CORPUS
CHRISTI, Texas, July 13,
2022 /CNW/ - (NYSE: UEC) ("UEC" or the "Company") is
pleased to announce that it has filed a Technical Report Summary
("TRS") on EDGAR, disclosing mineral resources for the Company's
Anderson Project in Arizona (the
"Project").
Background:
- As a U.S. domestic and domiciled company, UEC is now reporting
all mineral resources in accordance with Item 1302 of Regulation
S-K ("S-K 1300");
- S-K 1300 was adopted by the Securities and Exchange Commission
("SEC") to modernize mineral property disclosure requirements for
mining registrants and to align U.S. disclosure requirements more
closely for mineral properties with current industry and global
regulatory standards;
- The mineral resource estimates set forth in this TRS have not
previously been reported under the S-K 1300 format; and
- The Anderson Project is the largest uranium deposit in the
State of Arizona and ranks among
the largest U.S. deposits in states that support uranium
mining.
Total disclosed Indicated Resources for the Anderson Project is
stated at 32,055,000 lbs. eU3O8 with
16,175,000 tons grading 0.099% eU3O8. Drill
data from 1,175 drill holes was used in the current mineral
resource estimate.
The TRS was prepared under S-K 1300 and was filed on
July 12, 2022 with the SEC through
EDGAR on Form 8-K and is also available on SEDAR as a "Material
Document" filed on July 12,
2022. The TRS was prepared on behalf of the Company by
Douglas L. Beahm, P.E., P.G., Principal Engineer of BRS
Engineering, and by Clyde L. Yancey,
P.G., Vice President of Exploration of UEC.
Amir Adnani, President and CEO
stated: "We are very pleased with this update of the Company's
former NI-43 101 resources into fully compliant S-K 1300 resources
for our Anderson Project and to see resources move up from the
Inferred category to the Indicated category. America's
uranium resources are becoming increasingly important for utility
and government buyers looking for reliable supplies from stable
U.S. jurisdictions. The Anderson Project is an important
asset in UEC's project pipeline that will be available to supply
the longer term needs of utilities and the Federal government
seeking U.S. supply assurance."
About the Anderson Project
The Project is located in Yavapai
County, west-central Arizona, approximately 75 miles northwest of
Phoenix and 43 miles northwest of
Wickenburg, Arizona. The
general area is situated along the northeast margin of the Date
Creek Basin. The planned mining method for the Project is by
a combination of open-pit and underground conventional
mining. The Project covers 8,268 acres (12.9 square miles)
and is comprised of 386 contiguous, unpatented lode mining and
placer claims and one Arizona State
land section. The northern section of the Anderson Project
area holds the open-pit resource, and the adjacent southern section
holds the underground resource.
The Project is located along the northeast margin of the Date
Creek Basin of the Basin and Range Province of the western United
States. Uranium mineralization is strata bound and occurs
exclusively in the sequence of Miocene-age lacustrine lakebed
sediments. The lacustrine sediments unconformably overlie the
andesitic volcanic unit over most of the Project.
The area was discovered by radiometric surveys at outcrop in the
1950s, and 10,758 tons of material containing 33,230 pounds of
uranium at a grade of 0.15 % eU3O8 was mined
and shipped to the Atomic Energy Commission buying stations prior
to 1960.
Within the Project area, drill data from 1,175 drill holes was
used in the current mineral resource estimate, including hole
location and radiometric equivalent data in 0.5 foot downhole
increments. The Company has not completed any drilling on the
Anderson Project since acquisition.
Mineral Resources
Estimated indicated mineral resources are summarized in
following table at a 0.02% eU3O8 grade cutoff
and a 0.1 ft % GT cutoff. Mineral resources were estimated
separately for each mineralized zone. The total contained
mineralized material was first estimated, then reasonable prospects
for economic extraction were applied.
Mineral resources are not mineral reserves and do not have
demonstrated economic viability. However, considerations of
reasonable prospects for eventual economic extraction were applied
to the mineral resource calculations herein.
Mineral Resource
Estimates
(0.1% Sum GT
Cutoff)
|
Tons
(millions)
|
Average Sum
Thickness (ft)
|
Average
Grade
(%eU3O8)
|
Pounds
eU3O8
(millions)
|
Resource Zone
A
|
Reasonably Extractable
Indicated Resource
|
0.862
|
3.8
|
0.111
|
1.907
|
Resource Zone
B
|
Reasonably Extractable
Indicated Resource
|
7.347
|
9.5
|
0.108
|
15.816
|
Resource Zone
C
|
Reasonably Extractable
Indicated Resource
|
6.211
|
10.4
|
0.094
|
11.730
|
Resource Zone
D
|
Reasonably Extractable
Indicated Resource
|
0.760
|
3.2
|
0.093
|
1.421
|
Resource Zone
E
|
Reasonably Extractable
Indicated Resource
|
0.911
|
7.6
|
0.060
|
1.095
|
Resource Zone
F
|
Reasonably Extractable
Indicated Resource
|
0.084
|
4.6
|
0.051
|
0.086
|
ALL ZONES GRAND
TOTALS
|
Extractable
Indicated Resource
|
16.175
|
8.2
|
0.099
|
32.055
|
Notes:
1. Mineral Resources
are not mineral reserves and do not have demonstrated economic
viability.
2. Economic factors
have been applied to the estimates in consideration of reasonable
prospects for economic extraction.
3. Totals may not add
due to rounding.
|
The technical information in this news release has been reviewed
by each of Douglas L. Beahm, P.E., P.G., Principal Engineer of BRS
Engineering, and Clyde L. Yancey,
P.G., Vice President of Exploration of UEC, being Qualified Persons
under Item 1302 of Regulation S-K.
About Uranium Energy Corp
Uranium Energy Corp is America's leading, fastest growing,
uranium mining company listed on the NYSE American. UEC is a pure
play uranium company and is advancing the next generation of
low-cost, environmentally friendly In-Situ Recovery (ISR) mining
uranium projects. The Company has two production ready ISR hub and
spoke platforms in South Texas and
Wyoming, anchored by fully
licensed and operational processing capacity at the Hobson and Irigaray plants. UEC also has seven
U.S. ISR uranium projects with all of their major permits in
place. Additionally, the Company has other diversified
holdings of uranium assets, including: (1) one of the largest
physical uranium portfolios of U.S. warehoused
U3O8; (2) a major equity stake in the only
royalty company in the sector, Uranium Royalty Corp.; and (3) a
pipeline of resource-stage uranium projects in Arizona, Colorado, New
Mexico 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.
Stock Exchange Information:
NYSE American: UEC
WKN: AĆJDRR
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 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