Business
Ucore Comments on Uranium and Recent External Interest in Ucore's Ross-Adams Uranium Mine Property
Halifax, Nova Scotia--(Newsfile Corp. - June 8, 2022) - Ucore Rare Metals Inc. (TSXV: U...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Comments on Uranium and Recent External Interest in Ucore's Ross-Adams Uranium Mine PropertyHalifax, Nova Scotia--(Newsfile Corp. - June 8, 2022) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to comment on the recent increasing interest in uranium as an energy source and also current interest in Ucore's not-often-mentioned Ross-Adams mine property (the \"Mine\"), a former producing uranium mine located on the Ross-Adams portion of Ucore's Alaskan mineral property (the \"Property\"). The Property is located on Prince of Wales Island, approximately 38 miles southwest of Ketchikan, Alaska, USA, near the west arm of Kendrick Bay (within the Bokan Mountain Complex). At its closest point, the edge of the former Mine is located more than 500 m from Ucore's Bokan-Dotson Ridge Zone, which is Ucore's rare earth elements (\"REEs\") advanced property mineral resource as described in the Company's technical report (a preliminary economic assessment[i] (\"PEA\")) that was filed on SEDAR on March 14, 2013. Figure 1 - Ucore's Federal & State Mining Claims at the Bokan Mountain ComplexTo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/1119/126852_a54972a334497aa2_001full.jpgHistorical uranium production occurred at the Mine from 1957 until 1971, with an estimated total of 1.3 million lbs of U3O8 produced. Although Ucore has performed no work at the Mine to date, the Company believes the Ross-Adams Zone may have the potential for the re-activation of mining production for uranium due to: (i) the recent price increases for uranium; (ii) geopolitical concerns regarding the security of supply chains and an emphasis on US domestic and allied sources of critical materials; and (iii) a recent increase in the public's perception that uranium and nuclear power can represent an excellent strategic choice for energy production in the present and coming decades as compared to fossil fuels. As a result of this recent interest in uranium, Ucore has been fielding unsolicited enquires with respect to the former Ross-Adams Mine. Nevertheless, Ucore remains committed to its current business plan -- the development of an independent and comprehensive North American REE supply chain. This plan was recently detailed in the Company's press release dated January 20, 2022...