Uranium Energy Corp. (NYSEMKT:UEC) reported that drilling continues at its Burke Hollow Project with three drill rigs on site. Two new mineralized horizons have been identified and are being delineated, and baseline monitoring wells have been completed as part of accelerated production permitting.
As quoted in the press release:
As part of the Company’s accelerated permitting program for the Burke Hollow Project, six monitoring wells were successfully completed and are to be used in the establishment of baseline water quality for the project. This brings the number of regional baseline monitoring wells at the project to 30. The recently installed wells were drilled and cased within the first projected production area and will be used in the pre-operational groundwater characterization sampling program, results of which will be included in the mining permit application to be submitted to the Texas Commission on Environmental Quality.
Through careful study of the results from previous drilling campaigns, two new horizons have been identified and will be explored during the remainder of the current drilling campaign. An extension of the Goliad 370-foot sand and additional target sands will be explored over a prospective four mile geological trend in undrilled areas of the Burke Hollow Project. Additionally, Goliad target sands ranging in depth from 280 to 560 feet have been identified and will also be explored during this campaign. Plans to test the potentially productive lower Goliad sands lying between 650 and 1,100 feet in depth have been developed and will be carried out over the coming months.