Location:
Wyoming (Powder River Basin), United States
Ownership:
100%
Deposit Type:
Roll front uranium deposits in Wasatch, Fort Union, and Lance Formations
Primary Minerals:
Uranium
Stage:
Exploration
Current Status:
2026 drilling underway
The Kaycee Project is located in Wyoming’s Powder River Basin, historically the backbone of Wyoming uranium production and host to the majority of ISR projects in the state. The project covers a 35-mile mineralized trend with over 430 miles of identified roll fronts and consists of more than 46 square miles of mineral rights, or approximately 31,724 acres covering the western limb of the Powder River Basin. This marks the first time since the early 1980s that the entire district has been under the control of a single company, previously through Nuclear Fuels Inc.
Historic drilling of over 3,800 holes has confirmed uranium mineralization over more than 1,000 vertical feet in all three historically productive sandstones within the Powder River Basin. The Kaycee Project is the only project in the basin where all three formations – Wasatch, Fort Union, and Lance – are mineralized and potentially amenable to ISR extraction. In the Powder River Basin, potentially ISR-recoverable uranium mineralization with a GT of greater than 0.20 is considered suitable for inclusion in a potential wellfield.
Historic data includes 3,800 drill holes throughout the 35-mile trend and over 430 miles of identified roll fronts. The majority of the trend has not been well explored with drilling concentrated on approximately 10% of the trend. Nuclear Fuels commenced drilling at the Kaycee Project in November 2023 with a focus on confirming and expanding historic resources at the Saddle, Spur, and Stirrup zones, which had not been drill-tested since the early 1980s. A total of 200 holes were completed in 2023 and during the first half of 2024, successfully confirming and expanding historically identified mineralization at all three zones with numerous holes returning potentially economic grades at relatively shallow, potentially ISR-amenable depths.
Exploration at Kaycee has progressed from identifying new uranium-bearing roll-front systems to defining their extent and testing additional high-priority targets. With upwards of 400,000 feet drilled since 2023, Kaycee represents one of the largest ongoing grassroots ISR exploration programs in the United States.
In October 2024, drilling shifted to testing regional targets that had not been extensively explored. Guided by the evaluation of more than 500 oil and gas logs, the program led to the discovery of the Outpost and Trail Dust zones, returning the strongest drilling results achieved at Kaycee to that point. These discoveries identified new uranium-bearing roll-front trends beyond those historically delineated, opening additional areas for follow-up exploration.
Building on these discoveries, PUR completed 132 drill holes totaling 100,107 feet across the Outpost, Rustler and Stampede target areas in 2025. further defined a 3.5-mile north-south trending redox front at Rustler and demonstrated continuity of the mineralized trend between Stampede and Rustler. Together, these results expanded known areas of uranium mineralization and refined targets for the next phase of drilling.
The 2026 exploration drilling program is building on this foundation through drilling at Outpost, Rustler and West Diane. As of September 25, 2026, 80 drill holes totaling 65,620 feet had been completed, representing approximately 66% of the planned 100,000-foot program.
Results at West Diane included the program’s thickest intercept of 10 feet grading 0.064% eU₃O₈ and an intercept of 1 foot grading 0.141% eU₃O₈. Drilling has also identified uranium mineralization in the Fort Union and Wasatch formations, adding to the Project’s historical evidence of mineralization across all three historically productive sandstone formations in the Powder River Basin: Wasatch, Fort Union and Lance. These results are helping guide ongoing exploration across the Project’s multiple prospective horizons.
Technical Report for Kaycee
