(TheNewswire)
Saskatoon, Saskatchewan – TheNewswire - June 6, 2022, UEX Corporation(TSX:UEX) (OTC:UEXCF) (“UEX” or the “Company”) is pleased to announce that is has filed anupdated technical report for the Company’s 49.0975% owned Shea CreekProject that includes an updated mineral resource estimate for theproperty. The remaining 50.9025% interest in the Shea Creek Project isowned by Orano Canada Inc.
The updated technical report and mineral resourceestimate was completed by Mr. James Gray, P.Geo. of AdvantageGeoservices Limited, Mr. David Rhys, P.Geo. of Panterra GeoservicesInc., and Mr. Chris Hamel, P.Geo., UEX’s Vice President ofExploration. Mr. Gray, Mr. Rhys, and Mr. Hamel are Qualified Personsas defined by National Instrument 43-101. Mr. Gray is consideredindependent of the Company. Mr. Hamel is an employee of UEX, and Mr.Rhys is a technical advisor to the Company. Mr. Hamel and Mr. Rhysare not considered to be independent of the Company.
The Shea Creek mineral resource estimate for the fourdeposits were determined using a cut-off grade of 0.30% U 3 O 8 . A total of 2,056,000 tonnes containing 67.57 millionpounds of U 3 O 8 at an average grade of 1.491%U 3 O 8 have been estimated in the indicatedmineral resource category. A total of 1,254,000 tonnes containing28.06 million pounds of U 3 O 8 at an averagegrade of 1.015% U 3 O 8 have beenestimated in the inferred mineral resource category.
Table 1 – Shea Creek MineralResource Estimate at 0.3% U 3 O 8 cut-off grade
The current mineral resource estimate includes theresults from 477 diamond drill holes totalling 402,800 m which weredrilled from 1992 to 2012. On average, indicated resource blockswere located within 8 m of a drill hole and inferred blocks within 16m. Mineralized wireframes of the Colette, 58B, Kianna and Anne zonesbound perched, unconformity, and basement mineralization were preparedat a 0.05% U 3 O 8 mineralized threshold to constrainthe mineral resource estimate at each deposit area. The estimate wascompleted by ordinary kriging using Gemcom software with block sizesof 5 x 5 x 5 m. The impact of anomalously high-grade samples werecontrolled through a process of grade capping and well asinterpolation distance restrictions for some zones.
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.
In cases where geochemical analyses were not availabledue to incomplete sampling or core recovery issues, downhole gammaprobe data were used to calculate equivalent uranium grades obtainedusing a DHT27-STD gamma probe which collects continuous readings alongthe length of the drill hole. Probe results are calibrated using analgorithm calculated from comparison of probe results againstgeochemical analyses in previous holes in the Shea Creek area.
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 under the supervisionof Messrs. James Gray, P.Geo., David Rhys, P.Geo, and Chris J. HamelP.Geo., all Qualified Persons They have reviewed and approved thetechnical contents relating to the technical report in this release. The technical information in this news releasehas been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo.,UEX’s President, who is 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 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 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.
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