The company said that additional verification and validation is needed to bring the property to a current Canadian Institute of Mining (CIM) resource classification. The company is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon.
The Salvo property consists of 1,513 acres of contiguous leases located about ten miles southwest of the town of Beeville, Texas. The Salvo lease is approximately 50 miles from the company’s Hobson processing facility.
Clyde Yancey, vice president of Exploration at Uranium Energy, said: “We are excited to drill this property, to confirm the resource and to bring it up to independently qualified reporting standards. Initial indications are that the resource here may expand substantially.”
Mobil Oil and then Uranium Resources Incorporated (URI) originally explored the Salvo property. URI prepared an historic resource estimate in 1984 based on 314 drill holes which also resulted in an approximate resource of 1.5 million pounds.
The company claims that the property has good potential for expansion of mineralization with new drilling.
