Uranium Energy Corp (NYSE: UEC) has expanded its uranium mineral resources at its Burke Hollow Project in Texas following recent drilling at the project.
The project is said to now have three production areas defined to date which are intended to use an in-situ recovery method of production. Total measured and indicated resources have increased to 6,155,000 pounds of U3O8 at 0.083%, an improvement from the prior 2,324,000 pounds resource. Inferred resources meanwhile sit at 4,883,000 pounds of U3O8.
The Burke Hollow project is part of a larger Texas Hub and Spoke Platform that has been assembled by UEC. The platform consists of the Hobson Central Processing Plant, along with four projects that are intended to be put into production. Those projects, known as Burke Hollow, Salvo, Goliad, and Palangana, are to serve as the “spokes” of the platform, and are intended to serve as satellite facilities to the Hobson plant, which has a licensed production capacity of 4 million pounds of U3O8 per year.
Across the entire hub and spoke platform, Uranium Energy has now defined a resource of 12,958,000 pounds of U3O8 in the measured and indicated category, while inferred resources amount to 9,948,100 pounds of U3O8.
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A timeline for production has yet to be established for the Texas platform, however the company anticipates that its Wyoming hub and spoke platform will see production commence in August 2024.
Uranium Energy Corp last traded at $5.75 on the NYSE.
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