Canadian firm developing Uranium project in Guyana 

Apr 29, 2026 News

---

…sitting on 92 sqkm of land, with 20.6M pounds of proven reserves
…tells investors Guyana is a mining-friendly country, with a pro-mining Govt.

(Kaieteur News) – U92 Energy Corp., a Canada-based firm this week announced that it is advancing a 20.6 million pounds (Mlbs) uranium project located in Region Seven Guyana.

In a detailed corporate update on phase one of the drilling and technical advancement for its flagship Kurupung uranium project, U92 highlighted that Guyana’s rapid rise as one of South America’s most attractive mining jurisdictions, with a pro-mining government.

Uranium is described by the International Atomic Energy Agency (IAEA) as a naturally occurring radioactive element that serves as the primary fuel for nuclear power plants worldwide – that belongs to a special group of elements called “actinides.” As an actinide uranium is 70% denser than lead and found widely in rocks, soil, and water. It is primarily used to produce electricity, providing a highly concentrated energy source where one small pellet can equal the energy output of 88 tonnes of coal. IAEA states that uranium special properties make it the main source of fuel for nuclear reactors. In fact, a chicken-egg sized amount of uranium fuel can provide as much electricity as 88 tonnes of coal.

In its ‘Why Invest’ U92 outlined that it controls a major land package of about 92.2 square kilometer in Guyana with proven mineralization. U92 said it is excited to build on the project’s historical Mineral Resource Estimate (MRE), comprising 10.6 Mlbs indicated at a grade of 0.072% and 10Mlb Inferred at a grade of 0.067% U₃O₈, while advancing a set of high-priority, previously untested targets across the project area, within its two exploration licences.

U92 also noted that the project positions it to capitalise on a structural supply deficit and the global expansion of clean nuclear power.

Back in March, U92 entered into a commercial agreement with Orbit Garant for phase one 5,000 metre diamond drill programme at the Kurupung uranium project. In its most recent update, the company confirmed that the diamond drill rig assigned to U92 is currently in Guyana. The company anticipates that the rig will be available for mobilisation to site in the near term to commence phase one drilling on high-priority targets at the project.

The Canadian firm has already submitted the required environmental application for drill pad preparation, and that field teams are on site to complete camp infrastructure, including construction of a fuel storage facility in accordance with the applicable requirements. It was also revealed that key machineries have been sourced to support access road upgrades and drill pad construction.

Commenting on the company’s progress, Chief Executive Officer (CEO) of U92 Adam Clode said, “We are making strong, coordinated progress across site development and drill mobilization, as we advance towards our first holes in the current drilling campaign at Kurupung. We are very excited about our upcoming drill program as we build on the Company’s historical MRE, with the objective of incorporating the phase one drilling into a pit-constrained, updated mineral resource estimate in the second half of 2026.”

According to Clode, the company’s focus is on ensuring that all elements of the programme, from target definition to operational readiness, are in place to support efficient execution once drill mobilisation is complete. He said the objective is to deliver meaningful results and building long-term value for its shareholders.

In parallel with site development and drilling preparation, U92 is also advancing its technical understanding of the Kurupung project through ongoing data integration and interpretation work. The company disclosed that this exercise has confirmed the prioritisation of high-confidence, high-priority drill targets for the upcoming programme and beyond.

Moreover, U92 said its technical team has been working with Watts, Griffis & McOuat (WGM), to reinterpret historical drilling data, geological mapping, and available geophysical datasets across the project area.  The company explained that this work builds on more than 129,000 metres of historical drilling completed on the licences at the Kurupung Project, along with an extensive historical drilling database across multiple deposits and target areas.

With over 14,000 metres of historic drilling, which is not included in the historical MRE, the firm said it is refining its geological model to support future drill targeting. The company underscored that particular emphasis has been placed on structurally controlled zones associated with known uranium mineralisation, including areas along strike from previously identified deposits within magnetic low corridors, as well as underexplored targets where prior drilling intersected significant uranium mineralisation. U92 said it will provide further updates as mobilisation progresses, and when drilling commences.

The company highlighted that the historical uranium resource estimates are from two technical reports by Alexander & Breede (2009) and Workman & Breede (2012). These estimates are considered historical, have not been verified as current mineral resources, and should not be relied upon. The company noted that sufficient work to classify the historical estimate as a current mineral resource, and the Company does not treat it as such.

---

• International Atomic Energy Agency, Kurupung uranium project, U92 Energy Corp., Uranium

---