(TheNewswire)
Saskatoon, Saskatchewan – TheNewswire - June 10, 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 100% owned Horseshoe-Raven Project that includes anupdated mineral resource estimate for the property.
The updated t echnical report andmineral resource estimate was completed by Mr. Nathan Barsi, P.Geo.,UEX’s District Geologist, Mr. Chris Hamel, P.Geo., UEX’s VicePresident of Exploration, and Mr. Roger Lemaitre, UEX’s Presidentand CEO. Mr. Barsi, Mr. Hamel, and Mr. Lemaitre are QualifiedPersons as defined by National Instrument 43-101. As employees of theCompany, Mr. Barsi, Mr. Hamel and Mr. Lemaitre are not considered tobe independent of the Company. TheHorseshoe-Raven mineral resource estimate was determined using acut-off grade of 0.05% U 3 O 8 . A total of4,982,500 tonnes containing 23.6 million pounds of U 3 O 8 at an average grade of 0.215% U 3 O 8 have been estimated in the indicated mineral resourcecategory for the Horseshoe Deposit. A total of 5,370,000 tonnescontaining 13.8 million pounds of U 3 O 8 at an averagegrade of 0.117% U 3 O 8 have beenestimated in the indicated mineral resource category for the RavenDeposit.
Table 1 – Horseshoe and RavenDeposits Mineral Resource Estimates
Horseshoe Deposit Uranium Resource* | ||||
Deposit | Category | Quantity (Tonnes) | Average Grade U 3 O 8 (%) | Total lbs U 3 O 8 |
Horseshoe | Indicated | 4,982,500 | 0.215 | 23,594,000 |
Raven Deposit Uranium Resources* | ||||
Deposit | Category | Quantity (Tonnes) | Average Grade U 3 O 8 (%) | Total lbs U 3 O 8 |
Raven | Indicated | 5,370,000 | 0.117 | 13,832,400 |
*Mineral resources are not mineral reserves and havenot demonstrated economic viability. There is no certainty that all orany part of the mineral resource will be converted into mineralreserve. All figures are rounded to reflect the relative accuracy ofthe estimates. Resources were estimated using a cut-off grade of 0.05%U 3 O8.
The current mineral resource estimate includes theresults from 715 diamond drill holes totalling 210,385 m which weredrilled from 2005 to 2011. Mineralized wireframes of the Horseshoeand Raven Deposits were prepared at a 0.02% U 3 O 8 mineralized threshold to constrain the mineral resourceestimate at each deposit area. The estimate was completed by inversedistance weighting squared algorithm using Datamine Studio RM softwareand utilized block sizes of 5 x 5 x 2.5 m for parent blocks and 0.25 x0.25 x 0.25 m subcells. The impact of anomalously high-grade sampleswere controlled through a process of grade capping for allzones.
The mineral resource estimate primarily utilizeduranium geochemical analyses from the Saskatchewan Research Council(“SRC”) Geoanalytical Laboratories in Saskatoon, Saskatchewan,obtained through Inductively Coupled Plasma Mass Spectroscopy(“ICP-MS”) for all samples with grades lower than 1,000 ppm U andusing Inductively Couple Plasma Optical Emission Spectroscopy forsamples determined by ICP-MS to contain uranium concentrations higherthan 1,000 ppm U. Duplicate and independent check analyses wereperformed on approximately 5% of the mineralized assay database.
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. Nathan Barsi, P.Geo., UEX’s District Geologist, Mr.Chris Hamel, P.Geo., UEX’s Vice President of Exploration, and Mr.Roger Lemaitre, UEX’s President and CEO ., whoare considered to be Qualified Persons under National Instrument43-101. Mr. Barsi, Mr. Chris Hamel, and Mr.Lemaitre have each reviewed and approved thetechnical information in this release.
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 factors that could cause actual results todiffer materially from future results expressed or implied by suchforward-looking information. Important factors that could cause actualresults to differ materially from UEX's expectations includeuncertainties relating to the, interpretation of drill results andgeology, assay confirmation, additional drilling results, continuityand grade of deposits, fluctuations in uranium, cobalt and nickelprices and currency exchange rates, changes in environmental and otherlaws affecting uranium, cobalt and nickel exploration and mining andother risks and uncertainties disclosed in UEX's Annual InformationForm and other filings with the applicable Canadian securitiescommissions on SEDAR. Many of these factors are beyond the control ofUEX. Consequently, all forward-looking information contained in thisnews release is qualified by this cautionary statement and there canbe no assurance that actual results or developments anticipated by UEXwill be realized. For the reasons set forth above, investors shouldnot place undue reliance on such forward-looking information. Exceptas required by applicable law, UEX disclaims any intention orobligation to update or revise forward-looking information, whether asa result of new information, future events or otherwise.
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