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TORONTO, Oct. 10, 2023 (GLOBE NEWSWIRE) — Consolidated Uranium Inc. (“CUR”, the “Firm”, “Consolidated Uranium”) (TSXV: CUR) (OTCQX: CURUF) is happy announce the completion of the preliminary section of drilling at its 100%-owned Tony M Uranium Mine (“Tony M”) in southeastern Utah, as beforehand introduced in a information launch dated June 28, 2023. Tony M is certainly one of three previous producing uranium mines in Utah owned by CUR, and is a large-scale, totally developed and permitted underground mine that beforehand produced almost a million kilos of U3O8 throughout two completely different durations of operation from 1979-1984 and from 2007-2008.
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The Firm has accomplished 21 of the as much as 59 proposed mixed typical rotary and core holes, for about 16,240 ft of drilling (Determine 1). The 2023 program is designed to extend the density of drill holes, as a way to improve “Inferred” mineral sources (as decided by the SLR Worldwide Company of their 2022 Technical Report on the Tony M mission) to the “Indicated” mineral useful resource class and develop an in depth understanding of the distribution of vanadium mineralization within the deposit. Traditionally, there was little or no investigation of the vanadium potential at Tony M. CUR’s affirmation drill program in 2022 confirmed V2O5/U3O8 ratio ranges from a median of 1:1 to better than 17:1 at numerous localities that inside the mine space (see press launch dated December 13, 2022).
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The drill core recovered from this section of drilling has been cut up, logged, and sampled, and the samples have been submitted to American Assay Labs in Reno for analytical willpower of uranium and vanadium concentrations. Outcomes are pending and shall be detailed in a future information launch. Outcomes obtained from the primary section of 2023 drilling shall be utilized to prioritize further drilling on the mission and are anticipated to information technical research together with a Preliminary Financial Evaluation.
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The Firm is constant to advance plans to reopen the underground mine workings in preparation for a possible restart of Tony M. This work program consists of updating mine air flow and escape plans, upkeep of the prevailing air flow followers, surveying of the underground mine workings, rehabilitation of mine workings and floor help, and upgrading of utilities.
Determine 1: Plan view map of the Tony M Mine with 2023 drill holes
About Tony M Mine
Tony M is situated in japanese Garfield County, southeastern Utah, roughly 66 air miles (107 kilometers) west northwest of the city of Blanding and 215 miles (347 kilometers) south-southeast of Salt Lake Metropolis. The mission is the location of the Tony M underground uranium mine that was developed by Plateau Sources, a subsidiary of Client’s Energy Firm, within the mid- Seventies. Uranium and vanadium mineralization at Tony M is hosted in sandstone models of the Salt Wash Member of the Jurassic age Morrison Formation, one of many principal hosts for uranium deposits within the Colorado Plateau area of Utah and Colorado.
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Tony M has been estimated to comprise the next mineral sources:
Desk 1: Abstract of Mineral Sources – Efficient Date September 9, 2022
| Classification | Tons (quick tons) |
Grade (% eU3O8) |
Contained Steel (lbs. eU3O8) |
| Indicated | 1,185,000 | 0.28 | 6,606,000 |
| Inferred | 404,000 | 0.27 | 2,218,000 |
Notes:
- Supply: Technical Report on the Tony M Venture, Utah, USA Report for NI 43-101, ready for Consolidated Uranium, Inc. by SLR Worldwide Company; Mark B. Mathisen, Certified Particular person, Efficient Date September 9, 2022.
- CIM (2014) definitions have been adopted for all Mineral Useful resource classes.
- Uranium Mineral Sources are estimated at a cut-off grade of 0.14% U3O8.
- The cut-off grade is calculated utilizing a steel value of $65/lb U3O8.
- No minimal mining width was utilized in figuring out Mineral Sources.
- Mineral Sources are primarily based on a tonnage manufacturing facility of 15 ft3/ton (Bulk density 0.0667 ton/ft3 or 2.14 t/m3).
- Mineral Sources usually are not Mineral Reserves and would not have demonstrated financial viability.
- Previous manufacturing (1979-2008) has been faraway from the Mineral Useful resource.
- Totals could not add attributable to rounding.
- Mineral Sources are 100% attributable to CUR and are in situ.
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Certified Particular person
The scientific and technical data contained on this information launch was reviewed and permitted by Dean T. Wilton: PG, CPG, MAIG, a marketing consultant of CUR who’s a “Certified Particular person” (as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives).
About Consolidated Uranium
Consolidated Uranium Inc. (TSXV: CUR) (OTCQX: CURUF) was created in early 2020 to capitalize on an anticipated uranium market resurgence utilizing the confirmed mannequin of diversified mission consolidation. To this point, the Firm has acquired or has the suitable to amass uranium tasks in Australia, Canada, Argentina, and the US every with vital previous expenditures and engaging traits for improvement.
The Firm is presently advancing its portfolio of permitted, past-producing typical uranium and vanadium mines in Utah and Colorado, with a toll milling association in place with Vitality Fuels Inc., a number one U.S.-based uranium mining firm. These mines are presently on stand-by, prepared for speedy restart as market circumstances allow, positioning CUR as a near-term uranium producer.
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For Extra Info, Please Contact:
Philip Williams
Chairman and CEO
pwilliams@consolidateduranium.com
Toll-Free: 1-833-572-2333
Twitter: @ConsolidatedUr
Neither TSX Enterprise Alternate nor its Laws Providers Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.
Cautionary Assertion Relating to “Ahead-Wanting” Info
This information launch accommodates “forward-looking data” inside the that means of relevant Canadian securities laws. “Ahead-looking data” consists of, however is just not restricted to, statements with respect to actions, occasions or developments that the Firm expects or anticipates will or could happen sooner or later together with, however not restricted to, the anticipated outcomes of the 2023 drill program; the objective of upgrading the classification of inferred mineral sources; plans to outline the vanadium potential of the deposi;t the Firm’s plans to restart Tony M; and the Firm’s ongoing marketing strategy, sampling, exploration and work packages. Usually, however not at all times, forward-looking data and statements will be recognized by way of phrases similar to “plans”, “expects”, “is anticipated”, “price range”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the unfavorable connotation thereof or variations of such phrases and phrases or state that sure actions, occasions or outcomes “could”, “may”, “would”, “may” or “shall be taken”, “happen” or “be achieved” or the unfavorable connotation thereof. Such forward-looking data and statements are primarily based on quite a few assumptions, together with that basic enterprise and financial circumstances won’t change in a fabric adversarial method, that financing shall be accessible if and when wanted and on affordable phrases, and that third celebration contractors, tools and provides and governmental and different approvals required to conduct the Firm’s deliberate exploration actions shall be accessible on affordable phrases and in a well timed method. Though the assumptions made by the Firm in offering forward-looking data or making forward-looking statements are thought-about affordable by administration on the time, there will be no assurance that such assumptions will show to be correct.
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Ahead-looking data and statements additionally contain recognized and unknown dangers and uncertainties and different components, which can trigger precise occasions or ends in future durations to vary materially from any projections of future occasions or outcomes expressed or implied by such forward-looking data or statements, together with, amongst others: unfavorable working money stream and dependence on third celebration financing, uncertainty of further financing, no recognized mineral reserves or sources, reliance on key administration and different personnel, potential downturns in financial circumstances, precise outcomes of exploration actions being completely different than anticipated, adjustments in exploration packages primarily based upon outcomes, and dangers typically related to the mineral exploration trade, environmental dangers, adjustments in legal guidelines and laws, group relations and delays in acquiring governmental or different approvals and the danger components with respect to Consolidated Uranium set out in CUR’s annual data kind in respect of the 12 months ended December 31, 2022 filed with the Canadian securities regulators and accessible beneath CUR’s profile on SEDAR at www.sedar.com.
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Though the Firm has tried to establish vital components that would trigger precise outcomes to vary materially from these contained within the forward-looking data or implied by forward-looking data, there could also be different components that trigger outcomes to not be as anticipated, estimated or meant. There will be no assurance that forward-looking data and statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated, estimated or meant. Accordingly, readers shouldn’t place undue reliance on forward-looking statements or data. The Firm undertakes no obligation to replace or reissue forward-looking data on account of new data or occasions besides as required by relevant securities legal guidelines.
A photograph accompanying this announcement is out there at https://www.globenewswire.com/NewsRoom/AttachmentNg/aadd5c26-aaf6-46fe-9b70-07e27c7cd5d9
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