DGAP-News: Uranium Energy Corp Reports an Inferred Resource of 4.6 Million Pounds U3O8 Grading 0.296% at the Company's Slick Rock Project in Colorado
ID: 217570
(firmenpresse) - DGAP-News: Uranium Energy Corp. / Key word(s): Drilling Result
Uranium Energy Corp Reports an Inferred Resource of 4.6 Million Pounds
U3O8 Grading 0.296% at the Company's Slick Rock Project in Colorado
08.01.2013 / 15:25
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Uranium Energy Corp.
NYSE MKT Equities Exchange Symbol - UEC
Uranium Energy Corp Reports an Inferred Resource of 4.6 Million Pounds U3O8
Grading 0.296% at the Company's Slick Rock Project in Colorado
Corpus Christi, TX, January 8, 2013 - Uranium Energy Corp (NYSE MKT: UEC,
the 'Company') is pleased to announce that the Company has received an
independent CSA National Instrument 43-101 Standards of Disclosure for
Mineral Projects ('NI 43-101') inferred resource estimate for its Slick
Rock Project located in San Miguel County, Colorado (the 'Slick Rock
Project'). The inferred resource estimate was produced by Bruce Davis, of
BD Resource Consulting, Inc., and Robert Sim, of Sim Geological, Inc., both
Qualified Persons within the meaning of NI 43-101. The inferred mineral
resource at various cutoff grades is shown below:
SUMMARY OF INFERRED MINERAL RESOURCE
Cut-off GradeThis resource estimate is based on a total of 207,900 feet of drilling in
U3O8% k tonnes U3O8 (%) Contained U3O8 (Mlbs)
0.1 4,192 0.187 15.7
0.15 2,545 0.228 11.6
0.2 1,646 0.255 8.4
0.25 775 0.296 4.6
0.3 274 0.34 1.9
0.35 71 0.415 0.6
0.4 69 0.417 0.6
284 holes. It was generated from drill hole sample radiometric assays and
the interpretation of a geologic model which relates to the spatial
distribution of uranium in the deposit. Grade estimates are made using
ordinary kriging with nominal blocks measuring 50 feet by 50 feet. The
inferred resources have been classified relative to their proximity to
sample locations and are reported in accordance to the CIM Definition
Standards for Mineral Resources and Mineral Reserves.
An NI 43-101 compliant technical report detailing this inferred mineral
resource estimate will be filed on SEDAR (www.sedar.com) and the Company's
website (www.uraniumenergy.com) within 45 days from this news release.
The Slick Rock Project also hosts a vanadium Exploration Target of 9 to 62
million pounds, as noted in the following table:
EXPLORATION TARGET SUMMARY
Tonnes Pounds Grade % V2O5The exploration target tonnage is based on tonnage estimates for uranium at
Lower Limit 274,000 9,000,000 1.49
Upper Limit 4,192,000 62,000,000 0.67
0.1% U3O8 and 0.3% U3O8 cutoff grades. The estimated grade range is the
result of reviewing vanadium grades in holes in and around the area of
interest and from grades mined historically from the Slick Rock deposit.
There are avery limited number of drill holes in which analyses were
conducted for vanadium content and, in some of these drill holes, the
measured vanadium intervals do not exactly correspond with the uranium
intervals in the same hole. Note the values for tonnage, grade, and
contained metal in the table are separate ranges of potential. For
example, the grade may range over the values from 0.67% V2O5 to 1.49% V2O5
and the highest grade is not directly associated with the lowest tonnage.
All tonnages, grades, and contained pounds of vanadium should not be
construed to reflect a calculated mineral resource (inferred, indicated, or
measured). The potential quantities and grades, as stated, are conceptual
in nature, and there has been insufficient work to date to define a NI
43-101 compliant resource. Furthermore, it is uncertain if additional
exploration will result in the discovery of an economic vanadium mineral
resource on the Slick Rock Project.
Vanadium is a rare specialty metal that is used to strengthen steel and to
make it more resistant to corrosion and abrasion. World production is only
approximately 60,000 tonnes annually. A recent price for vanadium
pentoxide was $5.75 per pound or $12,650 per tonne.
The Slick Rock Project is located in San Miguel County, southwest Colorado,
approximately 23.9 miles north of the town of Dove Creek. The general area
is east of the Dolores River in the Slick Rock District of the Uravan
mineral belt. All claims are contiguous. The entire claim block (293
mineral lode claims) encompasses an area of approximately 4,858.5 acres or
7.6 square miles.
Slick Rock Project History
Surficial to shallow uranium/vanadium mineralization has been known in the
Slick Rock area since the early 1900s (then called the McIntyre district).
First mined for uranium, then radium, until 1923 numerous companies
sporadically operated small-scale mining and processing facilities along
the Dolores River. In 1931 a mill was constructed by Shattuck Chemical Co.
for the processing of vanadium ore. Beginning in 1944, the area was worked
by the Union Mines Development Corp. for uranium ore. The uranium was used
in the development and construction of the first atomic bombs.
Between November 1948 and March 1956, the U.S. Geological Survey ('USGS')
drilled 2,641 holes in the Slick Rock district to explore for uranium and
vanadium-bearing deposits. The drilling was part of a program of
exploration conducted on behalf of the U.S. Atomic Energy Commission
(OFR70-348). Fifty-two of these drill holes were located within the
boundaries of the Company's Slick Rock project area. The first phase of
the USGS's exploration was for geological data and to delineate areas of
favorable ground. This widely spaced drilling was done on approximately
1,000-foot centers. The second phase was drilled with more moderate
spacing, 100-300 foot centers, to discover deposits. The third phase was
drilled on closely spaced, 50-100 foot centers, to extend and outline any
deposits discovered by earlier drilling (Weir, 1952). Private industry was
also actively exploring the district. District-wide, an estimated 212,000
feet of drilling was completed by 1954.
By December 1955, Union Carbide Nuclear Corp. (UCNC) had drilled out a
sufficient resource on the north side of Burro Canyon to commence the
sinking of three shafts. Shaft sinking was completed by December 1957 on
the Burro #3, #5, and #7 mines to total depths of 408 feet, 414 feet, and
474 feet respectively. Initial shipments of ore to UCNC's concentrating
mill at Slick Rock were also made in 1957. Final processing of the
concentrated ore was done at the UCNC mill in Rifle, CO.
As of 1971, the last year that the Atomic Energy Commission reported
production figures, the Burro mines had produced 404,804 tons of ore at a
grade of .25% U3O8 yielding 1,992,898 lbs U3O8 and 1.5% V2O5 yielding
12,149,659 lbs V2O5. According to the records of the Colorado Bureau of
Mines annual reports, the Burro mines produced an additional 243,825 lbs
U3O8 at an average grade of .20% and 1,791,798 lbs V2O5 at an average grade
of 1.4% up until 1983 when depressed uranium prices forced the cessation of
mining activities. The total production of the Burro mines was 2,236,723
lbs U3O8 and 13,941,457 lbs V2O5, summarized below.
HISTORIC SLICK ROCK PRODUCTION
Production years lbs U3O8 lbs V2O5The Company's Slick Rock project has received more recent exploration
1957-1971 1,992,898 12,149,659
1971-1983 243,825 1,791,798
Total 2,236,723 13,941,457
activities by U.S. Energy, Energy Fuels Resource Corp, and Homeland
Uranium. In 2006, U.S. Energy drilled 17 boreholes. All were completed to
target except one. The results of the drilling are tabulated in the table
below.
U.S. ENERGY DRILLING
Thickness Classification Member/ Elevation*Two intercepts 10.5 feet apart vertically.
Borehole Grade Formation Base
ID (%eU3O8) (ft) Elevation
(ft) (ft)
SR-1001 0.026 2.5 Mineralized Salt Wash 5875.888 5043.4
SR-1002 0.038 2.5 Mineralized Salt Wash 5869.36 5012.4
SR-1003 Barren Salt Wash 5862.356
SR-1004 Barren Salt Wash 5868.901
SR-1005 Anomalous Salt Wash 5827.551
SR-1006 0.046 4.5 Mineralized Salt Wash 5848.692 4857.2
SR-1007 0.091 5 Mineralized Salt Wash 5834.572 4883.1
SR-1008 Anomalous Salt Wash 5853.003
SR-1009 Barren Salt Wash 5843.766
SR-1010 0.015 2 Anomalous Burro Canyon 5836.449 5467.4
SR-1011 Abandoned 5750.323
SR-1012 0.094 2 Mineralized Salt Wash 5733.503 4587.5
SR-1013* 0.55 3.5 Mineralized Salt Wash 5717.735 4571.9
SR-1013* 0.19 5.5 Mineralized Salt Wash 5707.707 4561.7
SR-1014 Barren Salt Wash 5725.494
SR-1015 Barren Salt Wash 5743.665
SR-1016 0.058 1.5 Mineralized Salt Wash 5727.591 4532.6
SR-1017 0.29 4 Mineralized Salt Wash 5750.502 4566.5
The information contained in the table was obtained by the Company in a
2011 claim purchase
In 2008, Homeland drilled 4 boreholes in an attempt to 'twin' mineralized
boreholes drilled by the Atomic Energy Commission in the 1950's. All were
completed to target depth and the results are tabulated in the table below.
HOMELAND DRILLING
Borehole Grade Thickness Classification Member/ Elevation BaseThe information contained in the table was obtained from public information
ID (%eU3O8) (ft) Formation (ft) Elevation
(ft)
SR-08-001 0.764 1 Mineralized Salt Wash 5725.066 4800
SR-08-002 0.046 3.8 Mineralized Salt Wash 5846.457 4950
SR-08-003 0.120 2 Mineralized Salt Wash 5761.155 4675
SR-08-004 0.033 1 Anomalous Salt Wash 5748.031 4775
published by Homeland Uranium
Current Status
The Slick Rock Project will most likely be produced through underground
mining methods following rehabilitation and development of existing shafts,
portals and workings. The Company is in possession of much of the
historical data including drill maps, drill logs, mine workings maps,
partial assay reports, and miscellaneous exploration and production
reporting. Additional work is planned by the Company to verify and further
quantify the vanadium mineralization.
The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in NI 43-101
and was reviewed by Clyde L. Yancey, P.G., Vice President-Exploration for
the Company, a QP 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 mine, which has recently expanded its initial production,
and the Goliad in-situ recovery project, which is now fully permitted and
in 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(at)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
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