Uranium Energy (UEC) has completed the acquisition Reno Creek in-situ recovery project (IRP) in the Powder River Basin, Wyoming, US.
In May this year, Uranium Energy signed agreement with Pacific Road Resources to purchase all of the issued and outstanding shares of Reno Creek Holdings and indirectly 100% in in-situ recovery (ISR) Reno Creek project.
The acquisition will allow UEC to expand its pipeline of low-cost ISR uranium projects.
Reno Creek ISR project is situated in the Powder River Basin, Campbell County, which is around 80 miles northeast of Casper.
The source and byproduct materials license will enable Reno Creek to process up to 2 million pounds of uranium per annum from five resource units, including North Reno Creek, Southwest Reno Creek, Moore, Bing, and Pine Tree.
Five resource units will include 16 proposed production units and associated wellfields, header houses, and central processing plant.
Significant historical exploration, development, and project permitting work was completed on the Reno Creek property and around 10,000 exploration drill holes were been completed by various operators.
The project is expected to include indicated resource of 27.47 million tons with grading 0.041% and grade-thickness (GT) cutoff of 0.20.
Uranium Energy president and CEO Amir Adnani said: "We are very pleased to have completed an acquisition of this scale on an advanced, fully permitted, low cost ISR project in the prolific Powder River Basin of Wyoming.
“We will continue to advance and optimize the Project in order to position it for turn-key development once the uranium market signals a recovery. Reno Creek is an exceptional addition to the UEC uranium mining portfolio near the bottom of the cycle."