UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign
Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of January 2024
Commission File Number 001-41489
enCore Energy
Corp.
(Translation of registrant’s name into English)
101 N. Shoreline Blvd. Suite 450, Corpus
Christi, TX 78401
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40F:
Form 20-F ☐ Form 40-F ☒
The following documents are being submitted herewith:
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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enCore Energy Corp. |
|
(Registrant) |
|
|
Date: January 17,
2024 |
By: |
/s/ Carrie Mierkey |
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Name: |
Carrie Mierkey |
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Title: |
Chief Financial Officer |
2
EXHIBIT 99.1
enCore Energy Provides Update on South Texas
Uranium Operations
NASDAQ:EU
TSXV:EU
www.encoreuranium.com
DALLAS, Jan. 17, 2024 /CNW/ - enCore Energy
Corp. (NASDAQ: EU) (TSXV: EU) (the "Company" or "enCore"), a uranium producer, today provides an
update on the Company's South Texas operations which are advancing on schedule and providing exceptional drilling results to support future
planned production.
Highlights include:
- The Alta Mesa In-Situ Recovery (ISR) Uranium Central Processing
Plant (CPP) upgrades and refurbishments are advancing on schedule for the planned early 2024 resumption of uranium production;
- The Alta Mesa Project wellfield drilling is providing increasingly
positive high-grade results from the wellfield delineation drill program;
- Uranium production from the Rosita CPP which commenced November
21, 2023, continues to meet projected start up production levels. Additionally, the Grand Opening at the Rosita CPP is scheduled on-site
for February 6, 2024.
Paul Goranson, enCore Energy's Chief Executive
Officer, stated: "Our South Texas operations continue to advance on schedule due to our successful planning to ensure all necessary
supplies and equipment were secured well in advance of installation. With a full complement of people, materials, and equipment in the
field, we are well positioned to make our timelines at our second production facility, Alta Mesa. Additionally, the wellfield drill results
are some of the best grades we have encountered to date. These results support our plan to accelerate and expand the drill program at
the Alta Mesa Uranium Project."
To view the Alta Mesa CPP and Wellfield and Rosita
CPP maps please visit: bit.ly/3fV9fTg.
Alta Mesa CPP Development Update
At the Alta Mesa CPP, enCore has met most of the key
objectives for the refurbishment of the processing circuits necessary for the planned early 2024 restart. Work remaining includes final
inspection of the ion exchange columns, testing the precipitation tanks, completing tie-in of the scrubber system, and installation and
testing of the process circuit instrumentation. The yellowcake drying circuit upgrades are advancing with the filter press support
infrastructure on site. Refurbishment and testing of the yellowcake drying system is progressing with that work scheduled to be
completed just prior to the anticipated production restart timelines.
Within Production Authorization Area 7 (PAA-7), enCore
is installing injection and production wells in the wellfield, has completed installation of the electrical transmission lines necessary
for initial start-up and is continuing to install the pipelines to connect the wellfield to the Alta Mesa CPP. All necessary equipment
for the start-up of production in the PAA-7 wellfield has been received or has been ordered with a confirmed delivery schedule.
Alta Mesa Wellfield Drilling Update
The wellfield drilling operations, delineating the
roll front mineralization within PAA-7, which commenced in March 2023, are advancing rapidly with 78 holes drilled since the previous
update (November 20, 2023). In total, 445 drill holes have been completed through January 4th, 2024. There are
currently six (6) drill rigs in full operation at the Alta Mesa CPP and Wellfield, with contracts pending for three (3) additional rigs.
Further refined delineation drilling within the PAA-7
continues to establish the exact pattern of injection and recovery wells from which to maximize production efficiency. To date, ninety-nine
(99) holes have been cased with thirty-six (36) injection and production wells completed. Two (2) drill rigs are currently casing wells
and one (1) drill rig focused on well completion activities. An additional drill rig will be moving to well completion activities
in the coming weeks.
In addition to increasing numbers of drill holes
and wells with Grade Thicknesses ("GT") over 1.0 in PAA-7, the Middle C unit, which was found to overlie PAA-7 in 2023 (NR May
18, 2023) continues to exhibit unexpected significant grade, and further drilling along the Middle C trend is increasing the overall mineralization
within PAA-7. Grade Thickness is Grade % U3O8 multiplied by the thickness of the mineralization. ISR recoverable
uranium with a Grade Thickness of >0.3 is considered suitable for inclusion in a wellfield.
Significant Alta Mesa Wellfield
Drilling Results
Drill Hole |
Goliad Sandstone Horizon |
Depth
(ft) |
Grade %
U3O8 |
Thickness
(feet) |
Grade
Thickness
(GT) |
Total
Hole GT |
166-109 |
MCU-2 |
418.0 |
0.165 |
2.5 |
0.412 |
|
162-116 |
MCU-1 |
411.5 |
0.167 |
2.0 |
0.335 |
|
169-106 |
LCU-2 |
497.0 |
0.174 |
8.5 |
1.476 |
|
164-117 |
LCU-2 |
491.0 |
0.193 |
5.5 |
1.062 |
|
176-92 |
LCL-1 |
517.0 |
0.167 |
3.0 |
0.502 |
|
175-911 |
LCL-1 |
517.0 |
0.149 |
4.0 |
0.598 |
|
175-912 |
LCU-1 |
499.0 |
0.116 |
4.0 |
0.463 |
|
166-109 |
MCU-1 |
413.5 |
0.160 |
5.0 |
0.798 |
|
181-951 |
LCU-1 |
511.0 |
0.173 |
6.0 |
1.039 |
|
169-103 |
LCL-1 |
514.0 |
0.444 |
3.5 |
1.554 |
|
181-952 |
LCU-2 |
514.5 |
0.310 |
2.5 |
0.775 |
|
166-112 |
LCL-1 |
511.5 |
0.181 |
2.5 |
0.452 |
|
183-98 |
LCU-2 |
509.5 |
0.141 |
5.0 |
0.706 |
|
|
LCL-1 |
520.5 |
0.072 |
6.0 |
0.429 |
1.135 |
167-113 |
LCU-2 |
492.5 |
0.123 |
3.0 |
0.368 |
|
172-961 |
MCU-1 |
418.0 |
0.098 |
3.0 |
0.294 |
|
|
LCU-1 |
484.0 |
0.125 |
2.0 |
0.250 |
|
|
LCU-2 |
504.5 |
0.267 |
4.0 |
1.067 |
1.611 |
172-962 |
LCU-2 |
503.0 |
0.143 |
5.0 |
0.714 |
|
|
LCL-1 |
516.0 |
0.201 |
2.5 |
0.503 |
1.217 |
172-95 |
LCU-2 |
503.5 |
0.334 |
5.0 |
1.672 |
|
|
LCL-1 |
517.5 |
0.228 |
2.0 |
0.455 |
2.127 |
172-97 |
LCU-2 |
501.0 |
0.386 |
5.5 |
2.121 |
|
181-94 |
LCU-2 |
512.0 |
0.256 |
10.0 |
2.563 |
|
167-108 |
MCU-1 |
410.5 |
0.233 |
4.0 |
0.931 |
|
171-99 |
LCL-1 |
509.0 |
0.188 |
2.5 |
0.471 |
|
-All intercepts are located in the PAA-7 which hosts mineralization within the Goliad Formation. The Company has identified five saturated (required for ISR), mineralized sandstone horizons within the Goliad Formation lying approximately 400 to 520 feet below the surface. The water level is located approximately 120 feet below the surface. Grade Thickness is Grade % U3O8 multiplied by the thickness of the mineralization. ISR recoverable uranium with a Grade Thickness of >0.3 is considered suitable for inclusion in a wellfield. |
Alta Mesa In-Situ Recovery (ISR) Uranium Central Processing Plant ("Alta Mesa CPP") & Wellfield
The Alta Mesa CPP and Wellfield hosts a fully licensed
and constructed ISR uranium plant, located on 200,000+ acres of private land in the state of Texas. Alta Mesa will be enCore's second
producing location and work continues to complete the pending joint venture ("JV") transaction with Boss Energy (December 6,
2023) whereby Boss Energy will acquire a 30% interest in the enCore managed JV for consideration of $60 million USD and a placement into
enCore shares of $10 million USD.
Total operating capacity at the Alta Mesa CPP is 1.5
million lbs. U3O8 (uranium) per year. The Alta Mesa CPP historically produced nearly 5 million lbs. U3O8
between 2005 and 2013, when full production was curtailed as a result of low uranium prices.
Alta Mesa CPP and Wellfield highlights:
- The Alta Mesa CPP is enCore's
third fully licensed production facility, along with the Rosita CPP and Kingsville Dome CPP, all located in the business-friendly state
of Texas. There are only eleven (11) licensed and constructed uranium production facilities in all of the United States (US);
- Alta Mesa CPP's operations are
located on private land, with 100% of minerals privately owned, and in a supportive jurisdiction with primary regulatory authority residing
with the State of Texas;
- The Alta Mesa CPP utilizes well-known ISR technology to extract
uranium in a non-invasive process using natural groundwater and oxygen, coupled with a proven ion exchange process, to recover the uranium.
Alta Mesa & Mesteña Grande Mineral
Resource Summary (0.30 GT cut-off)1,2 |
Tons |
Avg. Grade
(% U3O8) |
Pounds |
Total Measured Mineral Resource1 |
54,000 |
0.152 |
164,000 |
Alta Mesa Indicated Mineral Resource |
1,397,000 |
0.106 |
2,959,000 |
Mesteña Grande Indicated Mineral Resource |
119,000 |
0.120 |
287,000 |
Total Measured & Indicated Resources |
1,570,000 |
0.109 |
3,410,000 |
Alta Mesa Inferred Mineral Resource |
1,263,000 |
0.126 |
3,192,000 |
Mesteña Grande Inferred Mineral Resource |
5,733,000 |
0.119 |
13,601,000 |
Total Inferred Resources |
6,996,000 |
0.120 |
16,793,000 |
1,2 Represents that portion of the in-place mineral resource that are estimated to be recoverable within existing wellfields. Wellfield recovery factors have not been applied to indicated and inferred mineral resources. As reported in the NI-43-101 Technical Report Summary for the Alta Mesa Uranium Project, Brooks and Jim Hogg Counties, Texas, USA completed by Doug Beahm, PE, PG, of BRS Engineering. (Effective January 19, 2023) |
The Company advises that it is not basing its production
decisions at Alta Mesa CPP or Rosita CPP on a feasibility study of mineral reserves demonstrating economic and technical viability. The
production decision is based on known past In-Situ Recovery (ISR) and processing operations at these two production facilities and surrounding
lands. However, the Company understands that there is increased uncertainty, and consequently a higher risk of failure, when production
is undertaken in advance of a feasibility study. The Company has determined to proceed with a production decision based on past
operations at the Alta Mesa CPP and Rosita CPP, including past ISR operations in the known mineral resource areas.
John M. Seeley, Ph.D., P.G., C.P.G., enCore's Manager
of Geology and Exploration, and a Qualified Person under NI 43-101, has reviewed and approved the technical disclosure in this news release
on behalf of the Company.
About enCore Energy Corp.
enCore Energy Corp., America's Clean Energy Company™,
is committed to providing clean, reliable, and affordable domestic nuclear energy as the newest uranium producer in the United States.
Uranium production commenced at enCore's licensed and past-producing South Texas Rosita Central Processing Plant ("CPP") in
November 2023 with work underway for a planned 2024 restart of uranium production at its licensed and past-producing South Texas Alta
Mesa CPP. The enCore team is led by industry experts with extensive knowledge and experience in all aspects of ISR uranium operations
and the nuclear fuel cycle. enCore solely utilizes In-Situ Recovery ("ISR") for uranium extraction, a well-known and proven
technology co-developed by the leaders at enCore Energy. In-Situ Recovery extracts uranium in a non-invasive process using natural groundwater
and oxygen, coupled with a proven ion exchange process, to recover the uranium.
Future projects in enCore's production pipeline include
the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming, along with significant uranium resource endowments in
New Mexico providing long term opportunities. enCore diligently works to realize value from other owned assets, including our proprietary
uranium database that includes technical information from many past producing companies, from our various non-core assets, and by leveraging
our ISR expertise in researching opportunities that support the use of this technology as applied to other metals. enCore is also committed
to working with local communities and indigenous governments to create positive impact from corporate developments.
www.encoreuranium.com
Cautionary Note Regarding Forward Looking Statements:
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
The Company advises that it is not basing its production
decisions at Alta Mesa CPP or Rosita CPP on a feasibility study of mineral reserves demonstrating economic and technical viability. The
production decision is based on known past ISR and processing operations at these two production facilities and surrounding lands. However,
the Company understands that there is increased uncertainty, and consequently a higher risk of failure, when production is undertaken
in advance of a feasibility study. The Company has determined to proceed with a production decision based on past operations at
the Alta Mesa CPP and Rosita CPP, including past ISR operations in the known mineral resource areas.
Note on forward looking information: Certain
information contained in this news release, including: any information relating to the Company being a leading uranium company, statements
regarding future or potential production, and any other statements regarding future expectations, beliefs, goals or prospects; may constitute
"forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United
States securities laws and regulations (collectively, "forward-looking statements"). All statements in this news release that
are not statements of historical fact (including statements containing the words "expects", "is expected", "does
not expect", "plans", "anticipates", "does not anticipate", "believes", "intends",
"estimates", "projects", "potential", "scheduled", "forecast", "budget" and
similar expressions or variations (including negative variations) of such words and phrases, or statements that certain actions, events
or results "may", "could", "would", "might" or "will" be taken) should be considered
forward-looking statements. Such forward-looking statements include statements regarding our planned extraction and production operations.
All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the company's ability
to control or predict. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated
with general economic conditions; adverse industry events; future legislative and regulatory developments; the ability of enCore to implement
its business strategies; including commencement of production at Alta Mesa in the planned time frames or at all; the expansion of operations
to satellite locations; and other risks. A number of important factors could cause actual results or events to differ materially from
those indicated or implied by such forward-looking statements, including without limitation access to capital risks, exploration and development
risks, changes in commodity prices, access to skilled mining personnel, the results of exploration and development activities; production
risks; uninsured risks; regulatory risks; defects in title; the availability of materials and equipment, timeliness of government approvals
and unanticipated environmental impacts on operations; litigation risks; risks posed by the economic and political environments in which
the Company operates and intends to operate; increased competition; assumptions regarding market trends and the expected demand and desires
for the Company's products and proposed products; reliance on industry equipment manufacturers, suppliers and others; the failure to adequately
protect intellectual property; the failure to adequately manage future growth; adverse market conditions, the failure to satisfy ongoing
regulatory requirements and factors relating to forward looking statements listed above which include risks as disclosed in the Company's
annual information form filings. Should one or more of these risks materialize, or should assumptions underlying the forward-looking statements
prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated
or expected. The Company assumes no obligation to update the information in this communication, except as required by law. Additional
information identifying risks and uncertainties is contained in filings by the Company with the various securities commissions which are
available online at www.sec.gov and www.sedar.com. Forward-looking statements are provided for the purpose of providing information
about the current expectations, beliefs and plans of management. Such statements may not be appropriate for other purposes and readers
should not place undue reliance on these forward-looking statements, that speak only as of the date hereof, as there can be no assurance
that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management
at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified by this cautionary statement.
View original content to download multimedia:https://www.prnewswire.com/news-releases/encore-energy-provides-update-on-south-texas-uranium-operations-302036875.html
SOURCE enCore Energy Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2024/17/c8472.html
%CIK: 0001500881
For further information: please contact: William M. Sheriff, Executive
Chairman, 972-333-2214, info@encoreuranium.com
CO: enCore Energy Corp.
CNW 07:00e 17-JAN-24
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