Global Uranium and Enrichment Limited (ASX:GUE) has begun a maiden exploration drill programme at its 100% owned Maybell Uranium Project in Colorado, USA.
The 40-hole, 4,000m drill program is expected to be completed within 30-45 days and has been designed to evaluate shallow high-grade mineralisation and test reported large lower-grade mineralisation in the Lower Browns Formation.
“The commencement of drilling at our Maybell Uranium Project is a key milestone as we work rapidly to advance the project and plan to establish a JORC Mineral Resource Estimate,” Managing Director, Andrew Ferrier, said.
“Our extensive review of the historic drill hole database has indicated potential for unmined mineralisation around the historic open pits which supported our initial Exploration Target.
The fundamentals and need for uranium remain strong with constraints in the market continuing to amplify in recent months.
“With the rapid progress being made across our portfolio, Global Uranium is well-positioned to continue to advance and deliver into this growing uranium market.”
Maybell – Exploration Target
In December 2023, an Exploration Target range at Maybell was established following the completion of an extensive data review. The Exploration Target was limited to areas around historic pits incorporating only a small portion of entire project area.
The Lower Browns Park Formation has been reported by earlier explorers as exhibiting thick, lower-grade mineralisation, which has also not been included in the Exploration Target.
The Maybell Uranium Project has historical production of 5.3 million pounds of U3O8 (average grade 1,300ppm).
