(TheNewswire)
Saskatoon, Saskatchewan – TheNewswire - April 11, 2022 – UEX Corporation(TSX:UEX) (OTC:UEXCF) (“UEX” or the “Company”) is pleased to announce the completion of its2022 winter exploration programs for the Christie Lake and Hidden BayProjects located in the Athabasca Basin of northern Saskatchewan (seeFigure 1).
Christie Lake Project
Winter exploration drilling at Christie Lake totaled5,653 m in 10 drill holes (see Figure 2) and focused on the initialevaluation of the three 2022 target areas:
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1) To explore for the extension ofbasement -hosted uranium mineralization below, down-dip, anddown-plunge of the Paul Bay, Ken Pen and ?rora Deposits, as well asdown-dip of existing uraniferous holes located in the gap areasbetween the three deposits to explore for basement-hosted uraniumdeposits;
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2) Along the B Conductor Trend,targeting the B Conductor and DC Resistivity low that is adjacent tothe A B trends located between the Yalowega B A Trends;
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3) UEX’s first ever drill testof the A Conductor trend, which is interpreted to be the immediatenortheast extension of the mineralized P2 Fault Structure trendingfrom the McArthur River mine.
Seven holes tested the area between the ?rora and PaulBay Deposits. The best result from the winter program was drill holeCB-164 that tested for basement mineralization between the Paul Bayand Ken Pen Deposits and intersected uranium mineralization in faultedrocks just below the unconformity that averaged 0.11% eU 3 O 8 over 1.0 m from 471.9 to 472.9 m. Strong hydrothermalalteration and fault structures were associated with the uraniummineralization, suggesting that a viable pathway is present to moveuraniferous hydrothermal fluids into the basement environment belowthe known deposits in this area. UEX considers CB-164 to be anencouraging result that will require follow-up by testing during thesummer drill programs.
Two other holes, CB-160 and CB-162 drilled to test thebasement rocks between the Paul Bay and Ken Pen Deposits, alsoencountered a permissive fault structure with associated hydrothermalalteration that extends below the existing uranium deposits. Furtherdrill tests are planned for the area this summer.
Two drill holes tested the DC Resistivity low adjacentto the B Conductor Trend. Drill hole CB-163 encountered elevatedradioactivity in the sandstone column approximately 180 m above theunconformity coincident with fracture controlled sooty grey alterationand secondary hematite alteration. This radioactive interval averaged0.03% eU 3 O 8 over 0.3 m from 298.6 to 298.9 m. It is uncommon to encounter elevated radioactivity so high up in thesandstone. This type of occurrence in theAthabasca Basin is often associated with moreintense mineralization at the unconformity or below into the basement.These early test results from the DC Resistivity Low represent anexploration vector towards both the east and west towards the adjacentA & B Conductor trends. Follow-up in drilling near CB-163 alongthe A and B trends represent high priority drill targets for theChristie Lake summer drill program.
Hole CB-164, UEX’s initial test of the A Conductor,encountered alteration of the basement rocks that overprinted theregional background paleoweathering. The bleaching of the basementrocks persists to 528 m, more than 70 m into the basement rocks. As aninitial prospectivity evaluation of an area, this is a success andindicates that the entire 3 km strike length of the A-Trend isprospective and warrants further evaluation.
All drill core samples from the winter program atChristie Lake have been shipped to the SRC Geoanalytical Laboratoryfor geochemical analysis.
The winter drill program testing thearea below the known deposits at Christie Lake has shown that UEX’shypothesis of the potential to find more uranium in the basementstructures has merit. Uranium-bearing hydrothermal fluids arepenetrating into the basement rocks. This winter’s results havehelped focus our plan for the upcoming summer program and providedfurther encouragement that drilling of these refined targets may yieldadditional uranium mineralization.
--- Roger Lemaitre, President andCEO
The highly anomalous radioactivityencountered in the sandstone column in the B Conductor area overlyingthe B-Trend DC Resistivity Low was a fantastic surprise and upgradesthe prospectivity of this area. The UEX Team is eagerly anticipatingfollowing-up this radioactivity with the upcoming summer drillprogram.
---Chris Hamel, Vice-President,Exploration
Hidden Bay Project
Winter Drilling at the 100% owned Hidden Bay Projectconsisted of 3,072 m drilling in 19 drill holes (see Figures 3 &4) to test two parallel conductive trends along 1,800 m of strikelength within the Uranium-Nickel Sands (“U-Ni Sands”) target areathat is adjacent to Cameco’s Rabbit Lake Mine. The 2022 winterdrilling program followed up the reconnaissance drilling performed in2021 and was able to extend the structure and alteration from the 2021program and identified similar structure and alteration features tothe Horseshoe and Raven Deposits that are located approximately 2.5 kmsouth of the U-Ni Sands anomaly. Drilling in 2022 extended the U-NiSands alteration system in the area to 1,800 m length, UEX is waitingon the geochemistry results from the program to perform a fullassessment of the future of this target area. Drilling in the DwyerLake area was postponed due to issues with drill contractoravailability.
About Radiometric EquivalentGrades
When U 3 O 8 is preceded byan ‘e’ such as %eU 3 O 8 , thisindicates that the uranium concentration reported is a RadiometricEquivalent Grade (“REG”) determined within the drill hole in-situusing a calibrated radiometric gamma probe. The estimation ofuranium grades using down-hole probe radioactivity is an industrystandard practice and is used by Athabasca Basin uranium producers andexplorers to calculate REGs in both mine and exploration settings. The details on how eU 3 O 8 was calculatedfrom the probe grades is outlined in our press release of May 24,2016.
Samples from all holes have been collected for assayanalysis to confirm these equivalent grades. The samples will beanalyzed at the Geoanalytical Laboratory at the Saskatchewan ResearchCouncil in Saskatoon, Saskatchewan, with results expected in thecoming weeks.
About the ChristieLake Project
The Christie Lake Project in the eastern AthabascaBasin, a joint venture with JCU, where UEX owns a combined 82.775%interest (UEX direct – 65.5492%; JCU indirect – 34.4508%). UEX iscurrently the operator for Christie Lake. The Project is located approximately 9 km northeastand along strike of Cameco’s McArthur River Mine. The P2 Fault,the controlling structure for all of the McArthur River deposits,continues to the northeast beyond the mine and onto the Christie LakeProject. UEX believes that through a series of en-echelon steps thenortheast strike extension of the P2 Fault not only crosses theProject but also controls the three known uranium deposits on ChristieLake: the ?rora, Paul Bay and Ken Pen Deposits.
The Christie Lake Project is currently estimated tocontain 588,000 tonnes grading 1.57% U 3 O 8 , which equates to 20.35 million pounds of U 3 O 8 using a cut-offgrade of 0.2% U 3 O 8 and asdocumented in the “Technical Report for the Christie Lake UraniumProject, Saskatchewan, Canada” which was filed on February 1, 2019and has an effective date of December 13, 2018. The Technical Reportis available on the Company’s website at www.uexcorp.com and onSEDAR at www.sedar.com .
About the Hidden Bay Project
The Hidden Bay Project is 100%-owned by UEX. Theproperty is located in the prolific Eastern Athabasca Uranium MiningCamp and is adjacent to the Mines and Mills at the Rabbit Lake andMcClean Lake operations operated by Cameco Corporation and OranoCanada respectively. The property represents a unique opportunity forbrownfields exploration on a number of trends where uranium productionhas already occurred on the adjacent mine properties. The Hidden Baydrill hole database and decades of geophysical and geochemical datacollection provide UEX with a rich data set to guide explorationactivities that are focused on exploring for basement-hosted uraniummineralization within the 51,847 ha footprint of the property. TheProperty is also adjacent to the Horseshoe-Raven Project that is hostto the Horseshoe and Raven Uranium Deposits that together contain37,426,400 Lb U 3 O 8 at a 0.05%cut-off grade (See “Technical Report on the Horseshoe-Raven Project,Saskatchewan” filed on November 16, 2021, with an effective date ofNovember 16, 2021). The Technical Report is available on theCompany’s website at www.uexcorp.com or on SEDAR at www.sedar.com .
Qualified Persons and DataAcquisition
The technical information in this news release has beenreviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’sPresident and CEO and Chris Hamel, P.Geo, UEX’s Vice President,Exploration, who are each considered to be a Qualified Person asdefined by National Instrument 43-101.
About UEX
UEX is a Canadian uranium and cobalt exploration anddevelopment company involved in an exceptional portfolio of uraniumprojects.
UEX’s directly-owned portfolio of projects is locatedin the eastern, western and northern perimeters of the AthabascaBasin, the world's richest uranium region which in 2020 accounted forapproximately 8.1% of the global primary uranium production. Inaddition to advancing its uranium development projects through itsownership interest in JCU, UEX is currently advancing several otheruranium deposits in the Athabasca Basin which include the Paul Bay,Ken Pen and ?rora deposits at the Christie Lake Project , the Kianna,Anne, Colette and 58B deposits at its currently 49.1%-owned Shea CreekProject, the Horseshoe and Raven deposits located on its 100%-ownedHorseshoe-Raven Project and the West Bear Uranium Deposit located atits 100%-owned West Bear Project.
UEX is also 50:50 co-owner of JCU (Canada) ExplorationCompany, Limited with Denison Mines Corp. JCU’s portfolio ofprojects includes interests in some of Canada’s key future uraniumdevelopment projects, notably a 30.099% interest in Cameco’sMillennium Project, a 10% interest in Denison’s Wheeler River Project, and a 33.8123% interest in OranoCanada’s Kiggavik Project, located in the Thelon Basin in Nunavut,as well as minority interests in nine other grassroots uraniumprojects in the Athabasca Basin.
UEX is also leading the discovery of cobalt in Canada,with three cobalt-nickel exploration projects located in the AthabascaBasin of northern Saskatchewan, including the only primary cobaltdeposit in Canada. The 100% owned West Bear Project hosts the WestBear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-NiZone, and the West Bear Uranium Deposit. UEX also owns 100% of twoearly-stage cobalt exploration projects, the Axis Lake and Key WestProjects.
FOR FURTHER INFORMATION PLEASECONTACT
Roger Lemaitre
President & CEO
(306) 979-3849
Forward-LookingInformation
This news release contains statements that constitute"forward-looking information" for the purposes of Canadiansecurities laws. Such statements are based on UEX's currentexpectations, estimates, forecasts and projections. Suchforward-looking information includes statements regarding UEX's drillhole results, uranium, cobalt and nickel prices, outlook for ourfuture operations, plans and timing for exploration activities, andother expectations, intentions and plans that are not historical fact.Such forward-looking information is based on certain factors andassumptions and is subject to risks, uncertainties and other factorsthat could cause actual results to differ materially from futureresults expressed or implied by such forward-looking information.Important factors that could cause actual results to differ materiallyfrom 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 currencyexchange rates, changes in environmental and other laws affectinguranium, cobalt and nickel exploration and mining and other risks anduncertainties disclosed in UEX's Annual Information Form and otherfilings with the applicable Canadian securities commissions on SEDAR.Many of these factors are beyond the control of UEX. Consequently, allforward-looking information contained in this news release isqualified by this cautionary statement and there can be no assurancethat actual results or developments anticipated by UEX will berealized. For the reasons set forth above, investors should not placeundue reliance on such forward-looking information. Except as requiredby applicable law, UEX disclaims any intention or obligation to updateor revise forward-looking information, whether as a result of newinformation, future events or otherwise.
Figure 1 – UEX and JCU Projects –Athabasca Basin
Figure 2 – 2022 Winter Program atChristie Lake
Figure 3 – The Hidden Bay Projectand the U-Ni Sands and Dwyer Lake Targets
Figure 4 – U-Ni Sands Area 2021 and2022 drilling
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