Uranium Energy Corp announces that it has completed an updated resource estimate for its Burke Hollow 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. The company has preciously secured its final mine permit.
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.”
