NYSE American: UEC
- This TRS filing for Shea Creek is the first Saskatchewan resource estimate reported by the
Company since its acquisition of UEX Corporation ("UEX") in August
of 2022.
- Combined Shea Creek resources of 95.63 million lb.
U3O8 on a consolidated basis are comprised of
67.57 million lb. at 1.491% U3O8 in the
indicated resource category and 28.06 million lb. at 1.015%
U3O8 in the inferred category,
respectively.
- UEC attributable share of combined resources are 46.95 million
lb. U3O8, comprised of 33.18 million lb.
indicated and 13.78 million lb. inferred (Table 1).
CORPUS
CHRISTI, Texas, Jan. 12,
2023 /PRNewswire/ - Uranium Energy Corp (NYSE
American: UEC) (the "Company" or "UEC") is pleased to announce that
it has filed a Technical Report Summary ("TRS") on EDGAR disclosing
updated mineral resources for the Company's Shea Creek Project (the
"Project" or "Shea Creek"). UEC indirectly owns 49.0975% of the
Project and Orano Canada Resources ("Orano") owns the remainder and
is the Project operator.
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
(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; and
- The mineral resource estimate set forth in this TRS for the
Shea Creek Project have not previously been reported under the S-K
1300 format.
The TRS was prepared under S-K 1300 and was filed on
January 11, 2023 with the SEC through
EDGAR on Form 8-K and is also available on SEDAR as a "Material
Document" filed on January 11, 2023.
The TRS was prepared on behalf of the Company by Mr. James Gray, P.Geo., of Advantage Geoservices
Limited, Mr. David Rhys, P.Geo., of
Panterra Geoservices Inc., and Mr. Chris
Hamel, P.Geo., UEC's Vice President Exploration,
Canada.
About Shea Creek
The Shea Creek Project is located in the Western Athabasca Basin (Figures 1 & 2),
approximately 15 km south of Orano's past-producing Cluff Lake mine and 50 km north of NexGen's
Arrow and Fission Uranium's Triple R deposits. The Shea Creek
deposits were the first new discoveries in the rapidly developing
Western Athabasca uranium
district. Shea Creek is a joint venture between UEX (49.0975%) and
Orano (50.9025%). Uranium mineralization at Shea Creek is located
at just above, and extends well below, the unconformity between
Athabasca Group Sandstone and the underlying older basement rocks,
which occurs at depths between 700 and 800
m.
Four unconformity-related deposits have been discovered to date
on the Shea Creek Project: Kianna, Anne, Colette and 58B; and all four deposits remain open for
expansion. These deposits occur along a three km stretch of the
greater than 30 km long Saskatoon Lake Conductor Trend. Uranium
occurs as unconformity-style uranium mineralization with basement
ore shoots that can extend more than 200
m below the unconformity surface and up to 100 m above the unconformity.
UEC believes there is a very high potential to expand uranium
resources in the basement rocks within the existing footprint of
Shea Creek. The discovery potential along the remaining 26 km of
the Saskatoon Lake Conductor Trend is also considered to be very
good given the sparse drilling along the trend. One of the best
results along the trend is located only two km south of the Anne
deposit, where drillhole SHE-002 intersected 0.34%
U3O8 / 0.4
m. Limited follow-up drilling in the SHE-002 area in
2015 encountered a wide zone of indicative hydrothermal clay
alteration and anomalous uranium that has been observed proximal to
the Shea Creek deposit.
Resource Disclosure
The Shea Creek mineral resource estimate for the four deposits
were determined using a cut-off grade of 0.30%
U3O8. A total of 2,056,000 tonnes
containing 67.57 million pounds of U3O8 at an
average grade of 1.491% U3O8 have been
estimated in the indicated mineral resource category. A total
of 1,254,000 tonnes containing 28.06 million pounds of
U3O8 at an average grade of 1.015%
U3O8 have been estimated in the inferred
mineral resource category.
The current mineral resource estimate includes the results from
477 diamond drill holes totalling 402,800
m which were drilled from 1992 to 2012. On average,
indicated resource blocks were located within eight m of a drill hole and inferred blocks
within 16 m. Mineralized
wireframes of the Colette, 58B,
Kianna and Anne zones bound perched, unconformity, and basement
mineralization was prepared at a 0.05% U3O8
mineralized threshold to constrain the mineral resource estimate at
each deposit area. The estimate was completed by ordinary
kriging using Gemcom software with block sizes of five by five by
five m. The impact of
anomalously high-grade samples was controlled through a process of
grade capping and as well as interpolation distance restrictions
for some zones.
The mineral resource estimate primarily utilized uranium
geochemical analyses from the Saskatchewan Research Council
Geoanalytical Laboratories, in Saskatoon,
Saskatchewan, obtained through Inductively Coupled Plasma
Mass Spectroscopy ("ICP-MS") for all samples with grades lower than
1,000 ppm U3O8 and using Inductively Couple
Plasma Optical Emission Spectroscopy for samples determined by
ICP-MS to contain uranium concentrations higher than 1,000 ppm
U3O8. Duplicate and independent check
analyses were performed on approximately 5% of the mineralized
assay database.
In cases where geochemical analyses were not available due to
incomplete sampling or core recovery issues, downhole gamma probe
data were used to calculate equivalent uranium grades obtained
using a DHT27-STD gamma probe which collects continuous readings
along the length of the drill hole. Probe results were
calibrated using an algorithm calculated from comparison of probe
results against geochemical analyses in previous holes in the Shea
Creek area.
Table 1 – Shea Creek Mineral Resource Estimate at 0.30%
U3O8 cut-off grade
Deposit
Area
|
Indicated
|
Inferred
|
Tonnes
|
U3O8
(%)
|
U3O8
(Lb)
|
UEC Share
U3O8 (Lb)
|
Tonnes
|
U3O8
(%)
|
U3O8
(Lb)
|
UEC Share
U3O8 (Lb)
|
Collette
|
327,000
|
0.787
|
5,674 K
|
2,786 K
|
492,000
|
0.717
|
7,768 K
|
3,814 K
|
58B
|
142,000
|
0.773
|
2,419 K
|
1,188 K
|
81,000
|
0.510
|
906 K
|
445 K
|
Kianna
|
1,027,000
|
1.535
|
34,743 K
|
17,058 K
|
547,000
|
1.390
|
16,772 K
|
8,235 K
|
Anne
|
560,000
|
2.002
|
24,735 K
|
12,144 K
|
134,000
|
0.883
|
2,6120 K
|
1,282 K
|
Total
|
2,056,000
|
1.491
|
67,570 K
|
33,175 K
|
1,254,000
|
1.015
|
28,057 K
|
13,775 K
|
Notes:
|
1) Sum of
indicated and inferred tonnes and pounds may not add up to the
reported total due to rounding.
|
2) Indicated and
inferred mineral resources as defined in 17 CFR § 229.1300 of S-K
1300.
|
3) Resources are
reported as of October 31, 2022.
|
4) The point of
reference for mineral resources is in-situ at the
Project.
|
5) Mineral
resources that are not mineral reserves do not have demonstrated
economic viability.
|
6) UEC
attributable resources are calculated based on UEX's 49.0975%
equity in the Project.
|
Summary capital and operating cost estimates are not included with
the TRS since the Company is reporting the results of an initial
assessment.
The TRS has been prepared and the technical information in this
news release respecting the TRS has been reviewed by each of
Messrs. James Gray, P.Geo.,
David Rhys, P.Geo., and Chris J. Hamel P.Geo., Vice President
Exploration, Canada, for the
Company, all Qualified Persons under Item 1302 of S-K 1300.
Figure 1 - UEC Athabasca Projects
Figure 2 - Shea Creek Project
About Uranium Energy Corp
Uranium Energy Corp is the fastest growing supplier of the fuel
for the green energy transition to a low carbon future. UEC is the
largest, diversified North American focused uranium company,
advancing the next generation of low-cost, environmentally friendly
In-Situ Recovery ("ISR") mining uranium projects in the United
States and high-grade conventional projects in Canada.
The Company has two production-ready ISR hub and spoke platforms
in South Texas and Wyoming. These two production
platforms are anchored by fully operational central processing
plants and served by seven U.S. ISR uranium projects with all their
major permits in place. Additionally, the Company has diversified
uranium holdings including: (1) one of the largest physical uranium
portfolios of North American warehoused U3O8;
(2) a major equity stake in Uranium Royalty Corp., the only royalty
company in the sector; and (3) a Western Hemisphere pipeline of
resource stage uranium projects. The Company's operations are
managed by professionals with 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
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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