UEC : NYSE - MKT Last: 2.23 Vol: 1449294 UxC: $52 TradeTech: $52
In this section:
The Coronel Oviedo Property is located in stable and business-friendly Paraguay, is geologically very similar to the South Texas uranium belt and is anticipated to be ISR-amenable as initially indicated through our pump-test studies.
The Property, covering over 247,000 acres in central Paraguay, was subject to extensive uranium exploration between 1976 and 1983 by Anschutz Corporation of Denver, Colorado, and by Crescent Resources Corp. between 2006 and 2008. Most of the uranium occurrences in this environment are “roll-front” type mineralization similar to deposits currently being produced by low-cost in-situ recovery (ISR) methods in Texas, the western United States, Central Asia and Australia. The work by Anschutz and Crescent was centered on a large belt of Permo-Carboniferous age continental sandstones that represent the western flank of the Parana Basin. According to the Geological Survey of Brazil or CPRM, these same sandstones within the Brazilian section of the Parana Basin contain numerous uranium occurrences including the Figueira Mine that hosted 19 million pounds of U3O8 according to published government reports.
Between 1976 and 1983, Anschutz Corporation, with joint venture partners Korea Electric Power and Taiwan Power Company, spent approximately US$30 million evaluating an area covering over 6.2 million acres of prospective ground in central and eastern Paraguay.
Anschutz identified the Property as prospective towards the end of their regional program. In total, approximately 28 widely spaced drill holes were drilled on the Property, and of these, 17 drill holes showed significant uranium values, with the best being 6.2 feet of 0.153% U3O8 at a starting depth of 785 feet. The drilling also identified three mineralized fronts, and a 75 mile-long fault structure which appears to have been the source of the gases that localized the concentration of uranium, again very similar to a South Texas-type uranium depositional model.
From 2006 to 2008, the Property was optioned to Crescent Resources. During this period, a total of 24 holes were drilled and logged in the southern portion of the Property, offsetting mineralized holes drilled by Anschutz. The Crescent and Anschutz drilling identified an open-ended mineralization area characterized by tabular mineralization similar to that found at the Company’s Goliad Project. The known uranium mineralization on the Property intersected by the past drilling is at depths between 450 and 750 feet.
Prior to completing the acquisition, Uranium Energy enlisted HydroSolutions, of Denver, Colorado, to conduct a 24-hour aquifer test in the mineralized area identified by the Anschutz-Crescent drilling programs to determine if the aquifer could sustain extraction rates typical of ISR mining of uranium; and it can.
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Coronel Oviedo Core Viewing
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Coronel Oviedo Drilling
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Oct 31, 2011
Uranium Energy Corp Acquiring Major Additional Section of Coronel Oviedo Uranium District in Paraguay
May 24, 2011
Uranium Energy Corp Completes Acquisition of Coronel Oviedo Uranium Project in Paraguay
May 12, 2011
Uranium Energy Corp to Acquire a Large Uranium Project in Paraguay
