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Azarga Uranium Data Analysis Identifies Uranium Mineralization at Dewey Terrace

GREENWOOD VILLAGE, COLORADO–(Marketwired – Oct. 31, 2017) – AZARGA URANIUM CORP. (TSX:AZZ)(FRANKFURT:P8AA)(OTC PINK:PWURF) (“Azarga Uranium” or the “Company”) has identified uranium mineralization at the Company’s Dewey Terrace Project through the analysis of historical data owned by the Company (the “Data Set”). The Dewey Terrace Project is located in Wyoming, adjacent to the Company’s NRC licensed Dewey Burdock in-situ recovery uranium Project (the “Dewey Burdock Project”).

Highlights of the analysis at Dewey Terrace include:

  • 91 mineralized drill holes with 129 intercepts equal to or exceeding a 0.2 grade-thickness (GT) cutoff using a .02% grade cutoff with an average eU308 grade of 0.062% and an average thickness of 7.4 feet
  • Uranium mineralization covering seven (7) separate mineralized zones over a trend of approximately 2.5 miles
  • Mineralization within the same ore bearing sandstone as the Dewey Burdock Project and conditions that indicate possible in-situ recovery (“ISR”) amenability

“We are very pleased to see that our initial analysis indicates uranium resource potential at the Dewey Terrace Project. The Data Set confirms that within the same Inyan Kara sands as the Dewey Burdock Project, uranium mineralization, potentially suitable for ISR, exists. This uranium mineralization indicates possibilities for further discoveries in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects. We believe that further analysis of the Data Set will allow expansion of our uranium resources and the location of the identified uranium mineralization at the Dewey Terrace Project presents an opportunity for a nearby satellite project, within 10 miles of the Dewey Burdock Project, the Company’s initial development priority,” said John Mays, Chief Operating Officer.

The Data Set identified 259 mineralized drill holes indicating significant potential for a new resource area at the Dewey Terrace Project. Further, deposition is consistent with sand channel systems categorized within the Dewey Burdock Project. Several drill holes encountered multiple intercepts demonstrating a vertically stacked group of separate mineralized zones similar to those at the Dewey Burdock Project. The objective of the Data Set analysis is to identify uranium mineralization in a cost effective manner in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects. The Company is continuing its review of the Data Set for further uranium mineralization with the objective of identifying additional uranium resources.

The following table provides a detailed summary of the results for the 91 mineralized drill holes with 129 intercepts that equal or exceed a 0.2 GT cutoff using a .02% grade cutoff:

Hole ID Zone Depth
(ft)
Thickness
(ft)
Avg.
GT
Avg. Grade
(%)
DEX 033 LE 649.5 6.3 0.21 0.034
DEX 035 UD 627.0 9.5 0.39 0.041
DEX 039 LE 650.0 10.5 0.47 0.045
DEX 052 LD 640.0 1.2 0.50 0.417
DEX 075 UD 602.3 4.0 0.26 0.066
DEX 097 C 586.5 12.0 0.31 0.026
DEX 101 C 589.0 2.0 0.23 0.114
DEX 113 UE 622.0 3.2 0.21 0.065
DEX 113 UD 590.5 2.9 0.32 0.112
DEX 116 LE 642.0 5.0 0.33 0.067
DEX 125 C 585.0 6.1 0.21 0.035
DEX 133 LE 638.8 3.7 0.24 0.064
DEX 144 UD 604.3 3.5 0.27 0.076
DEX 144 LD 613.0 8.2 0.49 0.060
DEX 168 LE 632.3 2.7 0.25 0.092
DEX 172 UD 599.5 6.3 0.22 0.035
DEX 175 UE 626.1 2.7 0.24 0.089
DEX 200 LD 718.2 10.9 0.29 0.026
DEX 204 UD 665.8 11.0 0.25 0.023
DEX 220 C 578.0 3.1 0.25 0.080
DEX 220 UE 624.4 5.8 0.61 0.105
DEX 230 LE 650.3 1.5 0.26 0.170
DEX 231 UD 594.0 5.0 0.94 0.187
DEX 233 UE 617.5 5.5 0.31 0.056
DEX 237 UE 638.5 3.8 0.20 0.053
DEX 237 C 604.7 6.3 0.30 0.048
DEX 240 LE 628.0 9.0 0.90 0.100
DEX 241 C 594.0 7.2 0.28 0.039
DEX 245 LD 615.0 6.3 0.24 0.038
DEX 245 UD 599.9 9.7 0.45 0.046
DEX 245 C 581.9 12.6 0.52 0.041
DEX 251 UE 677.0 4.0 0.22 0.055
DEX 260 LD 663.5 9.5 0.24 0.026
DEX 263 LE 641.5 8.5 0.26 0.030
DEX 264 LD 620.8 6.9 0.24 0.035
DEX 268 LE 620.2 8.1 0.21 0.025
DEX 268 UE 608.5 10.1 0.41 0.041
DEX 272 UD 588.5 3.5 0.23 0.067
DEX 275 UE 619.9 5.4 0.35 0.064
DEX 275 UD 589.7 4.0 0.36 0.089
DEX 275 LD 604.5 8.0 0.36 0.045
DEX 278 UD 592.0 4.8 0.32 0.067
DEX 278 LE 634.3 4.3 0.34 0.078
DEX 283 C 582.1 6.0 0.24 0.039
DEX 284 UD 596.0 11.3 0.56 0.049
DEX 288 UE 616.6 7.4 0.21 0.029
DEX 288 LD 607.0 4.5 0.35 0.077
DEX 288 UD 595.1 8.2 0.40 0.049
DEX 288 C 579.5 7.9 0.47 0.060
DEX 289 UE 619.0 7.5 0.75 0.099
DEX 291 UE 634.9 6.1 0.39 0.065
DEX 292 LD 620.0 6.7 0.34 0.050
DEX 292 UE 634.0 10.6 0.38 0.036
DEX 297 LE 631.2 4.3 0.22 0.051
DEX 297 UE 617.0 9.3 0.47 0.051
DEX 308 LE 675.0 7.5 0.51 0.068
DEX 309 LD 619.0 6.8 0.21 0.031
DEX 326 LD 632.0 9.4 0.39 0.041
DEX 326 UD 622.0 6.0 0.56 0.094
DEX 327 LD 620.0 8.0 0.22 0.027
DEX 328 UE 625.5 11.5 0.47 0.041
DEX 338 C 591.8 2.7 0.33 0.123
DEX 339 C 591.5 6.6 0.41 0.062
DEX 340 LD 630.0 3.8 0.23 0.061
DEX 340 UD 618.3 7.0 0.28 0.040
DEX 341 C 590.0 4.6 0.32 0.068
DEX 344 UD 608.0 8.2 0.38 0.047
DEX 344 LD 619.5 9.5 0.43 0.046
DEX 348 UD 618.5 3.2 0.20 0.064
DEX 362 UE 618.3 12.9 0.41 0.032
DEX 362 UD 595.0 19.5 0.45 0.023
DEX 374 LE 631.3 7.5 0.23 0.030
DEX 375 LD 603.8 10.2 0.22 0.022
DEX 378 UD 616.0 9.0 0.41 0.045
DEX 378 LD 625.0 10.5 0.47 0.045
DEX 384 C 582.3 6.9 0.29 0.042
DEX 386 C 598.5 7.0 0.27 0.039
DEX 387 LD 632.3 7.8 0.84 0.107
DEX 388 UD 591.0 14.0 0.66 0.047
DEX 391 UD 584.5 6.0 0.22 0.036
DEX 392 LD 627.0 9.3 0.25 0.027
DEX 392 C 591.0 10.5 0.38 0.036
DEX 392 UD 611.1 4.0 0.70 0.175
DEX 393 UD 609.0 2.7 0.46 0.170
DEX 393 C 598.3 2.3 0.50 0.219
DEX 393 LD 618.8 11.0 0.79 0.072
DEX 397 C 578.1 9.5 0.23 0.024
DEX 398 C 578.0 9.3 0.21 0.023
DEX 398 UD 593.7 6.7 0.47 0.070
DEX 398 LD 610.5 8.1 0.55 0.069
DEX 403 LD 613.5 11.3 0.35 0.031
DEX 403 C 588.9 12.6 0.36 0.029
DEX 404 UB 562.0 15.3 0.38 0.025
DEX 417 C 583.3 11.6 0.45 0.038
DEX 417 LD 611.2 10.8 0.59 0.055
DEX 418 LD 619.0 4.9 0.28 0.057
DEX 426 LD 595.0 10.6 0.32 0.030
DEX 426 UD 583.5 2.4 0.38 0.158
DEX 431 UE 614.0 5.2 0.28 0.054
DEX 432 UD 594.1 9.8 0.36 0.037
DEX 441 C 571.0 9.3 0.25 0.027
DEX 441 UD 587.0 15.6 1.01 0.065
DEX 442 UE 618.3 6.1 0.33 0.055
DEX 442 LD 602.5 12.8 0.48 0.038
DEX 451 LD 609.0 4.9 0.34 0.070
DEX 451 UD 600.0 6.3 0.45 0.071
DEX 456C LD 632.0 9.8 1.07 0.110
DEX 458 LD 614.1 5.1 0.26 0.051
DEX 458 UD 600.1 8.8 0.34 0.038
DEX 459 UD 584.9 12.2 0.38 0.031
DEX 460 UD 593.3 9.0 0.30 0.033
DEX 462 LD 589.5 4.5 0.26 0.057
DEX 462 UD 575.2 6.5 0.31 0.047
DEX 463 UD 592.0 5.3 0.22 0.042
DEX 463 LD 603.3 5.7 0.31 0.054
DEX 464 UD 593.2 5.8 0.24 0.041
DEX 464 C 584.0 6.7 0.27 0.040
DEX 469 UD 582.1 5.0 0.37 0.074
DEX 471 UE 598.3 13.2 0.70 0.053
DEX 473 UD 576.0 3.2 0.20 0.063
DEX 474 C 585.0 3.1 0.23 0.076
DEX 474 LD 610.2 5.0 0.37 0.074
DEX 475 UD 581.5 8.9 0.24 0.026
DEX 479 UD 582.0 11.8 0.35 0.030
DEX 479 LD 599.5 4.6 0.42 0.091
DEX 482 LD 585.9 6.4 0.42 0.065
DEX 483 C 565.0 10.9 0.54 0.050
ST 23 FR 492.0 13.5 0.38 0.028
TER 07-11 UD 599.0 5.5 0.26 0.047

The Company also identified 93 drill holes with 112 intercepts that had GT values ranging from 0.1 to 0.2 GT based on review of the Data Set. These intercepts had an average thickness of 4.1 feet with an average grade of 0.041% eU3O8. The remaining 187 drill holes reviewed to date range from barren to an average GT of 0.1.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (“NI 43-101”) and was reviewed by John Mays, P.E., Chief Operating Officer for the Company and a Qualified Person under NI 43-101.

The Data Set includes historical drilling information that has been reviewed by the Company’s geological team, as well as 20 exploratory drill holes completed by the Company in a previous exploration campaign. The exploratory drill holes completed by the Company confirm the presence of uranium mineralization at the Dewey Terrace Project. The Company’s review of the records and information within the Data Set reasonably substantiate the validity of this information; however, the Company cannot directly verify the accuracy of the historical data, including the procedures used for sample collection and analysis. Therefore, the Company encourages investors not to place undue weight on these results.

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls six uranium projects, deposits and prospects in the United States of America (South Dakota, Wyoming and Colorado) and the Kyrgyz Republic. The Dewey Burdock in-situ recovery uranium project in South Dakota (the “Dewey Burdock Project”), which is the Company’s initial development priority, has received its Nuclear Regulatory Commission License and draft Class III and Class V Underground Injection Control (“UIC”) permits from the Environmental Protection Agency (“EPA”) and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA.

For more information please visit www.azargauranium.com.

Follow us on Twitter at @AzargaUranium.

Disclaimer for Forward-Looking Information

Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements may include, but are not limited to, statements with respect to the Company’s continued efforts to obtain all major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA, the Company’s belief that mineralization conditions at the Dewey Terrace Project indicate possible ISR amenability, that the Company’s initial analysis indicates uranium resource potential at the Dewey Terrace Project, that uranium mineralization identified in the Data Set indicates possibilities for further discoveries in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects, the Company’s belief that further analysis of the Data Set will allow expansion of our uranium resources and the location of the identified uranium mineralization at the Dewey Terrace Project presents an opportunity for a nearby satellite project, that the identified mineralization from the Data Set indicates significant potential for a new resource area at the Dewey Terrace Project, that the objective of the Data Set analysis is to identify uranium mineralization in a cost effective manner in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects and that the Company’s is continuing its review of the Data Set for further uranium mineralization with the objective of identifying additional uranium resources. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.
These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: (1) the risk that the Company does not obtain all major regulatory permit approvals necessary for construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA, (2) the risk that mineralization conditions at the Dewey Terrace Project are not amenable to ISR, (3) the risk that the Company’s initial analysis indicating uranium resource potential at the Dewey Terrace Project is not correct, (4) the risk that uranium mineralization identified in the Data Set does not indicate possibilities for further discoveries in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects, (5) the risk that further analysis of the Data Set does not allow expansion of the Company’s uranium resources and the location of the identified uranium mineralization at the Dewey Terrace Project does not present an opportunity for a nearby satellite project, (6) the risk that the identified mineralization from the Data Set does not indicate significant potential for a new resource area at the Dewey Terrace Project, (7) the risk that the Data Set analysis does not identify uranium mineralization in a cost effective manner in the vicinity of the Company’s Dewey Terrace and Dewey Burdock Projects, (8) the risk that the Company’s review of the Data Set does not identify further uranium mineralization and additional uranium resources are not identified, (9) the risk that such statements may prove to be inaccurate and (10) other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the “Risks and Uncertainties” section in the Company’s most recent MD&A filed with Canadian security regulators.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Azarga Uranium Corp.
John Mays
COO
+1 303 790-7528
[email protected]
www.azargauranium.com

 

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