On behalf of Generation Uranium Inc.
Uranium output is expected to drop this year in the world’s third-largest uranium producing country, Namibia, due to strip mining activities and severe drought. Despite these challenges, the global uranium market is set to grow, with production gains expected from key players like Kazakhstan and Canada. Kazakhstan’s output is rebounding to 23.2 kilotonnes, while Canada’s McArthur River mine is ramping up to 6.9 kilotonnes, contributing to a projected 11.7% increase in global uranium supply. This growth aligns with broader energy transitions, as countries like India advance hydrogen and carbon market policies, and the US navigates regulatory challenges in hydrogen production. In this dynamic landscape, Canadian companies such as Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF), Denison Mines (TSX:DM) (NYSE-A:DNN), Cameco Corporation (TSX:CCO) (NYSE:CCJ), Atha Energy Corp. (TSXV:SASK) (OTCQB:SASKF), and NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE) are strategically positioned to leverage the rising demand for uranium, ensuring that the global market remains robust even as Namibia’s production faces temporary setbacks.
Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) is focused on exploring and developing uranium resources, particularly in the Thelon Basin. With a commitment to sustainable practices, the company aims to contribute to the global shift towards clean energy by leveraging historical data and modern techniques to unlock high-grade uranium deposits. As nuclear power becomes increasingly vital for reducing carbon emissions, Generation Uranium is strategically positioned to meet the rising demand for uranium, making it a key player in the future of energy.
Generation Uranium’s Yath Project is located in the Thelon Basin, a region known for its high-grade uranium potential. The project is strategically located along the trend from Latitude Uranium’s Lac 50 deposit, which contains 43 million lbs of uranium. Latitude Uranium is currently being acquired by ATHA Energy Corp in an all-share transaction valued at C$64.7 million. Generation Uranium aims to leverage modern exploration techniques to unlock the value of this underexplored area. With a focus on sustainability and responsible development, the Yath Project is central to Generation Uranium’s mission to support the global transition to clean energy through nuclear power.
On August 20, Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) announced the initiation of an advanced airborne electromagnetic survey at its Yath Uranium Project. The company has partnered with Atha Energy Corp. and engaged Expert Geophysics Ltd. to conduct the survey, which will cover the 123.45 km² Yath property using the latest Mobile MagnetoTellurics (MMT) technology. The survey will span 890 line-kilometers with 150-meter line spacing, providing high-resolution electromagnetic data.
“We are pleased to have procured the services of Expert Geophysics to initiate some of the most advanced mapping technology available in the industry,” said Generation Uranium CEO Anthony Zelen. “Our collaboration with Atha Energy makes sense by using economies of scale to deliver a cost-effective way to survey Yath and advance the project towards the drill.”
With over $6 million already invested in the project, Generation Uranium anticipates that the results of this survey will identify new high-priority drill targets, furthering the development of the Yath Project.
In July 2024, Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) signed a second consulting agreement with APEX Geoscience Ltd. for the Yath Uranium Project in Nunavut, Canada. This agreement expands APEX’s role to include the production of 2D GIS and 3D Micromine digital data compilations, incorporating assessment data for Yath and surrounding areas, including the historical LAC 50 trend. APEX will also review assessment reports from 2007 to 2016, analyzing exploration activities to develop future drill targets. The work is expected to be completed by July 22, 2024.
On June 26, Generation Uranium identified several significant zones of interest at its 100%-owned Yath Uranium Project in Nunavut, Canada. Key areas include the VGR Trend, which features radioactive boulders over a 3-kilometer conductive trend, and the Bog Trend, noted for radioactive outcrops and boulders. The Force Trend contains unique geological features like radioactive mud boils, while the Lucky Break area has highly radioactive polymetallic sulphides. These findings mark a critical step as the company prepares for an upcoming exploration phase to unlock Yath’s full potential.
Earlier in June, Generation Uranium acquired the Yellow Frog and Pink Toad Uranium Projects, expanding its Yath Uranium Project in Nunavut by over 45%. These acquisitions extend Yath to 123.45 km², bringing it closer to the nearby district-scale Angilak Project by Atha Energy Corp. The expanded Yath Project is positioned within the Yathkyed Basin, known for high-grade uranium potential, and is now set for further exploration with newly identified drill targets. CEO Anthony Zelen highlighted the strategic importance of this expansion in reinforcing the company’s uranium sector position.
Click here for more information about Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85).
Significant Advances in Uranium Exploration and Nuclear Energy Development Across Key Projects
In June 2024, Denison Mines (TSX:DM) (NYSEAmerican:DNN) and Orano Canada Inc. completed an In-Situ Recovery (ISR) field test program at the Midwest Uranium Project, where Denison holds a 25.17% interest. The program involved drilling ten small-diameter boreholes in the Midwest Main deposit to assess site-specific conditions for ISR mining. The successful tests generated a comprehensive database of geological, hydrogeological, geotechnical, and metallurgical data, validating key assumptions from a prior internal conceptual mining study that explored the feasibility of using ISR mining at the Midwest site.
SaskPower, Westinghouse Electric Company, and Cameco Corporation (TSX:CCO) (NYSE:CCJ) have signed an MOU to explore the use of Westinghouse’s nuclear reactor technology, including the AP1000® and AP300™ SMRs, for Saskatchewan’s future clean energy needs. The agreement focuses on assessing the technical and commercial viability of deploying these reactors, developing a local nuclear supply chain, and collaborating on nuclear research and workforce training with Saskatchewan’s educational institutions. SaskPower plans to make a final decision on building an SMR facility by 2029, with intentions to use locally sourced uranium.
The Angilak Project hosts the Lac 50 Uranium Deposit, one of the largest high-grade deposits outside the Athabasca Basin, with a historical estimate of 43.3M lbs of U3O8. In 2024, Atha Energy Corp. (TSXV:SASK) (OTCQB:SASKF) initiated a 10,000 m diamond drilling program to expand uranium mineralization beyond the historic resource footprint. Initial drilling results have successfully extended the footprint of uranium at the Main Zone, Eastern Extension, and J4 & Ray Zones, confirming the potential for further expansion. A geophysics and geochemistry program is set to begin in August 2024 to identify new exploration targets.
NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE) has significantly expanded the mineralized zone at Patterson Corridor East (PCE) since its initial discovery during the 2024 Winter Program. The Summer Drill Program, which began on May 21st, has so far seen eight out of twelve drill holes intersect mineralization. The mineralized zone now spans 540 meters along strike and 600 meters vertically, with extensive elevated radioactivity still open at depth and along strike. Previously, only two mineralized holes, 275 meters apart, had been reported at PCE.
On June 4, Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85) closed its oversubscribed private placement, raising C$1.25 million through the issuance of 5,000,000 Units at C$0.25 per Unit. Each Unit includes one Common Share and one Warrant, exercisable at $0.45 per share within 24 months.
Click here for more information about Generation Uranium Inc. (TSXV:GEN) (OTCQB:GENRF) (FRA:W85).
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