UEX Corporation (TSX:UEX) (“UEX” or the “Company”), through its
100%-owned subsidiary, CoEX Metals Corporation (“CoEX”) is pleased
to announce the fourth tranche of assay results have been received
for the final fifteen 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”) with the objective of expanding the size of
the cobalt and nickel mineralized zone. Phase 1 drilling
activities at West Bear have now been concluded.
With the addition of this fourth tranche of
assay results, CoEX now has complete assay data from all 41 holes
drilled this winter. The assay results of the first
twenty-six holes were previously announced in UEX’s News Releases
on April 9, 2018, April 19, 2018, and April 25, 2018 which included
intersections of 4.90% Co and 2.08% Ni over 8.0 m
from 77.0 to 85.0 m in WBC-012 and 2.00% Co and 1.26% Ni
over 10.5 m from 46.0 to 56.5 m in hole WBC-001.
Hole WBC-032 intersected 0.74% Co and
0.48% Ni over 5.0 m from 43.5 to 48.5 m within a wider
interval of mineralization that assayed 0.16% Co and 0.13% Ni over
28.0 m from 43.0 to 71.0 m.
Hole WBC-029 encountered cobalt and nickel
mineralization over the widest interval to date, as a 52.6 m
interval assayed 0.07% Co and 0.09% Ni starting at a depth of only
19.4 m and extending to 72.0 m. A subinterval assayed
1.20% Co and 0.91% Ni over a core length of 1.6 m
from 19.4 to 21.0 m.
Wide zones of cobalt and nickel mineralization
were intersected in several additional holes:
- WBC-030 intersected 0.07% Co and
0.22% Ni over 37.9 m from 51.1 to 89.0 m including 0.79% Co and
0.90% Ni over 1.0 m from 61.0 to 62.0 m.
- WBC-031 intersected 52.5 m of
mineralization averaging 0.03% Co and 0.04% Ni from 27.5 to 80.0 m
that included 1.0 m that assayed 0.55% Co and 0.45% Ni from 29.0 to
30.0 m.
- WBC-027 returned mineralization
over 17.5 m from 32.0 to 49.5 m that averaged 0.03% Co and 0.11%
Ni.
- WBC-028 assayed 0.04% Co and 0.11%
Ni over 20.0 m between 38.5 and 58.5 m.
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UEX’s winter program at West Bear has certainly
exceeded our hopes and expectations. Even after expanding the
deposit, mineralization remains open for expansion. The
western end of the deposit is defined by high grade cobalt
mineralization that has yet to be drill tested to the west.
The winter program defined a high-grade trend of mineralization
that is still untested in the south-east direction. |
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- Roger Lemaitre, President & CEO |
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The winter drill program has been successful at
growing the West Bear Co-Ni Prospect which now has a strike length
of over 250 m and a dip length of over 100 m (see attached figure)
and still remains open for expansion in all directions.
The table below summarized the assay results
from the fourth tranche of samples.
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Table 1 – Results from the Fourth Tranche of
Assay Samples - West Bear Co-Ni Prospect |
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Hole |
Depth |
Core Length |
Cobalt |
Nickel |
From (m) |
To (m) |
(m*) |
(wt%t) |
(wt%) |
WBC-027 |
32.0 |
49.5 |
17.5 |
0.03 |
0.11 |
WBC-028 |
38.5 |
58.5 |
20.0 |
0.04 |
0.11 |
WBC-029 |
19.4 |
72.0 |
52.6 |
0.07 |
0.09 |
including |
19.4 |
21.0 |
1.6 |
1.20 |
0.91 |
WBC-030 |
51.1 |
89.0 |
37.9 |
0.07 |
0.22 |
including |
61.0 |
62.0 |
1.0 |
0.79 |
0.90 |
and |
71.0 |
73.5 |
2.5 |
0.18 |
1.06 |
and |
80.8 |
83.0 |
2.2 |
0.27 |
0.63 |
WBC-031 |
27.5 |
80.0 |
52.5 |
0.03 |
0.04 |
including |
29.0 |
30.0 |
1.0 |
0.55 |
0.45 |
WBC-032 |
43.0 |
71.0 |
28.0 |
0.16 |
0.13 |
including |
43.5 |
48.5 |
5.0 |
0.74 |
0.48 |
WBC-033 |
50.0 |
69.0 |
19.0 |
0.05 |
0.13 |
including |
55.2 |
56.5 |
1.3 |
0.49 |
0.82 |
WBC-034 |
61.5 |
63.0 |
1.5 |
0.04 |
0.08 |
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66.0 |
70.0 |
4.0 |
0.01 |
0.03 |
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93.0 |
94.5 |
1.5 |
0.01 |
0.03 |
WBC-035 |
38.7 |
49.0 |
10.3 |
0.04 |
0.07 |
WBC-036 |
32.2 |
38.0 |
5.8 |
0.10 |
0.15 |
including |
32.2 |
33.5 |
1.3 |
0.40 |
0.77 |
WBC-037 |
21.0 |
52.5 |
31.5 |
0.08 |
0.11 |
including |
22.5 |
25.5 |
3.0 |
0.30 |
0.42 |
WBC-038 |
70.0 |
75.5 |
5.5 |
0.02 |
0.23 |
including |
70.0 |
72.0 |
2.0 |
0.05 |
0.51 |
WBC-039 |
58.0 |
59.0 |
1.0 |
0.02 |
0.03 |
WBC-040 |
50.5 |
59.0 |
8.5 |
0.06 |
0.04 |
WBC-041 |
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N/A |
N/A |
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* True widths are estimated to be 90-95% of core
lengths |
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t Composite assays calculated using a cut-off grade of
0.01% Co |
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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, 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 seventeen uranium projects, including seven 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.
A photo accompanying this announcement is available at
http://resource.globenewswire.com/Resource/Download/b8eae49a-24b1-4025-b9e0-8186943ed854
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