en.Wedoany.com Reported - U92 Energy provided an update on April 27 regarding the Phase 1 drilling progress at its flagship Kurupung project in Guyana. The company has hired Orbit Garant (TSX: OGD) to execute a 5,000-meter diamond drilling program aimed at expanding historical mineral resources, which include 10.6 million pounds of indicated uranium (at a grade of 0.072% U₃O₈) and 10 million pounds of inferred uranium (at a grade of 0.067% U₃O₈).
Currently, the diamond drill has arrived in Guyana and is expected to be delivered to the project site soon. U92 has submitted environmental applications and established camp infrastructure, including fuel storage facilities and road improvements. CEO Adam Clode stated, "We are making coordinated progress in site development and drill mobilization, with the goal of incorporating Phase 1 drilling into an updated resource estimate in the second half of 2026."
The technical team is collaborating with Watts, Griffis & McOuat (WGM) to re-interpret historical drilling data, with over 14,000 meters of drilling not included in the historical resource estimates revealing high-grade uranium mineralization. The team is focusing on structurally controlled zones and under-explored areas within the known deposit.
Analyst Bob Moriarty noted in an article on 321Gold.com: "The world needs an alternative to the Strait of Hormuz, a Plan B. U92 has one." Although the company only began trading in February, its historical 43-101 resource estimate exceeds 20 million pounds of U₃O₈ at a grade of approximately 0.07%. Moriarty remarked: "This company is cheap simply because it is brand new."
In the market, the uranium shortfall persists, with spot prices for U₃O₈ remaining stable above $80 per pound since the start of 2026. The Canadian mining sector is drawing attention, and projects like U92 stand to benefit from trends in energy diversification.
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