153 meters to feet

E-Tech Resources Inc. Receives Further High-Grade Assays and Expands the Mineralized Footprint on Its 100% Owned Eureka REE Project in Namibia

E-Tech Resources Inc. (TSXV: REE) ("E-Tech or the Corporation") is pleased to announce high grade REE assays from Reverse Circulation ("RC") drilling which includes 3 meters of 8.0% TREO and 8 meters of 4.5% TREO (see highlights below). The Corporation is also pleased to announce the expanded surface delineation of Zone 1 and Zone 3 to the south and west by approximately 100 meters and 140 meters, respectively (see map below).

Highlights from the RC drilling include:

Zone 1:

  • Drill Hole ER002: 3.8% TREO over 3 meters from 71m to 74m
  • Drill Hole ER002: 1.4% TREO over 7 meters (including 2.3% TREO over 3 meters) from 103m to 110m
  • Drill Hole ER020: 1.4% TREO over 6 meters (2.7% TREO over 2 meters) from 15m to 21m
  • Drill Hole ER023: 4.5% TREO over 8 meters (including 17% TREO over 2 meters) from 54m to 62m

Zone 3 Central:

  • Drill Hole ER009: 1.4% TREO over 15 meters (including 3.2% TREO over 3 meters) from 63m to 78m
  • Drill Hole ER014: 8.0% TREO over 3 meters from 118m to 121m

Zone 3 West:

  • Drill Hole ER003: 3.5% TREO over 2 meters from 64m to 66m
  • Drill Hole ER005: 5.1% TREO over 2 meters from 65m to 67m

Zone 3 South:

  • Drill Hole ER018: 1.4% TREO over 8 meters (including 4.4% TREO over 2 meters) from 103m to 111m.

Elbert Loois, E-Tech Resources Inc. CEO, commented, "These positive results at Zone 1, Zone 3, Zone 3 West and Zone 3 South are highly encouraging and indicate that we have now increased the Eureka Project's footprint significantly. These results follow the recent diamond drilling results, which show REE mineralization 100 meters below the depth used to calculate the existing resource estimate and give us further confidence in the potential of the Eureka REE project. We look forward to our upcoming drill program as well as receiving the outstanding diamond core assays."

RC Drilling Results

Assay results have now been received from the RC drilling campaign which took place between December 2020 and March 2021. A total of 3000 meters of drilling in 23 holes tested both lateral and depth targets over Zone 1 and Zone 3 to a vertical depth of up to 170 meters. A total of 1725 RC drilling samples (including standards, duplicates and blanks) have been assayed to date. Figure 1 below shows the location of the RC drill holes over Zone 1 and Zone 3.

FIGURE 1: Plan view of drill hole positions at Eureka illustrating all assay results received to date. The red dots are RC drill holes completed in 2017, while the purple areas represent the current 2021 Mineral Resource Estimate (MRE).

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6102/105961_c73e9d05f4fbf8c2_001full.jpg

Zone 1

Zone 1 targets were selected to provide further support for lateral and depth extent of the current known resource. 7 RC holes in a scissor configuration were drilled in Zone 1 to extend the current resource to depth. Scissor holes ER001 with ER023, ER002 with ER022 and ER020 with ER019 were scissored from the northeast and southwest respectively (see Figure 1). All the holes were compromised by underground water ingress.

These RC drill holes, although unable to reach the target depths planned, indicate continuation of the dykes within Zone 1 - which constitute the bulk of the current MRE - to an additional 60 meters vertical depth. Combined with information from the recently announced diamond drilling on the same Zone 1 which intercepted dykes at a vertical depth of 180m, the continuation of the dykes at intermediate depths is confirmed.

Zone 3 West

The RC drilling over Zone 3 was planned to test the scale of this area and to test if the dykes exposed by trenching at surface continue to depth. Holes ER003 to ER006 specifically targeted the obscured western extension of known carbonatite dyke outcrops.

The carbonatite dykes intersected on this western area are typically 2 meters in apparent thickness, carry appreciable grade across meter intervals (as seen in ER003 and ER005) and suggest continuation of Zone 3 to the West.

Zone 3 Central

Holes ER007 through to ER017 were planned to investigate the size extent of obscured carbonantite dykes at depth, which are known from outcrop or were revealed by trenching.

A series of carbonatite dykes were intercepted in this area displaying variable thicknesses from under 1 meter to up to 15 meters in apparent width, returning interval grades from between 0.3% TREO to 11.6% TREO.

Zone 3 South

Hole ER018 tested the south-westward area of Zone 3 to explore the dyke continuity in this direction as indicated by historical trenching. Four (4) REE-mineralised dykes were intersected in this hole. These results therefore confirm the continuity of the dykes into the southern part of Zone 3 and correspond with indicator anomalies encountered in the test-trenches dug at surface.

Table 1 presented on the next page gives a summary of all the significant intercepts in total rare earth oxide (TREO) grade from all Zones.

Geochemical Analysis

As an additional validation of the received geochemical analysis of all RC and DD assays to date, there is an observed strong correlation between phosphorous and REE, and between REE and thorium which reinforces the almost exclusive monomineralic character of the REE host mineral monazite across all Zones.

TABLE 1: Significant intercepts from the 2021 Reverse Circulation (RC) campaign.*

Hole Planned DepthEOHAziFromTo Width (m)Grade TREO %XYLocation
ER001200105220°737522.35264057562581Zone 1
ER002200121220°717433.85264537562544Zone 1
ER002979921.8Zone 1
ER00210311071.4Zone 1
incl.10711032.3Zone 1
ER003120130180°141510.45261017562283Zone 3 W
ER003646623.5Zone 3 W
ER003828310.5Zone 3 W
ER004120120180°5612.05261327562285Zone 3 W
ER004666710.5Zone 3 W
ER00410811021.2Zone 3 W
ER005120180180°141510.55261647562283Zone 3 W
ER005656725.1Zone 3 W
ER005868822.5Zone 3 W
ER005919210.4Zone 3 W
ER006120180180°263260.55261927562285Zone 3 W
ER00610210531.2Zone 3 W
ER007180200200°121310.65262427562224Zone 3 W
ER00710510610.9Zone 3 W
ER00719920010.9Zone 3 W
ER008160190200°81020.65262937562278Zone 3
ER008323641.1Zone 3
ER008515430.6Zone 3
ER008566151.4Zone 3
incl. 586023.0Zone 3
ER008676920.5Zone 3
ER00813513610.5Zone 3
ER009160190200°81020.75263387562260Zone 3
ER009202331.1Zone 3
ER0096378151.4Zone 3
incl.636633.2Zone 3
ER009808220.9Zone 3
ER010160134200°12112540.35263867562260Zone 3
ER011160160020°262712.55263567562147Zone 3
ER011798131.0Zone 3
ER012150180020°No intersection5263937562133Zone 3
ER013150165200°14414731.05263897562138Zone 3
ER014100160020°11111213.05263257562090Zone 3
ER01411812138.0Zone 3
incl.119121211.6Zone 3
ER015100130020°141621.25262937562124Zone 3
ER015848511.1Zone 3
ER01510110320.5Zone 3
ER016100120020°646510.65262437562147Zone 3
ER016909330.5Zone 3
ER017160160020°No intersection5262607562188Zone 3
ER018160160200°10311181.45261967562192Zone 3 S
incl.10310524.4Zone 3 S
ER01813113213.5Zone 3 S
ER01815315521.1Zone 3 S
ER01815715811.1Zone 3 S
ER019160113040°555610.55264067562404Zone 1
ER019575810.5Zone 1
ER020160148220°152161.45264527562486Zone 1
incl.161822.7Zone 1
ER02116097040°788130.75263657562437Zone 1
incl.808111.8Zone 1
ER022175156040°434631.25263687562472Zone 1
incl.454612.3Zone 1
ER023150103040°252721.45263407562497Zone 1
ER023546284.5Zone 1
incl.5557217.0Zone 1

 

*Hole locations are provided in UTM Zone 33S. Inclination angle at 60 degrees for all RC holes. Reported intercepts are drilled lengths while the true thickness of the mineralization is estimated to range between 60 and 80 per cent of the drilled lengths.

Eureka Project Technical Disclosure

The Corporation produced its current Mineral Resource Estimate ("MRE") for the Eureka Project with an effective date of 2 August 2021. The MRE was prepared by SRK Consulting (UK) ("SRK"). An Independent Technical Report titled "Independent Technical Report: Eureka, Rare Earth Project, Namibia" was released on the 15 September 2021 and prepared by SRK, supporting the disclosure of the MRE, and is available on SEDAR and the Corporation's website. (https://etech-resources.com)

Quality Assurance / Quality Control

All E-Tech sample assay results have been independently monitored through a quality assurance / quality control ("QA/QC") program including the insertion of blind standards, blanks and duplicate samples. QA/QC samples make up 10% of all samples submitted. Sampling of RC chips from drilling was conducted in two stages. The initial stage of sampling was conducted during the drilling, each drilled meter was collected from the rig mounted cyclone and were then split in a 7:1 (8 way) splitter, the split fraction was then split again 1:1 (2 way) to create two approximately 2 kg samples. One sample was retained as a reference sample for future work, the other sample was then collected as a laboratory sample stream and transported to Activation Laboratories Ltd. sample preparation facility in Windhoek, Namibia. The sample is dried, crushed to 90% passing 2 mm, riffle splitting a 250 g sub-sample and pulverizing to 95% passing 105 µm. Sample pulps are sent to Activation Laboratories Ltd. in Ontario, Canada for analysis. REE analysis is by method 8-REE. The sample is milled to 95% -200 mesh. To ensure complete fusion of resistate minerals; lithium metaborate/tetraborate fusion is used with analysis by ICP-OES and ICP-MS. Mass balance is calculated as an additional quality control technique to ensure complete analysis.

Qualified Person

Pete Siegfried, BSc. (Hons), M.Sc., is a Consulting Geologist and director of GeoAfrica Prospecting Services CC. Mr Siegfried has reviewed and approved the scientific and technical information in this news release. Mr. Siegfried is a member of The Australasian Institute of Mining and Metallurgy (AusIMM) membership number: 221116 (CP Geology), and a Qualified Person for the purposes of National Instrument 43-101.

About E-Tech Resources Inc.

E-Tech Resources Inc. (TSXV: REE) is a rare earth exploration and development company focused on developing its Eureka Rare Earths Project in Namibia. The Eureka Project is located approximately 250 km north-west of Namibia's capital city Windhoek and 140 km east of Namibia's main industrial port Walvis Bay. The project is situated next to the national B1 highway in the Erongo Region of Namibia. The Eureka deposit lies in the Southern Central Zone of the Neoproterozoic Damara Belt within Exclusive Prospecting Licence ("EPL") number EPL 6762; which covers Eureka Farm 99 and Sukses Farm 90. Namibia is recognized as one of Africa's most politically stable jurisdictions, with an extremely well-established national infrastructure and a clear and transparent mining law. The Corporation continues to assess new project opportunities and expand its Southern African portfolio.

Further details are available on the Corporation's website at www.etech-resources.com or contact Elbert Loois, CEO of E-Tech Resources Inc., at +1 (902) 334 1949.

Cautionary Statements

This press release may contain forward-looking information, such as statements regarding the completion of the work in Namibia by E-Tech and future plans and objectives of E-Tech. This information is based on current expectations and assumptions (including assumptions in connection with the continuance of the applicable company as a going concern and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the ability to satisfy the conditions to completion of exploration programmes and work in Namibia. Actual results may differ materially from results suggested in any forward-looking information. E-Tech assumes no obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings made by E-Tech with Canadian securities regulators, copies of which are available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105961

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Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REE "), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the " MOU ") with the Government of Madagascar (the " Government ") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the " Toliara Project " or " Project "), located in southwestern Madagascar .

Energy Fuels Inc. is an industry leader in uranium and rare earth elements production for the energy transition. (CNW Group/Energy Fuels Inc.)

As previously announced , on November 28, 2024 , the Madagascar Council of Ministers, as Chaired by the President of Madagascar , lifted the suspension on the Toliara Project, which was originally imposed in November 2019 . The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision (" FID ").

The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a " Stability Mechanism " consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (" Project Certification ") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the " LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the " LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.

Mark S. Chalmers , President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar . We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."

Key Terms and Conditions of the MOU

Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.

The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release . The Company is in the process of updating the September 2021 definitive feasibility study and December 2023 prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.

The Government has agreed in the MOU, among other things, to:

  • assist the Company with obtaining all necessary administrative authorizations for the purpose of adding REE-bearing monazite recovery to existing permits;
  • certify the Project as eligible under the LGIM (or amended LGIM, if applicable) as soon as the LGIM eligibility conditions are met; support the prompt development of the Toliara Project, including (without limitation) by causing all relevant State authorities to timely consider and grant all complete applications for permits, licenses or authorizations necessary or desirable for the development and operation of the Toliara Project in accordance with the laws of Madagascar ;
  • maintain the fiscal, legal and customs stability of the Toliara Project;
  • not, directly or indirectly, receive, take or have an interest (including an economic interest or form of production sharing arrangement, and whether carried or free-carried) in the Company or any of its assets, including the Toliara Project;
  • provide active and public support for the Toliara Project, including by publicly announcing the State's support for the Toliara Project and its development; and
  • undertake any LGIM amendments in consultation with relevant stakeholders, including the Company, to ensure that such amendments (or similar instruments with legislative force) provide the necessary certainty of financial and legal terms to address the reasonable financial, operational and legal requirements of large-scale mining projects, and otherwise supports the bankability of the Toliara Project and the ability of the Company to achieve a positive FID.

In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:

  • the terms of the Stability Mechanism being adopted in a form that is satisfactory to the Company;
  • Project Certification having been obtained; and
  • prior to Project Certification having been obtained, there being no change to the laws of Madagascar (as they apply to the Company and the Toliara Project as at the date of the MOU) that is adverse to the Company or the Toliara Project.

The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.

ABOUT Energy Fuels

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. 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." For more information on all we do, please visit http://www.energyfuels.com

CAUTIONARY STATEMENT 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 uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar ; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. 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; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; 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.shtml , on SEDAR at www.sedar.com , 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.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/energy-fuels-and-madagascar-government-execute-memorandum-of-understanding-to-further-advance-toliara-critical-mineral-project-in-madagascar-302323924.html

SOURCE Energy Fuels Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/05/c6155.html

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