Uranium Energy Corp. Acquires Longhorn ISR Project in Texas

Uranium Energy Corp. (NYSEMKT:UEC) acquired the Longhorn Project in central Live Oak County, Texas, on trend between two former US Steel production areas, the Boots and the Pawlik. It is believed that at least five separate roll-fronts exist across the project area.

As quoted in the press release:

The Longhorn ISR Project has an existing aquifer exemption (AE) which provides three major advantages. First, it eliminates a major permitting hurdle for the project, which will help expedite the regulatory process. Second, the existing AE interval already includes the mining zone of interest so no amendments are necessary. Third, the existing AE is large enough to allow additional expansion without amending the aquifer exemption boundary.

… The Project lies on trend between two former US Steel production areas, the Boots and the Pawlik . At least five separate roll-fronts are believed to exist across the project area. The Boots had an historic resource of approximately 2.50 million pounds U3O8 and the historic Pawlik resource was reportedly 2.25 million pounds U3O8. Uranium grades within these Oakville deposits ranged from 0.10% to 0.20% U3O8 according to US Steel reports obtained by the Company. Well-developed Oakville sands in this area exhibit higher than average uranium grades for South Texas, as shown on many historic gamma ray logs, of which UEC has at least 500+ pertaining to the Project from various databases. These higher than average uranium grades were later proven by excellent recoveries in the US Steel ISR production areas.

Uranium Energy Corp. President and CEO, Amir Adnani, said:

The Longhorn Project exemplifies the value of using the Company’s strong historic exploration database, combined with our geological staff directly in the field in the South Texas Uranium Belt. The Company has gradually drawn together the Longhorn Project leases and their historic exploration data over the last 18 months at a very low cost. Now that the data is assembled and with the existing Aquifer Exemption, we look to expedite the process to include the Longhorn project into our hub and spoke strategy in South Texas.

Click here to read the Uranium Energy Corp. (NYSEMKT:UEC) press release
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