Uranium Energy Corp (UEC) has acquired the rights to explore for uranium on the Burke Hollow project located in Texas, US.
The project, which was explored by Total Minerals in 1993, is located about 50 miles south-east of UEC's Hobson uranium processing facility.
Uranium Energy Corp president and CEO Amir Adnani said his company planning an aggressive drilling programme to start within the next 60 days.
"The Burke Hollow Project is now our largest project in South Texas in terms of acreage and, with its proximity to our centralised Hobson processing plant, holds the potential of becoming our fifth satellite project," said Adnani.
"The South Texas Uranium Belt covers a large area, approaching the size of the state of Pennsylvania, and in-situ recovery methods (ISR), the low-cost and environmentally friendly way to recover uranium, have been used to mine most of the uranium in this region."
A drilling programme will commence upon receipt of exploration permits from the Railroad Commission of Texas.
Thomson-Barrow Corp president Ken Barrow, mineral owner of the project, said: "UEC clearly means business, and has the technical personnel and funding to make the absolute most of this project, one that we believe holds great potential."