UEX Corporation has announced the maiden mineral resource estimate for the West Bear cobalt-nickel deposit on the company’s West Bear Property in Saskatchewan.
UEX Corporation (TSX:UEX), through its subsidiary CoEX Metals has announced the maiden mineral resource estimate for the West Bear cobalt-nickel deposit, located on the company’s West Bear Property in Saskatchewan.
According to the press release, the West Bear cobalt-nickel deposit mineral resources were determined using a cut-off grade of 0.023 percent cobalt equivalent, using the equation cobalt equivalent = cobalt + (nickel x 0.2). Only mineralization located within a conceptual open pit was included in the final resource estimate. The resource is classified as an inferred mineral resource, totalling 390,000 tonnes averaging 0.37 percent cobalt and 0.22 percent nickel which equates to 3,172,000 pounds of cobalt and 1,928,000 pounds of nickel.
President and CEO of UEX, Roger Lemaitre said:
UEX is pleased that we have been able to report one of the first primary cobalt mineral resources in Canada. More exciting is the fact that the deposit clearly remains open for expansion. High-grade mineralization remains unfenced to the west and to the southeast of the current mineral resource model. Our next programs will focus on expanding the deposit where historic drilling has encountered anomalous cobalt and nickel at the unconformity but failed to test the basement fault structure that hosts the deposit.