(TheNewswire)
Saskatoon, Saskatchewa n – TheNewswire - August 8, 2022– UEX Corporation (TSX:UEX) (OTC:UEXCF) (“UEX” or the “Company”) ispleased to announce that is has filed an updated technical report forthe Company’s 100% owned West Bear Project that includes an updatedmineral resource estimate for the property.
The independent t echnical reportand mineral resource estimate was completed by Qualified Persons Mr.James Hatley P.Eng. of Hatley Engineering andApplied Technologies Inc. (“Hatley Engineering”) and Mr. Fred Brown, P.Geo. Mr. Hatley and Mr. Brown areboth considered to be Qualified Persons as defined by NationalInstrument 43-101. Both Mr. Hatley and Mr. Brown are consideredindependent of the company.
The West Bear mineral resource was determined using acut-off grade of 0.14% CoEq. A total of 295,000 tonnes containing3.763 million pounds cobalt at an average grade of 0.58% Co, and 3.164million pounds nickel at an average grade 0.49% Ni are estimated inthe indicated category.
Table 1 – West Bear Deposit MineralResource Estimates
Category | Grade | Contained Metal | ||||
Quantity (Tonnes) | Cobalt (%) | Nickel (%) | Cobalt | Nickel | ||
Indicated | 295,000 | 0.58 | 0.49 | 3,763 | 3,164 |
*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 0.14%CoEq and consider metal prices of US$32.84 per pound cobalt and US$11.64 per pound nickel. Cobalt equivalent (“CoEq”) grades havebeen calculated using the following factor CoEq% = Co% +(Ni%*0.38).
The current mineral resource estimate includes theresults from 430 sonic and diamond drill holes totalling 27,571.1 mwhich were drilled during the period 2003, 2005, 2007, 2018, and 2019. The mineral resources reported herein were estimated using a rotatedblock model informed from sonic and core drill hole data constrainedwithin cobalt mineralization. An isosurface for the mineralization wasdeveloped from the drill hole assays by generating an indicatorradical basis function interpolant based on a cobalt-equivalent gradeof 0.10%, and block grades for Co and Ni were estimated using inversedistance squared linear weighting of capped composites. Based on theobserved continuity of drilling and tight drill hole spacing, theQualified Person considers all block estimates within the mineralizedwireframe to satisfy the classification criteria for Indicated MineralResources.
All samples and specific gravity determinations used tocalculate the resource estimate were assayed at the SaskatchewanResearch Counsel’s Geoanalytical Laboratories and umpire sampledassayed at TSL Laboratories of Saskatoon, SK. Analytical qualitycontrol data was reviewed and validated internally and is consideredsufficiently reliable to support a resource evaluation of theDeposit.
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. Hatley, P.Eng. of HatleyEngineering , and Mr. Fred Brown, P.Geo., who are considered to be Qualified Persons underNational Instrument 43-101. Mr. Hatley and Mr.Brown have each reviewed and approved thetechnical information in this release. Thetechnical information in this news release has been reviewed andapproved by Chris Hamel, P.Geo., UEX’s Vice President, Exploration,who is considered to be a Qualified Person as defined by NationalInstrument 43-101.
About the West Bear Cobalt-NickelProject
The West Bear Property is an advanced explorationproject located in the eastern Athabasca Basin of northernSaskatchewan, Canada that contains both the West Bear Cobalt-NickelDeposit and the West Bear Uranium Deposit. The Property isapproximately 740 kilometres north of Saskatoon, west of WollastonLake and measures approximately 11,104 hectares comprising of 27contiguous areas to which UEX has 100% ownership, with the exceptionof Mineral Lease 5424 in which UEX owns a 77.575% interest. TheDeposit is located within an area of the Athabasca Basin that hasexcellent infrastructure and is situated within 10 kilometres of anexisting all-weather road and power lines that service CamecoCorporation’s nearby Cigar Lake Mine and Rabbit Lake Operation, aswell as Orano’s McClean Lake Operation.
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 (“JCU”). JCU’s portfolio of projects includesinterests in some of Canada’s key future uranium developmentprojects, notably a 30.099% interest in Cameco’s Millennium Project,a 10% interest in Denison’s Wheeler River Project, and a 33.8123%interest in Orano Canada’s Kiggavik Project, located in the ThelonBasin in Nunavut, as well as minority interests in nine othergrassroots uranium projects 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.
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