Shares of Uranium Energy are trading higher after the company successfully completed the initial phase of development and drilling for two projects in Wyoming.
The stock is currently up 8.6% at $3.61 in late trading. However, shares are still down more than 7% year-to-date.
Delineation Drilling Completion
Uranium Energy announced before the opening bell that the delineation drilling for its Irigaray and Christensen Ranch In-Situ Recovery Projects in Johnson County, Wyoming, has been completed.
“We are encouraged by the number and length of historic, under delineated and underdeveloped mineralized trends in numerous sands at these projects,” stated Chief Executive Amir Adnani. He further added, “This provides a unique opportunity to expand our current resources within the existing permit boundaries and directly enhances our production restart program.”
The next phase of drilling will focus on the Christensen Ranch permit boundary, as well as nearby prospective areas owned by the company.
Uranium Energy is making significant progress in its efforts to expand production and enhance resources. With the completion of the initial phase of development and drilling, the company is poised for a successful future in the uranium industry.