Inaugural Exploration Drill Program Commences At Cyclone ISR Project

TORONTO - Premier American Uranium Inc. has commenced its inaugural exploration drill program at the wholly-owned Cyclone ISR Uranium Project in the Great Divide Basin, Wyoming. The exploration drill program at Cyclone is designed to systematically investigate the resource potential identified in the National instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101), with an effective date of June 30, 2023, which outlined a resource exploration target of 7.9 million pounds to 12.6 million pounds of eU3O8 at a grade of approximately 0.06% U3O8. This target is underpinned by data from 88 holes drilled in 2007-2008 by previous operators, which demonstrated the presence of sandstone-hosted uranium mineralization within a geologic setting conducive to In Situ Recovery (ISR) extraction.

71 reverse circulation drill holes totalling approximately 49,700 ft. are planned for 2024 and 2025 drill seasons. Two priority targets are expected to be tested, including Cyclone Rim Target (North Block) and Osborne Draw Target (East Block). At the Cyclone Rim Target, drilling has commenced with one rig scheduled to drill 35 holes to an average depth of approximately 500 ft. At the Osborne Draw Target, drilling is anticipated for the 2025 season (~July to October) and contemplates approximately 36 drill holes with an average depth of ~800 ft. The budget for the program is approximately US$2.3 million. The reverse circulation drilling services contract has been awarded to Boart Longyear.

Colin Healey, CEO, said, “We are extremely excited to have mobilized for the inaugural exploration program at Cyclone. With the systematic approach we have put in place, we believe we are in the best position possible to locate and delineate uranium resources at the targets. We are proud of our technical and regulatory teams’ success in designing and permitting the exploration program in Wyoming and look forward to announcing results of drilling in due course throughout the summer. Additionally, we wish to acknowledge the support of the US Bureau of Land Management (BLM), Wyoming Department of Environmental Quality and the Wyoming Game and Fish Department throughout the permitting process and look forward to strengthening these working relationships as we advance the Project. Exploration is a key pillar of PUR’s strategy to unlock value for shareholders from our portfolio of US assets in premium jurisdictions and today’s announcement is a major milestone in PUR’s short history as we commence exploration drilling at Cyclone.”