Global Uranium and Enrichment (ASX:GUE) has confirmed the strong potential of the Maybell Uranium Project in Colorado, US, after receiving results from the first two drillholes.
The first two holes were designed to test the shallow high-grade mineralisation and the potential for deeper mineralisation in the Lower Browns Park Formation.
Global Uranium, which has a market capitalisation of $15.94 million, says some of the results returned include 17m @ 0.166% triuranium octoxide, including 8.2m @ 0.253% triuranium octoxide; and 9.9m @ 0.067% triuranium octoxide, including 1.2m @ 0.368% triuranium octoxide.
Managing Director Andrew Ferrier says initial drilling at Maybell has identified high-grade mineralisation, demonstrating the project’s growth potential.
“The team is focused on efficiently completing the remaining holes, assessing results and building upon our strategic objectives at Maybell,” Ferrier says.
“Importantly, Maybell’s strong history of production, coupled with these initial results, indicates that historical grades and outcomes may indeed be replicable. We look forward to providing further updates as the drilling program progresses.
“Looking ahead, building on the success of our Tallahassee drilling program and early success at Maybell, the company is in a great position to continue to grow both projects in size and scale and work towards the primary objective of positioning Global Uranium to become a key supplier to bolster US domestic uranium and nuclear energy supply chains.”
The current drilling program is continuing and further results are expected to be reported once they become available. Drilling will be completed in mid-September.
Once drilling is completed, the results will be interpreted and next steps will be planned with the anticipation that further drilling will be required at Maybell.
Global Uranium and Enrichment is an Australian explorer focused on developing its portfolio of advanced uranium assets in prolific uranium districts in the US and Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Global Uranium and Enrichment
