Palm Beach, FL – September 7, 2022 – FinancialNewsMedia.com News Commentary – Canada is the world’s second largest producer of uranium, accounting for roughly 13% of total global output. The mining and milling of uranium is an $800-million-a-year industry that directly employs over 2,000 Canadians at the mine sites, more than half of whom are residents of northern Saskatchewan. Uranium is used in commercial nuclear power plants in several countries to produce electricity, including Canadian-built CANDU (Canadian Deuterium Uranium) reactors, which currently supply about 15% of Canada’s electricity. The global Uranium Mining market is valued at considerable rate by the end of 2026, growing at a steady rate of CAGR during 2022-2026. Uranium continues to rank among Canada’s top 10 metal commodities in terms of output value. Uranium is one of the heaviest and more common elements in the earth’s crust. Its most distinctive physical property is its radioactivity, which contributes largely to the natural background radiation of the earth. Deposits of sufficient size and grade are required to make mining economically feasible. Locating such uranium deposits generally involves either ground and/or airborne geophysical surveys in areas of favorable geology, followed by drilling programs to test potential targets. If a uranium deposit is found, further drilling is required to more accurately delineate the deposit size and grade, prior to making a decision to develop a mine. Active companies in the markets today include: BASIN URANIUM CORP. (OTCPK: BURCF) (CSE: NCLR), Denison Mines Corp. (NYSE: DNN) (TSX: DML), Cameco (NYSE: CCJ) (TSX: CCO), Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), Uranium Energy Corp (NYSE: UEC).
Mining uranium deposits presents several technical challenges in terms of ground water, rock properties and radiation protection. Uranium producers overcome these challenges to mine very high-grade deposits by developing innovative ground freezing techniques and mechanized, “non-entry” underground-mining methods. For lower-grade deposits, more traditional open-pit and underground mining methods are used. Safety is complicated by the presence of radioactive radon gas. This potential hazard is minimized by using powerful ventilation systems in underground mines, as well as remote-controlled and specially shielded equipment. A report from Industry Research said that: “The global Uranium Mining market is anticipated to rise at a considerable rate during the forecast period, between 2022 and 2026. In 2022, the market was growing at a mild rate and with the rising adoption of strategies by key players, the market is predicted to rise over the projected horizon.”
BASIN URANIUM CORP. (CSE: NCLR.CN) (OTCPK: BURCF) BREAKING NEWS: BASIN URANIUM ANNOUNCES INTERSECTION OF SIGNIFICANT MINERALIZATION FROM PHASE 1 DRILLING AT MANN LAKE – BASIN URANIUM CORP. (“Basin Uranium” or the “Company”) is pleased to announce the intersection of significant uranium mineralization from the five-hole phase one drill program at its Mann Lake project located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco’s Millennium uranium deposit.
“Our phase one drill program has confirmed the northeast trending conductor corridor (A3) as highly prospective for uranium mineralisation with the first significant intersection of uranium at Mann Lake. We are greatly encouraged as these new results substantially upgrade the potential of the underexplored southeastern half of the project.” commented Mike Blady, CEO of Basin Uranium. “We are looking forward to commencing phase two drilling in September and building off our successful phase one results.”
Phase One Drilling Highlights:
- 323 ppm U3O8 over 0.5 meters, intersected 30 metres below the unconformity within a broader 7.2-metre interval of anomalous uranium and graphite mineralization in hole MN22002. Additionally, 46 ppm U3O8 over 0.5 meters intersected 8 metres below the unconformity and immediately beneath a strongly sericite bleached shear zone in hole MN22004.
- Significant boron (B) mineralization, which serves as a pathfinder element for uranium deposits, with over 1,000 ppm B encountered at the unconformity in hole MN22005, 525 ppm B encountered at the unconformity in hole MN22001 and 319 ppm B in dravite (boron-rich clay) blow the unconformity in hole MN22003.
- Significant rare earth elements (REE’s), including a highlight value of 5,028 ppm over 0.5 meters within a broader 50-metre interval of anomalous mineralization starting 20 metres below the unconformity in hole MN22003.
- Statistical analysis demonstrates correlation between anomalous concentrations of pathfinder elements (B, Co, Cu, Ni, and Pb) associated with the anomalous uranium mineralization. Pathfinder elements are widely regarded as guides to the discovery of unconformity-style uranium deposits and provide further evidence of the presence of fluid movement potentially related to a uranium mineralizing system.
A phase two drill program at Mann Lake is planned to commence shortly to follow-up on the encouraging results from phase one. It will also incorporate targets generated from the recently completed geophysical surveys on the property which include gravity and airborne mobile magnetotellurics (mobile MT). The results of these surveys are currently being analyzed and incorporated into historic geophysical surveys with results anticipated to be released in the near-term. CONTINUED… Read the BASIN URANIUM full press release by going to: https://basinuranium.ca/news/
In other news and developments of note in the markets this week:
Cameco (NYSE: CCJ) (TSX: CCO) recently reported its consolidated financial and operating results for the second quarter ended June 30, 2022 in accordance with International Financial Reporting Standards (IFRS).
“Our results reflect the very deliberate execution of our strategy of full-cycle value capture. And, we are benefiting from higher average realized prices in both our uranium sales and our fuel services sales as the market continues to transition and geopolitics continue to highlight concentration of supply concerns,” said Tim Gitzel, Cameco’s president and CEO.
Denison Mines Corp. (NYSE American: DNN) (TSX: DML) has recently made a further proposal (an “Acquisition Proposal”) to acquire all of the issued and outstanding shares of UEX Corporation (“UEX”). Under the terms of the Acquisition Proposal, UEX shareholders would receive 0.32 shares of Denison in exchange for each share of UEX held, which represents an implied purchase price of $0.51 per UEX share, on a spot basis, as of the market close on August 8, 2022.
Denison’s Acquisition Proposal represents a 7% premium to the price implied by the amended arrangement agreement between UEX and Uranium Energy Corp. (“UEC”) dated August 5, 2022 (the “Amended UEC Agreement”) based on the one-day volume weighted average price on August 8, 2022, and a 9% premium to the 20-day volume weighted average price implied by the Amended UEC Agreement.
Uranium Energy Corp (NYSE American: UEC) and UEX Corporation (TSX: UEX) recently announced the closing of the previously announced plan of arrangement (the “Arrangement“) under the Canada Business Corporations Act, pursuant to which UEC acquired all of the issued and outstanding common shares of UEX that it did not already own. The Arrangement was approved at a special meeting of UEX securityholders held on August 15, 2022 and was subsequently approved by the Supreme Court of British Columbia on August 18, 2022. Pursuant to the terms of the Arrangement, UEX shareholders received 0.090 common shares of UEC for each UEX common share held.
UEC intends to submit applications to the Toronto Stock Exchange and to the applicable securities regulators to delist UEX’s existing common shares and for UEX to cease to be a reporting issuer, respectively.
Amir Adnani, President and CEO stated: “We are pleased to have completed our acquisition of UEX. This marks UEC’s second successful highly accretive M&A transaction in the last year, creating the largest diversified North American focused uranium company. We welcome UEX shareholders to UEC and appreciate the vote of confidence in supporting our transaction. The competing interest for UEX from other industry participants further validates the significant upside and strategic rationale we identified in UEX’s portfolio of high-grade projects in the world-class Athabasca Basin of Saskatchewan. We look forward to working with our new stakeholders and the joint venture partners, including Cameco, Orano and Denison.”
Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) recently reported its financial results for the quarter ended June 30, 2022. The Company’s quarterly report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (“SEC“) and may be viewed on the Electronic Document Gathering and Retrieval System (“EDGAR“) at www.sec.gov/edgar.shtml, on the System for Electronic Document Analysis and Retrieval (“SEDAR“) at www.sedar.com, and on the Company’s website at www.energyfuels.com.
Mark S. Chalmers, Energy Fuels’ President and CEO, stated: “Energy Fuels continues to make progress on all fronts of our uranium, rare earth, vanadium and medical isotope businesses. Uranium markets have been volatile but remain strong. We continue to believe the short and long-term fundamentals for uranium continue to point to higher pricing. We are extremely pleased to announce the execution of three long-term contracts with U.S. nuclear utilities. With up to 4.2 million pounds of uranium deliveries between 2023 and 2030, at attractive pricing and other terms, these contracts will help underpin Energy Fuels’ uranium business for many years to come. We are also beginning to perform the work needed to recommence production at one or more of our uranium mines. The Company’s substantial existing uranium inventories are expected to provide sufficient uranium for the early years of the contract deliveries. However, we expect to be in production at one or more of our uranium mines in the next two years. Our substantial inventories will also allow Energy Fuels the potential to offer significant quantities of uranium to the new U.S. Uranium Reserve. During the second half of 2022, we expect to shift back to processing stockpiled ores for uranium production, and we expect to produce 100,000 to 120,000 pounds of uranium in 2022.”
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