Uranium Energy Corp Intersects 23.2% eU3O8 over 3.4 m, Extending the new Sakura Zone at Christie Lake Project in Eastern Athabasca Basin, Canada
Uranium Energy Corp (UEC) announces high-grade uranium mineralization from drill hole CB-178-1 in the Christie Lake Project. The hole revealed an intercept grading 5.42% eU3O8 over 15.6 meters, highlighted by a subinterval grading 23.2% eU3O8 over 3.4 meters. This expands the Sakura Zone footprint, previously reported in October 2022. The project, located near the McArthur River mine, spans 19,576 acres and is part of UEC's Eastern Athabasca Hub strategy. Ongoing exploration is underway, with more results expected during the winter drilling campaign. UEC's CEO highlighted the potential for further resource growth.
- Drill hole CB-178-1 intersects high-grade uranium mineralization grading 5.42% eU3O8 over 15.6 meters.
- Significant subinterval of 3.4 meters grading 23.2% eU3O8 indicates strong potential at the Sakura Zone.
- Christie Lake Project is strategically located near high-grade mines, enhancing resource accessibility.
- The project is part of UEC's broader exploration strategy in the Eastern Athabasca Basin, promising further resource growth.
- None.
- Expanding High-Grade Footprint: UEC intersects additional high-grade uranium mineralization with CB-178-1, its first drill hole in the 2023 Sakura Zone drill program at the Christie Lake Project ("the Project"). This intersection expands the footprint of the high-grade mineralization at the new zone, first reported in October last year, CB-178-1 is approximately 10 m from CB-176A that graded
68.7% eU3O8 over 2.1 m. - Premier Location: Christie Lake is nine km northeast of McArthur River, the world's largest high-grade uranium mine, and along the same geological trend (see Figures 1 & 2). The Sakura Zone, discovered in August 2022, is along the Yalowega mineralized corridor (see Figures 3 & 4).
- Infrastructure Advantage: The Project straddles the Eastern Athabasca High Grade Uranium Corridor, representing a 19,576 acre land package situated between the two world class uranium operations at McArthur River and Cigar Lake.
- Synergies with Roughrider Project: Christie Lake is one of the key projects in UEC's Eastern Athabasca Hub strategy and the company is considering the synergies between this project and the Roughrider and Horseshoe-Raven Projects.
- Ongoing Exploration: These intercepts represent the first results of the 3-month winter campaign. More holes are anticipated to be reported over the winter, leading to an update of the Christie Lake resource in 2023.
CORPUS CHRISTI, Texas, Jan. 23, 2023 /PRNewswire/ - Uranium Energy Corp (NYSE American: UEC) (the "Company" or "UEC") is pleased to announce new uranium mineralization in drill hole CB-178-1 that grades
Vertical depth to the unconformity-hosted mineralization at Christie Lake is between 400 and 420 metres ("m") from surface. This is shallower by about 100 m than McArthur River and at approximately the same depth as Cigar Lake. The McArthur River and Cigar Lake Deposits are the archetypical high-grade Athabasca super-deposits with combined reserves and past production of 985.7 million lb. uranium.
Amir Adnani, CEO and President stated: "Following our acquisition of UEX in 2022 we commenced a drilling program at the Christie Lake Project and reported one of the best intercepts of the year in Canada's high-grade Athabasca Basin with our discovery at the Sakura zone, with
Chris Hamel, Vice President Exploration, Canada stated: "The confirmed continuity of the high-grade uranium mineralization at the Sakura zone suggests a previously unrecognized trend of uranium mineralization at Christie Lake. With constrained expenditures during the years of the uranium bear market the exciting potential of Christie Lake was left under-explored. We're excited to be aggressively drilling and growing the world-class potential of this project. UEC's ability to apply financial strength into the project builds upon the technical work and compilation efforts done by UEX since 2016 to set the stage for this success."
Mineralization at the Sakura Zone remains open for expansion in all directions and is the focus of the 2023 drilling on the Christie Lake Project.
Table 1: Christie Lake Radiometric Equivalent Grades from CB-178-1
Hole | From | To | Width | Grade | Cut-off | |
CB-178-1 | 419.1 | 434.7 | 15.6 | 5.42 | 0.05 | |
incl. | 426.6 | 430.0 | 3.4 | 23.22 | 5.0 | |
Notes:
1. | True widths of the mineralization reported in Table 1 is anticipated to be 90 |
2. | eU3O8 refers to radiometric equivalent grade U3O8, and it determined using calibrated down-hole radiometric probes, a process further discussed in the section "About Radiometric Grades". |
Figure 1 - UEC's Athabasca Basin Projects
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 kilometers. The unique geology of the Athabasca Basin deposits can result in deposit grades that exceed the world average of uranium deposits of
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
Uranium mineralization in the Athabasca Basin occurs in fault structures that penetrate the interface between the sandstone and underlying basement rocks, known as the unconformity. Uranium can be found at the interface, known as the unconformity, or up to several hundreds of meters below the unconformity surface in the underlying fault structures in the basement.
The uranium concentrations from holes presented above from the radiometric equivalent uranium grade ("REG"), denoted as eU3O8, which is determined in-situ within the drill hole. For more information on REGs please see the "About Radiometric Equivalent Grades" section below.
The core recovery from parts of the mineralized zone in hole CB-178-1 is estimated at approximately
The eU3O8 grades were estimated in-situ within the drill holes using calibrated down-hole radiometric gamma probes which are lowered down the hole, a 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 probes were calibrated prior to the commencement of the current drill program at the Saskatchewan Research Council's ("SRC") test pit facility in Saskatoon. Using down-hole probes to calculate radiometric equivalent grades is a common practice 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. Sometimes within high-grade intervals, due to a process called 'saturation' occurs when light emitted by the probe's scintillator overwhelms the photomultiplier tube's ability to 'count' individual light flashes it can be difficult to accurate determine radiometric equivalent grades.
Samples from all holes have been collected for assay analysis to confirm these equivalent grades. The samples will be analyzed at the SRC's Geoanalytical Laboratory in Saskatoon, Saskatchewan, with results expected in the coming weeks.
UEC holds an
The Christie Lake Project is located in the eastern Athabasca Basin (see Figures 1 & 2) approximately 9 km northeast and along strike of Cameco's McArthur River Mine, the world's largest and highest-grade uranium mine. The controlling structure of the McArthur River Mine deposits, the P2 fault, continues to the northeast beyond the mine and trends onto the Christie Lake Project. Our technical team believes that, through a series of en-echelon steps, the northeast strike extension of the P2 Fault not only crosses the Christie Lake Project but also controls the three known uranium deposits on Christie Lake: the Ōrora, Paul Bay and Ken Pen Deposits as well as the newly discovered Sakura Zone.
Figure 2 - Christie Lake Project Location
Figure 3 - Sakura Zone Mineralization - preliminary zone boundaries
The technical information in this news release has been reviewed and approved by Chris Hamel, P.Geo., UECs Vice President Exploration, Canada who is considered to be a Qualified Person as defined by S-K 1300.
Figure 4 – Preliminary Cross Section with CB-178-1
Uranium Energy Corp is the fastest growing supplier of the 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") mining uranium projects in the United States and high-grade conventional projects in Canada. The Company has two production-ready ISR hub and spoke platforms in South Texas and Wyoming. 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 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.
Stock Exchange Information:
NYSE American: UEC
Frankfurt Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US916896103
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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