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Energy Fuels Inc.
Summary
| Project: | Canyon Mine | |
|---|---|---|
| Deposit: | Canyon Mine | |
| Location: | United States | |
| Commodities: | Uranium | |
| Date: | 10/27/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 27-10-2016: Energy Fuels Inc. announces an Exploration/Drilling Update report for its Canyon Mine deposit at the Canyon Mine project. Drilling results incl. 17.67m @ 9.44% Cu, 0.17% U3O8. Energy Fuels Inc. (NYSE MKT: UUUU; TSX: EFR) (“Energy Fuels” or the | |
| Resources: | (Resource, Inf.): 83000t @ 0.98% eU3O8 for 1.63Mlbs U3O8 contained at Canyon deposit | |
| CP/QP: | [Overall Report]: Stephen P. Antony (Internal) | |
| ABSTRACT: | Energy Fuels Inc. (NYSE MKT: UUUU; TSX: EFR) (“Energy Fuels” or the “Company”), a leading producer of uranium in the United States, is pleased to report that it has discovered an extensive system of highgrade copper mineralization at its 100%-owned Canyon Mine in northern Arizona. As previously announced, the Company is currently evaluating the Canyon deposit to expand and upgrade the uranium resources. The Canyon Mine is the highest-grade uranium mine in the U.S., and based on uranium recovery alone, the Company expects production costs from the Canyon Mine to be competitive with the best underground uranium mines globally, including mines in Canada, based on industry-published cost estimates. However, now that extensive high-grade copper mineralization has been discovered within the deposit – with exploration results to date averaging 8.75% Cu and one intercept hitting 5-feet of 31.69% Cu – the Company is now expanding the scope of the evaluation of the Canyon deposit to analyze recovering copper as a byproduct of uranium recovery, which has the potential to make the economics of the Canyon Mine even better. As a part of the current evaluation, the Company is completing the production shaft to a planned depth of 1,470-feet and conducting an underground drilling program. At the current time, the shaft is at a depth of approximately 1,250-feet, and underground drilling is currently occurring on the second of the three planned levels. As previously announced, the Company completed a fifteen hole subsurface angled core drilling program from the 1st level that intercepted several large and high-grade areas of uranium mineralization, including 8.5-feet with an average grade of 6.88% eU3O8, 48.0-feet with an average grade of 1.02% eU3O8, and 35-feet with an average grade of 1.39% eU3O8. | |
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