UEX Corporation (TSX:UEX) (“UEX” or the “Company”), through its
100%-owned subsidiary, CoEX Metals Corporation (“CoEX”) is pleased
to announce the second tranche of assay results have been received
for nine additional holes from the Phase 1 winter drilling program
on the 100%-owned West Bear Cobalt-Nickel Prospect, located in the
eastern Athabasca Basin of northern Saskatchewan.
The Company completed 41 holes totaling 4,457 m
on its West Bear Cobalt-Nickel Prospect located on the West Bear
Project (the “Project”). On February 28, 2018, UEX announced
that it had commenced a $1.5 million 3,500 m, 30-40 drill hole
program at West Bear with the objective of expanding the size of
the high-grade cobalt and nickel mineralized zone. Phase 1
drilling activities at West Bear have now been concluded in
preparation for the spring thaw.
With the addition of this second tranche of
assay results, UEX now has complete assay data from a total of 12
of the 41 holes drilled this winter. The assay results of the
first three holes were previously announced in UEX’s News Release
of April 9, 2018, and included an intersection of 2.00% Co
and 1.26% Ni over 10.5 m from 46.0 to 56.5 m in hole
WBC-001. Cobalt mineralization was encountered over
significant widths in eight of the nine holes from the second
tranche of samples.
Hole WBC-012 encountered 1.78% Co and
1.06% Ni over 22.5 m from 73.5 to 96.0 m and included a
subinterval of 4.90% Co and 2.08% Ni over 8.0 m
from 77.0 to 85.0 m.
Hole WBC-009 intersected two separate zones of
mineralization with the lower zone returning 1.26% Co and
0.59% Ni over 9.5 m from 57.5 to 67.0 m that included a
subinterval of 3.78% Co and 1.47% Ni over 3.0 m
from 62.0 to 65.0 m.
Hole WBC-010 also encountered two mineralized
intervals. The upper interval returned 0.56% Co and
0.28% Ni over 11.5 m from 40.5 to 52.0 m that included
1.64% Co and 0.58% Ni over 3.5 m
from 40.5 to 44.0 m. The lower interval encountered
0.87% Co and 1.26% Ni over 1.5 m.
The first twelve holes have been successful at
growing the West Bear Co-Ni Prospect by as much as 45 m in the
down-dip direction (see attached figure) and up to 10 m in the
up-dip direction towards the unconformity. The West Bear
Co-Ni Prospect remains open for expansion along strike to the east
and west and in the down-dip direction.
The drilling program has also led to the
discovery of an upper lens of higher grade cobalt-nickel
mineralization that occurs along the upper contact of a distinct
graphitic unit, the West Bear Graphitic Package, which dips 15-25
degrees to the south. Previously, high-grade mineralization
had only been confirmed along the lower contact of the graphitic
unit. Lower grade mineralization is often found scattered
throughout the interval between the upper and lower mineralized
zones.
So far, the results achieved at West Bear are
truly remarkable. The discovery of an upper lens of
high-grade cobalt and nickel mineralization overlying the
previously known high-grade zone and the presence of scattered
mineralization between these high-grade lenses has us very excited
about the potential of the West Bear Cobalt-Nickel Prospect.
- Roger Lemaitre, President & CEO
The table below summarized the assay results
received to date.
Table 1 – Results from the Second Tranche
of Assay Samples - West Bear Co-Ni Prospect
Hole |
Depth |
Core Length |
Cobalt |
Nickel |
From (m) |
To (m) |
(m*) |
(wt%t) |
(wt%) |
WBC-009 |
36.0 |
46.1 |
10.1 |
0.04 |
0.08 |
|
57.5 |
67.0 |
9.5 |
1.26 |
0.59 |
including |
62.0 |
65.0 |
3.0 |
3.78 |
1.47 |
WBC-010 |
40.5 |
70.5 |
30.0 |
0.28 |
0.23 |
including |
40.5 |
52.0 |
11.5 |
0.56 |
0.28 |
or |
40.5 |
44.0 |
3.5 |
1.64 |
0.58 |
and |
67.5 |
69.0 |
1.5 |
0.87 |
1.26 |
WBC-011 |
49.0 |
79.5 |
30.5 |
0.04 |
0.07 |
including |
70.0 |
74.5 |
4.5 |
0.16 |
0.14 |
WBC-012 |
73.5 |
96.0 |
22.5 |
1.78 |
1.06 |
including |
77.0 |
85.0 |
8.0 |
4.90 |
2.08 |
WBC-014 |
24.0 |
51.5 |
27.5 |
0.12 |
0.11 |
including |
42.8 |
43.5 |
0.7 |
2.37 |
1.59 |
WBC-015 |
30.0 |
36.0 |
6.0 |
0.02 |
0.09 |
|
40.0 |
44.0 |
4.0 |
0.03 |
0.06 |
WBC-016 |
31.5 |
35.5 |
4.0 |
0.02 |
0.07 |
WBC-017 |
n/a |
n/a |
n/a |
n/a |
n/a |
WBC-018 |
28.0 |
33.0 |
5.0 |
0.04 |
0.13 |
|
40.0 |
42.5 |
2.5 |
0.09 |
0.08 |
|
44.5 |
48.0 |
3.5 |
0.03 |
0.05 |
|
55.0 |
57.0 |
2.0 |
0.02 |
0.05 |
* True widths are estimated to be 90-95% of core
lengths |
|
|
t Composite assays calculated using a cut-off grade of
0.01% Co |
|
|
|
|
|
|
|
|
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.
WBC-017 was drilled to test the up-dip
projection of mineralization in WBC-016 at the unconformity but
failed to encounter the West Bear Graphitic Package which
subcropped just south of WBC-017.
CoEX has yet to receive complete assay results
for holes WBC-003, 004, 006, 007, 008, 013 and the remaining 23
holes that were drilled during the winter campaign.
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, Nickel, Lead, Zinc, and Arsenic (wt %) 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 0.01% Cobalt. All depth measurements and sample
intervals reported are down-hole measurements from drill
core. True thickness of the ore zones has yet to be
determined and is estimated at 90-95% of core thickness.
Qualified Persons and Data
Acquisition
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) (FRANKFURT:UXO.F)
is a Canadian uranium exploration and development company involved
in sixteen uranium projects, including six that are 100% owned and
operated by UEX, one joint venture with Orano Canada Inc. (“Orano”)
that is 90.1% owned by UEX and is under option to and operated by
ALX Uranium, 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) under
option from JCU (Canada) Exploration Company Limited and 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 Prospect and the West Bear Uranium Deposit. The
seventeen projects are located in the eastern, western and northern
perimeters of the Athabasca Basin, the world's richest uranium
belt, which in 2016 accounted for approximately 23% 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 WBU
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.
UEX CORPORATIONUNIT 200
– 3530 MILLAR AVENUE, SASKATOON, SK., CANADA S7P
0B6PH: (306) 979-3849 FAX (604)
669-1240Website: www.uex-corporation.com
Email: uex@uex-corporation.com
A photo accompanying this announcement is available at
http://resource.globenewswire.com/Resource/Download/66fa4926-87cd-425b-888a-487873cfd046
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