Indigo Commences Drilling on its Uranium Project in Shirley Basin, Wyoming

Rhea-AI Summary

Indigo Exploration (TSXV: IXI) (OTCQB: IXIXF) has initiated a 50-hole drill program at its uranium project in Wyoming's Shirley Basin. The Hot Property, spanning 5.75 km², is situated adjacent to major uranium projects including Uranium Energy Corp.'s Shirley Basin project and Ur-Energy's Shirley Basin mine.

The drilling campaign will systematically explore the southern part of the property, targeting areas with favorable historic intercepts within 53 metres from surface, as well as previously undrilled zones. The holes will be spaced approximately 160 metres apart, focusing on characterizing uranium mineralization through downhole gamma ray geophysical logging. The program aims to develop a stratigraphic framework to model near-surface uranium roll fronts and is expected to complete in 10 days.

The property has a historical database of over 200 uranium exploration holes completed between 1957 and 1975. The adjacent Ur-Energy's Shirley Basin project holds an NI 43-101 Measured and Indicated Resource of 8.8 Mlb U3O8 grading 0.23% and is currently under construction.

Positive

• Strategic location adjacent to major uranium projects with proven resources
• Extensive historical exploration data with over 200 holes
• Shallow mineralization within 53 metres from surface
• Rapid execution timeline of 10 days for 50-hole program

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - January 8, 2025) - Indigo Exploration Inc. (TSXV: IXI) (OTCQB: IXIXF) (FSE: INEN) (the "Company") is pleased to announce that it has commenced a planned 50-hole drill program on its highly prospective uranium project located in the past producing Shirley Basin of Wyoming. The Hot Property covers a 5.75 km² (2.2 miles²) area of the Basin and has seen over 200 uranium exploration holes completed between 1957 and 1975. The Project is located adjacent to Uranium Energy Corp.'s (UEC-NYSE) Shirley Basin project, Ur-Energy Inc.'s (URG-NYSE) Shirley Basin mine, and Nuclear Fuels Inc.'s (NF-CSE) Bobcat Uranium Project. Ur-Energy's Shirley Basin project hosts an NI 43-101 Measured and Indicated Resource of 8.8 Mlb U₃O₈ grading 0.23%¹ currently under construction².

This of Indigo's first drill campaign on its 100% owned Hot Property will systematically explore the southern part of the property, where favourable historic intercepts were encountered in the top 53 metres (175 feet) from surface, as well as areas that have never been drilled before. Holes will be spaced roughly every 160 metres (525 feet) apart with the aim to characterize the thickness and grade of uranium mineralization through downhole gamma ray geophysical logging and develop a stratigraphic framework to broadly model the continuity and configuration of near surface potentially multiple uranium roll fronts. The 50-hole program is anticipated to take 10 days.

Figure 1: Shirley Basin Uranium Project Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3717/236404_a587573a24af4a10_001full.jpg

¹Updated Initial Assessment Technical Report Summary on Shirley Basin ISR Uranium Project, Carbon County Wyoming, USA dated March 4, 2024 and prepared by Western Water Consultants, Inc.
² Ur-Energy Announces Decision to Build Out Shirley Basin Mine: Press Release dated March 13, 2024

On Behalf of the Board of Directors, "Paul Cowley", President and CEO

For further information, please contact: Paul Cowley: (604) 340-7711 Website: www.indigoexploration.com

Bradley Parkes, P.Geo., VP Exploration and Director of Indigo Exploration Inc., is the Qualified Person as defined in National Instrument 43-101, who has read and approved the technical content of this news release.

This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236404

FAQ

What is the size and scope of Indigo Exploration's (IXIXF) uranium drilling program in Shirley Basin?

Indigo Exploration is conducting a 50-hole drill program across its 5.75 km² Hot Property in Shirley Basin, Wyoming, with holes spaced 160 metres apart and targeting depths up to 53 metres from surface.

How long will IXIXF's Shirley Basin drilling program take to complete?

The 50-hole drilling program is expected to take 10 days to complete.

What is the historical significance of IXIXF's Hot Property in Shirley Basin?

The Hot Property has a significant historical database with over 200 uranium exploration holes completed between 1957 and 1975.

Who are IXIXF's neighboring companies in the Shirley Basin uranium district?

The property is adjacent to Uranium Energy Corp.'s Shirley Basin project, Ur-Energy's Shirley Basin mine (with 8.8 Mlb U3O8 resource), and Nuclear Fuels Inc.'s Bobcat Uranium Project.

What is the primary objective of IXIXF's current drilling program?

The program aims to characterize uranium mineralization thickness and grade through downhole gamma ray geophysical logging and develop a stratigraphic framework to model potentially multiple uranium roll fronts.