UEX Announces 2021 Exploration Program on Three Projects Work Underway at the Huggins Lake and Michael Lake Targets

(TheNewswire)

Saskatoon, Saskatchewan TheNewswire - December 21, 2020 UEX Corporation (TSX:UEX) ( OTC:UEXCF ) ("UEX" or the "Company") is pleased to announce the Company's 2021 preliminary exploration plans at the Hidden Bay, West Bear, and Christie Lake Projects located in the eastern Athabasca Basin of northern Saskatchewan (see Figure 1).

UEX's 2021 exploration program will consist of drilling on three of the Company's projects, Christie Lake, Hidden Bay, and West Bear. Work at Christie Lake is scheduled for the summer, whereas drill testing at Hidden Bay and West Bear will occur this winter. The budget for the combined programs at all three projects is anticipated to be approximately $4.0 million.

Exploration work this winter on the Hidden Bay Project will focus on the Uranium-Nickel Sands Area and the Dwyer Lake targets for uranium exploration (see Figure 2). At West Bear, the Company will be targeting the Huggins Lake and Michael Lake areas (see Figure 2) which are considered prospective for both uranium and cobalt-nickel deposits. In preparation for the winter drilling activities, UEX is conducting linecutting and Horizontal Loop Electromagnetic Surveys ("HLEM") on all four target areas to re-locate the favourable graphitic fault horizons last explored during the 1980's. HLEM and linecutting activities have already commenced on the Huggins Lake and Michael Lake targets and will be completed before year end.

Hidden Bay Project

Uranium-Nickel Sands Area

The Uranium-Nickel Sands area ("U-Ni Sands"), discovered and defined between 1973 and 1984 by previous operators is located approximately 2 km northwest of UEX's Raven and Horseshoe Deposits and 5.5 km southwest of Cameco's Rabbit Lake Deposit, the first uranium deposit discovered in the Athabasca Basin (see Figure 3). The U-Ni Sands is a 1 km long by 800 m wide kidney bean-shaped zone of highly anomalous uranium and nickel-bearing glacial boulders and sand that are believed to have been transported down-ice of an outcropping nickel-bearing uranium deposit by the movement of glaciers.

Several important economic uranium deposits were discovered in the Athabasca Basin by tracing the dispersion of such boulders in the up-ice direction back to their source deposit. Cameco's Key Lake Deposits, the Collins Bay A and B Zone Deposits, and several of the former-producing Cluff Lake Mine Deposits were all discoveries made through tracing radioactive boulders back to their source. Most recently, Fission's Triple R Deposit was found by sourcing radioactive boulders in glacial till.

The source of the U-Ni Sands boulders has never been located. Exploration activities by previous operators and by UEX in 2004 targeted the area north of the U-Ni Sands area, along the nearby Rabbit Lake Fault. UEX's review of the compiled data from the historical U-Ni Sands investigations suggests that the U-Ni boulders and sand may have been transported in a northeast to southwest direction. No drilling has tested the area to the northeast in the up-ice direction at a distance of 1.5 km to 2.0 km from the U-Ni Sands area where a known graphitic conductor is present.

UEX is planning to complete a 10 to 12 -hole-1,400 m drill program up-ice to the north-east of the U-Ni Sands area during the upcoming winter exploration program. Prior to drilling, a new ground grid will be established and a 22 km HLEM survey will be completed to accurately re-locate the graphitic conductor in the target area.

Dwyer Lake

Four drill targets have been identified in the Dwyer Lake area. Follow-up drilling this winter is planned both north and to the south of the Rhino target, where a large open-ended alteration zone was defined by UEX in the 2015 drilling program. To the north of Rhino, a new resistivity and induced polarization anomaly was defined in 2015 that has yet to be tested by diamond drilling. A historical electromagnetic conductor extends to the east of the new anomaly that also has never been tested by drilling.

The UEX team has also identified that the conductor that defines the north limb of the Dwyer Dome comes to the surface well north of the pattern of historical drilling by the previous operators. Holes drilled along the eastern end of this northern rim were anomalous in nickel, a geochemical pathfinder element often observed proximal to Athabasca uranium deposits and unconformity cobalt-nickel deposits.

UEX is planning to complete a 15 hole-2,500 m drill program to test the Dwyer Lake targets. The 2015 Dwyer Lake grid will be re-established and expanded and portions of the historical conductors will be re-located using a 82 km HLEM survey to help refine targeting during the drill program.

West Bear Project

Huggins Lake

The Huggins Lake area is located on the West Bear Project adjacent to the Dwyer Lake target, along the northern limb of the West Bear Dome, host of UEX's West Bear Uranium Deposit and West Bear Cobalt-Nickel Deposit (see Figure 3). UEX's review of the historical drill core has defined two high-priority exploration targets along the north rim west of Huggins Lake. This review of the historical drill core has determined that widespread hydrothermal alteration has occurred in the basement rocks of at least two drill holes, as well as anomalous uranium and nickel in graphitic metapelites, the same host rock that contains the known uranium and cobalt-nickel deposits. Historical drilling in the Huggins Lake area was completed in the 1980's, is widely-spaced and focussed on testing for unconformity-hosted uranium deposits. UEX believes that the Huggins Lake area is prospective for both basement-hosted uranium deposits and cobalt-nickel deposits.

UEX is planning to complete a 6 hole-700 m drill program this winter to test the Huggins Lake targets. Prior to drilling, the historical electromagnetic conductors will be re-located using a 36 km HLEM survey to help refine targeting during the drill program.

Michael Lake

The Michael Lake area is located along the eastern flank of the West Bear Dome. Exploration drilling of the overburden in the late 1970's and early 1980's defined a wide interval of anomalous nickel in the overburden approximately 4.2 km long. Sporadic diamond drilling by previous operators was widely-spaced and did not appear to often penetrate the key structure hosted within the wide graphitic package where the West Bear Deposits are located.

UEX is planning to complete an 8 hole-1,000 m drill program this winter to test the Michael Lake target. The existing 2015 grid will be re-established and expanded and portions of the historical conductors will be re-located using a 47 km HLEM survey to help refine targeting prior to the drill program.

Christie Lake

The 2021 exploration drill program on the Christie Lake Project is planned to commence in the summer.

In 2020, UEX was able to confirm that the northern end of the Ōrora North Resistivity Anomaly is a high-priority target requiring follow-up exploration (see Figure 4). The 2021 exploration program at Christie lake will follow up the encouraging hydrothermal alteration encountered in holes CB-150 and CB-151 drilled in 2020 in the Ōrora North area. This drilling program will also test the new B Trend Resistivity Anomaly located to the southwest of 2019 drill hole CB-141 that averaged 1.17% eU 3 O 8 over 1.9 m (see UEX News Release dated October 29, 2019). The untested B Trend Resistivity Anomaly is similar in size and intensity to the resistivity anomaly associated with the Paul Bay, Ken Pen and Ōrora Deposits and is coincident with an electromagnetic conductor defined during the 2020 winter geophysical program.

UEX will also conduct its first exploration drilling program on the adjacent "A" Conductor Trend. The "A" Conductor Trend is believed to be the northeast extension of the P2 Fault, host structure to all of the uranium mineralization at the McArthur River Mine.

Qualified Persons and Data Acquisition

The technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX's President and CEO, and Chris Hamel, P.Geo., UEX's Exploration Manager, who are each considered to be a Qualified Person as defined by National Instrument 43-101.

About UEX

UEX (TSX:UEX, OTC:UEXCF.PK, UXO.F) is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects, including a number that are 100% owned and operated by UEX, one joint venture with Orano Canada Inc. ("Orano") and ALX Uranium Corp. ("ALX") that is 51.43% owned by UEX, as well as eight joint ventures with Orano, one joint venture with Orano and JCU (Canada) Exploration Company Limited, which are operated by Orano, and one project (Christie Lake), that is 64.34% owned by UEX with JCU (Canada) Exploration Company Limited which is operated by UEX.

The Company 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 was formerly part of UEX's Hidden Bay Project and contains the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit. UEX also owns 100% of two early stage cobalt exploration projects, the Axis Lake and Key West Projects.

Our portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which in 2018 accounted for approximately 22% of the global primary uranium production. UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Christie Lake deposits, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project (located 50 kilometres north of Fission's Triple R Deposit and Patterson Lake South Project, and NexGen's Arrow Deposit), the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Development Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.

FOR FURTHER INFORMATION PLEASE CONTACT

Roger Lemaitre

President & CEO

(306) 979-3849

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 the West Bear Co-Ni Property, the Christie Lake Property drill program, the Hidden Bay Property, the Shea Creek Property, 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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Figure 1 – The Hidden Bay & West Bear Projects

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Figure 2 – The U-Ni Sands Area, Hidden Bay Project

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Figure 3 – The Huggins/Michael Lakes Area

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Figure 4 – Resistivity and Conductivity, North End – Christie Lake Project

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UEX UEX:CA UEXCF Uranium Investing

NexGen Achieves Major Permitting Milestone

The Canadian Nuclear Safety Commission ("CNSC") has notified NexGen of successful completion of final Federal technical review.
This is the key requirement to scheduling a Federal Commission Hearing date and subsequent Federal Project approval decision.
The Federal Environmental Assessment ("EA") and License represent the final major approval steps after having received Provincial EA approval in November 2023 .
In production, the Rook I Project is poised to make NexGen one of the world's largest and most environmentally conscious mining companies.

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is excited and proud to announce a major milestone in the Federal EA process for its 100%owned Rook I Project ("the Project"). The CNSC has provided NexGen formal confirmation that the Company has successfully addressed all information requests received as part of the Federal technical review. With completion of the CNSC technical review, the next and final steps in the Federal approval process include scheduling a Commission Hearing Date for the Project, subject to which the CNSC will render an approval decision on the Project.

This historic milestone marks a crucial step forward for the Project that has been undergoing Canada's robust and rigorous regulatory process since 2019. Completion of the Federal EA technical review stage follows the CNSC having deemed NexGen's Federal licence application sufficient in September 2023 , and receipt of Provincial EA approval in November 2023 . This development reinforces Canada's path to re-establish itself as the leader in global uranium supply and partner of choice.

Leigh Curyer, Chief Executive Officer, commented: "This exciting outcome is a testament to the exceptional efforts of our entire NexGen team, the collaborative support of our valued Indigenous Nation partners, and our transparent approach with the CNSC to ensure a robust and thorough review that meets the highest standards of environmental protection for the sustainable development of the Rook I Project. Since inception, our honest and innovative holistic approach to the successful development of this generational project has set new industry standards as to what is possible, whilst positively impacting all our valued stakeholders.

Together with the Clearwater River Dene Nation, Métis Nation – Saskatchewan Northern Region 2 and Métis Nation – Saskatchewan , Buffalo River Dene Nation, and Birch Narrows Dene Nation, we are construction ready to deliver transformative and unprecedented social, economic and environmental benefits to local communities, the Province of Saskatchewan, Canada , and the world.

We're not just developing a mine - we're building strong communities while shaping a sustainable and secure global energy future. With over $800 million in cash and liquid assets, we are ready pending a positive Commission decision with all activities required to immediately commence major site works in place."

NexGen is poised to propel Canada back to the forefront of global clean energy fuel production. The Rook I Project embodies NexGen's commitment to elite environmental performance, unprecedented community inclusion, and responsible alignment with global net-zero goals.

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest, low-cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations, and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically, and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.

NexGen is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol "NXE," and on the Australian Securities Exchange under the ticker symbol "NXG," providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security, and access to power. The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon , Saskatchewan.

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission ("SEC") set by the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Forward-Looking Information

The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to estimates for CapEx, OpEx and a payback period of 12 months, the appointment of a lead lender group, the availability of financing for the Project, the advancement of detailed engineering and contract negotiations, bolstering the globe's uranium supply chains to meet the rising demand for nuclear energy, the timing and cost of reclamation, including as part of the UGTMF and after-tax free cash flow remaining materially consistent with the FS, Free Cash Flow, Payback Period and IRR relative to various uranium prices, the delivery of clean energy fuel for the future, the development of the largest low cost producing uranium mine globally and incorporating elite standards in environmental and social governance, delivering a project that leads the entire mining industry socially, technically and environmentally, providing generational long-term economic, environmental and social benefits for Saskatchewan, Canada and the world, planned exploration and development activities and budgets, the interpretation of drill results and other geological information, mineral reserve and resource estimates (to the extent they involve estimates of the mineralization that will be encountered if a project is developed), requirements for additional capital, capital costs, operating costs, cash flow estimates, production estimates, the future price of uranium and similar statements relating to the economics of a project, including the Rook I Project. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

Forward-looking information and statements are based on NexGen's current expectations, beliefs, assumptions, estimates and forecasts about its business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including, among others, that financing for the Project will be available in a timely manner and on terms acceptable to the Company, the results of planned exploration and development activities will be as anticipated and on time; the price of uranium; the cost of planned exploration and development activities; that, as plans continue to be refined for the development of the Rook I Project, there will be no changes in costs, engineering details or specifications that would materially adversely affect its viability; that financing will be available if and when needed and on reasonable terms; that third-party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration and development activities will be available on reasonable terms and in a timely manner; that there will be no revocation of government approvals; that general business, economic, competitive, social and political conditions will not change in a material adverse manner; the assumptions underlying the Company's mineral reserve and resource estimates and updated/revised CapEx, OpEx, SusEx, and pay back period; assumptions made in the interpretation of drill results and other geological information; the ability to achieve production on the Rook I Project; and other estimates, assumptions and forecasts disclosed in the Feasibility Study for the Rook I Project. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements were considered reasonable by management at the time they were made, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third-party financing, uncertainty of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, the imprecision of mineral reserve and resource estimates, the price and appeal of alternate sources of energy, sustained low uranium prices, aboriginal title and consultation issues, development risks, climate change, uninsurable risks, reliance upon key management and other personnel, risks related to title to its properties, information security and cyber threats, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, changes in laws, regulations and policy, competition for resources, political and regulatory risks, general inflationary pressures, industry and economic factors that may affect the business, and other factors discussed or referred to in the Company's most recent Annual Information Form under "Risk Factors" and management's discussion and analysis under "Other Risks Factors" filed on SEDAR+ at www.sedarplus.ca and 40-F filed on Edgar at www.sec.gov .

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

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SOURCE NexGen Energy Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/19/c8458.html

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