Energy

(TheNewswire)

UEX Corporation

Saskatoon, Saskatchewan TheNewswire - September 1, 2022 UEX Corporation ("UEX" or the "Company"), a wholly-owned subsidiary of Uranium Energy Corporation (NYSE:UEC), provides additional information relating to the technical report titled "Independent Technical Report on the West Bear Project, Saskatchewan" dated July 25, 2022 for the Company's 100% owned West Bear property filed on SEDAR and announced by news release on August 8, 2022 ("2022 Technical Report"). The 2022 Technical Report includes a new mineral resource estimate for the West Bear property.

The mineral resource estimate disclosed in the 2022 Technical Report totalled 295,000 tonnes containing 3.763 million pounds cobalt (Co) at an average grade of 0.58% Co, and 3.164 million pounds nickel (Ni) at an average grade 0.49% Ni as an indicated mineral resource using a cut-off grade of 0.14% cobalt equivalent (CoEq.), as set out in Table 1 below.

Table 1 – West Bear Deposit Mineral Resource Estimates

Category

Grade

Contained Metal

Quantity (Tonnes)

Cobalt (%)

Nickel (%)

Cobalt
(‘000 lb)

Nickel
(‘000 lb)

Indicated

295,000

0.58

0.49

3,763

3,164

*Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. All figures are rounded to reflect the relative accuracy of the estimates. Resources were estimated using a cut-off grade of 0.14% CoEq and consider metal prices of US$32.84 per pound cobalt and US$ 11.64 per pound nickel. Cobalt equivalent ("CoEq") grades have been calculated using the following factor CoEq% = Co% + (Ni%*0.38).

The material differences in the total resources estimated between the 2022 Technical Report and the previous technical report on the West Bear property titled "2019 Technical Report on the West Bear Project, Saskatchewan" dated and filed on SEDAR on April 30, 2020 ("2020 Technical Report") is primarily the result of a significant change to the cut-off grade used by the authors to estimate mineral resources in the 2022 Technical Report.  The determination of the CoEq cut-off grade was increased to 0.14% in the 2022 Technical Report.  In addition to increasing the cut-off grade, the 2022 Technical Report uses a different equation for estimating cobalt equivalent grades due to the slight decrease in cobalt prices and a significant increase in nickel prices between 2020 and 2022.

The cut-off grade used in the 2022 Technical Report was determined using a conceptual pit model.  The 2020 Technical Report utilized the same cut-off grade used in the 2018 technical report titled "Technical Report for the West Bear Cobalt-Nickel Project, Saskatchewan Canada", prepared by Sebastien Bernie, P.Geo. and Chantal Jolette, P.Geo, with an effective date of July 6, 2018, filed August 7, 2018 ("2018 Technical Report").  The 2020 Technical Report was prepared by Qualified Persons ("QPs") who were not independent. As the 2020 Technical Report reported a greater than 100% change in the mineral resource estimate as compared to the 2018 Report, this required that the 2020 Technical Report be prepared by QPs who were independent. To correct this, the Company filed the 2022 Technical Report which was prepared by independent QPs, which resulted in the change to the mineral resource estimate described below.

The material differences between the 2022 Technical Report and the 2020 Technical Report are summarized in the table below:

Material Differences

August 8, 2022

Technical Report

April 30, 2020

Technical Report

Cut-Off Grade

Used 0.14% Co (eq) where:

Co (eq) = Co% + (Ni% x 0.38)

Cobalt Price = US$32.84/lb

Nickel Price = US$11.64/lb

Used 0.023% Co (eq) where:

Co (eq) = Co% + (Ni% x 0.2)

Cobalt Price = US$35.00/lb

Nickel Price = US$7.00/lb

Total Resources Estimated (100% of mineral resources were classified as Indicated Resources)

Resource Tonnage

295,000 t

1,223,000 t

Cobalt Grade (Co%)

0.58%

0.19%

Contained Cobalt (lbs)

3,763,000 lbs

5,122,000 lbs

Nickel Grade (Ni%)

0.49%

0.21%

Contained Nickel (lbs)

3,164,000 lbs

5,662,000 lbs

0-

0-

Qualified Persons and Data Acquisition

The 2022 Technical Report was prepared by Mr. Hatley, P.Eng. of Hatley Engineering , and Mr. Fred Brown, P.Geo., who are considered to be independent Qualified Persons under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Hatley and Mr. Brown have each reviewed and approved the technical information in relation to the 2022 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 NI 43-101.

FOR FURTHER INFORMATION PLEASE CONTACT

Roger Lemaitre

President & CEO

(306) 979-3849

www.uexcorp.com

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.

News Provided by TheNewsWire via QuoteMedia

UEX:CA,UEXCF

Global Atomic Commences EPCM Phase for the Dasa Project

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12) is pleased to announce the signing of Development Consultants Private Limited ("DCPL") of Kolkata, India and Lycopodium Minerals Canada Ltd. ("Lycopodium") to commence the basic and detailed engineering, procurement and Project Management of the Dasa Mine processing plant in the Republic of Niger .

Global Atomic Corporation (CNW Group/Global Atomic Corporation)

These engineering and project delivery firms were selected to form an Integrated EPCM Project Team synthesizing proven uranium processing plant design experience with West African project management and construction experience. DCPL will focus on the Basic and Detailed Engineering required for the design of the Dasa Process Plant, with the initial phase of Basic Engineering now underway. Lycopodium will prepare the Project Execution Plan, provide input for constructability in West Africa and provide project services during this phase with the intention of continuing on to manage plant construction.

All EPCM activity will be guided and supervised by Global Atomic Owner's Team headed by Dr. Santiago Faucher , Chief Technology Officer at Global Atomic. Global Atomic and Dr. Faucher's company, Insight R&D, have now integrated metallurgical, mechanical, and electrical engineering experts with DCPL's team in Kolkata and Lycopodium's team in Toronto to direct work on the Dasa Project. Together, this Integrated EPCM Project Team will develop the detailed design and complete the project delivery, of the Dasa mine processing plant; building on proven results from the 2020 Insight R&D pilot plant trials and the findings of the 2021 Dasa Phase 1 Feasibility Study.

DCPL and Lycopodium have excellent and extensive work histories throughout Africa including technical studies, project reviews and EPCM contracting for over 77 engineering projects in mining and other industries. Additionally, DCPL has designed and built several uranium recovery and process plants and is currently the foremost engineering company in India developing that country's nuclear and uranium sectors. Lycopodium has been actively engaged in 60 mining projects across West Africa and brings recent hands-on project delivery experience in the region.

Global Atomic President and CEO, Stephen G. Roman stated, "Following Global Atomic's announcements regarding our initial off-take agreement, the formation of a banking syndicate to finance the Dasa Project and the incorporation of our Niger operating company, SOMIDA, the commencement of the EPCM phase is our next important milestone to stay on schedule to become one of the world's newest uranium production companies. Similar to most multinational firms, who source specialized engineering from India today, Global Atomic has identified DCPL as having the World's most compelling experience and track record in the design of uranium processing plants. DCPL's uranium experience will reduce project technical risk, while its ability to deliver highly detailed engineered designs will reduce in-field work and enable good project cost control."

" After an extensive selection process, DCPL and Lycopodium emerged to form the best team to undertake the EPCM phase of the Dasa Project. This Integrated EPCM Project Team is committed to completing the project on time and keeping the Dasa Project on schedule to deliver yellowcake to utilities in Q1 2025."

About DCPL

Development Consultants Private Limited ("DCPL"), is an India -based trans-national consulting engineering firm that provides an entire suite of Project Engineering services to its clients in India and around the world, from concept to commissioning, for diverse core sector and speciality projects. DCPL has led projects in many fields including mining, mineral processing and beneficiation, renewable energy and environment, power generation, transmission and distribution, industrial water supply and treatment and industrial wastewater treatment and reuse.

DCPL ( www.dcpl.net.in ) is closely associated with many of the nuclear power projects in India and has engineered approximately 45,000 MW of installed generation capacity, DCPL is one of the leaders in the nuclear field globally.

About Lycopodium

Lycopodium Minerals Canada Ltd., based in Toronto , is a subsidiary of Lycopodium Limited (ASX: LYL) which is headquartered in Perth, Australia , and is a leader in its field, working with clients to provide integrated engineering, construction and asset management solutions.  Lycopodium has the expertise to deliver complex, multidisciplinary projects, through to the provision of feasibility studies and advisory services. Operating across the Resources, Infrastructure and Industrial Processes sectors, they offer a diverse team of industry experts to deliver bespoke and innovative solutions across all commodity types.

With the capability to deliver projects around the world, Lycopodium has offices in Australia , South Africa , Canada , Ghana and the Philippines . For more, visit www.lycopodium.com .

About Global Atomic

Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company's Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger , the Dasa Project is fully permitted for commercial production. The Phase 1 Feasibility Study for Dasa was filed in December 2021 and estimates Yellowcake production to commence by the end of 2024. Mine excavation began in Q1 2022.

Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Turkey . The plant recovers zinc from Electric Arc Furnace Dust ("EAFD") to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. ("Befesa") listed on the Frankfurt exchange under 'BFSA', holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .

The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved". All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

SOURCE Global Atomic Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/28/c9407.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
GTI Energy

Positive Start To Wyoming ISR Uranium Drilling With Additional Roll Fronts Encountered At Thor

GTI Energy Ltd (GTI or Company) is pleased to advise that 2 mud rotary drill rigs have now completed the first 25 holes, for 12,820-feet (3,908 metres), of its planned 100,000-foot drill program in Wyoming’s Great Divide Basin. Drilling has commenced within the Thor prospect (Thor) with 40,000-feet (12,200 metres) for ~70-holes of drilling planned at Thor (Figure 2).

Keep reading...Show less
Elevate Uranium

Koppies Mineralisation Extended by 10 km

Elevate Uranium Limited (“Elevate Uranium”, or the “Company”) (ASX:EL8) (OTC:ELVUF) is pleased to announce the discovery of a uranium mineralised zone extending continuously over a further 10 kilometres to the northeast of the Koppies 2 resource. On 4 May 2022, in an ASX release titled “22% Increase in Mineral Resources”, the Company announced the initial JORC (2012) Inferred Mineral Resource Estimate (“MRE”) of 20.3 million pounds (“Mlb”) eU3O8 at its Koppies Uranium Project in Namibia (See Page 8). The announcement also identified the potential to expand the mineralisation of Koppies beneath, adjacent and to the northeast.
Keep reading...Show less

GoviEx Annual Stock Option Grants

GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) ("GoviEx"), announces that, pursuant to its Share Purchase Option Plan, it has granted annual incentive stock options to certain directors, officers, employees, and a consultant to purchase up to an aggregate of 13,455,000 Class A common shares in the capital stock of GoviEx.

The stock options are exercisable at a price of $0.225 per share and will vest 25% on the date of grant and thereafter, 25% on each anniversary of the date of grant until fully vested. The options expire on September 27, 2027.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Baselode Energy CEO and Director James Sykes

Baselode Energy’s Uranium Discovery has High Potential for Low-cost, Open-pit Mining, CEO Says

Baselode Energy’s Uranium Discovery has High Potential for Low-Cost, Open-Pit Mining, CEO saysyoutu.be

Keep reading...Show less

GoviEx Uranium Receives Final Payment Related to Linkwood Loan

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) is pleased to announce that, further to its news release of December 20, 2019, it has received the final payment related to the 2018 Linkwood loan from Linkwood Holdings Pte Ltd. and Medea Capital Partners Limited.

Daniel Major, CEO, commented:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×