Nuclear Fuels Unveils Report Highlighting Exploration Potential

Exploration Target Identified of 11.5 to 30 Million Pounds

Nuclear Fuels Inc. has announced a significant milestone with the release of a NI 43-101 Technical Report for the Kaycee In-Situ Recovery (ISR) Uranium Project. This project is situated in the Powder River Basin, a historically rich mining area. The report indicates an exploration target estimated to be between 11.5 and 30 million pounds of uranium (U₃O₈), a promising sign for the company's future prospects.

Key Highlights from the Technical Report

The Technical Report compiled by WWC Engineering showcases several compelling findings that are worth noting:

• An exploration target of 11.5 to 30 million pounds of uranium at average grades ranging from 0.06% to 0.10%.
• A comprehensive analysis of historical data, revealing approximately 430 miles of roll fronts. This is a substantial increase from previous estimates, with about 10% having been explored through detailed drilling.
• The report highlights the identification of multiple stacked roll fronts across three stratigraphic formations, all known to host uranium deposits.
• Indications suggest that uranium mineralization found below the water table may be suitable for ISR extraction techniques, presenting an efficient mining solution that mitigates the environmental impact of traditional mining methods.
• Details on the eleven areas of historical uranium resources, with depths ranging from less than 50 to 1,300 feet, where a shallow water table typically exists between 50 and 250 feet.
• The report encourages further drilling to refine the understanding of mineralization and explore additional resource areas within the project.

Continuing Exploration and Development

According to Greg Huffman, the Chief Executive Officer of Nuclear Fuels, the ongoing developments in the uranium sector are notable. The Kaycee project not only represents a historical context but also signifies potential for future resource growth. As ISR operations near the project are poised to restart, the momentum generated by the Technical Report aligns perfectly with Nuclear Fuels' strategic objectives.

Understanding the Methodology

The company employed a rigorous methodology for estimating the exploration target using historical data, which involved calculating the average grade and thickness of mineralized zones across the Wasatch and Fort Union formations. This analysis was essential to grasp the potential implications for uranium recovery through ISR technology.

• The weighted averages were determined based on multiple drillholes across identified mineralized zones to assess potential recoverability.
• Digitization of historically mapped mineralized areas provided critical calculations for estimating the total area of potential uranium resources.
• A clear trend of mineralization was established, indicating that while mineralization does not uniformly occur across roll front trends, there are favorable areas worth exploring further.

About the Kaycee Project

The Kaycee Project encompasses over 55 square miles of mineral rights along a 36-mile mineralized trend, demonstrating an extensive network of roll fronts. With the consolidation of all three historically productive formations, this project could become a significant player in the ISR uranium sector. Since acquiring the project from enCore Energy Corp, Nuclear Fuels is positioned to advance the exploration and potential production within this prolific basin.

Advantages of the Wyoming Region

Wyoming has established itself as a leading uranium producer in the United States, benefiting from a supportive regulatory environment that facilitates ISR technologies. This state is known for its mature infrastructure and has recorded over 250 million pounds of uranium production, primarily through ISR methods. Clearly, Wyoming is a strategic locale for uranium extraction, enabling Nuclear Fuels to maximize the project's potential.

Frequently Asked Questions

What is the significance of the Technical Report?

The Technical Report indicates an exploration target of 11.5 to 30 million pounds of uranium, spotlighting potential growth in this sector.

Where is the Kaycee Uranium Project located?

The Kaycee Project is located in the Powder River Basin of Wyoming, a well-known area for uranium mining.

What does ISR mean in Uranium mining?

In-Situ Recovery (ISR) is a mining technique that allows the extraction of uranium while minimizing environmental damage associated with conventional mining methods.

How has the market for uranium changed recently?

There has been a 'nuclear renaissance' occurring, leading to increased activity and interest in uranium projects, particularly in regions like Wyoming.

How does Nuclear Fuels plan to advance the Kaycee project?

Nuclear Fuels aims to conduct further drilling to delineate mineralization and assess additional resource opportunities on the project.

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