LAKEWOOD, CO, Aug. 15, 2016 /CNW/ - Energy Fuels Inc. (NYSE
MKT: UUUU; TSX: EFR) ("Energy Fuels" or the "Company"), a
leading producer of uranium in the United
States, is pleased to announce that it 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 ("Nichols Ranch") in Wyoming, USA. On August 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 utilized 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 % x 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
Number
|
Thickness
(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."
About Energy Fuels: Energy Fuels is a
leading integrated US-based uranium mining company, supplying
U3O8 to major nuclear utilities. Energy
Fuels holds three of America's key uranium production centers, the
White Mesa Mill in Utah, the
Nichols Ranch Processing Facility in Wyoming, and the Alta Mesa Project in
Texas. The White Mesa Mill is the only conventional uranium
mill operating in the U.S. today and has a licensed capacity of
over 8 million pounds of U3O8 per year.
The Nichols Ranch Processing Facility is an ISR production center
with a licensed capacity of 2 million pounds of
U3O8 per year. Alta Mesa is an ISR production center currently
on care and maintenance. Energy Fuels also has the largest NI
43-101 compliant uranium resource portfolio in the U.S. among
producers, and uranium mining projects located in a number of
Western U.S. states, including one producing ISR project, mines on
standby, and mineral properties in various stages of permitting and
development. The Company's common shares are listed on the
NYSE MKT under the trading symbol "UUUU", and on the Toronto Stock
Exchange under the trading symbol "EFR".
Stephen P. Antony, P.E., President & CEO of Energy
Fuels, is a Qualified Person as defined by Canadian
National Instrument 43-101 and has reviewed and approved the
technical disclosure contained in this news release.
Cautionary Note Regarding Forward-Looking
Statements: Certain information contained in this
news release, including any information relating to: the Company
being a leading producer of uranium in the U.S.; the
Companies expectation that Header House 9 will contain 120 wells
and goes into production later in 2016; the results of drilling
completed to date and the amount of recoverable uranium implied by
that drilling; the Company's belief that this will be the largest
and most productive wellfield at Nichols Ranch to date; Nichols
Ranch continuing to exceed the Company's expectations; and
any other statements regarding Energy Fuels' future expectations,
beliefs, goals or prospects; constitute forward-looking information
within the meaning of applicable securities legislation
(collectively, "forward-looking statements"). All statements
in this news release that are not statements of historical fact
(including statements containing the words "expects", "does not
expect", "plans", "anticipates", "does not anticipate", "believes",
"intends", "estimates", "projects", "potential", "scheduled",
"forecast", "budget" and similar expressions) should be considered
forward-looking statements. All such forward-looking
statements are subject to important risk factors and uncertainties,
many of which are beyond Energy Fuels' ability to control or
predict. A number of important factors could cause actual
results or events to differ materially from those indicated or
implied by such forward-looking statements, including without
limitation factors relating to: the Company being a leading
producer of uranium in the U.S.; the Companies expectation
that Header House 9 contains 120 wells and goes into production
later in 2016; the results of drilling completed to date and the
amount of recoverable uranium implied by that drilling; the
Company's belief that this will be the largest and most productive
wellfield at Nichols Ranch to date; Nichols Ranch continuing to
exceed the Company's expectations; and other risk factors as
described in Energy Fuels' most recent annual report on Form 10-K
and quarterly financial reports. Energy Fuels assumes
no obligation to update the information in this communication,
except as otherwise required by law. Additional information
identifying risks and uncertainties is contained in Energy Fuels'
filings with the various securities commissions which are available
online at www.sec.gov and www.sedar.com.
Forward-looking statements are provided for the purpose of
providing information about the current expectations, beliefs and
plans of the management of Energy Fuels relating to the
future. Readers are cautioned that such statements may not be
appropriate for other purposes. Readers are also cautioned
not to place undue reliance on these forward-looking statements,
that speak only as of the date hereof.
SOURCE Energy Fuels Inc.