Positive Drill Results From Kaycee Uranium Project

Positive Drill Results From Kaycee Uranium Project

VANCOUVER – Nuclear Fuels Inc. reported on its on-going drill program at its Kaycee Uranium Project in Wyoming’s Powder River Basin. 10 holes are reported with depths ranging from 350 to 600 feet. 5 holes returned significant uranium grades and thicknesses. Grade thicknesses (GT) over the economic cutoff of 0.3 ranged from 0.41 to 1.216 in the 3 holes with anomalous mineralization detected in 7 of the 10 holes.

Favorable weather conditions in Wyoming and drilling success at the historic Saddle Zone combined to extend the fall 2023 program until just before the holidays in December of 2023. A total of 89 holes were completed. Outstanding drill results will be reported over the coming weeks. Spring drilling will resume as soon as weather allows.

Uranium mineralization with Grade Thicknesses (GT) ranging from 0.010 to 1.067 were encountered in the lower Wasatch Formation in 5 drill holes intercepts with GT of greater that 0.3. The highest-grade single intercept, and the thickest intersection was 4.5 feet of 0.237% U3O8 Gamma with a GT of 1.067. A GT of over 0.3 is considered an economic minimum for inclusion in a typical wellfield in the Power River Basin. Phase 1 drilling continues to 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 resume in the Spring of 2024 at the Saddle deposit, targeting both the shallow Lower Wasatch and the newly discovered upper Fort Union sands mineralization as well as additional targets.

Michael Collins, Chief Executive Officer, stated: “Drill results continue to demonstrate good grades and thicknesses at the Saddle Zone. Based on our continuing results we are permitting to significantly expand our drill program in 2024; testing additional targets in the over 110 miles of under-explored roll front targets at the Kaycee Project.”