GUE releases uranium intercepts

Today, our North American uranium Investment, Global Uranium and Enrichment (ASX: GUE) released thick high grade intercepts from its drill program in Colorado, USA.

The drilling, which is designed to support a scoping study due next quarter, turned up the following results:

(Source)

These results confirm what we already know about GUE’s 49.8m lbs JORC resource - that is one of the largest undeveloped uranium resources in the US.

GUE noted that these types of grades are rarely seen outside of the Athabasca Basin - which is home to some of the worlds highest grade uranium projects and produces ~20% of the world’s uranium.

The US has the world’s largest nuclear fleet and the US DOE has a stated aim of dramatically increasing domestic US production of uranium, particularly in the wake of a ban on Russian uranium imports:

(Source)

With the uranium price holding up well near the US$90/lb mark, we think that the upcoming scoping study should deliver good economic values:

(Source)

Here’s what we’re looking for from GUE right now:

Drilling at Tallahassee project (advanced JORC resource) 🔄

Drilling has commenced in the Tallahassee project, with GUE expecting this drilling to be completed in June.

Results from the drill program will then be incorporated into the Scoping Study which will be completed in Q3 2024.

Drill permits pending for Maybell project:🔄

Drilling is expected to commence at this brownfields uranium project in August 2024, where GUE has an exploration target of 4.3 - 13.3Mlbs.

Historical grades and intercepts at this project are high and we think large enough to warrant a

significant drill program (one hit was 7.3m at 2,200ppm).

GUE is planning for a 40 hole program at Maybell.

Good hits from this project shape as a potential catalyst for GUE and may catch the market off guard, if positive.

Further updates on uranium enrichment technology (Ubaryon) 🔄

At the fundamental level we want to see Ubaryon de-risk its enrichment technology both operationally and from a regulatory perspective:

🔲 Further validation and extend the enrichment performance (show how well it works)

🔲 Achieve continuous operation at bench scale (scale up process)

🔲 Regulatory approvals

We are hoping Ubaryon is successful in getting funding either from the Australian Federal government grant or through the US$700M program made available by the US Department Of Energy (DOE) .