In a news release, Azarga Uranium Corp. (AZZ:TSX; AZZUF:OTCQB) announced it completed an NI 43-101 compliant resource update, increasing the Measured and Indicated (M&I) resources for its Gas Hills uranium project in Wyoming.
"We are extremely pleased with the results of our Gas Hills Project resource update. The scale and confidence of our in situ recovery (ISR)-amenable Gas Hills project resource estimate has established it as a significant deposit in the USA," President and CEO Blake Steele said in the release.
With the update, Gas Hills resources in the M&I category rose 128% to 10.77 million pounds (10.77 Mlb) U3O8 from 4.73 Mlb U3O8. Of the 10.77 Mlb, 72%, or 7.71 Mlb, are M&I ISR resources, with an average grade of 0.101%. Previously conducted hydrology testing at Gas Hills showed resources below the water table to be well suited for ISR mining.
"The maiden ISR resource estimate achieves significant grade and scale and supports further advancement of the project," the release noted.
"The Gas Hills region is a prolific uranium district with approximately 100 million pounds of past production. Industry leader, Cameco Corporation, owns a permitted ISR uranium project within this district," Steele stated. "We look forward to completing a preliminary economic assessment for our Gas Hills Project and evaluating its potential as a standalone deposit as well as a significant satellite deposit to the company's flagship Dewey Burdock Project. Utilization of planned infrastructure at our Dewey Burdock Project also has the potential to considerably reduce the capital cost profile of our Gas Hills Project."
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