 In this section:
PROJECT OVERVIEW
Uranium Energy Corp’s Coyote Ranch Project is comprised of approximately 1,120 acres of state leases located in eastern Apache County. The project compliments the Company’s Red Basin Project in neighboring Catron County, New Mexico (For more information about this project, please see the Company’s news release dated December 5, 2007). The Coyote Ranch Project covers an area of relatively shallow, high-grade uranium mineralization drilled by Occidental Minerals in the Tertiary de Baca Formation, which is immediately above the contact with the Cretaceous Mesaverde Group. The Coyote Ranch Project is approximately 10 miles east-northeast of Springerville, Arizona, and five miles west of the New Mexico state line. The Company’s Red Basin Project is approximately 30 miles to the northeast of the Coyote Ranch Project, and within the same geologic formation.
The Company possesses 57 electric logs drilled and recorded by Occidental Minerals in 1981, showing standard geophysical measurements of resistance and spontaneous potential, both of which can determine rock characteristics. Calibrated gamma-ray results are also available and were analyzed. Of the 57 logs, 6 were barren, or showed no anomalous gamma activity, 37 showed anomalous gamma activity, and 14 showed high-grade uranium mineralization as evidenced by gamma-ray values of 400 to approximately 3,500 counts per second. The mineralization occurs at depths between 100 and 200 feet, and appears to be below the water table and therefore possibly amenable to ISR mining, however verification of the groundwater saturation extent will be addressed by the Company’s drilling programs.
Historic production grades, as reported by the New Mexico Bureau of Mines and Mineral Resources in the Arizona-New Mexico de Baca trend average 0.17% U3O8. The disclosure related to the historic production grades has not been independently verified. The statement is considered relevant, but cannot be relied upon without verification.
RECENT DEVELOPMENTS
Jan 22, 2008
Uranium Energy Corp Expands Land Position in Arizona with Acquisition of Coyote Ranch Project
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