Uranium Mining Operations Increasing as Market Expected to Reach $9.8 Billion This Year

September 27, 2022 at 08:45 AM EDT

Palm Beach, FL – September 27, 2022 – FinancialNewsMedia.com News Commentary – Over this past year, uranium mining operations have increased, and they are projected to rise in the coming years in response to rising worldwide demand. The uranium ore mining market consists of sales of uranium ores and concentrates by entities (organizations, sole traders, and partnerships) that mine and beneficiate uranium-radium-vanadium ores. According to a recent report via ReportLinker, the global uranium ore mining market is expected to grow from $8.94 billion in 2021 to $9.82 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The uranium ore mining market is expected to grow to $11.54 billion in 2026 at a compound annual growth rate (CAGR) of 4.1%. The report said: “The main types of uranium ore mining are granite-type uranium deposits, volcanic-type uranium deposits, sandstone-type uranium deposits, and carbonate-siliceous-pelitic rock-type uranium deposits. Carbonate-siliceous-pelitic rock-type uranium deposits are an important mineralization phenomenon outside the Red Bed. Both not only have the same source, same time, and same area but also have the relationships of cause and effect. The mining type includes underground mining, and surface mining. Active companies in the markets today include: BASIN URANIUM CORP. (OTCPK: BURCF) (CSE: NCLR), Rio Tinto Group (NYSE: RIO), BHP Group Limited (NYSE: BHP), Cameco Corporation (NYSE: CCJ) (TSX: CCO), Fission Uranium Corp. (OTCQX: FCUUF) (TSX: FCU).

ReportLinker added: “Asia-Pacific was the largest region in the uranium ore mining market in 2021. The growth in the uranium ore mining market is due to increasing nuclear fuel spending in countries such as Australia, Kazakhstan, and Canada owing to increasing spend on the defence industry. The use of autonomous hauling systems trucks in the mining industry is significantly enhancing production efficiency and reducing turnaround time. Autonomous haulage systems control and track mining vehicle movements, and coordinate and autonomously drives off-highway haul trucks operating in a mine. This system increases efficiency by minimizing delays, reducing operating costs, and reducing fuel consumption, thereby minimizing carbon emissions.”

BASIN URANIUM CORP. (CSE: NCLR.CN) (OTCPK: BURCF) BREAKING NEWS: BASIN URANIUM RECIVES APPROVAL FOR NOTICE OF INTENT TO DRILL THE WRAY MESA URANIUM PROJECT– BASIN URANIUM CORP. (“Basin Uranium” or the “Company”) is pleased to announce the receipt permits to conduct drilling on the Wray Mesa project (the “Property”) in eastern Utah. The Wray Mesa project consists of 308 unpatented lode claims totaling 6,282 acres of wholly-owned and optioned claims (option to earn a 100% interest) contiguous to and adjoining Energy Fuel’s (EFT-T, UUUU-NYSE) fully-permitted and production ready La Sal project which includes a number past-producing uranium and vanadium mines. The La Sal project is host to Measured & Indicated resources of 4.1 Mlb of uranium (U 3 O 8) plus 21.5 Mlb of vanadium (V 2 O 5 ) plus Inferred resources of 0.4 Mlb of uranium plus 1.9 Mlb of vanadium (source: Technical Report on the La Sal District Project, prepared for Energy Fuels Inc. by D.C. Peters and dated March 25, 2014.).

Initial drilling will focus on the Ajax and Dylan mineralized bodies with 49 holes permitted between the two mineralized areas, including drill road access and site preparation. Basin is in the final stages of preparing for the upcoming drill program and will provide updates in the coming weeks as the project approaches mobilization.

“With our drilling permits in hand, we are excited to move towards the start of exploration at Wray Mesa.” Commented Mike Blady, CEO of Basin Uranium. “The Wray Mesa presents a unique opportunity to advance a brownfields project in one of the premier energy metal jurisdictions in the United States and is very complementary to our ongoing exploration in the Athabasca Basin.”

Wray Mesa Project Overview

The Property is accessible via Utah State Highway 46 and unpaved Forest Service Roads, with access to power, water and proximal to the town of La Sal.
Uranium and vanadium production in the district dates back to the early 1900’s with the majority of the production derived from the Upper Salt Wash Member of the Morrison Formation (the ‘Formation’).
Work by previous operators discovered multiple areas of uranium-vanadium mineralization in the same geologic formation that accounted for the majority of production in the district (Upper Salt Wash Member of the Morrison Formation).
Mineralization on the property occurs at depths of 500 to 750 feet with the drill-defined mineralization ranging from 25 to 75 feet in thickness. Mineralization is typical sandstone-hosted tabular deposits wherein the uranium occurs in reduced and altered sandstones and sandstone-mudstones in major stream channels in the Formation.
Historical work dates back to Atlas Minerals and Pioneer Uravan in 1976 to 1983, who drilled a total of 495 exploration holes (of which logs for 193 holes totaling 137,510 feet or 41,913 metres were preserved), and Homeland Uranium in 2007-2008 who drilled 15 holes.
Past exploration was primarily focused on the Dylan, Ajax, Whiskey and Carlin targets. All of the mineralized areas are open to expansion. Historic drill data is not available for Carlin. CONTINUED… Read the BASIN URANIUM full press release by going to: https://basinuranium.ca/news/

In other news and developments of note in the markets this week:

BHP Group Limited (NYSE: BHP), Caterpillar Inc., and Finning International Inc. announced recently an agreement to replace BHP’s entire haul truck fleet at the Escondida mine, the world’s largest copper producer, located in the Antofagasta Region, northern Chile.

This agreement is part of the strategic equipment renewal process developed by Escondida. The new Caterpillar 798 AC electric drive trucks will feature technology that delivers significant improvements in material-moving capacity, efficiency, reliability, and safety and generate a positive impact in key initiatives for the future, such as decarbonization, diversity and inclusion, autonomous technologies, and the development of local capabilities.

Rio Tinto Group (NYSE: RIO) and Shougang Group, one of the world’s top 10 steel producers, have signed a Memorandum of Understanding (MoU) to promote research, design and implementation of low-carbon solutions for the steel value chain. The MoU’s focus areas include low-carbon sintering technology, blast furnace (BF) and basic oxygen furnace (BOF) optimization, and carbon capture and utilization (CCU).

This partnership with Shougang underlines Rio Tinto’s strategic commitment to partner with customers on steel decarbonisation pathways and to invest in technologies that could deliver reductions in steelmaking carbon intensity. Initial efforts will be focused on, but not limited to, BF slag heat recovery, BOF slag utilisation, CCU and low-carbon sintering technology.

Cameco Corporation (NYSE: CCJ) (TSX: CCO) produces and sells uranium. It operates through two segments, Uranium and Fuel Services. The Uranium segment is involved in the exploration for, mining, and milling, as well as purchase and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services. This segment also produces fuel bundles or reactor components for CANDU reactors. The company sells its uranium and fuel services to nuclear utilities in the Americas, Europe, and Asia. Cameco Corporation was incorporated in 1987 and is headquartered in Saskatoon, Canada.

Baselode Energy Corp. recently announced the geochemical assay results from drill hole AK22-069 of 0.90% U3O8 over 31.0 m starting at 69.3 m true vertical depth which includes 1.86% U3O8 over 12.5 m at 79.7 m true vertical depth. AK22-069 is the latest and best hole to date from the now-complete 22,500 metre diamond drill program (the “Program”) on the ACKIO high-grade uranium discovery (“ACKIO”), Hook project, Athabasca Basin area (the “Athabasca”), northern Saskatchewan. ACKIO is 30 km southeast of well-established infrastructure, including an all-season road and powerline between Cameco Corp.’s and Orano’s McArthur River mine and Key Lake uranium mill joint ventures. ACKIO is 70 km northeast of the Key Lake mill. The Program was helicopter-supported to lessen any ground-induced environmental impacts within the project area.

Fission Uranium Corp. (OTCQX: FCUUF) (TSX: FCU) recently announced the results of an updated independent resource estimate for the Triple R deposit, which includes the R1515W, R840W, R00E, R780E and R1620E zones at its 100% owned, Patterson Lake South (PLS) property in Canada’s Athabasca Basin region. Total Indicated tonnes have increased by ~21.3% (~472,000 tonnes) compared to the previous Mineral Resource (dated September 19, 2019), with an associated increase of approximately 12.3% in contained U3O8 and a minor decrease in grade from 2.10% U3O8 to 1.94% U3O8. The new, larger resource is primarily due to the successful infill drilling programs on the R780E and R840W zones from 2019 to 2021 and will be fundamental to the Feasibility Study (FS), including life of mine (LOM) calculations and processing schedule.

Ross McElroy, President and CEO for Fission, commented, “Fission’s resource growth program has been a resounding success. The increased resource estimate of the Triple R deposit at PLS will play an important role in the calculations used for the feasibility study, the results of which are expected by year end. It’s important to note that much of the growth has come from the R840W zone, the majority of which is now classified as Indicated, which will allow for inclusion in the new FS mine plan. In terms of further growth, the deposit remains open in multiple directions, and we do of course have another two mineralized zones along trend which are still classified as primarily Inferred resources.”

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