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Premier American Uranium and American Future Fuel announced an updated Mineral Resource Estimate (MRE) for the Cebolleta Uranium Project.
The MRE, prepared by SLR International , shows: 18.6 million pounds of indicated eU3O8, and 4.9 million pounds of inferred eU3O8. This surpasses the 2014 historical estimate by upgrading 80% of inferred resources to indicated.
Key recommendations include further exploration to expand the deposit footprint, additional bulk density and chemical assays, and a Preliminary Economic Assessment (PEA). The report highlights significant exploration potential in untested areas and de-risking through infill drilling.
The project, located in Cibola County, New Mexico, spans 6,717 acres of mineral rights and 5,700 acres of surface rights. It benefits from a rich history of uranium exploration and mining from the 1950s to 2014.
The full Technical Report is available on SEDAR+ under the profiles of both companies.
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American Future Fuel Corporation (CSE: AMPS, OTCQB: AFFCF) announced the appointment of Mr. David Suda as Chief Executive Officer and Director, effective April 21, 2023. Mr. Suda, with 15 years of capital markets experience, has successfully raised over $10 billion for various companies. He expressed enthusiasm for leading the company, which focuses on the Cebolleta Uranium Project located in New Mexico's Grants Mineral Belt, known for contributing around 37% of the U.S.'s uranium production. The project has a strong history of uranium production and potential for expansion due to numerous unexplored historical drill holes. Former CEO Mr. Luke Montaine will step down on the same date, with the board acknowledging his contributions.