Company Update (NYSE MKT:UEC): Uranium Energy Corp. Advances Permitting at the Burke Hollow ISR Project in South Texas
Uranium Energy Corp. (NYSEMKT:UEC) is pleased to announce that the Texas Commission on Environmental Quality has now issued two final Class I disposal well permits for the Burke Hollow Project in South Texas.
The Mine Permit, Aquifer Exemption and Radioactive Material License applications are in advanced stages of technical review and will be followed by the first Production Area Authorization application at Burke Hollow. The receipt of these permits, in addition to the already approved disposal well permits will allow for operations to commence at this project which is one of the Company’s largest ISR projects.
UEC began exploration drilling on the Burke Hollow Project in 2012 and discovered three mineralized trends later the same year. Subsequently the project has been expanded to its current size of almost 20,000 acres. To date, uranium mineralization has been discovered in three separate mineralized horizons, with two distinct and separate trend areas of the property, resulting in an inferred mineral resource of 5.12 million pounds of uranium (“U3O8”) grading 0.09% U3O8.*The mineral resource estimate is based on a total of 246,400 feet of drilling in 526 holes since mid-2012.* Only approximately 50% of the project acreage has been explored to date. The Project is located approximately 45 miles from the Company’s Hobson Processing Plant.
In conjunction with permitting activities, the Company will initiate a drilling program to delineate projected extensions of previously discovered mineralized trends which continue for another four miles to the south and west of the two trend areas which contain inferred resources defined within its current NI 43-101 technical report. The Company anticipates reporting on new drill results in the fourth quarter of the calendar year. (Original Source)
Shares of Uranium Energy closed yesterday at $1.48. UEC has a 1-year high of $3 and a 1-year low of $1.02. The stock’s 50-day moving average is $2.17 and its 200-day moving average is $1.82.
On the ratings front, H.C. Wainwright analyst Jeffrey Wright resumed coverage with a Buy rating on UEC and a price target of $4.20, in a report issued on June 9. The current price target represents a potential upside of 183.8% from where the stock is currently trading. According to TipRanks.com, Wright has a total average return of 33.0%, a 40.0% success rate, and is ranked #1298 out of 3708 analysts.
Uranium Energy Corp is engaged in uranium mining and related activities including exploration, pre-extraction, extraction and processing, on uranium projects located in the United States and Parguay.