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Uranium Energy Corp announced continuing strong phase-one exploration drilling results at the Company´s Salvo project located in Bee County, approximately 50 miles from the Company´s Hobson processing facility in South Texas.
A total of 106 holes have been completed since the drilling program was initiated on November 8, 2010. The scope of the program is to verify and expand the NI 43-101 historic resource of 1.5 million pounds of U3O8 as reported on July 19, 2010. This release reports results from an additional 63 holes drilled from January 4 through April 1 this year. The first 43 holes of the campaign were drilled between November 8 and December 17, 2010 as reported on December 20, 2010. Upon completion of the phase-one program this month, the Company plans to have its current NI 43-101 Technical Report updated by independent qualified professionals, and to continue with additional delineation drilling, plus metallurgical and other tests to confirm that the mineralization here could be produced using in-situ recovery methods. Clyde Yancey, VP of Exploration, stated, "The drilling results at Salvo are exciting for the Company, and we look forward to the new resource estimate as a starting place for expansion of the project here. We are also examining current drill results to further refine our upcoming phase-two program where we will be drilling prospective new zones." Of the most recent 63 holes drilled to date the following statistics have been compiled from Prompt Fission Neutron (PFN) data. A properly calibrated PFN tool provides a reading that directly approximates uranium content: • 15 intercepts show significant uranium mineralization, with grade times thickness (GT) values greater than 0.30. The Company´s engineers estimate that zones with a GT greater than 0.30 will be shown to be producible. • 6 intercepts show uranium mineralization with GT values between 0.06 and 0.30. More information, click here. |
