05:09 PM EDT, 07/26/2024 (MT Newswires) -- Premier American Uranium Inc. ( PAUIF ) , which rose 2.5% today, after trade Friday outlined targets as part of its exploration growth plans at the company's flagship Cebolleta Project located in the Grants Mineral Belt in New Mexico.

A statement noted uranium mineralization at PUR's Cebolleta project are the northern extension of the Jackpile-Paguate trend of uranium deposits, which is one of the largest sandstone-hosted uranium endowments in the world. Collectively, the mines of the Laguna mining district produced more than 100 million pounds of U3O8 from the Jackpile-Paguate trend during the period from 1951 to 1983, as documented by geologists of the New Mexico Bureau of Geology and Mineral Resources and the US Department of Energy. The northern continuation of the Jackpile-Paguate trend of uranium deposits onto the southern part of the Cebolleta project property is "well established", but "the extent of mineralization is not fully defined, representing several important potential exploration and growth opportunities for the company".

The company said it has identified several target areas at Cebolleta, including: Untested areas with known mineralized zones, but not yet comprehensively drilled; and mineralized zones within the Jackpile sandstone which remain open-ended and trend beyond the limits of the existing drilling grid, providing potential for expansion of known deposits; and mineralization at the Piedra Lumbre prospect, hosted in the Westwater Canyon Member of the Morrison Formation, which is the principal host for the prolific uranium deposits of the Grants Mineral Belt.

Colin Healey, CEO of PUR, said, "As drilling has begun in Wyoming to unlock the potential opportunity to discover another ISR amenable deposit in close proximity to Ur-Energy's Lost Creek uranium mine and processing facility and not far from Rio Tinto's Sweetwater Mill, our technical team is undertaking the next steps required to expand shareholder value at Cebolleta in New Mexico. We are currently designing programs with the goal of unlocking growth potential as we advance toward preliminary economic and technical studies at the Cebolleta Project. We look forward to providing more detailed plans for exploration and advancement at this rapidly evolving flagship project in the near future."