UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to
announce the third tranche of assay results have been received for
twenty additional holes from the winter drilling program to expand
the West Bear Cobalt-Nickel Deposit (the “Deposit”) on the 100%
owned West Bear Property, located in the eastern Athabasca Basin of
northern Saskatchewan.
The drilling program commenced in early January
and field activities have now concluded for the spring thaw.
This winter, the Company completed 126 holes totaling 11,412.5
metres. To date, assay results have been received for
fifty-six drill holes. UEX announced assay results from the
first thirty-six holes in the Company’s news releases dated
February 7, 2019 and March 18, 2019, available at www.sedar.com or
UEX’s website at www.uex-corporation.
Assay results from fourteen of the twenty holes
received in the third tranche returned composite grades that exceed
the cobalt equivalent (“CoEq”) grade of 0.023% CoEq, the same
cut-off grade used in UEX’s maiden resource estimate for the West
Bear Cobalt-Nickel Deposit announced on July 10, 2018 available at
www.sedar.com or UEX’s website at www.uex-corporation. Six of
the holes returned widespread cobalt-nickel mineralization over
impressive core lengths exceeding 20 m.
Highlights from the third tranche include
WBC-063, which intersected 4.5 m averaging 0.11% Co and
0.49% Ni from 27.0 m to 31.5 m, WBC-083 which assayed
0.04% Co and 0.07% Ni over 35.5 m from 26.0 m to 61.5 m including a
subinterval of 1.5 m of 0.29% Co and 0.38% Ni from
28.5 m to 30 m, and WBC-094 which returned 5.5 m of 0.08%
Co and 0.30% Ni from 31.5 m to 37.0 m (see Table 1 and
Figure 1).
The drill results from this tranche of assays
have expanded the strike length of the West Bear Cobalt-Nickel
Deposit to 600 m and defined the western end of the Deposit.
The Company has also collected and submitted to
the laboratory an additional 430 samples from 60 of the 2005 and
2007 sonic drill holes identified as containing previously
unsampled intervals considered favorable for hosting cobalt-nickel
mineralization below the West Bear Uranium Deposit.
I am pleased with the excellent work of our
technical team this winter squeezing out the maximum amount of
drill holes at West Bear before the spring thaw. We
successfully met our goal of expanding the Deposit along strike to
the west. With assay results from seventy new holes still
outstanding, many of which are focussed in the eastern area of the
Deposit, and assays pending from the historic sonic holes, I look
forward to seeing what the results of the next batches of
assays does to shape our ever evolving understanding the West Bear
Cobalt-Nickel Deposit and how our knowledge can be applied to other
targets across the Athabasca Basin.
- Roger Lemaitre, President & CEO
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Table 1 - Results from the Third Tranche of Assay Results -
West Bear Co-Ni Deposit |
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Hole |
Depth |
Core Length (m*) |
Cobalt (wt%t) |
Nickel (wt%) |
From (m) |
To (m) |
WBC-063 |
|
26.5 |
40.0 |
13.5 |
0.06 |
0.26 |
including |
27.0 |
31.5 |
4.5 |
0.11 |
0.49 |
WBC-076 |
|
47.0 |
48.0 |
1.0 |
0.03 |
0.03 |
WBC-083 |
|
26.0 |
61.5 |
35.5 |
0.04 |
0.07 |
|
including |
28.5 |
30.0 |
1.5 |
0.29 |
0.38 |
WBC-084 |
|
28.5 |
41.5 |
13.0 |
0.02 |
0.07 |
WBC-085 |
|
28.5 |
71.5 |
43.0 |
0.02 |
0.03 |
WBC-086 |
|
38.5 |
45.5 |
7.0 |
0.03 |
0.07 |
WBC-088 |
|
31.5 |
59.0 |
27.5 |
0.03 |
0.04 |
WBC-089 |
|
46.5 |
48.5 |
2.0 |
0.02 |
0.10 |
WBC-090 |
|
37.5 |
64.5 |
27.0 |
0.04 |
0.06 |
WBC-092 |
|
37.5 |
52.5 |
15.0 |
0.05 |
0.04 |
|
59.5 |
63.5 |
4.0 |
0.03 |
0.02 |
WBC-093 |
|
46.5 |
48.5 |
2.0 |
0.02 |
0.06 |
WBC-094 |
|
24.0 |
45.0 |
21.0 |
0.04 |
0.17 |
including |
31.5 |
37.0 |
5.5 |
0.08 |
0.30 |
WBC-095 |
|
41.5 |
47.5 |
6.0 |
0.02 |
0.08 |
WBC-096 |
|
24.0 |
52.5 |
28.5 |
0.02 |
0.09 |
* True Widths are estimated to be 90% of core
lengths |
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t Composite assays calculated using cut-off grade of
0.023% CoEq where CoEq = Co% & (Ni x 0.2) |
Holes WBC-080, WBC-087, WBC-091, and WBC-098 did
not return significant assays |
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 were 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 7,983 hectares
comprising of 24 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 currently
has a strike length of over 550 m and a dip length of over 100 m.
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
Laurie ThomasVice President, Corporate
Relations(306) 979-3849
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/653208eb-6f5f-428f-9326-3c3d769301fc
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