Premier American Uranium Completes Successful Inaugural Drill Program at the Cyclone ISR Uranium Project, Great Divide Basin, Wyoming
Premier American Uranium Completes Successful Inaugural Drill Program at the
Cyclone ISR Uranium Project, Great Divide Basin, Wyoming
Toronto, ON, October 15, 2024 – Premier American Uranium Inc. (“PUR”, the “Company” or “Premier”)
(TSXV: PUR) (OTCQB: PAUIF) is pleased to announce the successful completion of the 2024 exploration
drilling program at the 100%-owned Cyclone ISR Uranium Project (“Cyclone” or the “Project”) in the Great
Divide Basin, Wyoming (Figure 1). A total of 41 drillholes were completed in the Cyclone Rim area with
uranium mineralization occurring along an apparent ½-mile long, east -west trend, which is open in
multiple directions. Drilling has also commenced ahead of schedule in the Osborne Draw area with five
drillholes completed to date, with multiple mineralized zones encountered in three of the five holes.
Highlights
• At the Cyclone Rim Target, 41 holes (20,990 ft) were completed in 2024, exceeding the planned 37 -
hole program, with 22 holes drilled since the Company released its August exploration update (Figure
2).
o Results indicate the presence of uranium mineralization occurring along an apparent ½-mile
long, east-west trend that has not yet been fully defined. This zone appears to be open in
multiple directions, with drill intercepts up to 0.088% eU308 over a thickness of 10.5 feet
(Grade thickness (GT) of 0.92).
o 11 holes encountered anomalous uranium mineralization (grade s in excess of 0.01% eU308),
five of which returned GT intercepts of 0.20 or greater .
• Drilling also commenced at the Osborne Draw Target ahead of schedule (Figure 4) and five preliminary
drill holes (4,200 ft) were completed of the planned 36-hole program.
o Four of the five holes encountered uranium mineralization, and three of the drillholes
encountered multiple mineralized intercepts, with individual drill intercepts of up to 0.021%
eU308 over 24.5 ft for a GT of 0.51.
o The bulk of the drilling planned for Osborne Draw is expected to occur in 2025.
Colin Healey, CEO of PUR commented, “We are pleased to have completed our inaugural exploration
program at the Cyclone project, which achieved all of our key objectives. Since our August exploration
update, we have further confirmed the presence of uranium mineralization of significant grade and
thickness in the Cyclone Rim area, which is highly encouraging. Importantly, the program has provided
insights into the geological features that influenced the deposition of uranium mineralization, advancing
our understanding of the geological setting of the Cyclone Rim area, which we believe will aid in future
drill program design and maximize efficiency of exploration. Furthermore, due to operational efficiencies
of the Cyclone team in the field this summer, led by our Technical Advisor, J.J. Brown, P .G., and supported
by the solid work of our key contractors, Lou’s Drilling and Hawkins CBM Logging, we were able to drill
more holes than planned and initiate drillin g at the Osborne Draw target. The holes at Osborne Draw
intercepted several intervals of uranium mineralization, which is encouraging, and we look forward to
drilling aggressively at Osborne Draw next summer. We believe our systematic exploration approach
positions us for further success in 2025 where we look forward to further testing the potential of the
Osborne Draw Target.”
Figure 1. Cyclone ISR Uranium Project Location
Exploration Drilling at Cyclone Rim Target
A total of 41 drill holes, for a total footage of 20,990 ft, were completed in the Cyclone Rim area in 2024 (Figure
2). Drilling was designed to both offset and infill historic drilling that reportedly encountered uranium
mineralization, as well as to test the postulated location of the regional redox boundary.
The 2024 drilling results (Table 1) confirm the presence of uranium mineralization in the central portion of the
claim block, and at grades and thicknesses that are similar to those reportedly intersected in historic drill holes.
Drilling encountered mineralization ranging up to 0.088% eU3O8 over 10.5 ft for a GT of 0.92. Notably, results
indicate uranium mineralization occurring along a ½ -mile, east -west trend that remains open in multiple
directions (Figure 3).
Table 1. Significant Intercepts from 2024 Drilling at the Cyclone Rim Target*
Hole ID Intercept From
(ft down hole)
To
(ft down hole)
Intercept
Length (ft)
Grade
(eU3O8) G·T
CR24-033**
Intersected 253.0 259.5 6.5 0.066% 0.43
including 5.5 0.075% 0.41
including 4.5 0.086% 0.39
CR24-036**
Intersected 196.5 205.0 8.5 0.028% 0.24
including 5.5 0.036% 0.19
including 4.5 0.038% 0.17
CR24-038
Intersected 223.5 235.0 11.5 0.073% 0.84
including 10.0 0.081% 0.81
including 9.5 0.084% 0.79
CR24-043
Intersected 197.0 203.0 6.0 0.042% 0.25
including 4.5 0.051% 0.23
including 3.5 0.058% 0.20
CR24-046
Intersected 200.5 211.0 10.5 0.088% 0.92
Including 10.0 0.092% 0.92
Including 9.0 0.010% 0.90
CR24-049
Intersected 336.0 344.5 8.5 0.027% 0.23
including 7.9 0.029% 0.22
including 3.0 0.032% 0.09
Including 1.0 0.034% 0.03
*Remaining holes contained mineralization below 0.2 GT and/or 0.02% cut-off. These include CR24-001 – 006, 009, 011 – 015, 019,
021, 022, 024 – 032, 034, 039 – 042, 044 – 045, 047 – 048.
**Previously reported in a press release dated August 27, 2024.
Notes: Drill holes reported here encountered uranium mineralization with >2 -ft thickness at or above a cut -off grade of 0.02%
eU308. Grade Thickness, or GT, is defined as the product of the mineral grade multiplied by the thickness of the mineralized
intercept. 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 U3O8. 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.
Figure 2. Cyclone Rim Target 2024 Drilling
Figure 3. Cyclone Rim Target Mineralized Holes Along a ½ Mile, East-West Trend That Remains Open
Exploration Drilling at Osborne Draw Target
Five drillholes were completed in the Osborne Draw Target area in 2024, for a total footage of 4,200 ft, with an
average drillhole depth of ~840 ft (Figure 4). Four of the five holes drilled encountered anomalous uranium
mineralization, three of which enco untered multiple mineralized intervals of 0.01% eU308 or more at depths
ranging from 45 to 1,000 ft. The 2024 drilling results (Table 2) confirm the presence of uranium mineralization
and provide important subsurface geologic information where none was previously available. Data from the 2024
drilling at Osborne Draw is expected to be used to guide plans for further exploration drilling planned for 2025.
Table 2. Significant Intercepts from 2024 Drilling at the Osborne Draw Target*
Hole ID Intercept From
(ft down hole)
To
(ft down hole)
Intercept
Length (ft)
Grade
(eU3O8) G·T
OD24-001
Intersected 885.5 898.5 13.0 0.017% 0.22
including 0.5 0.020% 0.01
including 2.0 0.025% 0.05
and 939.5 951.5 12.0 0.019% 0.23
including 1.0 0.021% 0.02
including 1.0 0.021% 0.02
including 2.0 0.032% 0.06
including 1.5 0.034% 0.05
and 961.0 985.5 24.5 0.021% 0.51
including 2.5 0.024% 0.06
including 6.0 0.027% 0.16
including 3.5 0.028% 0.09
including 1.5 0.032% 0.04
including 1.0 0.032% 0.03
OD24-002
Intersected 861.5 876.0 14.5 0.018% 0.26
including 1.0 0.022% 0.02
including 3.0 0.024% 0.07
including 0.5 0.031% 0.02
OD24-032
Intersected 952.5 966.0 13.5 0.019% 0.26
including 4.0 0.027% 0.11
including 0.5 0.020% 0.01
including 0.5 0.030% 0.12
and 967.0 979.5 12.5 0.019% 0.24
including 2.0 0.024% 0.05
including 2.5 0.025% 0.06
and 981.5 1000.0 18.5 0.016% 0.29
including 0.5 0.021% 0.01
including 1.0 0.022% 0.02
OD24-034
Intersected 915.5 937.0 21.5 0.018% 0.39
including 4.0 0.024% 0.09
including 1.5 0.023% 0.03
including 1.0 0.022% 0.02
including 0.5 0.021% 0.01
including 0.5 0.020% 0.01
and 939.0 951.5 12.5 0.019% 0.24
including 3.5 0.026% 0.09
including 1.5 0.022% 0.03
including 0.5 0.030% 0.02
and 955.5 982.0 26.5 0.018% 0.48
Including 3.5 0.027% 0.09
including 1.5 0.024% 0.04
including 2.0 0.021% 0.04
including 1.5 0.022% 0.03
including 1.5 0.032% 0.48
* Hole OD24-37 contained mineralization below 0.2 GT and/or 0.02% cut-off.
Notes: Drill holes reported here encountered uranium mineralization with >2 -ft thickness at or above a cut -off grade of 0.02%
eU308. Grade Thickness, or GT, is defined as the product of the mineral grade multiplied by the thickness of the mineralized
intercept. 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 U3O8. 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.
Figure 4. Osborne Draw Target Area Drilling
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. Supported by Sachem Cove Partners, IsoEnergy
Ltd., Mega Uranium Ltd., and other institutional investors, PUR benefits from strong partnerships and an expert team
with deep U.S. uranium experience.
For More Information, Please Contact:
Premier American Uranium Inc.
Colin Healey, CEO
Toll-Free: 1-833-223-4673
Twitter: @PremierAUranium
www.premierur.com
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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.
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or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation
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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 approvals 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 associated 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, estimated 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.