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UEX (TSX:UEX) announced results of the first three drill holes from its Christie Lake project, owned 10 percent by UEX and 90 percent by JCU (Canada) Exploration. UEX has an option to earn up to a 70 percent interest in the project. As quoted in the press release: Hole CB-92 intersected high grade uranium mineralization that …
UEX (TSX:UEX) announced results of the first three drill holes from its Christie Lake project, owned 10 percent by UEX and 90 percent by JCU (Canada) Exploration. UEX has an option to earn up to a 70 percent interest in the project.
As quoted in the press release:
Hole CB-92 intersected high grade uranium mineralization that averaged 4.27% eU3O8 over 10.2 m (494.65-504.85 m), confirming the location and high grade characteristics of the Paul Bay Deposit. This intersection included a higher grade core of 13.24% eU3O8 over 3.1 m that in turn contained an interval of 21.69% eU3O8 over 1.7 m, supports that the Christie Lake Deposits have the potential to host high grade uranium. The eU3O8 grade, otherwise known as the radiometric equivalent uranium grade, was estimated in-situ within the drill hole using calibrated down-hole radiometric gamma probes. The estimation of uranium grades using down-hole probe radioactivity is industry standard practice and used by Athabasca Basin uranium producers to calculate equivalent grades in both mine and exploration settings.
Hole CB-90A intersected uranium mineralization that averaged 0.38% eU3O8 over 9.1 m (535.05-544.15 m) including 2.94% eU3O8 over 0.6 m. Due to greater than expected drill hole deviation, this hole intersected the Paul Bay Deposit much farther to the east than was originally intended.
Hole CB-91B encountered only minor uranium mineralization when the hole deviated in a different direction than hole CB-90A and missed its target by approximately 50 m to the west.
Samples have been collected for assay analysis to confirm these equivalent grades. The samples will be analyzed at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan.
The objectives of the current exploration program at Christie Lake are to confirm the location of the historic mineralization at the Paul Bay and Ken Pen Deposits and to extend them in the down-dip direction where they appear to be open for expansion. The depth of the unconformity in the Paul Bay Deposit area is approximately 425 m.