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Energy Fuels Secures Major Rare Earth Land Position in Brazil
~58.3 square mile (~37,300 acre) heavy mineral sand position has potential to feed the Company's White Mesa Mill with rare earth element and uranium bearing nat
About this update from Energy Fuels Inc.
[{"type":"text","content":" ~58.3 square mile (~37,300 acre) heavy mineral sand position has potential to feed the Company's White Mesa Mill with rare earth element and uranium bearing natural monazite sand for decades LAKEWOOD, Colo., May 19, 2022 /CNW/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (\"Energy Fuels\" or the \"Company\") is pleased to announce that it has entered into binding agreements (the \"Purchase Agreements\") to acquire seventeen (17) mineral concessions (the \"Transaction\") between the towns of Prado and Caravelas in the State of Bahia, Brazil totaling 15,089.71 hectares (approximately 37,300 acres or 58.3 square miles) (the \"Bahia Project\"). Based on significant historical drilling performed to date, it is believed that the Bahia Project holds significant quantities of heavy minerals, including monazite, that will feed Energy Fuels' quickly emerging U.S.-based rare earth element (\"REE\") supply chain. The Bahia Project has seen no previous mining, but several of the concessions have valid exploration and mining permits with the Government of Brazil. Therefore, the Company believes there is a clear path to moving the Bahia Project to production. The Bahia Project is a well-known heavy mineral sand (\"HMS\") deposit with over 3,300 vertical historic exploration auger holes drilled to date, indicating significant concentrations of titanium (ilmenite and rutile), zirconium (zircon), and rare earth elements (monazite). Importantly, the mineralization is at or near the surface, meaning the material is expected to be relatively easy to recover using standard, low-cost sand mining techniques, including the use of front-end loaders, excavators and/or dredges. Due to the drilling method used historically, drilling performed to date only averages 5.86 meters deep, or the average depth of the water table in the region. There is no reason to believe that mineralization stops at the water table. Therefore, the Company believes mineralization is open at depth. Energy Fuels' primary interest is in the monazite which contains both rare earth elements and uranium. Preliminary assay data indicates the monazite sand contained in the HMS concentrate ranges between 0.62% and 12.82%1, and the uranium contained in the monazite is expected to be comparable to typical Colorado Plateau uranium deposits. Energy Fuels plans to perform extensive exp...