Uranium Energy News Releases
Uranium Energy Corp Announces Phase I Drilling Results from Its Goliad Project in South Texas
September 12, 2006
Early Drilling Provides Confirmation of Historically-Indicated Uranium Resources
Austin, Texas, USA – Uranium Energy Corp is pleased to announce the results of initial confirmation drilling at its 100%-controlled Goliad project in Goliad County, Texas. Drilling commenced on May 16, 2006 and is currently ongoing with two drilling rigs. The drilling program calls for 32,000 feet of drilling, consisting of 70 test holes, with a two-fold objective of (1) confirming the existing 5.2 million pounds of historically drill-indicated resources on the property, as defined by Moore Energy Corporation in the 1980s, and (2) extending historically identified mineralized trends.
The Goliad uranium deposits and attendant mineralization occur across a wide geographic area within the basal sands of the Pliocene age Goliad Formation. To date, ore grade mineralization has been identified within four stratigraphically separate sands (the A through D Sands) from 100 feet in depth, to 400 feet in depth. Development drilling performed by Moore Energy in the 1980s consisted of fences spaced at 400-foot intervals, with holes along the fences spaced at 100 to 200-foot intervals. The mineralized zones within the four sands average 14 feet in thickness with ore grades ranging from 0.050% to 0.076% U3O8.
Uranium Energy Corp’s confirmation drilling program was designed to offset known historic ore grade mineralization (ore grade mineralization being defined as grade multiplied by thickness - or a GT value greater than 0.30) within the A and D Sands, and to investigate a mineralized “open-ended” reduction/oxidation (redox) front in the D horizon. Geochemically, uranium precipitates and concentrates along these redox interfaces forming the traditional ISL amenable roll front type deposits as exhibited in the Goliad project area.
Eleven confirmation holes, totaling 5,950 feet, were completed on two key mineral leases, comprising the majority of the 5.2 million pounds defined by Moore Energy. These leases cover approximately 220 acres.
All holes were logged for resistivity, spontaneous potential and calibrated gamma. Gamma values were converted (Century Geophysical) to equivalent uranium (U308) percentages (grades).
Results of the Confirmatory Drilling
Three drill holes intersected A Sand GT values ranging from 0.092 to 2.752, and one D Sand test hole intersected a GT value of 0.612. These values were consistent with the geophysical logging information recorded by Moore Energy in the early 1980s.
Seven test holes were drilled to assess the continuation of a mineralized D Sand redox front. The holes were installed on three, north-south oriented “fences,” along the projected extension of the D Sand front. The fences were 400 feet apart and the holes were drilled 200 feet apart along the fences (see figure). Strong mineralization (gamma activity greater than five times background) and geochemical alteration were encountered in each hole. These results indicate a continuation of the mineralization originally identified by Moore Energy. Additional drilling is planned to evaluate these areas.
The Table and Diagram below show results and locations of significant mineralization encountered during confirmation drilling in known ore zones:
|
|
|
Grade |
GT |
REDOX |
Sand |
|
Hole ID |
(ft) |
%eU3O8 |
(ft)(%) |
Geochemistry |
Horizon |
|
84 |
4 |
0.023 |
0.092 |
Reduced |
A Sand |
|
85 |
43 |
0.064 |
2.752 |
Reduced |
A Sand |
|
86 |
21.5 |
0.024 |
0.516 |
Reduced w/oxidation |
A Sand |
|
83 |
9 |
0.068 |
0.612 |
Reduced w/oxidation |
D Sand |
Uranium Energy Goliad Project
Uranium Energy Corp. is proceeding rapidly to better define the historic resources that it holds in the Goliad project area through continued confirmatory and reconnaissance drilling and geophysical logging.
About Uranium Energy Corp
Uranium Energy Corp (URME: OTCBB) is a US-based junior resource company with the near-term objective of uranium production in the United States. The company has a mandate to acquire historical uranium resources that can be quickly developed into producing uranium mines. The Company is managed by veteran mining and exploration professionals eminent in the field of uranium, whose collective experience in the mining industry, and specifically in the uranium mining sector, brings together more than 180 years of uranium mine-finding and uranium mine development expertise. Uranium Energy Corp is well positioned to capitalize on the world’s first significant alternative energy boom. See www.uraniumenergy.com for more information.
Contact North America: Investor Relations, Uranium Energy Corp
Toll-Free Voice: (877) 676-7183 or (512) 721-1022
Fax: (512) 721-1023
E-mail: [email protected]
Website: www.uraniumenergy.com
Contact Europe: International Market Trend AG
Phone: +41.43.888.67.00
Fax: +41.43.888.67.09
OTCBB Symbol: URME
Frankfurt Stock Exchange Symbol: U6Z
Berlin Stock Exchange Symbol: U6Z
WKN: AØJDRR
ISN: US9168961038
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933 , as amended, and Section 21E of the United States Securities and Exchange Act of 1934 , as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could dif fer from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s periodic reports filed from time-to-time with the United States Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.