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Atlas Corp.

Urano Energy Corp. Expands I-70 Uranium Project Footprint with Strategic Acquisition of Snow and Probe Uranium Mines

Strategic Insights

— 2 min read

Urano Energy Corp. has made a significant move in the uranium market by acquiring the Snow and Probe Uranium Mines from enCore Energy Corp. This strategic deal expands the company's I-70 Uranium Project footprint by approximately 60% and adds a well-documented past-producing uranium deposit with historical resources. The acquisition is a crucial step for Urano Energy as it strengthens its growth trajectory in the region, particularly in Utah's San Rafael District, known for its rich uranium geology.

Key Takeaways:

  • The acquisition of the Snow and Probe Uranium Mines expands Urano Energy's I-70 Uranium Project footprint by approximately 60%, adding 599 acres (2.42 km²) of contiguous land to the company's existing holdings.
  • Historical production from the properties includes approximately 935,000 lbs. U³O₈ at 0.19% U₃O₈ from 1973-1982.
  • A historical resource estimate of 295,534 lbs. U₃O₈ at 0.23% U₃O₈ has been reported in the Probe-North Snow deposit, audited by an independent registered mining engineer consulting to Atlas Corp.
  • Favorable geology is present at the deposits, occurring within the Saltwash Member of the Jurassic Morrison Formation, the principal host of uranium-vanadium mineralization across southeastern Utah.
  • Atlas' Mine Closure Report highlights multiple drill-ready exploration targets with potential to expand known mineralization.
  • Property overview: Under the terms of the agreement, Urano Energy has paid $65,980.60 CAD in cash and issued $200,000 CAD of Urano Energy common shares.
  • The acquisition is a significant expansion of Urano Energy's uranium inventory, positioning the company for future value creation and growth momentum.
  • Jason Bagg, Chief Executive Officer of Urano Energy, commented on the strategic acquisition: "This transaction meaningfully expands our I-70 Uranium Project footprint and adds a well-documented past-producing uranium deposit with historical resources."
  • Qualified Person: The technical information in this news release has been reviewed and approved by Dr. Douglas Underhill, PhD (Geology), MBA, CPG, a Director of Urano Energy Corp. and a Qualified Person as defined by National Instrument 43-101.

Statistics:

  • Acquisition expands the Company's total mineral rights by approximately 60% at the I-70 Uranium Project, adding 599 acres (2.42 km²) of contiguous land.
  • Historical production includes approximately 935,000 lbs. U³O₈ at 0.19% U₃O₈ from 1973-1982.
  • Historical resource estimate of 295,534 lbs. U₃O₈ at 0.23% U₃O₈ reported in the Probe-North Snow deposit.
  • Favorable geology is present at the deposits, occurring within the Saltwash Member of the Jurassic Morrison Formation.
  • Atlas' Mine Closure Report highlights multiple drill-ready exploration targets with potential to expand known mineralization.
  • $65,980.60 CAD paid in cash and $200,000 CAD of Urano Energy common shares issued in the transaction.

Sources:

  • Urano Energy Corp. (2025, Oct 27). Urano Energy Corp. Expands I-70 Uranium Project Footprint with Strategic Acquisition of Snow and Probe Uranium Mines.
  • Atlas Corporation (1982, March 4). Closure Report - Atlas Minerals Probe and Snow Mines, Emery County, Utah.
  • Gillingham, Thomas, E. (1984, August 16). Personal communication to Mr. Edward Farley, Jr., President, Atlas Corporation.

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