UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to
announce the 2018 summer drilling program on the Christie Lake
Project (the “Project”) has commenced.
Summer Program Underway
The summer 2018 exploration program is underway,
with the goal of expanding the uranium resources on the Yalowega
Uranium Trend (the “Trend”). The program will focus on
testing targets located along strike and southwest of the Ōrora
Deposit (see Figure 1) between the Ōrora and Ken Pen
Deposits. Drilling has commenced and is expected to take
approximately five weeks.
The Ōrora Deposit was discovered during the
winter 2017 exploration campaign. Highlights from the 2017 winter
discovery program includes hole CB-109, which intersected
22.81% U3O8 over 8.6 m from 475.1 to 483.7 m, and
hole CB-116A, which returned 20.00% U3O8 over 8.5
m from 471.0 to 479.5 m. The Ōrora Zone has a minimum
strike length of at least 150 m and mineralization remains open
along strike both to the southwest and to the northeast.
The summer program will test unconformity
targets located northwest and up-dip of basement-hosted uranium
mineralization drilled by the previous operator in the 1990s
(Figure 1). The target area lies within the 400 m long
untested gap between the Ōrora Deposit and the Ken Pen Deposit
where the Yalowega Fault intersects the unconformity, the host
location of the high-grade uranium at the three known Christie Lake
Deposits.
Since UEX first became involved in the Christie Lake Project, I
have been eagerly anticipating drilling of the Yalowega Trend
immediately northeast and along strike of the Ken Pen
Deposit. We now recognize that the key structural target
hosting high-grade mineralization remains untested over the entire
350 m gap between the Ken Pen Deposit and newly discovered Ōrora
Deposit. The uranium mineralization at both these deposits
remain open for expansion along strike into the gap we are
targeting this summer. Within this gap, basement-hosted
mineralization has been intersected that has yet to be followed-up
to the unconformity. Follow-up similar basement
mineralization in 2017 resulted in the discovery of Ōrora.
- Roger Lemaitre, President & CEO
The summer program will be a major step towards
UEX earning a 60% interest in the Christie Lake Project.
About the Christie Lake Project
UEX currently holds a 45% interest in the
Christie Lake Project and is working under an option agreement to
earn up to a 70% interest. The Project is located
approximately 9 km northeast and along strike of Cameco’s McArthur
River Mine, the world’s largest uranium producer. The P2
Fault, the controlling structure for all of the McArthur River
deposits, continues to the northeast beyond the mine. UEX
believes that through a series of en-echelon steps the northeast
strike extension of the P2 Fault not only crosses the Project but
also controls the three known uranium deposits on Christie Lake,
the Ōrora, Paul Bay and Ken Pen Deposits.
The Paul Bay and Ken Pen Deposits are estimated
to host a combined 20.87 million pounds of U3O8 at an average grade
of 3.22% U3O8 and were discovered in 1989 and 1993
respectively. This is a historic resource estimation which
does not use resource classifications consistent with NI
43-101. The historical resource estimate was presented in an
internal report titled Christie Lake Project, Geological Resource
Estimate completed by PNC Tono Geoscience Center, Resource Analysis
Group, dated September 12, 1997. The historical resource was
calculated using a 3 D block model using block sizes of 2 m by 2 m
by 2 m, and block grades interpolated using the inverse distance
squared method over a circular search radius of 25 m and 1 m
height. Specific gravities for each deposit were averaged
from specific gravity measures of individual samples collected for
assay. UEX plans to complete additional infill drilling on
the deposits during the option earn-in period to upgrade these
historic resources to indicated and inferred. A qualified
person has not done sufficient work to classify the historic
estimate as current mineral resources or mineral reserves.
UEX is not treating the historic estimate as current mineral
reserves or mineral resources and the reader is advised not to rely
upon this historical estimate as a resource estimate.
Qualified Persons and Data
Acquisition
Technical information in this news release has
been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s
President and CEO and Trevor Perkins, P.Geo., UEX’s Exploration
Manager, who are each considered to be a Qualified Person as
defined by National Instrument 43-101.
About UEX
UEX (TSX:UEX, OTC:UEXCF.PK, UXO.F) is a Canadian
uranium exploration and development company involved in eighteen
uranium projects, including seven that are 100% owned and operated
by UEX, one joint venture with Orano Canada Inc. (“Orano”) and ALX
Uranium Corp. (“ALX”) that is 50.1% owned by UEX and is under
option to and operated by ALX, as well as eight joint ventures with
Orano, one joint venture with Orano and JCU (Canada) Exploration
Company Limited, which are operated by Orano, and one project
(Christie Lake) under option from JCU (Canada) Exploration Company
Limited and operated by UEX.
The company is also involved in one
cobalt-nickel exploration project located in the Athabasca Basin of
northern Saskatchewan. The West Bear Project was formerly
part of UEX’s Hidden Bay Project and contains the West Bear
Cobalt-Nickel Deposit and the West Bear Uranium Deposit.
The eighteen projects are located in the
eastern, western and northern perimeters of the Athabasca Basin,
the world's richest uranium belt, which in 2017 accounted for
approximately 22% of the global primary uranium production.
UEX is currently advancing several uranium deposits in the
Athabasca Basin which include the Christie Lake deposits, the
Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned
Shea Creek Project (located 50 km north of Fission’s Triple R
Deposit and Patterson Lake South Project, and NexGen’s Arrow
Deposit) the Horseshoe and Raven deposits located on its 100%-owned
Horseshoe-Raven Development Project and the West Bear Uranium
Deposit located at its 100%-owned West Bear Project.
About JCU
JCU is a private company that is actively
engaged in the exploration and development in Canada. JCU is
owned by three Japanese companies. Amongst these, Overseas
Uranium Resources Development Co., Ltd. (“OURD”) acts as the
manager of JCU. JCU has partnerships with UEX, Orano, Cameco,
Denison and others on uranium exploration and development projects
in the Athabasca Basin of Northern Saskatchewan including
Millennium and Wheeler River and the Kiggavik project in the Thelon
Basin in Nunavut.
FOR FURTHER INFORMATION PLEASE CONTACT
Roger LemaitrePresident & CEO(306)
979-3849
Forward-Looking Information
This news release contains statements that
constitute "forward-looking information" for the purposes of
Canadian securities laws. Such statements are based on UEX's
current expectations, estimates, forecasts and projections. Such
forward-looking information includes statements regarding the West
Bear Co-Ni Deposit drill program, UEX's drill hole results,
uranium, cobalt and nickel prices, outlook for our future
operations, plans and timing for exploration activities, and other
expectations, intentions and plans that are not historical fact.
Such forward-looking information is based on certain factors and
assumptions and is subject to risks, uncertainties and other
factors that could cause actual results to differ materially from
future results expressed or implied by such forward-looking
information. Important factors that could cause actual results to
differ materially from UEX's expectations include uncertainties
relating to the, interpretation of drill results and geology, assay
confirmation, additional drilling results, continuity and grade of
deposits, fluctuations in uranium, cobalt and nickel prices and
currency exchange rates, changes in environmental and other laws
affecting uranium, cobalt and nickel exploration and mining, and
other risks and uncertainties disclosed in UEX's Annual Information
Form and other filings with the applicable Canadian securities
commissions on SEDAR. Many of these factors are beyond the control
of UEX. Consequently, all forward-looking information contained in
this news release is qualified by this cautionary statement and
there can be no assurance that actual results or developments
anticipated by UEX will be realized. For the reasons set forth
above, investors should not place undue reliance on such
forward-looking information. Except as required by applicable law,
UEX disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new
information, future events or otherwise.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/16f3e4c7-1644-4b1d-ac86-b3508d73453e
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