Global Nuclear Power Market Is Witnessing Significant Growth as Future of Uranium Looks Promising
PALM BEACH, Fla., July 10, 2024 (GLOBE NEWSWIRE) -- FinancialNewsMedia.com News Commentary - Many recent reports project significant growth in the Global Nuclear Power Market. A report from Cognitive Market Research said that the Global Nuclear Power Market is witnessing significant growth in the near future. The report added: “In 2023, the Pressurized Water Reactor (PWR) segment accounted for a noticeable share of global Nuclear Power Market and is projected to experience significant growth in the near future. The Electric Power Generation segment is expected to expand at the significant CAGR retaining position throughout the forecast period.” An additional report from IBIS World mentioned: “Nuclear power companies produce electricity by heating water in a reactor via nuclear fission and using the produced steam to spin large turbines. The United States has more nuclear electricity generation capacity than any other country, generating more than 771.5 billion kilowatt-hours of electricity alone, according to the Energy Information Administration's (EIA) most recent Electric Power Monthly report.” In an article published by Financial Gambits: “The recent sanctions on Russian uranium imports have disrupted global supply chains, increasing the reliance on domestic and allied sources. The US government has shown strong support for domestic uranium production, with significant investments in nuclear energy infrastructure and policy support for new projects. As a matter of fact, the U.S. federal government said it would provide a $1.5 billion loan to restart a nuclear power plant in southwestern Michigan last month. Holtec International acquired the 800-megawatt Palisades plant in 2022 with plans to dismantle it. But now the emphasis is on restarting it by late 2025, following support from the state of Michigan and the Biden administration. Right now the U.S. is the world’s largest producer of nuclear power but the problem is that it imports 90% of its annual uranium requirement. For a long time now the U.S. has heavily relied on Russia, Kazakhstan, and Uzbekistan for nearly 50% of its uranium supply. This won't be the case for too long however, considering that on April 30, the Senate voted to approve legislation banning the import of enriched uranium from Russia.” Active Mining Companies in the industry include: Panther Minerals Inc. (OTCPK: GLIOF) (CSE: PURR), NexGen Energy Ltd. (NYSE: NXE), CanAlaska Uranium Ltd. (OTCQX: CVVUF) (TSX-V: CVV), Forum Energy Metals Corp. (OTCQB: FDCFF) (TSX-V: FMC), District Metals Corp. (TSX-V: DMX).
The Financial Gambits article continued: “All of this falls in line with the onshoring and an urgent domestic need for US soil-based uranium and other critical metal deposits with the potential for size and production. Uranium is now high on the latest US critical minerals list as an imperative mineral for domestic supply. This should bode well for the permitting and development of US uranium and other critical metals. The government is already well on its way to moving in this direction with many other critical metals as shown by the recent Biden Administration decision on the imports of Nuclear Fuel. Biden signs into law ban on Russian nuclear reactor fuel imports. The future of uranium looks promising. Projections indicate a substantial increase in demand, driven by the need for clean and reliable energy sources. Innovations such as small modular reactors (SMRs) are expected to further boost uranium demand.”
Panther Minerals Inc. (CSE: PURR) (OTCPK: GLIOF) is a mineral exploration company actively involved in the exploration of its North American project portfolio. The acquisition of the Boulder Creek option reflects the Company's continuing intention of pursuing advanced, high-quality prospective uranium projects that can be readily worked on and efficiently explored in a timely manner. According to the recent article published by Financial Gambits on behalf of Panther Minerals, “Panther Minerals is looking to strengthen U.S. energy independence through the exploration and development of the Boulder Creek Project, a district-scale uranium project located on the Seward Peninsula in northwestern Alaska. In addition to the large land package, we believe that Panther is well positioned to benefit from the expected increase in onshore US based uranium demand.” Read the entire article here
In recent developments: Panther Minerals Initiates Satellite Imagery Survey Over The Fireweed Prospect, Boulder Creek Uranium Property, Alaska - Panther Minerals Inc. recently reported that it has engaged DIRT Exploration of Cape Town, South Africa, to conduct a long-wave infrared survey ("LWIR") and interpretation of high-resolution hyperspectral satellite imagery over the northern portion of the Boulder Creek property, Alaska. The proposed survey covers the Fireweed uranium prospect (the "Fireweed Prospect") (see Company News Release, May 30th, 2024), where in 2007 twenty-one (21) rock samples by Triex Minerals Inc. returned from 0.14% to 0.81% U308.
The Fireweed Prospect was discovered in outcrop through the investigation of a strong radiometric anomaly flown at 200-meter line spacing. The Fireweed mineralization is interpreted to be substantially different from that at the Boulder Creek deposit, which is hosted within Tertiary-aged sandstone units. Based on the data reviewed to date, and as indicated in the Triex reports, the size and strength of the anomalies (airborne radiometric, ground radiometric, rock sampling, and soil geochemistry) at the Fireweed Prospect is both larger and stronger than at the Boulder Creek deposit, and uranium mineralization is interpreted to be related with brick red hematite-silica alteration zones, hosted in intrusive rocks. CONTINUED… Read this and more news for Panther Minerals Inc. at: https://pantherminerals.ca/news/
In other mining market news of interest:
NexGen Energy Ltd. (NYSE: NXE) recently announced drilling at Patterson Corridor East ("PCE") has intersected mineralization in RK-24-193 over 67.5 metres (m) (383.5 to 451 m) across various intervals including up to 7,500 cps over 1.5 m. RK-24-193 is located 275 m southwest along strike of RK-24-183 (discovery hole) and at approximately the same depth below surface.
In addition, assays from RK-24-183 confirm high grade uranium veins across a 20m interval with several intersections totalling 13.5 m at 0.78% U3O8 including 0.5 m (348.0 to 348.5 m) at 10% U3O8 and another 0.5 m (356.5 to 357 m) at 6.23% U3O8(Table 2). For reference, the Arrow discovery hole RK-14-21 assayed 5.75 m at 0.37% U3O8, including 0.25 m at 5.77% U3O8.
Collectively, these results of multiple narrow intersections of mineralization in two holes represent a current strike length of 275 m at PCE, suggesting a potential upper edge to mineralization highly analogous to the early holes at Arrow. Consequently, the summer drilling program has been expanded to 4 drill rigs and targeting 22,000 m at PCE.
CanAlaska Uranium Ltd. (OTCQX: CVVUF) (TSXV: CVV) recently reported that drillhole WMA082-7 has intersected 3.44% eU3O8 over 21.6 metres, including 10.90% eU3O8 over 5.4 metres at the Pike Zone as part of the ongoing summer exploration program on the West McArthur Joint Venture project (the "Project") in the eastern Athabasca Basin. WMA082-7 was the first drillhole completed at the Pike Zone during the summer program where the focus is continued delineation and expansion of the ultra high-grade Pike Zone uranium discovery at the unconformity. The program is focused on following up two recent high-grade intersections in WMA082-6 (14.9% U3O8 over 9.6 metres) and WMA082-4 (9.9% U3O8 over 14.5 metres). The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska, which holds an 83.35% ownership in the Project. CanAlaska is sole-funding the 2024 West McArthur program, further increasing its majority ownership in the Project.
CanAlaska CEO, Cory Belyk, comments, "The continuation of ultra high-grade uranium mineralization at the unconformity and over significant width in the first drillhole of the summer program is a very encouraging indication that the Pike Zone discovery will incrementally grow as drilling continues through the summer. The CanAlaska team has been working methodically to understand and evaluate the current drill section. Drilling on adjacent sections will be designed to start defining the potential footprint of the known high-grade mineralization. CanAlaska shareholders can expect continued news flow during this time as this exciting discovery is advanced with the drill-bit."
Forum Energy Metals Corp. (OTCQB: FDCFF) (TSXV: FMC) recently announced that it has initiated diamond drilling on its 100% owned Aberdeen Project. Forum plans on drilling approximately 10,000 metres (25-30 drill holes) largely within the Tatiggaq anomaly, as well as drill approximately 10 drill holes on other highly prospective areas - the Ned, Bjorn, and Qavvik targets.
Dr. Rebecca Hunter, Forum's VP, Exploration stated, "I am very excited to be launching the first large-scale uranium exploration program in the Thelon Basin since 2012. We have numerous high-priority targets to test this summer that have globally significant deposit potential."
District Metals Corp. (TSXV: DMX) recently reported that Bergslagen Metals AB (a 100% owned Swedish subsidiary of District) has received final approvals from the Bergsstaten (Mining Inspectorate) for the Viken nr 4, Tåsjö nr 106 to 108, Malgomaj nr 1001 to 1003, and Österkälen nr 101 mineral license applications to explore for vanadium, nickel, molybdenum, zinc, rare earth elements (REE), and other elements located in the Jämtlands and Västerbottens Counties, central and north-central Sweden.
These eight new mineral licenses cover a total area of 91,470 hectares and are in good standing for a three-year term that ends from April to May 2027. Renewal for an additional three years will require payment of mineral license fees to the Bergsstaten, and the completion of at least some geological, geochemical, or geophysical work on the mineral license before the three-year term expires.
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