CORPUS CHRISTI, TX, July 25, 2017 /CNW/ - Uranium Energy Corp (NYSE MKT: UEC, the "Company" or "UEC") is pleased to announce that the Company is extending the drilling campaign on its Burke Hollow in-situ recovery ("ISR") uranium project into early September with an additional estimated 30 holes to be drilled. Drilling commenced on April 3 this year with initial plans to drill up to 100 delineation and exploration holes through the year. As of July 21, a total of 94 holes have been successfully completed for a total of 40,420 feet of drilling with each hole having an average depth of 430 feet.
Andy Kurrus, the Company's VP of Resource Development stated, "The Burke Hollow project continues to develop and expand as a classic South Texas Goliad Formation model. We are very excited about the drilling results to date, and anticipate continuing resource growth throughout the multiple roll fronts present on the property. The 2017 drilling campaign has been the most successful to date in terms of efficiency, budget and results."
The two main objectives of this campaign are to complete the exploration and delineation drilling phase of two closely-related Goliad Formation uranium trends which will constitute Burke Hollow Production Area 1, and to further extend and expand these open-ended trends within Burke Hollow. These trends had earlier been proven to extend over a distance of 1.7 miles, northwest to southeast, during four previous UEC drilling campaigns beginning in 2012. Based on the recent drilling results to date, the mineralized trends have now been explored and delineated over a distance of four miles, still showing additional extension potential and strong mineralization. Infill delineation drilling continues as required in order to develop the Production Area 1 monitoring plan.
The following table provides a detailed summary of the drilling results for 34 of the 94 test holes that exceeded 0.3 grade-thickness (GT) uranium cutoff and averaged 0.067% U3O8:
Burke Hollow 2017 Drill Holes ≥ 0.3 GT | ||||||||||
Well ID | Depth(ft) | Thickness | Average | Average | Depth(ft) | Thickness | Average | Average | DEF | Sand Unit |
220.5-346.5 | 363.5 | 17.5 | 0.042 | 0.726 | 356.0 | 30.0 | 0.083 | 2.491 | 3.4 | Lower B |
234.0-337.5 | 399.0 | 3.0 | 0.030 | 0.094 | 396.5 | 11.5 | 0.054 | 0.618 | 6.6 | Lower B |
238.0-337.5 | 387.5 | 4.0 | 0.028 | 0.111 | 387.5 | 9.5 | 0.042 | 0.398 | 3.6 | Lower B |
238.0-335.5 | 384.0 | 2.5 | 0.029 | 0.073 | 382.0 | 6.0 | 0.061 | 0.365 | 5.0 | Lower B |
230.0-342.5 | 374.5 | 5.0 | 0.310 | 0.156 | 373.5 | 5.0 | 0.098 | 0.492 | 3.2 | Lower B |
" | 384.0 | 6.5 | 0.029 | 0.192 | 385.5 | 5.0 | 0.110 | 0.548 | 2.9 | Lower B |
235.0-335.5 | 383.5 | 5.5 | 0.042 | 0.230 | 383.5 | 7.0 | 0.094 | 0.660 | 2.9 | Lower B |
235.0-333.9 | 392.0 | 17.0 | 0.014 | 0.245 | 390.0 | 17.5 | 0.027 | 0.469 | 1.9 | Lower B |
231.5-340.5 | 386.5 | 2.0 | 0.024 | 0.047 | 384.0 | 6.5 | 0.059 | 0.381 | 8.1 | Lower B |
226.0-339.5 | 369.5 | 15.0 | 0.032 | 0.486 | 367.5 | 12.5 | 0.034 | 0.431 | 0.9 | Lower B |
229.5-341.0 | 379.0 | 19.5 | 0.017 | 0.330 | 369.0 | 18.5 | 0.020 | 0.372 | 1.1 | Lower B |
246.0-330.0 | 387.5 | 11.5 | 0.012 | 0.141 | 386.5 | 18.5 | 0.020 | 0.372 | 2.6 | Lower B |
220.0-347.5 | 373.0 | 16.5 | 0.017 | 0.277 | 369.5 | 24.5 | 0.025 | 0.623 | 2.2 | Lower B |
222.5-345.0 | 362.0 | 19.5 | 0.016 | 0.304 | 361.0 | 23.5 | 0.020 | 0.470 | 1.5 | Lower B |
217.5-358.5 | 367.5 | 6.5 | 0.045 | 0.290 | 367.0 | 7.5 | 0.153 | 1.147 | 4.0 | Lower B |
225.5-339.5 | 370.0 | 3.5 | 0.029 | 0.101 | 369.0 | 9.0 | 0.090 | 0.806 | 8.0 | Lower B |
229.5-340.5 | 375.5 | 14.5 | 0.024 | 0.344 | 374.0 | 11.5 | 0.035 | 0.408 | 1.2 | Lower B |
218.5-354.5 | 369.0 | 9.5 | 0.020 | 0.195 | 366.0 | 14.5 | 0.030 | 0.438 | 2.2 | Lower B |
220.0-348.0 | 380.0 | 9.5 | 0.034 | 0.321 | 381.0 | 9.0 | 0.060 | 0.541 | 1.7 | Lower B |
228.0-339.0 | 385.0 | 10.5 | 0.029 | 0.303 | 383.5 | 13.5 | 0.089 | 1.202 | 4.0 | Lower B |
234.0-340.5 | 394.5 | 8.5 | 0.033 | 0.282 | 397.0 | 5.5 | 0.063 | 0.348 | 1.2 | Lower B |
221.0-343.5 | 387.0 | 7.0 | 0.051 | 0.354 | 387.5 | 7.5 | 0.070 | 0.523 | 1.5 | Lower B |
221.5-346.0 | 366.0 | 10.0 | 0.060 | 0.600 | 374.5 | 5.0 | 0.060 | 0.449 | 0.7 | Lower B |
223.0-344.0 | 388.0 | 8.0 | 0.029 | 0.230 | 388.0 | 8.5 | 0.061 | 0.517 | 2.2 | Lower B |
218.5-357.0 | 366.5 | 7.5 | 0.029 | 0.216 | 364.5 | 11.5 | 0.047 | 0.539 | 2.5 | Lower B |
227.0-342.5 | 373.5 | 5.5 | 0.039 | 0.212 | 374.5 | 5.0 | 0.096 | 0.480 | 2.3 | Lower B |
" | 382.5 | 5.0 | 0.036 | 0.178 | 382.0 | 4.5 | 0.077 | 0.346 | 1.9 | Lower B |
227.0-339.5 | 368.0 | 5.0 | 0.025 | 0.127 | 375.0 | 6.0 | 0.066 | 0.396 | 3.1 | Lower B |
229.5-343.0 | 379.5 | 12.0 | 0.039 | 0.469 | 380.0 | 6.5 | 0.058 | 0.377 | 0.8 | Lower B |
" | 392.5 | 4.0 | 0.027 | 0.108 | 393.5 | 3.0 | 0.052 | 0.156 | 1.4 | Lower B |
220.0-350.5 | 365.0 | 11.0 | 0.061 | 0.672 | 363.0 | 8.5 | 0.063 | 0.535 | 0.8 | Lower B |
213.0-368.5 | 367.0 | 15.5 | 0.049 | 0.761 | 362.5 | 13.0 | 0.078 | 1.010 | 1.3 | Lower B |
216.5-361.0 | 378.5 | 5.0 | 0.051 | 0.256 | 378.5 | 3.5 | 0.093 | 0.327 | 1.3 | Lower B |
212.8-370.5 | 378.0 | 4.0 | 0.024 | 0.097 | 377.0 | 5.5 | 0.070 | 0.384 | 4.0 | Lower B |
216.0-360.5 | 370.0 | 6.5 | 0.053 | 0.345 | 369.0 | 7.0 | 0.143 | 0.999 | 2.9 | Lower B |
213.0-374.5 | 373.0 | 13.0 | 0.058 | 0.755 | 374.5 | 8.5 | 0.091 | 0.850 | 1.1 | Lower B |
213.3-366.4 | 367.5 | 10.5 | 0.043 | 0.449 | 366.5 | 12.5 | 0.091 | 1.135 | 2.5 | Lower B |
Averages | 377.6 | 9.1 | 0.041 | 0.299 | 376.8 | 10.3 | 0.067 | 0.611 | 2.7 | Lower B |
*All grade values are based on Prompt Fission Neutron ("PFN") logging and
denoted by pU3O8
**Rounded to nearest tenth of a foot
Along with the drilling results listed in the referenced table, the remaining 60 drill holes include 10 holes that had GT values ranging from 0.2 – 0.3 GT based on PFN data. These intercepts had an average thickness of 6.3 feet with an average grade of 0.034 %pU3O8, for an average GT value of 0.237. The data also includes 8 holes that logged GT values ranging from 0.1-0.2 GT based on PFN data. These intercepts displayed an average thickness of 5.3' with an average grade of 0.033 % pU3O8 with an average GT of 0.148 in the mineralized Sand. The remaining 42 holes from this campaign range from barren to an average GT of 0.1. The anomalous zones average 9.5 feet in thickness.
Based on the positive results to date, the Company's geological team is extending the drilling program into early September. An additional estimated 30 holes will be drilled, including at least two core holes to support further ISR leaching analysis. The Burke Hollow project continues to develop as the Company's flagship uranium project in South Texas. The Goliad mineralization trends 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. The Company's fully-licensed Hobson Processing Facility is central to all of its projects in South Texas, including the Palangana ISR mine, the permitted Goliad ISR project and the development-stage Burke Hollow ISR project. Additionally, the Company controls a pipeline of advanced-stage projects in Arizona, Colorado and Paraguay. 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.
