Inferred resource increases from 5.12 million pounds U3O8 to 7.09 million pounds U3O8* Environmental permitting continues to advance with approval of the mine permit and aquifer exemption Several miles of lightly explored, mineralized trends remain to be developed
NYSE American Symbol – UEC
CORPUS CHRISTI, TX, Nov. 27, 2017 /PRNewswire/ – Uranium Energy Corp (NYSE American: UEC, the “Company” or “UEC”) is pleased to announce that the Company has completed an updated National Instrument 43-101 Standards of Disclosure for Mineral Properties (“NI 43-101”) resource estimate for its Burke Hollow project (the “Project”) in South Texas following completion of a recent 132-hole drill campaign. The updated report estimates an Inferred mineral resource of 7.09 million pounds of uranium (“U3O8”) at a weighted average grade of 0.088% U3O8 contained within 4.06 million tons.*
This resource update includes the data from 707 drill holes and demonstrates an increase of approximately 2 million pounds (+38%) of U3O8 over the previous Inferred mineral estimate. The mineral resource estimate was completed using methods mandated by NI 43-101 and Canadian Institute of Mining, Metallurgy and Petroleum standards utilizing a grade cutoff of 0.02% U3O8, and a grade times thickness product cut-off (GT) of 0.30. Details of the resource are set out in the table below.*
Concurrent with the resource development and expansion, the Company continues to advance the permitting at Burke Hollow. As previously announced, the Company has secured its final mine permit and aquifer exemption approval and anticipates its Radioactive Materials License to be approved as well.
Andrew Kurrus, VP of Resource Development, stated, “Burke Hollow is a grass roots discovery by the UEC team, and we are very excited about the drilling results to date. We are confident that we will continue to expand the resource by exploring and delineating the multiple mineralized roll fronts on the property. We anticipate that Burke Hollow will, over time, become a significant ISR resource directly in the U.S. This latest drilling program utilized strategic borehole placement as opposed to traditional grid-like hole placements, resulting in more mineralized intercepts, better roll front definition efficiency, and better use of allocated budgets.”
Craig Wall, VP of Environmental, Health & Safety, stated, “UEC’s proactive approach to permitting Burke Hollow concurrent with the delineation and development of our proposed future Production Area 1 has been effective in speeding up the development of the Project. I expect all