Palm Beach, FL – February 14, 2023 – FinancialNewsMedia.com News Commentary – The demand for uranium is expected to grow in 2023 which should increase efforts to increase supplies. Since the Fukushima accident in 2011, uranium prices have been on a downtrend, forcing several miners to suspend or scale back operations. But nuclear’s growing role in the clean energy transition, in addition to a supply shortfall, could turn the tide for the uranium industry. The supply of uranium primarily comes from mines around the world, in addition to secondary sources like commercial stockpiles and military stockpiles. Although uranium is relatively abundant in the Earth’s crust, not all uranium deposits are economically recoverable. While some countries have uranium resources that can be mined profitably when prices are low, others do not. An article in Mining.com, discussing the supply/demand picture, said: “Kazakhstan hosts roughly 1.2 billion lbs of identified recoverable uranium resources extractable at less than $18 per lb, more than any other country. On the contrary, Australia hosts a larger resource of uranium but with a higher cost of extraction. This varying availability of resources affects how much uranium these countries produce… Canada produced around one-third of Kazakhstan’s production despite the suspension of the McArthur River Mine, the world’s largest uranium mine, in 2018. Australia was the world’s third-largest producer with just two operating uranium mines.” Active mining companies in the markets this week include Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC), Baselode Energy Corp. (OTCQB: BSENF) (TSX-V: FIND), Uranium Royalty Corp. (NASDAQ: UROY) (TSX-V: URC), Skyharbour Resources Ltd. (OTCQX: SYHBF) (TSX-V: SYH), Uranium Energy Corp (NYSE American: UEC).
Mining.com continued: “The world is moving towards a cleaner energy future, and nuclear power could play a key role in this transition. Nuclear power is not only carbon-free, it’s also one of the most reliable and safe sources of energy. Countries around the world are beginning to recognize these advantages, including Japan, where all 55 reactors were previously taken offline following the Fukushima accident. With more than 54 reactors under construction and 100 reactors planned worldwide, the demand for uranium is set to grow. Unlocking new and existing supplies is critical to meeting this rising demand, and new uranium discoveries will be increasingly valuable in balancing the market.”
Traction Uranium Corp. (OTCQB: TRCTF) (CSE: TRAC) BREAKING NEWS: Traction Uranium Key Lake South Property Receives Drill Permits from the Saskatchewan Ministry of Environment – Winter 2023 KLS Drill Program to follow up on “Radioactive Black Soil” that Assayed High Grade Uranium Mineralization (0.93 wt.% U3O8 and 1180 ppm Cobalt) and a “Radioactive Swamp” Discovered in Fall of 2022 – Traction Uranium Corp. (the “Company” or “Traction”) is pleased to announce that, along with UGreenco Energy Corp., it has received (i) diamond drilling, (ii) borehole surveys, (iii) trail development and (iv) temporary work camp permits from the Saskatchewan Ministry of Environment (collectively, the “Permits”) for the Company’s upcoming winter 2023, 2,000 metre diamond drill program at the Key Lake South Property (“KLS Property”), such Permits are valid to July 31, 2024.
Lester Esteban, Chief Executive Officer of the Company, stated: “after our team encountered high-grade uranium mineralization (see news release dated November 14, 2022) in the “black soil” and discovered a new radioactive anomaly the “radioactive swamp”, we have been busy preparing to return to the KLS Property with the drill. Receipt of the drill permits from the Saskatchewan Ministry of Environment brings us one step closer to being fully permitted for our 2023 winter drill program at the KLS Property.”
About the Upcoming KLS Drill Program: Phase 1 diamond drilling is planned with 2,000 metres, targeting areas with extreme surface uranium anomalies, including the “black soil” anomaly, the “radioactive swamp” and the “Athabasca Sandstone” mapped in 1973 (referenced from Assessment Report # 74H04-001, (SMAD) Saskatchewan Mineral Assessment Database). Most of the drill targets are situated at the edge of the broad gravity-lows identified in the ground gravity survey of 2022.
About the “Black Soil” and “Radioactive Swamp”: The previously unknown radioactive anomalies discovered by Traction’s exploration team during the ground program of 2022 (see news release dated September 27, 2022) were the “radioactive swamp” and “black soil”. Sampling of the “black soil”, where the horizon had an observed thickness of approximately 30 centimetres, returned 0.93 wt.% U308, 1180 ppm Cobalt, 625 ppm Nickel and 196 ppm Boron (see news release dated November 14, 2022). Further sampling is required, the “radioactive swamp” is accessible in the winter when the swamp is frozen and may host uranium anomalies that may be similar to the “black soil”. An overburden drilling program is being considered to test for uranium mineralization near the surface in the overburden/till. CONTINUED… Read this full press release and more news for Traction Uranium at: https://www.financialnewsmedia.com/news-trac/
Other recent developments in the mining industry of note include:
Baselode Energy Corp. (OTCQB: BSENF) (TSX-V: FIND) recently announced that the diamond drilling crew and equipment have started mobilizing to the Catharsis project (“Catharsis” or the “Project“). Baselode anticipates drilling to start within the next five to seven days.
“We’re excited to initiate the first ever drill program on Catharsis. The primary drill target we’ve identified is prospective for large-scale, near-surface, basement-hosted uranium mineralization with similarities to NexGen Energy Ltd.’s Arrow and Fission Uranium Corp.’s Triple R uranium deposits (see News Release and video dated January 9, 2023). We’re targeting a 1 km portion of a 7 km long gravity anomaly trend that has overlapping geophysical anomalies that are characteristic of many Athabasca uranium deposits. We are eager to see what is hidden beneath the surface,” said James Sykes, CEO, President and Director of Baselode.
Uranium Royalty Corp. (NASDAQ: UROY) (TSX-V: URC) recently announced the completion of its previously announced acquisition from Anfield Energy Inc. (“Anfield“) of a portfolio of royalties on U.S. projects consisting of: U.S. Conventional Mining Royalty Portfolio: andU.S. In-Situ Recovery (ISR) Royalty. Cash consideration of US$1.5 million was paid by the Company at closing.
The Company further announces that it has made additional uranium concentrate purchase commitments totaling 200,000 pounds U3O8 at an average cost of US$51.00 per pound. Deliveries will be made in February 2023 to URC’s storage account with Cameco Corporation in Ontario, Canada. At the time of delivery, the purchase will be funded with cash on hand and available credit.
Skyharbour Resources Ltd. (OTCQX:SYHBF) (TSX-V: SYH) recently announced the signing of an Exploration Agreement (the “Agreement”) with English River First Nation (“ERFN”) for the Russell Lake and Moore Uranium Projects in respect of Skyharbour’s exploration and evaluation activities within the traditional territory of ERFN.
The Agreement establishes a framework for a cooperative and mutually beneficial relationship between Skyharbour and ERFN whereby Skyharbour’s exploration and evaluation activities at Russell Lake and Moore are consented to by ERFN and Skyharbour agrees to support ERFN’s interests in relation to community development and benefits, environmental protection and monitoring, as well as sustainable and predictable consultation and engagement processes. Through this cooperative approach, the parties seek to build a strong and positive foundation for Skyharbour to proceed with its exploration and evaluation activities, in the traditional territory of ERFN, in a manner that is informed by and respects the rights and interests of ERFN.
Uranium Energy Corp (NYSE American: UEC) is pleased to announce that it has filed a Technical Report Summary (“TRS”) on EDGAR disclosing updated mineral resources for the Company’s Horseshoe-Raven Project (the “Project” or “Horseshoe-Raven”). UEC indirectly owns 100% of the Project.
Background: As a U.S. domestic and domiciled company, UEC is now reporting all mineral resources in accordance with Item 1302 of Regulation S-K (“S-K 1300”); S-K 1300 was adopted by the Securities and Exchange Commission (the “SEC”) to modernize mineral property disclosure requirements for mining registrants and to align U.S. disclosure requirements more closely for mineral properties with current industry and global regulatory standards; and The mineral resource estimate set forth in this TRS for the Horseshoe-Raven Project has not previously been reported under the S-K 1300 format.
The TRS was prepared under S-K 1300 and was filed on January 23, 2023 with the SEC through EDGAR on Form 8-K and is also available on SEDAR as a “Material Document” filed on January 23, 2023. The TRS was prepared on behalf of the Company by Nathan A. Barsi, P.Geo., UEC’s District Geologist, Roger M. Lemaitre, P.Eng., P.Geo., former President and CEO of UEX, and Christopher J. Hamel, P.Geo., UEC’s Vice President Exploration, Canada.
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