UEX Launches Summer Drilling at Christie Lake, Targets Basement-Hosted Uranium
Saskatoon, Saskatchewan -- July 14, 2022 -- NewsGenie -- UEX Corporation has commenced its 2022 summer exploration drilling program at the Christie Lake Project in the Athabasca Basin, northern Saskatchewan. A summer drilling program has also started on the Waterfound River Project, a JCU joint-venture project, in which the Company’s 50% owned subsidiary JCU Canada Exploration Company, Limited is a minority owner.
The Christie Lake program plans approximately 12 holes totaling about 8,000 m, following up on winter drilling results. Priority is testing for basement-hosted uranium near the Paul Bay, Ken Pen and Ὄrora Deposits, down-dip of mineralized holes in the Yalowega Trend gap areas. The program will use the UEX Exploration Team’s updated structural interpretation.
Targets include testing between the Paul Bay and Ken Pen Deposits, following up the B-Trend area where CB-163 encountered uranium in fractured sandstone, and between the Ken Pen and Ὄrora Deposits, evaluating targets down-dip. The summer program will also test the down-plunge extension of the Paul Bay Deposit.
The expanded summer drilling program has also commenced at the Waterfound River Project. Approximately 4,000 m of drilling in 8 drill holes is planned along the trend of the Alligator Zone where unconformity-hosted uranium mineralization was encountered in multiple holes during the winter program where the best drillhole WF-68 encountered uranium mineralization averaging 5.91% eU3O8 over 3.9 metres from 473.6 m to 477.5 m. JCU has a 25.101% interest in the Waterfound River Project.
UEX holds an 82.775% interest in the Christie Lake Project, a joint venture with JCU. The project lies 9 km northeast of Cameco’s McArthur River Mine. Christie Lake is estimated to contain 588,000 tonnes grading 1.57% U3O8, or 20.35 million pounds of U3O8.
Roger Lemaitre, P.Eng., P.Geo., UEX’s President and CEO and Chris Hamel, P.Geo, UEX’s Vice President, Exploration, are Qualified Persons as defined by National Instrument 43-101 and have approved the technical information in this release.
UEX is a Canadian uranium and cobalt exploration and development company with a portfolio of uranium projects and is leading the discovery of cobalt in Canada, with three cobalt-nickel exploration projects located in the Athabasca Basin of northern Saskatchewan, including the only primary cobalt deposit in Canada.
Figure 1 – UEX and JCU Projects – Athabasca Basin
Figure 2 – Planned 2022 Summer Targets at Christie Lake