Uranium Energy Corp Advances Burke Hollow Project in South Texas
NYSE MKT Equities Exchange Symbol - UEC
- Baseline monitoring wells completed as part of accelerated production permitting;
- Mineralized fronts of known resource trends continue to extend; and
- Two new mineralized horizons have been identified and are being delineated.
CORPUS CHRISTI, TX, Feb. 27, 2014 /PRNewswire/ - Uranium Energy Corp (NYSE MKT: UEC, the "Company") is pleased to provide an update on permitting, exploration and development activities at its Burke Hollow Project. The current drilling campaign was initiated on November 4, 2013, and is continuing with three drill rigs on site. The first phase of the program consisted of drilling to accelerate production permitting, which has been completed, and the program is now focused on exploration, resource delineation and development drilling. Since the inception of the program, forty-two holes have been drilled and a total of 80 holes is budgeted.
Andy Kurrus, Vice President of Resource Development, stated: "The geological team at the Company is excited by the rapid progress we're making at Burke Hollow. In particular, the two new mineralized zones hold potential for adding significant resources at the project."
As part of the Company's accelerated permitting program for the Burke Hollow Project, six monitoring wells were successfully completed and are to be used in the establishment of baseline water quality for the project. This brings the number of regional baseline monitoring wells at the project to 30. The recently installed wells were drilled and cased within the first projected production area and will be used in the pre-operational groundwater characterization sampling program, results of which will be included in the mining permit application to be submitted to the Texas Commission on Environmental Quality.
Through careful study of the results from previous drilling campaigns, two new horizons have been identified and will be explored during the remainder of the current drilling campaign. An extension of the Goliad 370-foot sand and additional target sands will be explored over a prospective four mile geological trend in undrilled areas of the Burke Hollow Project. Additionally, Goliad target sands ranging in depth from 280 to 560 feet have been identified and will also be explored during this campaign. Plans to test the potentially productive lower Goliad sands lying between 650 and 1,100 feet in depth have been developed and will be carried out over the coming months.
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 mining and exploration company. The Company's fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the operating Palangana in-situ recovery mine and the Goliad in-situ recovery project which is currently 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.
Stock Exchange Information:
NYSE MKT: UEC
Frankfurt Stock Exchange Symbol: U6Z
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SOURCE Uranium Energy Corp