Uranium Energy Corp.: Uranium Energy Corp Announces Initial Drill Results From the Burke Hollow Project in South Texas
04.10.2012 | DGAP
Uranium Energy Corp Announces Initial Drill Results From the Burke HollowProject in South Texas
- A total of 224 exploration holes drilled to date totaling 109,830 feet
- Five uranium trends have been identified and are under delineation
- Plans are underway for an initial independent qualified resource
estimate.
Corpus Christi, TX, October 3, 2012 - Uranium Energy Corp (NYSE AMEX: UEC;
the 'Company' or 'UEC') is pleased to announce drill results at its Burke
Hollow Project, a 17,510-acre property located in eastern Bee County, Texas
(the 'Project'). The Project is situated within the prolific South Texas
Uranium Belt, and is located approximately 50 miles to the southeast of the
Company's Hobson uranium processing facility.
The Company initiated its exploration drilling campaign at Burke Hollow on
May 22, 2012 with four drilling rigs. Two additional rigs were added in
mid-June in order to expedite drilling progress of target sands located
from approximately 50 feet to 900 feet in depth at the Burke Hollow
Project. Exploration and delineation drilling has continued to the
present, and a total of 224 holes have been drilled, logged, and plugged to
date, for a total footage drilled of 109,830 feet.
The Company has explored approximately 25% of the Project, and four uranium
trends have been discovered and partially delineated. These trends are
described as the 180-foot sand, the 220-foot sand, the 240-foot sand, and
the 370-foot sand, which are generally located on the western quarter of
the 17,510-acre property. Wide-spaced drilling on 6,400-foot centers has
also revealed the presence of a fifth trend, known as the eastern
180-foot/220-foot trend, which has not been delineated in depth at this
time.
The table below lists some of the higher intercepts from drill holes
completed to date. There are 81 holes out of the 224 that demonstrate
grade-thicknesses (GT) equal to or above 0.30 GT. The Company's engineers
estimate that zones with a GT greater than 0.30 will be shown to be
producible. The table also indicates the horizon where the intercept
occurs, the 180-foot, the 220-foot, the 240-foot or the 370-foot horizon.
A complete table of results from the drilling program so far can be found
at the Company's website at the following link: Burke Hollow Exploration
Drilling Results
Uranium Energy Corp Exploration Drilling Results
Burke Hollow Project
Bee County, Texas
GAMMA VALUES
THICKNESS
HOLE DRILL DATE TD TOP (ft) GRADE GT
BH_149.5-
362.0 8/22/2012 420 185,5 21,5 0.032 0.690
BH_150.5-
358.0 09.11.2012 420 189 10 0.030 0.297
BH_150.0-
362.0 08.08.2012 420 187,5 21 0.041 0.854
BH_148.5-
340.0 09.07.2012 340 186,5 15,5 0.049 0.765
BH_149.0-
366.0 8/29/2012 420 200 6,5 0.139 0.905
BH_143.0-
352.0 08.06.2012 420 191 8,5 0.036 0.309
BH_149.0-
340.0 8/30/2012 380 187 13 0.036 0.471
BH_152.0-
361.0 9/14/2012 340 198,5 6,5 0.016 0.105
BH_149.5-
366.0 8/24/2012 420 192,5 14,5 0.033 0.472
BH_149.0-
364.0 09.12.2012 400 198 7,5 0.022 0.161
BH_151.5-
337.5 9/20/2012 340 192 10,5 0.021 0.225
BH_150.5-
362.0 8/13/2012 420 186 18 0.028 0.506
BH_151.5-
360.5 09.10.2012 420 187,5 18,5 0.034 0.625
BH_150.3-
368.5 9/14/2012 400 198,5 3 0.016 0.047
BH_164.0-
388.0 9/25/2012 420 207 12,5 0.034 0.419
BH_155.0-
382.0 9/19/2012 420 196 5 0.019 0.094
BH_150.5-
356.0 09.12.2012 420 195 4,5 0.015 0.069
BH_150.3-
368.5 9/14/2012 400 370,5 7 0.021 0.150
BH_143.0-
349.0 09.04.2012 420 354 20 0.017 0.340
PFN VALUES
HOLE DRILL TD TOP THICKNESS GRADE GT HORIZON
DATE (ft)
BH_149.5- 8/22/2012 420 179,5 37,5 0.137 5.133 180'
362.0 Sand
BH_150.5- 09.11.20 420 186 23 0.158 3.623 180'
358.0 12 Sand
BH_150.0- 08.08.20 420 187 21 0.120 2.517 180'
362.0 12 Sand
BH_148.5- 09.07.20 340 181 28,5 0.084 2.394 180'
340.0 12 Sand
BH_149.0- 8/29/2012 420 200,5 17,5 0.092 1.617 180'
366.0 Sand
BH_143.0- 08.06.20 420 186 13 0.120 1.562 180'
352.0 12 Sand
BH_149.0- 8/30/2012 380 183 21,5 0.070 1.500 180'
340.0 Sand
BH_152.0- 9/14/2012 340 191 17,5 0.080 1.397 180'
361.0 Sand
BH_149.5- 8/24/2012 420 190 23 0.056 1.290 180'
366.0 Sand
BH_149.0- 09.12.20 400 196 12,5 0.103 1.288 180'
364.0 12 Sand
BH_151.5- 9/20/2012 340 191 9,5 0.127 1.209 180'
337.5 Sand
BH_150.5- 8/13/2012 420 186 20,5 0.058 1.195 180'
362.0 Sand
BH_151.5- 09.10.20 420 183,5 23,5 0.048 1.139 180'
360.5 12 Sand
BH_150.3- 9/14/2012 400 188,5 19 0.059 1.122 180'
368.5 Sand
BH_164.0- 9/25/2012 420 205,5 12,5 0.089 1.108 180'
388.0 Sand
BH_155.0- 9/19/2012 420 192 14 0.076 1.068 180'
382.0 Sand
BH_150.5- 09.12.20 420 181 21 0.049 1.026 180'
356.0 12 Sand
BH_150.3- 9/14/2012 400 365,5 20,5 0.104 2.124 370'
368.5 Sand
BH_143.0- 09.04.20 420 346 38,5 0.029 1.132 370'
349.0 12 Sand
The table above presents mineralized intercepts measured both by gamma
procedures and by direct chemical assay of uranium or Prompt Fission
Neutron (PFN) procedures. A properly calibrated PFN tool provides a
reading that directly approximates the chemical uranium content in the
hole. Mineralization within the property is relatively young and
necessitates both gamma and PFN logging as noted by the positive PFN
readings relative to the gamma values in the table.
Current plans are to continue exploration activity in large undrilled areas
of the Project and to delineate the newly-discovered uranium trends. A
three dimensional representation of the mineralization will be constructed
in order to facilitate resource evaluation and the preparation of an
initial NI 43-101 compliant resource estimate. Additionally, ISR
amenability tests will be run based on core analysis, bottle roll leach
analysis, and pump tests.
The technical information in this news release has been reported in
accordance with the Canadian regulatory requirements set out in National
Instrument 43-101 and has been approved by Andrew Kurrus, P.G., Chief
Geologist, Texas, for the Company, a qualified person under NI 43-101.
About Uranium Energy Corp
Uranium Energy Corp is a U.S.-based uranium production, development and
exploration company operating North America's newest emerging uranium mine.
The Company's fully licensed and permitted Hobson processing facility is
central to all of its projects in South Texas, including the Palangana
in-situ recovery project, which is ramping up initial production, and the
Goliad in-situ recovery project which has been granted its Mine Permit and
is in the initial stages of mine construction. 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.
Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com
Stock Exchange Information:
NYSE MKT: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
Notice to U.S. Investors
The mineral resources referred to herein have been estimated in accordance
with the definition standards on mineral resources of the Canadian
Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and
are not compliant with U.S. Securities and Exchange Commission (the 'SEC')
Industry Guide 7 guidelines. In addition, measured mineral resources,
indicated mineral resources and inferred mineral resources, while
recognized and required by Canadian regulations, are not defined terms
under SEC Industry Guide 7 and are normally not permitted to be used in
reports and registration statements filed with the SEC. Accordingly, we
have not reported them in the United States. Investors are cautioned not to
assume that any part or all of the mineral resources in these categories
will ever be converted into mineral reserves. These terms have a great
amount of uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. In particular, it should be noted
that mineral resources which are not mineral reserves do not have
demonstrated economic viability. It cannot be assumed that all or any part
of measured mineral resources, indicated mineral resources or inferred
mineral resources will ever be upgraded to a higher category. In accordance
with Canadian rules, estimates of inferred mineral resources cannot form
the basis of feasibility or other economic studies. Investors are cautioned
not to assume that any part of the reported measured mineral resources,
indicated mineral resources or inferred mineral resources referred to
herein are economically or legally mineable.
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
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. 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.
Certain matters discussed in this news release and oral statements made
from time to time by representatives of the Company may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and the Federal securities laws. Although the
Company believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved. Forward-looking information is
subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected. Many of these factors
are beyond the Company's ability to control or predict. 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
press release shall not constitute an offer to sell or the solicitation of
an offer to buy securities.
End of Corporate News
Unternehmen: Uranium Energy Corp. - ISIN: US9168961038
