The Conversation (0)
(TheNewswire)
Saskatoon, Saskatchewan TheNewswire - July 8, 2022 UEX Corporation (TSX:UEX) (OTC:UEXCF) ("UEX" or the "Company") is pleased to announce that is has filed an updated technical report for the Company's 65.5492% directly-owned Christie Lake Project that includes an updated mineral resource estimate for the property. The remaining 34.4508% interest in the Christie Project is owned by JCU (Canada) Exploration Company, Limited, which in turn is 50% owned by the Company and 50% by Denison Mines Corp.
The updated technical report and mineral resource estimate was completed by Mr. Glen Cole, P.Geo. of SRK Consulting (Canada) Inc., who is considered to be a Qualified Person as defined by National Instrument 43-101. Mr. Cole is considered independent of the Company.
The Christie Lake mineral resource estimate was determined using a cut-off grade of 0.20% U 3 O 8 . A total of 588,000 tonnes containing 20.35 million pounds of U 3 O 8 at an average grade of 1.57% U 3 O 8 have been estimated in the inferred mineral resource category.
Table 1 – Mineral Resource Statement*, Christie Lake Project, Saskatchewan, Canada,
SRK Consulting (Canada) Inc., December 31, 2021
Deposit | Tonnage | Grade | Contained Metal |
(000s) | (% U 3 O 8 ) | (Mlb U 3 O 8 ) | |
Inferred Mineral Resources | |||
Paul Bay | 338 | 1.81 | 13.49 |
Ken Pen | 149 | 1.05 | 3.44 |
Ōrora | 102 | 1.53 | 3.41 |
Total | 588 | 1.57 | 20.35 |
* Mineral resources are not mineral reserves and have not demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Reported at a cut-off grade of 0.2% U 3 O 8 . | |||
The current mineral resource estimate includes the results from 200 diamond drill holes totalling 96,160 m which were drilled from 1988 to 2021. Mineralized wireframes of the Paul Bay, Ken Pen, and Ōrora Deposits were prepared at a 0.01% U 3 O 8 mineralized threshold to constrain the mineral resource estimate at each deposit area. The estimate was completed by ordinary kriging block using Datamine Studio and Leapfrog software and utilized block sizes of 5 x 10 x 2.5 m for parent blocks and 0.5 x 0.5 x 0.5 m subcells. The impact of anomalously high-grade samples were controlled through a process of grade capping for all zones.
The mineral resource estimate utilized uranium geochemical analyses from the Saskatchewan Research Council ("SRC") Geoanalytical Laboratories in Saskatoon, Saskatchewan, obtained through the Inductively Couple Plasma Optical Emission Spectroscopy analytical method. Duplicate, and independent check analyses using certified reference materials were collected on one in every 20 samples and one in every 40 samples respectively. Umpire samples were analyzed at the SRC Delayed Neutron Activation laboratory.
The technical report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"),has been be filed on SEDAR at www.sedar.com and is available on the Company's website at www.uexcorp.com .
Qualified Persons and Data Acquisition
The technical report was prepared by Mr. Glen Cole, P.Geo. of SRK Consulting Canada Inc., who is considered to be a Qualified Person under National Instrument 43-101. Mr. Cole has reviewed and approved the technical contents relating to the technical report in this release. The technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX's President, who is considered to be a Qualified Person as defined by National Instrument 43-101.
About UEX
UEX is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects.
UEX's directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium region which in 2020 accounted for approximately 8.1% of the global primary uranium production. In addition to advancing its uranium development projects through its ownership interest in JCU, UEX is currently advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and Ōrora deposits at the Christie Lake Project , the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.
UEX is also 50:50 co-owner of JCU (Canada) Exploration Company, Limited with Denison Mines Corp. JCU's portfolio of projects includes interests in some of Canada's key future uranium development projects, notably a 30.099% interest in Cameco's Millennium Project, a 10% interest in Denison's Wheeler River Project, and a 33.8123% interest in Orano Canada's Kiggavik Project, located in the Thelon Basin in Nunavut, as well as minority interests in nine other grassroots uranium projects in the Athabasca Basin.
UEX 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 hosts the West Bear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-Ni Zone, and the West Bear Uranium Deposit. UEX also owns 100% of two early-stage cobalt exploration projects, the Axis Lake and Key West Projects.
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 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.
Copyright (c) 2022 TheNewswire - All rights reserved.
Figure 1: Strip log displaying drillhole OV047 lithology, natural gamma responses (cps) and pXRF uranium responses (ppm U). In relation to the disclosure of pXRF results, the Company cautions that estimates of uranium elemental abundance from pXRF results should not be considered a proxy for quantitative analysis of a laboratory assay result. Assay results are required to determine the actual widths and grade of the mineralisation. The company uses an Olympus Vanta M Series portable X-ray Fluorescence (pXRF) analyzer to screen Air Core drilling samples for mineralization prior to submitting samples to a commercial laboratory for assay. This provides an initial understanding of the mineralization distribution before sampling, ensuring submitted samples are representative of the targeted mineralization. While pXRF confirms the presence of mineralization, it does not accurately determine elemental concentrations due to limitations such as a small analysis window, uneven distribution, shallow penetration depth, and irregular surfaces. The pXRF results are indicative and the pXRF readings are subject to confirmation by chemical analysis from an independent laboratory.
