- 2019 drilling campaign advances Burke Hollow Project towards
uranium extraction with additional monitor well
installations
- Discovery of additional mineralization in new and existing
trends enlarges the PAA-1 production zone
- Expansion of the PAA-1 monitor well ring to be completed in
2020, adding to the seventy-six monitor wells installed in this
campaign
CORPUS CHRISTI, TX,
Nov. 5, 2019 /CNW/ - Uranium
Energy Corp (NYSE American: UEC, the "Company" or "UEC") is pleased
to announce that the Company recently concluded a drilling campaign
designed to further advance its Burke Hollow in-situ recovery
("ISR") 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.
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 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 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. 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.
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SOURCE Uranium Energy Corp