Trading Symbol: UEX-TSX
VANCOUVER, Jan. 9, 2015 /CNW/ - UEX Corporation ("UEX" or
the "Company") is pleased to announce the commencement of its 2015
winter exploration program at its 100% owned Hidden Bay Project
with a budget of $2.5 million.
This program's objective is to begin testing a few of the higher
priority basement targets that were identified during the review of
the Company's database which was compiled when typical
unconformity-style deposits were being sought by previous explorers
in the area. The summer 2014 field review of historical drill
core has confirmed the validity of these targets.
The 10,000-metre drilling program has commenced utilizing one
drill rig, with a second rig expected in late January 2015.
The program will focus on two key target areas, Dwyer Lake and Wolf
Lake, where the Company recognized the presence of
previously overlooked but intense and widespread clay alteration
within basement rocks and fault zones that is uncommon and often
observed within and proximal to the large basement-hosted uranium
deposits of the eastern Athabasca
Basin, such as at the Millennium, Roughrider and Eagle Point
Deposits.
"Since the completion of our summer core review program in
September, our exploration team and I have been eagerly
anticipating the start of our winter drill program. The mild
weather in December delayed our start, but now that we have
mobilized to the site we are looking forward to the drilling
results from some of the most compelling basement targets I have
seen in the Basin." Roger
Lemaitre, President and CEO.
The program will test up to 4 of the initial 12 target areas
that were recently identified and exhibit characteristics
associated with known basement uranium deposits. These
characteristics or markers were present in the core extracted from
areas with shallow sandstone cover drilled by previous explorers
looking for unconformity‑style mineralization. The winter
2015 drill holes are targeting depths between 150 and 250 metres
from surface. UEX expects to complete approximately 30 holes
dependent on drilling conditions.
About the Hidden Bay Project
UEX's Hidden Bay Project is located in the eastern Athabasca Basin and is proximal to several of
the region's major uranium deposits and mines. The property
lies adjacent to two operating uranium mills, is divided by a
provincial highway and is located minutes from daily all-weather
commercial air service at a nearby regional air terminal. The
Hidden Bay Project has been explored for uranium by UEX and
preceding companies for over four decades, with this exploration
leading to the discovery of three deposits documented in National
Instrument 43-101 ("N.I. 43-101") reports which are referenced
below.
About UEX
UEX (TSX:UEX) is a Canadian uranium exploration and development
company actively involved in seventeen 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 nine joint‑ventured with
AREVA and one joint venture with AREVA and JCU (Canada) Exploration Company, Limited, which
are operated by AREVA. The seventeen projects, totaling
260,121 hectares (642,773 acres), are located in the eastern,
western and northern perimeters of the Athabasca Basin, the world's richest uranium
belt, which in 2013 accounted for approximately 15% of the global
primary uranium production. UEX is currently advancing
several uranium deposits in the Athabasca Basin which include the Kianna,
Anne, Colette and 58B deposits at its currently 49.1%-owned Shea
Creek Project, and the Horseshoe, Raven and West Bear deposits
located at its 100%-owned Hidden Bay Project. UEX currently
has a cash position of approximately $8.0
million.
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
(2)
|
2,067,900
|
1.484
|
67,663,000
|
33,222,533
|
Hidden Bay
(3)
|
10,372,500
|
0.160
|
36,623,000
|
36,623,000
|
TOTAL
INDICATED
|
12,440,400
|
0.380
|
104,286,000
|
69,845,533
|
UEX Corporation – Inferred Mineral Resources (1) (2)
(3)
Project
|
Tonnes
|
Grade
U3O8 (%)
|
Total
U3O8 (lbs)
|
UEX's
share
U3O8 (lbs)
|
Shea Creek
(2)
|
1,272,200
|
1.005
|
28,192,000
|
13,842,272
|
Hidden Bay
(3)
|
1,109,200
|
0.111
|
2,715,000
|
2,715,000
|
TOTAL
INFERRED
|
2,381,400
|
0.589
|
30,907,000
|
16,557,272
|
Notes:
(1)
|
|
The mineral resource
estimates follow the requirements of National Instrument 43-101
– Standards of Disclosure for Mineral Projects and
classifications follow CIM definition standards.
|
(2)
|
|
The Shea Creek
mineral resources were estimated at a cut-off of 0.30%
U3O8, and are documented in the Shea Creek
Technical Report with an effective date of May 31, 2013 which was
filed on SEDAR at www.sedar.com on May 31, 2013.
|
(3)
|
|
The Hidden Bay
mineral resources were estimated at a cut-off of 0.05%
U3O8, and are documented 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.
|
Qualified Persons and Data Acquisition
Technical information in this news release has been reviewed and
approved by Roger Lemaitre, P.Eng.,
P.Geo., UEX's President and CEO who is a Qualified Person as
defined by N.I. 43‑101 standards.
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, intentions and plans that are not historical
fact. The words "estimates", "projects", "expects", "intends",
"believes", "plans", "will", "may", 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.
Cautionary Note to United States Investors
This news release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which differ from the requirements of
U.S. securities laws. Unless otherwise indicated, all resource
estimates included in this press release have been prepared in
accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101") and the Canadian Institute of
Mining, Metallurgy, and Petroleum Definition Standards on Mineral
Resources and Mineral Reserves. NI 43-101 is a rule developed by
the Canadian Securities Administrators which establishes standards
for all public disclosure an issuer makes of scientific and
technical information concerning mineral projects. Canadian
standards, including NI 43-101, differ significantly from the
requirements of the United States Securities and Exchange
Commission ("SEC"), and resource information contained herein may
not be comparable to similar information disclosed by U.S.
companies. In particular, and without limiting the generality of
the foregoing, the term "resource" does not equate to the term
"reserves". Under U.S. standards, mineralization may not be
classified as a "reserve" unless the determination has been made
that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. The
SEC's disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources", "indicated
mineral resources" or "inferred mineral resources" or other
descriptions of the amount of mineralization in mineral deposits
that do not constitute "reserves" by U.S. standards in documents
filed with the SEC. Investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves. U.S. investors should also
understand that "inferred mineral resources" have a great amount of
uncertainty as to their existence and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an "inferred mineral resource" will ever be upgraded to
a higher category. Under Canadian rules, estimated "inferred
mineral resources" may not form the basis of feasibility or
pre-feasibility studies except in rare cases. Investors are
cautioned not to assume that all or any part of an "inferred
mineral resource" exists or is economically or legally mineable.
Disclosure of "contained pounds" in a resource is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in-place tonnage and
grade without reference to unit measures. Accordingly, information
concerning mineral deposits set forth herein may not be comparable
with information made public by companies that report in accordance
with U.S. standards.
SOURCE UEX Corporation