NYSE American Symbol – UEC
Highlights:
- Burke Hollow's initial Production Area ("PAA-1") is the newest
and largest In-Situ Recovery ("ISR") wellfield being developed in
the U.S.;
- Strong results demonstrate potential for further resource*
growth within PAA-1 with several drill intercepts returning 2.45 to
4.48 grade thickness ("GT"). This is significantly above the 0.3 GT
cut-off for ISR resource estimation and wellfield development;
- UEC's South Texas
hub-and-spoke strategy is anchored by its fully licensed Hobson
Processing Plant and includes five ISR Projects, including its
fully permitted Palangana, Goliad
and Burke Hollow projects; and
- To learn more about the environmental, social and low-cost
advantages of uranium In-Situ Recovery, visit
https://www.uraniumenergy.com/projects/isr/.
CORPUS CHRISTI, Texas,
April 14, 2021 /CNW/ - Uranium
Energy Corp (NYSE American: UEC) ("UEC" or the "Company") is
pleased to provide an interim report on its ongoing wellfield
development and resource delineation drilling at the Company's
Burke Hollow ISR uranium project in South
Texas. As of April 9, 2021, a
total of 40 resource delineation holes have been completed by
utilizing two drilling rigs. Drilling will continue with additional
resource delineation test holes, followed by installation of
approximately 45 additional exterior monitoring wells to
accommodate the trend extensions, complementing the 76 monitor
wells previously installed.
Andy Kurrus, VP of Resource
Development stated, "We are pleased with the drilling results to
date which continue to improve our understanding of the five Goliad
Formation roll fronts or trends within PAA-1. The continuity of the
uranium roll fronts, and the exceptional uranium grade intercepts
are impressive. The development of Burke Hollow, the only recent
uranium discovery in the United
States, continues to exhibit the potential to be the largest
Goliad Formation deposit ever discovered in the South Texas Uranium
Trend. As we plan for additional Production Areas at Burke Hollow,
we have a strong pipeline to our ~19,000 acre property, including
defined resources outside of PAA-1 and several exploration
targets and anomalous areas that have only been lightly
explored."
The drilling has targeted trend extensions of the five known
fronts within the PAA-1 area. Drill holes, logged by prompt fission
neutron ("PFN") equipment, which resulted in intercepts exhibiting
GT values equal to or greater than 0.3, utilizing a cutoff
parameter of 0.02% grade
(pU308), are displayed in the
following table:
Identification
|
PFN (0.02
Cutoff)
|
Horizon
|
HOLE
|
DATE
|
TD
|
TOP
(ft)**
|
THICKNESS
(ft)**
|
Average
GRADE pU3O8 (%)*
|
GT
|
|
283.0-319.5
|
2021-02-22
|
480
|
414.5
|
27.5
|
0.163
|
4.483
|
Goliad Lower B
Sands
|
262.5-326.5
|
2021-02-23
|
480
|
393
|
19.0
|
0.131
|
2.489
|
Goliad Lower B
Sands
|
262.5-326.5
|
2021-02-23
|
480
|
427.5
|
21.0
|
0.117
|
2.457
|
Goliad Lower B
Sands
|
268.0-319.5
|
2021-02-24
|
480
|
421.5
|
10.0
|
0.103
|
1.030
|
Goliad Lower B
Sands
|
283.0-318.0
|
2021-02-24
|
480
|
423
|
18.5
|
0.090
|
1.665
|
Goliad Lower B
Sands
|
283.0-314.0
|
2021-03-02
|
500
|
419.5
|
7.5
|
0.049
|
0.368
|
Goliad Lower B
Sands
|
262.5-326.0
|
2021-03-23
|
480
|
394
|
9.0
|
0.036
|
0.324
|
Goliad Lower B
Sands
|
283.5-317.0
|
2021-03-25
|
500
|
428
|
10.5
|
0.189
|
1.985
|
Goliad Lower B
Sands
|
283.5-317.0
|
2021-03-25
|
500
|
445.5
|
7.5
|
0.069
|
0.518
|
Goliad Lower B
Sands
|
232.5-342.0
|
2021-03-29
|
440
|
388
|
10.0
|
0.129
|
1.290
|
Goliad Lower B
Sands
|
284.0-320.0
|
2021-03-30
|
480
|
419.5
|
17.0
|
0.055
|
0.935
|
Goliad Lower B
Sands
|
227.5-339.5
|
2021-04-01
|
440
|
368
|
4.0
|
0.107
|
0.428
|
Goliad Lower B
Sands
|
227.5-339.5
|
2021-04-01
|
440
|
377
|
12.0
|
0.227
|
2.724
|
Goliad Lower B
Sands
|
260.5-324.0
|
2021-04-05
|
480
|
423
|
7.5
|
0.145
|
1.088
|
Goliad Lower B
Sands
|
284.0-320.5
|
2021-04-06
|
500
|
420
|
13.0
|
0.074
|
0.962
|
Goliad Lower B
Sands
|
284.0-320.5
|
2021-04-06
|
500
|
434
|
7.5
|
0.042
|
0.315
|
Goliad Lower B
Sands
|
282.9-319.5
|
2021-04-08
|
480
|
413
|
27.5
|
0.159
|
4.373
|
Goliad Lower B
Sands
|
236.0-343.5
|
2021-04-08
|
460
|
365.5
|
10.0
|
0.032
|
0.320
|
Goliad Lower B
Sands
|
*All grade values
are based on Prompt Fission Neutron ("PFN") logging and denoted by
pU3O8
|
**Rounded to
nearest tenth of a foot
|
The 14 holes presented in the table above represent 35% of the
40-hole total drilled to date. The remaining 26 holes were drilled
in or nearby lesser mineralization, directly behind or in front of
the roll front, thus bracketing the front location.
The project area is a 19,335-acre property located in eastern
Bee County within the South Texas
Uranium Trend 50 miles to the southeast of the Company's Hobson
Processing Plant. Burke Hollow has received all four of its major
permits required for uranium extraction from the Texas Commission of Environmental Quality and
the Environmental Protection Agency.
The Burke Hollow Goliad mineralization trends lie at depths
ranging from 160' to 1100', and follow the outline of an anticlinal
structure which has produced abundant natural gas and oil from
multiple underlying formations. Several miles of potential
mineralized trend length remain only lightly explored to date.
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
NI 43-101 and was reviewed by Clyde L.
Yancey, P.G., Vice President-Exploration for the Company, a
Qualified Person under NI 43-101.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium mining and
exploration company. As a leading pure-play American uranium
company, UEC is advancing the next generation of low-cost and
environmentally friendly In-Situ Recovery (ISR) mining uranium
projects. In South Texas, the
Company's hub-and-spoke operations are anchored by our
fully-licensed Hobson Processing Facility which is central to our
Palangana, Burke Hollow, Goliad
and other ISR pipeline projects. In Wyoming, UEC controls the Reno Creek project,
which is the largest permitted, pre-construction ISR uranium
project in the U.S. Additionally, the Company's diversified
holdings provide exposure to a unique portfolio of uranium related
assets, including: 1) major equity stake in the only royalty
company in the sector, Uranium Royalty Corp; 2) physical uranium
warehoused in the U.S.; and 3) a pipeline of resource-stage uranium
projects in Arizona, Colorado, New
Mexico and Paraguay. In
Paraguay, the Company owns one of
the largest and highest-grade ferro-titanium deposits in the world.
The Company's operations are managed by professionals with a
recognized profile for excellence in their industry, a profile
based on many decades of hands-on experience in the key facets of
uranium exploration, development and mining.
Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103
*Notice to U.S. Investors
The mineral resources referred to herein have been estimated in
accordance with the definition standards on mineral resources of
the Canadian Institute of Mining, Metallurgy and Petroleum referred
to in NI 43-101 and are not compliant with U.S. Securities and
Exchange Commission (the "SEC") Industry Guide 7 guidelines. In
addition, measured mineral resources, indicated mineral resources
and inferred mineral resources, while recognized and required by
Canadian regulations, are not defined terms under SEC Industry
Guide 7 and are normally not permitted to be used in reports and
registration statements filed with the SEC. Accordingly, we have
not reported them in the United
States. Investors are cautioned not to assume that any part
or all of the mineral resources in these categories will ever be
converted into mineral reserves. These terms have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. In particular, it should be
noted that mineral resources which are not mineral reserves do not
have demonstrated economic viability. It cannot be assumed that all
or any part of measured mineral resources, indicated mineral
resources or inferred mineral resources will ever be upgraded to a
higher category. In accordance with Canadian rules, estimates of
inferred mineral resources cannot form the basis of feasibility or
other economic studies. Investors are cautioned not to assume that
any part of the reported measured mineral resources, indicated
mineral resources or inferred mineral resources referred to herein
are economically or legally mineable.
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 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, market and other conditions, risks that the
Offering will not be completed, failure to satisfy the conditions
to closing of the Offering, 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. 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. Certain matters discussed in this news release and oral
statements made from time to time by representatives of the Company
may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 and the Federal
securities laws. Although the Company believes that the
expectations reflected in such forward-looking statements are based
upon reasonable assumptions, it can give no assurance that its
expectations will be achieved. Forward-looking information is
subject to certain risks, trends and uncertainties that could cause
actual results to differ materially from those projected. Many of
these factors are beyond the Company's ability to control or
predict. 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 Securities and Exchange Commission.
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. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy securities.
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SOURCE Uranium Energy Corp