Drilling Exploration Plan On Red Basin Uranium Project

Drilling Exploration Plan On Red Basin Uranium Project

VANCOUVER – First American Uranium Inc. CEO Shawn Balaghi announced a meeting regarding the Company’s drilling exploration program (proposed start-up of operation: Spring / Summer 2024) at its Red Basin Uranium and Vanadium project in Catron County, New Mexico. “This meeting with the USFS is a significant milestone in advancing our Red Basin Uranium Project,” said Shawn Balaghi, First American Uranium’s CEO. “We’ve already had a field visit with Forest Staff and our Plan of Operations (POO) has been reviewed and added to the Forest Service’s program of work. At the meeting we’ll be discussing next steps for moving forward the drilling exploration program, which will include twinning of Gulf Oil Corporation’s historic 1980s era exploration drill holes by drilling 2 to 4 Reverse Circulation holes in 4 project areas. We also intend to conduct a drone-based airborne gamma ray survey in the spring or early summer months of 2024 over the 4 project areas and the Company’s newly claimed ground.”

The Red Basin Uranium Project is located ~250 miles (~402 km) southeast of the uranium mill in Blanding, Utah. Gulf Oil conducted a thorough drill program at the Red Basin project area in the 1980s before a collapse in the uranium price, including drilling an estimated 1,000 holes. The project’s region produced 1,194 pounds of U3O8 in the 1950s from ore mined with an average grade of 0.17% U3O8 (McLemore & Chenoweth, 2017). According to the Company’s NI 43-101 Report, evaluations of the Company’s property from several sources confirm the presence of uranium/vanadium deposits, indicating the potential to become an advanced stage project.

The Meeting will facilitate discussion of permitting; contractor status; working with the USFS to contract archaeological and biological field surveys toward fulfilling National Environmental Policy Act (NEPA) requirements; and moving forward with National Historic Preservation Act consultation (Section 106), Tribal consultation, and Endangered Species Act consultation.