Nuclear Fuels Inc. announced the second set of drill results from its continuing drill program at its Kaycee Uranium Project in Wyoming's Powder River Basin. The drilling, designed to confirm and expand the historic resource at the Saddle zone reports 4 holes containing multiple uranium intercepts of ore-grade thickness which is potentially amenable for In-Situ Recovery ("ISR") extraction technology. Additionally, a new and deeper uranium-bearing horizon has been discovered in the Fort Union Formation, located below the historic mineralization in the Lower Wasatch Formation.

Uranium mineralization with typically ore-grade Grade Thickness (GT) was encountered in 5 discrete horizons in 4 drill holes with Grade Thickness ranging from 0.308 to 0.911 with the highest grade single intercept being 4.5 feet of 0.202% eU3O8. Grade Thickness of 0.3 is considered an economic minimum for inclusion in a typical wellfield in the Power River Basin; Discovery of uranium mineralization in the Fort Union Formation lying approximately 350 feet below the Lower Wasatch hosted historical mineralization of the Saddle zone with 1.5 feet of 0.024% eU3O8 in hole SD23-027 and 2.0 feet of 0.039% eU3O8 In hole SD23-029; Phase 1 drilling continues to successfully confirm and expand historic resources of the Saddle zone hosted in the Lower Wasatch Formation at depths of 165 to 350 feet in saturated sands; Drilling will continue at the Saddle zone targeting both the shallow Lower Wasatch Formation and the newly discovered uranium mineralization within the upper Fort Union Formation with additional results expected in late November 2023. Drill holes are reported that returned significant zones of uranium mineralization with >2 ft thickness at or above a grade cut-off of 0.02% eU3O8; % eU3O8 is a measure of gamma intensity from a decay product of uranium and is not a direct measurement of uranium.