SEBOYETA, N.M. – American Future Fuel Corporation, a Canadian-based resource company, has announced significant progress in its Cebolleta Uranium Project located in Cibola County, New Mexico. The latest update includes results from the Phase 1 drilling program and the company's efforts to advance the project. As of press time, the company has drilled two holes which, according to them, have yielded significant uranium deposits.
In a recent press release, American Future Fuel shared downhole radiometric survey results from the Phase 1 drilling program at the Cebolleta Uranium Project, situated in the Grants Uranium Mineral Belt. According to company data, these results have continued to closely match historical data from the same locations, providing confidence in the consistency of uranium mineralization.
The drilling program, comprising 21 planned drill holes, is part of a threephase confirmation program designed to evaluate multiple generations of historical data. Key factors being assessed include lithology, depth, amplitude, and peaks of mineralization.
American Future Fuel finished the drilling of the most recent hole in middle October, the first hole was drilled in late September. The company reports higher than expected amounts of uranium.
As part of this confirmation program, American Future Fuel is also conducting an evaluation of the radiometric equilibrium of uranium mineralization using chemical assays of core samples, comparing them with radiometric results. According to the company, historical studies have indicated a consistent trend of chemical assays exceeding radiometric assays.
David Suda, CEO of American Future Fuel Corporation, expressed confidence in the drilling results, stating, 'We are highly encouraged but not surprised by the results of our drilling thus far. With more drilling and results to come.”
The Cebolleta Uranium Project has a historical uranium Inferred Mineral Resource of 5.6 million tons at an average grade of 0.17 percent eU3O8, containing 18.98 million pounds of U3O8. This estimate is based on a 2014 NI 43-101 Technical Report commissioned by the previous owner, Uranium Resources, Inc. While the historical estimate is considered “reasonable,” it has not been classified as a current Mineral Resource, according to company data.
The technical information provided in the press release has been reviewed and approved by Mark Mathisen, CPG, SLR International Corporation, an independent geological consultant to the company, and a Qualified Person as defined in National Instrument 43-101.
In addition to the developments in the drilling program, American Future Fuel Corporation also announced its intention to amend the exercise price of a total of 10,113,000 share purchase warrants. Subject to the consent of the holders of the Warrants, the exercise price will be reduced from $1.25 per Share to $0.55 per Share, with all other terms of the Warrants remaining unchanged.
What is American Future Fuel Corporation?
A fairly young Canadian company, American Future Fuel announced its intentions to establish a uranium mine in Cibola County on July 29, 2021. The Cibola Citizen has been following the company ever since.
American Future Fuel Corporation is a resource company focused on the strategic acquisition, exploration, and development of alternative energy projects. The company holds a 100% interest in the Cebolleta Uranium Project, located in the prolific Grants Mineral Belt, responsible for approximately 37% of all uranium produced in the United States of America.
The company can be found online at https://qhr.8ce.myftpupload. com/projects/cebol-leta project/ and is listed on the Canadian Securities Exchange as AMPS at $0.31 per share as of press time.