UEX Commences Summer Christie Lake Drill Program

UEX Corporation


UEX Corporation

Drilling also underway at JCUs Waterfound River Project

Saskatoon, Saskatchewan

– TheNewswire –

July 14, 2022 –

UEX Corporation (TSX:UEX)

(“UEX” or the “Company”)

pleased to announce the commencement of the 2022 summer exploration
drilling program at its Christie Lake Project located in the Athabasca
Basin of northern Saskatchewan (see Figure 1).

A summer drilling program also commenced on the
Waterfound River Project, in which the Company’s 50% owned
subsidiary JCU Canada Exploration Company, Limited (“JCU”) is a
minority owner.

Christie Lake Project

Summer exploration drilling is planned in three target
areas at Christie Lake using two drill rigs.  The summer program will
consist of approximately 12 holes for an anticipated total of about
8,000 m of drilling (see Figure 2) following up on the encouraging
results of the winter drilling program.  Priority drilling will focus
on testing for basement-hosted uranium near the Paul Bay, Ken Pen and
Ōrora Deposits, down-dip of existing mineralized holes that are
located in the gap areas between the three deposits along the Yalowega
Trend. The program will be further guided by the UEX Exploration
Team’s updated structural interpretation of the geology in deposits
area.  The presence of structurally controlled basement
mineralization below known unconformity-hosted mineralization is
commonly observed in the Athabasca Basin, such as at the Kianna, 58B,
and Anne Deposits at UEX’s Shea Creek Project, the Millennium
Deposit and at the mined out Gaertner and Deilmann Deposits at
Cameco’s Key Lake Mine.

The program will test down-dip of known shallow
basement-hosted mineralization encountered in previous drilling
programs that remain open for expansion.  Targets selected for summer
drilling include:

  • Testing between the Paul Bay and Ken Pen Deposits in
    the area below where winter drill hole CB-164 intersected basement
    mineralization that grades

    0.05% eU

    over 3.1

    associated with strong hydrothermal alteration
    within the Yalowega Trend Fault;

  • Following up the B-Trend area where CB-163 encountered
    uranium that grades


    over 1.6 m

    from 298.6 to 300.2 m hosted in fractured and altered
    sandstone more than 150 m above the unconformity. Mineralization in
    these concentrations, this high above the unconformity is rare.  The
    Company identifies the area as a priority follow-up target, as similar
    other occurrences have often been associated with uranium

  • Between the Ken Pen and Ōrora Deposits, several holes
    have encountered uranium mineralization at the unconformity and in the
    shallow basement, less than 50 m below the unconformity. These targets
    remain untested and open in the down-dip direction, including hole
    CB94-038 (drilled in 1994 by the previous operator) that encountered
    multiple mineralized intervals in the basement rocks including an
    interval averaging 0.78% U

    over 2.0 m from 439.5
    m to 441.5 m;

  • Along the A-Trend where winter drill hole CB-161
    demonstrated the location of the conductor in this area. UEX intends
    to further evaluate this target where it appears to be upgraded by the
    intersection with regional-scale structural lineaments.

The summer program will also test for the down-plunge
extension of the Paul Bay Deposit.  The deepest existing hole at Paul
Bay, CB-094-1 encountered two intervals of uranium mineralization
within a wide alteration zone (see UEX news release dated September 7,
2016) indicating that the mineralizing system remains open at

The Exploration Team has put
significant effort into advancing our knowledge of the controls of the
Christie Lake deposits and is excited to apply this knowledge to both
our basement-focused

along the Yalowega Trend near Paul Bay, and for the grid-scale
evaluation of the B and A-Trends. The Winter program yielded several
great exploration vectors near the Yalowega Trend Deposits and in the
B-Trend Area, and the Exploration Team is looking forward to the
results of this exploration program.

— Chris Hamel, Vice President,

JCU Projects

The expanded summer drilling program has also commenced
at the Waterfound River Project, a partner-operated JCU joint-venture
project.  Approximately 4,000 m of drilling in 8 drill holes is
planned along the trend of the Alligator Zone where
unconformity-hosted uranium mineralization was encountered in multiple
holes during the winter program (see UEX New Release dated March 29,
2022) where the best drillhole WF-68 encountered uranium
mineralization averaging





over 3.9

from 473.6 m to 477.5 m. JCU has a
25.101% interest in the Waterfound River Project.

About the Christie
Lake Project

UEX holds a 82.775% combined direct and indirect
interest in the Christie Lake Project which is a joint venture with
its 50% owned JCU (Canada) Exploration Company, Limited. The Project
is located approximately 9 km northeast and along strike of Cameco’s
McArthur River Mine.  The P2 Fault, the controlling structure for all
of the McArthur River deposits, continues to the northeast beyond the
mine and onto the Christie Lake Project. UEX believes that, through a
series of en-echelon steps, the northeast strike extension of the P2
Fault not only crosses the Project but also controls the three known
uranium deposits on Christie Lake: the Ōrora, Paul Bay and Ken Pen

The Christie Lake Project is currently estimated to
contain 588,000 tonnes grading 1.57% U




, which equates to

20.35 million pounds of U




using a cut-off
grade of 0.2% U




and as
documented in the “Technical Report for the Christie Lake Uranium
Project, Saskatchewan, Canada” which was filed on July 8, 2022 and
has an effective date of December 31, 2021. The Technical Report is
available on the Company’s website at www.uexcorp.com and on SEDAR



Qualified Persons and Data

The technical information in this news release has been
reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s
President and CEO and Chris Hamel, P.Geo, UEX’s Vice President,
Exploration, who are each considered to be a Qualified Person as
defined by National Instrument 43-101.

About UEX

UEX is a Canadian uranium and cobalt exploration and
development company involved in an exceptional portfolio of uranium

UEX’s directly-owned portfolio of projects is located
in the eastern, western and northern perimeters of the Athabasca
Basin, the world’s richest uranium region which in 2020 accounted for
approximately 8.1% of the global primary uranium production. In
addition to advancing its uranium development projects through its
ownership interest in JCU, UEX is currently advancing several other
uranium deposits in the Athabasca Basin which include the Paul Bay,
Ken Pen and Ōrora 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 deposits
located on its 100%-owned Horseshoe-Raven Project and the West Bear
Uranium Deposit located at its 100%-owned West Bear Project.

UEX is also 50:50 co-owner of JCU (Canada) Exploration
Company, Limited. JCU’s portfolio of projects includes interests in
some of Canada’s key future uranium development projects, 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 Thelon Basin in Nunavut,
as well as minority interests in nine other grassroots 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 Athabasca
Basin of northern Saskatchewan, including the only primary cobalt
deposit in Canada. The 100% owned West Bear Project hosts the West
Bear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-Ni
Zone, and the West Bear Uranium Deposit. UEX also owns 100% of two
early-stage cobalt exploration projects, the Axis Lake and Key West


Roger Lemaitre

President & CEO

(306) 979-3849


This news release contains statements that constitute
“forward-looking information” for the purposes of Canadian
securities laws. Such statements are based on UEX’s current
expectations, estimates, forecasts and projections. Such
forward-looking information includes statements regarding UEX’s drill
hole results, uranium, cobalt and nickel prices, outlook for our
future operations, plans and timing for exploration activities, and
other expectations, intentions and plans that are not historical fact.
Such forward-looking information is based on certain factors and
assumptions and is subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future
results expressed or implied by such forward-looking information.
Important factors that could cause actual results to differ materially
from 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 currency
exchange rates, changes in environmental and other laws affecting
uranium, cobalt and nickel exploration and mining and other risks and
uncertainties disclosed in UEX’s Annual Information Form and other
filings with the applicable Canadian securities commissions on SEDAR.
Many of these factors are beyond the control of UEX. Consequently, all
forward-looking information contained in this news release is
qualified by this cautionary statement and there can be no assurance
that actual results or developments anticipated by UEX will be
realized. For the reasons set forth above, investors should not place
undue reliance on such forward-looking information. Except as required
by applicable law, UEX disclaims any intention or obligation to update
or revise forward-looking information, whether as a result of new
information, future events or otherwise.

63a92581dcfc0edc1553954cfdcb52d9 UEX Commences Summer Christie Lake Drill Program

Click Image To View Full Size

Figure 1 – UEX and JCU Projects –
Athabasca Basin

c44722529639e37c3ddbe56990725c7d UEX Commences Summer Christie Lake Drill Program

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Figure 2 – Planned 2022 Summer
Targets at Christie Lake

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