(via TheNewswire)
Drilling also underway at
A summer drilling program also commenced on the
Summer exploration drilling is planned in three target areas at Christie Lake using two drill rigs. The summer program will consist of approximately 12 holes for an anticipated total of about 8,000 m of drilling (see Figure 2) following up on the encouraging results of the winter drilling program. Priority drilling will focus on testing for basement-hosted uranium near the
The program will test down-dip of known shallow basement-hosted mineralization encountered in previous drilling programs that remain open for expansion. Targets selected for summer drilling include:
Testing between the
Paul Bay and Ken Pen Deposits in the area below where winter drill hole CB-164 intersected basement mineralization that grades0.05% eUover 3.1 massociated with strong hydrothermal alteration within the Yalowega Trend Fault;Following up the B-Trend area where CB-163 encountered uranium that grades0.05% Uover 1.6 mfrom 298.6 to 300.2 m hosted in fractured and altered sandstone more than 150 m above the unconformity. Mineralization in these concentrations, this high above the unconformity is rare. The Company identifies the area as a priority follow-up target, as similar other occurrences have often been associated with uranium deposits;
Between the Ken Pen and Ōrora Deposits, several holes have encountered uranium mineralization at the unconformity and in the shallow basement, less than 50 m below the unconformity. These targets remain untested and open in the down-dip direction, including hole CB94-038 (drilled in 1994 by the previous operator) that encountered multiple mineralized intervals in the basement rocks including an interval averaging 0.78% Uover 2.0 m from 439.5 m to 441.5 m;
Along the A-Trend where winter drill hole CB-161 demonstrated the location of the conductor in this area. UEX intends to further evaluate this target where it appears to be upgraded by the intersection with regional-scale structural lineaments.
The summer program will also test for the down-plunge extension of the Paul Bay Deposit. The deepest existing hole at
The Exploration Team has put significant effort into advancing our knowledge of the controls of the Christie Lake deposits and is excited to apply this knowledge to both our basement-focusedprogram along the Yalowega Trend near
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JCU Projects
The expanded summer drilling program has also commenced at the
About the
UEX holds a 82.775% combined direct and indirect interest in the
Qualified Persons and Data Acquisition
The technical information in this news release has been reviewed and approved by
About UEX
UEX is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects.
UEX’s directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the
UEX is also 50:50 co-owner of
UEX is also leading the discovery of cobalt in
FOR FURTHER INFORMATION PLEASE CONTACT
President & 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 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.
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Figure 1 – UEX and JCU Projects –
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Figure 2 – Planned 2022 Summer Targets at Christie Lake
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