Anson Resources Moves Forward with Drilling Plans at Yellow Cat Project

Drilling Plans

Anson Resources Limited has submitted a Notice of Intent (NOI) to the Bureau of Land Management (BLM) and the Utah Division of Oil, Gas and Mining (UDOGM) to commence an exploration drilling program at its Yellow Cat Uranium and Vanadium Project in the Thompson District, south-eastern Utah, USA. The drilling program will include 24 exploratory holes to test a 2km strike extension following the east-west mineralized trend from the Windy Point Mine to the Mineral Treasure Mine.

The mineralization trend is shallow or comes to the surface, resulting in shallow drilling and minimal disturbance. The company believes this supports continued low-cost exploration.

Environmental and Cultural Surveys

Environmental and cultural surveys over the proposed exploration area have been completed, with minor alterations required for drillhole locations. The surveys determined that the proposed project would not directly impact any special status plant species (SSS) and that the cliffs and rocky outcrops within ½ mile of the proposed drill sites are poor nesting habitats for birds.

Anson plans to commence drilling following the receipt of regulatory approvals. The initial drilling program consisted of 28 exploratory holes, but four locations were removed due to the proximity of historical mining activity, resulting in a total of 24 exploratory holes.

Previous Sampling Results

Previous sampling at the Yellow Cat project has yielded high-grade values, including up to 10.33% U3O8 and 25.6% V2O5. These results were obtained through field XRF analysis and laboratory assays at ALS in Reno and Vancouver. The mineralization is consistent with uranium and vanadium mineralization within the Salt Wash Member of the Morrison Formation.

Project Background

The Yellow Cat project is located within the Colorado Plateau physiographic region, an area that has seen significant new interest due to recent increases in uranium prices and industry support from the United States government. The U.S. is currently the largest consumer of uranium, while domestic production is almost non-existent. In late 2020, the U.S. government approved the establishment of a national strategic uranium reserve.

The Thompson District hosted numerous mines that exploited uranium and vanadium from the late 1800s until the early 1980s. Historical and current production in this region is supported by the White Mesa mill, the only conventional fully licensed and operational uranium/vanadium mill in the United States, owned by Energy Fuels Inc.