UEX Corporation ("UEX") is pleased to announce
final drilling results from the summer-fall 2011 drilling
program at the Horseshoe and Raven deposits, which are
located within UEX's 100%-owned Hidden Bay Project in
the eastern Athabasca Basin of northern Saskatchewan,
Canada. The program consisted mainly of definition and
step-out drilling in the Raven Deposit ("Raven")
and several infill drill holes at the Horseshoe Deposit
("Horseshoe"). The drilling program comprised 63
drill holes totaling 16,457 metres which were designed
primarily to test the continuity and potential for
expansion of higher grade portions of the Raven Deposit,
and also served to provide geotechnical information for
application to the ongoing economic analysis of the
deposits. Results have validated the continuity of
mineralization in the deposits, and expanded portions of
the higher grade parts of the Raven Deposit.
Raven Drilling Results
Fifty-seven holes totaling 14,750 metres were drilled at
Raven to:
1) test for additional continuity of higher grade areas of
mineralization (>0.1% U3O8) that could provide higher
grade underground mining targets; and
2) drill step-out holes to test continuity of
mineralization into new areas, principally in eastern parts
of the Raven Deposit.
Significant results are as follows, and additional
composites are listed in Table 1:
|
|
RU-243
RU-246
RU-248
RU-252
RU-254
RU-256
RU-260
RU-262
RU-276
RU-279
RU-281
|
|
0.274% U3O8 over 17.5 metres (section 5780E);
0.445% U3O8 over 20.5 metres (section 5725E);
0.414% U3O8 over 17.6 metres (section 5755E);
1.492% U3O8 over 3.0 metres (section 5665E);
0.119% U3O8 over 18.5 metres and
0.125% U3O8 over 21.0 meters (section 5476E);
0.340% U3O8 over 5.2 metres (section 5445E);
0.230% U3O8 over 11.0 metres (section 5025E);
0.128% U3O8 over 15.0 metres (section 5423E);
0.226% U3O8 over 13.5 metres (section 5290E);
0.206% U3O8 over 24.0 metres (section 5335E); and
1.538% U3O8 over 1.5 metres (section 5347E).
|
True thickness of these intercepts has not yet been
determined. Drill holes RU-243 and RU 248 will allow for
the extension of the Raven Deposit for at least 30 metres
eastward from its previously modeled outline. These results
are higher grade than previous drilling intercepts in this
area.
The results of this program are being incorporated into the
Raven wireframe model, with the objective of providing
additional information that will form part of a future
preliminary feasibility study for the Horseshoe and Raven
deposits.
In addition to drill holes which intersected the Raven
Deposit, further drill holes were completed to the east of
and surrounding the deposit to explore for new mineralized
areas within or close to potential future mining
infrastructure. No significant uranium mineralization was
intersected in these drill holes. These drill holes did,
however, provide geotechnical information related to open
pit and underground mining design, including possible ramp
access for underground development.
Horseshoe Drilling Results
Six drill holes totaling 1,707 metres were completed at, or
adjacent to, Horseshoe to provide further information about
the continuity and extent of mineralization within and
adjacent to the Horseshoe Deposit, and to supply additional
geotechnical data in the deposit area. Significant drilling
intercepts are listed in Table 1 and include the
following:
|
|
HU-368
HU-370
HU-371
|
|
0.177% U3O8 over 12.0 metres (section 4307N);
0.098% U3O8 over 32.0 metres (section 4561N); and
0.495% U3O8 over 11.0 metres
including 3.295% U3O8 over 1.0 metre (section 4695N).
|
These results confirm continuity of mineralization in the
Horseshoe A and B zones and, based on known morphology of
these zones, are at or close to true thickness. Additional
step-out holes in the Horseshoe area did not intercept any
significant mineralization but, since they were drilled
outside of the known resources, these have no impact on the
current resource model.
Hidden Bay Development
UEX is committed to advancing the Hidden Bay Project and,
in this regard, has engaged SRK Consulting (Canada) Inc. to
conduct engineering studies on the Horseshoe, Raven and
West Bear deposits. These studies will further examine the
economic viability of mining the Horseshoe and Raven
deposits as a combined open pit and underground ramp access
operation and assess a variety of processing options as
well as the suitability of the Raven pit as a tailings
management facility. This work follows on the previously
released Preliminary Assessment which was completed in
February 2011 (see UEX news release of February 23, 2011)
and will form components of a future preliminary
feasibility study. UEX has also commenced preliminary
discussions with the owners of the nearby McClean Lake and
Rabbit Lake mills regarding the processing of ore from the
Horseshoe, Raven and West Bear deposits.
A $2.0-million budget has been proposed for development at
the Hidden Bay Project in 2012 which will include the
following:
-
Geochemical, geotechnical and metallurgical studies;
-
Pit hydrogeology and hydrology studies;
-
Mine engineering and infrastructure analysis;
-
Waste management and environmental studies;
-
Continued evaluation of the suitability of the proposed
Raven open pit as a tailings management facility; and
-
Resource review and economic analysis.
About the Horseshoe and Raven Deposits
The Horseshoe and Raven deposits are located in the central
portion of UEX's 100%-owned Hidden Bay Project which
also contains the West Bear Deposit. Mineralization at the
Horseshoe and Raven deposits comprises shallow dipping
zones of hematization with disseminated and veinlet
pitchblende-boltwoodite-uranophane that are hosted by
folded arkosic quartzite gneiss. The two deposits are
located approximately 4 kilometres south of Cameco's
Rabbit Lake milling operation, and 22 kilometres southeast
of AREVA's McClean Lake milling operation. As
previously announced in July 2009, the Horseshoe and Raven
deposits collectively contain, at a cut-off grade of 0.05%
U3O8, mineral resource estimates of:
-
35.04 million pounds of U3O8 grading 0.155% U3O8 in the
Indicated category; and
-
2.72 million pounds of U3O8 grading 0.111% U3O8 in the
Inferred category.
These mineral resource estimates are supported by a
technical report on the Hidden Bay property with an
effective date of February 15, 2011, filed on SEDAR at
www.sedar.com on February
23, 2011. Note that Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability
Further information regarding UEX's projects, including
maps and cross sections, is available on UEX's website
www.uex-corporation.com.
Qualified Persons
Technical information in this news release has been
reviewed and approved by R. Sierd Eriks, P.Geo., UEX's
Vice-President of Exploration, and David Rhys, P.Geo., UEX
Advisory Board member, who are each Qualified Persons as
defined by National Instrument 43-101.
About UEX
UEX is a Canadian uranium exploration and development
company actively involved in 18 uranium projects, including
six that are 100% owned and operated by UEX, one joint
venture with AREVA that is operated by UEX, as well as ten
joint-ventured with AREVA and one under option from JCU
(Canada) Exploration Company, Limited, which are operated
by AREVA. The 18 projects, totaling 308,320 hectares
(761,875 acres), are located in the eastern, western and
northern perimeters of the Athabasca Basin, the world's
richest uranium belt, which accounts for approximately 17%
of the global primary uranium production.
UEX's two major projects have mineral resource
estimates as follows:
UEX Corporation -- Indicated Mineral Resources (1) (2)
(3)
|
|
Project
|
|
Tonnes
|
|
Grade
U3O8 (%)
|
|
Total
U3O8 (lbs)
|
|
UEX's share
U3O8 (lbs)
|
|
Shea Creek (4)
|
1,872,600
|
1.540
|
63,572,000
|
31,150,280
|
|
Hidden Bay (5)
|
10,372,500
|
0.160
|
36,623,000
|
36,623,000
|
|
|
TOTAL INDICATED
|
|
12,245,100
|
|
0.371
|
|
100,195,000
|
|
67,773,280
|
UEX Corporation -- Inferred Mineral Resources (1) (2) (3)
|
|
Project
|
|
Tonnes
|
|
Grade
U3O8 (%)
|
|
Total
U3O8 (lbs)
|
|
UEX's share
U3O8 (lbs)
|
|
Shea Creek (4)
|
1,068,900
|
1.041
|
24,525,000
|
12,017,250
|
|
Hidden Bay (5)
|
1,109,200
|
0.111
|
2,715,000
|
2,715,000
|
|
|
TOTAL INFERRED
|
|
2,178,100
|
|
0.567
|
|
27,240,000
|
|
14,732,250
|
Notes:
-
The mineral resource estimates follow the requirements
of National Instrument 43-101 -- Standards of
Disclosure for Mineral Projects and classifications
follow CIM definition standards.
-
The Shea Creek mineral resources were estimated at a
cut-off of 0.30% U3O8.
-
The Hidden Bay mineral resources were estimated at a
cut-off of 0.3O8.
-
The Shea Creek mineral resource estimates are included
in the Shea Creek Technical Report with an effective
date of May 26, 2010 which was filed on SEDAR at www.sedar.com on July
9, 2010.
-
The Hidden Bay mineral resource estimates are included
in the Hidden Bay Technical Report with an effective
date of February 15, 2011 which was filed on SEDAR at
www.sedar.com on
February 23, 2011.
UEX is currently advancing several uranium deposits at its
two major projects which include the Kianna, Anne, Colette
and 58B deposits at its 49%-owned Shea Creek Project, a
joint venture with AREVA in the western Athabasca Basin,
and the Horseshoe, Raven and West Bear deposits located at
its 100%-owned Hidden Bay Project in the eastern Athabasca
Basin.
FOR FURTHER INFORMATION PLEASE CONTACT
Graham C. Thody
President & CEO
(604) 669-2349
Forward-Looking Information
This news release may contain 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 UEX's mineral resource and mineral
reserve estimates, outlook for our future operations, plans
and timing for exploration activities, and other
expectations, intention and plans that are not historical
fact. The words "estimates",
"projects", "expects",
"intends", "believes",
"plans", or their negatives or other comparable
words and phrases are intended to identify forward-looking
information. 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 interpretation of drill results
and geology, additional drilling results, continuity and
grade of deposits, participation in joint ventures,
reliance on other companies as operators, public acceptance
of uranium as an energy source, fluctuations in uranium
prices and currency exchange rates, changes in
environmental and other laws affecting uranium 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.
Table 1
Summer-Fall 2011 Raven (RU-) and Horseshoe (HU-) Drilling
Program Intersections from Drill Holes HU-368 to HU-371
and RU-227 to RU-282
Only intervals with composite grades greater than 0.3O8
and a grade-thickness product greater than 0.1 are listed
below. All analyses were performed by Saskatchewan
Research Council by ICP. No intervals greater than 0.3O8
and a grade thickness product higher than 0.1 were
intersected in holes RU-227, 229-233, 235, 236, 238, 241,
242, 244, 245, 247, 249, 253, 257-259, 263-267, 269-271
and 278.
|
|
Hole
|
|
Area
|
|
From (metres)
|
|
To (metres)
|
|
Length (metres)
|
|
Avg. Grade (% U3O8)
|
|
HU-368
|
Horseshoe Infill
|
176.00
|
188.00
|
12.00
|
0.177
|
|
including
|
|
184.00
|
188.00
|
4.00
|
0.279
|
|
HU-368
|
|
213.00
|
227.00
|
14.00
|
0.054
|
|
HU-368
|
|
232.00
|
233.00
|
1.00
|
0.123
|
|
HU-368
|
|
240.00
|
245.00
|
5.00
|
0.182
|
|
HU-368
|
|
259.50
|
263.00
|
3.50
|
0.072
|
|
HU-369
|
Horseshoe Infill
|
206.50
|
208.50
|
2.00
|
0.352
|
|
HU-370
|
Horseshoe infill
|
318.00
|
319.00
|
1.00
|
0.104
|
|
HU-370
|
|
332.00
|
364.00
|
32.00
|
0.098
|
|
including
|
|
332.50
|
340.00
|
7.50
|
0.199
|
|
HU-371
|
Horseshoe Infill
|
273.50
|
285.00
|
11.50
|
0.055
|
|
HU-371
|
|
299.50
|
302.00
|
2.50
|
0.092
|
|
HU-371
|
|
319.00
|
330.00
|
11.00
|
0.495
|
|
including
|
|
321.00
|
325.00
|
4.00
|
1.143
|
|
including
|
|
321.50
|
322.50
|
1.00
|
3.295
|
|
HU-371
|
Horseshoe Infill
|
344.50
|
345.00
|
0.50
|
0.253
|
|
RU-228
|
Raven Step-out
|
116.50
|
117.50
|
1.00
|
0.119
|
|
RU-228
|
|
156.00
|
158.50
|
2.50
|
0.081
|
|
RU-234
|
Raven Step out
|
170.00
|
171.50
|
1.50
|
0.081
|
|
RU-234
|
|
209.00
|
210.00
|
1.00
|
0.149
|
|
RU-237
|
Raven Exploration
|
217.60
|
218.90
|
1.30
|
1.053
|
|
RU-239
|
Raven Exploration
|
120.00
|
122.50
|
2.50
|
0.081
|
|
RU-243
|
Raven Step-out
|
108.00
|
125.50
|
17.50
|
0.274
|
|
including
|
|
111.00
|
114.50
|
3.50
|
0.631
|
|
RU-246
|
Raven Infill
|
117.00
|
137.50
|
20.50
|
0.445
|
|
including
|
|
118.50
|
121.60
|
3.10
|
0.761
|
|
including
|
|
128.00
|
137.50
|
9.50
|
0.666
|
|
including
|
|
131.00
|
133.10
|
2.10
|
1.676
|
|
RU-248
|
Raven Step-out
|
127.90
|
145.50
|
17.60
|
0.414
|
|
including
|
|
141.50
|
145.00
|
3.50
|
0.937
|
|
RU-251
|
Raven Infill
|
248.50
|
249.00
|
0.50
|
0.282
|
|
RU-251
|
|
301.70
|
303.00
|
1.30
|
0.127
|
|
RU-252
|
Raven Infill
|
181.00
|
184.00
|
3.00
|
1.492
|
|
RU-254
|
Raven Infill
|
96.00
|
114.50
|
18.50
|
0.119
|
|
including
|
|
104.30
|
107.50
|
3.20
|
0.579
|
|
RU-254
|
|
132.00
|
153.00
|
21.00
|
0.125
|
|
including
|
|
137.00
|
143.00
|
6.00
|
0.196
|
|
RU-254
|
|
209.50
|
214.00
|
4.50
|
0.158
|
|
RU-254
|
|
259.40
|
260.00
|
0.60
|
0.182
|
|
RU-255
|
Raven Infill
|
293.80
|
294.50
|
0.70
|
0.159
|
|
RU-256
|
Raven Infill
|
99.80
|
105.00
|
5.20
|
0.340
|
|
including
|
|
99.80
|
102.00
|
2.20
|
0.602
|
|
RU-256
|
|
220.00
|
231.00
|
11.00
|
0.111
|
|
RU-260
|
Raven Infill
|
238.00
|
249.00
|
11.00
|
0.230
|
|
including
|
|
243.00
|
249.00
|
6.00
|
0.383
|
|
RU-261
|
Raven Infill
|
254.00
|
257.50
|
3.50
|
0.055
|
|
RU-261
|
|
264.50
|
276.00
|
11.50
|
0.091
|
|
RU-261
|
|
294.50
|
297.00
|
2.50
|
0.128
|
|
RU-262
|
Raven Infill
|
114.50
|
116.50
|
2.00
|
0.106
|
|
RU-262
|
|
126.50
|
136.00
|
9.50
|
0.050
|
|
RU-262
|
|
269.00
|
284.00
|
15.00
|
0.128
|
|
including
|
|
282.50
|
284.00
|
1.50
|
0.838
|
|
RU-268
|
Raven Infill
|
150.00
|
153.00
|
3.00
|
0.108
|
|
RU-268
|
|
306.50
|
307.00
|
0.50
|
0.245
|
|
RU-272
|
Raven Infill
|
188.50
|
189.00
|
0.50
|
0.262
|
|
RU-272
|
|
279.00
|
286.60
|
7.60
|
0.125
|
|
RU-272
|
|
297.00
|
301.00
|
4.00
|
0.073
|
|
RU-273
|
Raven Infill
|
88.50
|
92.50
|
4.00
|
0.063
|
|
RU-273
|
|
153.00
|
155.00
|
2.00
|
0.055
|
|
RU-273
|
|
169.00
|
171.00
|
2.00
|
0.062
|
|
RU-274
|
Raven Infill
|
106.50
|
115.00
|
8.50
|
0.049
|
|
RU-274
|
|
202.00
|
214.00
|
12.00
|
0.060
|
|
RU-275
|
Raven Infill
|
263.00
|
276.00
|
13.00
|
0.097
|
|
RU-276
|
Raven Infill
|
211.50
|
225.00
|
13.50
|
0.226
|
|
including
|
|
211.50
|
214.00
|
2.50
|
0.552
|
|
including
|
|
223.00
|
225.00
|
2.00
|
0.812
|
|
RU-277
|
Raven Infill
|
258.00
|
265.00
|
7.00
|
0.117
|
|
RU-277
|
|
283.00
|
286.50
|
3.50
|
0.058
|
|
RU-279
|
Raven Infill
|
82.00
|
106.00
|
24.00
|
0.206
|
|
including
|
|
86.50
|
92.50
|
6.00
|
0.370
|
|
including
|
|
101.00
|
106.00
|
5.00
|
0.345
|
|
RU-280
|
Raven Infill
|
135.00
|
137.00
|
2.00
|
0.131
|
|
RU-281
|
Raven Infill
|
64.50
|
66.00
|
1.50
|
1.538
|
|
including
|
|
65.00
|
65.50
|
0.50
|
3.260
|
|
RU-281
|
|
176.00
|
178.00
|
2.00
|
0.108
|
|
RU-282
|
Raven Infill
|
202.00
|
209.00
|
7.00
|
0.070
|
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