Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") today reported its financial results for the quarter ended June 30, 2022. The Company's quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission ("SEC") and may be viewed on the Electronic Document Gathering and Retrieval System ("EDGAR") at www.sec.govedgar.shtml, on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, and on the Company's website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars. Highlights: Read More >>
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![Release - Energy Fuels Announces Q2-2022 Results, Including Continued Robust Balance Sheet And Market-Leading U.S. Uranium And Rare Earth Positions](https://investingnews.com/media-library/image.jpg?id=27863814&width=1200&height=801)
Release - Energy Fuels Announces Q2-2022 Results, Including Continued Robust Balance Sheet And Market-Leading U.S. Uranium And Rare Earth Positions
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Energy Fuels
Overview
Energy Fuels (TSX:EFR,NYSE:UUUU) has been the largest producer of uranium in the United States and an emerging producer of rare earth elements (REEs). The company is also a major producer of vanadium when market conditions warrant. The company’s portfolio of assets positions it to contribute meaningfully to some of the most important challenges faced by the world today - climate change and energy security. Uranium remains the core business for Energy Fuels; however, the company is rapidly expanding its REE capacity, as well.
Energy Fuels is the only uranium producer with both conventional production and in-situ recovery (ISR) in the US. Its 100-percent-owned White Mesa Mill is the only conventional uranium mill in the country with a licensed capacity of over 8 million pounds (Mlbs) of U3O8 per year. The company also owns the Nichols Ranch uranium recovery facility in Wyoming, which is a fully permitted uranium ISR facility with a licensed capacity of 2 Mlbs of U3O8 per year. The Nichols Ranch project is currently being maintained on standby.
Favorable uranium market conditions prompted Energy Fuels to ramp up uranium production at three permitted and developed uranium mines in Arizona and Utah. Once production is fully ramped up at Pinyon Plain, La Sal and Pandora, the company expects to produce uranium at a run rate of 1.1 to 1.4 million pounds per year. Ore mined from the three sites in 2024 will be stockpiled at the White Mesa Mill in Utah for processing in late-2024 or 2025.
The company is also preparing the Whirlwind and Nichols Ranch mines to commence uranium production within one year, potentially increasing uranium production to over two million pounds of U3O8 annually starting in 2025.
In addition to its core uranium business, Energy Fuels is building out its rare earth element (REE) production and processing at the White Mesa Mill. The company recently completed construction of phase 1 rare earth oxide production with the capacity to produce 800 to 1,000 metric tons (MT) of neodymium-praseodymium (NdPr) oxide per year. The company is designing phase 2 and 3, which will increase NdPr oxide production to 4,000 to 6,000 MT per year, while also adding commercial scale “heavy” rare earth production, including terbium (Tb) and dysprosium (Dy).
In December 2023, Energy Fuels and Astron Corporation executed a non-binding MOU to jointly develop the Donald Mineral sands project, a large heavy mineral sand deposit that has the potential to supply Energy Fuels with approximately 7,000 tonnes of rare earth-bearing monazite sand per year starting in 2026, ramping up to 14,000 tonnes per year soon after.
Further to becoming a global leader in critical minerals production, in April 2023, Energy Fuels executed a definitive scheme implementation deed with Base Resources (ASX:BSE,AIM:BSE) to acquire 100 percent of the issued shares of Base Resources. The acquisition includes Base Resources' 100 percent-owned advanced, world-class Toliara heavy mineral sands project in Madagascar.
Vanadium and medical isotopes present another long-term growth opportunity for Energy Fuels. White Mesa Mill is a significant US producer of vanadium (V2O5), and the only primary producer in the US It currently holds 0.9 Mlbs in inventory and aims to selectively produce and sell into the market based on the strength of price. The company also continues to evaluate the potential to recover medical isotopes from its existing uranium and vanadium process streams. These isotopes are required for emerging cancer therapies.
Sustainability is a key part of the company’s focus. It is committed to recycling naturally bearing uranium and vanadium materials. White Mesa Mill has a separate circuit for processing alternate feed materials, thereby promoting sustainable sourcing, reducing carbon emissions and saving resources.
Further, the company benefits from a management team with a record of building and operating both conventional and ISR uranium mines globally.
Company Highlights
- Energy Fuels is one of the largest producers of uranium in the United States and an emerging producer of rare earth elements (REEs), all of which are key inputs in the production of clean energy.
- The company is currently ramping-up uranium production with a goal to achieve 2 million pounds of uranium production in the short-term.
- The company’s White Mesa Mill, located in Utah is the only conventional uranium and vanadium recovery facility operating in the US, having a licensed capacity of over 8 million pounds of U3O8 per year.
- In addition, the company also owns multiple uranium and uranium/vanadium properties which are in pre-production or on standby, plus three large-scale projects that are in the permitting stage and have potential to produce more than 4 million pounds of additional U3O8 per year.
- Energy Fuels is building the first fully integrated REE supply chain in the US. The White Mesa Mill has the licenses and capability to handle and process radioactive materials in the REE-bearing monazite sands and produce advanced REE products.
- The company recently completed construction of a circuit capable of producing up to 1,000 tpa of NdPr oxide per year, a key ingredient in permanent rare earth magnets needed in EVs, wind energy and military and defense technologies.
- The acquisition of the Bahia project (Brazil) in February 2023 ensures the availability of low-cost REE-bearing monazite sands to the White Mesa Mill for decades.
- The company is also in the process of acquiring the Toliara project in Africa and the Donald project in Australia - both containing large quantities of monazite resources.
- The company’s products have the key ESG attributes needed to address climate change. Uranium is the key fuel for zero-carbon baseload nuclear energy; vanadium is suitable for grid-scale batteries; REEs for clean energy technologies such as EVs and wind power generation.
Key Projects
White Mesa Mill, Utah
White Mesa Mill, located near Blanding, San Juan County, Utah, is the only conventional uranium, vanadium and REE recovery facility operating in the US, with a licensed capacity of over 8 Mlbs of U3O8 per year. In addition to uranium, the Mill has a separate vanadium by-product recovery circuit, and a stand-alone NdPr separation circuit. The company is planning to increase NdPr oxide capacity from 1,000 MT to 4,000 to 6,000 MT per year, while also adding commercial scale “heavy” rare earth production, including terbium (Tb) and dysprosium (Dy). When in full operation, the mill employs approximately 150 people. .
The White Mesa Mill has a separate circuit for recycling alternate feed materials, which are other uranium-bearing materials, not derived from conventional ore. Recycling materials back into the market contributes to Energy Fuels’ commitment to sustainability.
The mill has been producing and selling mixed rare earth carbonate from REE-bearing monazite sands since 2021.
In early 2023, the company began modifying and enhancing its circuits at the Mill (phase 1) to be able to produce separated REE oxides. Phase 1 was completed significantly under-budget and on-time in Q1-2024, with the capacity to produce roughly 800 to 1,000 MT of NdPr oxide per year. It is then planned for a further increase to 4,000 – 6,000 MT by 2026/27 (phase 2). A phase 3 program to produce heavy separated REE products, such as dysprosium, terbium and potentially other advanced REE materials, is expected to be completed by 2027/28.
The input (REE-bearing monazite sands) needed to produce these REEs will be supplied by the Bahia project (Brazil), which was acquired by Energy Fuels in February 2023, along with the Toliara and Donald projects (if announced transactions are completed).
Nichols Ranch, Wyoming
Nichols Ranch is an ISR uranium mine located in the productive Powder River Basin district of Wyoming, with a total licensed capacity of 2 Mlbs of U3O8 per year. Energy Fuels acquired this key production asset in 2015 through its acquisition of Uranerz Energy Corporation.
The project is currently on standby and restoration, pending market conditions improving sufficiently to resume production. The company will need to incur capital expenditures to develop additional wellfields, as all existing wellfields are now depleted.
The Nichols Ranch ISR project has measured and indicated mineral resources of nearly 7 Mlbs of uranium and inferred resource estimate of 1.3 Mlbs of uranium.
Pinyon Plain Project, Arizona
The Pinyon Plain mine is a development-stage high-grade uranium mine located in Arizona. Acquired by Energy Fuels in 2012, the mine is currently in the pre-production stage with ongoing work including installing surface ventilation fans, secondary egress equipment and other underground development work. The mine hosts proven and probable uranium reserves at 1.6 Mlbs at average grades of 0.60 percent U3O8, along with additional indicated mineral resources of 0.70 Mlbs at average grades of 0.95 percent. The company plans to complete an underground drilling program in 2024 to potentially expand the reserves and resources.
La Sal Complex, Utah
The La Sal Project is an existing complex comprising seven individual underground uranium mines and properties in eastern Utah, including the Beaver, Pandora, La Sal, Energy Queen and Redd Block Project. As of September 30, 2023, the company was performing rehabilitation and development work on its La Sal Project. This additional work will make the La Sal Project “mine ready” should market conditions warrant reopening of the mine.
La Sal hosts inferred mineral resources of 4.3 Mlbs of uranium and 17.8 Mlbs of vanadium at average grades of 0.26 percent U3O8 and 1.08 percent V2O5.
Sheep Mountain Project, Wyoming
The Sheep Mountain project, also located in Wyoming, includes an open-pit operation (the Congo pit), as well as the existing Sheep Mountain underground mine. The project is in Jeffrey City, Wyoming, and is easily accessible via airport and road. The project is currently on standby, pending evaluation of the processing options for the Sheep Mountain Project and improvement in market conditions.
The project has a resource estimate of approximately 4.2 million tons of measured and indicated resources at an average grade of 0.11 percent U3O8, including 18.4 Mlbs of probable mineral reserves. The pre-feasibility study estimates the project can produce up to 1.5 Mlbs of U3O8 annually over a 15-year mine life.
Roca Honda Project, New Mexico
The project is in McKinley County in New Mexico, covering an area of 4,440 acres. It is located within trucking distance of the White Mesa Mill and as such, materials mined from the project are to be processed at the White Mesa mill. The project is adjacent to General Atomics’ Mount Taylor mine and could see similar success. The Roca Honda Project is in the advanced stage of permitting.
The project has measured and indicated resources estimated at 1.8 million tons, with an average grade of 0.48 percent U3O8 containing 17.6 Mlbs U3O8, and inferred mineral resources estimated at 1.5 million tons of U3O8 with an average grade of 0.46 percent U3O8 containing 13.8 Mlbs U3O8. Once operational, it could produce up to 2.7 Mlb U3O8 annually with a nine-year mine life.
Bullfrog Project, Utah
The project is located in eastern Garfield County, Utah, covering 2,344 acres. The property is 100 percent owned by the company and was acquired in 2012. There is no existing infrastructure on the Bullfrog Property.
The project has measured and indicated resources estimated at 1.56 million tons, with an average grade of 0.29 percent U3O8 containing 9.1 Mlbs U3O8 and inferred mineral resources estimated at 0.41 million tons of U3O8 with an average grade of 0.25 percent U3O8 containing 2.0 Mlbs U3O8. The project is currently in the permitting stage.
Monazite Supply Chains
Energy Fuels is securing three monazite assets: the Bahia project in Brazil, the Donald project in Australia, and the Toliara project in Africa.
Bahia Project, - Brazil
The Bahia project, a well-known heavy mineral sand (HMS) deposit, covers a total area of 15,089.71 hectares and has the potential to supply 3,000 to 10,000 metric tons of natural monazite concentrate per year for decades. Aside from REE-bearing monazite, the Bahia Project is also expected to produce large quantities of high-quality titanium (ilmenite and rutile) and zirconium (zircon) minerals. REE production is highly complementary to Energy Fuels' existing US-leading uranium business, as monazite and other major REE-bearing minerals naturally contain uranium that will be recovered and other impurities that will be removed at the Mill before further processing into advanced high-purity REE materials. Drilling at the project is underway and resource estimate is expected in late 2024 or 2025.
Donald Project - Australia
The Donald rare earth and mineral sands project is located in the Wimmera Region in Victoria, Australia and is a world-class, world-scale, 'shovel-ready' critical mineral deposit. Energy Fuels believes Donald will provide another near-term, low-cost, and large-scale source of monazite sand in an REE concentrate that would be transported to the company's White Mesa Mill in Utah. The company is currently negotiating definitive JV agreements with Astron Resources under which Energy Fuels will receive all monazite produced from the project.
Toliara Project – Madagascar
Toliara is a significant, long-life, and large-scale mineral sand deposit located in the southwest portion of Madagascar. According to a 2023 Preliminary Feasibility Study( PFS), Toliara is expected to produce an average of 1,033 kt heavy mineral sands per annum (including rutile, ilmenite and zircon), along with 21.8 kt per annum of rare earth bearing monazite. The PFS reports a post-tax NPV10 of $2.0 billion, 32.4% IRR, and $371 million of annual EBITDA. The company is acquiring Toliara through a proposed acquisition of Base Resources, which is expected to be completed by the Fall of 2024, subject to closing.
Management Team
Mark Chalmers – President and CEO
Mark Chalmers brings a wealth of experience in mining and mineral processing to his position. Prior to his promotion to CEO in 2018, he served as president and chief operating officer of Energy Fuels. Chalmers is an expert in ISR uranium production and has managed the Beverley Uranium Mine owned by General Atomics (Australia) and the Highland Mine owned by Cameco Corporation (USA). Additionally, he has consulted several large players in the uranium supply sector, including BHP, Rio Tinto and Marubeni. He has served as the chair of the Australian Uranium Council for 10 years. He holds a Bachelor of Science in mining engineering from the University of Arizona and is a registered professional engineer.
David Frydenlund - Executive Vice-president, Chief Legal Officer and Corporate Secretary
David Frydenlund has over 35 years in the mining and energy sectors with expertise in regulatory and environmental laws and regulations at the state and federal levels. Frydenlund served as the vice-president of regulatory affairs, general counsel, and corporate secretary of Denison Mines. and its predecessor, International Uranium Corporation (IUC). He was also a director at IUC and served as Chief Financial Officer. He was the vice-president of the Lundin Group, a collection of international public mining and oil and gas companies. He also worked as a partner at the Vancouver law firm of Ladner Downs (now Borden Ladner Gervais), specializing in corporate, securities and international mining transactions law.
Curtis Moore – VP of Marketing & Corporate Development
Curtis Moore is involved in overseeing product marketing, public relations, investor relations and government relations, as well as M&A, strategy and legal matters. He has been working with Energy Fuels for over 15 years in various leadership positions. Before Energy Fuels, Moore worked in diverse fields, including multi-family real estate development, government relations and public affairs, production homebuilding, and private law practice. He earned a Juris Doctor degree and a Master of Business Administration from the University of Colorado, Boulder. Additionally, he holds a dual bachelor’s degree in economics-government from Claremont McKenna College.
J. Birks Bovaird – Chairman of the Board
J. Birks Bovaird has served as an independent director of several public resource companies including GTA Resources and Mining (TSXV:GTA) and Noble Mineral Exploration (TSXV:NOB). He brings extensive experience in corporate financial consulting and strategic planning. He holds an ICD.D designation.
Energy Fuels Announces Q2-2024 Earnings Call Details
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) an industry leader in uranium and rare earth elements production for the energy transition, will hold a conference call on Monday, August 5, 2024, at 10:00 AM Mountain Time to discuss its financial results for the second quarter ended June 30, 2024.
Financial results will be issued in a press release prior to the call.
Energy Fuels Inc.'s management will host the conference call, followed by a question-and-answer session.
Conference call access with the ability to ask questions:
To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call
- Rapid Connect URL: https://emportal.ink/3zGXrxy
or
Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.
- North American Toll Free: 1-800-836-8184
To view the webcast online:
Audience URL: https://app.webinar.net/ypjlzr0BxKR
Conference Replay
- Conference Replay Toronto: 1-289-819-1450
- Conference Replay North American Toll Free: 1-888-660-6345
- Conference Replay Entry Code: 62571 #
- Conference Replay Expiration Date: 08/19/2024
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based critical minerals company. The Company, as the leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element ("REE") materials, including mixed REE carbonate, and plans to produce commercial quantities of separated REE oxides in the future. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Brazil, which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com.
IperionX & Energy Fuels Progress Leading U.S. Rare Earth Collaboration
IperionX Limited (“IperionX” or “Company”)(ASX:IPX)IPX) is pleased to announce that Eneígy Fuels, Inc. (“Eneígy Fuels”) (NYSE: UUUU) (ľSX: EFR) has undeítaken laboíatoíy evaluation of íaíe eaíth mineíal concentíates fíom IperionX’s Titan Píoject in west Tennessee.
- Energy Fuels has completed laboratory evaluation of IperionX’s rare earth minerals, including monazite and xenotime, from the Titan Project in west Tennessee.
- Energy Fuels’ evaluation indicates that IperionX’s rare earth minerals are suitable as a high quality feedstock to supply Energy Fuels’ ongoing commercial production of mixed rare earth carbonate, an advanced material ready for rare earth separation.
- IperionX’s Titan Project contains a large amount of the light rare earths neodymium and praseodymium, as well as a significant distribution of the highly valuable heavy rare earths, terbium and dysprosium.
- The combination of IperionX’s heavy rare earth rich minerals in Tennessee, and Energy Fuels’ operating processing facilities in Utah, provides the potential to rapidly progress a fully integrated rare earth magnet supply chain in the U.S.
IperionX and Energy Fuels previously signed a memorandum of understanding for the supply of natural monazite sands fíom IperionX’s Titan Píoject in Tennessee to Energy Fuels’ White Mesa Mill in Utah (refer ASX announcement dated April 22, 2021). Energy Fuels and IperionX are continuing to evaluate expanding their collaboration to establish a fully integrated permanent rare earth magnet supply chain in the U.S.
Click here for the full ASX Release
This article includes content from IperionX, 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.
Former Critical Minerals Leader from General Motors Joins Energy Fuels to Advance Rare Earth Business; Separated NdPr Now Being Packaged at Energy Fuels' White Mesa Mill
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REEs"), and vanadium, is pleased to welcome Debra Bennethum to Energy Fuels' Management Team as Director, Critical Minerals & Strategic Supply Chain. Ms. Bennethum is a chemical engineer who previously served as the EV Critical Minerals Manager in the Global Purchasing and Supply Chain Division of General Motors ("GM"), and previously as the Program Purchasing Manager for GM's Battery Electric Vehicles and Crossovers division. At GM, Ms. Bennethum executed supply strategies to ensure resilient EV critical mineral supply chains, which included the REEs for production of permanent magnets as well as battery critical minerals. She also identified innovative suppliers, vetted technical merit, evaluated cost competitiveness, and led negotiations for long-term supply arrangements. She further managed over $1.5 billion in investment projects from conception to execution, collaborating with engineering and internal stakeholders to ensure resilient supply chains for GM.
Energy Fuels believes Ms. Bennethum's experience at General Motors will provide Energy Fuels with invaluable insight and experience to fill a critical role in the Company's REE sales and marketing enterprises, including cultivating relationships with original equipment manufacturer ("OEM") and other customers, negotiating supply, offtake and/or other agreements for the Company's REE products, evaluating REE collaborations in metal-making, alloying, and/or magnet-making, and assisting in evaluating, and potentially pursuing, government funding and other support.
MARK S. CHALMERS, PRESIDENT AND CEO OF ENERGY FUELS STATED:
"I would like to personally welcome Debra Bennethum to the Energy Fuels team. Ms. Bennethum brings a wealth of knowledge and relationships in EV and automotive supply chains to advance Energy Fuels' U.S.-leading, integrated rare earth business, which recently began commercial production of 'on spec' separated rare earths at our White Mesa Mill in Utah, USA. Ms. Bennethum will be based in Detroit, Michigan, which is the hub of the U.S. automotive industry. Having worked at GM for over 12 years, including key roles in EV, hybrid and critical mineral supply chains, we believe Ms. Bennethum is the ideal person to lead Energy Fuels' rare earth marketing efforts and collaborations, including the sale of our products to metal-makers, magnet-makers, EV and automotive OEMs, renewable energy companies, rare earth recycling companies, U.S. defense suppliers, and other customers. Ms. Bennethum is well-known throughout the rare earth industry, and we believe her decision to join Energy Fuels is a significant 'vote of confidence' in our rare earth plans going forward."
FINISHED AND PACKAGED SEPARATED NDPR AT ENERGY FUELS' WHITE MESA MILL
As previously announced on June 10, 2024, Energy Fuels has achieved commercial production of 'on spec' separated rare earth elements at its 100%-owned White Mesa Mill in Utah (the "Mill"), while simultaneously advancing uranium production. The Company's new "Phase 1" REE separation circuit has the capacity to produce roughly 850 to 1,000 metric tons ("tonnes") of separated neodymium-praseodymium ("NdPr") per year. It is the Company's belief that this is one of the largest commercial REE separation circuits in the World, ex China.
The Mill has begun drying and packaging separated NdPr, which is expected to continue through the end of the quarter. As previously announced, the Company expects to produce roughly 25 to 35 tonnes of 'on spec' separated NdPr in Q2-2024, before shifting operations to processing inventoried uranium ores and alternate feed materials for the remainder of the year. During the current REE campaign, the Mill will also produce a "heavy" REE concentrate, containing roughly 1,500 kilograms of dysprosium ("Dy") and 400 kilograms of terbium ("Tb"). The Company plans to utilize all or a portion of this "heavy" REE concentrate for pilot-scale test work to design, permit and construct commercial Dy, Tb and potentially other REE separation at the Mill in the coming years.
ABOUT ENERGY FUELS
Energy Fuels is a leading US-based uranium and critical minerals company. The Company, as a leading producer of uranium in the United States, mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced REE materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado, near Denver, and substantially all its assets and employees are in the United States. Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery ("ISR") Project in Wyoming. The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U3O8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Company recently acquired the Bahia Project in Braziland entered into a joint venture agreement to develop the Donald Project in Australia, each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects in production, on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com.
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will be successful in cultivating relationships with OEM and other customers; any expectation that the Company will be successful in negotiating satisfactory supply, offtake and/or other agreements for the Company's REE products with metal-makers, magnet-makers, EV and automotive OEMs, renewable energy companies, rare earth recycling companies, U.S. defense suppliers, or other customers; any expectation that the Company will be successful in entering the REE metal, alloy, and magnet-making space; any expectation that the Company will be successful in obtaining government funding and other support for any of its activities; any expectation that the Company has one of the largest commercial REE separation circuits in the World, ex China; any expectation that the Company will be successful in designing, permitting and constructing commercial Dy, Tb and potentially other REE separation at the Mill in the coming years; any expectation as to production levels or timing or duration of production from any of the Company's mines, facilities or projects; any expectation as to costs of production at any of the Company's mines, facilities or other projects; any expectation that the Bahia and Donald Projects have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals; any expectation that the Company will be successful in advancing its REE initiatives or that it will be successful in installing REE production capacity at the Mill and the timing of installation of any such production capacity; and any expectation as to the success of the Company's permitting programs. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop any of its projects or initiatives; available supplies of monazite; the ability of the Mill to produce rare earth carbonate, rare earth element oxides or other rare earth element products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for uranium, rare earth elements and heavy mineral sand concentrates; the ability of the Mill to be able to separate radium or other radioisotopes at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.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.
Energy Fuels Announces Election of Directors
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") a leading U.S.-based critical minerals company, announces the results of the election of directors at its annual and special meeting of shareholders (the " Meeting ") held virtually on June 11, 2024 .
The ten (10) nominees proposed by management for election as directors were elected by the shareholders of the Company, through a combination of votes by proxy and electronic poll, as follows:
Nominee | Votes For | % For | Votes Withheld or | % Withheld or |
J. Birks Bovaird | 45,321,752 | 91.23 % | 4,358,256 | 8.77 % |
Mark S. Chalmers | 47,226,027 | 95.06 % | 2,453,981 | 4.94 % |
Benjamin Eshleman III | 47,674,386 | 95.96 % | 2,005,622 | 4.04 % |
Ivy V. Estabrooke | 47,119,198 | 94.85 % | 2,560,810 | 5.15 % |
Barbara A. Filas | 46,967,300 | 94.54 % | 2,712,708 | 5.46 % |
Bruce D. Hansen | 47,922,396 | 96.46 % | 1,757,612 | 3.54 % |
Jaqueline Herrera | 46,948,646 | 94.50 % | 2,731,362 | 5.50 % |
Dennis L. Higgs | 48,312,025 | 97.25 % | 1,367,983 | 2.75 % |
Robert W. Kirkwood | 47,763,461 | 96.14 % | 1,916,547 | 3.86 % |
Alexander G. Morrison | 48,511,981 | 97.65 % | 1,168,027 | 2.35 % |
About Energy Fuels : Energy Fuels is a leading U.S.-based uranium and critical minerals company. The Company, as a leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced rare earth element (" REE ") materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver , and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming . The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia , each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects in production, on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .
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SOURCE Energy Fuels Inc.
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Energy Fuels Achieves Commercial Production of 'On-Spec' Separated Rare Earths at its White Mesa Mill in Utah, While Simultaneously Advancing Uranium Production
Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ( "Energy Fuels" or the "Company" ), a leading U.S. producer of uranium, rare earth elements (" REEs "), and vanadium, is pleased to announce that it has achieved commercial production of separated neodymium-praseodymium (" NdPr ") at its White Mesa Mill in Utah (the " Mill "). Critically, the NdPr produced by Energy Fuels' meets the applicable product specifications of REE metal-makers, who specialize in the manufacture of REE-based alloys required for the permanent magnets widely used for electric motors in both battery powered electric vehicles (" EVs ") and dual power hybrids. Further, this 'on-spec' NdPr is now able to be produced by Energy Fuels at the full design capacity of its new Phase 1 REE separation circuit (850 to 1,000 metric tons (" tonnes ") of NdPr per year). The Company expects to have commercial quantities of separated NdPr available for shipment by the end of June 2024 . Energy Fuels believes this is the first time in several decades that a U.S. company has produced on-spec separated REE's from monazite on a commercial scale.
The Company is extracting, refining and separating the NdPr from monazite produced by The Chemours Company (" Chemours ") at its heavy mineral sand (" HMS ") operations in Florida and Georgia . Energy Fuels began piloting REE separations in 2021, and later performed partial REE separations in 2022 and 2023. The Company used this experience, having compiled several years of real-time data, to custom design and construct its new Phase 1 REE separation circuit at the Mill, which is now operating as designed. The Company would also like to highlight both the speed at which the circuit has reached full design capacity, and the fact that it has not experienced complications with start-up, which are so typical with the commissioning of new equipment and processes. Energy Fuels also completed construction of its Phase 1 REE Separation Circuit in Q1-2024 for a total cost of only about $16 million, which was significantly under the original budget of $25 million and a further testament to the capabilities of the Mill and the years of solvent extraction (" SX ") experience and technical expertise of Mill personnel. Also of note, the addition of REE separation processes has not hindered the ability or capacity of the Company to produce uranium at the Mill, and preparations are being made to commence a uranium ore and alternate feed uranium-bearing material processing campaign in Q3-2024.
During Q2-2024, the Company expects to produce about 25 to 35 tonnes of on-spec, separated NdPr from the monazite Energy Fuels has in inventory at this time. From the new circuit, Energy Fuels also expects to produce a samarium-plus (" Sm+ "), "heavy" REE concentrate, while also recovering the contained uranium from the monazite feed stocks. The Company expects to utilize this Sm+ concentrate to continue pilot-scale dysprosium (" Dy ") and terbium (" Tb ") separation and to design SX circuits at the Mill able to produce these "heavy" REE products in separated individual forms at the specifications required for metal and alloy making. Currently, there is no company in the Western Hemisphere capable of commercially producing separated, on-spec Dy, Tb, or other "heavy" REE products. NdPr, Dy, and Tb are known as the "magnet" REE's, as they are key and necessary ingredients in the powerful magnets used in the most efficient EVs, dual power hybrid vehicles, direct-drive wind energy, military and defense technologies, and other clean energy applications.
Following completion of NdPr production at the Mill in Q2-2004, the Company expects to begin processing uranium ore and alternate feed materials from our current stockpiles, resulting in the expected production of 150,000 to 500,000 pounds of U 3 O 8 during 2024, with production ramping up further in 2025. As previously announced, Energy Fuels has also acquired, or is in the process of acquiring, several HMS projects to secure monazite, which we believe will be globally cost-competitive, to supply future REE separation at the Mill. This includes the Bahia Project in Brazil that the Company acquired in February 2023 , the Donald Project joint venture that the Company announced on June 3, 2024 , and the pending acquisition of Base Resources and the Toliara Project in Madagascar , which in aggregate have the potential to make Energy Fuels one of the largest separated REE producers in the world. The Company expects to receive material quantities of monazite from these projects commencing as early as 2026. In the meantime, the Company plans to focus operations on an aggressive campaign of uranium production during the second half of 2024, all of 2025, and thereafter to supply U.S. uranium into the Company's portfolio of uranium contracts with U.S. nuclear utilities, in addition to additional spot and contract sales into uranium market strength.
MARK S. CHALMERS , PRESIDENT AND CEO OF ENERGY FUELS STATED:
"We have achieved a significant milestone for the Energy Fuels, for Utah , and for the United States : the commercial production of separated rare earths that meet applicable product specifications, while simultaneously ramping up domestic uranium production aggressively. I wish to congratulate the entire team at the White Mesa Mill for bringing commercial rare earth separation capabilities and expertise back to the United States , and for achieving this major accomplishment ahead of schedule and under budget. With this announcement, Energy Fuels can confirm the return of separated rare earth production from monazite back to the United States after a multi-decade absence, in addition to the return of technological know-how and expertise in this extremely important field that is critical to national and economic security.
"Due to the overwhelming success of Energy Fuels' Phase 1 REE separation project, Energy Fuels can now continue to advance its rare earth initiatives with an extremely high degree of confidence. This includes a potential expansion of standalone rare earth separation capabilities at the Mill to 4,000 to 6,000 tonnes of NdPr per year, along with 150 to 225 tonnes of Dy, and 50 to 75 tonnes of Tb, through development of our planned Phase 2 and Phase 3 REE separation circuits. While our recently commissioned Phase 1 Separation circuit is globally significant and would rank the Company as one of the leading producers of separated REEs in the world outside of China , our planned Phase 2 and Phase 3 Separation Circuits would truly be world-class. In addition, we are building a world-class portfolio of heavy mineral sand assets to control our supply of low-cost monazite. We are also ramping-up pilot testing on 'heavy' rare earth separation, with a focus on Dy and Tb. Due to knowledge gained from NdPr, we are confident we will be able to produce on-spec Dy, Tb, and any other separated rare earth products and to design, engineer, permit, construct and commission our Phase 2 and Phase 3 REE separation circuits within budget and time-frame expectations. Our capital investments in the planned Phase 2 and Phase 3 REE separation circuits will be conditional on receipt of suitable customer and/or government backing in the form of supply agreements, offtake agreements and/or financial support. We believe we are in an enviable position to secure this support, based on our proven rare earth processing, refining and separation capabilities and the world-class monazite supply chain we have secured and are securing. I am very pleased that all things are coming together and that we are emerging as a leading U.S. rare earth producer, in addition to advancing our position as a U.S-leading producer of uranium and vanadium.
"Once we conclude this run of separated NdPr, we plan to focus on the processing of our substantial stockpiled uranium ore and alternate feed material inventories at the Mill and the continued ramp-up of our uranium mining, production and sales. At the same time, we plan to design and permit a world-class expansion of REE separation at the Mill -- which is only about four to six times greater than what we have already achieved. Importantly, we will also continue to market our REE products to customers and evaluate government funding collaborations."
Energy Fuels is a leading US-based uranium and critical minerals company. The Company, as a leading producer of uranium in the United States , mines uranium and produces natural uranium concentrates that are sold to major nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels recently began production of advanced REE materials, including mixed REE carbonate in 2021, and commenced production of commercial quantities of separated REEs in 2024. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is evaluating the recovery of radionuclides needed for emerging cancer treatments. Its corporate offices are in Lakewood, Colorado , near Denver , and substantially all its assets and employees are in the United States . Energy Fuels holds two of America's key uranium production centers: the White Mesa Mill in Utah and the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming . The White Mesa Mill is the only conventional uranium mill operating in the US today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year, and has the ability to produce vanadium when market conditions warrant, as well as REE products, from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Company recently acquired the Bahia Project in Brazil and entered into a joint venture agreement to develop the Donald Project in Australia , each of which is believed to have significant quantities of titanium (ilmenite and rutile), zirconium (zircon) and REE (monazite) minerals. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the US and several uranium and uranium/vanadium mining projects in production, on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .
Cautionary Note Regarding Forward-Looking Statements: This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation as to production levels or timing or duration of production from the Bahia Project, the Donald Project, the Toliara Project or any of the Company's other mines or projects; any expectation as to costs of production at the Bahia Project, the Donald Project, the Toliara Project or any of the Company's other mines or projects, or that the Company will secure monazite at globally competitive costs; any expectation that the Company may be successful in entering the REE metal, alloy, and/or magnet-making space; any expectation that the addition of REE production will not diminish in any way the Company's U.S. leading uranium production capabilities; any expectation that any ore reserves estimated to date will accurately reflect actual reserves or resources; any expectation that the Company will be successful in advancing its REE initiatives or that it will be successful in installing REE production capacity at the Mill and the timing of installation of any such production capacity; any expectation that the Company's REE and other products will and will continue to meet commercial specifications; any expectation as to when the Company will have commercial quantities of separated NdPr available for shipment; any expectation that the Company's planned Phase 2 and Phase 3 separation circuits will be developed and if developed would be world-class; any expectation that the Company's planned Phase 2 and Phase 3 separation circuits if developed, would be developed within budget and time-frame expectations; any expectation as to the success of the Company's permitting programs; any expectation that the Company's proposed acquisition of Base Resources and the Toliara project will be completed or if completed, completed on the terms and time proposed; any expectation that the Company will be able to secure commitments for satisfactory offtake and/or sales agreements for REEs produced from monazite at the Mill; any expectation that Energy Fuels will be successful in obtaining suitable supply agreements, offtake agreements and/or financial support from customers and/or governments, to justify development of the planned Phase 2 and Phase 3 separation circuits, or at all; any expectation that the Company is emerging as a leading U.S. rare earth producer, in addition to advancing its position as a U.S-leading producer of uranium and vanadium; any expectation that the Bahia Project and Donald Project will be developed and proceed to production; and any expectation that the Company will be successful in acquiring Base Resources or that the Toliara Project will be developed and proceed to production. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Bahia Project, the Donald Project, the Toliara project or any of the Company's other projects or initiatives; available supplies of monazite; the ability of the Mill to produce rare earth carbonate, rare earth elements or other rare earth element products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for uranium, rare earth elements and heavy mineral sands; the ability of the Mill to be able to separate radium or other radioisotopes for cancer treatments at reasonable costs or at all; market prices and demand for medical isotopes; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.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.
SOURCE Energy Fuels Inc.
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Baselode Discovers New Zone of Radioactivity Six Kilometres Northeast of ACKIO
- Intersected over 30 metres of continuous radioactivity within a massive hydrothermal alteration system
- New zone discovered on the second drill hole of Hook's regional exploration program, 6 km from ACKIO discovery
- Demonstrates the fertility of the uranium corridor along Baselode's Hook Project
Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce the discovery of a new uranium prospect on the Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan (Figure 1).
"We're very excited about this new discovery on Hook, on the second hole of our regional exploration program. HK24-010 intersected over 30 metres of continuous radioactivity at approximately 173 metres vertical depth. This new discovery is hosted within a massive alteration corridor similar in scale to what we have observed at our ACKIO zone 6 km to the southwest. We believe the alteration corridor has mobilized uranium from the host rocks and deposited it within a redox front, similar to what we interpret for HK24-010. We intend to follow-up drilling in this area in the coming weeks after completing exploration drilling in a logistically efficient order on other targets with stronger geophysical anomalisms. Hook's regional exploration aim was to discover new zones of uranium mineralization and we're well on our way with this new prospect," commented James Sykes, CEO, President, and Director of Baselode.
Drill Hole Details
Drill holes HK24-009 and HK24-010 were collared 6 km northeast of ACKIO (see Figure 2). The drill holes targeted a coincident gravity low, magnetic low, and conductive response within the area of an interpreted north-south oriented Tabbernor fault. See Figure 3 for a cross-section interpretation, including a comparison to ACKIO.
HK24-009 intersected 130 m of structurally-controlled massive hydrothermal alteration including alternating hematite and white clay within orthogneiss starting immediately at the top of bedrock. Gamma probe radioactivity averaged 20 counts-per-second ("cps") within the altered rocks, 34 cps and 69 cps within two different fresh rock types, including a small zone of anomalous radioactivity measuring 177 cps over 4.3 m.
HK24-010 intersected over 230 m of structurally-controlled massive hydrothermal alteration similar to HK24-009 (Figures 4 and 5). Gamma probe radioactivity averaged 23 cps within the altered rocks down to 200.8 m, followed by an average of 275 cps over 33.7 m, including 473 cps over 6.8 m, associated with structurally-controlled hydrothermal hematite and minor redox alteration hosted within the basal 2.5 m of metasedimentary rocks and pegmatite for the remainder (Figure 5). The fresh rocks at the end of the drill hole averaged 60 cps.
Drill hole samples have been sent to Saskatchewan Research Council for uranium and multi-element analysis. Results will be released after being received and reviewed by the Company.
NOTES:
- cps = "counts-per-second", as measured with a down hole 2GHF triple gamma probe. The reader is cautioned that Baselode uses gamma probe readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium), and that gamma probe results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
- The Company considers all 2GHF triple gamma probe readings greater than 100 cps to be considered anomalous radioactivity, with background radioactivity measuring between 20 to 70 cps.
- "Continuous anomalous radioactivity" means drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 100 cps.
- All reported drill hole depths and lengths do not represent true thicknesses which have yet to be determined.
About Baselode Energy Corp.
Baselode controls 100% of approximately 272,804 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
QP Statement
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
FIGURE 1 - Baselode projects location map. ACKIO uranium prospect identified with yellow circle.
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FIGURE 2 - HK24-009 and HK24-010 drill hole location
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FIGURE 3 -HK24-009 and HK24-010 with ACKIO Ln 775N cross-sections for scale of altered structural zone
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FIGURE 4 -HK24-010 Alteration and Structure 1
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FIGURE 5 -HK24-010 Elevated Radioactivity and Oxidation In Metasediments and Pegmatite
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Skyharbour Intersects 7.30% U3O8 over 3.0m within 5.0m of 4.61% U3O8 at High-Grade Moore Project and Plans for Upcoming Fully-Funded Summer Drill Programs
Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce assay results from its 2024 winter diamond drilling program which totaled 2,864 metres in nine holes at its 100% owned, 35,705 hectare Moore Uranium Project. The project is located approximately 15 kilometres east of Denison Mine's Wheeler River project and proximal to regional infrastructure for Cameco's Key Lake and McArthur River operations in the Athabasca Basin, Saskatchewan. A highlight from this program was from hole ML24-08 which intersected 5.0 metres of 4.61% U 3 O 8 from a relatively shallow downhole depth of 265.5 metres to 270.5 metres including 10.19% U 3 O 8 over 1.0 metre at the Main Maverick Zone. Skyharbour plans to continue advancing Moore through additional drilling in 2024 in conjunction with a fully-funded summer drill program to follow-up on the recently reported Fork target uranium discovery at the Company's adjacent Russell Lake Uranium Project. The combined drill campaign this summer is planned to consist of approximately 7,000 - 8,000 metres with details forthcoming.
Moore Uranium Project Claims Map:
https://skyharbourltd.com/_resources/images/moore-project-map-20221012.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, stated: "The drill results announced here demonstrate the high-grade, shallow endowment of uranium mineralization at the Main Maverick Zone. We continue to expand this main zone, and will be drilling this summer to further delineate the numerous high-grade zones of uranium on the Maverick Corridor taking advantage of regional infrastructure including the exploration camp at our adjacent Russell Lake project to bring our costs down. The multi-kilometre Maverick Corridor offers strong discovery potential along strike and at depth in the underlying basement rocks, and we also plan to test prospective regional targets that have had limited drill-testing historically. With the recent discovery of high-grade uranium mineralization at Russell in the Fork Zone, this has been an exciting season of drilling thus far for Skyharbour with much more news to come at both Moore and Russell as well as at the various partner-funded projects."
Highlights:
- Hole ML24-08 is one of the better holes drilled at the Main Maverick Zone to date. It intersected an interval of high-grade mineralization grading 4.61% U 3 O 8 over 5.0m starting at 265.5m downhole including 3.0m of 7.30% U 3 O 8 and 1.0m of 10.19% U 3 O 8 , with up to 10.8% Ni.
- Hole ML24-03 intersected a broad interval of high-grade mineralization grading 1.11% U 3 O 8 over 11.5m starting at 266.8m downhole including 2.0 metres of 5.87% U 3 O 8 .
- All holes drilled in the Main Maverick Zone during the winter of 2024 intersected significant uranium mineralization with the goal of further expanding and delineating the known zone of mineralization.
- There remains expansion potential at both of the high-grade Main Maverick and Maverick East Zones. Furthermore, substantial portions of the 4.7 kilometre long Maverick corridor remain to be systematically drill-tested leaving robust discovery potential along strike as well as at depth in the basement rocks.
- Two exploratory holes drilled in the Grid 19 area tested the Slice Pond and 19 East Conductors and intersected structurally disrupted graphitic pelitic accompanied by significantly anomalous pathfinder element geochemistry.
- Preparation for a fully-funded 2,500 - 3,000 metre summer drill program at Moore focused at the Maverick Zones is underway, as is a follow-up 4,500 – 5,000 metre drill program at the Russell Lake Project where drilling at the newly discovered Fork Zone returned high-grade uranium mineralization hosted in the sandstone.
Summary of 2024 Winter Drilling Program at Moore:
Drilling on the Moore Project over the winter of 2024 totaled 2,864 metres in nine holes. Seven holes (ML24-01 to -04 and ML24-7 to -09) were drilled at the Main Maverick Zone and two holes were drilled on the Grid 19 target conductors (ML21-05 to -06).
Moore Uranium Project Regional Grid Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Main Maverick Zone Drilling:
Seven holes totalling 2,221 metres were drilled at the Main Maverick Zone to better define and expand the shallow high-grade mineralized zone. All of these holes were drilled vertically and intersected significant uranium mineralization at the unconformity centred around 265.0 metres to 275.0 metres downhole depth. The majority of the high-grade uranium mineralization at the Main Maverick Zone is sandstone-hosted situated just above the unconformity.
Main Maverick Zone Drilling Map:
https://www.skyharbourltd.com/_resources/maps/Maverick-Main-Drilling-2024_Magnetics.jpg
The highlight was hole ML24-08, which intersected 5.0 metres of 4.61% U 3 O 8 between 265.5 metres and 270.5 metres depth including 3.0 metres of 7.30% U 3 O 8 between 266.0 metres to 269.0 metres depth. Another notable hole was ML 24-03, which intersected a broad interval of mineralization grading 1.11% U 3 O 8 over 11.5 metres between 266.8 metres to 278.3 metres depth, including 5.87% U 3 O 8 over 2.0 metres. The results of the drilling are reported in the following table:
Hole | From | To | Width | Assay (% U 3 O 8 ) |
ML24-01 | 274.9 | 275.4 | 0.5 | 0.112 |
ML24-02 | 265.0 | 271.5 | 6.5 | **0.914 |
ML24-03 | 266.8 | 278.3 | 11.5 | 1.112 |
incl | 270.3 | 272.3 | 2.0 | 5.87 |
ML24-04 | 262.2 | 267.5 | 6.2 | *0.323 |
incl | 266.0 | 266.9 | 0.9 | *1.142 |
ML24-07 | 267.1 | 271.1 | 4.0 | 0.729 |
incl | 267.10 | 268.10 | 1.0 | 1.870 |
ML24-08 incl | 265.5 266.0 | 270.5 299.0 | 5.0 3.0 | 4.610 7.30 |
incl incl | 267.5 268.0 | 268.5 268.5 | 1.0 0.5 | 10.19 14.90 |
ML24-09 | 270.0 | 273.1 | 3.1 | *0.330 |
and | 282.5 | 283.0 | 0.5 | 0.127 |
*Grade Equivalent U 3 O 8 from downhole gamma probing
** Composite of Chemical and Grade Equivalent U 3 O 8
The geology and geochemistry of all the drill holes are typical of the Main Maverick Zone. The zone is characterized by a subvertical fault intersecting basement rocks consisting primarily of graphitic and non-graphitic pelitic gneiss along with Hudsonian and Archaean granites, accompanied by local pegmatite bodies. The overlying sandstone is typically intensely faulted, de-silicified, clay enriched and highly bleached with sooty pyrite and local silicification. The depth to the unconformity is approximately 270.0 metres where the sandstone and basement rocks are clay-altered to -replaced with uranium mineralization and with local intervals of basement-hosted uranium mineralization. The sandstone column is highly anomalous in Boron (≤3,320 ppm B) with the basement rocks within and surrounding the mineralization highly anomalous in Vanadium (≤5,990 ppm V) and Lead (≤5,000 ppm Pb), as well as up to 14.7% Nickel and 1.77% Cobalt in an individual 0.5 metre mineralized sample in hole ML24-02 at 269.9 metres that also returned 1.18% U 3 O 8 . Furthermore, a 0.5 metre sample in hole ML24-08 intersected 10.8% Nickel along with 14.9% U 3 O 8 .
Grid Nineteen Drilling:
Two exploratory holes totalling 643.0 metres were drilled at the Grid 19 target area approximately 10km NE of the Maverick Zones, with one hole drilled on the Slice Pond Conductor (ML24-05) and the other hole on the 19 East conductor (ML24-06).
Grid 19 Zone Drilling Map:
https://www.skyharbourltd.com/_resources/images/Grid-Nineteen-2024-Winter-Drill-Map.jpg
Hole ML24-05 was drilled as a follow-up to the mineralization intersected in ML22-03 on the Slice Pond target at Grid-19. A moderately bleached, weakly fractured sandstone column was intersected down to the unconformity at 205.0 metres. Granitic gneiss, silicified metasediments and quartzite were intersected to 229.5 metres downhole, above locally faulted graphitic pelitic gneiss with accessory calc-silicate and iron formation down to 258.0 metres. Pink foliated granite and pegmatite was then intersected until the end of hole at 290.0 metres. The hole intersected encouraging pathfinder geochemistry including anomalous Cu (≤668 ppm), Th (≤140 ppm), V (≤244 ppm) and B (≤1080 ppm) within several of the graphitic faults.
Hole ML24-06 was drilled on the 19 East Conductor to follow-up on structurally disrupted graphitic gneisses and anomalous geochemistry previously encountered in ML21-08. Weakly to moderately bleached sandstone was drilled to 170.0 metres becoming moderately to strongly bleached and limonitic down to the unconformity at 193.2 metres. Bleached, hematized, and chloritized garnet-bearing granite was intersected until 211.8 metres followed by locally sheared and faulted graphitic metasediments intercalated with granite and accessory calc-silicate, amphibolite, and iron formation until the end of hole at 353.0 metres. Major graphitic structures were encountered within the basement and determined to be congruent with similar structures in ML21-08. Encouraging pathfinder geochemistry was identified within the graphitic shears, including anomalous B (≤338 ppm), V (≤185 ppm), Ni (≤379 ppm) and Cu (≤340 ppm).
2024 Summer and Fall Drilling Plans:
The Company is planning for an additional fully-funded 2,500 - 3,000 metres of drilling in seven to nine holes at the Main Maverick and Maverick East Zones to further expand, characterize and define the extents of the mineralized zones. Both of these high-grade zones are open along strike and at depth with less historical drilling testing the underlying basement rocks. This drilling will take place in conjunction with a 4,500 – 5,000 metre diamond drilling program at the adjacent Russell Lake Project, where the recently completed winter drilling program identified a significant new zone of uranium mineralization at the Fork Zone. Drill hole RSL24-02 in that program intersected 0.721% U 3 O 8 over 2.5 metres including 2.99% U 3 O 8 over 0.5 metres, approximately 500 metres from Highway 914. Both drilling programs will be run using the Company's McGowan Lake camp on Highway 914 as a base of operations making exploration at both properties very cost effective.
Moore Uranium Project Overview:
In June 2016, Skyharbour secured an option to acquire Denison Mine's Moore Uranium Project, on the southeastern side of the Athabasca Basin, in northern Saskatchewan and has since fulfilled its earn in. The project consists of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approx. 15 kilometres east of Denison's Wheeler River project, and 39 kilometres south of Cameco's McArthur River uranium mine. Unconformity-hosted uranium mineralization was discovered on the Moore Project at the Maverick Zone with historical drill highlights consisting of 4.03% eU 3 O 8 over 10 metres, including 20% eU 3 O 8 over 1.4 metres, in ML-161. In 2017, Skyharbour announced drill results of 6.0% U 3 O 8 over 5.9 metres, including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres, in hole ML-199. In addition to the Main and East Maverick Zones, the project hosts other mineralized targets with strong discovery potential which the Company plans to test with future drill programs. The project is fully accessible via winter and ice roads which simplifies logistics and lowers costs. Large proportions of the property are accessible in the summer as well.
Moore Lake Uranium Project Geophysics Map:
http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
QA/QC, Radiometric Equivalent Grades and Spectrometer Readings:
All drill intervals above are downhole length and sampling procedures and QA/QC protocols for geochemical results as well as a description of downhole gamma probe grade calculations and protocols are below. All drill core samples are shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan under the care of Skyharbour personnel for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay by ICP-OES using higher grade standards. Assay samples are chosen based on downhole probing radiometric equivalent uranium grades and scintillometer (Radiation Solutions RS-125) peaks. Assay sample intervals comprise 0.5 metre continuous half-core split samples over the mineralized interval. These samples may also be selected for density determination using the lost wax method. With all assay samples, one half of the split sample is retained and the other sent to the SRC for analysis. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by Skyharbour and the SRC in accordance with Skyharbour's quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Skyharbour prior to disclosure.
During active exploration programs drillholes are radiometrically logged using calibrated downhole Mount Sopris HLP-2375 or 2GHF probes of varying sensitivities which collect continuous readings along the length of the drillhole. Preliminary radiometric equivalent uranium grades ("eU 3 O 8 ") are then calculated from the downhole radiometric results. The probe is calibrated using an algorithm calculated from the calibration of the probe at the Saskatchewan Research Council facility in Saskatoon and from the comparison of probe results against geochemical analyses. In the case where core recovery within a mineralized intersection is poor or non-existent, radiometric grades are considered to be more representative of the mineralized intersection and may be reported in the place of assay grades. Radiometric equivalent probe results are subject to verification procedures by qualified persons employed by Skyharbour prior to disclosure.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts several high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $20 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
___________________________________
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Skyharbour Drills New Discovery at Russell Project with High-Grade Uranium Mineralization Up to 3.0% U3O8 at Newly Identified Fork Zone; Preparing for Fully-Funded Summer Drill Program
Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQB: SYHBF ) (Frankfurt: SC1P ) (the "Company") is pleased to announce initial results from Phase One of its 2024 winter drill program at the 73,294 hectare Russell Lake Uranium Project ("Russell" or the "Project"). The Project is strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan adjacent to regional infrastructure, including an all-weather road and powerline. Drilling at Russell was completed during two separate phases of drilling with a total of 3,094 metres drilled in six holes during Phase One with geochemical assays reported here. The second phase of the winter drill program at Russell consisted of 2,058 metres in four holes with the geochemical assays still pending and to be released at a later date. The Company also recently completed 2,864 metres of drilling in nine holes at its Moore Project with assays pending from that program.
Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
During Phase One, the best intercept of uranium mineralization historically on the property was discovered in hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721% U 3 O 8 at a relatively shallow depth of 338.1 metres, including 2.99% U 3 O 8 over 0.5 metres at 339.6 metres just above the unconformity in the sandstone. This high-grade intercept is a new discovery at the recently identified Fork Target which has very limited historical exploration due to a lack of reliable geophysical data and drill targets resulting from nearby powerline interference. The mineralization is open in most directions including along strike, and will be a focus of upcoming drilling. Skyharbour is fully funded and permitted for a follow-up summer drill campaign consisting of another 7,000 - 8,000 metres of drilling at its co-flagship Russell and Moore Projects.
Jordan Trimble, President and CEO of Skyharbour Resources, stated: "The discovery of multi-percent, high-grade, sandstone-hosted uranium mineralization at a new target is a major breakthrough in the discovery process at Russell – something that hasn't been seen before at the project with the potential to quickly grow with more drilling. The intercept in hole RSL24-02 represents the best zone of mineralization discovered yet at Russell and it is strategically located proximal to nearby infrastructure bringing drilling costs down. The relatively shallow mineralized zone is open for expansion and we are keen to follow-up on this discovery with another sizeable, fully-funded drill program this summer and fall. Furthermore, additional assays are pending from Russell as well as from drilling carried out at our Moore project, while partner companies are advancing numerous other properties in our project portfolio."
Highlights:
- High-grade, sandstone-hosted mineralization up to 2.99% U 3 O 8 was intersected over 0.5 metres in hole RSL24-02 at the new Fork Zone, within an interval of 0.721% U 3 O 8 over 2.5 metres from 338.1 to 340.6 metres downhole just above the unconformity. This is the best drill result historically at the project representing a new discovery in a newly delineated target area and will be a top-priority target in the upcoming summer drill program.
- The Fork Target area is approx. 1 km southwest of the central Grayling Target area and approx. 4 km southeast of Denison Mines' Phoenix Deposit. It is a newly identified high-priority target hosting interpreted ENE and NNE-trending structures, with limited historical drilling as powerline interference affected the historical geophysical data, thereby hindering detection of EM conductors and selection of drill targets.
- Skyharbour successfully intersected the intended target and conductor in hole RSL24-02 where high-grade uranium has now been discovered at a relatively shallow depth. The Company is carrying out additional groundwork and geological modelling to further refine the target area for the upcoming summer drill program including focusing on structures related to the associated McDougal Lake Fault Corridor.
- 3 kilometres to the southeast of the Fork Target area, drilling at the East Grayling Target in hole RSL24-06 confirmed the presence of graphitic host rocks at depth below the unconformity at 366.4 metres downhole. Locally anomalous uranium was intersected in the sandstone column with up to 448 ppm Th and 912 ppm B intersected in the basement.
- Assays are pending for the second phase of the winter drill program at Russell as well as from the drilling carried out at the Company's adjacent co-flagship Moore Project which consisted of 2,864m.
- Skyharbour is fully funded and permitted for a follow-up summer drill program at Russell and Moore. The Company is planning for a total of approximately 7,000 - 8,000 metres of upcoming drilling across both projects with approx. 4,500 - 5,000 metres planned at Russell and 2,500 – 3,000 metres planned at Moore.
2024 Winter Diamond Drilling Program at Russell:
A total of 5,152 metres of drilling in ten holes was drilled in two phases during the winter of 2024 at the Russell Lake Project. The first phase of drilling consisted of a total of 3,094 metres in six holes, while the second phase of drilling consisted of 2,058 metres of drilling in four holes. All processing of the core and geochemical results of the core have been obtained for the first phase of drilling. Results from the second phase of drilling are pending and will be reported once received and interpreted.
Phase One Winter Drilling at Russell:
The first phase of drilling focused on drill testing the newly identified Fork Target area related to and south-southwest of the Grayling Zone. One hole during Phase One was drilled to test an East Grayling target, approximately 3 km to the southeast of the Fork Target area.
Hole RSL24-01 was drilled on the northernmost, NE-E trending conductor at the Fork Target area approximately 650 metres southwest of the western extent of the broader Grayling Target area. Hematized sandstone was intersected to the unconformity at 341.7 metres, which is underlain by variably graphitic cordierite-bearing pelitic gneisses with intermediate to felsic intrusive rocks. A faulted graphitic conductor was intersected at 412.7 to 417.4 metres downhole, roughly 70 metres below the unconformity. Below 497.7 metres, Archean gneiss was intersected to the end of the hole at 503.0 metres. Anomalous uranium (≤1.9 ppm U partial ) was detected in the sandstone column, with weakly anomalous B (≤356 ppm B) immediately below the unconformity, and anomalous V (≤1260 ppm V total ) and Ni (≤328 ppm Ni total ) detected within the strong graphitic conductor.
Grayling and Fork Target Areas - Drill Collar Map:
Hole RSL24-02 tested a separate northeast- to east-trending conductor at the Fork Target area that is 150 metres southeast of hole RSL24-01. This is the first and only exploratory hole drilled into this target that successfully intersected the conductor target. Significant mineralization was intersected in the sandstone of this hole just above the unconformity with RSL24-02 returning 0.721% U 3 O 8 over 2.5 metres between 338.1-340.3 metres depth, including 2.99% U 3 O 8 over 0.5 metres between 399.6-340.6 metres. The mineralization is open in most directions and along strike. Immediately below the unconformity, a strongly graphitic gouge with elevated radioactivity was intersected, followed by a black, chloritized granitic pegmatite at 342.0 metres. Strongly graphitic pelitic gneisses accompanied by pegmatite, calc-silicate, and locally radioactive chloritized graphitic shears and fault zones were intersected throughout the remainder of the hole to 590.0 metres depth. The mineralized zone in RSL24-02 was also highly enriched in Pb (≤4,120 ppm Pb total ), V (≤411 ppm V total ), Ni (≤298 ppm Ni total ), Zn (≤3,120ppm Zn total ), and Cu (≤595 ppm Cu total ). Local graphitic faults throughout the basement rocks intersected strongly anomalous V (≤1380 ppm V total ), Zn (≤1320 ppm Zn total ), Ni (≤983 ppm Ni total ), and Cu (≤618 ppm Cu total ).
Fork Target Area - Drill Collar Map:
https://www.skyharbourltd.com/_resources/images/2024-Fork-DDH-Location-Map-Zoomed.jpg
Hole RSL24-03 was drilled up-dip of the first hole RSL24-01, to target the conductor intersected in that hole. The sandstone was relatively featureless down to the unconformity at 346.6 metres, with only some weak fracturing above it. The basement consisted of foliated granite and pegmatite down to 399.8 metres. Approximately 50 metres below the unconformity graphitic pelitic gneiss units were identified starting at 399.8 metres and extending downhole to 446.2 metres. The hole was terminated in granitic pegmatite at 446.9 metres. Anomalous boron (≤492 ppm B) was found in the basal sandstone, while the basement conductor was anomalous in V (≤897 ppm V total ), Ni (≤393 ppm Ni total ), and Pb (≤194 ppm Pb total ).
Hole RSL24-04 was drilled east of RSL24-02 to test for the down-dip extension of the high-grade uranium mineralization in that hole but missed the intended target at depth. Nonetheless, significant intervals of bleached, fractured and faulted sandstone were encountered, beginning at 197.9 metres down-hole and extending nearly to the unconformity, which was at a depth of at 341.0 metres. Weakly mineralized, fractured granite was intersected below the unconformity, terminating in a rubbly graphitic fault/shear zone at 346.3 metres. The remainder of the basement consists of significant intervals of locally sheared graphitic pelitic gneiss, interspersed with large amounts of felsic intrusive rocks to the end of the hole at 512.5 metres. Anomalous uranium (≤436 ppm U total ), Ni (≤2,000 ppm Ni total ), Co (≤233 ppm Co total ), V (≤604 ppm V total ), and Zn (≤2,270 ppm Zn total ) was intersected in the basement rocks from 342.5 - 346.5 metres within an interval of strong chlorite alteration and black pitchblende-bearing fractures above a graphitic fault zone. In addition, a basement shear at 511.5–512.5 metres returned significant Zn (≤8,900 ppm Zn total ), Pb (≤617 ppm Pb total ), Ni (≤517 ppm Ni total ), Cu (≤212 ppm Cu total ), and U (≤129 ppm U total ).
Hole RSL24-05 was drilled 175 metres west of RSL24-02 as a wide step-out hole. The sandstone column was variably bleached and locally desilicified down to the unconformity at 344.7 metres. In the basement, locally faulted graphitic pelitic gneiss, frequently cordierite-bearing and intermixed with local granitic intervals up to 30 metres thick, was intersected down to 472.5 metres downhole. The hole was terminated in Archean granite gneiss at a depth of 500.0 metres. Anomalous uranium (≤3.5 ppm U partial ) was detected throughout the sandstone column, with the basal sandstone also being anomalous in Pb (≤17.1 ppm Pb partial ). The basement faults and graphitic shears returned anomalous V (≤132 ppm V total ), and Ni (≤335 ppm Ni total ) alongside anomalous uranium (≤162 ppm U total ), B (≤412 ppm B), Zn (≤275 ppm Zn total ), and Cu (≤251 ppm Cu total ).
Hole RSL24-06 was drilled as a preliminary exploratory test of the East Grayling Target located 3 km from the Fork Target area to test the intersection of an inferred north trending conductor and margin of a magnetic low. Variably bleached sandstone and hematized sandstone was intersected until the unconformity at 366.4 metres. Granitic gneisses dominate the hole down to 490.8 metres, gneiss with graphitic pelitic gneiss present from 490.8-504.9 metres. Granitic gneisses containing locally graphite-bearing pegmatites were intersected below 504.9 metres to the end of hole at 536.0 metres. Weak anomalous uranium (≤1.0 ppm U partial ) and Th (≤77 ppm Th total ) was detected in the sandstone. A radioactive pegmatite within the basement (478.5–481.5 metres) returned strongly anomalous uranium and thorium (≤469 ppm U total / 448 ppm Th total ) and Pb (≤304 ppm Pb total ), as well as weakly anomalous Zn (≤293 ppm Zn total ). Sheared graphitic metasediments and gouges throughout the rest of the basement returned strongly anomalous values for Cu (≤485 ppm Cu total ), V (≤257 ppm V total ), Zn (≤304 ppm Zn total ) and B (≤912 ppm B) as well as weakly anomalous values for Ni (≤120 ppm Ni total ).
Phase Two Winter Drilling at Russell:
The MZE (M-Zone Extension) target lies on trend from Denison's Wheeler River Project M-Zone, where historical drilling intersected basement hosted uranium. More recent drilling by Denison in 2020 at the M-Zone encountered additional uranium mineralization with significant faulting, core loss, geochemical anomalies, and radioactivity encountered in the drill holes. Like the Grayling Zone, the mineralization at M-Zone is hosted by a graphitic thrust fault within a significant magnetic low. It is also noted that lineaments (cross structures) associated with Denison's Phoenix and Gryphon uranium deposits trend onto the Russell Lake property within the M-Zone Extension target area, further enhancing the prospectivity of this target.
During the second phase of drilling at Russell Lake, three holes totaling 1,649 metres (holes RSL24-07 to -09) were drilled at the MZE target area. Hole RSL24-07 and -08 were drilled to completion, while hole RSL24-09 was abandoned approximately 30 metres above the unconformity due to adverse drilling conditions. The final hole of this second phase of the 2024 winter drilling program, RSL24-10, was drilled at the Fork target area but deviated and missed the primary target. These holes are undergoing geological evaluation and geochemical assay results are pending at this time. Results will be reported once evaluation of the geology and geochemical results is complete.
Russell Lake Uranium Project:
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 hectares strategically located between Cameco's Key Lake and McArthur River Projects and adjoining Denison's Wheeler River Project to the west and Skyharbour's Moore Uranium Project to the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through the western extent of the Property and greatly enhances accessibility, while a high-voltage powerline is situated alongside this road and the western edge of the property south of Key Lake. Skyharbour's acquisition of Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects. The Company has an option to earn an initial 51% at Russell, followed by options to earn an additional 19% for a total of 70%, or up to 100% of the Project.
There has been historical exploration carried out at Russell Lake, however most of it was conducted before 2010 prior to the discovery of several major deposits in/around the Athabasca Basin. In 2023, Skyharbour's inaugural diamond drilling program tested several Fox Lake Trail targets and the Grayling Zone. Significant uranium mineralization was intersected in the majority of holes at the Grayling Zone over a strike length exceeding one kilometre. Drill hole RSL23-01 intersected one of the better drill results from the project, returning a 5.9 metre wide intercept of 0.151% U 3 O 8 at a depth of 338.4 metres, which included 1.0 metres of 0.366% U 3 O 8 at 343.3 metres depth within a thrust wedge.
Several notable exploration targets exist on the property including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, the Fox Lake Trail target and the newly identified Fork Zone target. More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity also exist on the Property.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $20 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
_________________________________
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Purepoint Uranium Provides Exploration Update on Geophysical Programs at Russell South, Tabbernor, and Smart Lake Projects
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") is pleased to announce the completion of two geophysical programs at its Russell South project, the commencement of a new geophysical survey at the Tabbernor project, and the rescheduled survey at the Smart Lake joint venture project. Additionally, Purepoint has released an updated Portfolio Handbook, now available on the Company's newly launched website.
"Our team has made significant strides in advancing our exploration efforts at both Russell South and Tabbernor," said Chris Frostad, President and CEO of Purepoint. "We are particularly excited about the upcoming completion of the Smart Lake survey, which will set the stage for our winter drilling program."
Key Highlights
Russell South Project: Completion of two advanced geophysical surveys: a VTEM plus survey conducted by Geotech Ltd. and a MobileMT survey by Expert Geophysics Ltd. Final interpretations and products are pending.
Tabbernor Project: Commencement of an airborne gravity gradiometer, gravity, and magnetic survey by Xcalibur covering 7,549 line-km, focusing on mapping the extensive fault system.
Smart Lake Project: Rescheduled geophysical survey to be completed before year-end by Discovery Geophysics which will include Stepwise Moving Loop (SWML) and Fixed Loop Electromagnetics (FLEM) to map the Groomes Lake conductor and identify drill targets.
Scope of Work
The Russell South project recently saw the completion of two significant geophysical surveys aimed at refining our understanding of subsurface geology and identifying high-priority drill targets. Geotech Ltd. conducted a VTEM plus (Versatile Time Domain Electromagnetic) survey, which is renowned for its deep penetration and high-resolution capabilities. The VTEM plus results have been complemented by a MobileMT (Mobile Magnetotellurics) survey carried out by Expert Geophysics Limited. The final interpretations and products from these surveys are pending and are anticipated to significantly enhance our drill targeting.
Purepoint has commenced a comprehensive airborne gravity gradiometer, gravity, and magnetic survey at the Tabbernor project, conducted by Xcalibur Smart Mapping. This extensive survey spans 7,549 line-km and targets the expansive Tabbernor Fault System, a crucial structural zone known for its proximity to mineral deposits. The survey aims to provide high-resolution data to better define drill targets and understand the complex geological structures within the project area.
The Smart Lake geophysical survey, initially postponed due to adverse weather conditions, is now scheduled to be completed before the end of the year. Discovery Geophysics will carry out the survey, focusing on the Groomes Lake conductor. The survey includes Stepwise Moving Loop (SWML) and Fixed Loop Electromagnetics (FLEM) techniques, which are designed to map the subsurface conductivity and identify potential drill targets. The results of this survey will be instrumental in developing a detailed drill plan for the upcoming winter season.
About Russell South Project
The 100% owned Russell Lake Project is located near the south-central edge of the Athabasca Basin covering an area of 13,320 hectares.
Four target areas have now been identified at the project. The three eastern targets are based on the recent results from the airborne geophysical surveys. The target zones are coincident airborne gravity low and magnetic low responses, interpreted as favourable rock types and/or alteration zones, that are proximal to north-northwest trending structures. The western Treleaven target area hosts historic coincident geochemical anomalies possibly related to a dilational zone lying between the interpreted north-south faults.
The Russell Lake project is approximately 20 km ENE of the Key Lake Mine that produced over 200 million pounds of uranium at a grade averaging 2.3% U3O8 between 1983 and 1997. In addition, the project adjoins the Moore Lake Project owned by SkyHarbour Resources Ltd. with their high-grade Maverick Zone and Rio Tinto's Russell Lake Project to the west and south.
About Tabbernor Project
The 100% owned Tabbernor Project was originally staked along three major trends of the Tabbernor Fault System, a deep seated, 1,500-kilometre crustal shear system that runs north through the Athabasca Basin. The system not only hosts over 80 historic mines and gold occurrences but also crosscuts the Basin's mine trend aligning itself with 8 of the Basin's largest uranium discoveries.
The Tabbernor Project consists of 34 claims that total 79,463 hectares. The original block of three north-south claim groups (23 claims) that covered Tabbernor structures have now been joined by an additional 11 claims that cover a strong east-northeast trending corridor of conductive rocks and favorable geological structures, making it a prime target for uranium exploration and future drilling campaigns.
About Smart Lake Project
Purepoint, as operator, holds a 27% ownership of the Smart Lake project in joint venture with Cameco Corp.
The Smart Lake property includes two claims with a total area of 9,860 hectares situated in the southwestern portion of the Athabasca Basin, approximately 60 km south of the former Cluff Lake mine and 18 km west-northwest of Purepoint's Hook Lake JV Project.
Depth to the unconformity, where it occurs, is relatively shallow at less than 350 metres.
Aeromagnetic and electromagnetic patterns at Smart Lake reflect an extension of the patterns underlying the Shea Creek deposits (Indicated resource of 68M lbs at 1.50% U3O8; UEC PR Jan 2023) 55 km north of the property. Exploration by Purepoint has firmly established the presence of anomalous uranium and hydrothermal alteration. Numerous priority target areas, where EM conductors are cross-cut by east-west structures, are yet to be drill tested.
Updated Portfolio Handbook
Purepoint is pleased to announce the release of its updated Portfolio Handbook, providing detailed information on all its projects. This handbook is an essential resource for investors and stakeholders and is available for download on the Company's website at: https://purepoint.ca/investor/portfolio-handbook/.
About Purepoint Uranium Group Inc.:
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) is a focused explorer with a dynamic portfolio of nine advanced projects within the renowned Athabasca Basin in Canada. Key projects include the flagship Hook Lake joint venture with industry leaders Cameco and Orano, and the Smart Lake joint venture solely with Cameco.
Beyond these partnerships, Purepoint proudly manages seven wholly-owned projects, each featuring established uranium targets. Additionally, the Company holds a promising VHMS project currently optioned to and strategically positioned adjacent to and on trend with Foran Corporation's McIlvena Bay project. Through a robust and proactive exploration strategy, Purepoint is solidifying its position as a leading explorer in one of the globe's most significant uranium districts.
Scott Frostad BSc, MASc, P.Geo., Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca
For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214602
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Baselode Reports High Levels of Radioactivity Over Wide Intercepts at ACKIO Uranium Project
- Over 30 metres of continuous radioactivity, such as 907 cps over 34 m, including 9,173 cps over 0.4 m
- AK24-118 and AK24-119 returned the widest radioactivity levels in Pod 6
- All three drill holes with over 20 metres of cumulative thickness of radioactivity
- The second drill for regional exploration targets has now mobilized to site
Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce radioactivity results from the first three diamond drill holes within the ACKIO ("ACKIO") uranium prospect of the Hook project ("Hook") in the Athabasca Basin area of northern Saskatchewan (Figure 1).
"AK24-119's results rank as one of the top 10 best drill hole radioactivity intersections at ACKIO, making this a unique drill hole. Previous drill hole AK22-035 intersected 0.54% U3O8 over 7.3 m (see Baselode News Release dated September 12, 2022) in Pod 6, and we are seeing similar levels of radioactivity within AK24-118 and AK24-119 but over broader widths within the same Pod, suggesting mineralization remains open in this area. ACKIO has continued to deliver encouraging results since the discovery in 2021, and we expect more promising results to follow.
We are equally excited to start the regional exploration phase of our drill program across the Hook project. Our technical team has done an incredible job of prioritizing prospective target areas along a 25 km-long uranium fertile structural corridor that hosts ACKIO and other uranium showings. We eagerly anticipate results from our exploration efforts in hopes of a new uranium discovery," commented James Sykes, CEO, President, and Director of Baselode.
Drill Hole Details
Drill holes AK24-117 to AK24-119 were collared to define the extent of mineralization in Pod 6 of ACKIO. See Figure 2 for drill hole locations and Table 1 for drill collar details and scintillometer results.
AK24-117 intersected three lenses of continuous radioactivity with greater than 6 m drill hole widths between 117.25 and 151.6 m, ranking this drill hole as the second thickest sequence of radioactivity in Pod 6 area after AK24-119.
AK24-118 intersected an average radioactivity result (1,115 cps*) similar to that of AK22-035's uranium intersection mentioned above but with almost twice the width (13.3 m).
AK24-119 intersected continuous radioactivity with 907 cps over 34 m, including a zone of higher radioactivity measuring 2,328 cps over 6.6 m from 142.35 m making this the broadest intersection with the highest average radioactivity in Pod 6.
ACKIO Program Details
Up to 12,000 metres of drilling is planned at ACKIO, subject to drill results, targeting
- the southeast zone, where geophysical survey results suggest the alteration and structural system trend east/southeast-west/northwest,
- unconformity-style mineralization along the Athabasca sandstone structural contact to the southeast, and;
- the depth of mineralized structures based on geochemical trends and alteration pathways.
The first diamond drill has completed initial definition drilling at ACKIO and has now moved onto targeting the depth potential of the mineralized structures.
Hook Program Details
A second drill has been mobilized to Hook and will be drilling shortly. The regional Hook exploration drill program is planned for up to 4,000 metres with 15 to 20 drill holes targeting 5 to 7 different areas. The target areas were generated from combinations of multiple geophysical data sets including recent results from ground gravity and ANT geophysical surveys. Once the drill has completed Hook exploration drilling, it will join the ACKIO program to complete drilling there.
NOTES:
- cps* = "counts-per-second", as measured with a handheld RS-125 Gamma-Ray Spectrometer/Scintillometer. The reader is cautioned that Baselode uses scintillometer readings as a preliminary indication for the presence of radioactive materials (uranium, thorium and/or potassium), and that scintillometer results may not be used directly to quantify or qualify uranium concentrations of the rock samples measured.
- The Company considers all RS-125 readings greater than 300 cps to be considered elevated radioactivity, with background radioactivity measuring between 50 to 125 cps.
- "Continuous elevated radioactivity" means drill core length with no greater than 2.0 m of consecutive drill hole length measuring less than 300 cps.
- All reported drill hole depths and lengths do not represent true thicknesses which have yet to be determined.
About Baselode Energy Corp.
Baselode controls 100% of approximately 272,804 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
QP Statement
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
FIGURE 1 - Baselode projects location map. ACKIO uranium prospect identified with yellow circle.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/215201_0f6d7bf47495886b_007full.jpg
FIGURE 2 - ACKIO Drill Hole Locations
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6412/215201_0f6d7bf47495886b_010full.jpg
TABLE 1 - Drill Hole Collar Details and Scintillometer Results
DDH | Target Area | Location | East | North | Elevation | Az. | Dip | EOH | Radioactivity (>300 cps) | Assay Results (>0.05 wt% U3O8) | |
AK24-117 | ACKIO | Pod 6 - Centre | 90 | -70 | 227 | 368 cps over 0.45 m at 74.4 m | Assay results pending | ||||
301 cps over 1.8 m at 108.3 m | Assay results pending | ||||||||||
409 cps over 6.25 m at 117.25 m | Assay results pending | ||||||||||
426 cps over 12.55 m at 128.1 m | Assay results pending | ||||||||||
327 cps over 6.4 m at 145.2 m | Assay results pending | ||||||||||
399 cps over 0.65 m at 160.95 m | Assay results pending | ||||||||||
AK24-118 | ACKIO | Pod 6 - Edge | 118 | -71 | 257 | 456 cps over 0.8 m at 89.3 m | Assay results pending | ||||
350 cps over 0.5 m at 92.7 m | Assay results pending | ||||||||||
392 cps over 2.6 m at 119.1 m | Assay results pending | ||||||||||
315 cps over 3.1 m at 131.8 m | Assay results pending | ||||||||||
1,115 cps over 13.3 m at 149.3 m | Assay results pending | ||||||||||
AK24-119 | ACKIO | Pod 6 - Edge | 65 | -75 | 230 | 300 cps over 8.5 m at 109.5 m | Assay results pending | ||||
907 cps over 34.05 m at 131.1 m | Assay results pending | ||||||||||
Includes | 9,173 cps over 0.4 m at 144.6 m | Assay results pending | |||||||||
3 DDH | 714 | 3 DDH | 0 DDH | ||||||||
NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N | |||||||||||
Elevation is recorded as "metres above sea level" | |||||||||||
Az. = Azimuth, EOH = End of hole (measured in metres) | |||||||||||
Composite radioactivity results use 300 cps cut-off and do not contain greater than 2.0 m consecutive dilution | |||||||||||
Composite radioactivity results for "Includes/And Includes" use 5,000 cps cut-off and do not contain greater than 2.0 m consecutive dilution |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215201
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Skyharbour and JV Partner Orano Announce Completion of Geophysics and Upcoming Commencement of Field Program at Preston Uranium Project
Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that its joint-venture partner company, Orano Canada Inc. ("Orano"), has recently completed a geophysical program at the 49,635 hectare Preston Uranium Project ("Preston" or the "Property") located in the western Athabasca Basin, Saskatchewan, Canada. The program 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.
Location Map of Preston Project:
https://www.skyharbourltd.com/_resources/maps/Sky_Preston_20211209.jpg
The 2024 field programs mark the first exploration programs carried out by Orano at Preston since 2020. The recently completed geophysics covered 35.6 km of ground Moving-Loop Transient ElectroMagnetic (ML-TEM), covering the Preston West target where there is a known conductor, along with the Preston Far West target where a reconnaissance survey was conducted. The ground gravity survey consisted of 2,295 stations and covered an area along the FSAN and FSANE trends. The final geophysical data from this field program is pending.
An SGH soil sampling program with over 1,100 samples planned is set to commence this summer with additional news forthcoming. The SGH program will cover a large area and is a cost-effective, innovative exploration technique being used in the Athabasca Basin to vector in on uranium showings associated with certain hydrocarbons. The total budget for the multi-phased 2024 campaign is approximately CAD $850,000 with Orano as the operator and Skyharbour as a minority, participating partner in the project.
Preston Uranium Project:
In March 2017, Skyharbour signed an option agreement with Orano (formerly AREVA Resources Inc.) that provided Orano an earn-in option to acquire a majority working interest in the 49,635 hectare Preston Uranium Project. The significant potential of the Project has been highlighted by past discoveries in the area by NexGen Energy Ltd. (Arrow deposit), Fission Uranium Corp. (Triple R deposit), and F3 Uranium Corp. (PLN discovery). Exploration at the Project has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as exploratory drill programs. Over a dozen high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through these methodical, multiphased exploration initiatives, which have culminated in an extensive, proprietary geological database for the project area.
Joint Venture and Strategic Partnership:
In early 2021, Orano fulfilled their earn-in option interest in the project through funding exploration expenditures and making cash payments. After a total of CAD $4.8 million in exploration expenditures having been spent on the Project, Orano formed a joint venture with Skyharbour and Dixie Gold for the future advancement and development of the Project. Orano now holds a 51% (fifty-one percent) interest in the joint venture, with the remaining interest split evenly between Skyharbour and Dixie Gold with each company retaining a 24.5% (twenty-four and a half percent) interest in the joint venture.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
About Orano Canada Inc.:
Headquartered in Saskatoon, Saskatchewan, Orano Canada Inc. is a leading producer of uranium, accounting for the processing of more than 15 million pounds of uranium concentrate in Canada in 2023. Orano will celebrate 60 years of exploring for, mining and milling uranium in Canada in 2024. Orano Canada is the operator of the McClean Lake uranium mill and a major partner in the Cigar Lake, McArthur River and Key Lake operations. The company employs over 450 people in Saskatchewan, including about 320 at the McClean Lake operation where over 46% of employees are self-declared Indigenous. As a sustainable uranium producer, Orano Canada is committed to safety, environmental protection and contributing to the prosperity and well-being of neighbouring communities.
Orano Canada Inc. is a subsidiary of the multinational Orano group. As a recognized international operator in the field of nuclear materials, Orano delivers solutions to address present and future global energy and health challenges. Its expertise and mastery of cutting-edge technologies enable Orano to offer its customers high value-added products and services throughout the entire fuel cycle. Every day, the Orano group's 17,000 employees draw on their skills, unwavering dedication to safety and constant quest for innovation, with the commitment to develop know-how in the transformation and control of nuclear materials, for the climate and for a healthy and resource-efficient world, now and tomorrow.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $19 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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