Uranium Energy Corp Announces Phase I Drilling Results from its Goliad Project in South Texas Tuesday September 12, 9:00 am ET
Early Drilling Provides Confirmation of Historically-Indicated Uranium Resources
AUSTIN, TEXAS--(MARKET WIRE)--Sep 12, 2006 -- Uranium Energy Corp (OTC BB:URME.OB - News)(FWB: U6Z)(Berlin:U6Z.BE - News) is pleased to announce the results of initial confirmation drilling at its 100%-controlled Goliad project in Goliad County, Texas. Drilling commenced on May 16, 2006 and is currently ongoing with two drilling rigs. The drilling program calls for 32,000 feet of drilling, consisting of 70 test holes, with a two-fold objective of (1) confirming the existing 5.2 million pounds of historically drill-indicated resources on the property, as defined by Moore Energy Corporation in the 1980s, and (2) extending historically identified mineralized trends. ADVERTISEMENT
The Goliad uranium deposits and attendant mineralization occur across a wide geographic area within the basal sands of the Pliocene age Goliad Formation. To date, ore grade mineralization has been identified within four stratigraphically separate sands (the A through D Sands) from 100 feet in depth, to 400 feet in depth. Development drilling performed by Moore Energy in the 1980s consisted of fences spaced at 400-foot intervals, with holes along the fences spaced at 100 to 200-foot intervals. The mineralized zones within the four sands average 14 feet in thickness with ore grades ranging from 0.050% to 0.076% U3O8.
Uranium Energy Corp's confirmation drilling program was designed to offset known historic ore grade mineralization (ore grade mineralization being defined as grade multiplied by thickness - or a GT value greater than 0.30) within the A and D Sands, and to investigate a mineralized "open-ended" reduction/oxidation (redox) front in the D horizon. Geochemically, uranium precipitates and concentrates along these redox interfaces forming the traditional ISL amenable roll front type deposits as exhibited in the Goliad project area.
Eleven confirmation holes, totaling 5,950 feet, were completed on two key mineral leases, comprising the majority of the 5.2 million pounds defined by Moore Energy. These leases cover approximately 220 acres.
All holes were logged for resistivity, spontaneous potential and calibrated gamma. Gamma values were converted (Century Geophysical) to equivalent uranium (U308) percentages (grades).
Results of the Confirmatory Drilling
Three drill holes intersected A Sand GT values ranging from 0.092 to 2.752, and one D Sand test hole intersected a GT value of 0.612. These values were consistent with the geophysical logging information recorded by Moore Energy in the early 1980s.
Seven test holes were drilled to assess the continuation of a mineralized D Sand redox front. The holes were installed on three, north-south oriented "fences", along the projected extension of the D Sand front. The fences were 400 feet apart and the holes were drilled 200 feet apart along the fences (see figure). Strong mineralization (gamma activity greater than five times background) and geochemical alteration were encountered in each hole. These results indicate a continuation of the mineralization originally identified by Moore Energy. Additional drilling is planned to evaluate these areas.
The Table and Diagram below show results and locations of significant mineralization encountered during confirmation drilling in known ore zones:
--------------------------------------------------------------- --------------------------------------------------------------- Grade GT REDOX Sand --------------------------------------------------------------- Hole ID (ft) %eU3O8 (ft)(%) Geochemistry Horizon --------------------------------------------------------------- 84 4 0.023 0.092 Reduced A Sand --------------------------------------------------------------- 85 43 0.064 2.752 Reduced A Sand --------------------------------------------------------------- 86 21.5 0.024 0.516 Reduced w/oxidation A Sand --------------------------------------------------------------- 83 9 0.068 0.612 Reduced w/oxidation D Sand --------------------------------------------------------------- --------------------------------------------------------------- To view the Uranium Energy Goliad Project diagram, please click on the following link: http://uraniumenergy.com/nr18.htm
Uranium Energy Corp is proceeding rapidly to better define the historic resources that it holds in the Goliad project area through continued confirmatory and reconnaissance drilling and geophysical logging.
About Uranium Energy Corp
Uranium Energy Corp (OTC BB:URME.OB - News) is a US-based junior resource company focused on uranium exploration and development in the United States. The Company's mandate is to acquire historical uranium resources that can be quickly developed into producing uranium mines. Its management is comprised of prominent veteran mining and exploration professionals whose collective experience in the mining industry, specifically in the uranium mining sector, gives the Company substantial uranium mine-finding, mine development and production expertise. Uranium Energy Corp is well positioned to capitalize on the world's current significant alternative energy boom. Visit www.uraniumenergy.com for more information.
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