Kaycee Uranium Project Expanded To Over Forty-Two Square Miles

VANCOUVER – Nuclear Fuels Inc. reported that Nuclear Fuels has expanded its Kaycee Uranium Project by over 25%.  Newly acquired historic drill hole data led to the increase of its property holdings by more than 7 miles along trend. The Kaycee Project, in Wyoming’s prolific Powder River Basin (“PRB”) now extends more than 33-miles along trend with over 110 miles of identified roll fronts and consists of more than 42 square miles of mineral rights. An aggressive drill program has commenced with a rotary drill on-site for the first phase of its fully-funded 200 hole rotary drill program. The drill program is focused on validating historic uranium drill intersections and expanding known mineralization at depth, along trend, and on other high priority targets on the Kaycee Project.

Kaycee Project is now the largest In-Situ Recovery uranium (ISR) exploration project in the State of Wyoming’s Powder River Basin. Initially identified from proprietary historic data which now includes over 3,800 historic drill holes in addition to the newly acquired 150 logs. Historic drilling has confirmed uranium mineralization in all three historically productive sandstones within the PRB, occurring over more than 1000’ of vertical section. Over 3,800 historic drill holes will guide exploration on 110+ miles of mapped roll front mineralization. Only 9 discrete zones of mineralization had been drilled off in the early 1980’s before reduced uranium prices stopped exploration work. Nuclear Fuels has these 9 core mineralized zones to expand on, as well as 110+ miles of roll front to define new deposits.  

William M. Sheriff, Chairman, said, “Exclusive access to proprietary historic databases provide Nuclear Fuels with a clear competitive advantage for property acquisition. With this advantage we have identified the Kaycee Project as our priority project. We are excited at the opportunity presented with drilling at the Kaycee Project this Fall to validate and expand upon the previous 1980’s drill program.”

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

Nuclear Fuels acquired the Kaycee Project from enCore Energy Corp., which retains a back-in right for 51% of the project by paying 2.5X the exploration costs and carrying the Kaycee project to production (costs recoverable from production) upon Nuclear Fuels establishing a minimum 15 million pound U3O8 43-101 compliant resource.