PALM BEACH, Fla., March 21, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The Global Uranium production is projected to grow this year and in the years to come. A report in Mining Technology said that the Global uranium production is expected to grow by 11.7% to more than 60.3 megatonnes (Mt) in 2024. The increase will predominantly be fueled by rising output from key producers such as Kazakhstan and Canada. Kazakhstan is expected to deliver the highest uranium production growth in 2024, driven by the planned higher output from the country’s largest uranium producer, Kazatomprom. The continuous ramp-up of Canada’s McArthur River uranium mine will also contribute to the global increase. The report added: “Uranium output to rise 11.7% in 2024 due to Kazakh and Canadian growth… and production will be bolstered by the ramp-up of Canada’s McArthur River mine. Kazakhstan accounted for 37.3% (20.1kt) of total global uranium supply in 2023. Despite a 5.1% dip in output in 2023 due to planned lower production from Kazatomprom, its output is expected to recover in 2024, with forecast production of 23.2kt. This will be supported by the company’s plan to produce between 21.2 kilotonnes (kt) and 21.6kt on a 100% basis, while production is expected to increase to between 25.9 and 26.7kt with no restrictions in 2025.” Active mining companies in the markets this week include Stallion Uranium Corp. (OTCQB: STLNF) (TSX-V: STUD), enCore Energy Corp. (NASDAQ: EU), Skyharbour Resources Ltd.’s (OTCQX: SYHBF) (TSX-V: SYH), Uranium Energy Corp (NYSE American: UEC), ATHA Energy Corp. (OTCQB: SASKF) (TSX.V: SASK).
Mining Technology continued: “Meanwhile, global uranium production in 2024 will be further bolstered by continuous ramp-up of Canada’s McArthur River, which is aiming to produce 6.9kt of uranium (8.2kt of U3O8) for 2024. In October 2023, the Canadian Nuclear Safety Commission renewed the licences for McArthur River for a further 20 years, allowing the mine to continue operations until October 2043. Global uranium production is expected to grow with a compound annual growth rate of 4.1% from 2024 to 2030, as output reaches 76.8kt in 2030.”
Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF) Provides Corporate Update - Stallion Uranium Corp. (FSE: HM40) is pleased to provide a corporate update on Stallion’s current exploration efforts. Stallion holds the largest exploration land package in the Southwestern Athabasca Basin and are following their proven roadmap to discovery, learned through decades of exploration in the basin, to increase the probability of finding the next significant uranium discovery in the Athabasca Basin.
Stallion’s Maiden Drill Program - Stallion maiden drill program is underway, as announced on March 6th, and continues to be progressing. Stallion has planned 3 holes totaling 3,300m utilizing a diamond core drill to test for uranium mineralization on it’s 100% owned Appaloosa target. The target is a ~6 km long EM conductor located along the contact between the Beaverlodge and Taltson geological domains that can create an optimal location for uranium bearing fluid to concentrate. Each of the drill holes are focusing on a coincident gravity and magnetic lows associated with alteration which are known to be associated with uranium deposits. Given that these are the first drill holes on Stallion’s projects, data collected from each drill hole is actively being used to adjust and fine tune the next drill hole to enhance the outcomes of uranium mineralization. Stallion will be announcing any anomalous scintillometer results from the program as a preliminary indication of the presence of radioactive materials if they are encountered. Final assay results will be released when available and are expected in the summer of 2024 after lithogeochemical analysis is completed.
Stallion and Atha Energy JV Project - Stallion completed the largest single airborne geophysical survey in the southwestern Athabasca basin, as announced on February 22nd. This survey was able to uncover over 560km of conductive trends, a significant achievement in adding several new high priority target areas that could have the potential to host uranium mineralization. The preliminary results were released from the survey and the team is now working with Convolutions Geoscience to take the data through advanced processing and modeling. The advanced interpretation will allow for Stallion to pragmatically prioritize the key target areas for additional survey work as the target areas move along Stallion’s roadmap of discovery. The preliminary data indicate that these additional areas will provide the company with several tier one targets for drill testing.
Gunter Lake Project - Stallion has completed an airborne gravity survey over its 100% owned Gunter Lake project that was announced on January 31st. This survey utilized the latest technology to record the density in the underlying rocks and has now started to be processed. This data when compiled with VTEM survey data over the entire project and MobileMT data over the Coyote target will be interpreted to find the most prospective areas for drill targeting. Providing the company with further high priority target areas and potential drill ready targets.
Upper Mirror River Project - Stallion staked 6 new mineral claims this year, half announced January 17th and the remaining on February 28th, giving the company a new 100% owned, highly prospective project, covering 31,645 hectares. This project was staked to cover the extensions of conductive corridors that were newly discovered as part of the regional airborne survey completed over the Atha JV project. In uncovering unknown conductive trends Stallion continues to build on its advantage of completing the first effective survey work at scale across much of the southwestern Athabasca Basin. Stallion is evaluating the next steps across this project as it believes it will hold several kilometre long conductive corridors and when aligned with magnetic lows signatures are known to correlate with uranium mineralization, providing the company with additional high priority target areas. CONTINUED… Read these full press releases and more news for Stallion Uranium at: https://www.financialnewsmedia.com/news-stud/
Other recent developments in the mining industry of note include:
enCore Energy Corp. (NASDAQ: EU) (TSXV: EU), a domestic uranium producer, recently announced the highest grade drill results to date since drilling activities restarted from the Alta Mesa Project in South Texas. These results significantly exceed the cutoff grade thickness requirements for In-Situ Recovery ("ISR") of uranium. The Company also reports that work to advance the Alta Mesa Uranium Central Processing Plant and Wellfield ("Alta Mesa") towards production is advancing on schedule.
Paul Goranson, enCore Energy's Chief Executive Officer, stated: "We are extremely pleased with the drilling results from Alta Mesa. Cutoff grade thickness for ISR operations in Texas are generally 0.3 GT for economic extraction. With drilling returning a significant number of GTs in production delineation holes in excess of 3.0 with a high of 8.4, we are becoming increasingly optimistic that our contained uranium will exceed estimates contained in the 2023 technical report that cited GTs averaging 0.59 to 0.68 for each of the specific ore horizons. Indeed, we are confirming higher grade portions of the mineralized zone than initially estimated from broader spaced drilling as proposed in the 2023 technical report. Having directed the initial development and operation of Alta Mesa for a private company in 2005, I have observed that this project has historically consistently exceeded expectations. We look forward to returning Alta Mesa to production in the coming weeks."
Skyharbour Resources Ltd.’s (OTCQX: SYHBF) (TSX-V: SYH) partner company Azincourt Energy (“Azincourt”), recently announced that mobilization is set to begin later this week for the 2024 winter drill program at the East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada.
Azincourt is undertaking a drill program for the winter of 2024, consisting of up to 1,500 meters of drilling in a maximum of five (5) diamond drill holes. The priority will be to follow up on the clay alteration zone with elevated uranium that was identified in the winter of 2023 with a focus on the area of transition between the K and H Zones.
Uranium Energy Corp (NYSE American: UEC) recently reported drill results from its Roughrider Project located in Northern Saskatchewan, Canada. Both exploration and metallurgical sample drilling have been successful at intersecting uranium mineralization.
Chris Hamel, Vice President Exploration, Canada stated: "Roughrider is a world-class project with untapped potential for resource expansion and we're pleased to confirm this with the discovery of high-grade mineralization between the East and West Zone deposits. The drilling program will continue through the winter and focus on exploration for additional uranium that is outside the existing mineralized zones decades of hands-on experience in the key facets of uranium exploration, development and mining."
ATHA Energy Corp. (OTCQB: SASKF) (TSX.V: SASK), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts in the world, recently announced plans for its 2024 Exploration Program. At the 100%-owned Angilak Project in Nunavut, the Company will focus on diamond drilling with the objective of deposit expansion and discovery. In the Athabasca Basin, the Company will be further advancing nine of its 100%-owned projects through a combination of ground and airborne geophysical surveys. The objective of the Athabasca Basin Program is to continue to mature ATHA’s geological understanding within each of its projects, increasing the probability of discovery and optimise capital expenditure during future drill campaigns.
Additionally, subject to the completion of the Company’s proposed scheme of arrangement (the “Scheme”) with 92 Energy Limited (ASX: 92E) ("92E”), development of 92 Energy’s projects, such as Gemini, which hosts the recently discovered high-grade GMZ showing, will be incorporated into the into the Company’s Athabasca Basin Exploration Program. The Company will provide an update inclusive of drilling plans for the Gemini project, post closing of the Scheme.
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