Business
Phase 1 Exploration Progress at Uranium Project
Phase 1 Exploration Progress at Uranium Project.
About this update from Metals One Plc
17 June 2025 Metals One Plc ("Metals One" or the "Company") Phase 1 Exploration Progress at Squaw Creek Uranium Project, USA Advancing early-stage exploration in a historically productive U.S. uranium district Metals One Plc (AIM: MET1), a minerals exploration and development company, is pleased to provide an update on the ongoing Phase 1 exploration programme at the Squaw Creek Uranium Project ("Squaw Creek", the "Project") in Wyoming, United States. This update follows the Company's announcement on 22 May 2025, which confirmed the initiation of uranium exploration programmes across its North American portfolio. Completion of the acquisition of the Squaw Creek Uranium Project in Wyoming and the Uravan Vanadium Project ("Uravan") in Colorado (together, the "Acquisition") remains subject to certain conditions as outlined in the 24 April 2025 announcement. The Company confirms that, further to the 24 April 2025 announcement, it has received all the respective County Claim numbers for the Uravan and Squaw Creek claims, and all claim documents were sent to the Bureau of Land Management ("BLM") in Wyoming and Colorado respectively in May 2025. The BLM claim documents for Colorado have now been processed and the Company expects the Wyoming BLM process to conclude shortly, after which the exploration leases can be granted. All other Acquisition documentation has been drafted and agreed in preparation for formal closing of the Acquisition per the above. Highlights · Geophysical Surveys Underway: Grid-based geophysical surveying has commenced using the Radiation Solutions RS-125 spectral scintillometer, focusing on detecting radiation signatures across the Squaw Creek claim block. · Historical Data Integration: A detailed review of historic water well and uranium exploration well data is in progress, identifying gamma ray signatures indicative of uranium mineralisation within and near the project area. · Field Exploration Activities: Phase 1 activities will include geological mapping, reconnaissance prospecting, surface sampling of historic mine dumps, and relocation mapping of adits and other workings, aimed at validating and expanding historical exploration data. · Regional Expansion Strategy: A broader regional sur...