NYSE American – UEC
CORPUS
CHRISTI, Texas, July 31,
2023 /CNW/ - Uranium Energy Corp (NYSE
American: UEC) ("UEC" or the "Company") is pleased to announce the
completion of the initial phase of development and delineation
drilling at its fully permitted Irigaray and Christensen Ranch
In-Situ Recovery ("ISR") Projects in Johnson County, Wyoming. The next phase of
drilling will also occur within the Christensen Ranch permit
boundary as well as prospective areas held by UEC near Christensen
Ranch.
Amir Adnani, President and CEO
stated: "As part of our production restart program, we have
completed the first phase of the resource expansion campaign at our
Irigaray and Christensen Ranch Projects. We are encouraged by the
number and length of historic, under delineated and underdeveloped
mineralized trends in numerous sands at these projects. This
provides a unique opportunity to expand our current resources
within the existing permit boundaries and directly enhances our
production restart program."
A total of 51 holes were drilled along known trends in the
proposed Mine Unit 15 area of Irigaray and the underexplored
areas south of Christensen Ranch Mine Unit 12 within the
permit boundary.
Historic drilling in both areas was primarily wide-spaced fence
patterns; the new drilling has increased the drill density which,
in the proposed Irigaray Mine Unit 15 area, is expected to allow
for an upgrade of current resources. The drilling program has also
identified the oxidation/reduction ("O/R") front which will assist
in defining future resource delineation and development. Very
encouraging GTs (Grade x Thickness) were intercepted, with the
best hole exhibiting a 7.70 GT (21.5' of 0.358%). Over
50% of the new holes drilled along the Irigaray trend are
classified as ore holes (>0.3 GT). Post-drilling analysis of all
results is in process.
Next Drilling Phase
The next phase of UEC's resource expansion campaign will target
areas with lateral resources thought to exist within the current
Christensen permit boundary in the vicinity of the previously
operated Mine Unit 5.
Background: UEC's total resources in Wyoming contain the following S-K 1300
compliant resources:
- Total Measured and Indicated Resources disclosed across the
assets are 66,198,200 lbs. in 58,460 thousand tons of
ore.
- Total Inferred Resources disclosed across the assets are
15,053,700 lbs. in 10,859 thousand tons of ore.
- UEC's new exploration and development efforts benefit from a
large and proprietary data base of historic exploration drilling
logs and reports containing over 83,000 logs covering over
37 million feet of drilling. This historic drilling was
conducted by well-known exploration companies such as Union
Carbide, Teton Exploration, Kerr
McGee, United Nuclear and others.
About Uranium Energy Corp
Uranium Energy Corp is the fastest growing supplier of the fuel
for the green energy transition to a low carbon future. UEC is the
largest, diversified North American focused uranium company,
advancing the next generation of low-cost, environmentally friendly
In-Situ Recovery ("ISR") mining uranium projects in the United States and high-grade conventional
projects in Canada. The Company
has two production-ready ISR hub and spoke platforms in
South Texas and Wyoming. These two production platforms are
anchored by fully operational central processing plants and served
by seven U.S. ISR uranium projects with all their major permits in
place. Additionally, the Company has diversified uranium holdings
including: (1) one of the largest physical uranium portfolios
of U.S. warehoused U3O8; (2) a major equity stake in Uranium
Royalty Corp., the only royalty company in the sector; and
(3) a pipeline of resource stage uranium projects. The
Company's operations are managed by professionals with decades of
hands-on experience in the key facets of uranium exploration,
development and mining.
Twitter: @UraniumEnergy
Stock Exchange Information:
NYSE American:
UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN:
AØJDRR
ISN: US916896103
Safe Harbor Statement
Except for the statements of historical fact contained herein,
the information presented in this news release constitutes
"forward-looking statements" as such term is used in applicable
United States and Canadian
securities laws. These statements relate to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Any other statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects" or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans, "estimates" or "intends", or stating
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved) are not
statements of historical fact and should be viewed as
"forward-looking statements". Such forward looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such risks and other factors include,
among others, the actual results of exploration activities,
variations in the underlying assumptions associated with the
estimation or realization of mineral resources, the availability of
capital to fund programs and the resulting dilution caused by the
raising of capital through the sale of shares, accidents, labor
disputes and other risks of the mining industry including, without
limitation, those associated with the environment, delays in
obtaining governmental approvals, permits or financing or in the
completion of development or construction activities, title
disputes or claims limitations on insurance coverage. Although the
Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Many of these factors are
beyond the Company's ability to control or predict. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements contained in
this news release and in any document referred to in this news
release. Important factors that may cause actual results to differ
materially and that could impact the Company and the statements
contained in this news release can be found in the Company's
filings with the SEC. For forward-looking statements in this news
release, the Company claims the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. The Company assumes no obligation to
update or supplement any forward-looking statements whether as a
result of new information, future events or otherwise, except as
required by law. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy securities.
View original
content:https://www.prnewswire.com/news-releases/uranium-energy-corp-completes-initial-phase-of-resource-expansion-drilling-campaign-in-wyoming-as-part-of-re-start-program-301888955.html
SOURCE Uranium Energy Corp