Spur zone located 2 miles along trend from Saddle Zone

Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) announced continuing positive results from its on-going drill program at its Kaycee Uranium Project in Wyoming’s Powder River Basin with initial drilling at the Spur zone and continued drilling at the Saddle Zone, lying 2 miles distant from one another along trend, confirming and expanding historic mineralization. The final 2023 drill program results include 3 holes with significant uranium intercepts from the Saddle Zone and 5 holes with significant results from the initial drilling at the Spur Zone. Drill depths ranged from 350 to 600 feet with anomalous mineralization detected in 10 of the 18 holes.

A total of 89 holes were completed during the 2023 drill program. Planning is well advanced for the much larger 2024 drill program expected to commence in early Q2-2024.

Highlights: 

• Spur Zone mineralization was intersected on trend 2 miles northwest of the Saddle Zone with hole SR23-002 returning 3.5 feet of 0.141% U₃O₈ from a depth of 415.5 feet and 4.5 feet of 0.223% U₃O₈ from a depth of 422.0 feet for a combined GT of 1.543. (Grade Thickness or GT is the thickness times the grade; GTs in excess of 0.25 are considered suitable for inclusion in a potential wellfield.)
• Holes SR23-001 and SR23-006 both returned impressive GTs of 0.912 and 0.630 respectively from similar depths.
• Permitting is ongoing to:
  • Expand the area under the Drill Notice with Wyoming Department of Environmental Quality, and
  • Expand the permitted number of drill holes in that program to a minimum of 600 holes in the 2024 drill season.

Michael Collins, Chief Executive Officer, stated: “Drilling 2023 validated and expanded on the robust nature of Kaycee uranium mineralization. The company is well funded and building the 2024 program to test and expand on high priority targets along the over 110 miles of roll fronts identified along the 33 mile long trend we have at Kaycee. Nuclear Fuels will continue to expand and add to its project portfolio as its active research program uncovers more valuable uranium projects.”

Table of Significant Results

To view the Kaycee uranium drill program video please visit: Kaycee Project- Nuclear Fuels (youtube.com).

Kaycee Uranium Project, Wyoming

The Kaycee Project in Wyoming’s Powder River Basin (“PRB”), Nuclear Fuel’s priority project, consists of over 42 square miles of mineral rights over a 33-mile mineralized trend hosting more than 110 miles of identified roll fronts. The Kaycee Project is believed to be the only project in the PRB where all three known historically productive sandstone formations (Wasatch, Fort Union, and Lance) are mineralized and potentially accessible for ISR extraction. The Kaycee Project, under Nuclear Fuels, represents the first time since the early 1980’s that the entire district is controlled by one company.

Nuclear Fuels acquired the Kaycee Project from enCore Energy Corp., which retains a back-in right for 51% of the project by paying 2.5X the exploration costs and financing the Kaycee project to production (costs recoverable from production) upon Nuclear Fuels establishing a minimum 15 million pound U₃O₈ 43-101 compliant resource.

Wyoming is a proven and prolific uranium producer with a pro-energy government and established regulatory regime for the permitting and extraction of uranium through ISR technology. As Wyoming is one of the few “Agreement States” where the federal government and the Nuclear Regulatory Commission have ceded regulatory authority to the state government, permitting and advancing uranium projects is more efficient and streamlined as compared to most other states. Wyoming, with over 250 million pounds of historic production, ranks as the state with the second most uranium production to date; most of which has been through the ISR method since 1990; predominantly from the PRB.

The technical content of this news release has been reviewed and approved by Mark Travis, CPG., a contractor to the Company, and a Qualified Person as defined in National Instrument 43-101.

Drill holes are completed by Single Water Services using a rotary drill rig. Chip samples are collected for lithological logging every five feet. Century Geophysics of Tusla Oklahoma is contracted to conduct downhole gamma ray, resistivity, spontaneous potential, and deviation. Century Geophysics calibrates it’s downhole tools in the US Department of Energy uranium logging Test pits in Casper Wyoming to ensure the accuracy of the down hole gamma ray log measurements.

About Nuclear Fuels Inc.

Nuclear Fuels Inc. is committed to aggressive exploration of district-scale In-Situ Recovery uranium projects in proven and prolific jurisdictions. Focused on its priority Kaycee Project, located in Wyoming’s Powder River Basin, our goal is to advance the project onto a path to production. enCore Energy Corp., under certain circumstances, maintains the right to back-in to 51% ownership by paying the Company 2.5X its exploration expenditures and financing the project to production (recoverable from production). With existing historic resources through a 33-mile trend, 110+ miles of mapped roll-fronts and 3,800 drill holes, Nuclear Fuels has secured the district under one company’s control for the first time since the early 1980’s. Nuclear Fuels also provides a unique model for development of our other uranium projects and has established a pipeline of future opportunities in well established uranium districts.

Drilling at Kaycee Project, Powder River Basin Wyoming (CNW Group/Nuclear Fuels Inc.)