Uranium Energy Corp Intersects 11.4% eU3O8 over 2.4 metres at Roughrider North Discovery, 850 meters Northeast of the Roughrider deposit

Rhea-AI Summary

Uranium Energy Corp (UEC) reports impressive drilling results from its Roughrider Project in Northern Saskatchewan, Canada. Drill hole RR-961, located 850 meters northeast of the main Roughrider deposit, intersected high-grade uranium mineralization grading 11.4% eU3O8 over 2.4 metres, including a sub-interval of 24.9% eU3O8 over 1.0 metres. This follows the previously reported RR-940 drill hole, which yielded 12.7% eU3O8 over 7.2 metres.

The ongoing drill program has identified uranium mineralization along a 200-metre strike length at Roughrider North, with a high-grade core spanning approximately 55 metres. The mineralization remains open to the east and west, suggesting potential for further expansion. With 20 drill holes remaining in the program, UEC anticipates additional results as exploration progresses.

Positive

• High-grade uranium mineralization discovered 850 meters northeast of the main Roughrider deposit
• Drill hole RR-961 intersected 11.4% eU3O8 over 2.4 metres, including 24.9% eU3O8 over 1.0 metres
• Uranium mineralization at Roughrider North extends along ~200 metres of strike length
• High-grade core of the area measures ~55 metres of strike
• Mineralization remains open to the east and west, indicating potential for expansion

Negative

• None.

Insights

Geologist

The recent drill results from UEC's Roughrider Project are highly significant. The intersection of 11.4% eU3O8 over 2.4 metres, including a sub-interval of 24.9% eU3O8 over 1.0 metres, indicates exceptional uranium grades. These results, combined with the previously reported 12.7% eU3O8 over 7.2 metres, suggest a potentially substantial high-grade uranium deposit.

The 200-metre strike length of mineralization, with a 55-metre high-grade core, is promising. The fact that the mineralization remains open to the east and west implies potential for further expansion. This discovery, located 850 metres northeast of the main Roughrider deposit, could significantly increase the project's resource base and economic viability.

Mining Analyst

UEC's Roughrider Project is showing impressive potential. The high-grade intersections are well above the average grades typically seen in uranium deposits, which usually range from 0.1% to 2% U3O8. This could translate to lower mining costs and higher profitability per tonne of ore extracted.

The proximity to the existing Roughrider deposit (850 metres) is advantageous, potentially allowing for shared infrastructure and reducing development costs. With 20 drill holes remaining in the program, there's a strong possibility of further high-grade intersections, which could significantly enhance the project's economic profile. Investors should watch for the upcoming results, as they could be a catalyst for UEC's stock performance.

Environmental Consultant

While these high-grade uranium results are promising from a mining perspective, it's important to consider the environmental implications. High-grade uranium deposits can pose increased radiological risks during mining and processing. However, they also mean less ore needs to be processed to produce the same amount of uranium, potentially reducing the overall environmental footprint.

The project's location in Northern Saskatchewan is significant, as the region has a well-established regulatory framework for uranium mining. UEC will need to ensure strict adherence to environmental protocols, particularly given the proximity to water bodies in the Athabasca Basin. Stakeholders should monitor UEC's environmental management plans and community engagement efforts as the project advances.

NYSE American: UEC

CORPUS CHRISTI, Texas, Sept. 12, 2024 /PRNewswire/ - Uranium Energy Corp (NYSE American: UEC), the "Company" or "UEC") is pleased to report results from the ongoing drill campaign at its Roughrider Project (the "Project"), located in Northern Saskatchewan, Canada.

Drilling 850 metres northeast of the Roughrider Project Deposit has intersected additional high-grade uranium mineralization:

• Drill hole RR-961 grades 11.4% eU₃O₈ over 2.4 metres with a high-grade sub interval that is 24.9% eU₃O₈ over 1.0 metres.
• RR-961 followed-up RR-940 that was reported on August 20, 2024 and graded 12.7% eU₃O₈ over 7.2 metres⁽¹⁾. RR-961 is 15 metres along strike to the east of RR-940.
• An additional 20 drill holes remain in the drill program and further results will be forthcoming as the program progresses.

UEC's ongoing drill program on the Project continues to explore along the north trend. To date uranium mineralization at Roughrider North has been encountered along ~200 metres of strike length, with the high-grade core of the area now measuring ~55 metres of strike with this most recent intersection. The high-grade uranium mineralization at Roughrider North remains open to the east and west.

About Roughrider North 

The Roughrider North discovery has been identified along an exploration trend that is parallel to the Roughrider Project. The uranium mineralization thus far at the Roughrider North Discovery is entirely in the basement about 250 metres below the surface.

Chris Hamel, Vice President Exploration, Canada, stated: "The on-going drill campaign at Roughrider North has successfully identified additional high-grade mineralization along strike of what was reported in August. The current drill campaign has about 20 drill holes remaining and can be extended further into the fall if necessary to continue the delineation of this uranium mineralization. Drill hole RR-961 expands the high-grade core of this discovery and should help guide the field team to further success in the area."

Table 1, outlined below, details the equivalent uranium intersections ("eU₃O_8") from select drill holes from the 2024 summer campaign. Figure 1 shows the immediate Roughrider Project area in the Northern part of Athabasca Basin, and Figure 2 illustrates a wider picture of where the Roughrider Project is located within the Athabasca Basin.

Table 1: Roughrider Summer Drilling Program Equivalent Grades

		From (m)	To (m)	Width (m)	Avg. Grade (eU3O8)	Cut-off Grade (eU3O8)	GT
RR-909		244.3	264.8	20.6	0.07	0.05	1.4
RR-910		250.3	305.5	55.2	0.52	0.05	28.8
	incl.	250.3	255.4	5.1	1.63	0.05	8.3
	incl.	297.6	305.5	7.9	2.53	0.05	20.0
RR-913		262.8	310.3	47.5	0.47	0.05	22.1
	incl.	307.8	309.9	2.1	6.81	1.00	14.3
RR-919		304.1	307.1	3.0	2.23	0.05	6.7
	incl.	304.4	306.2	1.8	3.51	1.00	6.3
RR-925		239.8	313.0	73.3	0.11	0.05	7.8
	incl.	244.3	246.1	1.9	1.83	1.00	3.5
RR-929		291.1	300.2	9.1	0.79	0.05	7.2
	incl.	291.5	292.3	0.8	1.38	1.00	1.1
	incl.	294.2	295.0	0.8	2.76	1.00	2.2
RR-930		282.8	288.4	5.6	0.18	0.05	1.0
RR-933		242.2	244.7	2.5	0.0936	0.05	0.2
		230.6	231.1	0.5	0.08	0.05	0.0
		249.9	264.2	14.3	3.00	0.05	42.8
	incl.	251.9	262.2	10.3	4.06	1.00	41.8
	incl.	260.4	260.8	0.4	14.68	10.00	5.9
RR-934		316.2	318.1	1.9	0.22	0.05	0.4
		327.1	328.4	1.3	0.07	0.05	0.1
RR-935		319.1	320.2	1.1	0.05	0.05	0.1
		324.1	327.9	3.8	0.10	0.05	0.4
RR-937		313.8	315.7	1.9	0.64	0.05	1.2
	incl.	314.8	315.4	0.6	1.44	1.00	0.9
RR-938		322.4	323.2	0.8	0.32	0.05	0.3
RR-940		271.1	284.6	13.5	6.96	0.05	93.9
	incl.	271.2	283.4	12.2	7.69	0.10	93.8
	incl.	273.2	280.4	7.2	12.71	1.00	91.5
	incl.	281.9	282.5	0.6	1.99	1.00	1.2
RR-945		270.8	281.3	10.5	3.17	0.05	33.2
	incl.	271.7	280.8	9.1	3.61	1.00	32.9
	incl.	273.6	273.9	0.3	10.62	10.00	3.2
	incl.	277.6	278.2	0.6	15.18	10.00	9.1
RR-948		292.4	293.5	1.1	0.62	0.05	0.7
	incl.	292.9	293.1	0.2	1.10	1.00	0.2
RR-949-1		255.6	261.6	6.0	0.14	0.05	0.8
	incl.	255.6	257.3	1.7	0.14	0.05	0.2
	incl.	259.8	261.6	1.8	0.33	0.05	0.6
RR-950		266.7	268.1	1.4	0.27	0.05	0.4
RR-954		228.0	228.7	0.7	0.05	0.05	0.0
		278.5	280.1	1.6	0.18	0.05	0.3
		294.8	296.9	2.1	0.45	0.05	0.9
RR-958		266.9	269.5	2.6	0.20	0.05	0.5
RR-961		330.1	332.5	2.4	11.40	0.05	27.3
	incl.	330.5	332.1	1.6	16.93	1.00	27.1
	incl.	330.8	331.8	1.0	24.88	10.00	24.9

*Due to the preliminary nature of these results, true thicknesses have not yet been estimated.

About Canada's Athabasca Basin

The Athabasca Basin is a world-class uranium district in the northern portion of the provinces of Saskatchewan and Alberta in Canada, occupying an area of about 100,000 square kilometres. The unique geology of the Athabasca Basin often results in deposit grades that exceed the world average of uranium deposits of 0.2% U₃O₈ by up to 100 times.

All of Canada's current uranium production occurs from the mines located in the Athabasca Basin. According to the World Nuclear Association, the Athabasca Basin was responsible for producing 15% of the world's uranium production in 2022.

Uranium mineralization in the Athabasca Basin occurs in fault structures that penetrate the interface between the sandstone and underlying basement rocks. Uranium can be found at the interface, known as the unconformity, or up to several hundreds of metres below the unconformity surface in the underlying basement rock and fault structures.

The uranium concentrations in the holes presented above from the radiometric equivalent uranium grade ("REG"), denoted as eU₃O₈, were determined in-situ within the drill hole. For more information on REGs please see the "About Radiometric Equivalent Grades" section below.

About Radiometric Equivalent Grades

The eU₃O₈ grades were estimated in-situ within the drill holes using calibrated down-hole radiometric gamma probes lowered down into the hole. This is a measuring method commonly used by uranium explorers and miners in the Athabasca Basin. The probe records the amount of radioactivity present in the rock adjacent to the probe as it moves up and down the hole.

The standard and shielded probes were calibrated prior to the commencement of the current drill program at the Saskatchewan Research Council's ("SRC") test pit facility in Saskatoon, Saskatchewan, and the Hi-Flux probes are calibrated at Alpha Nuclear in Saskatoon. Using down-hole probes to calculate radiometric equivalent grades is a common practice used by uranium mining companies in the Athabasca Basin. Down-hole probes can accurately measure uranium concentration by measuring the light flashes that occur every time the probe's scintillator is struck by a gamma radiation particle emitted from uranium crystals. The number of light flashes are 'counted' by a photomultiplier tube. Due to a process called 'saturation' that occurs when light emitted by the probe's scintillator overwhelms the photomultiplier tube's ability to 'count' individual light flashes, it can sometimes be difficult to accurately determine radiometric equivalent grades in high-grade intervals.

Samples from all holes have been collected for assay analysis to confirm these equivalent grades. The samples will be analyzed at SRC's Geoanalytical Laboratory in Saskatoon, with results expected in the coming weeks.

About the Roughrider Uranium Project

The Roughrider Project is a uranium project located in the eastern Athabasca Basin of northern Saskatchewan, Canada; one of the world's premier uranium mining jurisdictions. The Project is located approximately 13 kilometres west of Orano's McClean Lake Mill, near UEC's existing Athabasca Basin properties. The depth to mineralization at the project is approximately 200 metres and hosted primarily in the basement rocks below the unconformity.

Qualified Persons and Data Acquisition

The technical information in this news release has been reviewed and approved by Chris Hamel, P.Geo., UEC's Vice President Exploration, Canada, who is a Qualified Person for the purposes of SEC Regulation S-K 1300.

About Uranium Energy Corp

Uranium Energy Corp is the fastest growing supplier of fuel for the green energy transition to a low carbon future. UEC is the largest, diversified North American focused uranium company, advancing the next generation of low-cost, environmentally friendly In-Situ Recovery ("ISR") uranium projects in the United States and high-grade conventional projects in Canada. The Company has one producing ISR production hub and spoke platform in Wyoming and one ISR production-ready ISR hub and spoke platform located in South Texas. These two production platforms are anchored by fully operational central processing plants and served by seven U.S. ISR uranium projects with all their major licenses and permits in place. Additionally, the Company has diversified uranium holdings including: (1) one of the largest physical uranium portfolios of North American warehoused U₃O₈; (2) a major equity stake in Uranium Royalty Corp., the only royalty company in the sector; and (3) a Western Hemisphere pipeline of resource stage uranium projects. The Company's operations are managed by professionals with decades of hands-on experience in the key facets of uranium exploration, development and mining.

1.	Press Release: Uranium Energy Corp Intersects 12.7% eU3O8 over 7.2 metres, 850 m northeast of Roughrider Deposit https://www.sec.gov/Archives/edgar/data/1334933/000143774924027381/ex_716280.htm

 

Stock Exchange Information:
NYSE American: UEC
WKN: AØJDRR
ISN: US916896103

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Many of these factors are beyond the Company's ability to control or predict. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company's filings with the Securities and Exchange Commission. For forward-looking statements in this news release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

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SOURCE Uranium Energy Corp

FAQ

What were the latest drilling results for Uranium Energy Corp's Roughrider Project?

Uranium Energy Corp's latest drilling results at the Roughrider Project showed high-grade uranium mineralization in drill hole RR-961, grading 11.4% eU3O8 over 2.4 metres, with a sub-interval of 24.9% eU3O8 over 1.0 metres.

Where is the new uranium mineralization located in relation to the main Roughrider deposit?

The new high-grade uranium mineralization was discovered 850 meters northeast of the main Roughrider deposit in Northern Saskatchewan, Canada.

What is the extent of the uranium mineralization discovered at Roughrider North?

Uranium mineralization at Roughrider North has been encountered along approximately 200 metres of strike length, with a high-grade core measuring about 55 metres of strike.

How many drill holes remain in UEC's current Roughrider Project program?

UEC reports that 20 drill holes remain in the current drill program at the Roughrider Project.