High-Grade Uranium Encountered In First Drill Program At Kaycee Project

VANCOUVER – Nuclear Fuels Inc. reported initial results from the first 12 holes of its drill program designed to confirm and expand the historic resource at its Kaycee Uranium Project in Wyoming’s Powder River Basin. 5 holes contain high-grade uranium mineralization suitable for In-Situ Recovery (ISR) extraction technology. ISR technology extracts uranium in a non-invasive process through the use of natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium.

High-grade mineralization was encountered in 5 holes with Grade Thickness (GT) ranging from 0.441 to 0.908. The highest grade intercept being 3.0 feet of 0.240% eU. Five holes have Grade Thickness (GT) of over 0.3 which is considered an economic minimum for inclusion in a typical wellfield in the Power River Basin. Grade thickness (GT) is defined as Grade x Thickness of a mineralized intercept. Phase 1 drilling is focused on the Saddle Zone which hosts a historic resource. Drilling is focused on confirming and expanding historic resources in the lower Wasatch Formation which occur at shallow depths ranging from approximately 220 to 350 feet in saturated sands. Drilling continues with additional results expected soon.  

Michael Collins, Chief Executive Officer, said, “Our initial results from the Saddle Zone at the Kaycee Uranium project are exceeding our expectations.  We continue to make steady advances with more than 1,000 feet drilled on an average day and look forward to continued results. With over 100 miles of historically defined roll fronts, drilling continues with results following quickly due to the on-site eU3O8 gamma probe logging.”

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 accessible for ISR extraction.