(TheNewswire)
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Saskatoon, Saskatchewa
n
–
TheNewswire –
August 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 100% owned West Bear Project that includes an updated
mineral resource estimate for the property.
The independent t
echnical report
and mineral resource estimate was completed by Qualified Persons Mr.
James Hatley P.Eng.
of Hatley Engineering and
Applied Technologies Inc. (“Hatley Engineering”)
and Mr. Fred Brown, P.Geo. Mr. Hatley and Mr. Brown are
both considered to be Qualified Persons as defined by National
Instrument 43-101. Both Mr. Hatley and Mr. Brown are considered
independent of the company.
The West Bear mineral resource was determined using a
cut-off grade of 0.14% CoEq. A total of 295,000 tonnes containing
3.763 million pounds cobalt at an average grade of 0.58% Co, and 3.164
million pounds nickel at an average grade 0.49% Ni are estimated in
the indicated category.
Table 1 – West Bear Deposit Mineral
Resource Estimates
|
Category |
Grade |
Contained Metal |
||||
|
Quantity (Tonnes) |
Cobalt (%) |
Nickel (%) |
Cobalt (‘000 lb) |
Nickel (‘000 lb) |
||
|
Indicated |
295,000 |
0.58 |
0.49 |
3,763 |
3,164 |
|
*Mineral resources are not mineral reserves and have
not demonstrated economic viability. There is no certainty that all or
any part of the mineral resource will be converted into mineral
reserve. All figures are rounded to reflect the relative accuracy of
the 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 have
been calculated using the following factor CoEq% = Co% +
(Ni%*0.38).
The current mineral resource estimate includes the
results from 430 sonic and diamond drill holes totalling 27,571.1 m
which were drilled during the period 2003, 2005, 2007, 2018, and 2019.
The mineral resources reported herein were estimated using a rotated
block model informed from sonic and core drill hole data constrained
within cobalt mineralization. An isosurface for the mineralization was
developed from the drill hole assays by generating an indicator
radical basis function interpolant based on a cobalt-equivalent grade
of 0.10%, and block grades for Co and Ni were estimated using inverse
distance squared linear weighting of capped composites. Based on the
observed continuity of drilling and tight drill hole spacing, the
Qualified Person considers all block estimates within the mineralized
wireframe to satisfy the classification criteria for Indicated Mineral
Resources.
All samples and specific gravity determinations used to
calculate the resource estimate were assayed at the Saskatchewan
Research Counsel’s Geoanalytical Laboratories and umpire sampled
assayed at TSL Laboratories of Saskatoon, SK. Analytical quality
control data was reviewed and validated internally and is considered
sufficiently reliable to support a resource evaluation of the
Deposit.
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. Hatley, P.Eng. of
Hatley
Engineering
, and Mr. Fred Brown, P.Geo.,
who are considered to be Qualified Persons under
National Instrument 43-101.
Mr. Hatley and Mr.
Brown have
each reviewed and approved the
technical information in this release.
The
technical information in this news release has been reviewed and
approved by Chris Hamel, P.Geo., UEX’s Vice President, Exploration,
who is considered to be a Qualified Person as defined by National
Instrument 43-101.
About the West Bear Cobalt-Nickel
Project
The West Bear Property is an advanced exploration
project located in the eastern Athabasca Basin of northern
Saskatchewan, Canada that contains both the West Bear Cobalt-Nickel
Deposit and the West Bear Uranium Deposit. The Property is
approximately 740 kilometres north of Saskatoon, west of Wollaston
Lake and measures approximately 11,104 hectares comprising of 27
contiguous areas to which UEX has 100% ownership, with the exception
of Mineral Lease 5424 in which UEX owns a 77.575% interest. The
Deposit is located within an area of the Athabasca Basin that has
excellent infrastructure and is situated within 10 kilometres of an
existing all-weather road and power lines that service Cameco
Corporation’s nearby Cigar Lake Mine and Rabbit Lake Operation, as
well as Orano’s McClean Lake Operation.
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 (“JCU”). 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.
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