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Energy Fuels Inc.
Summary
| Project: | Canyon Mine | |
|---|---|---|
| Deposit: | Canyon Mine | |
| Location: | United States | |
| Commodities: | Uranium | |
| Date: | 12/28/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-12-2016: Energy Fuels Inc. announces an Exploration/Drilling Update report for its Canyon Mine deposit at the Canyon Mine project. Drilling results incl. 8.69m @ 2.41% eU3O8. Energy Fuels Inc. (NYSE MKT: UUUU; TSX: EFR) (“Energy Fuels” or the “Company” | |
| Resources: | (not mentioned in this report) | |
| 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 announce that it has intercepted additional high-grade areas of uranium mineralization at its Canyon Mine, a fully-permitted conventional underground mine being developed in northern Arizona. These new intercepts, including 28.5 feet of mineralization with an average grade of 2.41% eU3O8, further expand the mineralized zone at the mine. While dynamic in nature, the image depicts the current uranium envelope (at greater than 0.15% eU3O8), along with the status of the 8’ x 20’ production shaft currently being constructed at the Canyon Mine. The Company previously announced drilling results from the first mine level (1,000 feet below surface) in August and October 2016, including the discovery of high-grade copper. Drilling from the second mine level (1,230 feet below surface) started in November 2016, and to date 5,922 feet of drilling has been completed in a total of 35 holes (25 percussion and 10 core holes) up to the current pause during 2 the Holidays. On January 3rd, core drilling is expected to resume, and the Company plans to drill approximately 11,000 additional feet in the New Year. This news release focusses solely on certain eU3O8 results gathered through gamma analysis. Sampling and analysis is also ongoing for the latest core drill holes, and the Company expects to report on those results, including uranium, copper, and silver mineralization, later in January 2017. The Company is currently awaiting assay results for over 860 samples, representing two- and four-foot core intercepts, taken from both the first and second mine levels. The assay analysis is being performed at the Company’s White Mesa Mill near Blanding, Utah, with a portion of these samples being verified by an independent third-party laboratory. The Company is also evaluating the potential to process copper and silver mineralization currently being identified in the deposit into marketable products at the White Mesa Mill, as co-products of uranium recovery. | |
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