UEX Begins $2.75-million Exploration Program at Christie Lake

UEX Corp. (TSX:UEX) announced that it’s started exploration drilling at its Christie Lake project. The company plans to complete a $2.75-million drill program there that will consist of 10,000 meters across 13 to 18 holes.
The program will focus on expanding the known Paul Bay and Ken Pen uranium deposits, and should be finished by late July or early August 2016.
As quoted in the press release:

Both the Paul Bay and Ken Pen uranium deposits occur at and just below the unconformity within a relatively shallow basement fault structure. Down-dip continuations of these deposits following the new basement-hosted uranium deposit models had not been tested when all exploration activities were suspended 18 years ago, long before basement-hosted deposit settings were well understood. UEX recently completed a new three-dimensional model of the deposits that strongly suggest down-dip exploration potential.

Roger Lemaitre, president and CEO of UEX, commented:

The UEX exploration team has been hard at work since the signing of the LOI in October evaluating and uncovering the geological secrets of Christie Lake. The new 3-D modeling work reveals that the two deposits appear to be wide open for expansion. Rarely does a company have the opportunity to start a first exploration campaign with such compelling untested targets. I am eagerly awaiting the results of our first drill holes down-dip of the Ken Pen Deposit.

Click here to read the full UEX Corp. (TSX:UEX) press release.