09:10 AM EST, 01/16/2025 (MT Newswires) -- Premier American Uranium ( PAUIF ) on Thursday received a receipt of an additional Part 3 drilling permit for its Cebolleta Uranium project located in Cibola County, New Mexico.

The receipt was granted by the New Mexico Mining and Minerals Division for drilling up to 25 boreholes utilizing 25 drill pad surface areas to explore for more uranium on the project.

The company expects to realize substantial cost savings over its original confirmation drilling budget estimate under this permit with increased flexibility and discretion on drilling. Premier American Uranium ( PAUIF ) is contemplating drilling up to five technical confirmation holes in Area 3, while examining amending both new permit and pre-existing Part 3 permit issued in 2023 for resource expansion drilling.

This year, PUR aims to continue ongoing cultural, archeological and biological studies in support of a Part 4 permit application, conduct drill work under the newly issued Part 3 permit, update the Cebolleta MRE, and materially de-risk the project with completion of a preliminary economic assessment targeting summer 2025.

"By leveraging a strategic and cost-conscious approach, we aim to deliver maximum value for our stakeholders, already materializing with the delivery of the MRE in June 2024, well ahead of plan and significantly reducing expected drilling costs and paving a path to establishing preliminary economics much earlier than we anticipated," said Premier American Uranium ( PAUIF ) Chief Executive Colin Healey.

Shares of the company closed up $0.030 or 2%, to $1.380 on Wednesday on the TSX Venture Exchange.