 In this section:
PROJECT OVERVIEW
Uranium Energy Corp’s Granite Mountain Thrust Project (GMT) consists of 4,686 acres in the world-class Central Wyoming Uranium District, in Fremont County. The GMT Project is located on the north slope of Green Mountain, adjacent to the uranium mining claims held by Rio Tinto plc (formerly Kennecott Corp) which are reported to contain a resource of 30 to 50 million pounds eU3O8. (The disclosure related to the Rio Tinto deposit has not been independently verified. The statement is considered relevant, but cannot be relied upon without verification. The company is not treating this as a current NI 43-101 compliant disclosure). The Crooks Gap Mining District, which was a major area of uranium production for Western Nuclear Corp and others during the 1960s and 1970s, is located on the western slope of Green Mountain within the Granite Mountain Thrust Fault System. The GMT Project is approximately four to eight miles east-northeast of the Crooks Gap Mining District along the fault system trend. Over 10 million pounds of U3O8 were produced from the Crooks Gap Mining District between 1953 and 1982 using open pit and underground mining methods.
The property was acquired by staking 236 mining claims. The project location was targeted specifically, based on historic information obtained from the Company’s drilling database. The original drilling was conducted by Pioneer Nuclear Corp and Western Nuclear Corp during the 1960s and 1970s. The Company also purchased five geophysical shot lines of seismic data totaling 25 miles over the project area and surrounding terrain. Following the geophysical interpretation of the seismic data, cross-sections were produced depicting the probable geologic structure, and the projected extension of the uranium host: the Eocene-age, Battle Springs Formation, which extends from the Rio Tinto resource area north to the GMT Project area. Other data from the Company’s historical database – such as anomalous gamma-ray indications from oil well logs within the Battle Springs Formation – were also utilized to guide the Company’s acquisition. In the GMT Project area, the Battle Springs Formation is 2,000 to 3,000 feet thick and is partly equivalent to the Wasatch and Wind River Formations in other uraniferous Wyoming basins. Drilling depths of 2,500 to 4,000 feet are anticipated and may necessitate directional drilling from central drill pads located in accessible locations. Uranium Energy Corp has budgeted for the drilling of six exploration holes on the GMT Project during 2008, totaling 15,000 feet.
RECENT DEVELOPMENTS
Nov 13, 2007
Uranium Energy Corp Completes Staking of Granite Mountain Thrust Project in Central Wyoming Uranium District
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; "Uranium Mining project location map at Granite Mountain Thrust")
