Colorado-based Energy Fuels (TSX: EFR) announced that it has entered into an agreement to acquire from GeoInstruments Logging all of its Prompt Fission Neutron technology and equipment, including all of its related intellectual property.
In a press release, Energy Fuels said the $500,000-acquisition will give the company the exclusive right to use, license, and service this particular PFN technology globally.
PFN technologies played an important part in discovering and bringing to production the low-cost Beverly and Four Mile uranium mines currently operating in South Australia
“PFN is critical to successful uranium production particularly from many in situ recovery deposits, as it more accurately measures downhole in-situ U3O8 ore grade versus traditional Total Gamma and Spectral Gamma methods,” the media brief states.
The equipment and technology to be acquired include four PFN tools; nine gamma tools with point resistivity, spontaneous potential and deviation; two low-mileage, heavy-duty logging trucks with logging and associated equipment; power supplies, computers, communication, and other technology; and all associated intellectual property, including all internal details of the tools, circuit board diagrams, firmware code, software, manuals, instructions, patents and the sole right to utilize and license the acquired PFN technology globally.
“[The] acquisition of this PFN equipment and technology will further solidify Energy Fuels’ position as the leading uranium miner in the United States, especially in the ISR space,” Mark S. Chalmers, the buyer’s president and CEO, said in the press brief. “We believe that acquiring PFN technology is now more important than ever, as we believe a revival of the U.S. uranium industry is imminent.”