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Uranium Energy Corp Discovers Additional Mineralization in Production Area 1 and Installs Monitor Wells in the 2019 Burke Hollow Drilling Campaign

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Uranium Energy Corp Discovers Additional Mineralization in Production Area 1 and Installs Monitor Wells in the 2019 Burke Hollow Drilling Campaign

 

 

 

 

 

Uranium Energy Corp (NYSE American: UEC) is pleased to announce that the Company recently concluded a drilling campaign designed to further advance its Burke Hollow in-situ recovery uranium project towards uranium extraction. During the campaign, additional required monitoring wells were installed for Production Area Authorization 1 (“PAA-1”). Fifty-seven exploration and delineation test holes were drilled in the campaign. Discovery of additional mineralization resulted in the expansion of the production area into significant extensions of previously identified trends, as well as the discovery of a new trend.

 

Andrew Kurrus, the Company’s VP of Resource Development stated, “We are pleased with our recently completed 2019 drilling and monitor well installation campaign at Burke Hollow. Exploration and delineation drilling have resulted in the discovery of additional mineralization that will create a larger PAA-1 production zone. With each drilling campaign, the project continues to exhibit positive results”.

 

UEC’s 2019 Burke Hollow Project drilling campaign began on Monday, March 11th, with two contract drilling rigs, related support equipment and field crews.  The initial objectives of the campaign were to install all classes of monitoring wells required for PAA-1, including exterior monitor wells, all required 1st overlying and 2nd overlying monitors, and baseline monitoring wells. This resulted in the of installation of 76 monitor wells as summarized below:

 

  • Forty-three monitor wells were drilled and cased;
  • Twelve 1st overlying sand monitor wells were drilled and cased;
  • Seven 2nd overlying monitor wells were drilled and cased; and
  • Fourteen baseline monitor wells were drilled and cased, including 4 pre-existing monitor wells from earlier drilling campaigns.

 

Initial plans also included drilling at least thirty additional exploration and delineation holes along several lightly drilled segments of the Goliad Lower B mineralized fronts which were explored in five previous drilling campaigns. After drilling these initial 30 holes, several potential trend extensions were identified, and 27 additional delineation holes were completed in order to update and assess PAA-1 prior to final design and installation of the monitoring well ring. Additionally, a newly discovered trend, lying mostly on the updip (oxidized side) was also explored during the campaign.  Exploration and delineation trend drilling results are as follows:

 

  • The Goliad B-1 sand mineralized trend length increase measured 2600 feet;
  • The Goliad B-2 sand mineralized trend length increase measured 3100 feet; and
  • The newly discovered Goliad B-3 sand known trend length measured to date is 2900 feet, with additional undrilled potential.

 

Enlargement of the monitor ring is currently under re-design to accommodate the extended mineralization trends. The Company plans to resume Burke Hollow PAA-1 drilling in early 2020 to complete the expanded production zone monitor well ring.

 

Drill holes, logged by prompt fission neutron equipment (PFN), which resulted in intercepts exhibiting grade thickness (GT) values equal to or greater than 0.3, utilizing a cutoff parameter of 0.02 % pU308, are displayed in the following table:

 

 

Drill Data PFN Logging – 0.02 Cutoff SAND
DRILL ID Well Type DATE TD

(FT)

TOP

 (PFN)

THICK.

(PFN)

GRADE

(PFN)

GT

(PFN)

HORIZON
246.0-337.5 Expl Hole 3/12/2019 460 411.5 7.5 0.052 0.389 LB2
254.5-331.8 Expl Hole 3/19/2019 440 383.0 7.0 0.130 0.908 LB2
223.5-368.0 Expl Hole 3/19/2019 420 240.0 13.0 0.062 0.807 UB
232.0-344.0 Expl Hole 4/4/2019 440 380.5 8.5 0.037 0.310 LB1
262.5-325.0 Expl Hole 4/12/2019 480 398.0 6.0 0.086 0.513 LB1
283.0-315.0 Expl Hole 4/12/2019 500 420.5 18.0 0.141 2.543 LB1
451.0 5.0 0.067 0.333 LB2
279.0-314.5 Expl Hole 4/17/2019 500 431.0 6.5 0.057 0.372 LB1
440.0 9.5 0.044 0.420 LB2
IMW2 Environmental 4/22/2019 420 373.5 10.5 .0.102 1.080 LB1
IMW3 Environmental 4/23/2019 420 365.0 11.5 0.134 1.546 LB1
IMW5 Environmental 4/23/2019 460 403.0 11.5 0.112 1.280 LB1
421.5 8.0 0.094 0.752 LB2
IMW6 Environmental 4/30/2019 460 422.5 5.0 0.062 0.308 LB2
428.0 15.0 0.115 1.726 LB2
IMW8 Environmental 5/14/2019 480 414.5 12.5 0.129 1.617 LB1
IMW9 Environmental 5/16/2019 480 423.0 18.0 0.053 0.954 LB1
IMW7A Environmental 5/23/2019 420 373.0 10.5 0.122 1.281 LB1
385.0 14.0 0.048 0.684 LB2
IMW10 Environmental 5/23/19 420 389 7.5 0.109 0.820 LB2
PM100 Environmental 6/24/2019 400 376.5 7.5 0.057 0.425 LB1
282.5-321.0 Expl Hole 8/14/2019 480 415.5 8.0 0.072 0.576 LB1
283.5-318.0 Expl Hole 8/15/2019 480 407.0 21.5 0.054 1.164 LB1
282.0-324.5 Expl Hole 8/22/2019 480 407.5 5.0 0.272 1.359 LB1
280.5-326.5 Expl Hole 9/3/2019 480 402.0 22.5 0.083 1.864 LB1
235.0-348.0 Expl Hole 10/1/2019 440 373.0 8.5 0.137 1.167 LB1
404.5 4.5 0.077 0.345 LB3
275.0-318.0 Expl Hole 10/15/2019 480 414.5 5.5 0.084 0.461 LB1

 

 

As shown in the table, twenty-two drill holes (six with two zones) in the 2019 campaign met these criteria, including nine wells classified as environmental monitors, with the remaining thirteen as exploration/delineation drill holes used to explore and extend existing trends.

 

The Company’s Burke Hollow Project is a 19,335-acre (30.21 sq.-mile) property located in eastern Bee County, Texas. The Project is situated within the established South Texas Uranium Belt along the downdip Goliad trend, and is located approximately 50 miles to the southeast of the Company’s Hobson Processing Plant. The Company initiated its exploration drilling campaign at Burke Hollow on May 22, 2012, and the most recent drilling program was completed on October 17, 2019.

 

The Burke Hollow Goliad mineralization trends lie at depths ranging from 160 to 1100′ in depth 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. In South Texas, the Company’s hub-and-spoke operations are anchored by the fully-licensed Hobson Processing Facility which is central to the Palangana, Burke Hollow and Goliad ISR 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 controls a pipeline of uranium projects in Arizona, New Mexico and Paraguay, a uranium/vanadium project in Colorado and one of the highest-grade and largest undeveloped Ferro-Titanium deposits in the world, located in 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.

 

Posted November 7, 2019

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