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Recently, there has been more focus on alternative energy sources and a revisited use of nuclear power as a larger part of the solution. Market Business Insider on Yahoo discussed this saying that: “Uranium stocks are on the move as more and more country leaders are appreciating the benefits of nuclear power amid a global energy crisis. The potential renaissance in nuclear power comes six months after Russia invaded Ukraine, sparking a surge in energy prices as economic sanctions against Russia’s oil markets piled up and as Russia slowed its exports of natural gas to Europe to a trickle.” It said: “Nuclear power is a clean form of energy production when the uranium waste is properly stored, and its relatively cheap to operate after the power plant has been built. Understanding this predicament, Belgium has become the latest country, joining the US, France, and others, to extend the licenses of two of its nuclear power plants. And in what could become a major turning point for nuclear power, Japan has signaled an openness to building new power plants more than a decade after a devastating tsunami damaged the Fukushima nuclear power plant.”
The article continued: “That nuclear disaster sparked a global movement away from nuclear reactors, with Germany especially moving towards the swift retirement of nuclear power. Now it’s dealing with the consequences as electricity prices jump ten-fold in less than a year. Japanese Prime Minister Fumio Kishida said last week that the country would evaluate the potential build of new nuclear power plants and restarting idled plants to prevent its electricity grid from becoming overwhelmed with strong demand and little supply. Tesla CEO Elon Musk is applauding the move back towards nuclear. In response to a Twitter post of a Wall Street Journal article talking about the revitalized nuclear power sector, Musk said “wise actions.”
BASIN URANIUM CORP. BREAKING NEWS: BASIN URANIUM COMMENCES PHASE TWO DIAMOND DRILLING PROGRAM AT MANN LAKE – BASIN URANIUM CORP. (“Basin Uranium” or the “Company”) is pleased to announce the commencement of a Phase two diamond drilling program at its Mann Lake project located 25 km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco’s Millennium uranium deposit.
Highlights
“We are excited to be back at Mann Lake for phase two drilling.” Commented Mike Blady, CEO of Basin Uranium. “Our fully funded fall program will build off of our spring and summer exploration work and will continue to vector towards additional mineralization hosted on the project.” CONTINUED… Read the BASIN URANIUM full press release by going to: https://basinuranium.ca/news/
In other news and developments of note in the markets this week:
Denison Mines Corp. recently reported that drill hole WF-74A intersected 4.75% eU3O8over 13.3 metres (0.05% eU3O8 cut-off), including a sub-interval grading 25.23% eU3O8 over 0.5 m, as part of the recently completed summer exploration program at the Waterfound River property (“Waterfound”).
Uranium mineralization was encountered in three of the seven drill holes completed during the summer exploration program, following up on the winter 2022 discovery of high-grade mineralization approximately 800 metres to the west of the Alligator Zone. The discovery from the winter 2022 program was highlighted by drill hole WF-68, which returned a mineralized interval of 5.91% eU3O8 over 3.9 metres (see press release dated March 29, 2022). Figure 1 and Figure 2 depict the location of the Alligator Zone and the 2022 summer drilling, respectively.
Rio Tinto Group Rio Tinto (54 per cent) and China Baowu Steel Group Co. Ltd (Baowu) (46 per cent) have recently agreed to enter into a joint venture with respect to the Western Range iron ore project in the Pilbara, Western Australia, investing $2 billion ($1.3 billion Rio Tinto share1) to develop the mine.
Western Range’s annual production capacity of 25 million tonnes of iron ore will help sustain production of the Pilbara Blend from Rio Tinto’s existing Paraburdoo mining hub. The project includes construction of a primary crusher and an 18 kilometre conveyor system linking it to the existing Paraburdoo processing plant. Construction is expected to begin in early 2023 with first production anticipated in 2025. The construction phase will support approximately 1,600 jobs with the mine requiring about 800 ongoing operational roles which are expected to be filled by existing workers transitioning from other sites in the Paraburdoo mining hub.
Uranium Energy Corp recently announced that it has filed a Technical Report Summary (“TRS”) on EDGAR disclosing updated mineral resources for the Company’s Wyoming ISR Hub and Spoke Project (the “Project”).
Background: As a U.S. domestic and domiciled company, UEC is now reporting all mineral resources in accordance with Item 1302 of Regulation S-K (“S-K 1300”); S-K 1300 was adopted by the Securities and Exchange Commission (the “SEC”) to modernize mineral property disclosure requirements for mining registrants and to align U.S. disclosure requirements more closely for mineral properties with current industry and global regulatory standards; and The mineral resource estimates set forth in this TRS for Charlie, Clarkson Hill, Nine Mile and Red Rim have not previously been reported under the S-K 1300 format. The remaining resources were reported on April 5, 2022.
The TRS was prepared under S-K 1300 and was filed on September 14, 2022 with the SEC through EDGAR on Form 8-K and is also available on SEDAR as a “Material Document” filed on September 14, 2022. The TRS was prepared on behalf of the Company by WWC Engineering, of Sheridan, Wyoming.
American Resources Corporation, a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, recently announced that its majority owned subsidiary, ReElement Technologies LLC, has commenced engineering, planning and development for its second lithium-ion battery and rare earth magnet recycling and metal recovery facility utilizing its patented chromatography technology to produce 99.9%+ pure critical battery material and 99.5%+ rare earth elements.
Mark Jensen, Chief Executive Officer of American Resources Corporation commented, “The opportunity to continue the growth of our ReElement division is real and present given the demand for domestically produced battery and magnet grade materials. With the recent passing of the Inflation Reduction Act and the rapid adoption of electric vehicles the demand for such products is seeing rapid grow, and the versatility of our technology enables us to move quickly and cost effectively to provide a real solution. Beyond this facility, we are in numerous discussions on potential joint venture opportunities for customized, co-located facilities in both the United States and Europe. Given the minimal environmental and land footprint required of our process, we can efficiently expand our operations as the supply of end-of-life materials expands versus overbuilding and running inefficiently in the early years, but also expand rapidly in the out years as the market and feedstocks expand. Additionally, given our corporate structure, we have the ability to finance this project through non-dilutive sources at the ReElement level.”
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