Nuclear Fuels Announces Extensive Drill Program At the Kaycee Uranium Project, Wyoming
process through the use of natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium. The Kaycee Project in Wyoming's Powder River Basin ("PRB") is Nuclear Fuel's priority project, covering a 26-mile mineralized trend with over 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 amenable to 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. With over 3,700 drill holes, historic drilling has confirmed uranium mineralization in all three historically productive sandstones within the PRB, occurring over more than 1000' of vertical section. The majority of the 110 miles of identified roll front mineralization has not been well-explored with drilling concentrated on approximately 10% of the trend. 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 carrying the Kaycee project to production (costs recoverable from production) upon Nuclear Fuels establishing a minimum 15 million pound U3O8 43-101 compliant resource.