- This latest S-K 1300 report marks an important milestone,
reconfirming UEC's position as America's leading ISR uranium
company with South Texas and
Wyoming Hub & Spoke platforms containing 12 satellite projects,
7 of which are fully licensed, and over 71,000,000 lbs of Measured
and Indicated resources and 17,000,000 lbs of Inferred
resources
- Total South Texas Disclosed M&I Resources are 9,126,700
lbs with 4,738,000 tons grading approximately 0.101%
U3O8
- Total Disclosed Inferred Resources for South Texas is 9,924,000 lbs with 5,469,000
tons grading approximately 0.120%
U3O8
- The South Texas Hub & Spoke platform is production ready
with fully licensed ISR projects
CORPUS
CHRISTI, Texas, Aug. 12,
2022 /PRNewswire/ - Uranium Energy Corp (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 Texas Hub & Spoke In-Situ
Recovery ("ISR") Project (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 Project geology is considered amenable to low-cost,
environmentally friendly ISR mining methods.
The TRS was prepared under S-K 1300 and was filed on
August 11, 2022, with the SEC through
EDGAR on Form 8-K and is also available on SEDAR as a "Material
Document" filed on August 11, 2022.
The TRS was prepared on behalf of the Company by Western Water
Consultants, Inc. d/b/a WWC Engineering, of Sheridan, Wyoming.
Amir Adnani, President and CEO,
stated: "The disclosure of resources in the new S-K 1300 format at
our South Texas Hub and Spoke production platform reconfirms the
robust nature of the Project. Our database of drilling results,
containing decades of exploration logs, shows strong potential for
Project expansion and also dovetails well with our initiative to
increase the production license at the Hobson Plant. We are
pleased with the progress of the Company's domestic ISR profile in
Texas and Wyoming as we continue to advance these
projects towards near term production. UEC has recently submitted
an offer to the U.S. government to supply the uranium reserve
("UR") and we are looking forward to our production ready projects
providing future needs of the UR as well as the utility
industry."
Andy Kurrus, V.P. of Resource
Development, Texas, stated: "We
are delighted with the expanded production prospects for our Hub
and Spoke production platform in South Texas. We see
significant potential in this region and will look to advance our
exploration and resource delineation efforts which will benefit
from our extensive resource database, containing results from
5,232 drill holes, including survey coordinates, collar elevations,
depths and grade of uranium intercepts. The quality of this
comprehensive data has enabled us to identify promising resource
areas without extensive new drilling costs and has accelerated our
exploration processes in defining new production areas for our
near-term production strategy."
About the Texas Hub & Spoke
Project
The Project consists of five Project areas ("Figure 1-1"):
Hobson Central Processing Plant ("CPP"), Burke Hollow, Goliad, Palangana and Salvo; and is located in
Karnes, Bee, Goliad
and Duval Counties, Texas. The Hobson CPP will serve as the 'hub'
of the Project, with the other Project areas serving as satellite
facilities, or the 'spokes'. The Hobson CPP will process all the
mineral mined on each of the other Project areas. The Project is in
the South Texas Uranium Province ("STUP"), which is part of the
South Texas coastal plain portion
of the Gulf of Mexico Basin
("GMB").
Mineral rights for the Project are all private (fee) mineral
leases. Fee mineral leases are obtained through negotiation with
individual mineral owners.
The Project resides in the GMB. The GMB extends over much of
South Texas and includes the
Texas coastal plain and STUP where
the Project is located. The coastal plain is bounded by the Rocky
Mountain uplift to the west and drains into the Gulf of Mexico. The coastal plain is comprised
of marine, non-marine and continental sediments ranging in age from
Paleozoic through Cenozoic.
Uranium mineralization at the Project is typical of Texas roll-front sandstone deposits. The
formation of roll-front deposits is largely a groundwater process
that occurs when uranium-rich, oxygenated groundwater interacts
with a reducing environment in the subsurface and precipitates
uranium. The most favorable host rocks for roll-fronts are
permeable sandstones with large aquifer systems. Interbedded
mudstone, claystone and siltstone are often present and aid in the
formation process by focusing groundwater flux.
To date, UEC holds data from 5,232 drill holes that have been
completed by UEC and previous uranium exploration companies on and
nearby the five Project areas held by UEC. Data from the drilling,
including survey coordinates, collar elevations, depths and grade
of uranium intercepts, have been incorporated into UEC's
database.
Recent Developments
Recent developments and operations include all work that has
been done to develop and operate the Project properties since the
last technical reports were written to update the resources and
development at each Project area.
Summary capital and operating cost estimates are not included
with this TRS, since UEC is reporting the results of an Initial
Assessment ("IA") without economic analysis. No new
construction/development has occurred at the Hobson CPP or at Salvo
since the 2010-2012 drilling campaign. However, UEC initiated
drilling projects on Palangana, Goliad and Burke Hollow in 2010-2015, 2014 and
2019-2021, respectively. UEC also activated several wellfields at
Palangana to produce uranium from 2010 to 2016.
Palangana
From 2010 to 2015, UEC drilled 891 drill holes at Palangana.
Most of the drilling occurred in 2010 (391 holes), 2011 (281 holes)
and 2012 (186 holes) and the remaining holes were drilled from
2013-2015. The majority of these wells were drilled for delineation
purposes and the rest were drilled for monitor and production
wells. In 2010, UEC activated wellfields in Production Area
("PA") PA-1, PA-2 and PA-3 at
Palangana. From 2010 to 2016, 563,600 lbs of uranium were produced
by ISR methods.
Goliad
In 2014, UEC conducted a drilling program at Goliad for exploration and water wells. 35
holes were drilled and logged for exploration and water supply
purposes with a majority of the holes being drilled in PA- 1 and
PA-2.
Burke Hollow
In 2019, UEC completed 129 drill holes, mostly focusing on
delineating the Lower B1 and Lower B2 sands in the proposed PA-1.
In addition, UEC began installing perimeter monitor wells in PA-1.
In total, 57 holes were drilled solely for delineation and
exploration purposes and 72 holes were drilled for monitoring
purposes.
From 2021 to 2022, UEC conducted another drilling program to
upgrade a portion of their resources from inferred to measured and
indicated, to better define the ore body in proposed PA-1 and to
install monitor wells. 168 delineation and exploration holes were
drilled as of March 7, 2022. 24 of
these holes were also used as monitor wells. This drilling program
is ongoing for the purpose of completing more monitor wells.
No historic data was used in this estimate which includes only
data from drilling projects conducted by UEC from 2012 to 2022. 297
new holes were drilled and logged in 2021 and 2022 to complete this
estimate.
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.
The in-place resources were estimated separately for each
Project area. The Project contains a measured resource of 2.78
million lbs and an indicated resource of 6.34 million lbs of
U3O8 in-place. The Project contains 9.92
million lbs of inferred mineral resources in-place. Tables 1 and 2
below list the Project resources by the Project area. 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.
Table 1: Texas Hub and Spoke Project Measured and
Indicated Resource Summary
Mineral
Resource
|
GT
Cutoff
|
Average Grade
(% eU3O8)
|
Ore Tons
(000s)
|
eU3O8 (lbs)
|
Burke
Hollow
|
Measured
|
0.30
|
0.082
|
70
|
114,700
|
Indicated
|
0.30
|
0.087
|
1,337
|
2,209,000
|
Total Measured and
Indicated
|
0.30
|
0.086
|
1,407
|
2,323,700
|
Goliad
|
Measured
|
0.20
|
0.053
|
1,595
|
2,667,900
|
Indicated
|
0.20
|
0.102
|
1,504
|
3,492,000
|
Total Measured and
Indicated
|
0.20
|
0.085
|
3,099
|
6,159,900
|
Palangana
|
Measured
|
-
|
-
|
-
|
-
|
Indicated
|
None
|
0.134
|
232
|
643,100
|
Total Measured and
Indicated
|
None
|
0.134
|
232
|
643,100
|
Salvo
|
All mineral resources
at Salvo are classified as Inferred.
|
Project
Totals
|
Measured
|
2,782,600
|
Indicated
|
6,344,100
|
Total Measured and
Indicated
|
9,126,700
|
Notes:
|
1.
|
Pounds reported with
Disequilibrium Factor (DEF) applied.
|
2.
|
Measured and indicated
mineral resources as defined in 17 CFR § 229.1300.
|
3.
|
All reported resources
occur below the static water table.
|
4.
|
The point of reference
for mineral resources is in-situ at the Project.
|
5.
|
Mineral resources are
not mineral reserves and do not have demonstrated economic
viability.
|
6.
|
Delineation drilling
conducted at Palangana after 2010 was not incorporated into this
resource estimate, as in the experience of the QP this type of
drilling does not generally substantially change the resource
estimates.
|
Table 2: Texas Hub and Spoke Project Inferred Resource
Summary
Mineral
Resource
|
GT
Cutoff
|
Average Grade
(% eU3O8)
|
Ore Tons
(000s)
|
eU3O8 (lbs)
|
Burke
Hollow
|
Inferred
|
0.30
|
0.095
|
2,494
|
4,859,000
|
Goliad
|
Inferred
|
0.20
|
0.195
|
1,548
|
1,224,800
|
Palangana
|
PA-1 and PA-2
Inferred
|
None
|
0.100
|
96
|
192,500
|
Dome, NE Garcia, SW
Garcia,
CC Brine, Jemison Fence,
Jemison East Inferred
|
0.10
|
0.110 -
0.300
|
206
|
808,800
|
Salvo
|
Inferred
|
0.30
|
0.091
|
1,125
|
2,839,000
|
Project
Totals
|
Total
Inferred
|
5,469
|
9,924,100
|
Notes:
|
1.
|
Pounds reported with
DEF applied.
|
2.
|
A range of grades
is presented for the Palangana inferred mineral because the
resource estimation methods differed between PA-1/PA-2 and the rest
of the trends. There was no cutoff for PA-1 and PA-2 block models.
See Section 11.1 of the TRS for a more detailed
explanation.
|
3.
|
Inferred mineral
resources as defined in 17 CFR § 229.1300.
|
4.
|
All reported resources
occur below the static water table.
|
5.
|
The point of reference
for mineral resources is in-situ at the Project.
|
6.
|
Mineral resources are
not mineral reserves and do not have demonstrated economic
viability.
|
7.
|
Delineation drilling
conducted at Palangana after 2010 was not incorporated into this
resource estimate, as in the experience of the QP this type of
drilling does not generally substantially change the resource
estimates.
|
The technical information in this news release has been reviewed
by WWC Engineering, a consultant to the Company, and by
Clyde L. Yancey, P.G., Vice
President-Exploration for the Company, being a qualified third
party firm and a Qualified Person 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 to download
multimedia:https://www.prnewswire.com/news-releases/uranium-energy-corp-achieves-milestone-with-filing-s-k-1300-technical-report-summary-disclosing-resources-for-its-south-texas-hub--spoke-isr-project-301604783.html
SOURCE Uranium Energy Corp