Uranium Energy drills 11.4% eU3O8 over 2.4 metres at Roughrider North Discovery, Saskatchewan
Uranium Energy Corp [NYSE-UEC] reported results from the ongoing drill campaign at its Roughrider Project located in Northern Saskatchewan, Canada.
Drilling 850 metres northeast of the Roughrider Project Deposit has intersected additional high-grade uranium mineralization.
Drill hole RR-961 grades 11.4% eU3O8 over 2.4 metres with a high-grade sub interval that is 24.9% eU3O8 over 1.0 metres.
RR-961 followed-up RR-940 that was reported on August 20, 2024 and graded 12.7% eU3O8 over 7.2 metres. RR-961 is 15 metres along strike to the east of RR-940.
An additional 20 drill holes remain in the drill program and further results will be forthcoming as the program progresses.
UEC’s ongoing drill program on the Project continues to explore along the north trend. To date uranium mineralization at Roughrider North has been encountered along ~200 metres of strike length, with the high-grade core of the area now measuring ~55 metres of strike with this most recent intersection. The high-grade uranium mineralization at Roughrider North remains open to the east and west.
The Roughrider North discovery has been identified along an exploration trend that is parallel to the Roughrider Project. The uranium mineralization thus far at the Roughrider North Discovery is entirely in the basement about 250 metres below the surface.
Chris Hamel, Vice President Exploration, Canada, stated: “The on-going drill campaign at Roughrider North has successfully identified additional high-grade mineralization along strike of what was reported in August. The current drill campaign has about 20 drill holes remaining and can be extended further into the fall if necessary to continue the delineation of this uranium mineralization. Drill hole RR-961 expands the high-grade core of this discovery and should help guide the field team to further success in the area.”
The Athabasca Basin is a world-class uranium district in the northern portion of the provinces of Saskatchewan and Alberta, occupying an area of about 100,000 km2. The unique geology of the Athabasca Basin often results in deposit grades that exceed the world average of uranium deposits of 0.2% U3O8 by up to 100 times.
All of Canada’s current uranium production occurs from the mines located in the Athabasca Basin. According to the World Nuclear Association, the Athabasca Basin was responsible for producing 15% of the world’s uranium production in 2022.
Uranium mineralization in the Athabasca Basin occurs in fault structures that penetrate the interface between the sandstone and underlying basement rocks. Uranium can be found at the interface, known as the unconformity, or up to several hundreds of metres below the unconformity surface in the underlying basement rock and fault structures.
The Roughrider Project is located approximately 13 km west of Orano’s McClean Lake Mill, near UEC’s existing Athabasca Basin properties. The depth to mineralization at the project is approximately 200 metres and hosted primarily in the basement rocks below the unconformity.
Uranium Energy Corp is the fastest growing supplier of fuel for the green energy transition to a low carbon future. UEC is the largest, diversified North American focused uranium company, advancing the next generation of low-cost, environmentally friendly In-Situ Recovery (ISR) uranium projects in the United States and high-grade conventional projects in Canada.
The company has one producing ISR production hub and spoke platform in Wyoming and one ISR production-ready ISR hub and spoke platform located in South Texas. These two production platforms are anchored by fully operational central processing plants and served by seven U.S. ISR uranium projects with all their major licenses and permits in place.
Additionally, the company has diversified uranium holdings including one of the largest physical uranium portfolios of North American warehoused U3O8; a major equity stake in Uranium Royalty Corp., the only royalty company in the sector; and a Western Hemisphere pipeline of resource stage uranium projects.