GUE drill results from its US uranium project.

Yesterday, our uranium Investment Global Uranium & Enrichment (ASX: GUE) published drill results from its US uranium project.

GUE is currently in the middle of a drill program at one of its three projects in the USA.

The most advanced is GUE’s Tallahassee project in Colorado which has a JORC resource of 52.2M lbs of uranium - there, GUE recently finished a resource upgrade and is commencing scoping studies.

Yesterday’s drill results were from GUE’s second most advanced project - Maybell which is pre-resource but has an exploration target of 4.3 - 13.3M lbs of uranium.

GUE’s exploration target was based on grades between 587-1,137ppm so from the drill results we were hoping GUE was able to hit intercepts with grades close to that upper range.

We think GUE’s results to date have been pretty strong with heaps of intercepts where grades are well above that upper range.

Here is the latest batch of results:

And here is what it looks like as a cross-section:

GUE mentioned that the “drill program is close to being finalised with the results of the final holes to be announced shortly” which means we should be close to a maiden resource on the project soon.

This resource would be GUE’s second across its US-based uranium projects announced this year.

GUE is also an enrichment exposure for us

GUE owns 21.9% of a private uranium enrichment technology company - Ubaryon.

Ubaryon’s tech is classified so it's hard to know what to expect next.

But because of the importance of uranium enrichment technology, we think that GUE’s exposure to the technology is quite valuable.

ASX listed Silex owns ~51% of a uranium enrichment company and Silex is valued at $1.1BN.

IF Ubaryon is proven to be a commercially viable enrichment technology, then it could be a company making asset for GUE.

What’s next for GUE?

🔲 Maybell JORC Resource (coming months)

Upon completing the current drill program, GUE plans to prepare a maiden mineral resource estimate for Maybell.

Depending on the resource size and economics, next steps could potentially include additional drilling in 2025 and a scoping study to evaluate development options.

🔄~52Mlb Resource Scoping study (coming months)

A Scoping Study is due shortly at GUE’s advanced ~52Mlb JORC resource in another part of Colorado.

GUE indicated in September that the scoping study is due in the “coming months”.

🔄Further updates on uranium enrichment technology (Ubaryon)

We want to see Ubaryon de-risk its enrichment technology both operationally and from a regulatory perspective.

At the same time we are hoping Ubaryon is successful in getting funding either via an Australian Federal government grant or through the US$700M program made available by the US Department Of Energy (DOE).