Combined with its Anderson Project, UEC now
controls more than 32 million pounds of measured and indicated
resources and about 4.5 million pounds of Inferred resources in
Arizona
CORPUS
CHRISTI, Texas, March 16,
2023 /CNW/ - 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 mineral resources for the Company's Workman Creek
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
- Total disclosed Inferred resources for the Workman Creek
Project is stated at 4,459,000 lbs. eU3O8
with 1,981,000 tons grading 0.113% eU3O8.
Drill data from 446 drill holes was used in the current mineral
resource estimate.
Amir Adnani, President and CEO
stated: "We are pleased with this update of the Company's former
NI-43 101 resources into fully compliant S-K 1300 resources for our
Workman Creek Project. America's uranium resources are
becoming increasingly important for utility and government buyers
looking for reliable supplies from stable U.S. jurisdictions.
Combined with our Anderson Project, UEC now controls more than 32
million pounds of measured and indicated resources and about 4.5
million pounds of Inferred resources in Arizona, a mining friendly state and home to
the Palo Verde Nuclear Plant, the largest power producer in the
U.S. The Workman Creek and Anderson Projects provide UEC's
project pipeline with additional supply assurance for the
longer-term requirements of utilities and the Federal government
needs for U.S. unobligated uranium supply."
The TRS was prepared under S-K 1300 and was filed on
March 14, 2023 with the SEC through
EDGAR on Form 8-K and is also available on SEDAR as a "Material
Document" filed on March 14,
2023. The TRS was prepared on behalf of the Company by
Douglas L. Beahm, P.E., P.G., Principal Engineer, and Carl Warren,
P.E., P.G., Project Engineer, of BRS Engineering, and by
Clyde L. Yancey, P.G., consulting
geologist.
About the Workman Creek Project
The Workman Creek Project is located in Gila County, central Arizona, approximately 70 miles northeast of
Phoenix and about 31 miles
northwest of Globe, an historic
mining center. The Project is located within the Tonto
National Forest on either side of Workman Creek, approximately
3,000 ft east of State highway #288. The Project is
located within portions of townships 5N, 6N and 7N; range 14E,
Gila-Salt River Meridian.
The Workman Creek Project consists of three claim blocks, the
main contiguous claim block along Workman Creek and two
non-contiguous claim blocks (Pendleton and Oak Creek), totaling 198
unpatented mining claims comprising approximately 3,871 acres.
The Project and the surrounding area of the Sierra Ancha region
are underlain by igneous and sedimentary rocks of Precambrian age.
The sedimentary rocks are nearly flat-lying except for minor
undulations near regional-scale monoclines. The Dripping Spring
Quartzite is the host rock for uranium mineralization throughout
the Sierra Ancha Region.
Uranium mineralization in the Dripping Spring Quartzite consists
of low-grade disseminations and concentrations in fine-grained
strata and along bedding planes and higher-grade layers and
veinlets. The area was previously partially mined. The Sierra
Ancha region is host to 18 historic uranium mines which were in
operation between 1953 and 1960. During that period, over
122,000 pounds of U3O8 concentrate was produced with an average
grade of 0.20% U3O8.
Within the Project area, drill data from 446 drillholes was used
in the current mineral resource estimate, including hole location
and ore grade data. The Company has not completed any
drilling on the Project.
Mineral Resources
The mineral resource estimation described in the TRS utilizes
geological interpretation methodologies, which have been employed
by the authors for similar projects. The primary method
utilized in estimating the uranium mineral resources is the Grade x
Thickness ("GT") contour method. Although the Dripping Spring
Quartzite is a metamorphosed sedimentary body, its tabular
mineralization style bounded macroscopically by stratigraphy makes
it amenable to the GT contouring method. The resource
estimate was generated using drillhole sample results and the
interpretation of a geologic model that relates and constrains the
spatial distribution of eU3O8
Mineral resources were estimated separately for each resource
zone. First, the total contained mineralized material was
estimated. Then, reasonable prospects for economic extraction
were applied as described in the TRS. The results of the
estimation of inferred mineral resources for the Project are
reported in the following table.
Workman Creek Project Inferred Mineral Resources
Mineral Resource
Estimates
(0.3% Sum GT
Cutoff)
|
Tons
(millions)
|
Average Sum
Thickness (ft)
|
Average Grade
(%eU3O8)
|
Pounds
eU3O8
(millions)
|
North Resource
Zone
|
Inferred Mineral
Resource
|
1.079
|
10.9
|
0.091
|
1.954
|
South Resource
Zone
|
Inferred Mineral
Resource
|
.902
|
8.9
|
0.139
|
2.505
|
ALL ZONES GRAND
TOTALS
|
Inferred Mineral
Resource
|
1.981
|
9.9
|
0.113
|
4.459
|
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 sum
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., consulting geologist, being Qualified Persons under Item 1302
of Regulation S-K.
About Uranium Energy Corp
Uranium Energy Corp is the fastest growing supplier of the fuel
for 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, anchored by fully
licensed and operational central processing plants. UEC also has
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
U.S. warehoused U3O8; (2) a major equity stake in Uranium Royalty
Corp., the only royalty company in the sector; and (3) a 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: 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