Premier American Uranium Announces Preliminary Results from Ongoing Drilling at the Cyclone ISR Project, Wyoming
Premier American Uranium Announces Preliminary Results from Ongoing Drilling at
the Cyclone ISR Project, Wyoming
Toronto, ON, August 27, 2024 – Premier American Uranium Inc. (“PUR”, the “Company” or “Premier American
Uranium”) (TSXV: PUR) (OTCQB: PAUIF) is pleased to announce positive preliminary drill results and provide an
update on the ongoing exploration drill program at the Cyclone Rim Target, part of its 100%-owned Cyclone ISR
Uranium Project (“Cyclone” or the “Project”) in the Great Divide Basin, Wyoming, in close proximity to existing
producing wellfields and processing facilities (Figure 1). Initial results include multiple drill holes that intersected
mineralized intervals that are consistent with grades and thicknesses included in the 2023 NI 43-101 Technical
Report (“Technical Report”) which outlined a resource exploration target of 7.9 million pounds to 12.6 million
pounds of eU3O8 with an average grade of 0.06% eU3O81.
Highlights
• At the Cyclone Rim Target, 19-holes (9,125 ft) of the planned 37 holes (~17,500 ft) have been completed,
with drilling progressing well (Figure 2).
• Early drilling is consistent with the resource exploration target, with significant intercepts of
mineralization including:
o 6.5 ft grading 0.066% eU3O8 (GT of 0.43) in Hole CR24-033 (from 253.5 ft down hole)
o 8.5 ft grading 0.028% eU3O8 (GT of 0.24) in Hole CR24-036 (from 196.5 ft down hole)
o 6.0 ft grading 0.033% eU3O8 (GT of 0.20) In Hole CR24-037 (from 248.5 ft down hole)
• The highlighted drill holes are located from 10 to 75 feet from historic drill hole collars and confirm the
presence of uranium mineralization at depths and locations consistent with those suggested by the
1 See Technical Report on the Cyclone Rim Uranium Project, Great Divide Basin Wyoming, USA, with an effective date of June 30, 2023,
prepared by BRS Engineering Inc., Douglas L. Beahm. P.E. P.G.
This is not a current estimate of mineral resources or reserves. The potential quantities and grades of the exploration targe t are
conceptual in nature and there has been insufficient exploration to date to define a current mineral resource. Furthermore, it is uncertain
if additional exploration will result in the exploration target being delineated as a mineral resource.
As determined by BRS Engineering Inc., sufficient historical exploration data is available for the North and East claim blocks to define an
exploration target, which shows a range of 6.5 million short tons averaging 0.06% U3O8 (7.9 million lbs. U3O8) to 10.5 million short tons
averaging 0.06% U3O8 (12.6 million lbs. U3O8). The potential quantity and grade of this exploration target is conceptual in n ature and
based on the geologic interpretation that mineralization is Sandstone Type mineralization, aerial radiometric anomalies, and indications
of the presence of oxidation reduction interfaces with mineralization from available drill data. There has been insufficient exploration to
define a mineral resource and it is uncertain if a mineral resource will be de lineated. For the definition of the exploration target, the
following criteria based on direct knowledge and experience in the area and similar sandstone hosted uranium deposits in Wyoming was
used: (i) a minimum cut-off grade of 0.02% U3O8 and a grade thickness product (GT) of 0.10, (ii) a radiometric disequilibrium factor of 1,
and (iii) a bulk density of 16 cubic feet per ton.
limited historic drilling conducted in 2007-2008 by a prior operator at the Cyclone Rim Target. See Table
1 for full results.
• The drilling program at the Cyclone Rim Target remains on track for completion in late fall. Drilling at the
Project is expected to reconvene next summer, moving to the Osborne Draw Target (Figure 3), as part
of the planned comprehensive inaugural exploration drill program at Cyclone.
• To watch a summary of today’s press release by Colin Healey, CEO, click here.
Colin Healey, CEO of PUR commented, “The inaugural exploration program at Cyclone is off to a very strong start,
achieving multiple critical objectives. First, we have successfully confirmed the presence of uranium
mineralization of significant grade proximal to historic intersections at the Rim target. Second, with strategically
positioned exploration holes, designed to gather data about the geological features that influenced the
deposition of uranium mineralization, we continue to enhance our understanding of the geological setting of the
Cyclone Rim Target, which we believe will aid in future drill program design and enhance efficiency of exploration
of the Rim target. We remain confident that with this systematic exploration approach, we are in the best
position possible to move towards locating and delineating uranium resources at the Rim target and are pleased
with the progress and results and look forward to continuing to understand the potential of the nearby Osborne
Draw target next summer.”
Figure 1: Location of the Cyclone Project, Great Divide Basin, Wyoming
Exploration Drilling at Cyclone Project
PUR’s initial drilling program’s objective is to test the regional redox boundary (which is a favourable site for the
deposition of uranium mineralization) in the Battle Spring Formation in the western part of the Great Divide
Basin2 and initial evaluation of an area of close -spaced drilling within the Company’s current property holdings
at Cyclone Rim. Data from various technical reports1,3,4 cite results of historical close-spaced exploration drilling
by Tournigan Energy, indicating the presence of significant sandstone-hosted uranium mineralization along the
regional redox boundary on the Company’s properties in the Cyclone Rim region . Premier American’s 2024
drilling program is designed to quantify thicknesses, grades and extent of uranium mineralization in this area.
Drilling thus far has successfully addressed multiple objectives, including confirmation of the presence of
uranium mineralization of material grade and thickness in areas historically reported and the gathering of critical
geological data in reconnaissance drill holes intended to advance future exploration of the Cyclone project area.
The Company has completed nineteen reverse circulation drill holes to -date in the Cyclone Rim Target area, as
outlined in Table 1 and Figure 2, totaling 9,125 feet, with six holes intersecting mineralization and five holes that
encountered very weak (less than 0.02% eU3O8) mineralization. Six holes that encountered alteration typical of
sandstone-hosted uranium deposits. Two holes failed to encounter either alteration or any mineralization. Eight
of the holes completed were designed to explore for the regional redox boundary to the east of the reported
historical mineralization, and three intersected alteration characteristic of a redox interface, two additional holes
encountered low-grade mineralization, and the remaining three holes were unaltered and unmineralized.
2 Boberg, W.W., 2010: The Nature and Development of the Wyoming Uranium Province, in Goldfarb, Marsh and Monecke, eds., Society
of Economic Geologists Special Publication 15.
3 Cohan, W. T. & Associates, Inc., 2010: Evaluation of Results of Tournigan Energy’s 2007 and 2008 Drilling program in the Grea t Divide
basin, Fremont & Sweetwater Counties, Wyoming.
4 Scott Wilson Roscoe Postle Associates, Inc., undated: Property Evaluation Form, Tournigan USA, Wyoming - Great Divide Basin.
Figure 2: Plan map of current drilling at the Cyclone Rim Target
Eleven holes were drilled in the area of historic close-spaced drilling with five of those encountering appreciable
mineralization similar in thickness and grade to the reported results from the historic drill holes, one was altered
and unmineralized, and the remaining five intersected very weak mineralization (less than 0.02% eU3O8) or were
unmineralized.
Two of PUR’s 2024 drill holes were designed to offset (10 to 20 ft) a mineralized historic drill hole, while the
remainder of the holes are from approximately 50 to 75 ft from other historic holes reportedly drilled by
Tournigan Energy in the 2007 – 2008-time frame.
Table 1 – Cyclone Rim Target Drilling Results
Hole ID Intercept From
(ft down hole)
To
(ft down hole)
Intercept
Length (ft)
Grade
(eU3O8) G·T
CR24-033
Intersected 180.0 181.5 1.5 0.014% 0.02
and 253.5 260.0 6.5 0.066% 0.43
including 5.5 0.075% 0.41
including 4.5 0.086% 0.39
CR24-036
Intersected 173.0 175.5 2.5 0.016% 0.04
and 196.5 205.0 8.5 0.028% 0.24
including 5.5 0.036% 0.20
including 4.5 0.038% 0.17
CR24-037
Intersected 184.0 188.0 4.0 0.029% 0.12
including 2.5 0.036% 0.09
including 1.5 0.041% 0.06
and 248.5 254.5 6.0 0.033% 0.20
including 4.5 0.039% 0.18
including 3.5 0.043% 0.15
CR24-026
Intersected 163.0 169.5 6.5 0.028% 0.18
including 5.0 0.032% 0.16
including 2.5 0.035% 0.09
including 1.0 0.033% 0.03
and 351.0 352.0 1.0 0.011% 0.01
CR24-011 Intersected 270.0 274.0 4.0 0.022% 0.09
CR24-012 Intersected 274.5 278.5 4.0 0.019% 0.08
CR24-015
Intersected 240.0 242.5 2.5 0.017% 0.04
including 1.0 0.021% 0.02
and 204.5 205.5 1.0 0.011% 0.01
CR24-001 encountered weak anomalous uranium mineralization
CR24-002 encountered some alteration and weak anomalous uranium mineralization
CR24-003 material uranium mineralization
CR24-004 encountered some alteration, no material uranium mineralization
CR24-005 encountered weak anomalous uranium mineralization
CR24-006 no material uranium mineralization
CR24-013 no material uranium mineralization
CR24-014 encountered some alteration and weak anomalous uranium mineralization
CR24-015 encountered weak anomalous uranium mineralization
CR24-027 encountered some alteration, no material uranium mineralization
CR24-031 no material uranium mineralization
CR24-032 encountered some alteration, no material uranium mineralization
All grades were calculated from gamma-ray logs measured by Hawkins CBM Logging of Cody, Wyoming, a highly
skilled and independent borehole geophysical contractor. Hawkins CBM Logging’s geophysical probe was most
recently calibrated at the US Department of Energy’s Casper, Wyoming logging test pits in August 2024. Uranium
grades cited were calculated from gamma -ray logs, and the cited grades are “equivalent” (“e”) grades of U 3O8.
All drill holes are vertical in orientation and the geologic units hosting the uranium mineralization are generally
flat lying, therefore reported thicknesses are apparent true thicknesses. No corrections were made for
radiometric disequilibrium.
Exploration Drilling at Cyclone Project
The Cyclone Project consists of two target areas known as the Cyclone Rim (North Block) and Osborne Draw (East
Block). PUR expects to drill -test both targets in a fully permitted, staged program totalling approximately ~71
holes or ~49,700 ft that will span the 2024 and 2025 drilling seasons. The majority of the drilling on the Osborne
Draw Target is expected to occur during the 2025 drilling season (~July to October), with the potential, weather
and time permitting, to conduct some initial drilling this year.
Figure 3: Drill Targets with Radiometrics at the Cyclone Project, Great Divide Basin, Wyoming
Qualified Person Statement
The scientific and technical information contained in this news release was reviewed and approved by Dean T.
Wilton, PG, CPG, MAIG, a consultant to PUR who is a “Qualified Person” (as defined in National Instrument 43 -
101 - Standards of Disclosure for Mineral Projects).
For additional information regarding the Company’s Cyclone Project, including data verification related to certain
scientific and technical information described in this news release, please see the Technical Report titled
“Technical Report on the Cyclone Rim Uranium Project, Great Divide Basin, Wyoming, USA” dated June 30, 2023,
which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca.
About Premier American Uranium
Premier American Uranium Inc. is focused on the consolidation, exploration, and development of uranium
projects in the United States. One of PUR’s key strengths is the extensive land holdings in three prominent
uranium-producing regions in the United States: the Grants Mineral Belt of New Mexico, the Great Divide Basin
of Wyoming and the Uravan Mineral Belt of Colorado. With a rich history of past production and both current
and historic uranium mineral resources, PUR has work programs underway to advance its portfolio.
Backed by Sachem Cove Partners, IsoEnergy Ltd., Mega Uranium Ltd., and additional corporate and institutional
investors, and an unparalleled team with U.S. uranium experience, PUR’s positioning in the market represents a
compelling opportunity, as uranium fundamentals are currently the strongest they have been in more than
a decade.
For More Information, Please Contact:
Premier American Uranium Inc.
Colin Healey, CEO
Toll-Free: 1-833-223-4673
Twitter: @PremierAUranium
www.premierur.com
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities
laws. Forward-looking information includes, but is not limited to, statements with respect to, planned exploration
activities, the anticipated results thereof and the anticipating timing for reporting of such results; future prospects
for exploration ; the potential for mineral resource identification at the Project; expectations regarding the
resurgence of nuclear power in the US; and other activities, events or developments that are expected, anticipated
or may occur in the future. Generally, but not always, forward -looking information and statements can be
identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words
and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be
taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on our current expectations, beliefs, assumptions,
estimates and forecasts about PUR’s business and the industry and markets in which it operates. Such forward -
information and statements are based on numerous assumptions, including among others, that the results of
planned exploration activities are as anticipated, the price of uranium, the anticipated cost of planned exploration
activities, the completion, timing and results of planned exploration activities being consistent with expectations,
the anticipated mineralization being consistent with expectations, that general business and economic conditions
will not change in a material adverse manner, that financing will be available if and when needed and on
reasonable terms, that third party contractors, equipment and supplies and governmental and other approva ls
required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a
timely manner. Although the assumptions made by PUR in providing forward -looking information or making
forward-looking statements are considered reasonable by management at the time, there can be no assurance
that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other
factors, which may cause actual results, performances and achievements of Premier American Uranium to differ
materially from any projections of results, performances and achievements of Premier American Uranium
expressed or implied by such forward -looking information or statements, including, among others: limited
operating history, negative operating cash flow and dependence on third party financing, uncertainty of
additional financing, delays or failure to obtain required permits and regulatory approvals, changes in mineral
resources, no known mineral reserves, aboriginal title and consultation issues, reliance on key management and
other personnel; potential downturns in economic conditions; availability of third party contractors; availability
of equipment and supplies; failure of equipment to operate as anticipated; accidents, effects of weather and other
natural phenomena and other risks associate d with the mineral exploration industry; changes in laws and
regulation, competition, and uninsurable risks and the risk factors with respect to Premier American Uranium set
out in PUR’s annual information form for the year ended December 31, 2023 and the other documents of PUR
filed with the Canadian securities regulators and available under PUR’s profile on SEDAR+ at www.sedarplus.ca.
Although PUR has attempted to identify important factors that could cause actual actions, events or results to
differ materially from those contained in the forward -looking information or implied by forward -looking
information, there may be other factors that cause results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking information and statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated, esti mated or intended. Accordingly, readers
should not place undue reliance on forward-looking statements or information. PUR undertakes no obligation to
update or reissue forward -looking information as a result of new information or events except as required by
applicable securities laws.