Energy Fuels Inc (TSE:EFR) has unveiled positive drilling results from an area due to be developed in the near future.
The miner told investors it had intercepted several large and high-grade areas of mineralization in the next wellfield area that’s due to go into production at the Nichols Ranch ISR mine in Wyoming.
A total of 52 holes have so far been drilled – by a fleet of four rigs – and of those as many as 46 holes encountered mineralisation above the grade cut off.
Notably, Energy Fuels highlighted that one particular hole cut a high grade zone with 5 feet of mineralisation measuring 2.4% uranium oxide.
Stephen Antony, Energy Fuels chief executive, said the area is expected to be the largest and most productive portion of the wellfield at Nichols Ranch to date.
"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,” Antony said.
“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.”
He added: “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."