NYSE American: UEC
CORPUS
CHRISTI, Texas, Aug. 20,
2024 /CNW/ - Uranium Energy Corp (NYSE
American: UEC) the "Company" or "UEC") is
pleased to report drill results from its Roughrider Project located
in Northern Saskatchewan, Canada.
Drilling 850 m northeast of the
Roughrider Deposit has intersected the best hole to date outside of
the resource area on a parallel trend to Roughrider.
- Exploration Drilling: UEC's ongoing drill program has
intersected basement-hosted uranium mineralization in drill hole
RR-940 that grades 6.96% eU3O8 over
13.5 m with a higher-grade
sub-interval that grades 12.7% eU3O8 over 7.2
metres. UEC will continue drilling in this area to evaluate the
potential for additional resources.
- Regional drilling benefits from new ANT survey
technology: In April of this year, UEC conducted an Ambient
Noise Tomography ("ANT") survey. This new exploration technology is
being applied to Roughrider for the first time and has identified
new targets along existing exploration corridors.
- Roughrider next steps: UEC has a three-prong approach to
advancing Roughrider,
- continue growing the project's resources with an
additional 25 holes this summer to further investigate the
Roughrider north exploration corridor,
- advance the Initial Assessment ("IA") Technical Report
Summary ("TRS") that is based on the existing project
resources, this work is substantially complete and is anticipated
in the coming months,
- EA baseline studies, along with community engagement to
advance licensing and permitting.
Chris Hamel, Vice President
Exploration, Canada stated: "We
have accelerated the pace of project work at Roughrider this summer
by utilizing three drills and the results thus far have exceeded
our expectations. We have been able to successfully follow-up on
results that Rio Tinto had intersected northeast of Roughrider with
the best hole on the project outside the deposit area. We have
intersected uranium mineralization in multiple drill holes between
the East and Far East Zones, further demonstrating there is likely
continuity between these zones. The north exploration corridor is
largely untested and our team, with the help of the ANT survey, has
been able to develop priority drill targets along the trend. UEC
continues to advance the project on parallel tracks by working on
an economic study for the project while also updating the
Environmental Assessment baseline work and conducting an aggressive
drilling campaign."
Table 1, outlined below, details the equivalent uranium
intersections (eU3O8) from select drill holes
from the 2024 summer campaign. Figure 1 shows the immediate
Roughrider project area in the Northern part of Athabasca Basin, and Figure 2 illustrates a
wider picture of where the Roughrider project is located within the
Athabasca Basin.
Table 1: Roughrider Drilling Equivalent Grades
|
From
(m)
|
To
(m)
|
Width
(m)
|
Avg.
Grade
(eU3O8)
|
Cut-off
Grade
(eU3O8)
|
GT
|
|
|
|
|
RR-909
|
|
244.3
|
264.8
|
20.6
|
0.07
|
0.05
|
1.4
|
|
|
RR-910
|
|
250.3
|
305.5
|
55.2
|
0.52
|
0.05
|
28.8
|
|
|
incl.
|
250.3
|
255.4
|
5.1
|
1.63
|
0.05
|
8.3
|
|
|
incl.
|
297.6
|
305.5
|
7.9
|
2.53
|
0.05
|
20.0
|
|
|
RR-913
|
|
262.8
|
310.3
|
47.5
|
0.47
|
0.05
|
22.1
|
|
|
incl.
|
307.8
|
309.9
|
2.1
|
6.81
|
1.00
|
14.3
|
|
|
RR-919
|
|
304.1
|
307.1
|
3.0
|
2.23
|
0.05
|
6.7
|
|
|
incl.
|
304.4
|
306.2
|
1.8
|
3.51
|
1.00
|
6.3
|
|
|
RR-925
|
|
239.8
|
313.0
|
73.3
|
0.11
|
0.05
|
7. 8
|
|
|
incl.
|
244.3
|
246.1
|
1.9
|
1.83
|
1.00
|
3.5
|
|
|
RR-929
|
|
291.1
|
300.2
|
9.1
|
0.79
|
0.05
|
7.2
|
|
|
incl.
|
291.5
|
292.3
|
0.8
|
1.38
|
1.00
|
1.1
|
|
|
incl.
|
294.2
|
295.0
|
0.8
|
2.76
|
1.00
|
2.2
|
|
|
RR-930
|
|
282.8
|
288.4
|
5.6
|
0.18
|
0.05
|
1.0
|
|
|
RR-933
|
|
242.2
|
244.7
|
2.5
|
0.094
|
0.05
|
0.2
|
|
|
|
230.6
|
231.1
|
0.5
|
0.08
|
0.05
|
0.0
|
|
|
|
249.9
|
264.2
|
14.3
|
3.00
|
0.05
|
42.8
|
|
|
incl.
|
251.9
|
262.2
|
10.3
|
4.06
|
1.00
|
41.8
|
|
|
incl.
|
260.4
|
260.8
|
0.4
|
14.68
|
10.00
|
5.9
|
|
|
RR-934
|
|
316.2
|
318.1
|
1.9
|
0.22
|
0.05
|
0.4
|
|
|
|
327.1
|
328.4
|
1.3
|
0.07
|
0.05
|
0.1
|
|
|
RR-935
|
|
319.1
|
320.2
|
1.1
|
0.05
|
0.05
|
0.1
|
|
|
|
324.1
|
327.9
|
3.8
|
0.10
|
0.05
|
0.4
|
|
|
RR-937
|
|
313.8
|
315.7
|
1.9
|
0.64
|
0.05
|
1.2
|
|
|
incl.
|
314.8
|
315.4
|
0.6
|
1.44
|
1.00
|
0.9
|
|
|
RR-938
|
|
322.4
|
323.2
|
0.8
|
0.32
|
0.05
|
0.3
|
|
|
RR-940
|
|
271.1
|
284.6
|
13.5
|
6.96
|
0.05
|
93.9
|
|
|
incl.
|
271.2
|
283.4
|
12.2
|
7.69
|
0.10
|
93.8
|
|
|
incl.
|
273.2
|
280.4
|
7.2
|
12.71
|
1.00
|
91.5
|
|
|
incl.
|
281.9
|
282.5
|
0.6
|
1.99
|
1.00
|
1.2
|
|
|
RR-945
|
|
270.8
|
281.3
|
10.5
|
3.17
|
0.05
|
33.2
|
|
|
incl.
|
271.7
|
280.8
|
9.1
|
3.61
|
1.00
|
32.9
|
|
|
incl.
|
273.6
|
273.9
|
0.3
|
10.62
|
10.00
|
3.2
|
|
|
incl.
|
277.6
|
278.2
|
0.6
|
15.18
|
10.00
|
9.1
|
|
|
RR-948
|
|
292.4
|
293.5
|
1.1
|
0.62
|
0.05
|
0.7
|
|
|
incl.
|
292.9
|
293.1
|
0.2
|
1.10
|
1.00
|
0.2
|
|
|
RR-949-1
|
|
255.6
|
261.6
|
6.0
|
0.14
|
0.05
|
0.8
|
|
|
incl.
|
255.6
|
257.3
|
1.7
|
0.14
|
0.05
|
0.2
|
|
|
incl.
|
259.8
|
261.6
|
1.8
|
0.33
|
0.05
|
0.6
|
|
|
RR-950
|
|
266.7
|
268.1
|
1.4
|
0.27
|
0.05
|
0.4
|
|
|
About Canada's Athabasca Basin
The Athabasca Basin is a
world-class uranium district in the northern portion of the
provinces of Saskatchewan and
Alberta in Canada, occupying an area of about 100,000
square kilometres. The unique geology of the Athabasca Basin often results in deposit
grades that exceed the world average of uranium deposits of 0.2%
U3O8 by up to 100 times.
All of Canada's current uranium
production occurs from the mines located in the Athabasca Basin. According to the World
Nuclear Association, the Athabasca
Basin was responsible for producing 15% of the world's uranium
production in 2022.
Uranium mineralization in the Athabasca Basin occurs in fault structures
that penetrate the interface between the sandstone and underlying
basement rocks. Uranium can be found at the interface, known as the
unconformity, or up to several hundreds of metres below the
unconformity surface in the underlying basement rock and fault
structures.
The uranium concentrations in the holes presented above from the
radiometric equivalent uranium grade ("REG"), denoted as
eU3O8, were determined in-situ within the
drill hole. For more information on REGs please see the "About
Radiometric Equivalent Grades" section below.
About Radiometric Equivalent Grades
The eU3O8 grades were estimated in-situ
within the drill holes using calibrated down-hole radiometric gamma
probes lowered down into the hole. The probe records the amount of
radioactivity present in the rock adjacent to the probe as it moves
up and down the hole. The radiometric equivalent grade of uranium
oxide (eU3O8) is then calculated.
The standard and shielded probes were calibrated prior to the
commencement of the current drill program at the Saskatchewan
Research Council's ("SRC") test pit facility in Saskatoon, Saskatchewan, and the Hi-Flux
probes are calibrated at Alpha Nuclear in Saskatoon. Using down-hole probes to calculate
radiometric equivalent grades is a common practice used by uranium
mining companies in the Athabasca
Basin. Down-hole probes can accurately measure uranium
concentration by measuring the light flashes that occur every time
the probe's scintillator is struck by a gamma radiation particle
emitted from uranium crystals. The number of light flashes are
'counted' by a photomultiplier tube. Due to a process called
'saturation' that occurs when light emitted by the probe's
scintillator overwhelms the photomultiplier tube's ability to
'count' individual light flashes, it can sometimes be difficult to
accurately determine radiometric equivalent grades in high-grade
intervals.
Samples from all holes have been collected for assay analysis to
confirm these equivalent grades. The samples will be analyzed at
SRC's Geoanalytical Laboratory in Saskatoon, with results expected in the coming
weeks.
About the Roughrider Uranium Project
The Roughrider Project is a uranium project located in the
eastern Athabasca Basin of
northern Saskatchewan, Canada; one
of the world's premier uranium mining jurisdictions. The project is
located approximately 13 kilometres west of Orano's McClean Lake Mill, near UEC's existing
Athabasca Basin properties. The
depth to mineralization at the project is approximately
200 m and hosted primarily in the
basement rocks below the unconformity.
Qualified Persons and Data Acquisition
The technical information in this news release has been reviewed
and approved by Chris Hamel, P.Geo.,
UEC's Vice President Exploration, Canada, who is a Qualified Person for the
purposes of SEC Regulation S-K 1300.
About Uranium Energy Corp
Uranium Energy Corp is the fastest growing supplier of 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") uranium projects in the United States and high-grade conventional
projects in Canada. The Company
has one producing ISR production hub and spoke platform in
Wyoming and one ISR
production-ready ISR hub and spoke platform located in South Texas. 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
licenses and 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.
X (formerly known as Twitter): @UraniumEnergy
Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103
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