Drilling begins at Maybell for Global

Perth-based junior Global Uranium and Enrichment has begun exploration drilling at its Maybell project, located in the American state of Colorado.

Global, which has a market cap of $14.61 million, said the 40-hole 4,000m drill program – situated in a proven uranium-rich region – would likely be completed within the next 30 to 45 days, with Colorado-based Himes Drilling Company selected as contractor.

A primary focus of the program is to analyse shallow high-grade mineralisation, but also report on documented large segments of thick lower grade mineralisation, which are situated within the Lower Browns Park formation – although these segments have not been included within the exploration target.

The program's exploration permit was approved by US state and federal authorities in June, while Maybell’s exploration target range was established in December last year.

“The commencement of drilling at our Maybell uranium project is a key milestone as we work rapidly to advance the project and plan to establish a JORC mineral resource estimate,” Global managing director Andrew Ferrier said.

“Our extensive review of the historic drill hole database has indicated potential for unmined mineralisation around the historic open pits which supported our initial exploration target.

“The fundamentals and need for uranium remain strong with constraints in the market continuing to amplify in recent months.

“With the rapid progress being made across our portfolio, Global Uranium is well-positioned to continue to advance and deliver into this growing uranium market.”

Global shares were down 5 per cent early on Thursday, trading at 5.2 cents as of 10.19am WST, while the present uranium spot price is $US81.50 per pound.