(TheNewswire)
Saskatoon, Saskatchewan –
TheNewswire –
July 8, 2022 –
UEX Corporation (TSX:UEX)
(OTC:UEXCF)
(“UEX” or the “Company”)
is pleased to
announce that is has filed an updated technical report for the
Company’s 65.5492% directly-owned Christie Lake Project that
includes an updated mineral resource estimate for the property. The
remaining 34.4508% interest in the Christie Project is owned by JCU
(Canada) Exploration Company, Limited, which in turn is 50% owned by
the Company and 50% by Denison Mines Corp.
The updated technical report and mineral resource
estimate was completed by Mr. Glen Cole, P.Geo. of SRK Consulting
(Canada) Inc., who is considered to be a Qualified Person as defined
by National Instrument 43-101. Mr. Cole is considered independent of
the Company.
The Christie Lake mineral resource estimate was
determined using a cut-off grade of 0.20% U
3
O
8
. A total of 588,000 tonnes containing 20.35 million pounds
of U
3
O
8
at an average grade of 1.57%
U
3
O
8
have been estimated in the inferred
mineral resource category.
Table 1 – Mineral Resource
Statement*, 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 |
|
Ōrora |
102 |
1.53 |
3.41 |
|
Total |
588 |
1.57 |
20.35 |
|
* Mineral rounded to U 3 O 8 . |
|||
The current mineral resource estimate includes the
results from 200 diamond drill holes totalling 96,160 m which were
drilled from 1988 to 2021. Mineralized wireframes of the Paul Bay,
Ken Pen, and Ōrora Deposits were prepared at a 0.01% U
3
O
8
mineralized threshold to constrain the mineral resource
estimate at each deposit area. The estimate was completed by
ordinary kriging block using Datamine Studio and Leapfrog software and
utilized block sizes of 5 x 10 x 2.5 m for parent blocks and 0.5 x 0.5
x 0.5 m subcells. The impact of anomalously high-grade samples were
controlled through a process of grade capping for all zones.
The mineral resource estimate utilized uranium
geochemical analyses from the Saskatchewan Research Council
(“SRC”) Geoanalytical Laboratories in Saskatoon, Saskatchewan,
obtained through the Inductively Couple Plasma Optical Emission
Spectroscopy analytical method. Duplicate, and independent check
analyses using certified reference materials were collected on one in
every 20 samples and one in every 40 samples respectively. Umpire
samples were analyzed at the SRC Delayed Neutron Activation
laboratory.
The technical report was prepared in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”),has been be filed on SEDAR at
www.sedar.com
and is
available on the Company’s website at
www.uexcorp.com
.
Qualified Persons and Data
Acquisition
The technical report was prepared by Mr. Glen Cole,
P.Geo. of SRK Consulting Canada Inc., who is considered to be a
Qualified Person under National Instrument 43-101. Mr. Cole has
reviewed and approved the technical contents relating to the technical
report in this release.
The technical
information in this news release has been reviewed and approved by
Roger Lemaitre, P.Eng., P.Geo., UEX’s President, who is 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
projects.
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 with Denison Mines Corp. 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
Projects.
FOR FURTHER INFORMATION PLEASE
CONTACT
Roger Lemaitre
President & CEO
(306) 979-3849
www.uexcorp.com
Forward-Looking
Information
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.
Copyright (c) 2022 TheNewswire – All rights reserved.
Featured Image: Megapixl @selora
