(TheNewswire)
Saskatoon, Saskatchewan – TheNewswire - July 8, 2022 – UEX Corporation (TSX:UEX) (OTC:UEXCF) (“UEX” or the “Company”) is pleased toannounce that is has filed an updated technical report for theCompany’s 65.5492% directly-owned Christie Lake Project thatincludes an updated mineral resource estimate for the property. Theremaining 34.4508% interest in the Christie Project is owned by JCU(Canada) Exploration Company, Limited, which in turn is 50% owned bythe Company and 50% by Denison Mines Corp.
The updated technical report and mineral resourceestimate was completed by Mr. Glen Cole, P.Geo. of SRK Consulting(Canada) Inc., who is considered to be a Qualified Person as definedby National Instrument 43-101. Mr. Cole is considered independent ofthe Company.
The Christie Lake mineral resource estimate wasdetermined using a cut-off grade of 0.20% U 3 O 8 . A total of 588,000 tonnes containing 20.35 million poundsof U 3 O 8 at an average grade of 1.57%U 3 O 8 have been estimated in the inferredmineral resource category.
Table 1 – Mineral ResourceStatement*, Christie Lake Project, Saskatchewan, Canada,
SRK Consulting (Canada) Inc.,December 31, 2021
Deposit | Tonnage | Grade | Contained Metal |
(000s) | (% U 3 O 8 ) | (Mlb U 3 O 8 ) | |
Inferred Mineral Resources | |||
Paul Bay | 338 | 1.81 | 13.49 |
Ken Pen | 149 | 1.05 | 3.44 |
?rora | 102 | 1.53 | 3.41 |
Total | 588 | 1.57 | 20.35 |
* Mineralresources are not mineral reserves and have not demonstrated economicviability. All figures have been rounded toreflect the relative accuracy of the estimates. Reported at a cut-offgrade of 0.2% U 3 O 8 . |
The current mineral resource estimate includes theresults from 200 diamond drill holes totalling 96,160 m which weredrilled from 1988 to 2021. Mineralized wireframes of the Paul Bay,Ken Pen, and ?rora Deposits were prepared at a 0.01% U 3 O 8 mineralized threshold to constrain the mineral resourceestimate at each deposit area. The estimate was completed byordinary kriging block using Datamine Studio and Leapfrog software andutilized block sizes of 5 x 10 x 2.5 m for parent blocks and 0.5 x 0.5x 0.5 m subcells. The impact of anomalously high-grade samples werecontrolled through a process of grade capping for all zones.
The mineral resource estimate utilized uraniumgeochemical analyses from the Saskatchewan Research Council(“SRC”) Geoanalytical Laboratories in Saskatoon, Saskatchewan,obtained through the Inductively Couple Plasma Optical EmissionSpectroscopy analytical method. Duplicate, and independent checkanalyses using certified reference materials were collected on one inevery 20 samples and one in every 40 samples respectively. Umpiresamples were analyzed at the SRC Delayed Neutron Activationlaboratory.
The technical report was prepared in accordance withNational Instrument 43-101 – Standards of Disclosure for MineralProjects (“NI 43-101”),has been be filed on SEDAR at www.sedar.com and isavailable on the Company’s website at www.uexcorp.com .
Qualified Persons and DataAcquisition
The technical report was prepared by Mr. Glen Cole,P.Geo. of SRK Consulting Canada Inc., who is considered to be aQualified Person under National Instrument 43-101. Mr. Cole hasreviewed and approved the technical contents relating to the technicalreport in this release. The technicalinformation in this news release has been reviewed and approved byRoger Lemaitre, P.Eng., P.Geo., UEX’s President, who is consideredto be a Qualified Person as defined by National Instrument43-101.
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 RiverProject, and a 33.8123% interest in Orano Canada’s Kiggavik Project,located in the Thelon Basin in Nunavut, as well as minority interestsin nine other grassroots uranium projects in the AthabascaBasin.
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 andmining and other risks and uncertainties disclosed in UEX's AnnualInformation Form and other filings with the applicable Canadiansecurities commissions on SEDAR. Many of these factors are beyond thecontrol of UEX. Consequently, all forward-looking informationcontained in this news release is qualified by this cautionarystatement and there can be no assurance that actual results ordevelopments anticipated by UEX will be realized. For the reasons setforth above, investors should not place undue reliance on suchforward-looking information. Except as required by applicable law, UEXdisclaims any intention or obligation to update or reviseforward-looking information, whether as a result of new information,future events or otherwise.
Copyright (c) 2022 TheNewswire - All rights reserved.