- Total Disclosed Indicated Resource for Yuty is 8,962,000 lbs
with 9,074,000 tons grading 0.049%
U3O8
- Total Disclosed Inferred Resource for Yuty is 2,203,000 lbs
with 2,733,000 tons grading 0.040%
U3O8
CORPUS
CHRISTI, Texas, July 20,
2022 /CNW/ - Uranium Energy Corp (NYSE
American: 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 Yuty Project in
Paraguay (the "Project").
These mineral resources are based on 543 drill holes.
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 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 Yuty project geology is considered amenable to low-cost,
environmentally friendly In-Situ Recovery ("ISR") mining
methods.
The TRS was prepared under S-K 1300 and was filed on
July 19, 2022, with the SEC through
EDGAR on Form 8-K and is also available on SEDAR as a "Material
Document" filed on July 19, 2022. The
TRS was prepared on behalf of the Company by Douglas L. Beahm,
P.E., P.G., Principal Engineer of BRS Engineering, by Clyde L. Yancey, P.G., Vice President of
Exploration of UEC, and by Victor
Fernandez-Crosa, Paraguay Country Manager for UEC.
Clyde Yancey, Vice President of
Exploration, stated: "We are very pleased with the update and
conversion of our Yuty Project NI 43-101 resources into new SEC S-K
1300 resources. The roll front geology apparent in the Yuty Project
is very similar to our South Texas
and Wyoming projects and offers
excellent low-cost, environmentally friendly ISR mining capability.
While our near-term priorities remain focused on Texas and Wyoming ISR production platforms,
Yuty presents attractive long-term value and potential which is a
great fit for our technical capabilities. As the world pushes for
clean, safe, reliable energy, more uranium will be needed to fuel
its growth and we are confident the Yuty Project will be part of
that equation."
About the Yuty Project
The Yuty Project is located in Paraguay, South America. The Company
operates the Project through its wholly-owned subsidiary,
Transandes Paraguay S.A., which holds a 100% interest in the Yuty
Mining Exploration and Exploitation Concession (Yuty Concession)
Contract (the "Contract"). The planned mining method for the
Project is by ISR mining.
The Project comprises 117,232 hectares in southeastern
Paraguay. Title to the Yuty
Concession is now held through the Contract with the Republic of
Paraguay (the "Republic"), which
grants mining rights for a minimum period of 20 years.
The Project area is located within the Paraná Basin and is
underlain by predominantly sedimentary rocks of undivided upper
Permo-Carboniferous age. Uranium mineralization is sandstone hosted
roll front type.
The area was explored extensively by Anschutz Corporation, of
Denver, Colorado, in the late
1970s and early 1980s. Cue Resources Ltd. controlled the Project
prior to acquisition by UEC and conducted exploration and
verification drilling projects circa 2007 through 2011. UEC
possesses the original drill data, from which a drill hole database
has been developed and verified. Samples from Anschutz were not
preserved, however, core samples from the area in the possession of
UEC have been reviewed by the authors. Within the Project area,
drill data from 543 drill holes, including hole location and
radiometric equivalent data in 0.1 m
downhole increments, were available for the preparation of the
initial assessment as set forth in the TRS (the "IA").
Mineral Resources
This IA for the Project has been prepared in accordance with the
regulations set forth in S-K 1300 with the objective of disclosing
the mineral resources at the Project.
Based on the density of drilling, continuity of geology and
mineralization, testing and data verification, the mineral resource
estimates meet the criteria for indicated or inferred mineral
resources as summarized herein.
Estimated mineral resources are summarized in the following
table for Indicated and Inferred Mineral Resources, respectively,
at a 0.02% eU3O8 grade cutoff and a 0.1 ft%
GT cutoff. Mineral Resources were estimated separately for
each mineralized horizon. 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.
Measured and Indicated Mineral Resources
Unit
|
Tons
(millions)
|
Weighted
Average
Thickness (ft)
|
Weighted
Average Grade
(%U3O8)
|
Pounds
U3O8
(millions)
|
Massive Sand
Unit
|
0.1 ft% GT
|
7.233
|
10.2
|
0.048
|
6.969
|
Fine-Grained and
Wavy Sand Units
|
0.1 ft% GT
|
1.842
|
3.5
|
0.054
|
1.994
|
Total Indicated
Mineral Resource
|
0.1 ft%
GT
|
9.074
|
7.3
|
0.049
|
8.962
|
Notes:
1. SEC S-K 1300definitions were followed for all Mineral Resource
categories.
2. Mineral Resources are estimated using a long-term
uranium price of $65 per pound.
3. Numbers may not add up to the finalized amount due to
rounding.
|
Inferred Mineral Resources
Unit
|
Tons
(millions)
|
Weighted
Average
Thickness (ft)
|
Weighted
Average Grade
(%U3O8)
|
Pounds
U3O8
(millions)
|
Massive Sand
Unit
|
0.1 ft% GT
|
1.690
|
14.5
|
0.045
|
1.528
|
Fine-Grained and
Wavy Sand Units
|
0.1 ft% GT
|
1.043
|
6.8
|
0.032
|
0.675
|
Total Inferred
Mineral Resource
|
0.1 ft%
GT
|
2.733
|
10.1
|
0.040
|
2.203
|
Notes:
1. SEC S-K 1300 definitions were followed for all Mineral Resource
categories.
2. Mineral Resources are estimated using a long-term
uranium price of $65 per pound.
3. Numbers may not add up to the finalized amount 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, by Clyde L. Yancey,
P.G., Vice President of Exploration of UEC, and by Victor Fernandez-Crosa, Paraguay Country Manager
for 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: 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
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.
View original
content:https://www.prnewswire.com/news-releases/uranium-energy-corp-files-sk-1300-technical-report-summary-disclosing-resources-for-its-yuty-project-in-paraguay-301589761.html
SOURCE Uranium Energy Corp