UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to
announce the first tranche of assay results from the winter
drilling program on the Company’s 100% owned West Bear Property,
located in the eastern Athabasca Basin of northern
Saskatchewan.
On January 9, 2019, UEX announced it had
commenced a $4.25 million 17,000 m 110-160 drill hole program at
West Bear with the objective of expanding the size of the West Bear
Cobalt-Nickel Deposit (the “Deposit”) and extending cobalt
mineralization along strike to the west. To date, the Company
has completed 42 holes of this winter’s exploration
program.
Assay results have been received for the first
five holes of the winter program. Cobalt mineralization was
encountered in all five holes and the strike length of the West
Bear Deposit has been increased from 250 m to 400 m (see Figure
1). The table below summarizes the assay results received to
date.
Table 1 – Assay Results from the West
Bear Co-Ni Deposit
Hole |
Depth |
Core Length |
Cobalt |
Nickel |
From (m) |
To (m) |
(m*) |
(wt%t) |
(wt%) |
WBC-042 |
22.5 |
43.0 |
20.5 |
0.55 |
0.25 |
including |
36.0 |
41.5 |
5.5 |
1.90 |
0.57 |
WBC-043 |
24.7 |
38.5 |
13.8 |
0.12 |
0.31 |
WBC-044 |
24.0 |
74.0 |
50.0 |
0.72 |
1.06 |
including |
40.5 |
51.5 |
11.0 |
1.94 |
3.68 |
including |
68.0 |
72.5 |
4.5 |
2.94 |
2.08 |
WBC-045 |
25.5 |
46.0 |
20.5 |
0.04 |
0.14 |
WBC-046 |
27.0 |
79.0 |
52.0 |
0.53 |
0.36 |
including |
27.0 |
29.0 |
2.0 |
1.65 |
0.75 |
including |
50.5 |
59.5 |
9.0 |
2.17 |
1.07 |
including |
76.0 |
77.0 |
1.0 |
0.96 |
0.94 |
*
True widths are estimated to be 90-95% of core lengths |
|
|
|
|
|
t Composite assays calculated using cut-off grade of
0.023% CoEq where CoEq=Co%+(Ni% x0.2) |
|
|
|
|
|
|
We are pleased with the work the technical team
has accomplished so far. The assay results of these five
holes are remarkable. It is a start to this year’s winter
drill program and unlocking additional value of the Deposit for our
shareholders.
- Roger Lemaitre, President
& CEO
Highlights from the first batch of assay results
include composite assay grades from WBC-044 averaging 2.94%
cobalt and 2.08% nickel over a 4.5 m core length between
68.0 m and 72.5 m and 1.94% cobalt and 3.68% nickel over
11.0 m between 40.5 m and 51.5 m. Both of these
intervals were located within a wider mineralized interval
containing 0.72% cobalt and 1.06% nickel over 50.0
m core length between 24.0 m and 74.0 m, the second widest
mineralized interval encountered at West Bear.
Hole WBC-046 returned the widest mineralized
interval at the West Bear Co-Ni Deposit, a 52.0 m
intersection averaging 0.53% Co and 0.36% Ni from 27.0 m
to 79.0 m that included two high-grade subintervals, the first
assayed 1.65% Co and 0.75% Ni over 2.0 m from 27.0
m to 29.0 m and the second subinterval, assayed 2.17% Co
and 1.07% Ni over 9.0 m
from 50.5 m to 59.5 m.
Hole WBC-042 returned 20.5 m of
mineralization averaging 0.55% Co and 0.25%
Ni between 22.5 m and 43.0 m that included a subinterval
of 1.90% Co and 0.57% Ni over 5.5 m from 36.0 m to
41.5 m.
Holes WBC-043 and WBC-045 were drilled 200 m
along strike to west of the West Bear Co-Ni Deposit as defined by
the 2018 drilling program and the current resource estimate as
outlined in the July 10, 2018 maiden resource estimate (see UEX
News Release dated July 10, 2018). WBC-043 intersected
0.12% Co and 0.31% Ni over 13.8 m between 24.7 m
and 38.5 m. Hole WBC-045 encountered 20.5 m of 0.04%
Co and 0.14% Ni between 25.5 and 46.0 m.
Based upon the dip of the mineralization and dip
angle of the drill holes, true widths are expected to be 90-95% of
core lengths.
Sample Collection and
Compositing
Samples are selected using a portable X-Ray
Fluorescence (“XRF”) Spectrometer to aid in the identification of
mineralized intervals. Selected drill core is then split in
half sections on site and one half is collected for analysis with
the other half core remaining on site for reference. Where
possible, samples are collected at a standardized 0.5 m interval
through zones of mineralization but respect geological units and
intervals.
The samples are shipped to the Geoanalytical
Laboratory at the Saskatchewan Research Council (“SRC”) in
Saskatoon, Saskatchewan. Analysis at the SRC laboratory for
Cobalt and Nickel was completed using the ICP-OES method with an
Aqua Regia digestion. The SRC Geoanalytical Laboratory is an
ISO/IEC 17025:2005 accredited facility (#537) by the Standards
Council of Canada.
Assay intervals were composited using a cut-off
grade of 0.023% Cobalt equivalent (CoEq) using the equation CoEq =
Co + (Ni x 0.2). All depth measurements and sample intervals
reported are down-hole measurements from drill core.
About the West Bear Cobalt-Nickel
Deposit
The West Bear Property is an advanced
exploration project located in the eastern Athabasca Basin of
northern Saskatchewan, Canada that contains both the West Bear
Cobalt-Nickel Deposit and the West Bear Uranium Deposit. The
Property is approximately 740 kilometres north of Saskatoon, west
of Wollaston Lake and measures approximately 7,657.3 hectares
comprising of 23 contiguous areas to which UEX has 100% ownership,
with the exception of Mineral Lease 5424 in which UEX owns a
77.575% interest. The Deposit is located within an area of
the Athabasca Basin that has excellent infrastructure and is
situated within 10 km of an existing all-weather road and power
lines that service Cameco Corporation’s nearby Cigar Lake Mine and
Rabbit Lake Operation, as well as Orano’s McClean Lake
Operation.
The West Bear Cobalt-Nickel Deposit has a strike
length of over 400 m and a dip length of over 100 m and remains
open for expansion in all directions. On July 10, 2018, the Company
announced a maiden inferred resource estimate for the Deposit of
390,000 tonnes grading 0.37% cobalt and 0.22% nickel, which equates
to 3,172,000 pounds of cobalt and 1,928,000 pounds of
nickel. The West Bear Cobalt-Nickel Deposit mineral
resources were determined using a cut-off grade of 0.023 percent
cobalt equivalent (“CoEq”), using the equation CoEq = Co + (Ni x
0.2). Only mineralization located within a conceptual open
pit was included in the final resource estimate.
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 Trevor Perkins, 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 exploration and development company involved in nineteen
uranium projects, including eight that are 100% owned and operated
by UEX, one joint venture with Orano Canada Inc. (“Orano”) and ALX
Uranium Corp. (“ALX”) that is 50.1% owned by UEX and is under
option to and operated by ALX, 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 60% owned by UEX with JCU (Canada)
Exploration Company Limited which is operated by UEX.
The company is also involved in one
cobalt-nickel exploration project located in the Athabasca Basin of
northern Saskatchewan. The 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.
The nineteen projects are located in the
eastern, western and northern perimeters of the Athabasca Basin,
the world's richest uranium belt, which in 2017 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 km 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 LemaitrePresident & CEO(306)
713-1401
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 Deposit drill program, 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.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/72f17c7b-5cbe-4ebb-b283-007f66e7e5d7
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