Confirmation Drilling Commences At The Cebolleta Uranium Project

VANCOUVER - American Future Fuel Corporation (has commenced Phase 1 of its three-phase confirmation drill program at its 100% owned flagship Cebolleta Uranium Project located in the Grants Uranium Mineral Belt, 35 miles (56km) west of Albuquerque, New Mexico.

Cebolleta is an advanced uranium exploration project with a historical uranium Inferred Mineral Resource of 5.6M tons (5.1M tonnes) at an average grade of 0.17% eU3O8 containing 18.98M lbs (8,600 tonnes) U3O8. The reliability of the historical estimate is considered reasonable, but a qualified person has not done sufficient work to classify the historical estimate as a current Mineral Resource and the Company is not treating the historical estimate as a current Mineral Resource.

The confirmation drill program will focus on Area I of the Project twinning several generations of historical drill holes that identified seven shallow mineralized horizons across the Company’s flagship Ceboletta Project. The program will be the Company’s first step towards preparing a current resource estimate, and upon conclusion of the initial phase of the drill program the Company will endeavour to complete two additional phases in Area III and selected infill drilling that will allow for an updated NI43-101 compliant resource to be issued.

With the first phase of drilling underway, the Company anticipates releasing results from the first confirmation hole in the coming days. Concurrently, the Company has already commenced permitting plans for phases 2 and 3 of drilling. Phase 2 is anticipated to allow 20 to 30 confirmation holes in Area III of the Project. The Company anticipates starting Phase 2 drilling during the first quarter of 2024. Phase 3 is anticipated in the second half of 2024.

“We are excited to have begun drilling at our flagship property. The property hasn’t seen activity in over a decade. With the rising interest in uranium globally and especially the United States, we are in a unique position to rapidly deliver shareholders real value with this exceptional asset,” said David Suda, CEO.