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Salvo

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Salvo

NI 43-101 Technical Report

Project Snapshot

  • The Salvo Project consists of 5,340 acres of contiguous leases located about ten miles southwest of the town of Beeville, Texas and is approximately 45 miles from the Company´s Hobson Processing Plant;
  • NI 43-101 Inferred Resource of 1.1 million tons grading .091% U3O8 containing 2.8 million pounds U3O8;
  • Targeted to become UEC's fourth in-situ recovery satellite project in South Texas to produce and provide U3O8 resins for processing at the Company´s nearby Hobson Processing Plant.

Project Overview

The Salvo in-situ recovery (ISR) project is located about ten miles southwest of the town of Beeville, Texas and is approximately 45 miles from the Company´s Hobson processing facility and consists of 5,340 acres of contiguous leases. The project is targeted to become UEC's fourth in-situ recovery satellite project in South Texas to produce and provide U3O8 resins for processing at the Company´s nearby Hobson Processing Plant.

The Salvo project was the subject of prior exploration by Mobil Oil in 1982 and Uranium Resources Inc (URI) in 1984. The two large-scale historical mineral investigations and the results from 105 drill holes from the Company's drilling program initiated in November 2010 to March 31, 2011 are the basis for the Independent National Instrument 43-101 ("NI 43-101") Inferred mineral resource of 1.2 million tons grading 0.08% U3O8 or 2.839 million pounds of U3O8. URI had prepared an historical resource estimate of 1.5 million pounds in 1984 based on 314 drill holes. Based on an evaluation of all current data, the Technical Report estimates an Inferred mineral resource of approximately 2.839 million pounds of U3O8 grading 0.08% U3O8.

Resource Estimates

The latest 43-101 for Salvo was filed on March 31, 2011. The Technical Report provides for an Inferred Mineral Resource of 2.839 million pounds of U3O8 grading 0.08% U3O8 and was determined by incorporating UEC 2010-2011 exploration/confirmation drilling results with historic drilling data obtained from URI. The Technical Report was prepared by Thomas A. Carothers, P.Geo.

Resource Estimates - Salvo Project
Resource Category
Cutoff GT
Tons
Grade % U3O8
Pounds U3O8*
Inferred Resource
0.3
1,200,000
0.08
2,839,000
* Disequilibrium Factors Applied
GT - is grade-thickness determined by multiplying the grade of mineralization expressed in percentage terms by mineralized thickness measured in feet
Resource Estimates - Salvo Project
Resource Category
Inferred Resource
Cutoff GT
0.3
Tons
1,200,000
Grade % U3O8
0.08
Pounds U3O8*
2,839,000
* Disequilibrium Factors Applied
GT - is grade-thickness determined by multiplying the grade of mineralization expressed in percentage terms by mineralized thickness measured in feet