UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to
announce the fifth tranche of assay results have been received for
twenty-three additional holes from the winter drilling program
expanding the West Bear Cobalt-Nickel Deposit (the “Deposit”) on
the 100% owned West Bear Property, located in the eastern Athabasca
Basin of northern Saskatchewan.
Highlights from the fifth tranche include hole
WBC-126, which intersected 51.5 m averaging 0.41% Co and
0.57% Ni from 32.5 m to 84.0 m, which contained a
subinterval of 1.27% Co and 1.57% Ni over 9.5 m
from 59.0 m to 68.5 m, and WBC-128 which assayed
0.17% Co and 0.24% Ni over 7.2 m from 79.0 m to
86.2 m and included a subinterval of 0.75% Co and 0.57% Ni
over 1.2 m from 84.5 m to 85.7 m. Both holes successfully
extend the western end of the higher-grade subzone at West Bear in
the down-dip direction.
The Company completed 126 holes totaling
11,412.5 metres during the winter drill program. To date, assay
results have been received for 102 drill holes. UEX announced assay
results from the first 79 holes in the Company’s news releases
dated February 7, 2019, March 18, 2019, April 1, 2019 and April 15,
2019, available at www.sedar.com or UEX’s website at
www.uex-corporation.com.
Assay results from fourteen of the twenty-three
holes received in the fifth 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.com (see Table 1 and Figure 1).
Results for the remaining twenty-four holes
drilled this winter are still outstanding. The Company has also
collected and submitted to the laboratory an additional 757 samples
from 60 historical sonic drill holes and 12 historical diamond
drill holes identified as containing previously unsampled intervals
considered favourable for hosting cobalt-nickel mineralization. UEX
is still awaiting the laboratory results from these historical
holes.
It is exciting to see the West Bear Co-Ni Deposit beginning to
take shape as the assay results are gradually received. The Deposit
is beginning to reveal its secrets. Listening to these secrets, our
Exploration team has identified even more drill targets passed over
by previous operators for uranium potential but we now consider to
be high-priority cobalt drill targets in the immediate area of West
Bear and across our existing Athabasca Basin land holdings.
– Roger Lemaitre, President & CEO
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 600 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
Roger LemaitrePresident and CEO(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.
Two photos accompanying this announcement are
available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/e5136cf9-6cf8-4650-9afd-2acf4074b25e
http://www.globenewswire.com/NewsRoom/AttachmentNg/46789116-444c-4b32-9295-118e715f1e52
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