Uranium Energy starts assessment study for Canada uranium project

Texas-based Uranium Energy has begun an S-K 1300 initial assessment economic study (S-K 1300 IAES) at its 100% owned Roughrider project in Saskatchewan, Canada.

Uranium Energy selected Canadian companies SLR Consulting and Wood to conduct the study.

Canada North Environmental Services was also selected to conduct environmental baseline work on the project.

Roughrider is a conventional development-stage uranium project in Saskatchewan’s eastern Athabasca Basin uranium district.

Occupying 598 hectares, it is situated 7km north of Points North Landing.

It was originally a flagship asset of Hathor Exploration, which was acquired by Rio Tinto for $550m after a competitive takeover bid.

Last October, Uranium Energy agreed to acquire the project from Rio Tinto.

According to the agreed terms, Rio Tinto was paid $80m in cash and $70m in its shares.

SLR will lead the S-K 1300 IAES for the project. It will focus on capital and operating costs, as well as the construction and production schedule of the project by identifying options and opportunities.

Wood was selected to design a uranium processing facility and will compare against potential Uranium Energy’s toll milling options with third parties.

CanNorth will begin baseline studies on the project. Previously, the company was selected by Rio Tinto to conduct comprehensive environmental and heritage baseline investigations to thoroughly assess the environmental impact of the project.

The total resources at the project include 27.8 million pounds (mlb) of Triuranium octoxide (U₃O₈) in 389,000t grading 3.25% U₃O₈ in indicated category and 36.0mlb of U₃O₈ in 359,000t grading 4.55% U₃O₈ in the inferred category.

Uranium Energy Canada production vice-president James Hatley said: “UEC has several operational configurations to consider during this project assessment stage. In addition to the S-K 1300 IAES and environmental studies, our exploration team is planning further resource delineation to upgrade the mineral resources, complete geotechnical drilling, and brownfields exploration of existing trends.

“In parallel with the drill programme, our team will establish a site presence and conduct additional community engagement. UEC is assessing the historical work completed at Roughrider by Rio Tinto, which substantially reduces our development timeline and costs.”

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