Global Uranium And Enrichment Drilling Hits High Grades In Colorado

Global Uranium and Enrichment Ltd (ASX: GUE) (OTCQB: GUELF) has revealed high-grade uranium results from the first two drill holes at the Hansen Deposit.

Hansen is located within GUE’s Tallahassee Uranium Project in Colorado, United States.

Highlight results include:

  • TC2401: 24.9m (metres) at 0.12% U3O8 (triuranium octoxide) from 154m, peaking at 9.1m at 0.23% U3O8; and
  • TC2402: 3.7m at 0.12% U3O8 from 132m.

Significantly above average grade

The results from both holes (TC2401 and TC2402) were significantly higher than expected relative to historical drilling.

Moreover, the results were significantly above the average resource grade of 0.061% U3O8 at Hansen.

“Busy second half of 2024”

GUE Managing Director Andrew Ferrier said: “We look forward to announcing further progress of our drill campaign at Tallahassee.

“Together with Global Uranium’s maiden drill program at our high-grade Maybell Project scheduled for this North American summer, we are embarking on a busy second half of 2024, which will see the delivery of regular updates to the market.

“With the support of increasingly prevalent supply constraints, a strong commodity price, global recognition of nuclear power as the leading clean energy source and growing recognition of the importance in securing U.S. domestic supply chains, Global Uranium is positioned for an exciting year ahead.”

Next steps

GUE anticipates completing its drill program at Tallahassee in late June 2024.

In order to analyse the variability of the orebody, the holes will be drilled amid the existing historical holes.

This data will then be used to support a scoping study due in Q3 2024.

GUE held cash reserves at the end of the March quarter of ~A$6.2 million.

  

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