Uranium Energy Corp Reports 77 Percent Increase in Uranium Resource at Burke Hollow Project

Uranium Energy Corp. (NYSE MKT:UEC) says it has completed an updated NI 43-101 resource for the Burke Hollow project which has raised the inferred resource by 77 percent to 5.12 million pounds of U3O8. The company is also advancing production permitting for its project and has submitted a radioactive mineral license and mine permit application to the Texas Commission on Environmental Quality.

According to the press release:

This resource update includes information from 526 drill holes and represents an increase of 2.23 million pounds of U3O8 over the previous Project inferred mineral estimate, a 77% increase. This mineral resource estimate was completed using accepted methods mandated by NI 43-101 and Canadian Institute of Mining, Metallurgy and Petroleum standards utilizing a grade cutoff of 0.02% U3O8, and a grade times thickness product cut-off (GT) of 0.30.

Andy Kurrus, vice-president of Resource Development, said:

Burke Hollow is a grass-roots discovery by the UEC team. We are only 526 holes into this Project, and have already developed an impressive resource. Historically, most of the previous ISR projects have drilled double the number of holes before developing a resource like the current Burke Hollow estimate. The geological team is confident that the resource at Burke Hollow will expand further. We have identified three potential areas for additional drilling, each of which could add to the resource total.

Click here to read the Uranium Energy Corp. (NYSE,MKT:UEC) press release