PRB") is Nuclear Fuel's priority project consisting of over 42 square miles of mineral rights over a 33-mile mineralized trend and 110 miles of identified roll fronts. The Kaycee Project is believed to be the only project in the PRB where all three known historically productive sandstone formations (Wasatch, Fort Union, and Lance) are mineralized and potentially accessible for ISR extraction. The Kaycee Project, under Nuclear Fuels, represents the first time since the early 1980's that the entire district is controlled by one company.

Nuclear Fuels acquired the Kaycee Project from enCore Energy Corp., which retains a back-in right for 51% of the project by paying 2.5X the exploration costs and carrying the Kaycee project to production (costs recoverable from production) upon Nuclear Fuels establishing a minimum 15 million pounds U 3 O 8 43-101 compliant resource.

Wyoming is a proven and prolific uranium producer with a pro-energy government and established regulatory regime for the permitting and extraction of uranium through ISR technology.  As Wyoming is one of the few "Agreement States" where the federal government and the Nuclear Regulatory Commission have ceded regulatory authority to the state government, permitting and advancing uranium projects is more efficient and streamlined as compared to most other states. Wyoming, with over 250 million pounds of historic production, ranks as the state with the second most uranium production to date; most of which has been through the ISR method since 1990; predominantly from the PRB.

The technical content of this news release has been reviewed and approved by Mark Travis, CPG., a contractor to the Company, and a Qualified Person as defined in National Instrument 43-101.

About Nuclear Fuels Inc.

Nuclear Fuels Inc. (CSE:NF) is committed to aggressive exploration of district-scale In-Situ Recovery ("ISR") uranium projects in proven and prolific jurisdictions. Focused on its priority Kaycee Project, located in Wyoming's Powder River Basin, our goal is to advance the project onto a path to production.  enCore Energy Corp. maintains the right to back-in to 51% ownership by paying the Company 2.5X its exploration expenditures and carrying the project to production (recoverable from production).   With existing historic resources through a 33-mile trend, 110+ miles of mapped roll-fronts and 3,800 drill holes, Nuclear Fuels has secured the district under one company's control for the first time since the early 1980's. Nuclear Fuels also provides a unique model for development of our other uranium projects and has established a pipeline of future opportunities in known uranium jurisdictions. Our industry leaders work to build America's uranium resources and provide a domestic fuel for nuclear energy; always on, always available. ISR technology extracts uranium in a non-invasive process through the use of groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium.

For further information:

Michael Collins, Chief Executive Officer

P: 778-763-4670

E: info@nuclearfuels.energy

W: www.nuclearfuels.energy

The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to planned exploration programs and the results of additional exploration work in seeking to establish mineral resources as defined in NI43-101 on any of our properties. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with the completing planned exploration programs and the results of those programs; the ability to access additional capital to fund planned and future operations; regulatory risks including exploration permitting; risks associated with title to our mineral projects; the ability of the company to implement its business strategies; and other risks including risks contained in documents available for review at www.sedar.com under the Company's profile. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Copyright (c) 2023 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

NF:CC
Nuclear Fuels

Nuclear Fuels Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Nuclear Fuels

Nuclear Fuels


Keep reading...Show less

Advancing district-scale In-Situ Recovery amenable uranium projects towards production in the United States.

Nuclear Fuels Mourns the Passing of Independent Director Eugene Spiering

Nuclear Fuels Mourns the Passing of Independent Director Eugene Spiering

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") announces with profound sadness, that Mr. Eugene Spiering a valued member of Nuclear Fuels' Board of Directors, passed away earlier this week.

Nuclear Fuels logo (CNW Group/Nuclear Fuels Inc.)

Eugene (Gene) Spiering was a well-respected geologist, globally renown for his work in uranium exploration with over 35 years of international experience in mineral exploration and senior level project management in the western United States , South America , and Europe . Gene's work on the Kaycee Uranium District in the early 1980s provided the foundational geological framework for Nuclear Fuels' flagship project. He served as a project geologist for Energy Fuels Nuclear in the 1990s, and during his tenure as Vice President of Exploration for Quaterra Resources, discovered the only two new uranium deposits in Arizona . More recently, as a member of the Company's Board of Directors, his firsthand knowledge of the Kaycee area was invaluable and key to the exploration success on the Project thus far.

Greg Huffman , Chief Executive Officer, commented: "It is with great sadness we announce the loss of Gene as a director of the Company. He will be remembered as an icon in the uranium geological community, as well as for his friendly and outgoing nature. Our thoughts are with his family and loved ones."

About Nuclear Fuels Inc.

Nuclear Fuels Inc. is a uranium exploration company advancing early-stage, district-scale In-Situ Recovery ("ISR") amenable uranium projects towards production in the United States of America . Leveraging extensive proprietary historical databases and deep industry expertise, Nuclear Fuels is well-positioned in a sector poised for significant and sustained growth on the back of strong government support. Nuclear Fuels has consolidated the Kaycee district under single-company control for the first time since the early 1980s. Currently planning its 2025 drill program following successful 2023 and 2024 drilling, the Company aims to expand on historic resources across a 35-mile trend with over 430 miles of mapped roll-fronts defined by 3,800 drill holes. The Company's strategic relationship with enCore Energy Corp., America's Clean Energy Company™, offers a mutually beneficial "pathway to production," with enCore owning an equity interest and retaining the right to back-in to 51% ownership in the flagship Kaycee Project in Wyoming's prolific Powder River Basin.

Forward-Looking Information

The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to planned exploration programs and the results of additional exploration work in seeking to establish mineral resources as defined in NI43-101 on any of our properties. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with the completing planned exploration programs and the results of those programs; the ability to access additional capital to fund planned and future operations; regulatory risks including exploration permitting; risks associated with title to our mineral projects; the ability of the company to implement its business strategies; and other risks including risks contained in documents available for review at www.sedar.com under the Company's profile. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/nuclear-fuels-mourns-the-passing-of-independent-director-eugene-spiering-302406702.html

SOURCE Nuclear Fuels Inc.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Nuclear Fuels Acquires TenSleep Uranium Project with Athabasca Basin-Style Mineralization in Wyoming's Powder River Basin

Nuclear Fuels Acquires TenSleep Uranium Project with Athabasca Basin-Style Mineralization in Wyoming's Powder River Basin

CSE:NF
OTCQX:NFUNF

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") announced today the acquisition of the TenSleep Uranium Project, located approximately 10 miles (16 kilometers) west of the town of Kaycee in Johnson County Wyoming.  The TenSleep Project is a unique uranium project in Wyoming displaying geological characteristics similar to the deposits in Saskatchewan's prolific Athabasca Basin rather than the typical roll front sandstone-hosted uranium deposits of the United States. Athabasca or "unconformity" uranium deposits occur along the contact of two different rock types in the vicinity of one or more high-angle faults providing the pathway for the mineralizing fluids to deposit uranium along the contact. These deposits are typically larger and higher grade than roll-front types. The Company is currently developing an exploration program with drilling planned for late 2025 or early 2026.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Nuclear Fuels Announces the Discovery of New Mineralized Zones at the Kaycee Uranium Project

Nuclear Fuels Announces the Discovery of New Mineralized Zones at the Kaycee Uranium Project

CSE:NF
OTCQX:NFUNF

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") announced today the discovery of two new zones of roll front-hosted uranium mineralization at the Kaycee In-Situ Recovery ("ISR") Uranium Project (the "Project") in Wyoming's Powder River Basin ("PRB"). Drill testing of regional targets on the Project encountered mineralization at the newly discovered Outpost and Trail Dust Zones, including 0.082% eU 3 O 8 (uranium) over 6.5 feet for a total hole Grade Thickness ("GT") of 0.532. In the PRB, potentially ISR-recoverable uranium mineralization with a GT of greater than 0.20 is considered suitable for inclusion in a potential wellfield. Follow up delineation drilling of these two new zones is planned for May 2025 . In addition, Nuclear Fuels announces the Company has been added to the Sprott Junior Uranium Miners ETF.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
enCore Energy Increases Investment in Nuclear Fuels Inc.

enCore Energy Increases Investment in Nuclear Fuels Inc.

/NOT FOR DISTRIBUTION IN THE UNITED STATES /

NASDAQ:EU
  TSXV:EU
www.encoreuranium.com

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Nuclear Fuels Inc. to Attend the 50th Annual New Orleans Investment Conference

Nuclear Fuels Inc. to Attend the 50th Annual New Orleans Investment Conference

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) ("Nuclear Fuels" or the "Company") is pleased to announce its participation at the upcoming New Orleans Investment Conference. Nuclear Fuels will give a corporate presentation at 6:00 pm CT on Friday, November 22nd at the Hilton New Orleans Riverside, in room Churchill B2, second floor.

About Nuclear Fuels Inc.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Nuclear Fuels

Nuclear Fuels Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×