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Global Uranium and Enrichment Ltd (ASX:GUE) has completed a joint venture agreement in collaboration with Snow Lake Resources for the acquisition of the Pine Ridge project, which is located in prime mining territory in Wyoming, and is at an advanced stage of development as an in-situ recovery uranium project.
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Drilling will be an immediate focus for the JV, building on the more than 1,200 holes completed to date at Pine Ridge, which has been found to have over 140 miles of redox fronts.
The goal will be delineation of a significant ISR resource base, keeping in mind the project is located in strong territory – in Wyoming’s Powder River Basin, and surrounded by globally significant projects owned by UEC and Cameco.
In the latter case, Cameco’s Smith Ranch uranium mill is only 15 kilometres from the project, and has a capacity of 5.5 million pounds triuranium octoxide per annum.
The acquisition was made from Stakeholder Energy and involved both Global Uranium and Snow Lake Resources, trading as Snow Lake Energy – the latter a U.S.-based uranium and nuclear energy company listed on the NASDAQ.
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The JV’s management is hoping to leverage its significant experience working with uranium, particularly in this region, with Snow Lake CEO Frank Wheatley joining the Global board as a non-executive director.
GUE has been trading at 7.1 cents.
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