Dallas, Texas 05/28/2014 (FINANCIALSTRENDS) – Uranium Energy Corp. (NYSEMKT:UEC) has now bought the Longhorn Project located in the central Live Oak County, in Texas, on the trend between 2 former United States Steel production areas – named the Boots & the Pawlik. It is also believed that at least 5 separate roll-fronts now exist across this project area. This Longhorn ISR Project has the existing aquifer exemption that provides 3major advantages. Firstly it eliminates the major and permitting hurdle for this project, which will also help expedite its regulatory process.
Secondly, an existing AE interval already has a mining zone of interest, thus no amendments are required. Thirdly, the current AE is also large enough to allow some additional expansion without actually amending the AE boundary. The Boots also had a very historic resource of around 2.50M pounds U3O8 & the historic Pawlik resource reportedly was 2.25M pounds U3O8. The Uranium grades within the Oakville deposits also ranged from 0.10% -0.20% U3O8 as per the US Steel reports that had been obtained by UEC.
The Well-developed sands of Oakville in the area exhibit much higher-than-average uranium grades in South Texas, as shown on numerous historic gamma ray logs, of these UEC has at minimum of 500+ that relate to the Project from different databases. The higher-than-average uranium grades were then proven by the excellent recoveries in the United States Steel ISR production-areas.
Amir Adnani, the company’s . President and CEO, stated that the Longhorn Project exemplifies value of using UEC’s strong historic-exploration database, in combination with the company’s geological staff directly on the field within the South Texas’ Uranium Belt. Very gradually, Uranium Energy Corp (NYSEMKT:UEC) has effectively drawn together all the Longhorn Project leases as well as the company’s other historic exploration data in the matter of the past 18 months at very low costs.