Trading Symbol: UEX-TSX
VANCOUVER, June 5, 2014 /CNW/ - UEX Corporation ("UEX") and
AREVA Resources Canada Inc. ("AREVA") announce the drilling results
from the 2014 exploration program at the Laurie ("Laurie") and
Mirror River ("Mirror River") Projects. Laurie and Mirror
River are two of eight 49.1%-owned Western Athabasca Projects
joint-ventured with AREVA, the project operator (see Figure 1).
The Laurie and Mirror River project areas lie along the southern
margin of the Athabasca Basin
approximately 35 and 55 kilometres, respectively, east of the
Patterson Lake South discovery. An eight-hole 3,382 metre
drill program was completed for approximately $1.4 million which tested several
electromagnetic ("EM") conductors in areas where crosscutting
structures were postulated to be present.
Drilling Results – Laurie
Drilling on the Laurie Project consisted of five diamond drill
holes (LAUR-12 to LAUR-16) totaling 1,803 metres (see Figure 2).
Hole LAUR-12 intersected a large fault zone in the basement
from 294.0 to 315.2 metres characterized by moderately to strongly
graphitic and moderately pyritic gneiss with abundant fault gouge,
breccia, chloritization and high‑angle graphitic shears.
Future exploration will target the projected up-dip continuation of
the fault at the unconformity.
The remaining Laurie drill holes tested several EM conductors
(A, A2 and C) at the unconformity. Moderately to strongly
graphitic pelitic gneiss was intersected confirming the existence
of the conductors. No significant radioactivity or geochemical
uranium values were returned.
Drilling Results – Mirror River
Three diamond drill holes (MRR-05 to MRR-07) totaling 1,579
metres were completed at the Mirror River Project (see Figure
3). The holes tested several EM conductors (A4, C1 and C2)
and resistivity anomalies at the unconformity. Hole MRR-05
tested a resistivity anomaly near the A4 conductor in the southern
portion of the property and intersected minor disseminated sulfides
and moderate local bleaching in the sandstone and graphitic pelites
in the basement rocks, which likely explain the resistivity anomaly
at this location. The final two holes (MRR‑06 and MRR-07)
tested segments of the north-trending EM conductors (C1 and C2) in
the northern portion of the property. Hole MRR-06 intersected
graphite in sufficient quantities to confirm the conductor but hole
MRR-07 drilled to test the C1-south conductor did not. No
significant radioactivity was identified.
These 2014 grassroots drilling programs have only just begun to
test the exploration potential of the Laurie and Mirror River
projects, which remain vastly underexplored and have extensive
untested EM conductors that warrant additional drilling in future
programs.
Erica Project – Geophysical Survey
A ground geophysical program consisting of a Tensor
Magnetotelluric survey on the Erica Project commenced in mid-April
of 2014 and is currently in progress. This program has a
budget of $600,000 of which UEX is
responsible for funding its 49.1% share, or approximately
$294,600. The objective is to
define future drill targets by investigating the NW-SE conductive
trend outlined by previous geophysical surveys.
Further information regarding UEX's projects, including maps, is
available on UEX's website at www.uex-corporation.com.
To view Figure 1 (Western Athabasca Projects – Location of
Erica, Laurie and Mirror River Projects), Figure 2 (Laurie Project
– Winter 2014 Drilling) and Figure 3 (Mirror River
Project – Winter 2014 Drilling) please access this news
release on UEX's website at
http://www.uex-corporation.com.
Qualified Persons and Data Acquisition
Technical information in this news release has been reviewed and
approved by Dwayne Morrison, P.Geo.,
AREVA's District Geologist, West Athabasca Region and R. Sierd
Eriks, P.Geo., UEX's Vice-President of Exploration who are each
Qualified Persons 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 actively involved in fifteen
uranium projects, including five that are 100% owned and operated
by UEX, one joint venture with AREVA that is operated by UEX, as
well as eight joint-ventured with AREVA and one joint venture with
AREVA and JCU (Canada) Exploration
Company, Limited, which are operated by AREVA. The fifteen
projects, totaling 261,040 hectares (645,044 acres), are located in
the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium
belt, which in 2013 accounted for approximately 15% of the global
primary uranium production. UEX is currently advancing
several uranium deposits in the Athabasca Basin which include the Kianna,
Anne, Colette and 58B deposits at its currently 49.1%-owned Shea
Creek Project, and the Horseshoe, Raven and West Bear deposits
located at its 100%-owned Hidden Bay Project. UEX currently
has a cash position of approximately $7.1
million.
UEX's two major projects have mineral resource estimates as
follows:
UEX Corporation – Indicated Mineral Resources (1) (2)
(3)
Project
|
Tonnes
|
Grade
U3O8 (%)
|
Total
U3O8 (lbs)
|
UEX's
share
U3O8 (lbs)
|
Shea Creek
(2)
|
2,067,900
|
1.484
|
67,663,000
|
33,222,533
|
Hidden Bay
(3)
|
10,372,500
|
0.160
|
36,623,000
|
36,623,000
|
TOTAL
INDICATED
|
12,440,400
|
0.380
|
104,286,000
|
69,845,533
|
UEX Corporation – Inferred Mineral Resources (1) (2)
(3)
Project
|
Tonnes
|
Grade
U3O8 (%)
|
Total
U3O8 (lbs)
|
UEX's
share
U3O8 (lbs)
|
Shea Creek
(2)
|
1,272,200
|
1.005
|
28,192,000
|
13,842,272
|
Hidden Bay
(3)
|
1,109,200
|
0.111
|
2,715,000
|
2,715,000
|
TOTAL
INFERRED
|
2,381,400
|
0.589
|
30,907,000
|
16,557,272
|
Notes:
|
(1)
|
The mineral resource
estimates follow the requirements of National Instrument 43-101
– Standards of Disclosure for Mineral Projects and
classifications follow CIM definition standards.
|
|
(2)
|
The Shea Creek
mineral resources were estimated at a cut-off of 0.30%
U3O8, and are documented in the Shea Creek
Technical Report with an effective date of May 31, 2013 which was
filed on SEDAR at www.sedar.com on May 31, 2013.
|
|
(3)
|
The Hidden Bay
mineral resources were estimated at a cut-off of 0.05%
U3O8, and are documented in the Hidden Bay
Technical Report with an effective date of February 15, 2011 which
was filed on SEDAR at www.sedar.com on February 23,
2011.
|
Forward-Looking Information
This news release may contain 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
mineral resource and mineral reserve estimates, outlook for our
future operations, plans and timing for exploration activities, and
other expectations, intentions and plans that are not historical
fact. The words "estimates", "projects", "expects", "intends",
"believes", "plans", "will", "may", or their negatives or other
comparable words and phrases are intended to identify
forward-looking information. 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 interpretation of drill results and
geology, additional drilling results, continuity and grade of
deposits, participation in joint ventures, reliance on other
companies as operators, public acceptance of uranium as an energy
source, fluctuations in uranium prices and currency exchange rates,
changes in environmental and other laws affecting uranium
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.
Cautionary Note to United States Investors
This news release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which differ from the requirements of
U.S. securities laws. Unless otherwise indicated, all resource
estimates included in this press release have been prepared in
accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101") and the Canadian Institute of
Mining, Metallurgy, and Petroleum Definition Standards on Mineral
Resources and Mineral Reserves. NI 43-101 is a rule developed by
the Canadian Securities Administrators which establishes standards
for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. Canadian
standards, including NI 43-101, differ significantly from the
requirements of the United States Securities and Exchange
Commission ("SEC"), and resource information contained herein may
not be comparable to similar information disclosed by U.S.
companies. In particular, and without limiting the generality of
the foregoing, the term "resource" does not equate to the term
"reserves". Under U.S. standards, mineralization may not be
classified as a "reserve" unless the determination has been made
that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. The
SEC's disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources", "indicated
mineral resources" or "inferred mineral resources" or other
descriptions of the amount of mineralization in mineral deposits
that do not constitute "reserves" by U.S. standards in documents
filed with the SEC. Investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves. U.S. investors should also
understand that "inferred mineral resources" have a great amount of
uncertainty as to their existence and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an "inferred mineral resource" will ever be upgraded to
a higher category. Under Canadian rules, estimated "inferred
mineral resources" may not form the basis of feasibility or
pre-feasibility studies except in rare cases. Investors are
cautioned not to assume that all or any part of an "inferred
mineral resource" exists or is economically or legally mineable.
Disclosure of "contained pounds" in a resource is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in-place tonnage and
grade without reference to unit measures. 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.
SOURCE UEX Corporation