Energy Fuels drills 5 m of 2.401% U3O8 at Nichols Ranch Energy Fuels drills 5 m of 2.401% U3O8 at Nichols Ranch
Energy Fuels Inc (2) (C:EFR)
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Last Close 8/12/2016 $3.05
Monday August 15 2016 - News Release
Mr. Stephen Antony reports
ENERGY FUELS ANNOUNCES HIGH-GRADE URANIUM INTERCEPTS AT NICHOLS RANCH ISR PROJECT
Energy Fuels Inc. has intercepted several large and high-grade areas of mineralization in the next wellfield expected to go into production at its Nichols Ranch ISR project in Wyoming. On Aug. 1, 2016, the company began delineation drilling and the installation of the wellfield to be associated with header house 9 at Nichols Ranch. Currently, four rigs are being used to drill pilot holes, ream, case, and complete the injection and recovery wells for this wellfield. Header house 9 is expected to begin producing uranium later in 2016.
To date, a total of 52 holes in this new wellfield have been drilled. Of the 52 holes, 46 have encountered mineralization which is above the grade percentage-times-thickness (GT) cut-off of 0.3. This includes one hole which encountered 5.0 feet of mineralization with an average grade of 2.40% eU3O8. In addition, many of the holes have encountered multiple intercepts above the GT cutoff. It is anticipated that a total of 120 wells will be incorporated into Header House 9. The table below contains data for the 10 best holes drilled to date in this wellfield:
Hole NumberThickness (feet)Avg. Grade (% eU3O8)GT* (Grade X Thickness) AZ034 5.0 2.401 12.00 AV030 31.5 0.302 9.51 AY034 28.0 0.224 6.26 AX028 22.0 0.265 5.84 AU029 22.0 0.236 5.19 AV033 27.0 0.186 5.02 AW037 20.0 0.215 4.30 AW034 31.5 0.134 4.22 AZ029B 11.0 0.374 4.11 AZ033 17.0 0.239 4.06 * GT represents grade multiplied by the thickness and is calculated by multiplying eU3O8 grade (in percent) by gamma anomaly thickness (in feet) as determined from down-hole radiometric probing. For example, a drill hole that has 10 feet of 0.10% uranium mineralization has a GT of 1.0 and would be considered a good hole by ISR mining standards.
Stephen P. Antony, President and CEO of Energy Fuels stated: "The drill results we are seeing in the wellfield for Header House 9 at Nichols Ranch are very positive, and the uranium grades and thicknesses are significantly exceeding expectations. Indeed, it is quite rare to encounter mineralization in U.S. ISR projects that have grades above 2.0% U3O8 and GT values above 10. Due to the size of the wellfield, expected number of wells, and the quality of mineralization we are encountering, we expect this to be the largest and most productive portion of the wellfield at Nichols Ranch to date. Overall, the Nichols Ranch deposit continues to deliver results that exceed our original expectations. We look forward to producing uranium from this new wellfield beginning later this year."
We seek Safe Harbor.