Global Uranium and Enrichment (ASX:GUE) (formerly Okapi Resources) is laying the foundations for a targeted drilling program to test extensions of ‘high-grade’ zones at its Maybell Uranium Project in Colorado, US.
The $19.14 million market capitalisation company says the preparation of exploration permit applications is in progress, with these to be submitted in Q1 2024.
Global Uranium says the planned drilling follows the delivery of an exploration target estimate of 4.3 to 13.3 million pounds of triuranium octoxide (U3O8) at a grade of between 587 parts per million (ppm) and 1,137ppm U3O8.
This exploration target estimate has been established following an ‘extensive’ data review of over 3,000 mineralised drillholes.
Moreover, the target only incorporates ‘high-grade’ material in the Upper Browns Park Formation, below and around the historic open pits, demonstrating the ‘significant’ potential for further expansion.
Global Uranium reports that further expansion is also supported by the presence of additional ‘thick’ and lower-grade uranium mineralisation that occurs at depth in the Lower Browns Park Formation, which is not included in the target.
Managing Director Andrew Ferrier says the target reflects the company’s view of a ‘significant’ potential of the orebody.
“We continue to be very excited about the potential of our Maybell Uranium Project following the outcome of these extensive data reviews. The Exploration Target completed this year has given us fresh insight into the potential and upside of the district which has already produced nearly 5.3Mlbs of uranium.”
“The Exploration Target completed this year has given us fresh insight into the potential and upside of the district which has already produced nearly 5.3Mlbs of uranium”
Global Uranium and Enrichment provides exposure to uranium exploration, development, and enrichment amid a nuclear energy renaissance.
The company’s Maybell Project sits in Colorado, US, and was a previously operating mine with historical production of about 5.3 million pounds (Mlbs), including 4.3Mlbs at 1,300ppm U3O8.
As of 30 September 2023, Global Uranium and Enrichment had $1.708 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Global Uranium and Enrichment
