Advances Development VANCOUVER, BC / ACCESSWIRE /November 23, 2021 /enCore Energy Corp. (TSXV:EU)(OTCQB:ENCUF) ("enCore") and Azarga Uranium Corp. (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA) ("Azarga Uranium") are pleased to provide an update on enCore's modernization activities at the Rosita Central Processing Plant ("Rosita") in South Texas expected to be complete in Q2/2022. enCore has also continued to advance its Texas asset acquisition strategy focused on established, previously permitted, projects with known mineralization to augment enCore's existing pipeline of projects in proximity to Rosita. Confirmation and development drilling has commenced at the newly acquired Rosita Extension, much of which lies within the existing permit area. This development will provide mineral interpretation and resources for wellfield design in keeping with planned commencement of production activities in 2023.
Paul Goranson, enCore's Chief Executive Officer said, "The progress of enCore's efforts in South Texas has been exceptional. Using our own in-house technical staff, we are executing our strategy targeting completion of the Rosita upgrades by the end of the second quarter 2022 and wellfield commissioning in the first half of 2023 with projects on schedule and on budget. As we advance our plans in South Texas and accelerate activities on the key Dewey Burdock and Gas Hills projects from the shareholder approved acquisition of Azarga Uranium, enCore is well on its way to being America's premier ISR uranium producer."
Rosita Central Processing Plant
The Rosita Central Processing Plant modernization commenced in July 2021 with a projected budget of less than US$1 million. Work activities are now 50% complete, on schedule and on budget. Recent major equipment work includes the yellowcake filter press relocation and installation, completion of the ion exchange resin elution and the yellowcake dryer circuits.
Rosita Extension Confirmation and Development Drilling
A 50-hole confirmation and development drilling program is presently underway at the extension of the previous Rosita wellfields (the "Rosita Extension"). The Rosita Extension was first explored by Mobil Oil Corporation who drilled over 800 holes to depths of up to 400 feet prior to 1984. Subsequent operators completed additional exploration drill holes confirming mineralized trends.
enCore and Azarga Uranium Arrangement Update
Following a vote by Azarga Uranium shareholders with over 99% of votes cast approving the transaction, enCore and Azarga Uranium are working together closely to complete the necessary regulatory approvals to complete the previously announced plan of arrangement (the "Transaction"). An extension to the arrangement agreement has been executed to allow the parties to obtain normal course regulatory approvals, including approvals from the United States Nuclear Regulatory Commission and the British Columbia Supreme Court.