Item 7.01 Regulation FD Disclosure
On
Background:
? As aU.S. domestic and domiciled company, UEC is now reporting all mineral resources in accordance with Item 1302 of Regulation S-K ("S-K 1300"); ? S-K 1300 was adopted by theSecurities and Exchange Commission ("SEC") to modernize mineral property disclosure requirements for mining registrants and to alignU.S. disclosure requirements more closely for mineral properties with current industry and global regulatory standards; ? The mineral resource estimates set forth in this TRS have not previously been reported under the S-K 1300 format; and ? The Project geology is considered amenable to low-cost, environmentally friendly ISR mining methods.
The TRS was prepared under S-K 1300 and was filed on
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About the
The Project consists of five Project areas ("Figure 1-1"): Hobson Central
Processing Plant ("CPP"),
Mineral rights for the Project are all private (fee) mineral leases. Fee mineral leases are obtained through negotiation with individual mineral owners.
The Project resides in the GMB. The GMB extends over much of
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Uranium mineralization at the Project is typical of
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To date, UEC holds data from 5,232 drill holes that have been completed by UEC and previous uranium exploration companies on and nearby the five Project areas held by UEC. Data from the drilling, including survey coordinates, collar elevations, depths and grade of uranium intercepts, have been incorporated into UEC's database.
Recent Developments
Recent developments and operations include all work that has been done to develop and operate the Project properties since the last technical reports were written to update the resources and development at each Project area.
Summary capital and operating cost estimates are not included with this TRS,
since UEC is reporting the results of an Initial Assessment ("IA") without
economic analysis. No new construction/development has occurred at the Hobson
CPP or at Salvo since the 2010-2012 drilling campaign. However, UEC initiated
drilling projects on Palangana,
Palangana
From 2010 to 2015, UEC drilled 891 drill holes at Palangana. Most of the drilling occurred in 2010 (391 holes), 2011 (281 holes) and 2012 (186 holes) and the remaining holes were drilled from 2013-2015. The majority of these wells were drilled for delineation purposes and the rest were drilled for monitor and production wells. In 2010, UEC activated wellfields in Production Area ("PA") PA-1, PA-2 and PA-3 at Palangana. From 2010 to 2016, 563,600 lbs of uranium were produced by ISR methods.
In 2014, UEC conducted a drilling program at
In 2019, UEC completed 129 drill holes, mostly focusing on delineating the Lower B1 and Lower B2 sands in the proposed PA-1. In addition, UEC began installing perimeter monitor wells in PA-1. In total, 57 holes were drilled solely for delineation and exploration purposes and 72 holes were drilled for monitoring purposes.
From 2021 to 2022, UEC conducted another drilling program to upgrade a portion
of their resources from inferred to measured and indicated, to better define the
ore body in proposed PA-1 and to install monitor wells. 168 delineation and
exploration holes were drilled as of
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No historic data was used in this estimate which includes only data from drilling projects conducted by UEC from 2012 to 2022. 297 new holes were drilled and logged in 2021 and 2022 to complete this estimate.
Mineral Resources
This IA for the Project has been prepared in accordance with the regulations set forth in S-K 1300 with the objective of disclosing the mineral resources at the Project.
Based on the density of drilling, continuity of geology and mineralization, testing and data verification, the mineral resource estimates meet the criteria for indicated or inferred mineral resources as summarized herein.
The in-place resources were estimated separately for each Project area. The Project contains a measured resource of 2.78 million lbs and an indicated resource of 6.34 million lbs of U3O8 in-place. The Project contains 9.92 million lbs of inferred mineral resources in-place. Tables 1 and 2 below list the Project resources by the Project area. Mineral resources are not mineral reserves and do not have demonstrated economic viability. However, considerations of reasonable prospects for eventual economic extraction were applied to the mineral resource calculations herein.
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Table 1: Texas Hub and Spoke Project Measured and Indicated Resource Summary
Mineral Resource GT Cutoff Average Grade (% eU3O8) Ore Tons (000s) eU3O8 (lbs)Burke Hollow Measured 0.30 0.082 70 114,700 Indicated 0.30 0.087 1,337 2,209,000 Total Measured and Indicated 0.30 0.086 1,407 2,323,700
Measured 0.20 0.053 1,595 2,667,900 Indicated 0.20 0.102 1,504 3,492,000 Total Measured and Indicated 0.20 0.085 3,099 6,159,900
Palangana
Measured - - - - Indicated None 0.134 232 643,100 Total Measured and Indicated None 0.134 232 643,100
Salvo
All mineral resources at Salvo are classified as Inferred. Project Totals Measured 2,782,600 Indicated 6,344,100 Total Measured and Indicated 9,126,700 Notes:
1. Pounds reported with Disequilibrium Factor (DEF) applied. 2. Measured and indicated mineral resources as defined in 17 CFR § 229.1300. 3. All reported resources occur below the static water table. 4. The point of reference for mineral resources is in-situ at the Project. 5. Mineral resources are not mineral reserves and do not have demonstrated
economic viability. 6. Delineation drilling conducted at Palangana after 2010 was not incorporated into this resource estimate, as in the experience of the QP this type of drilling does not generally substantially change the resource estimates. - 7 -
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Table 2: Texas Hub and Spoke Project Inferred Resource Summary
Mineral Resource GT Cutoff Average Grade (% eU3O8) Ore Tons (000s) eU3O8 (lbs)Burke Hollow Inferred 0.30 0.095 2,494 4,859,000 Goliad Inferred 0.20 0.195 1,548 1,224,800 Palangana PA-1 and PA-2 Inferred None 0.100 96 192,500 Dome, NE Garcia, SW Garcia, CC Brine, 0.10 0.110 - 0.300 206 808,800 Jemison Fence, Jemison East Inferred Salvo Inferred 0.30 0.091 1,125 2,839,000 Project Totals Total Inferred 5,469 9,924,100 Notes: 1. Pounds reported with DEF applied. 2. A range of grades is presented for the Palangana inferred mineral because the
resource estimation methods differed between PA-1/PA-2 and the rest of the
trends. There was no cutoff for PA-1 and PA-2 block models. See Section 11.1
of the TRS for a more detailed explanation. 3. Inferred mineral resources as defined in 17 CFR § 229.1300. 4. All reported resources occur below the static water table. 5. The point of reference for mineral resources is in-situ at the Project. 6. Mineral resources are not mineral reserves and do not have demonstrated
economic viability. 7. Delineation drilling conducted at Palangana after 2010 was not incorporated into this resource estimate, as in the experience of the QP this type of drilling does not generally substantially change the resource estimates. - 8 -
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The technical information in this news release has been reviewed by WWC
Engineering, a consultant to the Company, and by
A copy of the news release is attached as Exhibit 99.1 hereto.
Item 9.01 Financial Statements and Exhibits
(a) Financial Statements of Business Acquired
Not applicable.
(b) Pro forma Financial Information
Not applicable.
(c) Shell Company Transaction
Not applicable. (d) Exhibits Exhibit Description 99.1 News Release datedAugust 12, 2022 . 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document). __________ - 9 -
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