Uranium Energy Corp Announces Progress on Roughrider Project
On October 17, 2022, Uranium Energy Corp (UEC) announced the acquisition of the Roughrider Project in Northern Saskatchewan for $150 million in cash and shares from Rio Tinto plc. This acquisition provides UEC with a robust platform for advancing exploration and development in the region, which is known for its significance in uranium mining.
Recent drilling activities have yielded substantial results, particularly near the Roughrider North discovery. A drill hole designated RR-961 achieved impressive results with a grading of 11.4% eU3O8 over 2.4 meters, containing a remarkable sub-interval grading 24.9% eU3O8 over 1.0 meters. The ongoing drill program consists of 20 additional drill holes, focusing on potential extensions along the northern trend of the deposit.
Exploration Potential and Future Plans
The Roughrider North discovery is noteworthy for its significant strike length of approximately 55 meters, which remains open for potential expansion to the east and west. Notably, the uranium mineralization is located within basement rocks approximately 250 meters below the surface, paving the way for future exploration activities.
UEC’s resource estimates highlight a promising future, with 27.8 million pounds of U3O8 categorized as Indicated resources and 36.0 million pounds classified as Inferred resources. The company also intends to conduct an Initial Assessment economic study to evaluate the viability of further developments while benefiting from the ESG (Environmental, Social, and Governance), geotechnical, and permitting groundwork previously conducted by Rio Tinto.
The Roughrider Project is strategically positioned near existing infrastructure, being only 13 kilometers away from Orano’s McClean Lake Mill, maximizing logistical efficiency for potential mining operations. This geographic advantage, combined with the high-grade mineralization identified through drilling, underscores the project’s importance to UEC’s growth strategy in the uranium sector.
As exploration efforts continue and additional drilling is performed, UEC remains committed to advancing one of the most promising uranium projects in North America. The company’s approach aims to enhance and grow the resource base while leveraging the region’s robust mining framework.
