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enCore Energy Announces Positive PEA Results and combined, N.I. 43-101 Technical Report for its Juan Tafoya-Marquez Project24.06.2021 | 13:30 Uhr | CNW
CORPUS CHRISTI, June 24, 2021 - enCore Energy Corp. (TSXV: EU) (OTCQB: ENCUF) (the "Company" or "enCore") is pleased to announce the results of a Preliminary Economic Assessment ("PEA") for the company's recently consolidated Juan Tafoya and Marquez projects located in the Grant's Uranium District in northwest New Mexico. This is the first PEA for the projects as this is the only time in recent history that the two contiguous mineralized properties have been held under the same company. The PEA was constructed based on a combined and updated NI 43-101 Technical Report using an Indicated resource of 7.1 million tons at a grade of 0.127% eU3O8 for a total of 18.1 million pounds of U3O8. The PEA reports the Net Present Value ("NPV") for the project that ranges from $20.9 million using $60.00 per pound of yellowcake (U3O8) to $71.2 million using $70.00 per pound of yellowcake with internal rate of returns ("IRR") ranging from 17% to 39% with corresponding yellowcake prices; these scenarios are pre-tax and assume a 7% discount rate. The break-even price of production is estimated to be $56.00 per pound. "This initial PEA enables enCore to illustrate the economic opportunities of the combined Juan Tafoya and Marquez deposits which have been consolidated with the Westwater Resources transaction completed at year end 2020. This report assumed conventional underground operation and recovery through a newly constructed conventional mill, though the authors did acknowledge that further research may prove the property amenable to either in-situ recovery ("ISR") or heap leach processing; either of which would have a positive material impact on the economic conclusions of the current PEA." said Paul Goranson, Chief Executive Officer. "This study points to the economic importance of our conventional assets in New Mexico, with further work it may well be determined that some, or conceivably most, of the uranium at Juan Tafoya-Marquez might be amenable to lower cost recovery options including ISR or heap leaching." The PEA evaluated the economics of mining at Juan Tafoya-Marquez through underground mining and on-site processing (milling) to produce yellowcake. The study has an effective date of June 9, 2021, and was prepared by Douglas L. Beahm, P.E, P.G., of BRS Inc. in cooperation with Terence P. McNulty, P.E., PhD, of McNulty and Associates. PEA Summary Mine Plan and Operating Assumptions
PEA Summary Capital and Operating Costs
Life of Mine Cost Summary
PEA Summary Economics at $60.00/lb. Yellowcake (U3O8)
The base case summarized above assumes the owner will purchase all mining equipment. The base case assumes mining and milling at an average rate of 1000 tons per day year-round Sensitivities
Mineral Resources The mineral resources used in this PEA include Indicated mineral resources estimated by Douglas Beahm. The resources are found in two different stacked sands currently identified on the Juan Tafoya-Marquez property. Mineralization occurs in a third upper sand but is insufficiently defined to be included in this report. The in-situ estimates used electronic logs from 926 drill holes and over 575,809 meters of drilling. Indicated Mineral Resources
Disclosure The PEA is only summarized in this press release as an initial high-level review of the project the complete detailed report will be filed on SEDAR within 30 days of this press release. The PEA is preliminary in nature. There is no guarantee that the project economics described in this report will be achieved. Qualified Persons The independent qualified persons responsible for preparing the Juan Tafoya-Marquez Preliminary Economic Assessment are Douglas L. Beahm, P.E., P.G., of BRS Inc. and Terence P. McNulty, of McNulty and Associates. Douglas H. Underhill, PhD, CPG, enCore's Chief Geologist, is the Company's designated Qualified Person (QP) for this news release within the meaning of NI 43-101 and has reviewed and validated that the information contained in the release is consistent with that provided by the QP's responsible for the PEA. About enCore Energy Corp. www.encoreenergycorp.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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