Drilling Results Show Great Potential for Latitude Uranium at Flagship Angilak Project

About Latitude Uranium

Latitude Uranium (CSE: LUR) is a Canadian mineral exploration company focused on the discovery of uranium deposits in Canada’s Athabasca Basin. The company’s flagship project is the Angilak property, located in Saskatchewan. Latitude Uranium holds a 100% interest in the Angilak project.

The Angle Act property consists of six claims totaling 19,910 hectares located just outside the southeast margin of the Athabasca Basin. The project area has previously been explored by ValOre Metals Corp and Legacy Uranium, with approximately $25 million spent historically on exploration. Latitude acquired the project from ValOre and commenced its inaugural drill program in 2023.

Interview with Chief Executive Officer, John Jentz

Phase 2 Drilling Results

On September 27, 2023, Latitude Uranium announced results from the final three drill holes of its 18-hole 2022 drill program at Angilak.

The highlight of the phase 2 results was drill hole LUR-18, which extended a historical drill hole (LCM-15) from 300 meters to 420 meters depth. LUR-18 intersected 200 meters of intermittent uranium mineralization from 200 to 400 meters depth, including two notable high-grade zones of 42 meters at 324 meters depth and 21 meters at 396 meters depth.

LUR-18 demonstrated strong continuity of mineralization below 300 meters depth, to at least 420 meters. This is significant as the majority of historical drilling at Angle Act was limited to 300 meters depth. The results point to potential for high-grade uranium mineralization at depth, providing vectors for follow-up drilling.

Phase 1 Drilling Summary

The phase 1 results, announced in August 2022, were highlighted by the discovery of a new zone of uranium mineralization in drill hole LUR-11. This zone returned 6.3 meters of 0.093% U3O8 at 186.7 meters depth and 7.6 meters of 0.078% U3O8 at 199.4 meters depth.

The new zone is located just 50-100 meters south of the historical Angle conductor, representing a potential new area of mineralization in the hanging wall. Prior to this, most drilling was focused directly on the conductor, with less testing of the surrounding areas.

Several other drill holes from the phase 1 program, including LUR-03, LUR-06, LUR-12 and LUR-13, returned anomalous radioactivity, demonstrating the potential for additional mineralization outside of the historical resource area.

Interpretation & Next Steps

Overall, the 18-hole 2023 drill program successfully identified new zones of high-grade uranium mineralization outside of the historical resource area at Angle Act. The results provide vectors for expansion and demonstrate strong continuity of mineralization at depth below 300 meters.

Assay results for all 18 drill holes are expected by November 2023. These final assay results will help quantify the uranium grades associated with the reported radioactivity.

With positive results from its maiden 2022 drill program, Latitude Uranium is planning an expanded follow-up drill campaign for 2024. The company aims to double or triple the meterage from 2023, with a budget of around 10,000 meters proposed. Additional financing will be required to support the expanded program.

Specific targets for 2024 drilling will be informed by the final 2023 assays, but will likely focus on expansion of the new hanging wall zone and testing continuity at depth, especially below the 300 meter level.

Uranium Market Outlook

The uranium market has seen renewed interest in 2023, with the spot price up 50% year-to-date to over $50 per pound. This is being driven by demand outlook, supply constraints and geopolitical factors. Climate change and net zero emissions targets are anticipated to drive a renaissance for nuclear power and uranium demand over the next decade.

With few new projects coming online, supply is expected to tighten just as demand expands. The war in Ukraine has also sharpened focus on energy security, with nuclear increasingly seen as a stable and carbon-free baseload power source.

The improving macro backdrop provides a strong incentive for developers to advance uranium projects. Latitude views the current rising price environment as a positive indicator for the uranium sector over the 5-10 year timeline. This could help support capital raising efforts as the company looks to expand exploration efforts at Angle Act.

Conclusion

With its maiden drill program, Latitude Uranium has confirmed the potential for resource expansion and new discovery at its flagship Angilak uranium project. Results point to an extensive uranium system with continuity at depth and vectors for growth.

The company is well positioned to benefit from an improving uranium market, with 100% ownership of a quality asset in a premier jurisdiction. Looking ahead, Latitude offers investors exposure to discovery and resource expansion, with upcoming assay results and a fully funded 2024 drill program expected to provide significant catalysts.