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EnCore Energy Corp
Symbol EU
Shares Issued 322,212,585
Close 2022-09-06 C$ 1.41
Market Cap C$ 454,319,745
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EnCore completes Rosita baseline well installation

2022-09-06 10:06 ET - News Release

Mr. Mark Pelizza reports

ENCORE ENERGY COMPLETES BASELINE WELLS INSTALLATION AND BEGINS DRILLING OF INJECTION AND RECOVERY WELLS AT ROSITA EXTENSION

EnCore Energy Corp. has completed and installed all (five) baseline wells within the uranium mineralization at the 100-per-cent-owned, fully licensed Rosita Extension project production authorization area (PAA) well field. In addition to establishing baseline conditions in the production area, the wells returned excellent uranium values with grade thicknesses (GT*) ranging from 0.932 to 5.139. The company also reports it has commenced installation of production well patterns (injection and extraction wells) at the Rosita Extension PAA, South Texas, as the initial source of uranium feed for the Rosita central in situ recovery (ISR) uranium processing plant.

Highlights include:

  • Baseline drill hole BL-41 reported 22 feet of mineralization grading 0.234 per cent U3O8 (triuranium octoxide) from a depth of 184 feet;
  • In addition to an indication of grade of mineralization in the PAA, the baseline wells also serve to establish groundwater quality standards;
  • Commencement of installation of the production well patterns (injection and recovery wells) with five drill rigs are currently active at the Rosita Extension PAA drilling;
  • Commencement of hydrologic and water quality testing of the baseline and monitor wells (see EnCore news release dated Aug. 25, 2022);
  • The Rosita Extension PAA is the first production area planned as a new source of uranium for the Rosita ISR uranium processing plant;
  • The Rosita Extension PAA is located within the existing radioactive materials licence, underground injection control permit and aquifer exemption areas at the Rosita project.

All intercepts are between 210 and 245 feet below surface in saturated sands (required for ISR). The water table is located approximately 95 to 115 feet below surface.

*Grade thickness, or GT, is defined as the product of the mineral grade (at the 0.02-per-cent-U3O8 cut-off) multiplied by the thickness of the mineralization at or above the cut-off value. GT values of 0.3 and above are considered to be the minimum for inclusion in a well field. Values of 0.45 are considered typical ISR ore grade for shallow deposits.

Rosita central uranium processing plant (Rosita plant)

EnCore's Rosita plant, located approximately 60 miles from Corpus Christi, Tex., is a licensed, past-producing in situ recovery (ISR) uranium plant that is completing refurbishment. The final stage of refurbishment work will be completed with the delivery of six pumps that have been delayed due to unexpected supply chain interruptions. EnCore remains on budget and the delay is not expected to impact scheduled production start-up in 2023. The Rosita plant is designed to process uranium feed from multiple satellite operations, all located in the South Texas area, and is one of 11 licensed and constructed uranium processing plants in the United States, two of which are owned by EnCore Energy.

Quality assurance/quality control

All drill holes are 5.625-inch-diameter rotary-mud holes. Each hole is logged with electrical and gamma methods upon completion. Any anomalous gamma readings are followed up with prompt fission neutron (PFN) surveys, which provide direct and accurate in situ uranium values eliminating any concerns over disequilibrium. The company owns and operates two logging trucks and five PFN tools.

Many uranium deposits have a degree of disequilibrium, whereby the radioactivity measured in drill holes using traditional gamma methods does not accurately correspond to ore grade, due to the continued decay of uranium daughter products, including potassium, thorium, lead and bismuth relative to radium (Ra226), a significant gamma emitter. Traditionally, accurate uranium values are therefore determined by chemical assay of drill core which is time-consuming and expensive.

Without accurate uranium values, the potential for inaccurate estimates of mineralization on both the high and low side is ever-present. Real-time PFN analysis accurately eliminates potential errors by using neutron activation to directly detect and quantify uranium content in place down the drill hole.

The PFN tool creates very fast neutrons (14 megaelectron volts) and fires 108 neutrons per second. Therefore, the neutrons emitted by the PFN tool excite, at an atomic level, in situ uranium atoms in the drill hole, creating fast (epithermal) neutrons and slow (thermal) neutrons. The ratio of epithermal to thermal neutrons is proportional to uranium, allowing the U3O8 ore grade to be accurately calculated. This provides a relatively inexpensive and instantaneous means for accurate assaying of in situ ore grades over large areas, and it allows for accurate orebody mapping, resource estimation and well field planning.

Mark Pelizza, MSc, Geo, Eng, CPG-11821, a director for the company and a qualified person under National Instrument 43-101, has approved the technical disclosure in this news release.

About EnCore Energy Corp.

With approximately 90 million pounds of U3O8 estimated in the measured and indicated categories and nine million pounds of U3O8 estimated in the inferred category, EnCore is the most diversified in situ recovery uranium development company in the United States. EnCore is focused on becoming the next uranium producer from its licensed and past-producing South Texas Rosita processing plant by 2023. The South Dakota-based Dewey Burdock project and the Wyoming Gas Hills project offer midterm production opportunities, with significant New Mexico uranium resource endowments providing long-term opportunities. The EnCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium operations and the nuclear fuel cycle. EnCore is committed to engaging and working with local communities and indigenous governments to create positive impact from corporate developments.

We seek Safe Harbor.

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