Uranium Energy (NYSE: UEC)
Announced it has advanced exploration and delineation activities at its Burke Hollow and Palangana ISR projects in South Texas that are slated for further near-term development in preparation for uranium extraction.
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Burke Hollow drilling
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| UEC | NYSE: UEC |
| Stage | Production + development |
| Metals | Uranium |
| Market cap | US $1.16 Billion @ $3.36 |
| Location | Texas, Wyoming, USA, Paraguay |
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Uranium Energy Corp Advances Development of Burke Hollow and Palangana ISR Projects in South Texas
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Highlights:
- The Burke Hollow In-Situ Recovery (“ISR”) Project’s Production Area-2 (“PA-2”) has been established within the northern half of the project;
- Burke Hollow PA-2 hosts three major sub-roll units of uranium mineralization, ranging from 160 to 210 feet in depth and occurs within the Goliad Formation Lower A sand, ranging in thickness from 20 feet to over 50 feet, and;
- To date, 533 exploration and delineation holes totaling 232,655 feet have been drilled within Burke Hollow PA-2 area. The in-progress delineation drilling campaign is continuing with five contract drilling rigs;
- An SK-1300 technical report summary for Burke Hollow will be updated before the end of 2023 to reflect the drilling results;
- External and internal monitor well installation is to commence after completing all delineation drilling;
- At the past producing Palangana ISR project, a total of 30 development and delineation holes were recently completed within the fully permitted Production Area 4 (“PA-4”).
- UEC’s South Texas hub-and-spoke strategy is anchored by its fully licensed Hobson Processing Plant with licensed capacity of four million pounds U3O8annually. Hobson will process uranium loaded resin recovered from satellite projects including Palangana and Burke Hollow ISR projects.
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Andy Kurrus, VP of Resource Development stated:
“This is an important achievement in our continuing program to advance the Burke Hollow project towards uranium extraction.
“This ISR project is the largest Goliad Formation deposit ever discovered in the South Texas Uranium Trend and the largest discovery made in the last decade within the United States.
“We are pleased to have defined Production Area 2 and are looking forward to the continuation of the project’s advancement as we prepare for the next phase of uranium extraction.
“The company will continue with delineation drilling at PA-2 with five drilling rigs, followed by the final design and installation of the PA-2 monitoring ring.”
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Disclosure
At the time of writing the author holds no shares in UEC
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