(TheNewswire)
Drilling also underway at JCUs Waterfound River Project
Saskatoon, Saskatchewan – TheNewswire - July 14, 2022 – UEX Corporation (TSX:UEX) (“UEX” or the “Company”) ispleased to announce the commencement of the 2022 summer explorationdrilling program at its Christie Lake Project located in the AthabascaBasin of northern Saskatchewan (see Figure 1).
A summer drilling program also commenced on theWaterfound River Project, in which the Company’s 50% ownedsubsidiary JCU Canada Exploration Company, Limited (“JCU”) is aminority owner.
Christie Lake Project
Summer exploration drilling is planned in three targetareas at Christie Lake using two drill rigs. The summer program willconsist of approximately 12 holes for an anticipated total of about8,000 m of drilling (see Figure 2) following up on the encouragingresults of the winter drilling program. Priority drilling will focuson testing for basement-hosted uranium near the Paul Bay, Ken Pen and?rora Deposits, down-dip of existing mineralized holes that arelocated in the gap areas between the three deposits along the YalowegaTrend. The program will be further guided by the UEX ExplorationTeam’s updated structural interpretation of the geology in depositsarea. The presence of structurally controlled basementmineralization below known unconformity-hosted mineralization iscommonly observed in the Athabasca Basin, such as at the Kianna, 58B,and Anne Deposits at UEX’s Shea Creek Project, the MillenniumDeposit and at the mined out Gaertner and Deilmann Deposits atCameco’s Key Lake Mine.
The program will test down-dip of known shallowbasement-hosted mineralization encountered in previous drillingprograms that remain open for expansion. Targets selected for summerdrilling include:
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Testing between the Paul Bay and Ken Pen Deposits inthe area below where winter drill hole CB-164 intersected basementmineralization that grades 0.05% eU over 3.1m associated with strong hydrothermal alterationwithin the Yalowega Trend Fault;
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Following up the B-Trend area where CB-163 encountereduranium that grades 0.05%U over 1.6 m from 298.6 to 300.2 m hosted in fractured and alteredsandstone more than 150 m above the unconformity. Mineralization inthese concentrations, this high above the unconformity is rare. TheCompany identifies the area as a priority follow-up target, as similarother occurrences have often been associated with uraniumdeposits;
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Between the Ken Pen and ?rora Deposits, several holeshave encountered uranium mineralization at the unconformity and in theshallow basement, less than 50 m below the unconformity. These targetsremain untested and open in the down-dip direction, including holeCB94-038 (drilled in 1994 by the previous operator) that encounteredmultiple mineralized intervals in the basement rocks including aninterval averaging 0.78% U over 2.0 m from 439.5m to 441.5 m;
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Along the A-Trend where winter drill hole CB-161demonstrated the location of the conductor in this area. UEX intendsto further evaluate this target where it appears to be upgraded by theintersection with regional-scale structural lineaments.
The summer program will also test for the down-plungeextension of the Paul Bay Deposit. The deepest existing hole at PaulBay, CB-094-1 encountered two intervals of uranium mineralizationwithin a wide alteration zone (see UEX news release dated September 7,2016) indicating that the mineralizing system remains open atdepth.
The Exploration Team has putsignificant effort into advancing our knowledge of the controls of theChristie Lake deposits and is excited to apply this knowledge to bothour basement-focused programalong the Yalowega Trend near Paul Bay, and for the grid-scaleevaluation of the B and A-Trends. The Winter program yielded severalgreat exploration vectors near the Yalowega Trend Deposits and in theB-Trend Area, and the Exploration Team is looking forward to theresults of this exploration program.
--- Chris Hamel, Vice President,Exploration
JCU Projects
The expanded summer drilling program has also commencedat the Waterfound River Project, a partner-operated JCU joint-ventureproject. Approximately 4,000 m of drilling in 8 drill holes isplanned along the trend of the Alligator Zone whereunconformity-hosted uranium mineralization was encountered in multipleholes during the winter program (see UEX New Release dated March 29,2022) where the best drillhole WF-68 encountered uraniummineralization averaging 5.91%eU 3 O 8 over 3.9metres from 473.6 m to 477.5 m. JCU has a25.101% interest in the Waterfound River Project.
About the ChristieLake Project
UEX holds a 82.775% combined direct and indirectinterest in the Christie Lake Project which is a joint venture withits 50% owned JCU (Canada) Exploration Company, Limited. The Projectis located approximately 9 km northeast and along strike of Cameco’sMcArthur River Mine. The P2 Fault, the controlling structure for allof the McArthur River deposits, continues to the northeast beyond themine and onto the Christie Lake Project. UEX believes that, through aseries of en-echelon steps, the northeast strike extension of the P2Fault not only crosses the Project but also controls the three knownuranium deposits on Christie Lake: the ?rora, Paul Bay and Ken PenDeposits.
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 July 8, 2022 andhas an effective date of December 31, 2021. The Technical Report isavailable on the Company’s website at www.uexcorp.com and on SEDARat 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 Creek Project, the Horseshoe and Raven depositslocated on its 100%-owned Horseshoe-Raven Project and the West BearUranium Deposit located at its 100%-owned West Bear Project.
UEX is also 50:50 co-owner of JCU (Canada) ExplorationCompany, Limited. JCU’s portfolio of projects includes interests insome of Canada’s key future uranium development projects, notably a30.099% interest in Cameco’s Millennium Project, a 10% interest inDenison’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 – Planned 2022 SummerTargets at Christie Lake
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