Nuclear Fuels (CSE: NF) has mobilized its exploration team for the second phase of a massive 200 hole drill program at its flagship Kaycee Project in Wyoming.
The program, which saw the first phase conducted in 2023, is to consist of a total of 200 drill holes across the property. To date 89 holes have been completed under the phase one portion of the program, with phase two of the program to consist of a further 111 drill holes. Two drill rigs have been mobilized for the program.
The program aims to expand upon drilling conducted in the first phase of the program while defining new mineralization along trend while in search of uranium resources suitable for in-situ recovery. To date, historic resources that return grades from trace to 6.5 at 0.187% U3O8 have been confirmed. Highlight results from that program include 7.0 feet of 0.142% U3O8 in hole SD23-050, as well as 6.5 feet of 0.187% U3O8 in hole SD23_052.
“We are in a long-term demand driven uranium cycle. The Kaycee Project provides a great opportunity to grow an economic ISR uranium resources in one of the most prolific ISR amenable sandstone hosted uranium basins in the US. We look forward to a successful year at both Kaycee and our wider Wyoming uranium project portfolio,” commented CEO Michael Collins.
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The large exploration program appears to be geared towards the establishment of a large resource estimate. Under the terms for which it acquired the Kaycee project, should the company establish an estimate amounting to a minimum of 15 million pounds of U3O8, enCore Energy will be able to purchase a 51% interest in the project at a cost of 2.5x exploration expenditures under a back-in right. If exercised, that arrangement would see enCore finance the project through to production.
Nuclear Fuels last traded at $0.445 on the CSE.
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