Uranium Energy Corp Announces New
Uranium Discovery in Texas
Company Geologists Believe Discovery May Constitute
a New Uranium District in Texas
AUSTIN, TX – December 10, 2007 – Uranium Energy Corp
announces the completion of the Company’s initial exploration of a
100%-controlled lease block in south Texas in an area outside of the historic
South Texas Uranium Trend. The exploration program consisted of
21 drill holes totaling 9,230 feet of drilling. Results are shown in the
table below. The program was designed to test the presence of
mineralized trends in the Carrizo Sand. To date, the Carrizo Sand has
received very little exploration, and no commercial uranium deposits have
been developed here.
Wold Nuclear explored this area in the late 1970s. Uranium Energy Corp
has Wold’s exploration records, consisting of reports, maps and drill
logs, which identify approximately five miles of mineralized trend, with the
potential for stacked or multiple mineralized horizons. This
mineralized trend has been leased by the Company. Wold’s exploration
came during a period of declining uranium prices and the project has not been
developed further. Historic core-hole data recorded chemical assays of
9.0’ of 0.077% and 5.0’ of 0.11% U3O8, with disequilibrium
factors (DEF) of 1.93 and 2.03, respectively. This disclosure of
historic grades and DEF has not been independently verified. The
statement is considered relevant, but cannot be relied upon without
verification.
The lower Tertiary-age Carrizo Sand underlies the middle to upper
Tertiary-age Jackson, Catahoula, Oakville and Goliad formations (in ascending
order) that host the majority of the historic uranium deposits of the South
Texas Uranium Trend. The Carrizo Sand outcrops approximately 60-80
miles west-northwest of the established trend. The thickness of the
Carrizo was found to vary from 70 to approximately 140 feet thick, consisting
of fine to very fine-grained, well-sorted sandstone, possessing a very high
quartz content, and occurring below the groundwater table. Geochemically, the
sands were found to be pervasively precipitated, with surface oxidation
penetrating 30 to 50 feet below ground surface.
Uranium Energy
Corp’s exploration drilling was carried out on parallel drilling lines
or fences placed perpendicular to the postulated strike of the
mineralization, and spaced roughly 400 feet apart. At least two
vertically separate mineralized zones were encountered and traced by drilling
across the lease block for several miles, confirming historical data.
The highest grade of mineralization recorded was 4.0 feet of 0.05% (see Table
1 below), and this was based on gamma logs before adjusting for the historic
disequilibrium multiple.
The mineralization
appears to be stratabound and associated with tuffaceous horizons and not
reminiscent of the classic roll-front geometry typical of the South Texas
Trend. The sands are below the groundwater table and Company geologists
believe the mineralization would be recoverable by the In Situ Recovery (ISR)
method of mining. Results shown below are based on gamma logs before
adjusting for the historic disequilibrium multiple.
TABLE 1: Carrizo Project
Mineralized Intercepts Drilled by Uranium Energy Corp
Hole
Number
|
Thickness
- Ft
|
Grade
-
%eU3O8
|
Depth
of
mineralization
below surface
in Ft
|
GT
|
NCZ-1
|
0.5
|
0.027
|
350
|
0.0135
|
|
6.5
|
0.046
|
371.5
|
0.299
|
NCZ-2
|
1.5
|
0.052
|
363
|
0.078
|
NCZ-3
|
1.5
|
0.026
|
352.5
|
0.039
|
|
1
|
0.031
|
373
|
0.031
|
NCZ-4
|
4.5
|
0.044
|
360.5
|
0.198
|
NCZ-5
|
1
|
0.035
|
408.5
|
0.035
|
NCZ-6
|
mineralized
|
show
|
315
|
|
|
mineralized
|
show
|
401
|
|
NCZ-7
|
2
|
0.064
|
412.5
|
0.128
|
NCZ-8
|
0.5
|
0.026
|
380
|
0.013
|
NCZ-9
|
mineralized
|
show
|
312
|
|
NCZ-10
|
mineralized
|
show
|
314
|
|
|
mineralized
|
show
|
400
|
|
NCZ-11
|
mineralized
|
show
|
398
|
|
NCZ-12
|
mineralized
|
show
|
420
|
|
NCZ-13
|
1.5
|
0.026
|
351
|
0.039
|
|
0.5
|
0.025
|
373.5
|
0.0125
|
NCZ-14
|
1
|
0.029
|
383
|
0.029
|
|
0.5
|
0.023
|
389
|
0.0115
|
NCZ-15
|
1
|
0.03
|
401.5
|
0.03
|
NCZ-16
|
mineralized
|
show
|
|
|
NCZ-17
|
0.5
|
0.021
|
397.5
|
0.0105
|
|
1
|
0.021
|
415.5
|
0.021
|
NCZ-18
|
1.5
|
0.022
|
387
|
0.033
|
|
1
|
0.038
|
394.5
|
0.038
|
NCZ-19
|
mineralized
|
show
|
373-418
|
|
NCZ-20
|
0.5
|
0.024
|
394.5
|
0.012
|
|
1
|
0.035
|
404
|
0.035
|
NCZ-21
|
0.5
|
0.025
|
371.5
|
0.0125
|
|
0.5
|
0.03
|
376
|
0.015
|
SCZ-1
|
no
|
show
|
|
|
SCZ-2
|
no
|
show
|
|
|
‘mineralized show’ means more
than two times background but
< 0.01%
GT is grade times thickness
|
|
Company geologists are
currently analyzing the drilling data, as well as associated geochemical data
collected during the exploration program. Initial GT values are
indicative of potential ISR values. Planning is underway for a
follow-up drilling program in early 2008. Chemical analysis is planned to
determine the effective disequilibrium factor and to finalize assays.
The scientific and
technical information in this news release has been prepared and reviewed by
Clyde Yancey, P. Geo., VP of Exploration of Uranium Energy Corp, a qualified
person as defined by NI43-101.
About Uranium
Energy Corp
Uranium Energy Corp
(AMEX: UEC) is a US-based junior resource company with the objective of
becoming a near-term ISR uranium producer in the United States. The Company
controls one of the largest historical uranium exploration and development
databases in the US. Through the use of these databases, the Company
has acquired advanced uranium properties throughout the southwestern
US. The operational management is comprised of pre-eminent uranium
mining and exploration professionals, whose collective experience in the
uranium mining industry gives the Company ongoing uranium mine-finding and
uranium mine development expertise.
Contact North America: Investor
Relations, Uranium Energy Corp
Toll Free: (866) 748-1030
Phone: (604) 682-9775
Fax: (604) 682-3591
E-mail: info@uraniumenergy.com
Stock Exchange Information:
American Stock Exchange Symbol: UEC
Frankfurt Stock Exchange Symbol: U6Z
Berlin Stock Exchange Symbol: U6Z
WKN: A�JDRR
ISN: US9168961038
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meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of
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