Uranium Energy Corp (NYSE: UEC) has hit high grade uranium under a drill program conducted at its Roughrider project in Northern Saskatchewan. The intersect was reportedly found outside of the current resource area at the project.

Highlights from the drill results include:

• RR-910: 0.52% eU3O8 over 55.2 metres from a depth of 250.3 metres
• RR-919: 2.23% eU3O8 over 3.0 metres from a depth of 304.1 metres
• RR-933: 3.00% eU3O8 over 14.3 metres from a depth of 249.9 metres
• RR-940: 6.96% eU3O8 over 13.5 metres from a depth of 271.1 metres
  • Including 12.71% eU3O8 over 7.2 metres from a depth of 273.2 metres
• RR-945: 3.17% eU3O8 over 10.5 metres from a depth of 270.8 metres

Mineralization in the highlight hole, RR-940, is said to have been intersected on a parallel trend to Roughrider, with mineralization said to be basement-hosted. The hole is the best hole conducted to date on the Roughrider property, with drilling set to continue in this area to evaluate the potential for additional resources.

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“We have accelerated the pace of project work at Roughrider this summer by utilizing three drills and the results thus far have exceeded our expectations. We have been able to successfully follow-up on results that Rio Tinto had intersected northeast of Roughrider with the best hole on the project outside the deposit area. We have intersected uranium mineralization in multiple drill holes between the East and Far East Zones, further demonstrating there is likely continuity between these zones,” commented Chris Hamel, VP of Exploration for Uranium Energy Corp.

The company intends to conduct a further 25 holes under the current drill program this summer, while also focusing on advancing the initial assessment technical report summary for the project. Environmental assessment baseline studies are also said to be underway.

Uranium Energy Corp last traded at $4.88 on the NYSE.

Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.