U92 Energy Corp. Secures Two Drilling Rigs for Region Seven Uranium Exploration

According to Kaieteur News, Adam Clode, the Chief Executive Officer and executive chairman of the Canadian company U92 Energy Corp., announced that the firm has obtained contracts for two in-country drilling rigs for its Region Seven uranium exploration endeavor. Clode shared these details during an interview published on Tuesday, October 20, by Resource Talks, which was hosted by Antonio Atanasov.

One of the rigs, contracted via Major Drilling, is prepared for mobilization from Aris Mining’s Toroparu Gold Project, which is situated about 40 kilometers northeast of U92’s project site. The second rig, contracted through Orbit Drilling, is presently engaged at the G Mining Ventures (GMIN) Oko West Gold project and is anticipated to become available in early next year after concluding its current work towards the end of 2026. Clode stated that both contracted rigs are within the country.

However, the equipment will only be moved to the site once U92 Energy Corp. receives the required permitting approval. Clode mentioned that the company has not moved the first rig to the site while awaiting approval, and the contract allows for mobilization upon securing the permit without incurring standby costs while it remains idle. He noted that prolonged delays could eventually necessitate commercial discussions with the contractor.

Despite the permitting uncertainty, Clode maintained that the company could still meet its objective of providing an updated Mineral Resource Estimate (MRE) in the third quarter of 2027. The project area covers roughly 92.2 square kilometers and possesses a historical resource estimate of 20.6 million pounds of uranium. The planned resource update is intended to evaluate how much of the estimated resource remains within constraints suitable for open-pit mining.

U92 Energy Corp. stated that achieving an outcome exceeding 30 million pounds of uranium would be considered a success, provided it supported a mine life of over 10 years with an annual production rate surpassing three million pounds. The company also disclosed a more ambitious goal of reaching approximately 50 million pounds, with a target of 5 million pounds per annum, all within pit constraints.

U92 Energy owns the Kurupung Uranium Project through its wholly owned subsidiary, LIA (Guyana) Inc. The Environmental Protection Agency (EPA) had previously issued a notice on August 26 exempting the exploration project from an Environmental Impact Assessment (EIA). This approval permitted U92 to conduct soil sampling and approximately 5,000 meters of diamond drilling from around 30 drill platforms. The approved activities also included limited access-track works, rehabilitation of about 12 kilometers of an existing access road, a temporary exploration camp, and secure drill-core storage.

Nevertheless, appeals have effectively paused the proposed activities until the Environmental Assessment Board (EAB) renders its decision. EPA Executive Director, Kemraj Parsram, confirmed that exploration activities cannot commence until the EAB decides whether to uphold or overturn the agency’s decision, stating that nothing will advance until the EAB makes its determination.

U92 Energy acquired the project earlier this year by acquiring LIA Industries Pte. Ltd., a Singaporean entity that owns LIA (Guyana). This publication reported that LIA (Guyana) Inc. was established in Guyana on March 20, 2023, and holds exclusive rights to occupy and explore the property under two Prospecting Licences (PLs) granted by the Guyana Geology & Mines Commission (GGMC) on April 19, 2024. These licenses allow for uranium, other radioactive minerals, and rare-earth elements exploration for three years, concluding on April 18, 2027, with an option to extend for up to two additional one-year periods until April 18, 2029.