FN Media Group News Commentary - The uranium ore market is expected to continue substantial growth over the next several years. A report from the Business Research Company said: "The uranium ore market size has grown strongly in recent years. It will grow from $1.11 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. It continued: "The uranium ore market size is expected to see strongly grown in the next few years. It will grow to $1.81 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to government policies and incentives, focus on carbon emission reduction, geopolitical stability, exploration and discovery of new uranium deposits, public perception and social acceptance. Major trends in the forecast period include advancements in nuclear technology, development of in-situ recovery (ISR) technology, focus on uranium enrichment technologies, increased scrutiny on environmental and social impact, and diversification of uranium end-use applications. The growth in the historic period can be attributed to the nuclear power plant construction boom, the cold war and military demand, the Chernobyl and three-mile island incidents, global economic trends, and changes in the regulatory environment." Active miningenergy companies in the markets this week include: Mustang Energy Corp. (OTCQB: MECPF) (CSE: MEC), Denison Mines Corp. (NYSE American: DNN) (TSX: DML), Uranium Energy Corp (NYSE American: UEC), ATHA Energy Corp. (OTCQB: SASKF) (CSE: SASK), Centrus Energy Corp. (NYSE American: LEU).
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Positive Outcome of in Situ Recovery (ISR) Analysis for Likuyu North Deposit
Gladiator Resources Ltd (ASX: GLA)(Gladiator or the Company) is pleased to provide an update on an assessment of the mining by In Situ Recovery (ISR) for the Likuyu North Deposit at its Mkuju Uranium Project, located in southern Tanzania.
- ISR is the preferred method for mining uranium deposits and accounts for over half of global uranium production1
- Lower capital, lower operating costs and less environmental impact are some of the typical advantages of ISR, versus conventional mining methods.
- ERM Australia Consultants Pty Ltd (ERM) have completed an assessment of Likuyu North and conclude that the deposit is favorable for ISR.
- Likuyu North can benefit from the development of Uranium One’s Nyota deposit which is less than 30 km to the north.
- Further discoveries on the Project would further benefit the expected financial strength of an ISR operation.
Commenting on the drill results, Gladiator’s Chairman Greg Johnson said:
“The ISR assessment by ERM highlights the opportunity to develop Likuyu North. The geological and hydrogeological characteristics of the deposit appear to be ideally suited to ISR which can support significantly stronger project economics than is possible with conventional mining methods. That the deposit is close to the advanced stage Mkuju River Project operated by Uranium One provides optionality. We are optimistic that Likuyu North can deliver robust economics in today’s uranium market which is expected to strengthen further. We look forward to planning the next stage of work”.
The In Situ Recovery (ISR) Mining method
ISR (also known as ISL) accounts for over 50% of the world’s uranium production1, all from sandstone hosted deposits such as Likuyu North. It involves the drilling of injection wells and production wells (or recovery wells) within the uranium deposit. The leaching solution (or lixiviant) is injected to react with the ore, dissolving the uranium. The uranium-bearing solution, known as the pregnant solution, is then brought to the surface for treatment and recovery of uranium.
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This article includes content from Gladiator Resources Limited, 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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Gladiator Resources
Overview
Gladiator Resources (ASX:GLA) is an Australian explorer focused on uranium projects. The company’s portfolio of uranium assets covers 1,811 square kilometres located in Tanzania. The company’s key projects include – Mkuju, Minjingu, Liwale, Foxy and Eland. Mkuju is the company’s flagship project, having the potential to host world-class uranium deposits given its proximity to the Nyota deposit, which contains 124.6 million pounds (Mlbs) U3O8. Nyota is regarded as one of the largest uranium deposits in the world.
The company is planning a 2024 drill program at Mkuju focusing on the South West Corner (SWC), Mtonya and Likuyu North targets. The 2024 drilling program will commence with initial core drilling at the SWC target, where 2023 trenching revealed up to 7,139 parts per million (ppm) U3O8. Additionally, drilling at Mtonya and Likuyu North will aim to explore potential extensions and new zones of the existing uranium deposits.
The Minjingu project is the other key focus area for Gladiator. This project compliments the company’s flagship Mkuju uranium project in southern Tanzania. Surface pit samples at the Minjingu project have returned high-grade uranium mineralization up to 269 ppm U3O8. Follow-up auger drilling is planned to understand the thickness of the mineralized layer and potential extension.
Tanzania is an ideal location for uranium mining due to its favourable geology. It is rich in uranium-bearing deposits, notably the Mkuju River project, among the world's largest undeveloped uranium reserves. The Tanzanian government’s mining-friendly policies, including taxation and quick permitting process, are encouraging for uranium miners. The presence of well-developed infrastructure, including several ports, makes it easy to transport uranium ore. Further, the country has a large and skilled workforce with graduates in various fields, such as geology and mining. These factors make Tanzania a favourable jurisdiction for uranium exploration and development.
Company Highlights
- Gladiator Resources is an ASX-listed exploration and mining company focused on uranium. The company operates eight exploration projects, mainly in Tanzania, covering a total area of 1,811 sq kms.
- The company’s key projects include – Mkuju, Minjingu, Liwale, Foxy and Eland.
- Gladiator’s primary short term focus is on advancing the Mkuju project, located only 20 kms south of Uranium One’s Nyota deposit, regarded as one of the largest uranium deposits in the world.
- The 2024 drill program at Mkuju will focus on the South West Corner (SWC) initially, where trench assay results received Dec/Jan 2023/24 confirmed high-grade uranium in sandstone, 1000’s ppm U3O8 in places.
- Further work is also planned at Mtonya and Likuyu North – also located within the promising Mkuju area.
- Tanzania is endowed with many uranium-bearing deposits and is known for its mining-friendly policies. The government offers attractive tax policies and quick permitting processes to encourage investment in the sector.
- The presence in relatively attractive uranium mining jurisdictions such as Tanzania positions the company to capitalize on opportunities in the uranium sector and deliver superior returns to its shareholders.
Key Projects
Mkuju Project
The project spans over 725 sq kms and is located 20 kms south of Uranium One’s Nyota deposit, regarded as one of the largest uranium deposits in the world. Nyota hosts a measured and indicated mineral resource estimate of 187 metric tons (MT) at 306 ppm U3O8, containing 124.6 Mlbs U3O8. The deposit is being developed by global uranium company Uranium One. The Nyota deposit and the Mkuju project are underlain by sediments of the lower Karoo, which are considered highly prospective for uranium.
The 2024 drilling program, expected to commence in June 2024, will test the Southwest Corner target and test potential extensions to the Mtonya and Likuyu North deposits at the Mkuju project.
- At Southwest Corner, the 2024 drilling will test the potential for down-dip extension of the recently trenched high-grade surface uranium. The surface samples here returned high-grade uranium mineralization, including 2.55 metres @ 2017 ppm U3O8, 0.75 metres @ 7,139 ppm U3O8, 2.35 metres @ 1,636 ppm U3O8, and 1.4 metres @ 3,945 ppm U3O8.
- At Mtonya, the drilling program will follow up on high-grade uranium intersections discovered in the previous drilling program carried out in 2011/2012. The 2011/12 drill holes URAMT105 and 106 contain excellent mineralization that may extend to the northwest and will be tested in the 2024 drilling program.
- At Likuyu North, the 2024 drilling program will focus on testing for potential new zones that could add to the existing JORC resource of 4.6 Mlb U3O8 JORC.
Minjingu Project
The Minjingu project covers an area of 296.9 sq kms It is situated in northern Tanzania, 106 kilometers southwest of Arusha, the region's main administrative city, and 520 kilometers northwest of Dar es Salaam. The project boasts excellent infrastructure, such as quality tarmac roads, power lines and airport services via both Arusha and Kilimanjaro.
Surface pit samples at the Minjingu project have returned uranium mineralization up to 269 ppm U3O8. This project compliments the company’s flagship Mkuju Uranium project in southern Tanzania, where high-grade trench results have recently been reported. Follow-up work is being planned to understand the thickness of the mineralized layer and potential extension.
South West Corner Project
The South West Corner license holds high-grade uranium deposits at shallow depths. It features a relatively concentrated 3.5 x 1.8 km radiometric anomaly and has a history of multiple instances of excellent grading. Previously owned by Mantra Resources, SWC underwent a successful takeover in 2011 by Uranium One for approximately AU$1 billion
Liwale Project
The Liwale project spans an area of 195 sq kms and is situated beyond the boundaries of the Nyerere National Park. It was formerly owned by both Mantra Resources and Uranium One.
Foxy Project
The Foxy Project spans an area of 299.7 sq kms and was formerly under the ownership of Western Metals. It is recognized for hosting uranium mineralization akin to that found in the Mkuju region. Positioned approximately 25 kms away from the Mkuju tenements at its nearest point, the company is in the process of acquiring historical data.
Eland Project
The Eland project encompasses 294.7 sq kms and was previously held by Western Metals. It is known for hosting uranium mineralization. The company is in the process of arranging to obtain historical data.
Management Team
Gregory Johnson – Non-executive Chairman
Gregory Johnson has over two decades of experience in capital markets, including fund management and capital raising. He has held senior capital raising and client relationship roles at Macquarie, Perpetual and Dimensional, and has led client services teams at Deutsche Bank, Credit Suisse and Macquarie Funds Management. At Gladiator, Johnson provides vast financial services experience, building relationships with existing and new investors.
Matthew Boysen – Non-executive Director
Matthew Boysen possesses significant expertise in marketing and communication. Over the past two decades, Boysen has made successful investments in numerous exploration, energy and mining companies, demonstrating a deep understanding of the agility necessary in the dynamic environment in which ASX mining companies operate.
Peter Tsegas – Non-executive Director
Peter Tsegas boasts over two decades of experience across Africa, collaborating with private enterprises and government entities on mining projects spanning various commodities, including uranium. He played a pivotal role in the acquisition of Gladiator's uranium projects. He has consulted with several Tanzanian government ministries and mining firms, including Rio Tinto. As the founder and former managing director of Tancoal Energy, he effectively steered the company from its exploration phase to establishing a joint venture with the Tanzanian Government, eventually leading to production. Presently, he serves as a non-executive director at Magnis.
Rod Chittendan – Non-executive Director
Rod Chittendan has over 40 years of experience in the minerals industry, spanning Africa, Australia and South America. He has held executive management positions and metallurgical project development roles covering the entire spectrum from exploration to production. He has played a key role in the advancement of Mantra Resources' Mkuju River uranium project and the development of Paladin Energy's (ASX:PDN) Langer Heinrich and Kayelekera uranium projects. Previously, he held positions with large mining companies such as Newcrest (ASX:NCM) and Barrick Gold (NYSE:GOLD).
Andrew Pedley – Non-executive Director
Andrew Pedley has over 25 years of experience as a geologist in Africa, progressing from roles as exploration manager to VP of exploration. His extensive uranium expertise is particularly pertinent to Gladiator. Pedley possesses specialized skills in uranium exploration and the delineation of uranium mineral resource estimates, adhering to JORC and ASX listing regulations. He has served as a competent person on numerous uranium projects. He holds a masters in geology from the Camborne School of Mines in England.
Andrew Metcalfe – Company Secretary
Andrew Metcalfe has served as a company secretary and governance advisor to ASX-listed companies for more than 25 years. He currently oversees the company secretary services within Gladiator Resources.
Skyharbour Resources
Investor Insight
In the current strong market dynamic for uranium, Skyharbour Resources is a compelling investment opportunity driven by its large portfolio of exploration assets in Canada’s most prolific uranium district in the Athabasca Basin.
Overview
Nuclear energy is a critical component in the transition to net zero. There's a growing acknowledgment of the pivotal role nuclear power can play in meeting decarbonization objectives, thanks to its clean emissions profile, dependable baseload capabilities, and secure operation.
Global electricity demand is set to grow 50 percent by 2040 and nuclear energy will play an integral role in meeting this demand. This is evident in the recently released World Energy Outlook 2023 published by the International Energy Agency (IEA) which highlighted the role that nuclear energy can play in making the journey towards net-zero faster, more secure, and more affordable. With 439 reactors operating globally, about 61 reactors under construction in 15 countries and a further 400 that are either ordered, planned or proposed, the IEA anticipates a substantial growth of over 43 percent in installed nuclear capacity from 2020 to 2050Uranium prices have been the highest since 2008 at over US$80/lb. Prices are expected to remain strong due to the ongoing tightness in the uranium supply/demand balance. As mentioned earlier, this tightness is likely to intensify over the next 24 months as demand continues to rise, new supply remains restricted, and inventories/stockpiles continue to diminish. The risks to the supply side far outweigh risks to the demand side given that more than 50 percent of global uranium production comes from countries with significant geopolitical risk.
This is where companies such as Skyharbour Resources (TSXV:SYH,OTCQX:SYHBF,FWB:SC1P), with a presence in jurisdictions such as the Athabasca Basin in Canada, stand out for its geopolitical stability. The Athabasca Basin is the world’s most prolific uranium jurisdiction, boasting uranium grades averaging over ten to twenty times higher than those found elsewhere, with levels at 3.95 percent U3O8 in contrast to the global average of 0.15 percent.
Skyharbour Resources possesses a broad portfolio of uranium exploration projects within the Athabasca Basin and is strategically positioned to capitalize on the improving fundamentals of the uranium market. The company follows a dual strategy of mineral exploration at its core projects (Russell and Moore) while utilizing the prospect generator model to advance its secondary projects with strategic partners. Employing the prospect generator model provides advantages to Skyharbour as partner firms finance exploration and development activities, as well as making cash and stock payments directly to Skyharbour Resources as they earn in on the projects. The model allows Skyharbour to retain upside exposure through minority interests and royalties at the partner projects while limiting equity dilution and ensuring that partner companies fund the majority of exploration costs.
The company entered into a property purchase and sale agreement with Cosa Resources wherein Skyharbour will sell two mineral claims to Cosa, comprising approximately 6,049 hectares. These two claims represent a small portion of Skyharbour's Karin Property and are located in Saskatchewan about 22 km south of the Key Lake Mill. Skyharbour originally acquired the claims through low-cost, online staking. The company retains ownership in five other adjacent claims constituting the new Karin Project which is now 19,116 hectares.
In October 2024, Skyharbour entered into an option agreement with UraEx Resources for its South Dufferin and Bolt uranium projects, which will allow UraEx to acquire up to 100 percent interest in the properties, which comprise 12 mineral claims spanning approximately 18,000 hectares. Under the agreement, UraEx can earn an initial 51 percent in the projects through C$4.6 million in combined project consideration, and up to 100 percent through C$9.8 million in combined project consideration consisting of cash and share payments as well as exploration expenditures over a five-year period.
Skyharbour also entered into an option agreement with Mustang Energy allowing Mustang to acquire a 75 percent interest in the company's 914W Uranium Project in the Athabasca Basin. , Northern Saskatchewan. Skyharbour now has ten partner companies advancing eleven projects in the portfolio as part of our prospect generator business.
Company Highlights
- Skyharbour Resources is a junior mining company with an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin. They comprise 29 uranium projects, 10 of which are drill-ready, totaling over 580,000 hectares.
- The Athabasca Basin is the world’s most prolific uranium jurisdiction, boasting uranium grades averaging over 10-20 times higher than those found elsewhere.
- The company employs a multi-faceted strategy of focused mineral exploration at its core projects (Russell and Moore) while utilizing the prospect generator model to advance its secondary projects with strategic partners.
- The company’s co-flagship Moore project is an advanced-stage uranium exploration asset featuring high-grade uranium mineralization at the Maverick Zone. Previous drilling has returned results of 6 percent U3O8 over 5.9 meters, with a notable intercept of 20.8 percent U3O8 over 1.5 meters, at a vertical depth of 265 meters.
- Adjacent to the Moore project is Skyharbour’s second core project, the Russell Lake uranium project, wherein Skyharbour has completed the acquisition of 51 percent interest from Rio Tinto. The Russell Lake uranium project is a large, advanced-stage uranium exploration property totaling 73,294 hectares.
- The 2024 winter drill program at the Russell Lake uranium project led to a new discovery of high-grade, sandstone-hosted mineralization up to 2.99 percent U3O8 intersected over 0.5 meters.
- Skyharbour entered into an option agreement with Mustang Energy allowing Mustang to acquire a 75 percent interest in the company's 914W Uranium Project which consists of a total of one mineral claim covering approximately 1,260 hectares in the Athabasca Basin.
- Management intends to continue building the prospect generator business by offering projects to partners who will fund the exploration and provide cash/stock to Skyharbour for an ownership interest in the projects; Skyharbour typically retains minority interests in the projects and equity holdings in the partners.
- The increasing focus on nuclear energy by governments globally to achieve decarbonization goals bodes well for uranium prices. Skyharbour, with key uranium assets in a top mining jurisdiction, stands to benefit from this shift in the global energy mix.
Flagship Projects
The Moore Project
This project covers an area of 35,705 hectares, located in the eastern Athabasca Basin near existing infrastructure with known high-grade uranium mineralization and significant discovery potential. Skyharbour acquired the project from Denison Mines (TSX:DML), a large strategic shareholder of the company. The project can be easily accessed year-round via winter and ice roads, streamlining logistics and reducing expenses. During the summer months, a significant portion of the property remains accessible as well. The property has been the subject of extensive historic exploration with over $50 million in expenditures, and over 140,000 meters of diamond drilling completed historically.
Moore hosts high-grade uranium mineralization at the Maverick zones. Over the past few years, Skyharbour Resources has conducted diamond drilling programs, resulting in the intersection of high-grade uranium mineralization in numerous drill holes along the 4.7-kilometer-long Maverick structural corridor. Some of the high-grade intercepts include:
- Hole ML-199 which intersected 20.8 percent U3O8 over 1.5 meters at 264 meters,
- Hole ML-202 from the Maverick East Zone which intersected 9.12 percent U3O8 over 1.4 meters at 278 meters.
- Hole ML20-09 which intersected 0.72 percent U3O8 over 17.5 meters from 271.5 meters to 289.0 meters, including 1 percent U3O8 over 10.0 meters represents the longest continuous drill intercept of uranium mineralization discovered to date at the project.
- Drill hole ML-61 returned 4.03 percent eU3O8 over 10 meters;
- Drill hole ML -55 encountered high-grade mineralization, returning 5.14 percent U3O8 over 6.2 meters
- Drill hole ML -47 intersected 4.01 percent U3O8 over 4.7 meters
Merely 50 percent of the total 4.7-kilometer promising Maverick corridor has undergone systematic drilling, indicating significant discovery potential both along its length and within the underlying basement rocks at depth. Skyharbour recently completed a winter drill program which consisted of 2,800m of drilling at the project which focused on infill/expansion drilling at the Main Maverick Zone.Assay results from the program intersected 5 metres of 4.61 percent U3O8 from a relatively shallow downhole depth of 265.5 metres to 270.5 metres including 10.19 percent U3O8 over 1 metre at the Main Maverick Zone from hole ML24-08. Skyharbour will continue to advance Moore through a 2,500 metre summer drill program.
Apart from the Maverick Zone, diamond drilling in various other target areas has encountered multiple conductors linked with notable structural disturbances, robust alteration, and anomalous concentrations of uranium and associated pathfinder elements.
Russell Lake Uranium Project
The Russell Lake project is a large, advanced-stage uranium exploration property spanning 73,294 hectares, strategically positioned between Cameco’s Key Lake and McArthur River projects. Skyharbour has completed its earn-in requirements for an option agreement with Rio Tinto and has now acquired 51 percent ownership interest in the Russell Lake project. Skyharbour made a cash payment of C$508, 200, issued 3,584,014 common shares of the company to Rio Tinto and incurred an aggregate of $5,717,250 in exploration expenditures on the property over the 3-year term of the earn-in.
The project is adjacent to Denison’s Wheeler River project and Skyharbour’s Moore uranium project. It is supported by excellent infrastructure in terms of highway access as well as high-voltage power lines. The project has undergone a significant amount of historical exploration which includes over 95,000 meters of drilling in over 220 drill holes. The exploration identified numerous prospective target areas and several high-grade uranium showings as well as drill hole intercepts.
The property hosts several noteworthy exploration targets, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. Skyharbour completed a 19-hole drilling program totaling 9,595 meters in three phases in 2023. The initial drilling phase encompassed 3,662 meters across eight completed holes at the Grayling Zone, followed by a second phase involving four holes totaling 2,730 meters drilled at the Fox Lake Trail Zone. The third drilling phase involved 3,203 meters across seven holes targeting additional areas within the Grayling Zone.
Drilling at Russell in 2024 was completed in two separate phases with a total of 3,094 metres drilled in six holes. Phase One of drilling resulted in the best intercept of uranium mineralization historically on the property from hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721 percent U3O8 at a relatively shallow depth of 338.1 metres, including 2.99 percent U3O8 over 0.5 metres at 339.6 metres just above the unconformity in the sandstone. This high-grade intercept represents a discovery in a newly delineated target area and will be a top-priority target in the upcoming fully funded summer/fall drill program.
Secondary Projects
Falcon Uranium Project
This project comprises 11 claims covering 42,908 hectares located approximately 50 km east of the Key Lake mine. Skyharbour Resources has entered into an option agreement with North Shore Uranium which provides North Shore with an earn-in option to acquire an initial 80 percent interest and up to a 100 percent interest in the Falcon Property. North Shore can acquire an initial 80 percent interest in the claims within three years by meeting combined commitments of C$5.3 million in cash, share issuance, and exploration expenditures. Additionally, there's an option to buy the remaining 20 percent for an extra C$10 million in cash and shares.
North Shore has collected multiple samples from two of the first three uranium prospects drilled at its 55,699-hectare Falcon property in 2024. The samples returned anomalous uranium values of greater than 300 ppm U3O8 and up to a maximum of 572 ppm U3O8. An exploration permit has been secured for the project, which will allow North Shore to conduct exploration activities at the property, including prospecting and ground geophysics, trail and drill site clearing, line cutting, drilling of up to 75 exploration drill holes and storage of drill core.
South Falcon East
This project comprises 16 claims covering 12,234 hectares located approximately 55 km east of the Key Lake mine. Skyharbour has optioned up to a 75 percent interest in a portion of the project to Terra Clean Energy (previously Tisdale). Terra will issue Skyharbour Resources 1,111,111 shares upfront, fund exploration expenditures totaling C$10.5 million, and pay Skyharbour Resources C$11.1 million in cash of which C$6.5 million can be settled for shares over a five-year earn-in. Skyharbour Resources will retain a minority interest in the South Falcon East.
East Preston
This project comprises 20,674 hectares located on the west side of the Athabasca Basin. In March 2017, Skyharbour Resources signed an option agreement with Azincourt Uranium (TSXV:AAZ) to option 70 percent of a portion of the East Preston project to Azincourt. Since then, Azincourt earned a majority interest in the project which currently stands at 85.8 percent. Skyharbour retains 9.5 percent ownership and Dixie Gold owns the remaining 4.7 percent.
Azincourt completed a 2023 drill program comprising 3,066 meters in 13 drill holes. The company also completed the winter 2024 diamond drill program of 1,086 meters of drilling in four diamond drill holes and results indicated the following:
- Dravite and Kaolinite clay alteration zone expanded in K and H Zones
- Illite, Dravite and Kaolinite clay alteration identified in G Zone
- Illite and Kaolinite clay alteration identified in A Zone
Preston
This project comprises 49,635 hectares strategically located near Fission’s Triple R deposit and NexGen’s Arrow deposit. In March 2017, Skyharbour Resources signed an option agreement with Orano (formerly AREVA) Resources Canada to option a majority stake in the Preston project. Orano has fulfilled its first earn-in option interest for 51 percent in the project. Following this, Orano has formed a joint venture (JV) with Skyharbour and Dixie Gold for the advancement of the project. Orano holds 51 percent interest, and the remaining is split evenly (24.5 percent each) between Skyharbour and Dixie Gold.
Orano Canada has completed a geophysical programat the 49,635-hectare Preston uranium project which included a ground electromagnetic survey (ML-TEM) and a ground gravity survey. Orano is now preparing for a Spatiotemporal Geochemical Hydrocarbons (SGH) soil sampling program that will take place this summer at the project.
Hook Lake
This project comprises 16 claims covering 25,847 hectares on the east side of the Athabasca Basin. In February 2024, Thunderbird Resources (previously Valor) completed an earn-in for 80 percent interest and formed a JV partnership with Skyharbour which retains the remaining 20 percent interest.
Yurchison Lake
This project consists of 13 claims totaling 57,407 hectares in the Wollaston Domain. In November 2021, Medaro signed an agreement to acquire an initial 70 percent interest by spending C$5 million on exploration, C$800,000 in cash payments, and C$3 million in Medaro shares over 4 years. Medaro may acquire the 30 percent interest, within 30 business days of earning the initial 70 percent interest, by issuing C$7.5 million of shares and a cash payment of $7.5 million to Skyharbour.
Mann Lake
This project is strategically located on the east side of the Athabasca basin, 25 km southwest of Cameco’s McArthur River Mine and 15 km northeast and along strike of Cameco's Millennium uranium deposit. In October 2021, Basin Uranium signed an earn-in option to acquire a 75 percent interest in the project. Basin will pay a combination of cash and stocks over three years comprising C$4.85 million in cash plus exploration expenditure and C$1.75 million worth of shares.
South Dufferin and Bolt
The South Dufferin Project totals 13,205 hectares covering 10 claims and is located immediately south of the southern margin of the Athabasca Basin in northern Saskatchewan. The property covers the southern extension of the Virgin River Shear Zone, which hosts known high-grade uranium mineralization at Cameco Corp.'s Dufferin Lake zone approximately 13 kilometres to the north (highlight drill results of 1.73% U3O8 over 6.5 metres) and Cameco Corp.'s Centennial deposit approximately 25 kilometres to the north (includes drill intersections up to 8.78% U3O8 over 33.9 metres).
The Bolt Project consists of two contiguous claims 100 percent owned by Skyharbour Resources Ltd. totalling 4,726 hectares and is located approximately 7 km west of the Highway 914 and about 32 km southwest of Cameco’s Key Lake Operation (which produced 209.8 million pounds of U3O8 at an average grade of 2.32 percent U3O8 from 2 deposits, where ore from the McArthur River mine is currently processed).
A definitive agreement was recently signed in October of 2024 with UraEx Resources to earn an initial 51 percent and up to 100 percent of both the South Dufferin and Bolt Projects, collectively. For an initial 51 percent, UraEx will issue common shares having an aggregate value of C$1.15 million, make total cash payments of $450,000, and incur $3 million in exploration expenditures on both the South Dufferin and Bolt properties over a 3 year period. UraEx has an option to acquire the remaining 100 percent by issuing common shares having an aggregate value of C$2.5 million, making cash payments of $1.2 million and incurring $1.5 million in exploration expenditures over an additional two-year period.
In addition to the projects being advanced by Skyharbour and its partners, the company has 18 additional 100 percent owned projects that they’re actively seeking to option out to potential new partners in the future to add to their growing prospect generator business. All in all, Skyharbour is very well positioned to benefit from an accelerating uranium bull market with increasing demand in the backdrop of a strained supply side.
Management Team
Jordan Trimble - President and CEO
With a background in entrepreneurship, Jordan Trimble has held various positions in the resource industry, focusing on management, corporate finance, strategy, shareholder communications, business development, and capital raising with multiple companies. Prior to his role at Skyharbour, he was the corporate development manager at Bayfield Ventures, a gold company with projects in Ontario. Bayfield Ventures was subsequently acquired by New Gold (TSX:NGD) in 2014. Throughout his career, Trimble has established and assisted in the management of numerous public and private enterprises. He has played a pivotal role in securing significant capital for mining companies, leveraging his extensive network of institutional and retail investors.
Jim Pettit – Chairman of the Board
Jim Pettit currently serves as a director on the boards of various public resource companies, drawing from over 30 years of experience in the industry. His expertise lies in finance, corporate governance, management and compliance, particularly in the early-stage development of both private and public enterprises. Over the past three decades, he has primarily focused on the resource sector. Previously, he served as chairman and CEO of Bayfield Ventures, which was acquired by New Gold in 2014.
David Cates - Director
David Cates currently serves as the president and CEO of Denison Mines (TSX:DML). Before assuming the role of president and CEO, Cates was the vice-president of finance, tax, and chief financial officer at Denison. In his capacity as CFO, he played a pivotal role in the company's mergers and acquisitions activities, including spearheading the acquisition of Rockgate Capital and International Enexco. Cates joined Denison in 2008, initially serving as director of taxation before he was appointed CFO. Prior to joining Denison, he held positions at Kinross Gold and PwC with a focus on the resource industry.
Joseph Gallucci - Director
Joseph Gallucci was previously a senior manager at a leading Canadian accounting firm. He possesses more than two decades of expertise in investment banking and equity research, specializing in mining, base metals, precious metals, and bulk commodities worldwide. He serves as a senior capital markets executive and corporate director. Presently, Gallucci is the managing director and head of investment banking at Laurentian Bank Securities, where he assumes responsibility for overseeing the entire investment banking practice.
Brady Rak - VP of Business Development
Brady Rak is a seasoned investment professional who has focussed on the Canadian capital markets over his 13-year career at several independent broker dealers including Ventum Financial, Salman Partners and Union Securities. As a registered investment advisor in the private client division of Ventum Financial, Brady has been involved in advising high-net-worth and corporate clients, structuring transactions, raising capital and navigating global market sentiment. Brady graduated from Northwood University with a BBA in Management and holds his Options license.
Serdar Donmez - Vice-president of Exploration
A recognized geoscientist with decades of experience in uranium exploration and development, Serdar Donmez has played an active role in numerous grassroots and advanced uranium exploration projects in northern Saskatchewan and Zambia. 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, 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.
Dave Billard - Head Consulting Geologist
Dave Billard is a geologist with over 35 years of experience in exploration and development, focusing on uranium, gold and base metals in western Canada and the western US. He served as chief operating officer, vice-president of exploration, and director for JNR Resources before its acquisition by Denison Mines. He played a crucial role in the discovery of JNR’s Maverick and Fraser Lakes B zones. Earlier in his career, he contributed to the discovery and development of several significant gold deposits in northern Saskatchewan. Prior to joining JNR, Billard worked as a geological consultant specializing in uranium exploration in the Athabasca Basin. He also spent over 12 years with Cameco Corporation.
Christine McKechnie - Senior Project Geologist
Christine McKechnie is a geologist with a specialization in uranium deposits, particularly those hosted in the basement and associated with unconformities in the Athabasca Basin and its vicinity. Throughout her career, she has worked with various companies such as Claude Resources, JNR Resources, CanAlaska Uranium and Cameco, engaging in gold and uranium exploration activities. She completed her B.Sc. (High Honors) in 2008 from the University of Saskatchewan and completed a M.Sc. thesis on the Fraser Lakes Zone B deposit at the Falcon Point project. She also received the 2015 CIM Barlow Medal for Best Geological Paper.
End-Use Applications Rising for Uranium as Market Expected to Reach $1.81 Billion in 2028
Business Research Company concluded: "Rising electricity consumption is expected to propel the growth of the uranium ore market going forward. Electricity consumption refers to the amount of electrical energy used by individuals, businesses, industries, or other entities over a specified period. Uranium ore plays a fundamental role in electricity consumption as it is the primary fuel source for nuclear power plants, where nuclear fission reactions release heat that is converted into electricity. For instance, in September 2021, according to the Energy Information Administration, a US-based government agency, the United States witnessed a 2.6% increase in total electricity consumption in 2022 compared to the previous year. During the same year, there was a 3.5% rise in retail electricity sales to the residential sector and a 3.4% increase in retail electricity sales to the commercial sector compared to 2021. Therefore, rising electricity consumption is driving the growth of the uranium ore market."
Mustang Energy Corp. (OTCQB:MECPF) (CSE:MEC) Enters Option Agreement to Acquire Skyharbour's 914W Uranium Project and Welcomes Jordan Trimble as Strategic Advisor - Mustang Energy Corp. (FRA:92T) ("Mustang" or the "Company") is excited to announce that it has entered into a strategic option agreement (the "Agreement") with Skyharbour Resources Ltd. ("Skyharbour") dated November 12, 2024 to acquire an undivided 75% interest (the "Option") in Skyharbour's 914W Uranium Project (the "914W Project"), located in the Athabasca Basin of Northern Saskatchewan. The Option marks an important step for Mustang as it seeks to expand its presence in a promising uranium district. Additionally, Mustang is pleased to welcome Jordan Trimble, President and CEO of Skyharbour, as a Strategic Advisor to the Company, bringing valuable industry insights and expertise to Mustang's growing portfolio.
"Being granted the Option to acquire a majority interest in the 914W Uranium Project is an exciting milestone for Mustang as we look to expand our footprint in and around the Athabasca Basin, a promising uranium district," commented Nick Luksha, CEO of Mustang. "With Jordan Trimble joining as a Strategic Advisor, we are gaining invaluable expertise that will strengthen our exploration efforts and help us unlock the potential of the 914W Project. This partnership aligns with our commitment to building a robust portfolio of high-impact assets while supporting sustainable development practices in the region."
"The 914W Project's accessible location, combined with promising geological indicators similar to those seen in the nearby uranium occurrences at Scurry Rainbow Zone E1 and the Don Lake Trenches2, underscores the potential for discovery. With much of the 914W Project remaining underexplored, we see an opportunity to unlock further value through targeted exploration," said Lynde Guillaume, Technical Advisor for Mustang.
Jordan Trimble, President and CEO of Skyharbour stated "As Skyharbour becomes a shareholder and project partner alongside Mustang at the 914W Project under the Agreement, I am looking forward to working with the Mustang team to advance the asset over the coming years. We believe there is a strong discovery upside potential at the early-stage project, and we are optimistic that Mustang will be able to unlock value at the property."
About the 914W Uranium Project - The 914W Project is situated approximately 48 km southwest of Cameco's Key Lake Operation, offering excellent logistics and access via Highway 914. The 914W Project is strategically positioned within the Western Wollaston Domain, known for unconformity-related and pegmatite-hosted uranium (or "U") mineralization.
The project hosts favorable geology with local graphite bearing assemblages. Immediately to the north of the 914W Project is the Scurry Rainbow Zone E1 and the Don Lake Trenches2, where up to 1,288 ppm U was encountered in drill hole ML-11, and surface prospecting revealed up to 0.64% U3O8 in a trench at Don Lake Zone E2.
While historical exploration conducted several geophysical and geological surveys over portions of the property, most of the 914W Project remains underexplored. Mustang sees substantial potential for advancing uranium and rare earth element exploration on the 914W Project. CONTINUED … Read this full press release and more news for Mustang Energy at: https://www.financialnewsmedia.com/news-mec/
Other recent developments in the mining/energy industries of note include:
Denison Mines Corp. (NYSE American: DNN) (TSX: DML) recently filed its Condensed Consolidated Financial Statements and Management's Discussion & Analysis ('MD&A') for the three and nine months ended September 30, 2024. Both documents will be available on the Company's website at www.denisonmines.com, SEDAR+ (at www.sedarplus.ca) and EDGAR (at www.sec.gov/edgar.shtml). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated. View PDF version
David Cates, President and CEO of Denison commented, "Our third quarter report includes an update on the positive progress of our engineering and regulatory approval efforts for our planned Phoenix In-Situ Recovery ('ISR') uranium mining operation. We continue to rapidly advance detailed design engineering efforts and achieved completion of 45% of total engineering by the end of the third quarter. Long-lead procurement efforts continued to ramp up. Currently, $21 million in milestone payments or commitments have been made for items included in our estimates of initial project capex, with several additional procurement packages in progress.
Uranium Energy Corp (NYSE American: UEC) recently reported the filing of an initial assessment technical report summary that includes an economic analysis and mineral resource estimate for its 100% owned Roughrider Project, located in Northern Saskatchewan, Canada. All currency references are in United States dollars.
Amir Adnani, President, and CEO stated: "This Initial Economic Assessment marks a pivotal milestone for Roughrider, validating it as a top-tier, high-margin operation with a clear path to development into a world-class mine and mill. With a post-tax estimated net present value of $946 million, today's results underscore the strength of our 2022 decision to acquire Roughrider from Rio Tinto for $150 million, consistent with our strategy to acquire accretive assets at opportune points in the uranium price cycle.
ATHA Energy Corp. (OTCQB: SASKF) (CSE: SASK) recently announced , in furtherance to its news release from August 20th, 2024 , the Company and Terra Uranium Ltd. ("T92") have executed a definitive option agreement for T92 to earn an option to acquire a 70% interest in ATHA's Spire and Horizon properties (together, the "Spire Horizon Projects") and a definitive option agreement for ATHA to earn an option to acquire up to a 60% interest in T92's Pasfield Lake property (the "Pasfield Project").
ATHA and T92 agree to form a joint venture on the Spire Horizon Projects upon the satisfaction of the First Expenditure, Second Expenditure, and the Third Expenditure, with the initial interest of T92 being a 50% participating interest and ATHA's being a 50% carried interest (subject to the 5% carried interest in favour of a third party).
Centrus Energy Corp. (NYSE American: LEU) recently announced the pricing of $350 million aggregate principal amount of 2.25% Convertible Senior Notes due 2030 (the "Notes") in a private offering (the "Offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In connection with the Offering, Centrus has granted the initial purchasers of the Notes an option to purchase, for settlement within the 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $52.5 million aggregate principal amount of the Notes on the same terms and conditions. The sale of the Notes to the initial purchasers is expected to settle on November 7, 2024, subject to customary closing conditions.
The Notes will bear interest at a rate of 2.25% per year, payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2025. The Notes will mature on November 1, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date.
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New Tenements Approved to Commence Geological Works
C29 Metals receives Category 4 exploration works approval for the new southern & northern tenements, strong local support, and a Social Support Agreement signed. Drilling Permit received for Ulytau Uranium project area.
C29 Metals Limited (“C29” or the “Company”) is pleased to announce that it has received Category four (4) exploration approval enabling the immediate commencement of tenement wide, geophysical, field mapping and soil sampling programs at its newly granted southern and northern tenements.
HIGHLIGHTS
- C29 has received Category four (4) exploration works approval for its newly granted southern & northern tenements.
- Immediate commencement of airborne geophysical & ground engaging geological programs excluding drilling.
- The Company anticipates that the drilling contractor will commence mobilisation to site for the initial diamond drilling program at the Ulytau tenement by the end of this week.
The Company’s geology team is already established on site with the impending initial diamond drilling program commencing shortly at its Ulytau tenement (#1860-EL) and will simultaneously commence airborne geophysics programs on Ulytau and the southern tenement (#2786-EL). Refer Figure 1 for Ulytau Uranium Project Tenement locations and geophysical survey flight lines.
The Category 4 approval has been granted in rapid time and once again demonstrates the efficiency of the Kazakhstan regulators and the respected relationship that C29 Metals has established at all levels of government and regulators.
The Company anticipates that the drilling contractor will commence mobilisation to site for the initial diamond drilling program at the Ulytau tenement by the end of this week.
Exploration activities on the Company’s northern tenement (#2826-EL) are scheduled for Q1 of CY2025.
C29 Metals Managing Director, Mr Shannon Green, commented:
“It is very exciting to have the Category four (4) exploration approval granted enabling our geology team to immediately commence both boots on ground and airborne field works. This once again demonstrates the positive operating environment in Kazakhstan and the support the company is enjoying”.
Airborne Geophysical survey
The airborne geophysical survey is a helicopter borne electromagnetic survey over EL1860 and EL2786. Refer Figure 1 for Ulytau Uranium Project Tenement locations and geophysical survey flight lines.
Figure 1 - Ulytau project tenement locations & geophysical survey flight lines
The survey will acquire electromagnetics, magnetics and radiometrics. Modern advancements in processing of electromagnetic surveys allow a much more sophisticated interpretation. To this end, Intrepid geophysics based in Melbourne, Victoria have been engaged to oversee survey design and processing. The processing will be completed using the proprietary “Moksha” 2.5D inversion technique detailed In Paterson, 2021 “2.5D Airborne Electromagnetic inversion: A review of the benefits of moving to a higher dimension”.
Click here for the full ASX Release
This article includes content from C29 Metals Limited, 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.
Activity Update
GTI Energy Ltd (GTI or Company) is pleased to provide the following activity update. The anticipated Mineral Resource Estimate (MRE) and Exploration Target (ET) updates for GTI’s Lo Herma ISR uranium project (Lo Herma) in Wyoming’s Powder River Basin remains on track to be delivered by year end. A decision will then be made on commencing an Interim Scoping Study for the project.
HIGHLIGHTS
- Mineral Resource Estimate & Exploration Target updates on track for late 2024
- New staking to extend Lo Herma project along trend
- Lo Herma drill core samples have been prepared for chemical assay and metallurgical testing with samples for assay submitted to the lab
- Completion of hydrogeological holes expected in December
NEW STAKING EXTENDS LO HERMA PROJECT FOOTPRINT ALONG TREND
The Company has recently completed the first phase of a staking program to secure additional ground along trend at Lo Herma. Phase 1 has increased Lo Herma’s footprint by 300 acres to the north of Section 4 and phase 2, to be completed in December, is expected to add 143 acres to the south of Section 4. Staking is estimated to extend the mineralised trends at Lo Herma by circa 1 mile (~1.6kms).
LO HERMA METALLURGICAL TESTING
Lo Herma drill core samples have been logged and split for chemical assay and metallurgical testing. Samples for assay have now been submitted to the lab. Upon receipt of the assays, composites will be prepared for metallurgical testing under alkaline leach conditions. Analysis will also include a comparison of chemical assays to gamma probe field assays. Results are expected in early 2025.
DRILLING
The Company estimates that the final phase of its 2024 drilling campaign will be completed during December with construction of 3 hydrogeologic and water monitoring wells. GTI has decided to defer drilling at its Green Mountain project and will consider further investment in the project during 2025.
EMMISIONS REPORTING
GTI has tracked, independently verified, mitigated and offset its organisational Greenhouse Gas (GHG) emissions for the last 3 calendar years under the Australian Government’s Climate Active Program. The Company remains committed to its focus on sustainability, including tracking and managing its GHG emissions going forward, however GTI has decided to withdraw from the Climate Active program effective 4th October 2024. The annual emissions report for the year ending 31st December 2023 is due to be published imminently and will be the Company’s final Climate Active disclosure.
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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.
Cameco Reports Document Filings
All amounts in Canadian dollars unless specified otherwise
Cameco( TSX: CCO; NYSE: CCJ) reported today that it filed a technical report for the Inkai operation on a voluntary basis under National Instrument 43-101 Standards of Disclosure of Mineral Projects ("NI 43-101"). The technical report is being filed to provide updated information relating to the Inkai operation and not as a result of a requirement under NI 43-101. The technical report has been posted on our website and SEDAR+ at www.sedarplus.ca and on EDGAR on the SEC website at www.sec.gov . Our website, SEDAR+ and EDGAR are not part of this press release and are not incorporated by reference herein. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and exclusions therein.
Additionally, Cameco filed a short form base shelf prospectus dated November 12, 2024 (the "Base Shelf Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada, and a corresponding shelf registration statement on Form F-10 with the United States Securities and Exchange Commission under the Multijurisdictional Disclosure System (File No. 333-283140) (the "U.S. Registration Statement"). These filings allow Cameco to make offerings of common shares, preferred shares, warrants, subscription receipts, debt securities and units or any combination thereof, having an aggregate offering price of up to $2 billion (US) (or its equivalent in another currency) during the next 25 months in Canada and the United States. The specific terms of any offering of securities will be set forth in a shelf prospectus supplement.
In addition, Cameco has entered into an equity distribution agreement (the "Distribution Agreement") dated November 12, 2024 with TD Securities Inc., CIBC World Markets Inc. and Scotia Capital Inc., as Canadian agents, and TD Securities (USA) LLC, CIBC World Markets Corp. and Scotia Capital (USA) Inc., as U.S. agents, to establish an at-the-market equity program (the "ATM Program") that allows Cameco to issue, at its discretion, up to $500 million (US) (or its Canadian dollar equivalent) of common shares from treasury to the public from time to time. The ATM Program is established pursuant to a prospectus supplement to the Base Shelf Prospectus (the "Canadian ATM Supplement"), and a corresponding prospectus supplement to the U.S. Registration Statement (the "U.S. ATM Supplement"). The ATM Program will be effective until December 12, 2026, unless fully utilized or terminated before such date in accordance with the terms of the Distribution Agreement.
Subject to the terms of the Distribution Agreement, the volume and timing of distributions under the ATM Program, if any, will be determined at Cameco's sole discretion. As common shares sold in the ATM Program will be distributed at the prevailing market price at the time of the sale, prices may vary among purchasers during the period of the distribution. Any common shares sold in the ATM Program will be sold in transactions that are deemed to be "at-the-market distributions" as defined in National Instrument 44-102 - Shelf Distributions, through the Toronto Stock Exchange, the NYSE or by any other method permitted by law, at the prevailing market price at the time of sale.
Net proceeds of the ATM Program, if any, are expected to fund development opportunities, future acquisitions, repayment of indebtedness, and/or other general corporate purposes.
"Today, our balance sheet is strong, and with the return to our tier-one production run rate and cost basis, we expect continued strong cash flow generation," said Grant Isaac, Cameco's Executive Vice-President and CFO. "And, we are adding to the tools we have available to fund future capital requirements, which include our operating cash flow, our existing credit facilities, new credit facilities, and additional capital raised through debt or equity financings. We believe having all these financial tools in place is prudent, providing us with added flexibility to support our strategy and to self-manage risk into the future."
Cameco has filed the Base Shelf Prospectus and the Canadian ATM Supplement with the securities regulatory authorities in each of the provinces and territories of Canada, and has filed the U.S. Registration Statement and the U.S. ATM Supplement with the United States Securities and Exchange Commission (the "SEC"). Before you invest, you should read these documents and other documents Cameco has filed with the securities regulatory authorities in each of the provinces and territories of Canada or the SEC, as applicable, for more complete information about Cameco and the ATM Program. Copies of the Base Shelf Prospectus, the Canadian ATM Supplement and the Distribution Agreement are available free of charge on SEDAR+ at www.sedarplus.ca , and copies of the U.S. Registration Statement, the U.S. ATM Supplement and the Distribution Agreement are available free of charge on EDGAR on the SEC website at www.sec.gov .
You may also obtain copies of the Base Shelf Prospectus and the Canadian ATM Supplement in Canada from: TD Securities Inc., 1625 Tech Avenue, Mississauga, Ontario, L4W 5P5, Attention: Symcor, NPM, or by telephone at 289-360-2009 or by email at sdcconfirms@td.com ; CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.CanadianProspectus@cibc.com ; or Scotia Capital Inc., 40 Temperance Street, 6th Floor, Toronto, Ontario M5H 0B4, Attention: Equity Capital Markets, or by telephone at 416-863-7704, or by email at equityprospectus@scotiabank.com . You may also obtain copies of the U.S. Registration Statement and the U.S. ATM Supplement in the United States from: TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, New York 10017, Attention: Equity Capital Markets or by email at TD.ECM_Prospectus@tdsecurities.com ; CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at Mailbox.USProspectus@cibc.com ; or Scotia Capital (USA) Inc., 250 Vesey Street, 24th Floor, New York, NY 10281, Attention: Equity Capital Markets or by telephone at 212-255-6854 or by email at us.ecm@scotiabank.com .
No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities in any province, territory, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, territory, state or jurisdiction.
Caution about forward-looking information
Certain information in this news release, including statements regarding potential sales of common shares through the ATM Program, the anticipated use of the net proceeds of the ATM Program and expected continued strong cash flows, constitutes "forward-looking information" within the meaning of applicable securities laws in Canada and the United States, including the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking information and statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by them. Sentences and phrases containing words such as "believe", "estimate", "anticipate", "plan", "will", "intend", "predict", "outlook", "goal", "target", "forecast", "project", "scheduled", "proposed", "expect", "potential", "strategy", and the negative of any of these words, or variations of them, or comparable terminology that does not relate strictly to current or historical facts, are all indicative of forward-looking information or statements.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Cameco as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of Cameco's current annual information form, the Canadian ATM Supplement, the U.S. ATM Supplement and in Cameco's other materials filed with the Canadian securities regulatory authorities and the SEC from time to time, available at www.sedarplus.ca and www.sec.gov , respectively. These factors are not intended to represent a complete list of the factors that could affect Cameco; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and Cameco expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112269090/en/
Investor inquiries:
Cory Kos
306-716-6782
cory_kos@cameco.com
Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com
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NexGen Announces Best Hole to Date and High-Grade Expansion at Patterson Corridor East Concluding a Successful 2024 Drilling Program
- NexGen's 2024 exploration campaign delivered a new discovery on Rook I at Patterson Corridor East ("PCE") 3.5km east of Arrow.
- Subsequent drilling has materially expanded the mineralized zone to 600 m strike length and 600 m vertical extent with 19 of 30 holes intersecting mineralization including 10 holes with multiple intervals >10,000 cps.
- Today's announcement highlights the best hole to date at PCE (RK-24-222) returns 17.0 m wide vein with multiple high intensity (>61,000 cps) occurrences.
- In 2024, PCE is the largest drill program in the Athabasca Basin by any Company at 34,000 meters (m).
NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is proud to announce the completion of its 2024 drilling campaign at Patterson Corridor East (PCE) that included more than 34,000 m across a total of 46 drillholes. Upon initial discovery of intense uranium mineralization at PCE ( see March 11 News Release ), the Company directed all drilling activity to focus exclusively on PCE, whereby 19 of 30 holes intersected mineralization. Bold and systematic spacing of drillhole intercepts have quickly grown the discovery from a single hole to a broad and continuous new uranium discovery. Real-time evaluation of results throughout the duration of the program focused on determining the overall outer extents of the mineralized zone and in parallel, precisely targeting high-grade sub-domains (Figures 1 and 2, Table 1).
In late October, a high-grade portion has presented itself within the overall mineralized zone with upgraded intensity of mineralization in the now best hole to date, RK-24-222 (Figure 3). A 17.0 m wide vein with multiple occurrences of off-scale (>61,000 cps) mineralization (Table1, Figure 3). In addition, RK-24-220 and -223 intersected strong mineralization up to 41,000 cps and 40,000 cps, respectively including multiple intercepts of >10,000 cps. System strength is confirmed by these zones characterized by semi-massive to massive replacement by uraninite. A high-grade sub-domain of the mineralized footprint now covers 100 m of strike and 170 m of depth extent with potential growth in all directions (Figure 2). The high-grade intersection in RK-24-222 represents the fifth drillhole at PCE to return off-scale (>61,000 cps) mineralization, joining previous significant intersections in RK-24-183, -197, -202, and -207.
Leigh Curyer, Chief Executive Officer, commented: "This focused effort has elevated the materiality of PCE and today's results highlight the increasing potential of the PCE system with RK-24-222. With 600 m of strike length and 600 m of depth extent, this new zone located entirely within competent basement rock only 3.5 km from the flagship world-class Arrow deposit has emerged as a compelling and prospective addition to NexGen's dominant portfolio in the south western section of the Athabasca Basin.
NexGen's disciplined dual focus on the advancement of the Rook I Project and the expanded exploration at PCE demonstrates the Company's commitment to unlocking the full potential of this major uranium district at a time where the need for clean affordable safe baseload energy has never been more evident. With the world's leading tech companies all committing to nuclear power in recent month's the outlook is incredibly exciting in the nuclear fuel space."
Assays from disclosed intersections are expected in Q4 2024 and Q1 2025, with reporting to follow. Exploration activity will resume in January 2025 with planning underway for a significant drill program at PCE where the prospectivity for material growth is clearly evident.
Table 1: 2024 Spectrometer results since previous release on August 8, 2024
Drillhole | Unconformity | Handheld Spectrometer Results (RS-125) | ||||||
Hole ID | Azimuth | Dip | Total | From | To (m) | Width | CPS Range | |
RK-24-208 | 310 | -70 | 756 | 104.3 | 435 | 435.5 | 0.5 | |
435.5 | 436 | 0.5 | ||||||
522 | 522.5 | 0.5 | ||||||
523 | 523.5 | 0.5 | ||||||
655 | 655.5 | 0.5 | ||||||
655.5 | 656 | 0.5 | ||||||
657.5 | 658 | 0.5 | ||||||
658.5 | 659 | 0.5 | ||||||
665.5 | 666 | 0.5 | ||||||
666 | 666.5 | 0.5 | ||||||
669.5 | 670.5 | 1 | ||||||
670.5 | 671 | 0.5 | 560 - 950 | |||||
671 | 671.5 | 0.5 | 1400 - 3560 | |||||
673 | 673.5 | 0.5 | ||||||
673.5 | 674 | 0.5 | 500 - 1140 | |||||
674 | 675 | 1 | ||||||
680 | 681 | 1 | ||||||
685.5 | 686 | 0.5 | ||||||
686.5 | 687 | 0.5 | 600 - 800 | |||||
687 | 687.5 | 0.5 | 900 - 3000 | |||||
687.5 | 688 | 0.5 | ||||||
689 | 689.5 | 0.5 | ||||||
689.5 | 690 | 0.5 | 1300 - 5700 | |||||
690 | 690.5 | 0.5 | ||||||
690.5 | 691 | 0.5 | ||||||
691.5 | 692 | 0.5 | ||||||
692 | 692.5 | 0.5 | ||||||
692.5 | 693 | 0.5 | ||||||
693 | 693.5 | 0.5 | ||||||
693.5 | 694 | 0.5 | ||||||
694 | 694.5 | 0.5 | ||||||
694.5 | 695 | 0.5 | ||||||
695 | 695.5 | 0.5 | 550 - 1500 | |||||
695.5 | 696 | 0.5 | ||||||
696 | 696.5 | 0.5 | ||||||
697.5 | 698.5 | 1 | ||||||
RK-24-209 | 310 | -70 | 840 | 110.7 | 395 | 396 | 1 | |
627.5 | 628 | 0.5 | ||||||
695 | 695.5 | 0.5 | ||||||
759 | 759.5 | 0.5 | ||||||
RK-24-210 | 310 | -70 | 1095 | 102.4 | 639 | 639.5 | 0.5 | |
639.5 | 640 | 0.5 | ||||||
640 | 640.5 | 0.5 | ||||||
854 | 854.5 | 0.5 | ||||||
854.5 | 855 | 0.5 | ||||||
855.5 | 856 | 0.5 | ||||||
856 | 856.5 | 0.5 | ||||||
857.5 | 858 | 0.5 | ||||||
858 | 858.5 | 0.5 | ||||||
862 | 862.5 | 0.5 | ||||||
863.5 | 864 | 0.5 | ||||||
869 | 869.5 | 0.5 | ||||||
869.5 | 870 | 0.5 | ||||||
874.5 | 875 | 0.5 | ||||||
875.5 | 876 | 0.5 | ||||||
876 | 876.5 | 0.5 | 2700 - 6500 | |||||
876.5 | 877 | 0.5 | ||||||
877 | 879 | 2 | ||||||
879 | 879.5 | 0.5 | ||||||
879.5 | 880 | 0.5 | ||||||
880 | 880.5 | 0.5 | ||||||
880.5 | 881 | 0.5 | 600 - 1200 | |||||
881 | 881.5 | 0.5 | ||||||
881.5 | 882 | 0.5 | ||||||
882 | 882.5 | 0.5 | ||||||
882.5 | 883 | 0.5 | 800 - 3400 | |||||
883 | 883.5 | 0.5 | ||||||
884.5 | 885 | 0.5 | ||||||
885.5 | 886 | 0.5 | ||||||
886 | 886.5 | 0.5 | ||||||
886.5 | 887 | 0.5 | ||||||
888 | 888.5 | 0.5 | ||||||
888.5 | 889 | 0.5 | ||||||
915.5 | 916.5 | 1 | ||||||
920 | 920.5 | 0.5 | ||||||
921 | 921.5 | 0.5 | ||||||
921.5 | 922 | 0.5 | ||||||
RK-24-211 | 310 | -70 | 1302 | 103.1 | 776.5 | 777 | 0.5 | |
784 | 784.5 | 0.5 | ||||||
1116.5 | 1117 | 0.5 | ||||||
RK-24-212 | 315 | -70 | 137 | 121 | No Significant Intersections | |||
RK-24-213 | 310 | -70 | 936 | 87 | No Significant Intersections | |||
RK-24-214 | 310 | -70 | 989 | 111.6 | 463 | 463.5 | 0.5 | |
466.5 | 467 | 0.5 | ||||||
859.5 | 860 | 0.5 | ||||||
862.5 | 863.5 | 1 | ||||||
863.5 | 864 | 0.5 | ||||||
865 | 865.5 | 0.5 | ||||||
865.5 | 866 | 0.5 | ||||||
866 | 866.5 | 0.5 | ||||||
867.5 | 868 | 0.5 | ||||||
868 | 868.5 | 0.5 | ||||||
868.5 | 869 | 0.5 | ||||||
869.5 | 870 | 0.5 | ||||||
RK-24-215 | 310 | -70 | 840 | 114.8 | 542 | 542.5 | 0.5 | 600 - 1300 |
542.5 | 543 | 0.5 | 2200 - 3200 | |||||
543 | 543.5 | 0.5 | 6000 - 11000 | |||||
543.5 | 544 | 0.5 | ||||||
544 | 544.5 | 0.5 | ||||||
544.5 | 545 | 0.5 | 600 - 3500 | |||||
545 | 545.5 | 0.5 | 500 - 1800 | |||||
545.5 | 546 | 0.5 | ||||||
546 | 546.5 | 0.5 | ||||||
546.5 | 547 | 0.5 | ||||||
547 | 547.5 | 0.5 | ||||||
551.5 | 552 | 0.5 | ||||||
552 | 553.5 | 1.5 | ||||||
564.5 | 565 | 0.5 | ||||||
570 | 570.5 | 0.5 | ||||||
570.5 | 571 | 0.5 | ||||||
571 | 571.5 | 0.5 | ||||||
571.5 | 572 | 0.5 | ||||||
572 | 572.5 | 0.5 | ||||||
583.5 | 584 | 0.5 | ||||||
584.5 | 585 | 0.5 | ||||||
585 | 585.5 | 0.5 | 600 - 1500 | |||||
585.5 | 586 | 0.5 | ||||||
586 | 586.5 | 0.5 | ||||||
586.5 | 587 | 0.5 | ||||||
587 | 588 | 1 | ||||||
588 | 588.5 | 0.5 | 600 - 2000 | |||||
588.5 | 589 | 0.5 | 700 - 2100 | |||||
589 | 589.5 | 0.5 | ||||||
589.5 | 590 | 0.5 | 1200 - 1500 | |||||
590.5 | 591 | 0.5 | ||||||
600 | 600.5 | 0.5 | ||||||
604.5 | 605 | 0.5 | ||||||
608.5 | 609 | 0.5 | ||||||
609 | 609.5 | 0.5 | 800 - 2850 | |||||
609.5 | 610 | 0.5 | ||||||
610 | 610.5 | 0.5 | ||||||
621.5 | 622 | 0.5 | ||||||
622 | 622.5 | 0.5 | ||||||
643 | 643.5 | 0.5 | ||||||
646 | 646.5 | 0.5 | ||||||
646.5 | 647 | 0.5 | ||||||
647 | 647.5 | 0.5 | ||||||
647.5 | 648 | 0.5 | ||||||
648 | 649 | 1 | ||||||
657 | 657.5 | 0.5 | ||||||
658 | 658.5 | 0.5 | ||||||
658.5 | 659 | 0.5 | ||||||
659 | 659.5 | 0.5 | ||||||
665.5 | 666 | 0.5 | ||||||
681 | 681.5 | 0.5 | ||||||
681.5 | 682 | 0.5 | ||||||
RK-24-216 | 310 | -70 | 1071 | 99.7 | 787 | 787.5 | 0.5 | |
787.5 | 788 | 0.5 | 1100 - 3700 | |||||
788 | 788.5 | 0.5 | 800 - 1200 | |||||
788.5 | 789 | 0.5 | ||||||
789.5 | 790 | 0.5 | ||||||
790 | 790.5 | 0.5 | ||||||
790.5 | 791 | 0.5 | ||||||
791.5 | 792 | 0.5 | ||||||
805 | 805.5 | 0.5 | ||||||
805.5 | 806 | 0.5 | ||||||
807.5 | 808.5 | 1 | ||||||
811.5 | 812 | 0.5 | ||||||
815 | 815.5 | 0.5 | ||||||
815.5 | 816 | 0.5 | ||||||
819 | 820 | 1 | ||||||
RK-24-217 | 310 | -70 | 1185 | 105.6 | 519 | 520 | 1 | |
528.5 | 529 | 0.5 | ||||||
709 | 710 | 1 | ||||||
RK-24-217a | 310 | -70 | 120 | 105.1 | No Significant Intersections | |||
RK-24-218 | 310 | -70 | 696 | 109.6 | 325.5 | 326 | 0.5 | |
424.5 | 425 | 0.5 | ||||||
425.5 | 426 | 0.5 | ||||||
463.5 | 464 | 0.5 | ||||||
494.5 | 495 | 0.5 | ||||||
515.5 | 516 | 0.5 | ||||||
516 | 516.5 | 0.5 | ||||||
516.5 | 517 | 0.5 | ||||||
517 | 517.5 | 0.5 | 500 - 4300 | |||||
517.5 | 518 | 0.5 | ||||||
518 | 518.5 | 0.5 | 1000 - 2000 | |||||
518.5 | 519 | 0.5 | ||||||
RK-24-219 | 310 | -70 | 1187 | 99.8 | 758.5 | 759 | 0.5 | |
759.5 | 760 | 0.5 | ||||||
897.5 | 898 | 0.5 | ||||||
982 | 982.5 | 0.5 | ||||||
RK-24-220 | 310 | -70 | 732 | 116 | 387 | 387.5 | 0.5 | |
445.5 | 446 | 0.5 | ||||||
446 | 446.5 | 0.5 | ||||||
446.5 | 447 | 0.5 | ||||||
452 | 452.5 | 0.5 | ||||||
452.5 | 453 | 0.5 | ||||||
453 | 454.5 | 1.5 | ||||||
454.5 | 455 | 0.5 | ||||||
455.5 | 456 | 0.5 | ||||||
456 | 456.5 | 0.5 | 600 - 1300 | |||||
456.5 | 457 | 0.5 | ||||||
457 | 457.5 | 0.5 | 700 - 27000 | |||||
457.5 | 458 | 0.5 | 1700 - 41000 | |||||
459.5 | 460 | 0.5 | ||||||
460 | 461 | 1 | ||||||
461 | 461.5 | 0.5 | ||||||
461.5 | 462 | 0.5 | ||||||
462 | 462.5 | 0.5 | 740 - 2000 | |||||
462.5 | 463 | 0.5 | 3500 - 4500 | |||||
463 | 463.5 | 0.5 | 1300 - 6000 | |||||
463.5 | 464 | 0.5 | 600 - 6500 | |||||
464 | 464.5 | 0.5 | 600 - 2000 | |||||
464.5 | 465 | 0.5 | 700 - 4000 | |||||
465 | 465.5 | 0.5 | ||||||
465.5 | 466 | 0.5 | 1200 - 8200 | |||||
466 | 466.5 | 0.5 | ||||||
477.5 | 478 | 0.5 | ||||||
478 | 478.5 | 0.5 | ||||||
479 | 479.5 | 0.5 | ||||||
479.5 | 480 | 0.5 | ||||||
480 | 480.5 | 0.5 | ||||||
480.5 | 481 | 0.5 | 680 - 1300 | |||||
481 | 481.5 | 0.5 | ||||||
481.5 | 482 | 0.5 | ||||||
482 | 482.5 | 0.5 | ||||||
482.5 | 483 | 0.5 | ||||||
483 | 483.5 | 0.5 | ||||||
483.5 | 484 | 0.5 | ||||||
484 | 484.5 | 0.5 | ||||||
484.5 | 485 | 0.5 | ||||||
485 | 485.5 | 0.5 | 3000 - 16000 | |||||
485.5 | 486 | 0.5 | ||||||
486 | 486.5 | 0.5 | ||||||
486.5 | 487 | 0.5 | ||||||
487 | 488 | 1 | ||||||
489 | 489.5 | 0.5 | ||||||
489.5 | 490 | 0.5 | ||||||
490 | 490.5 | 0.5 | ||||||
490.5 | 491 | 0.5 | ||||||
491 | 491.5 | 0.5 | ||||||
491.5 | 492 | 0.5 | ||||||
495 | 495.5 | 0.5 | ||||||
495.5 | 496 | 0.5 | ||||||
496 | 496.5 | 0.5 | ||||||
496.5 | 497 | 0.5 | ||||||
497 | 497.5 | 0.5 | 2600 - 2600 | |||||
497.5 | 498 | 0.5 | ||||||
498 | 498.5 | 0.5 | ||||||
498.5 | 499 | 0.5 | ||||||
503 | 503.5 | 0.5 | ||||||
503.5 | 504.5 | 1 | ||||||
525.5 | 526 | 0.5 | ||||||
539 | 539.5 | 0.5 | ||||||
539.5 | 540 | 0.5 | 540 - 7300 | |||||
570.5 | 571 | 0.5 | ||||||
579.5 | 580 | 0.5 | ||||||
580 | 580.5 | 0.5 | ||||||
580.5 | 581 | 0.5 | ||||||
583 | 583.5 | 0.5 | ||||||
583.5 | 584 | 0.5 | ||||||
584 | 584.5 | 0.5 | ||||||
596.5 | 597 | 0.5 | ||||||
597 | 597.5 | 0.5 | ||||||
599.5 | 600 | 0.5 | ||||||
RK-24-221 | 310 | -70 | 861.6 | 115.9 | 302 | 302.5 | 0.5 | |
302.5 | 303 | 0.5 | ||||||
303 | 303.5 | 0.5 | ||||||
594.5 | 595 | 0.5 | ||||||
595 | 595.5 | 0.5 | ||||||
597.5 | 598 | 0.5 | ||||||
599 | 599.5 | 0.5 | ||||||
642 | 642.5 | 0.5 | ||||||
642.5 | 643 | 0.5 | ||||||
643 | 643.5 | 0.5 | ||||||
644 | 644.5 | 0.5 | ||||||
650.5 | 651 | 0.5 | ||||||
697.5 | 698 | 0.5 | ||||||
698 | 698.5 | 0.5 | ||||||
RK-24-222 | 354 | -65 | 753 | 108.4 | 588 | 588.5 | 0.5 | 770 - 1200 |
598 | 599.5 | 1.5 | ||||||
602.5 | 603 | 0.5 | ||||||
603 | 603.5 | 0.5 | 640 - 2000 | |||||
603.5 | 604.5 | 1 | ||||||
604.5 | 605 | 0.5 | 3000 - 20000 | |||||
605 | 605.5 | 0.5 | 5800 - 17000 | |||||
605.5 | 605.6 | 0.1 | 18000 - 60000 | |||||
605.6 | 605.7 | 0.1 | >61000 | |||||
605.7 | 606 | 0.3 | 9000 - 60000 | |||||
606 | 606.5 | 0.5 | 1800 - 10000 | |||||
606.5 | 607 | 0.5 | ||||||
607 | 607.4 | 0.4 | 3000 - 60000 | |||||
607.4 | 607.8 | 0.4 | >61000 | |||||
607.8 | 608 | 0.2 | 5000 - 60000 | |||||
608 | 608.2 | 0.2 | 16000 - 60000 | |||||
608.2 | 608.4 | 0.2 | >61000 | |||||
608.4 | 608.5 | 0.1 | 10000 - 60000 | |||||
608.5 | 609 | 0.5 | 6400 - 42000 | |||||
609 | 609.5 | 0.5 | 10000 - 25000 | |||||
609.5 | 610 | 0.5 | 7000 - 25000 | |||||
610 | 610.5 | 0.5 | ||||||
610.5 | 610.9 | 0.4 | 7000 - 60000 | |||||
610.9 | 611 | 0.1 | >61000 | |||||
611 | 611.5 | 0.5 | 4000 - 26000 | |||||
611.5 | 612 | 0.5 | 3000 - 10000 | |||||
612 | 612.5 | 0.5 | 700 - 3000 | |||||
612.5 | 613 | 0.5 | 3000 - 7000 | |||||
613 | 613.5 | 0.5 | 700 - 6000 | |||||
613.5 | 614 | 0.5 | 2000 - 33000 | |||||
614 | 614.5 | 0.5 | 900 - 6000 | |||||
614.5 | 615 | 0.5 | 1900 - 39000 | |||||
615 | 615.5 | 0.5 | 580 - 15000 | |||||
615.5 | 616 | 0.5 | 500 - 5000 | |||||
616 | 616.5 | 0.5 | 900 - 7500 | |||||
616.5 | 617 | 0.5 | 900 - 25000 | |||||
617 | 617.5 | 0.5 | 2800 - 14000 | |||||
617.5 | 618 | 0.5 | 1100 - 3500 | |||||
618 | 618.4 | 0.4 | 1300 - 60000 | |||||
618.4 | 618.5 | 0.1 | >61000 | |||||
618.5 | 619 | 0.5 | 15000 - 31000 | |||||
619 | 619.5 | 0.5 | 9800 - 39000 | |||||
619.5 | 620 | 0.5 | 3400 - 14500 | |||||
620 | 620.5 | 0.5 | 1800 - 24000 | |||||
620.5 | 621 | 0.5 | 2500 - 25000 | |||||
621 | 621.5 | 0.5 | ||||||
622 | 622.5 | 0.5 | ||||||
622.5 | 623 | 0.5 | ||||||
623 | 623.5 | 0.5 | 550 - 18000 | |||||
623.5 | 624 | 0.5 | 500 - 1400 | |||||
624 | 624.5 | 0.5 | ||||||
624.5 | 625 | 0.5 | ||||||
625 | 625.4 | 0.4 | 500 - 60000 | |||||
625.4 | 625.5 | 0.1 | >61000 | |||||
625.5 | 626 | 0.5 | 700 - 40000 | |||||
627 | 627.5 | 0.5 | ||||||
629 | 629.5 | 0.5 | ||||||
640 | 640.5 | 0.5 | ||||||
640.5 | 641 | 0.5 | ||||||
649 | 649.5 | 0.5 | ||||||
658 | 658.5 | 0.5 | ||||||
658.5 | 659 | 0.5 | ||||||
665 | 665.5 | 0.5 | ||||||
668 | 668.5 | 0.5 | ||||||
668.5 | 669 | 0.5 | ||||||
671 | 671.5 | 0.5 | ||||||
687 | 687.5 | 0.5 | ||||||
RK-24-223 | 345 | -66 | TBD | 106.8 | 336 | 336.5 | 0.5 | |
633 | 633.5 | 0.5 | ||||||
633.5 | 634 | 0.5 | ||||||
634 | 634.5 | 0.5 | ||||||
634.5 | 635 | 0.5 | ||||||
635 | 635.5 | 0.5 | ||||||
645.5 | 646 | 0.5 | ||||||
646 | 646.5 | 0.5 | 2100 - 10000 | |||||
646.5 | 647 | 0.5 | 7500 - 24000 | |||||
647 | 647.5 | 0.5 | 1000 - 24000 | |||||
675 | 675.5 | 0.5 | 500 - 4200 | |||||
675.5 | 676 | 0.5 | 1200 - 7200 | |||||
676 | 676.5 | 0.5 | ||||||
678 | 678.5 | 0.5 | ||||||
678.5 | 679 | 0.5 | ||||||
679.5 | 680 | 0.5 | ||||||
689.5 | 690 | 0.5 | ||||||
690 | 690.5 | 0.5 | 5000 - 14000 | |||||
690.5 | 691 | 0.5 | 4000 - 12000 | |||||
691 | 691.5 | 0.5 | ||||||
691.5 | 692 | 0.5 | 3000 - 12000 | |||||
692 | 692.5 | 0.5 | 5000 - 14000 | |||||
692.5 | 693 | 0.5 | ||||||
695.5 | 696 | 0.5 | ||||||
696 | 696.5 | 0.5 | ||||||
696.5 | 697 | 0.5 | ||||||
702.5 | 703.5 | 1 | ||||||
704.5 | 705 | 0.5 | ||||||
713.5 | 714 | 0.5 | ||||||
714.5 | 715 | 0.5 | ||||||
715 | 715.5 | 0.5 | ||||||
716 | 716.5 | 0.5 | 1200 - 1800 | |||||
716.5 | 717 | 0.5 | ||||||
717 | 717.5 | 0.5 | 1500 - 2200 | |||||
717.5 | 718 | 0.5 | ||||||
718 | 718.5 | 0.5 | ||||||
720.5 | 721 | 0.5 | ||||||
721 | 721.5 | 0.5 | ||||||
722 | 722.5 | 0.5 | 1100 - 12000 | |||||
722.5 | 723 | 0.5 | 1500 - 23000 | |||||
723 | 723.5 | 0.5 | 3500 - 37000 | |||||
726 | 726.5 | 0.5 | ||||||
726.5 | 727 | 0.5 | 3000 - 12000 | |||||
727 | 727.5 | 0.5 | ||||||
737.5 | 738 | 0.5 | ||||||
738 | 738.5 | 0.5 | ||||||
743 | 743.5 | 0.5 | ||||||
749 | 750 | 1 | ||||||
756.5 | 757 | 0.5 | ||||||
757.5 | 758 | 0.5 | ||||||
758.5 | 759 | 0.5 | ||||||
759 | 759.5 | 0.5 | ||||||
760 | 760.5 | 0.5 | ||||||
763.5 | 764 | 0.5 | ||||||
764.5 | 765.5 | 1 | ||||||
765.5 | 766 | 0.5 | 900 - 3700 | |||||
766 | 766.5 | 0.5 | 800 - 15000 | |||||
766.5 | 767 | 0.5 | 800 - 25000 | |||||
767 | 767.5 | 0.5 | 1000 - 11000 | |||||
767.5 | 768 | 0.5 | ||||||
772 | 772.5 | 0.5 | ||||||
772.5 | 773 | 0.5 | ||||||
773.5 | 774 | 0.5 | ||||||
774 | 774.5 | 0.5 | ||||||
775 | 775.5 | 0.5 | ||||||
RK-24-224 | 310 | -70 | TBD | 115.8 | TBD |
- All depths and intervals are meters downhole, true thicknesses are yet to be determined.
- "Off-scale" refers to >61,000 cps total readings by gamma spectrometer type RS-125.
- Unconformity of 'N/A' denotes a lack of visible contact between Athabasca sandstone and basement rock.
- Maximum internal dilution 2.0 m downhole.
- Minimum thickness of 0.5 m downhole.
- All depths and intervals are metres downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.
About NexGen
NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest low cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations, and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically, and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.
NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol "NXE" and on the Australian Securities Exchange under the ticker symbol "NXG" providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon, Saskatchewan .
Technical Disclosure*
All technical information in this news release has been reviewed and approved by Jason Craven, NexGen's Manager, Exploration, a qualified person under National Instrument 43-101.
Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals.
A technical report in respect of the FS is filed on SEDAR ( www.sedar.com ) and EDGAR ( www.sec.gov/edgar.shtml ) and is available for review on NexGen Energy's website ( www.nexgenenergy.ca ).
Cautionary Note to U.S. Investors
This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission ("SEC") set by the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company's title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedar.com and Edgar at www.sec.gov .
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws .
View original content to download multimedia: https://www.prnewswire.com/news-releases/nexgen-announces-best-hole-to-date-rk-24-222-and-high-grade-expansion-at-patterson-corridor-east-concluding-a-successful-2024-drilling-program-302302403.html
SOURCE NexGen Energy Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/12/c0958.html
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