Anson Resources Ltd ("Anson") is pleased to announce that its wholly owned Utah-based subsidiary, UV1 Minerals LLC, will commence a targeted exploration drilling program at the Yellow Cat Uranium-Vanadium Project located in the Thompson District of southeastern Utah, USA.
Plan showing the proposed and historical drillhole locations carried out at Yellow Cat Project. Image Credit: Anson Resources Ltd
Under the approved program, drilling is scheduled to begin in early March 2026 and will test a strike length of approximately 2,500 meters of uranium and vanadium mineralization along historical trends between known workings. Previous surface sampling has confirmed significant uranium mineralization, including values up to 10.33 % U3O8 and 25.61 % V2O5, affirming the prospectivity of the project area.
The program will include multiple shallow drillholes to verify and extend known mineralized zones, with diamond coring supporting detailed assaying and future resource definition. The Company's objective is to confirm that the mineralization continues between historical mining locations and to lay the groundwork for subsequent resource evaluation activities.
Executive Chairman and CEO, Bruce Richardson, said:"Commencing drilling at Yellow Cat marks a key exploration milestone for Anson's U.S. portfolio. This program builds on strong historical data and our confidence in the project's potential to host additional uranium and vanadium mineralization. We look forward to providing results in the near future."
Strategic Importance of Uranium
This drilling initiative comes at an exciting juncture for uranium globally and particularly in the United States. Uranium, the fundamental fuel for nuclear power, has recently been reinstated on the U.S. Critical Minerals List, reflecting its growing importance to national energy security and supply chain resilience.
The resurgence of interest in nuclear energy is driven by several critical policy and market factors:
- U.S. Government Focus on Critical Minerals: The 2025 Critical Minerals List reinstatement recognizes uranium's strategic role, aligning federal support and incentives towards domestic fuel supply development and reducing reliance on foreign sources.
- Nuclear Power Expansion: With increasing electricity demand from the expansion of Data Centers and AI applications, nuclear power is gaining renewed emphasis as critical component of a diversified energy mix to support the power grid. Projects to restart existing reactors and build new advanced reactors underline the importance of secure domestic uranium supply.
- Regional Alignment - Utah: The State of Utah has actively positioned itself as a critical minerals hub, supported by state leaders and regulatory frameworks that encourage responsible nuclear power and critical minerals development. The presence of the White Mesa Mill, the only conventional uranium/vanadium processing facility currently operating in the U.S., enhances infrastructure synergies for projects like Yellow Cat.
This combination of federal and state priorities dovetails strongly with Anson's exploration activities, underscoring the potential for both economic and strategic value creation as domestic uranium supply gains renewed momentum.
Drilling Down on Yellow Cat
This drilling program located on the eastern block of the project area is along strike of the historical mineral resource, see ASX Announcement 4 February 2026, that was sourced from USGS reports. The mineralization is shallow or comes to the surface and as a result, the mineralized horizon is located above the water table which will result in shallow drilling and minimal disturbance. The Eastern claim block of the project contains a well-defined east-west striking zone of uranium and vanadium mineralization at excellent grades. Table 1 shows a selection of the sample results collected during Anson's previous exploration programs. Anson plans to drill the mineralized trend from the Windy Point and McCoy Group to the Cactus Rat and Mineral Treasure mines. Drill depths will range from 12 m to 40 m. Diamond coring of some mineralized zones would allow both assaying for uranium, vanadium and associated minerals and metallurgical studies such as density interpretations that can be used in mineral resource calculations.
Table 1. Selected rock chip assay results for Uranium and Vanadium sampled by SRK at Anson's Yellow Cat Project. Source: Anson Resources Ltd
The exploration program aims to confirm the uranium and vanadium mineralization continues between the two historical mining locations which is a strike length of 2,500 m. If successful, further drilling programs will be designed to prove up mineral resources in the eastern area. In addition, an exploration program consisting of reverse circulation (RC) and diamond (DDH) drilling that twins historical drillholes in the central block is planned to confirm the assay results of the historical drillholes. Confirmation of the assay results would enable the historical resource to be possibly upgraded to a 2012 JORC mineral resource. Numerous open drillholes have been located which would allow new downhole surveys to be carried out reducing the cost of an extensive drilling program. The water table in this area appears to be relatively level with primary uranium/vanadium mineralization.