UEX Corporation (UEX:TSX) (“UEX” or the “Company”), is pleased to
announce the maiden mineral resource statement for the Christie
Lake Uranium Project (the “Project”). The Mineral Resource
Statement was prepared by Dr. Aleksandr Mitrofanov, P.Geo.,
supported by Dr. David Machuca, P.Eng., and Mr. Glen Cole, P.Geo.
of SRK Consulting (Canada) Inc. in accordance with Canadian
Securities Administrators’ National Instrument 43-101 Standards of
Disclosure for Mineral Projects. Dr. Mitrofanov, Dr. Machuca and
Mr. Cole are independent Qualified Persons as this term is defined
in National Instrument 43-101. The effective date of the
Mineral Resource Statement for the Christie Lake Project is
December 13th, 2018.
The Mineral Resource Statement for the Project
is presented in the table below. Considering the early stage of the
Project, the general widely spaced drill pattern and the overall
uncertainty in the spatial distribution of grades, SRK consider all
the reported mineral resources to be classified as Inferred Mineral
Resources. After review of similar underground projects and
discussions with UEX, SRK considers that it is appropriate to
report the mineral resources for the Project at a cut-off grade of
0.2 percent of uranium.
Table 1 is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/c088c097-22d6-47d3-a33a-df21f4f573af
Mineral resources are not mineral reserves and
have not demonstrated economic viability. There is no certainty
that all or any part of the mineral resources will be converted
into mineral reserves. SRK is unaware of any environmental,
permitting, legal, title, taxation, socio-economic, marketing,
political, or other relevant issues that may materially affect the
mineral resources.
The construction of the mineral resource was a
collaborative effort between UEX and SRK staff. Mr. Trevor
Perkins and Mr. Chris Hamel, from UEX, provided technical input to
particularly the domain modeling process. Dr. Mitrofanov,
P.Geo. performed the data review and constructed the low and
high-grade wireframes with the input of UEX personnel. Dr.
Machuca, P.Eng. undertook the mineral resource estimation,
sensitivity analysis and validation checks. Mr. Cole
conducted the site visit and provided overall guidance. The
overall process was senior reviewed by Mr. Cliff Revering,
P.Geo.
All samples and specific gravity determinations
used to calculate the resource estimate were assayed at the
Saskatchewan Research Council’s Geoanalytical Laboratories and
umpire sample assayed at Saskatchewan Research Council’s
Environmental Laboratories.
The database used to estimate the Christie Lake
mineral resources was validated by SRK. They are of the
opinion the current drilling information is sufficiently reliable
to interpret with confidence the boundaries for uranium
mineralization and the assay data is sufficiently reliable to
support mineral resource estimation.
A technical report authored by SRK will be filed
on SEDAR within 45 days of this news release.
2019 Exploration Program
Approved
The Christie Lake Management Committee approved
a $2 million 2019 exploration program and budget for the
Project. Exploration activities will include a property-wide
120 line-km DC resistivity survey and a 4,800 m – 8-10 hole diamond
drilling program that will target along strike to the southwest of
the Paul Bay Deposit and following up historic mineralization on
the B Conductor where hole CB94-48 encountered 0.25% U3O8 over 1.5
m approximately 20 m below the unconformity which has never been
followed up (See Figure 1).
Christie Lake Joint Venture
Initiated
UEX announces that the Christie Lake Joint
Venture was initiated on December 14, 2018, with an effective date
of November 13, 2018. As announced in UEX’s News Release
dated November 29, 2018, UEX has vested a 60% interest in the
Project. As the Joint Venture has been initiated, the
Christie Lake Option Agreement has been terminated. JCU
(Canada) Exploration Company Limited (“JCU”) has indicated that
they will not be contributing their share of the 2019 Exploration
Program expenditures and will be diluting their interest in the
Project. UEX will be assuming JCU’s cost share in 2019 and
will increase its equity stake in the Project accordingly.
Qualified Persons and Data
Acquisition
The mineral resource estimation work was
completed by Dr. Aleksandr Mitrofanov, P.Geo., Dr. David Machuca,
P.Eng., Mr. Glen Cole, P.Geo. and Mr. Cliff Revering P.Geo. of SRK
Consulting (Canada) Inc., who are each considered to be an
appropriate independent Qualified Person as defined by National
Instrument 43-101.
Mr. Trevor Perkins, P.Geo., Exploration Manager
of UEX Corporation and Mr. Chris Hamel, P.Geo., Chief Geologist of
UEX Corporation, are each considered to be a Qualified Person for
the purposes of NI 43-101, both of whom verified the sampling,
analytical, and test data underlying the information or opinions
contained herein by reviewing original data certificates and
monitoring all of the data collection protocols.
Additionally, the technical information in this
news release has been approved by Mr. Roger Lemaitre, P.Geo.,
P.Eng., President & CEO of UEX Corporation, and Mr. 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 eighteen
uranium projects, including seven 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 joint venture
(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 eighteen 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.
About JCU
JCU is a private company that is actively
engaged in the exploration and development in Canada. JCU is
owned by three Japanese companies. Amongst these, Overseas
Uranium Resources Development Co., Ltd. (“OURD”) acts as the
manager of JCU. JCU has partnerships with UEX, Orano, Cameco,
Denison and others on uranium exploration and development projects
in the Athabasca Basin of Northern Saskatchewan including
Millennium and Wheeler River and the Kiggavik project in the Thelon
Basin in Nunavut.
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.
Figure 1 is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/e057bbc8-5537-491d-8801-865eb9f7d74b
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