UEX Encouraged by Drill Results from Wolf Lake

UEX Corp. (TSX:UEX) announced results from a winter basement-targeting drill program in the Wolf Lake area, noting that 22 holes across 5,513 meters were completed in early April. The area was defined during the 2014 Hidden Bay core review program.

As quoted in the press release:

This drilling program identified a new radioactive and hydrothermally-altered graphitic fault system oriented in an east-north-easterly direction in the Wolf Lake area (see Figure 1) that extends eastward from a known area of hydrothermal alteration, geochemically anomalous uranium and radioactivity that occurs along the main Wolf Lake north-south fault system. The two highest readings of radioactivity intersected during the winter program were encountered in this newly identified fault structure:

• Hole WO-151 returned a down-hole radiometric probe peak of 12,771 cps at 81.2 m;
• Hole WO-152 returned a down-hole radiometric probe peak of 4,348 cps at 215.4 m;
• This new fault zone has untested potential for both unconformity-style and basement-type uranium mineralization and remains untested along strike to the east; and
• East-north-easterly fault systems that splay off regional fault structures are known to host important basement-uranium mineralization in the district. The nearby Eagle Point Mine is currently mining uranium from such a fault system.

UEX is encouraged by the results of the Wolf Lake drill program, with further drilling planned next winter when access is cost-effectively achievable using winter ice roads.

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