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GTI Energy Limited (ASX: GTR) (GTI or Company) advises that the 73 resource development drill holes planned for 2024 have now been completed at its 100% owned Lo Herma ISR Uranium Project (Lo Herma), located in Wyoming’s Powder River Basin. GTI has completed 16,205m (53,166 ft) of drilling at Lo Herma this summer representing ~96% of the planned 76-hole program. The remaining hydrogeologic focused drill holes and water monitoring wells will be completed during October.
HIGHLIGHTS
- 7 additional drill holes completed at the Lo Herma ISR uranium project with all 73 resource development holes planned for 2024 now completed
- Drilling confirms deeper uranium mineralisation at elevated grades within the upper Fort Union Formation, presenting significant upside potential for Lo Herma
- Best mineralised intercepts reported include 3.5ft (1m) at 0.185% (1,850ppm) eU308 in hole LH-24-071, and 6.5ft (2m) at 0.074% (740ppm) eU308 in hole LH-24-069
- Best total hole GT of 1.092 over 23.5 ft (7.16m) in 5 stacked sand units in LH-24-069
This release follows on from GTI’s 31 July 2024 and 11 September 2024 news releases which together reported results from the first sixty-six (66) drill holes. Results from this next seven (7) drill holes (Table 1) included six (6) holes which purposely targeted deeper mineralisation in the upper Fort Union Formation (Figure 2) and delivered the following highlights:
- Drill hole LH-24-071 returned the highest-grade intercept at 3.5ft (1m) of 0.185% eU3O8, and a total hole grade thickness (GT) of 0.800*.
- Significant mineralisation is present in multiple sands units within the upper Fort Union Formation, as demonstrated by hole LH-24-069 which encountered 6.5 ft (2m) of 0.074% eU3O8, 7.5ft (2.3m) of 0.030% eU3O8, and 6.5ft (2m) of 0.046% eU3O8 for a total hole GT of 1.092 across 23.5 ft (7.16m) in 5 stacked sand units.
- 5 of 6 holes targeting the Fort Union Formation intercepted on trend mineralisation, with 4 holes exceeding minimum GT resource cutoff and one hole lost before it could be logged.
* Typical economically viable ISR grade and GT cut-offs are: 0.02% (200ppm) U3O8 and 0.2GT i.e., 10 ft (3 m) @ .02% (200ppm) U3O8.
GTI Director & CEO Bruce Lane commented“We are delighted that these results confirm excellent grades across good thicknesses in multiple stacked sands of the Fort Union formation. We remain very optimistic that additional pounds from this eastern part of Lo Herma can be bought into resource. This year’s drilling has successfully confirmed that stacked sand units of both the lower Wasatch & upper Fort Union contain reliable continuity of mineralisation across extended areas of the project. The 2024 resource drilling is now completed with hydrogeologic and water monitoring wells to be completed in October. Following completion of that work, we plan to update the Mineral Resource Estimate and Exploration Target for Lo Herma by year end.”
FIGURE 1. LO HERMA ISR URANIUM PROJECT DRILLING, POWDER RIVER BASIN, WY
DRILLING RESULTS
Mud rotary drilling commenced at Lo Herma on Wednesday, 24 July 2024. Over the first three days of drilling, ten (10) drill holes were completed for a total of 1,908m (6,260 ft) of drilling. Results of those drill holes were previously announced to the ASX on 30 July 2024. Subsequent to that, GTI reported the results of drill holes 11 through 66 on 11 September 2024. The results of the next seven (7) drill holes, 6 of which targeted mineralisation in the deeper Fort Union formation (Figure 2), are reported here.
The current drill program was designed to further expand the mineral resource, upgrade the classification of a portion of the inferred mineral resource, and collect additional geochemical and hydrogeologic data necessary to advance a scoping study for Lo Herma.
Of the seven (7) drill holes reported here, six (6) drill holes targeted deeper mineralisation in the Fort Union Formation. Of those drill holes, four (4) drill holes exceeded the minimum grade cutoff of 200 ppm eU3O8 and the total hole grade-thickness (GT) cutoff of 0.2 GT, one (1) drill hole demonstrated trace mineralisation but did not meet the grade cutoff, and one drill hole was lost before the downhole gamma log could be completed. An additional drill hole in the northern extent of the property reported here encountered trace mineralisation.
All drill holes completed were beneficial in determining the lateral geometry of the sinuous roll front type uranium deposits present at Lo Herma across multiple sandstone units.
The best individual mineralised intercept was encountered in drill hole LH-24-071 which encountered 3.5ft (1m) of 0.185% (1,850 ppm) eU3O8 from a depth of 1302.5 ft, providing a 0.648 GT for the intercept. The total hole GT for drill hole LH-24-071 was 0.800. The greatest total Hole GT was encountered in drill hole LH-24-069, which encountered mineralisation above the 0.02% eU3O8 cut-off within five (5) sand units, providing a total hole GT of 1.092.
Click here for the full ASX Release
This article includes content from GTI Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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GTI Energy
Overview
Wyoming has the largest uranium reserves of all the US states and is the home of in-situ recovery (ISR) uranium mining, with experimental ISR mining during the early 1960s and commercial ISR mining starting in 1974. The state is an energy powerhouse in the US, second only to Texas in energy production and accounting for more than 80 percent of the country’s uranium production. It has a production history that dates back to the late 1940s. With a soaring uranium price that passed $90 by the end of 2023, many analysts believe the price will remain on the higher end for years to come.
GTI Energy (ASX:GTR,OTCQB:GTRIF) is a mineral exploration company focused on developing a portfolio of attractive uranium projects in the United States. The company now boasts approximately 42,000 acres in the prolific Great Divide and Powder River Basins, which are low-cost ISR uranium-producing districts within 100 miles of each other.
In 2022, the company completed an additional 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Great Divide Basin to 7.5 miles.
The company has also commenced work at its Green Mountain ISR uranium project next to Rio Tinto’s (ASX:RIO) uranium deposits. GTI has historical drill data confirming the presence of uranium mineralised roll fronts on the properties.
The company is led by a highly experienced management and exploration team with an extensive track record in the mineral exploration industry. GTI’s operational team has proven development and engineering expertise with a history of success in ISR uranium deposit discovery in Wyoming.
GTI’s acquisition of Branka Minerals in November 2021 gave the company control of the largest non-US or Canadian-owned uranium exploration landholding in the Great Divide Basin, with approximately 19,500 acres. The landholding included underexplored and highly prospective sandstone-hosted uranium properties which are the company’s Wyoming projects today. This holding then grew with the purchase of the 13,800-acre Green Mountain project in 2022.
The company further expanded its ISR uranium portfolio in 2023 by acquiring the Lo Herma Project in Wyoming’s prolific Powder River Basin uranium district. The newly staked 13,300 acres of claims are located within 16 kilometers of Cameco’s Smith Ranch-Highland ISR uranium production plant – the largest production site in Wyoming
GTI Energy leverages the strategic positioning of its Wyoming projects, which are located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant and the now-rehabilitated historic Rio Tinto Kennecott Sweetwater Mill. The Lost Creek plant is claimed by Ur Energy to be the lowest-cost ISR uranium production plant outside of Kazakhstan.
GTI is committed to strong environmental, social and governance (ESG) initiatives to support the clean energy transition. In November 2021, the company adopted an internationally recognized Environmental, Social and Governance Stakeholder Capitalism Metrics framework, with 21 core metrics and disclosures.
In December 2021, GTI Energy announced it would be transitioning to carbon-neutral operations. The company has subsequently received its carbon neutral certification for its Australian head office and US field operations, through the Australian Government’s Climate Active Program.
GTI Energy is positioned for growth with the pursuit of ISR mining on its Wyoming projects, presenting an opportunity for low operating expenses and capital expenditures with low environmental impact compared to conventional mining. ISR mining supports the company’s goal of low-impact mining and carbon neutrality on its Wyoming projects.
In 2021, the company completed field exploration on its Henry Mountains project in Utah. In the same year, GTI Energy also began a 15,000-meter drill program on its Wyoming projects, concluding the program in early 2022. The drilling confirmed that the targeted ISR-amenable uranium mineralization was present at the Thor project. In 2022, the company completed an additional 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Basin to 7.5 miles.
Company Highlights
- GTI Energy owns multiple promising assets in Wyoming’s prolific and in-situ recovery (ISR) uranium-producing Great Divide and Powder River Basins. Wyoming is the leading US uranium production state and is “uranium-friendly”.
- GTI’s flagship Lo Herma project comprises 13,300 acres of ground in Wyoming within circa 16 kilometers of Cameco’s $16-billion ISR uranium plant (the largest permitted ISR production facility in Wyoming) and 80 kilometers of five permitted ISR uranium production facilities, including UEC’s Christensen Ranch (due to restart in August 2024) and Peninsula Energy’s (ASX:PEN) Lance Project (due to recommence production in late 2024).
- GTI’s Great Divide Basin projects are strategically located near Ur Energy’s (TSX:URE,NYSE:URG) Lost Creek ISR production plant which has re-commenced production.
- Maiden uranium resource and updated exploration target at the Lo Herma ISR project delivered an inferred mineral resource estimate of 5.71 Mlbs uranium oxide at an average 630 ppm plus an exploration target of an additional 5.87 to 10.26 Mlbs potential at average grade of 500 to 700 ppm.
- Updated total resources across its Wyoming projects of 7.37 Mlbs plus an exploration target of an additional 11.97 to 19.79 Mlbs potential at average grade of 500 – 700 ppm.
- In early 2022, the company completed a further 103 mud rotary exploration drill holes to increase the total trend length for GTI’s projects in the Great Divide Basin to 7.5 miles.
- In late 2023, GTI completed 26 holes at Lo Herma to verify the historical data base & confirm exploration potential along trend & at depth.
- GTI acquired a 1,771 drill hole data set over Lo Herma with a replacement value of AU$15 million.
- GTI received its carbon neutral certification for its Australian head office and US field operations, through the Australian Government’s Climate Active Program.
- GTI aims to utilize ISR mining at its Wyoming projects, which offers lower environmental impact, lower opex and capex than conventional mining.
- GTI Energy has a highly experienced exploration team including the recent appointment of ISR specialist, Matt Hartmann, with a history of successful uranium discovery in Wyoming.
Key Projects
Wyoming Projects
The Wyoming projects are located in the Powder River & Great Divide Basins in Wyoming and the Henry Mountains (Colorado Plateau) Utah, United States. The Greta Divide Basin projects consist of the Thor, Logray, Loki, Odin, Teebo, Wicket and Green Mountain claims. The approximately 13,000 hectare group of projects is prospective for ISR-amenable sandstone-hosted roll-front uranium. The Wyoming projects are situated 5 to 30 kilometers from Ur-Energy’s Lost Creek ISR plant. The projects are also located near Rio Tinto’s Sweetwater/Kennecott Mill.
GTI Energy’s land holding in the Great Divide Basin was bolstered by the acquisition of the Green Mountain project comprising 5,585 hectares of contiguous ISR uranium exploration claims which abuts the Rio Tinto claims at Green Mountain. Historical drill data and geophysics confirms the presence of major uranium mineralisation at the projects.
Initial drilling at Lo Herma commenced in November 2023 and was completed in December with 26 drill holes successfully verifying the historical Lo Herma drill hole database. A drilling permit amendment is currently in progress aiming to optimise follow-up drilling, increase the total number of drill holes, and construct monitoring wells for groundwater data collection. Drilling is expected to resume by July 2024 with an enlarged program, and the mineral resource estimate and exploration targets are expected to be updated in the fourth quarter of 2024.
The company began initial exploration on Thor in 2021, and in 2022, it completed an additional 103 mud rotary exploration drill holes. The drilling of 70 holes was previously reported at the Thor prospect and an additional 33 holes combined have now been completed at the Odin, Teebo and Loki prospects. These 33 holes have discovered an additional combined 4.26 kilometers of ISR amenable uranium mineralised roll front trends increasing the total trend length for GTI’s projects in the Basin to 12.07 kilometers.
In February 2023, GTI Energy secured, by staking, approximately 3,500 hectares of unpatented mineral lode claims known as the Lo Herma project, about 16 kilometers from Cameco’s Smith Ranch-Highland ISR Uranium facility and Energy Fuels Nichols Ranch ISR plant. Lo Herma also lies within 97 kilometers of the companies leading the restart of uranium production in the USA, including Uranium Energy, Ur-Energy, Energy Fuels, Encore Energy and Peninsula Energy.
The company subsequently, secured a material historical data package for the project, which allowed GTI Energy to report a maiden uranium resource and exploration target update at the Lo Herma ISR project, including a cut-off grade of 200 parts per million (ppm) uranium oxide and a minimum grade thickness (GT) of 0.2 per mineralised horizon as 4.12 million tonnes of mineralisation at an average grade of 630 ppm uranium oxide for 5.71 million pounds (Mlbs) of uranium oxide contained metal. The inferred mineral resource estimate is 5.71 Mlbs uranium oxide at an average of 630 ppm.
The company also completed collection of aerial geophysical data at its Lo Herma, Green Mountain and Loki West ISR uranium exploration projects in Wyoming. The survey was conducted using a twin-engine aircraft loaded with a suite of sensors that provide detailed radiometric, magnetic and electromagnetic data, allowing for correlation between the three products.
The airborne geophysical survey at its Green Mountain project consequently updated its drill plan with 16 potential drill holes. The permit application process is underway for the 2024 drill program which aims to test the validity of the historical Kerr McGee drill hole maps, as well as the interpreted mineralised regions as determined from the airborne geophysical survey.
Henry Mountains Uranium Project
GTI’s uranium/vanadium projects in Utah are considered suitable for conventional mining and are located on the east flank of the Henry Mountains, covering 3,860 acres. The permits host historical production, open underground workings and have an exploration permit in place. The projects saw significant work from 2019 to 2021 including two drill programs totaling 52 drill holes and geophysical logging of an additional 76 historical drill holes. GTI subsequently elected to prioritise work at its newly acquired Wyoming ISR projects until such time as activity and investment in the region improves. The company’s projects lie within ~100 miles of Energy Fuels’ (NYSE American: UUUU) (TSX: EFR) White Mesa Mill and within a few miles of Anfield Energy’s (TSX.V: AEC) Shootaring (Ticaboo) mill site. The owners of both of these mills are actively pursuing mill re-starts.
In addition, Western Uranium & Vanadium (CSE:WUC) (OTCQX:WSTRF) has announced the purchase of a mill site in Green River Utah and work to design and permit the facility for processing uranium and vanadium. The plant, which will be located ~80 miles from GTI’s projects, is intended to process feed from Western's recently restarted Sunday Mine Complex over 160 miles away. Western advised of a mine operations restart at Sunday in February 2024. Western stated its new "mineral processing plant" will recover uranium, vanadium and cobalt from ore from Western's mines and that produced by other miners. Western said, on February 13, 2024, it expects the plant to be licensed and constructed for annual production of 1 million pounds U3O8 and 6 million pounds of V2O5, with initial production in 2025.
Based on the renewed interest in exploration, mining, and processing of uranium ore in this region, GTI is currently evaluating potential paths for further exploration, resource development, or other value creating activities with its Utah projects.
Management Team
Bruce Lane - Executive Director
Bruce Lane has significant experience with ASX-listed and large industrial companies. Lane has held management positions in many global blue-chip companies as well as resource companies and startups in New Zealand, Europe and Australia. He holds a master’s degree from London Business School and is a graduate member of the Australian Institute of Company Directors. Lane has led a number of successful acquisitions, fund raising and exploration programs of uranium and other minerals projects during the last 15 years most notably with ASX listed companies Atom Energy Ltd & Stonehenge Metals Ltd & Fenix Resources Ltd (FEX).
James (Jim) Baughman - Executive Director
James Baughman is a highly experienced Wyoming uranium geologist and corporate executive who will help guide the company’s technical and commercial activities in the US. Baughman is the former president and CEO of High Plains Uranium (sold for US$55 million in 2006 to Uranium One) and Cyclone Uranium.
Baughman has more than 30 years of experience advancing minerals projects from grassroots to advanced stage. He has held senior positions (i.e., chief geologist, chairman, president, acting CFO, COO) in private and publicly traded mining & mineral exploration companies during his 30-year career.
He is a registered member of the Society of Mining, Metallurgy, Exploration and a member of the Society of Economic Geologists with a BSc in geology (1983 University of Wyoming) and is a registered professional geologist (P. Geo State of Wyoming). Baughman is a registered member of the Society of Mining, Metallurgy, and Exploration (SME) and a qualified person (QP) on the Toronto Stock Exchange (TSX) and Australian Stock Exchange (ASX).
Petar Tomasevic - Non-executive Director
Petar Tomasevic is the managing director of Vert Capital, a financial services company specializing in mineral acquisition and asset implementation. He has worked with several ASX-listed companies in marketing and investor relations roles. Tomasevic is fluent in five languages. He is currently appointed as a French and Balkans language specialist to assist in project evaluation for ASX-listed junior explorers. Most recently, he was a director at Fenix Resources (ASX:FEX), which is now moving into the production phase. He was involved in the company’s restructuring when it was known as Emergent Resources. Tomasevic was also involved in the company’s Iron Ridge asset acquisition, the RTO financing, and the development phase of Fenix’s Iron Ridge project.
Simon Williamson - Non-executive Director
Simon Williamson was general manager and director of Cameco Australia until late 2023 and has significant uranium industry experience, networks and skills from his 13 years at Cameco. During his tenure with Cameco, Williamson managed relations with key government ministers and departments and community stakeholders. He managed project approvals processes, including negotiations with State and Federal agencies and reviewing the PFS for the Yeelirrie project.
Williamson was intimately involved in obtaining environmental approval for the Kintyre and Yeelirrie uranium projects, including developing and implementing a program of environmental baseline studies, government and community consultation and negotiating land access. Prior to his appointment as general manager, he led the government and regulatory affairs, environmental and radiation safety activities of Cameco in Australia. He also held roles with minerals industry participants in Australia and the US including various positions at Cliffs, Sons of Gwalia the WA Chamber of Minerals & Energy and WMC where he negotiated the mine closure criteria for a gold project near Sacramento, California.
Matt Hartmann - Director
ISR uranium specialist Matt Hartmann is an executive and technical leader with more than 20 years of international experience and substantial uranium exploration and project development experience. He first entered the uranium mining space in 2005 and followed a career path that has included senior technical roles with Strathmore Minerals and Uranium Resources. He is also a former principal consultant at SRK Consulting where he provided advisory services to explorers, producers and prospective uranium investors. Hartmann’s ISR uranium experience has brought him through the entire cycle of the business, from exploration, project studies and development, to production and well field reclamation. He has provided technical and managerial expertise to a large number of uranium ISR projects across the US including, Smith Ranch – Highland ISR Uranium Mine (Cameco), Rosita ISR Uranium Central Processing Plant and Wellfield (currently held by enCore Energy), the Churchrock ISR Uranium project (currently held by Laramide Resources), and the Dewey-Burdock ISR Uranium project (currently held by enCore Energy).
Matthew Foy - Company Secretary
Matthew Foy is an active member of the WA State Governance Council of the Governance Institute Australia. Foy has more than 14 years of experience in facilitating ASX-listing rule compliance. His core competencies are in the secretarial, operational, and governance disciplines for publicly listed companies. Foy has a working knowledge of the Australian Securities and Investments Commission and Australia Stock Exchange reporting. He has document drafting skills that provide the basis for valuable contributions to the boards on which he serves.
Rigs Secured For Wyoming Uranium Drilling & Utah Fieldwork Completed
Henry Mountains Utah Uranium & Vanadium Projects
GTI also completed a field reconnaissance exploration program at its Henry Mountains project. The program aimed to enhance GTI’s understanding of uranium & vanadium mineralisation within Section 2 at the southwestern end of the 5.5km mineralised strike including Section 36 between the Jeffery & Rats Nest areas (Figure 2). The data collected will help guide any further exploration drilling at the project area.
Read the full article here.
Nuclear Fuels
Overview
Nuclear Fuels Inc. (CSE:NF|OTCQX:NFUNF) 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 in Wyoming’s Powder River Basin under single-company control for the first time since the early 1980s. Currently executing its second drill program at the Kaycee Project, the Company aims to expand on historic resources across a 33-mile trend with over 110 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 ~18% equity interest and retaining the right to back-in to 51% ownership in the flagship Kaycee Project in Wyoming’s prolific Powder River Basin.
The company’s flagship project, Kaycee, is located in Wyoming’s Powder River Basin, the backbone of the United States’ domestic uranium production. With existing historic resources of nearly 2.5 million pounds (Mlbs) of uranium, the project has the potential to become a large-scale uranium producer. Eighty-nine drill holes were completed in 2023. Phase 2 of the drill program commenced on April 29, 2024, with an additional 700 permitted drill holes designed to expand the areas drilled in 2023 and define new mineralized zones along trend.
Wyoming is the USA's leading uranium-producing state, home to the largest known uranium ore reserves in the US. Wyoming is also a jurisdiction that supports energy development, being among a handful of US states with an ‘Agreement State’ status, which provides for a “one-window” streamlined permitting program for new uranium projects.
Nuclear Fuel’s Kaycee project is potentially amenable for in-situ recovery (ISR) extraction technology, an environmentally responsible and economically superior uranium extraction process. Over 60 percent of all uranium extractions globally use this technology.
In addition to the Kaycee project, some of the company’s other assets include the Bootheel project in Wyoming (uranium) and the Moonshine project in Arizona (uranium). Through this portfolio of projects, Nuclear Fuels is confident it can contribute to the U.S.’ need to develop a safe, environmentally superior, and reliable source of domestic uranium, thereby reducing foreign supply dependence and ultimately contributing to the global energy transition.
Assets in uranium mining jurisdictions
Some of the most important challenges faced by the world today are climate change and energy security. Nuclear energy can play an important role in addressing these concerns.
Nuclear energy is a clean and carbon-free energy source. It is the largest source of carbon-free electricity in the US, as it generates electricity without harmful pollutants such as nitrogen oxide, sulfur dioxide, particulate matter, or mercury. In addition, nuclear energy has a small land footprint meaning it can produce relatively large amounts of power using small land mass. Typically, a 1,000-MW nuclear plant requires around 1 square mile to operate. In comparison, wind farms require 360 times more land area to produce the same amount of electricity, and solar photovoltaic plants require 75 times more area, according to the Nuclear Energy Institute. Nuclear fuel is also extremely energy dense. For perspective, a half-inch-tall uranium pellet creates as much energy as 17,000 cubic feet of natural gas, 120 gallons (about 454.25 L) of oil, or 1 ton of coal. Lastly, the nuclear power industry has a strong safety culture; delivering power safely and efficiently, especially so in comparison to coal-fired power plants.
Given these benefits, the world today is experiencing a nuclear renaissance. Roughly 200 nuclear reactors are currently under construction or planned – an increase of more than 40 percent of the currently operating nuclear fleet. In Japan, 10 reactors have restarted, and 16 additional reactors have applied for restarts. Likewise, the UK plans to build eight new nuclear reactors to increase its energy production. Additionally, the US is heavily focused on nuclear energy, with several nuclear power plants in America currently undergoing the permitting process to restart power generation. Approximately 20 percent of electricity generated in the US comes from nuclear energy sources, according to data from the US Department of Energy. However, about 95 percent of the uranium that fuels America’s nuclear reactors is imported. The continued increase in the price of uranium is fueling the drive to accelerate uranium exploration in the US to boost domestic production.
To produce large amounts of nuclear energy, the US needs domestically produced uranium fuel. Currently, the majority of uranium is imported from foreign producers such as Russia, Kazakhstan and China. To reduce dependence on foreign uranium supply, the US is seeking to strengthen its domestic supply sources. Nuclear Fuels is well positioned to become a leading domestic uranium exploration company with a potential pathway to production with enCore Energy, with the Kaycee Project in Wyoming.
Wyoming is a proven and effective uranium permitting jurisdiction. Its status as an Agreement State ensures permitting and advancing uranium projects are more efficient and streamlined compared to most other states. It is also important to note that most uranium production in Wyoming, especially in the Powder River Basin, involves the ISR extraction method. Wyoming hosts at least 10 ISR operations that have produced more than 45 Mlbs of U3O8.
What is in-situ recovery?
In-situ recovery (ISR) offers a minimally intrusive, eco-friendly and economically competitive approach to mineral extraction. It’s been proven a successful technique for mining uranium, especially from lower-grade deposits that might not warrant conventional open pit or underground mining due to costs. Unlike traditional mining, ISR doesn’t involve open pits, waste dumps or tailings, making it more environmentally friendly. This method also streamlines the permitting, development, and remediation processes. With ISR, uranium is extracted without disturbing the surface, and once the process is complete, the land is restored to its original state and purpose.
Since its development in the 1960s, ISR technology has evolved significantly. Today, it’s a controllable, safe and benign uranium production method that is highly regulated in the US. ISR currently accounts for about 70 percent of global uranium production. Some nations, like Kazakhstan and Australia, still employ strong chemicals like sulfuric acid for extraction. Many companies operating in the US opt for a mix of oxygen and sodium bicarbonate in the local groundwater, which extracts uranium with minimal environmental impact and at a near-neutral pH.
With ISR, uranium extraction is accomplished in liquid form through injection and recovery wells. Oxygen is injected with water and no toxic chemicals are used. Compared to conventional mining, it saves a significant amount of water. The use of this technology leads to minimal surface disruption, no tailings and no waste piles. Land and water revert to the original use category once the extraction is completed.
Company Highlights
- Consolidation of the 33-mile trend of the Kaycee Project in Wyoming’s prolific Powder River Basin.
- Permitted 700 hole drill program underway at the Kaycee Project to expand on historic resources across a 33-mile trend with over 110 miles of mapped roll-fronts defined by 3,800 drill holes.
- Strategic relationship with enCore Energy Corp., America’s Clean Energy Company™, for a pathway to production;
- Leveraging extensive proprietary historical databases to build a long-term pipeline of projects in progressive jurisdictions.
- The company is led by industry experts with extensive experience and credentials in uranium exploration and development, and all aspects of ISR uranium operations.
- In the rising global demand for carbon-free sources of energy production, Nuclear Fuels is well positioned to contribute, through exploration, to a reliable supply of domestic uranium to fuel America’s nuclear energy.
- The US is the world’s largest consumer of nuclear energy, with 20 percent of its electric grid fueled by nuclear energy, yet most of its uranium fuel is imported.
- Uranium prices continue to rise due to consistent and growing uranium demand and constraints on current production capacity.
- enCore Energy is the company’s largest shareholder with an 18.3 percent stake, while management and other insiders hold 6.7 percent, with CEO Greg Huffman holding 3.2% of this.
Key Project
Kaycee Project, Wyoming
The Kaycee project is the company’s flagship asset. It is the largest ISR exploration project in Wyoming’s Powder River Basin (PRB) and covers a 33-mile mineralized trend with over 110 miles of identified roll fronts and over 42 square miles of mineral rights. The project comprises three historically productive sandstone formations - Wasatch, Fort Union and Lance - that are mineralized and potentially amenable to ISR extraction. For the first time since the 1980s, the Kaycee Project is now held by a single company.
With over 3,800 drill holes, historic drilling has confirmed uranium mineralization in all three historically productive sandstones within the PRB, occurring over more than 1,000 feet of vertical section. The majority of the project is not well-explored, with drilling concentrated on approximately 10 percent of the area. The company’s Phase 1 drilling program, conducted in 2023, focused on the Saddle Zone which hosts a historic resource of 519,000 lbs. The initial results from the first 12 holes were encouraging. High-grade mineralization was encountered in five holes with grade thickness (GT) ranging from 0.441 to 0.908. The highest-grade intercept is 3 feet of 0.240 percent e U3O8. Five holes have a GT of >0.3 which is considered suitable for inclusion in a wellfield.
Table of Significant Results
Phase 1 drilling during 2023 successfully confirmed and expanded historic resources returning grades ranging from trace to 6.5 feet at 0.187 percent U3O8 (Gamma log) with a grade thickness of 1.216; Phase 2 of the drill program, commenced on April 29, 2024, to expand historic uranium mineralization at depth and expand mineralization along trend and on other high-priority targets identified with an additional 700 permitted drill holes.
Nuclear Fuels acquired this project from enCore Energy, which, upon Nuclear Fuels establishing a minimum of an NI 43-101 compliant resource of 15 Mlbs U3O8, retains a back-in right for 51 percent of the project by paying 2.5 times the exploration costs and financing the project to production. This provides a clear path to production in case of major discovery at Kaycee.
Other Projects
Bootheel Project, Wyoming
The Bootheel project in Southeast Wyoming consists of roll-front mineralized zones identified in three distinct, stacked sandstone formations. Historic metallurgical testing has indicated better-than-average uranium recovery kinetics and aquifer rehabilitation. A historic NI 43-101 report in 2007, includes an indicated resource of 1.443 million (Mt) @ 0.038 percent U3O8 for 1.089 Mlbs U3O8, and inferred resource of 4.399 Mt @ 0.037 percent U3O8 for 3.249 Mlbs U3O8.
Bobcat Project, Wyoming
This project is located in the Shirley Basin, 25 miles south of Casper, Wyoming in Albany County. The Shirley Basin is a proven and prolific producer of uranium credited with over 84 million pounds produced between 1959 and 1992 from producers including Getty Oil Company, Texaco, Pathfinder Mines Corporation, and Cogema Mining. Moreover, the Shirley Basin is home to the first commercial use of the ISR technique to extract uranium from sandstone-host deposits.
Moonshine Project, Arizona
The Moonshine Springs project is in Mohave County, Arizona. The project comprises approximately 1,000 acres, including 23 owned lode mining claims along with seven lode mining claims and 320 acres of fee land held under lease. This property was earlier explored during the 1970s and 1980s by Exxon Corp and later by Pathfinder.
This project consists of at least three stratigraphic zones, where the sandstone-hosted uranium occurs. The upper two zones lie at an average depth of 170 feet and are considered open pit candidates with the lower zone lying at a depth of 760 feet. The project is amenable to ISR with a historic resource of 2.4 Mlbs grading 0.16
Lisbon Valley Project, Utah
This project is in the Lisbon Valley Uranium District in Southeast Utah and covers approximately 2,211 acres. The project has two claim blocks – LS and JB. The LS claim group is located southeast and adjacent to the Lisbon mine, which was operational between 1972 and 1988, producing approximately 22 Mlbs of U3O8. Historical drilling at LS claim dating back to 2007 reported uranium mineralization amounting to 17.5 feet grading 0.11 percent U3O8.
Management Team
William M. Sheriff – Chairman
William Sheriff is the founder and presently serves as the executive chair of enCore Energy Corp., a leader in ISR uranium production. He was a pioneer in the uranium renaissance as co-founder and chairman of Energy Metals, which was acquired by Uranium One for $1.8 billion and owns the largest domestic uranium resource base in US history.
Gregory Huffman - Chief Executive Officer, President and Director
Gregory Huffman brings more than two decades of mining analysis and equity finance experience with a focus on uranium and other energy-related metals. Huffman's diverse background includes roles in mining specialty sales, fund management, and equity research in the metals and mining sector. In his career, he has been instrumental in leading cross border coordination in global mining financial matters, including his work as a mining analyst focused on uranium from 2004 to 2007. His most recent experience, from 2016 to 2024, was as the global head of mining sales at Canaccord Genuity where he employed his broad range of geological and financial skills to evaluate mining companies exploring, developing, and producing precious, base and energy-related metals, including uranium. Huffman is known for his insightful industry publications, the "Canaccord Genuity High Grade Mining Minute" and "Huffer's High Grade Nuggets."
Eugene Spiering - Director
Eugene Spiering is a registered geologist with more than 30 years of experience and recently served as VP of exploration for Quaterra Resources, where he led the discovery of the only two uranium deposits in Arizona. He also worked on the Kaycee Uranium District in the early 1980s.
David Miller - Director
David Miller is a businessman, professional economic geologist, and a past member of the Wyoming State Legislature. He previously served as the chief executive officer of Strathmore Minerals before its merger with Energy Fuels in 2013. His career has spanned more than 40 years and started with Utah International in the US, which evolved into Orano Group, the French nuclear power conglomerate.
Larry Lahusen - Director
Larry Lahusen holds a BSc in geology from the University of New Mexico (1969) and has been active as an exploration geologist for more than 30 years. He began his career exploring for uranium deposits in the Colorado Plateau region in the US. He has directed and designed exploration programs that resulted in the discovery and subsequent development of the two uranium deposits located in the Lisbon Valley District, Utah.
Richard Munson - Director
Richard Munson has been active in the natural resources business for more than 35 years, starting as a natural resources lawyer specializing in taxation. He moved to the private sector in the mid-80s when he joined the Energy Fuels companies owned by John Adams. Energy Fuels Nuclear became the largest US uranium producer in the late 1980s and early 1990s. In 1999, Munson and John Adams co-founded ETK, which then owned the Toroparu gold-copper project in Guyana, South Africa. Munson continues to be active in the international resource sector.
Brahm Spilfogel - Director
Brahm Spilfogel is an award-winning financial executive with over 25 years of experience in resource portfolio management. He recently retired from RBC Global Asset Management where he served as managing director and senior portfolio manager, co-managing a number of portfolios including the RBC Global Precious Metal Fund, RBC Global Resources Fund, and the RBC Small and Mid-Cap Resources Fund, with assets exceeding $2 billion. As one of Canada's most well-regarded resource portfolio managers, Spilfogel has actively engaged with corporate boards, offering strategic insights and contributing to governance, safety, and sustainability discussions. His deep expertise in the resources sector extends to financial analysis, mergers and acquisitions, and capital markets.
Monty Sutton – Chief Financial Officer
Monty Sutton brings more than 35 years of experience in public markets, corporate governance, senior administration and accounting and has served on the management teams and boards for many private and publicly traded companies. Sutton has held positions as senior management accountant for MacMillan Bloedel, investment advisor, insurance specialist, corporate development manager and most recently chief financial officer.
Mark Travis – Project Manager
Mark Travis has over 17 years of mineral industry experience in a variety of different settings including both energy and precious metals. He was instrumental in the Strathmore Minerals development of the Gas Hills Wyoming properties during the 2006-2013 uranium cycle. He is the director of the Geological Society of Nevada and the Nevada Mineral Exploration Coalition and is a certified professional geologist through AIPG.
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