UEX Corporation announced the completion of its 2022 winter exploration programs for the Christie Lake and Hidden Bay Projects located in the Athabasca Basin of northern Saskatchewan. Christie Lake Project: Winter exploration drilling at Christie Lake totaled 5,653 m in 10 drill holes and focused on the initial evaluation of the three 2022 target areas: 1) To explore for the extension of basement -hosted uranium mineralization below, down-dip, and down-plunge of the Paul Bay, Ken Pen and rora Deposits, as well as down-dip of existing uraniferous holes located in the gap areas between the three deposits to explore for basement-hosted uranium deposits; 2) Along the B Conductor Trend, targeting the B Conductor and DC Resistivity low that is adjacent to the A & B trends located between the Yalowega B & A Trends; 3) UEX's first ever drill test of the A Conductor trend, which is interpreted to be the immediate northeast extension of the mineralized P2 Fault Structure trending from the McArthur River mine. Seven holes tested the area between the rora and Paul Bay Deposits. The best result from the winter program was drill hole CB-164 that tested for basement mineralization between the Paul Bay and Ken Pen Deposits and intersected uranium mineralization in faulted rocks just below the unconformity that averaged 0.11% eU3O8 over 1.0 m from 471.9 to 472.9 m. Strong hydrothermal alteration and fault structures were associated
with the uranium mineralization, suggesting that a viable pathway is present to move uraniferous hydrothermal fluids into the basement environment below the known deposits in this area. UEX considers CB-164 to be an encouraging result that will require follow-up by testing during the summer drill programs. Two other holes, CB-160 and CB-162 drilled to test the basement rocks between the Paul Bay and Ken Pen Deposits, also encountered a permissive fault structure with associated hydrothermal alteration that extends below the existing uranium deposits. Further drill tests are planned for the area this summer. Two drill holes tested the DC Resistivity low adjacent to the B Conductor Trend. Drill hole CB-163 encountered
elevated radioactivity in the sandstone column approximately 180 m above the unconformity coincident with fracture controlled sooty grey alteration and secondary hematite alteration. This radioactive interval averaged 0.03% eU3O8 over 0.3 m from 298.6 to 298.9 m. It is uncommon to encounter elevated radioactivity so high up in the sandstone. This type of occurrence in the Athabasca Basin is often associated with more intense mineralization at the unconformity or below into the basement. These early test results from the DC Resistivity Low represent an exploration vector towards both the east and west towards the adjacent A & B Conductor trends. Follow-up in drilling near CB-163 along the A and B trends represent high priority drill targets for the Christie Lake summer drill program. Hole CB-164, UEX's initial test of the A Conductor, encountered alteration of the basement rocks that overprinted the regional background paleoweathering. The bleaching of the basement rocks persists to 528 m, more than 70 m into the basement rocks. As an initial prospectivity evaluation of an area, this is a success and indicates that the entire 3 km strike length of the A-Trend is prospective and warrants further evaluation. All drill core samples from the winter program at Christie Lake have been shipped to the SRC Geoanalytical Laboratory for geochemical analysis.