• Yellow Cat Uranium-Vanadium exploration program to commence based upon:
o Uranium price increased 38% in past 3 months
o Recent USA Government policy changes to support domestic uranium production
• Yellow Cat Project is a highly prospective 708ha exploration package with historic high-grade uranium-vanadium production and exploration including:
o Historical drilling results of up to 0.3 feet @ 37,500ppm U3O8 & 3.34% V2O5
o Historical production of 114mlbs @ 2,400ppm U3O8, 1.47% V2O5
• Yellow Cat is located within trucking distance of White Mesa Mill – the only conventional fully licensed and operational uranium-vanadium mill in the US
• Yellow Cat is only 40km from Anson’s flagship Paradox Brine Project – opportunity to leverage investment in Paradox to develop another world-class project in the area
Anson Resources Limited (‘Anson’ or ‘the Company’) advises that it is planning to begin exploration on its uranium and vanadium lode claims at its Yellow Cat Project (‘Yellow Cat’) in the Thompson District, Grand County, Utah. The 85 Lode claims, which were pegged by Anson in 2019 (see ASX announcement, 3rd April 2019) form a highly prospective exploration land package for both uranium and vanadium rich mineralisation which covers an area of 708 hectares (approx. 7 km2).
A recent review of historical drilling programs at Yellow Cat has identified high-grade uranium and vanadium mineralisation results including up to 0.3 feet @ 37,500ppm U3O8 & 3.34% V2O5.
Exploration activity is scheduled to commence at Yellow Cat over the coming weeks starting with further data compilation and geochemical sampling ahead of a proposed shallow drilling program.
Anson’s flagship project remains the Paradox Brine Project in Utah, USA. Recently, the Company completed a Preliminary Economic Assessment (‘PEA’) for the development of the NaBr and lithium carbonate production plants (see ASX announcement, 9th June 2020).
The 38% increase in uranium spot price recorded over the past three months, together with highgrade historical results and recent positive changes in USA government domestic uranium development policy is a catalyst for Anson to move forward with its Yellow Cat exploration program.
Yellow Cat is approximately 40kms from the Paradox Brine Project and provides Anson the opportunity to leverage its investment in the Paradox Brine Project to develop a second project in the area, and is consistent with the Company’s multi-mineral/multi-revenue strategy.
Anson’s Executive Chairman and CEO, Bruce Richardson, commented: “Since we secured the ground in 2019, we have held the view that Yellow Cat would add considerable value and
optionality to Anson’s portfolio when uranium markets began to recover. Rising uranium prices, supported by strengthened US Government policy to shore up domestic production to create a
strategic uranium reserve of 17-19 million pounds over the next ten years at an estimate cost of US$1.5 billion, indicates that the timing is now right to start our exploration work and bring this project back into focus. This policy change represents a paradigm shift in the uranium market and provides an exceptional opportunity for which Anson is well placed.
Importantly, Yellow Cat is only 40km from our Paradox Brine Project, so we are easily able to leverage our existing infrastructure and workforce in the area to quickly commence field work. I
look forward to providing further updates from both Yellow Cat and Paradox as our work programs progress simultaneously.
A recent detailed review of the historical data from Yellow Cat revealed some very encouraging high-grade uranium and vanadium numbers, so we are eager to follow these up with our own modern-day exploration programs.”