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Uranium Energy Corp Completes Drilling Program at the Alto Parana Titanium Project in Paraguay
CORPUS CHRISTI, TX, May 15, 2020 /CNW/ - Uranium Energy Corp (NYSE American: UEC, the "Company" or "UEC") is pleased to report the completion of a 49-hole drill
About this update from Uranium Energy Corp.
[{"type":"text","content":" CORPUS CHRISTI, TX, May 15, 2020 /CNW/ - Uranium Energy Corp (NYSE American: UEC, the \"Company\" or \"UEC\") is pleased to report the completion of a 49-hole drilling and sampling campaign at its Alto Parana titanium oxide project located in eastern Paraguay. The drilling program was completed prior to the recent COVID-19 measures the Company announced and is the first phase of a Preliminary Economic Assessment (\"PEA\") planned for the project. The recently completed drilling campaign targeted the initial mining zone and will be used to update the current resource*. Amir Adnani, President and CEO, stated, \"This drilling program is an important step towards development of the PEA, as we continue to advance our monetization strategy for the project. While we are working to unlock Alto Parana's value, our primary focus remains on the Company's core U.S. uranium business with low cost, fully permitted in-situ recovery projects in Texas and Wyoming.\" The Alto Parana project is one of the world's highest-grade and largest ferro-titanium deposits with a CSA National Instrument 43-101 – Standards of Disclosure for Mineral Properties (\"NI 43-101\") compliant resource of 4.94 billion tonnes at 7.41% TiO2*. Mineralization occurs at the surface, with an average thickness of 6.61 meters. Additionally, future development and mining can benefit from excellent infrastructure with proximity to a major hydroelectric power source. Prior to UEC's acquisition of Alto Parana, approximately $25 million was invested in the project, including pilot testing from mining through the smelting processes. The 49-hole drill campaign was centered in the initial mining area and was laid out on a 400-meter by 400-meter grid with each test hole averaging 10 meters in depth. The entire interval was core-drilled, and core recovery was maintained at 90% or greater. A total of 49 holes were drilled and yielded approximately 500 samples. The samples are currently being prepared for the earliest possible shipment to analytical laboratories in Canada and Peru. Once results are received, work will be initiated on a new resource estimate* for the planned PEA. The field work and resource estimate are being overseen by Don Hains, PG, as the Qualified Person under NI 43-101*. In closing, Mr. Adnani added, \"Last week we learned of the passi...