PALM BEACH, Fla., Feb. 21, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - According to a report from a RationalStat industry report, the Global Uranium Mining Market value was estimated at US$ 8,086.6 million in 2023 and is expected to rise at a strong CAGR of over 5.0% over the forecast period of 2023-2030. About 66% of the global production of uranium from mines is from Kazakhstan, Canada, and Australia. It also said that the global uranium mining market is expected to reach US$ 11,388.3 million by 2030, with an annual growth rate of more than 5.0%. The uranium mining market is estimated to be 53.0 thousand tons (kt) in 2023. The report added: “Uranium mining is the extraction of uranium ore from the ground for use in nuclear power plants and the development of nuclear weapons. Uranium is a radioactive element that occurs naturally in trace amounts in soil, rock, and water. Uranium is primarily used as a fuel in nuclear reactors, where it undergoes nuclear fission to produce energy in the form of heat. Based on the mining method, the open-pit mining segment is the most common method of uranium mining, accounting for over 90% of global uranium production in 2022. Open-pit mining is a relatively simple and inexpensive method of mining, and it is suitable for deposits that are close to the surface.” Active mining companies in the markets this week include Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF), FISSION URANIUM CORP. (OTCQX: FCUUF) (TSX: FCU), Denison Mines Corp (NYSE American: DNN) (TSX: DML), Uranium Energy Corp (NYSE American: UEC), BHP Group Limited (NYSE: BHP).

RationalStat continued: “Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Based on region, the Asia Pacific region is predicted to be the fastest-growing uranium mining market in the next years, owing to the region's increased nuclear power generation. Nuclear power is regarded as a clean energy source because it produces no greenhouse gases when in operation. Countries investing in nuclear energy to cut carbon emissions and battle climate change are boosting the uranium market.”

Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF) Completes Largest Airborne Geophysical Survey in Southwestern Athabasca Basin - Survey Area Covered Over 2,200km², Preliminary Results Reveal Over 560 km of New Conductive Trends - Stallion Uranium Corp. (FSE: HM40) is pleased to announce the preliminary results from the completion of the MobileMT^TM airborne geophysical survey (the “Survey”). The Survey covered the entire 2,200 sq/km of the Atha Energy (CSE: SASK) JV Uranium Project (the “Project”), a new frontier of exploration in the prolific southwestern Athabasca Basin and part of the largest exploration land package held by Stallion.

Highlights

• Over 560 km of new basement conductive trends have been outlined.
• Successfully identified and extended the Patterson Lake Corridor, Carter Corridor, Derkson Corridor, R7 Corridor, Virgin River Conductive Trend and the Coyote Corridor across the project.
• Large multi-kilometer conductive trends coincide with basement structures interpreted to be present in multiple locations across the project.
• The latest in 2D and 3D inversion processing will be utilized to further identify sandstone and basement alteration zones associated with uranium mineralization in the basin.

“Stallion’s strategy to build out the largest exploration land package, taking on a new frontier of exploration in the southwestern Athabasca Basin, has been rewarded with the results of this regional survey,” stated Drew Zimmerman, CEO. “Utilizing the latest survey technology we have transformed an underexplored land package, uncovering hundreds of kilometers of conductive trends that are highly prospective target areas for uranium mineralization. Not only have we extended known prolific conductive corridors, but we have also been able to uncover completely new zones. We believe the process of identifying, prioritizing, and advancing the best targets from over 2,200sq/km gives our team the potential and probability of finding the next significant uranium discovery.”

Preliminary Results - The preliminary interpretation of the survey data has changed the landscape in a meaningful way, successfully identifying over 560 km of new conductive trends across the Atha Energy JV Project. This opens a new frontier of exploration in the southwestern Athabasca Basin, as the project area has never had effective exploration. With the completion of the survey, the company has been able to identify and extend new conductive corridors that were previously unknown. These new conductive corridors will be the cornerstone that the next phase of exploration is built on. The survey was able to identify structural complexities, including bends and splays, in the basement geology which suggest favorable conditions for uranium mineralization. These results, along with the advanced 2-D and 3-D inversion modeling, will be used to prioritize the newly identified conductor corridors for the next stages of exploration.

Darren Slugoski, VP of Exploration commented, “We are incredibly excited to see the quality and number of targets that were identified by the completion of the regional MobileMT survey. The 560 km of conductive corridors identified greatly exceeded our expectations. This survey provides Stallion with a significant number of high priority target areas the company can prioritize and advance towards the drilling.” CONTINUED… Read these full press releases and more news for Stallion Uranium at: https://stallionuranium.com/news/press-releases/

Other recent developments in the mining industry of note include:

Orano Canada Inc. (“Orano Canada”) and Denison Mines Corp. (TSX: DML) (NYSE American: DNN), as joint-venture partners in the McClean Lake Joint Venture (“MLJV”), recently announced that the MLJV has approved a restart of uranium mining operations using the joint venture’s patented Surface Access Borehole Resource Extraction (“SABRE”) mining method. Orano Canada owns a 77.5% interest and is the operator of the MLJV and Denison owns a 22.5% interest.

Mining is planned to commence at the McClean North deposit in 2025, with 2024 activities expected to focus on preparations necessary to ready the existing SABRE mining site and equipment for continuous commercial operations, as well as the installation of eight pilot holes for the first mining cavities planned for excavation. The approved budget for this work in 2024 is $7 million (100% basis).

Approximately 800,000 lbs U3O8 (100% basis) are targeted for production from McClean North in 2025, with approximately 3,000,000 lbs U3O8 (100% basis) identified for potential additional production from a combination of the McClean North and Caribou deposits during the years 2026 to 2030.

Uranium Energy Corp (NYSE American: UEC) recently announced that the Company's Board of Directors has approved restarting uranium production at its fully permitted, and past producing, Christensen Ranch In-Situ Recovery ("ISR") operations in Wyoming. The recovered uranium will be processed at the fully operational Irigaray Central Processing Plant ("CPP") with a current licensed capacity of 2.5 million pounds U3O8 per year. The Irigaray CPP is the hub central to four fully permitted ISR projects in the Powder River Basin of Wyoming, including Christensen Ranch.

The first production is expected during August of this year and will be funded with existing cash on the Company's balance sheet. As UEC's strategy has been to remain 100% unhedged, produced uranium will be sold at prevailing spot market prices which was $106 per pound U3O8 as of January 15, 2024 as reported by UxC.

In the coming months, the Company will provide additional information on the expected volumes for the first year of production. The key focus in the final pre-production phase before the August restart is hiring and training of additional operations personnel to augment UEC's experienced operations team to ensure a successful ramp-up of uranium production. New personnel are anticipated to be hired from local communities such as Buffalo, Gillette, Casper, Kaycee and Wright.

BHP Group Limited (NYSE: BHP) has recently announced its second cohort of six companies, chosen from a pool of over 500 applicants, to join the BHP Xplor accelerator program. The accelerator program is designed to support early-stage mineral exploration companies in finding the critical resources needed to support the energy transition.

Each company will receive a grant of up to US$500,000 together with access to a network of internal and external industry experts to accelerate its growth and further build out its exploration concepts. The program aims to support development across technical, business and operational facets of the participating companies.

BHP Xplor pushes the boundaries of what has conventionally been achievable in the exploration field. Over the span of the six-month program, the six companies will work collaboratively with BHP Xplor to expedite the maturation of their geological concepts to position the projects for commercialisation or partnership.

FISSION URANIUM CORP. (TSX: FCU) (OTCQX: FCUUF) recently announced that it has closed its previously announced "bought deal" public offering consisting of 63,560,000 common shares of the Company (the "Common Shares") at a price of C$1.18 per Common Share for gross proceeds of C$75,000,800 (the "Offering").

Canaccord Genuity Corp. and SCP Resources Finance LP acted as co-lead underwriters on behalf of a syndicate of underwriters including BMO Nesbitt Burns Inc., Haywood Securities Inc., Eight Capital, Red Cloud Securities Inc. and H.C. Wainwright & Co., LLC (collectively, the "Underwriters"). The net proceeds from the Offering will be used by the Company to fund exploration and development of the PLS project, as well as for working capital and general corporate purposes. The Offering was completed pursuant to a prospectus supplement to the Company's base shelf prospectus dated December 11, 2023.

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