UEC : NYSE - MKT Last: 2.23 Vol: 1449294 UxC: $52 TradeTech: $52
Uranium Energy Corp’s Bull Canyon Project is located approximately 15 miles west of Naturita, Colorado in Montrose County, Colorado consisting of UEC’s BC claim block. The BC Claims block consists of 23claims (383 acres); 19 claims are located in located in Section 6, T45N, R17W and 4 claims in Section 1, T45N, R18W. The project area has relatively flat mesa tops and is bounded by Bull Canyon and bisected by the Wild Horse Draw and Bachelor Draw. Several historic mines are located in the Bull Canyon Project area.
The Salt Wash Member of the Morrison Formation is approximately 300-400 feet thick in the Bull Canyon Project area. In the BC area there are generally three prominent sandstone units. The upper Salt Wash channel system is the principal uranium producing unit. Near the Peanut Mine, east of the Bull Canyon Project area, located in Section 32, T46N, R17W, approximately ½ mile NE of the BC claim block, the Salt Wash is reported to be about 350 feet thick. The Salt Wash consists of a series of sandstone layers separated by red and green mudstone beds. Regionally the sandstone beds pinch.out or coalesce with other sandstone units. The uranium bearing upper sandstone has a nearly uniform thickness of about 40 feet but locally thickens to 60 feet or more where channels cut into underlying mudstones. The uranium bearing sandstone is generally light to dark brown, medium to fine grained. Carbonaceous trash is commonly associated with the sands deposited along the paleochannels. The average uranium deposit is about 50 feet long and 20 feet wide and varies in thickness from a few inches to 6 feet or more. Local concentrations of higher grade uranium mineralization are associated with organic matter. The chief uranium minerals are uraninite and coffinite. The vanadium minerals are mostly montroseite and vanadium silicates. The average vanadium-uranium ratio is about 9 to 1. The bulk of the mineralization is parallel to the paleostream channels.
May 22, 2008
Uranium Energy Corp Announces 2008 Uravan Mineral Belt Exploration and Development Program
In this section:; "Close spaced drilling on Fawn Springs #5 Ore Body")
; "EM Gradiometer Survey on the Fawn Springs Bench")