Deeper Mineralization At The Kaycee Uranium Project

VANCOUVER - Nuclear Fuels Inc. reported on the continuing drill program at its Kaycee Uranium Project in Wyoming’s Powder River Basin. The drilling, designed to confirm and expand the historic resource at the historic Saddle deposit, reports 8 holes containing significant uranium intercepts and with 4 uranium intercepts suitable for In-Situ Recovery (ISR) extraction technology. 94% of drill holes intersected at least trace uranium. One drill hole intersected the new and deeper uranium-bearing mineralization in the Fort Union Formation which is located below the original target of the Lower Wasatch Formation.

Uranium mineralization with typically ore-grade Grade Thickness (GT) was encountered in 4 discrete horizons in 4 drill holes with GT ranging from 0.303 to 0.994 with the highest-grade single intercept being 3.5 feet of 0.187% eU. The thickest intersection was 7 feet of 0.142% eU8 with a GT of 0.994. A GT of over 0.3 which is considered an economic minimum for inclusion in a typical wellfield in the Power River Basin. Additional uranium mineralization was intersected in the Fort Union Formation with 5 feet of 0.055% eU, and a GT of 0.303 in hole SD23-034. Phase 1 drilling continues to successfully confirm and expand historic resources of the Saddle zone hosted in the Lower Wasatch Formation at depths of 165 to 350 feet in saturated sands. Drilling will continue at the Saddle deposit with both the shallow Lower Wasatch and the newly discovered uranium mineralization within the upper Fort Union sands with continuing results expected in early December 2023.

Michael Collins, CEO, said, “Successful drilling continues at an aggressive pace at the Kaycee project. Our exploration team combined with a phenomenal drill contractor has taken advantage of favorable weather to extend our season efficiently. We are very encouraged by our deeper Fort Union intercepts underlying historically known uranium mineralization at the Kaycee project.”