Distributed on behalf of Manhattan Uranium Discovery Corp.
Uranium stocks, like Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTC: MAUUF), Denison Mines (NYSE: DNN) (TSX: DML), Paladin Energy (TSX: PDN) (OTCQX: PALAF), Cameco Corp. (NYSE: CCJ) (TSX: CCO), and NexGen Energy (TSX: NXE) (NYSE: NXE) have a substantial number of long-term catalysts ahead of them.
For one, global uranium demand is expected to soar about 28% by 2030, as nuclear power gains momentum, according to The World Nuclear Association (WNA). That’s all thanks to the global push for energy security, and for the massive, growing needs of artificial intelligence data centers. In fact, as the demand for artificial intelligence grows, tech giants are turning to nuclear power to fuel their energy-intensive data centers.
At the same time, we’ve seen supply numbers collapse. Domestic production collapsed from roughly 43 million pounds a year in 1980 to just 50,000 pounds in 2023. American utilities have been buying the rest from Russia, Kazakhstan and a handful of African nations. That’s simply not sustainable for our country’s security and energy independence.
Two, “After 2030, output from existing mines is forecast to halve, creating a pressing need for new mines and restarts of idle operations. With it taking 10 to 20 years to develop new uranium projects, the association stressed the importance of accelerated investment now to avoid disruptions,” as noted by Mining.com.
And three, the Trump Administration just expanded its critical minerals list to include uranium in an effort to strengthen domestic supply and reduce reliance on foreign sources.
One of the Beneficiaries is Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTC: MAUUF)
Manhattan Uranium Discovery Corp. announced that priority drill targets have been selected for the upcoming exploration program at the Murmac and Strike Uranium Projects, located near Uranium City in northern Saskatchewan.
The upcoming program is expected to consist of approximately 5,000 metres of drilling to test up to 25 priority targets across the Projects. The targets include both follow-up opportunities near previous uranium results and first-pass tests of newly defined targets along more than 60 kilometres of prospective electromagnetic conductor packages on the northern margin of the Athabasca Basin.
The program is being funded by Manhattan under an option agreement (see press release dated December 18, 2023), with Fortune Bay acting as operator.
Program Highlights
· Large-scale drill program planned: Approximately 5,000 metres of drilling is planned to test up to 25 priority targets across Murmac and Strike.
· Multiple discovery opportunities: The program is designed to test a broad pipeline of targets across multiple conductive corridors, providing exposure to several potential discovery areas in a single campaign.
· Targets selected using multiple discovery criteria: Targets were selected based on integrated geological, geophysical and geochemical datasets, with an emphasis on areas where favourable structure, graphitic host rocks, uranium anomalism and alteration coincide.
· Extensive prospective conductor packages: Murmac and Strike collectively host approximately 63 kilometres of prospective electromagnetic conductor packages, providing a large target inventory for basement-hosted uranium exploration.
· Murmac high-grade uranium results: Previous drilling at Murmac returned 8.40 metres grading 0.30% U₃O₈, including 1.20 metres grading 1.79% U₃O₈, with individual assays up to 13.80% U₃O₈ over 0.10 metres in drill hole M24-017.
· Strike high-grade uranium results: At Strike, Fortune Bay’s maiden drill program intersected anomalous uranium in three of nine shallow drill holes, including a maximum individual assay of 0.43% U₃O₈. Historical small-scale production from the Tena Zone reportedly included grades of 0.6% to 3.5% U₃O₈, and confirmatory surface rock sampling returned assays including 3.51% U₃O₈ and 1.75% U₃O₈.
· Drilling expected shortly: Mobilization is being planned, with drilling expected to commence in June, 2026.
"The global energy landscape is undergoing a fundamental shift, and uranium sits at the centre of it," said William Sheriff, Chairman of Manhattan Uranium. "The Athabasca Basin remains one of the world's premier uranium regions, and having built and sold one of the largest domestic uranium resource bases in U.S. history, I know firsthand how exploration success in the right geological setting can create significant value."
“The Murmac and Strike drill program represents a significant catalyst for Manhattan Uranium," said Galen McNamara, CEO of Manhattan Uranium. "The Athabasca Basin has a well-established track record of delivering world-class uranium discoveries, and we believe our projects share the key geological characteristics that have defined the Basin's most significant finds. With a fully funded 25-hole program set to commence in June, we look forward to reporting results as drilling advances.”
Murmac and Strike Project Overview
The Murmac and Strike Projects comprise mineral claims totaling approximately 19,877 hectares within 25 kilometres of Uranium City, Saskatchewan, on the northern margin of the Athabasca Basin. The Projects benefit from established infrastructure, including existing roads, an active hydro-powerline, nearby facilities, and an airport at Uranium City.
The Projects are prospective for high-grade, basement-hosted uranium deposits associated with graphitic electromagnetic conductor corridors, structural reactivation, alteration and uranium-bearing mineralizing systems. Murmac and Strike collectively host approximately 63 kilometres of prospective electromagnetic conductor packages, which were not systematically targeted or drill tested during historical exploration efforts.
Exploration completed by Manhattan and Fortune Bay has included compilation of historical exploration data, modern airborne electromagnetic and magnetic surveying, ground gravity surveying, prospecting, radon-in-water surveying, and diamond drilling. This work has confirmed favourable host rocks, prospective structures, uranium mineralization, and multiple target areas warranting follow-up drilling.
The upcoming program is designed to systematically test priority targets where multiple exploration criteria coincide, including favourable graphitic conductors, interpreted structures, uranium mineralization or anomalism, alteration, and supportive historical exploration results.
Murmac Previous Exploration Highlights
At Murmac, previous drilling has confirmed shallow uranium mineralization associated with structured graphitic rocks, the typical host rocks for basement-hosted high-grade Athabasca Basin uranium deposits.
Drill hole M24-017, completed at Howland Lake North, intersected 8.40 metres grading 0.30% U₃O₈, including 1.20 metres grading 1.79% U₃O₈, with individual assays up to 13.80% U₃O₈ over 0.10 metres and 4.54% U₃O₈ over 0.10 metres. This high-grade mineralization was intersected at approximately 64 metres below surface within favourable structured graphitic rocks. Drilling at Murmac has intersected elevated uranium (> 100 ppm) associated with graphitic rocks and hydrothermal alteration in 12 of 31 previous holes across the entire length of the targeted conductors, indicating the presence of a large-scale uranium mineralizing system.
Strike Previous Exploration Highlights
At Strike, previous exploration has confirmed uranium potential at surface, in historical workings and through drilling.
Historical small-scale mining at the Tena Zone reportedly produced over 1,000 tons in the 1950s at grades of 0.6% to 3.5% U₃O₈. Confirmatory surface sampling by Fortune Bay returned high-grade uranium assays, including 3.51% U₃O₈ and 1.75% U₃O₈, confirming the presence of high-grade uranium mineralization at surface.
Fortune Bay’s maiden drill program at Strike also confirmed basement-hosted uranium mineralization. Analytical results confirmed anomalous uranium in three of nine shallow drill holes, including a maximum individual assay of 0.43% U₃O₈. Uranium mineralization was associated with enriched pathfinder elements commonly associated with high-grade, unconformity-related uranium deposits in the Athabasca Basin.
The upcoming program will follow up near previous Strike results and test additional priority targets along prospective conductor corridors and structural trends.
Other related developments from around the markets include:
Denison Mines’ David Cates, President and CEO commented, "In February, the Phoenix In-Situ Recovery uranium mine became the first large-scale Canadian uranium mining project in over 20 years to receive all regulatory approvals required to commence construction. Shortly after achieving this landmark permitting accomplishment, the Company made its final investment decision for Phoenix construction and, by the end of the first quarter, our Denison-Wood integrated project management team mobilized to the Wheeler River property and began executing schedule-critical site preparation and early works construction activities. In less than two months of on-site activity, our dedicated teams have completed (i) tree clearing activities across the primary mine site area, (ii) installation of construction management facilities, (iii) construction of our on-site helipad, (iv) civil works for the concrete batch plant pad, and (v) commencement of aggregate production at a nearby quarry. Civil activities continue to advance on site, including those necessary to establish the future airstrip. Taken together, we are on track to ramp up construction staffing and activities to complete early works and commence full-scale construction by the end of the second quarter, which aligns with our target to achieve first uranium production in mid-2028. We are, however, closely monitoring the widespread flooding that is impacting a portion of the road network in northern Saskatchewan. While our personnel are able to access the Phoenix site via helicopter, our ability to mobilize additional heavy equipment and certain supplies to site as planned may be impacted if the flooding persists and/or key infrastructure remains impacted. We recognize the significant efforts of the Province of Saskatchewan to rapidly respond to this unprecedented situation and are hopeful that conditions will improve in the coming days.”
Paladin Energy Managing Director and CEO, Paul Hemburrow noted, “Our Langer Heinrich Mine continues to perform strongly and activities at the site are in line with our commitment to complete the ramp-up to full operations by the end of the financial year. We were pleased to increase our production guidance for the full year as a result of the hard work and sustained effort of our team and key contractors to successfully mobilise the mining fleet, along with the improved feed grade and the delivery of high recovery rates from the processing plant. While achieving consistency in mining and production has been our focus throughout the year, we are monitoring potential impacts from events in the Middle East. Inbound shipments from suppliers to Langer Heinrich Mine are currently unaffected by the conflict, with our team closely monitoring the situation and taking the necessary steps to secure supply chains for key inputs into production. Outbound shipments of U3O8 to customers are not currently impacted. We were pleased to receive Environmental Approval for the PLS Project from the Saskatchewan Government and are now focused on progressing the next regulatory steps to obtain our construction license for this significant uranium development. Our Canadian approvals effort is being complemented by an active winter drilling campaign at PLS to further prove up the known deposit and examine prospective new areas around the proposed mine.”
Cameco Corp. and Orano Canada Inc. (Orano) have reached agreement with TEPCO Resources Inc. (TEPCO) to acquire TEPCO’s 5% participating interest in the Cigar Lake Joint Venture. Upon closing, Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan will increase by 2.871 percentage points to 57.418%, while Orano’s share will rise by 2.129 percentage points to 42.582%. “Cigar Lake is among the world’s best uranium mines, producing the highest-grade uranium ore from a safe, reliable, and cost-effective operation,” said Cameco’s Chief Executive Officer Tim Gitzel. “Increasing our ownership in this world-class, tier-one asset further demonstrates our commitment to our strategy, with scarce, licensed, permitted assets like Cigar Lake playing an essential role in fueling global ambitions to expand nuclear energy generation. Cigar Lake’s success wouldn’t be possible without supportive neighbouring Indigenous communities, which provide vital workforce and supply chain support through our mutually beneficial partnerships.”
NexGen Energy Ltd. announced that the Canadian Nuclear Safety Commission has, approved NexGen's Environmental Assessment and issued a Licence to Prepare Site and Construct for the Company's 100%-owned, generational, Rook I Project. This approval comes 14 business days after the final 2-part Commission Hearing process which was concluded February 12, 2026. With Environmental Assessment approval from the Province of Saskatchewan received in November 2023 and receipt of all other necessary Provincial authorizations, the issuance of the Licence marks the final regulatory approval required to initiate full construction of the Project. Located in Saskatchewan's Athabasca Basin, NexGen's Rook I Project has been methodically advanced and designed to meet NexGen's elite environmental, safety, social and economic standards, working in lockstep with local Indigenous communities and partners. When fully operational, the Rook I Project will be the largest single source and environmentally elite uranium mine globally, incorporating state-of-the-art extraction and safety systems. In production, Rook I is capable of producing up to 30 million pounds annually - representing over 20% of the current global uranium fuel supply and over 50% of western world supply.
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