UEX Announces Updated Resource Estimate for Shea Creek Uranium Project
Saskatoon, Saskatchewan -- June 6, 2022 -- NewsGenie -- UEX Corporation (TSX:UEX) has released an updated technical report featuring a revised mineral resource estimate for its 49.0975% owned Shea Creek Project. Orano Canada Inc. holds the remaining 50.9025% interest.
The updated report, completed by qualified professionals including James Gray of Advantage Geoservices, David Rhys of Panterra Geoservices, and Chris Hamel, UEX's VP of Exploration, estimates indicated mineral resources at 2,056,000 tonnes containing 67.57 million pounds of U3O8 at an average grade of 1.491% U3O8. Inferred resources are estimated at 1,254,000 tonnes containing 28.06 million pounds of U3O8 at an average grade of 1.015% U3O8, using a cut-off grade of 0.30% U3O8.
The estimate incorporates data from 477 diamond drill holes (402,800 m) drilled between 1992 and 2012. Mineralized wireframes for the Colette, 58B, Kianna, and Anne zones were prepared at a 0.05% U3O8 threshold. The estimate was completed by ordinary kriging using Gemcom software with block sizes of 5 x 5 x 5 m.
Uranium geochemical analyses from the Saskatchewan Research Council were used, with duplicate and independent checks performed on approximately 5% of the mineralized assay database. Downhole gamma probe data were used to calculate equivalent uranium grades in cases where geochemical analyses were unavailable, calibrated against geochemical analyses from previous holes.
The NI 43-101 compliant technical report is available on SEDAR and UEX's website. The technical contents of the report and this release have been reviewed and approved by qualified persons including James Gray, David Rhys, Chris Hamel, and Roger Lemaitre, UEX’s President.
UEX Corporation is focused on uranium and cobalt exploration and development within the Athabasca Basin, which accounts for a significant portion of global uranium production. UEX also co-owns JCU (Canada) Exploration Company, Limited with Denison Mines Corp, giving them interests in key uranium projects.
UEX is also advancing cobalt exploration in Canada with projects located in the Athabasca Basin, including the West Bear Cobalt-Nickel Deposit.