- American Future Fuel (CSE:AMPS) has begun Phase 1 confirmation drilling at its 100-per-cent-owned Cebolleta Uranium Project in New Mexico
- The Cebolleta is an advanced uranium exploration project with historical uranium inferred mineral resource of 5.6 million tons at an average grade of 0.17 per cent uranium equivalent
- The company already has begun permitting plans for a Phase 2 and a Phase 3 program
- Shares of American Future Fuel are unchanged at C$0.37
American Future Fuel (CSE:AMPS) has officially begun a Phase 1 confirmation drilling program at its flagship Cebolleta Uranium Project in New Mexico.
In a news release, the Vancouver-based company said the drill program will focus on Area 1 of the project, combining several generations of historical drills that have identified seven shallow mineralized horizons.
This phase is the first step for American Future Fuel in preparing a resource estimate. Once this phase is complete, the company plans to conduct two more phases in Area 3 and selected infill drilling that will lead to an updated NI 43-101 report.
“We are excited to have begun drilling at our flagship property. The property hasn’t seen activity in over a decade. With the rising interest in uranium globally and especially the United States, we are in a unique position to rapidly deliver shareholders real value with this exceptional asset,” David Suda, CEO of American Future Fuel, said in a statement.
The company said it has permitting plans underway for phases 2 and 3 of drilling. The second phase is anticipated to begin in Q1 2024, while the third phase is expected to begin in the second half of next year.
Cebolleta is an advanced uranium exploration project with historical uranium inferred mineral resource of 5.6 million tons at an average grade of 0.17 per cent uranium equivalent containing 8,600 tonnes of uranium, according to a 2014 NI 43-101 Technical Report
American Future Fuel is focused on the strategic acquisition, exploration and development of alternative energy projects.
Shares of American Future Fuel are unchanged at C$0.37.
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