Profile: Uranium Energy Corp (UEC)
31 Oct 2014
Uranium Energy Corp. (Uranium Energy), incorporated on May 16, 2003, is an exploration-stage company. The Company is a natural resource exploration company engaged in the exploration of properties in the United States. As of July 31, 2010, the Company had interests in 50,253 acres of leased or staked mineral properties, consisting of claim blocks located in the States of Arizona, Colorado, New Mexico, Texas, Utah and Wyoming. Its properties do not have any reserves. As of July 31, 2010, the Company had no revenues. On December 18, 2009, the Company completed the acquisition of ownership interest in the South Texas Mining Venture, L.L.P. (STMV). The assets of STMV include the fully licensed and permitted Hobson in-situ recovery (ISR) Processing Plant (Hobson); the La Palangana Uranium project (Palangana), which is at an advanced stage of permitting; a portfolio of exploration-stage properties located in South Texas and data files that document decades of South Texas-focused uranium exploration and mining. In May 2014, the Company acquired Longhorn Project (the Project), located in central Live Oak County, Texas.
The Hobson facility is located about 100 miles northwest of Corpus Christi in Karnes County, Texas. The facility at Hobson is designed to process uranium-loaded resins from satellite facilities to a final product known as yellowcake. The Palangana project is a prior-producing ISR project located in the South Texas uranium belt. The 2,500-hectare (6,200-acre) property is located approximately 100 miles south of the Hobson facility. It has acquired historical exploration data. This prior exploration data consists of management information and work product derived from various reports, drill hole assay results, drill hole logs, studies, maps, radioactive rock samples, exploratory drill logs, state organization reports, consultants, geological study and other exploratory information. The Tronox database contains records on some of its properties located in Arizona, the Colorado Plateau and Texas. The Jebsen database covers territory in Wyoming and New Mexico, including some of its existing properties. The Halterman database consists of exploratory and development work compiled during the 1970s and 80s, including data on prospects and projects in the uranium districts in the States of Colorado, New Mexico and Utah, including Grants, San Juan Basin, Chama Basin, Moab, Lisbon Valley, Dove Creek, Slick Rock and Uravan districts. This database includes drilling and logging data from over 200,000 feet of uranium exploration and development drilling, resource evaluations and calculations, drill-hole locations and grade thickness maps, competitor activity maps, as well as geological and project evaluation reports covering uranium projects in New Mexico, Colorado, Utah, Texas and California. The Brenniman database includes drilling and logging data from over two million feet of uranium exploration and development drilling, resource calculation reports and various other geological reports, drill hole location maps and other mapping. This database includes approximately 142 drill holes gamma and E-logs. As of July 31, 2010, the Goliad Project in Goliad County, Texas, and the La Palangana Project, in Duval County, Texas, was its principal mineral properties.
The Company has acquired copies of uranium drill logs from previous uranium exploration drilling projects covering a large area in the South Texas uranium trend. The data consists of approximately 150,000 feet of drill logs from 366 drill holes. The data was acquired from Nueces Minerals Company, which owns the mineral rights to 72,000 contiguous acres covering portions of four counties in south Texas. It acquired a database of uranium exploration results covering an area of approximately 13,000 acres within the uranium zone known as the Poison Spider area, in central Wyoming. The area covered includes property already held by it, as well as by other publicly-traded uranium exploration companies. The data acquired was generated from exploration originally conducted by companies, such as Homestake Mining, Kennecott Corp, Rampart Exploration, as well as Kirkwood Oil and Gas, largely between 1969 and 1982. The database consists of drill hole assay logs for 470 holes, including 75,200 feet of drilling, 22,000 feet of gamma logs, drill hole location maps, cross sections, geological maps, geological reports, and other assay data.
The Company acquired rights to a uranium database consisting of 40 years worth of uranium exploration results, gathered largely from the South Texas uranium trend, where it has already been actively acquiring interests in land on the basis of the data. It acquired the rights to a database containing over 50 years of uranium exploration data for the State of Wyoming. This database consists of 315,000 feet of drill logs, over 400 maps, copies of all the United States geological survey uranium publications dating back to 1954, and geological reports on uranium ore bodies throughout Wyoming. It acquired a database of the United States uranium exploration results from Moore Energy Corporation (Moore Energy). The Moore Energy the United States uranium database consists of over 30 years of uranium exploration information in the States of Texas, New Mexico and Wyoming, conducted during the 1970s, 80s and 90s. It includes results of over 10,000 drill holes, plus primary maps, and geological reports. It covers approximately one million acres of prospective uranium claims, in the South Texas uranium trend, New Mexico, and Powder River Basin, Wyoming, as well as zones in Texas. The database also provides the Company with exploration data about its Goliad Project in south Texas, including 250,000 feet of drill logs and further delineates zones of potential uranium mineralization. It also contains drilling results from properties that are being developed by other uranium exploration companies, and also widespread regional data from throughout the South Texas uranium trend. It acquired the full database of historic drill results for the Company's Salvo in-situ recovery uranium project in Bee County, TX. The database consists of 433 gamma ray/resistivity and lithology logs and drill plan maps.
Goliad Project, Goliad County, Texas
The Goliad Project property is located in south Texas near the northeast end of the South Texas Uranium trend. The Goliad Project area is situated in the interior portion of the Gulf Coastal Plain physiographic province. The Goliad uranium project is characteristic of other known Goliad sand / sandstone deposits in south Texas. The mineralization occurs within fluvial sands and silts as roll front deposits. The other Goliad projects in the region include the Kingsville Dome mine southeast of Kingsville, the Rosita mine west of Alice, the Mestena mine in Brooks County and the former Mt. Lucas mine at Lake Corpus Christi. These mines are all located south of the Goliad Project from about 60 to 160 miles. The Goliad Project uranium-bearing units occur as multiple roll-front type structures in vertically stacked sands and sandstones.
Palangana Project, Duval County, Texas
The Palangana uranium property is situated in Duval County, Texas. It is located approximately 25 miles west of the town of Alice. As of July 31, 2010, there were 19 leases covering the area of interest of the Palangana property. The PA-1 deposit is on the DeHoyos lease while the PA-2 deposit, the Dome trend and the CC Brine trend are on the Palangana Ranch lease. Bordering the east side of the Palangana Ranch lease is the White Bell Ranch lease, comprised of 1,000 acres, which contains the Jemison Fence and Jemison East trends. The fourth lease is the Garcia/Booth lease, which borders the east side of the De Hoyos property. It contains the NE Garcia and SW Garcia trends.
The Company’s Arizona claims and state leases were previously the subject of exploration drilling for the incidence of uranium by companies, such as Noranda, Inc., Uranerz Energy Corp., Homestake Mining Co., Occidental Minerals and Oklahoma Public Services. Other claims staked by us (Dry Mountain) in Arizona were staked on known uranium. These claims were previously drilled by companies including Homestake Mining Co., Uranerz Energy Corp. and Noranda, Inc.. As of July 31, 2010, the Arizona located claims and leases contain no uranium reserves. As of July 31, 2009, the Company’s Colorado located claims contained no uranium reserves.
The West Ranch Project consists of approximately 7,000 acres made up of lode mining claims and private leases in northwestern New Mexico. The Company’s Laguna Trend Project consists of approximately 800 acres of lode claims on Bureau of Land Management land in northwestern New Mexico. As of July 31, 2010, New Mexico located claims contain no uranium reserves.
As of July 31, 2010, the Company owned 12 lease plays located in the South Texas uranium trend. The location and acquisition of these lease plays are based on historical information contained within its database.
The Company’s Utah properties include Crain and Montezuma Canyon properties. As of July 31, 2010, its Utah located claims contained no uranium reserves.
The Company’s five Wyoming uranium mineral property areas total 3,675.37 acres. The Granite Mountain Thrust (GMT) property includes 610.8 acres of mining claims north of, and adjacent to, the Rio Tinto (Kennecott) uranium property. Its GMT property geology host rock is 2,000 to 3,000 feet thick in the early Eocene Age Battle Springs Formation - partly equivalent to the Wasatch and Wind River formations in other Wyoming Basins. The property is situated approximately eight miles east of the Crooks Gap uranium mining district.
The Burnt Wagon project, located 35 miles west of Casper, Wyoming, was acquired from NAMMCO (Kirkwood). Situated in the Lower Eocene Wasatch formation of the southwest Powder River Basin is its Powder River Basin LO-Herma uranium property. The exploration data was acquired from H. Brenniman. The 29 mining claims total 591.57 acres and are contiguous to the Uranium One (formerly Energy Metals Corp.) property. As of July 31, 2009, Wyoming located claims contain no uranium reserves.
Uranium Energy Corp
1111 West Hastings Street, Suite
VANCOUVER BC 60015