Global Uranium's Promising Drilling Results at Maybell Uranium Project
GUE (GUE) Share Update September 2024 Monday 23rd
Global Uranium Announces High-Grade Drilling Results at Maybell Project
Global Uranium and Enrichment Limited (ASX: GUE, OTCQB: GUELF) has announced impressive high-grade drilling results from its maiden drill program at the Maybell Uranium Project in Colorado, USA.
Instant Summary:
- Significant high-grade uranium results from maiden drill program.
- Key intersections include 4.6m at 0.30% U3O8 and 2.4m at 0.539% U3O8.
- Maybell is a historic uranium district with 5.3 million pounds of past production.
- Ongoing drilling to be completed by the end of September.
- Plans for JORC compliant resource estimate combining new and historical data.
Drilling Program Overview
Global Uranium and Enrichment Limited has reported assay results for nine additional holes from its maiden drill program at the Maybell Uranium Project. The project, located in Colorado, USA, is showing promising high-grade uranium mineralization. To date, a total of 11 holes have been completed, with the drilling program expected to conclude by the end of September.
One of the most notable results came from drill hole MB-005, which returned 4.6 meters at 0.30% U3O8 from 85.0 meters, including 2.4 meters at 0.539% U3O8 from 85.2 meters. These high-grade results, along with other strong findings, reinforce the potential of the Maybell project as a significant uranium source in North America.
Detailed Results
The ongoing drilling has intersected shallow high-grade uranium mineralization, with key intersections including:
- 4.6m at 0.30% U3O8 from 85.0m in MB-005, including 2.4m at 0.539% U3O8 from 85.2m
- 4.8m at 0.095% U3O8 from 77.7m in MB-012
- 11.9m at 0.056% U3O8 from 85.3m in MB-012
- 1.5m at 0.231% U3O8 from 79.2m in MB-006
- 4.8m at 0.040% U3O8 at 84.0m in MB-007
- 3.5m at 0.046% U3O8 from 69.8m in MB-008
- 2.5m at 0.164% U3O8 from 73.4m in MB-010
Project Potential
The Maybell Uranium Project is situated in a recognized uranium district with historical production of 5.3 million pounds of U3O8. The high-grade mineralization identified at Maybell is hosted in the Upper Brown’s Park Formation, where historical production was concentrated. The ongoing drilling results continue to intersect high-grade mineralization outside the historic open pit mines.
Global Uranium plans to produce a JORC compliant resource estimate that combines the new drill results with historical data. This estimate, along with 3D modeling work, will be reviewed over the coming months. The company expects to generate new drill targets to expand known mineralization, test extensions along strike, and explore new targets in the district.
The high-grade drilling results from Maybell are likely to positively impact Global Uranium's stock as they demonstrate the project's potential for significant uranium production. The results reaffirm the company's position in the North American uranium sector and could attract further investment and interest from the market.
Investor Reaction:
Analysts are expected to react positively to the high-grade results, recognizing the potential for substantial resource growth at Maybell. The ongoing success of the drilling program and the upcoming JORC compliant resource estimate will be closely watched by investors and analysts alike.
Conclusion:
Investors should keep an eye on Global Uranium's developments at the Maybell Uranium Project. The high-grade results and the upcoming resource estimate could significantly enhance the company's valuation and market position. Stay tuned for further updates as the drilling program progresses and new targets are identified.