Trading Symbol: UEX-TSX
VANCOUVER, Feb. 26, 2015 /CNW/ - UEX Corporation ("UEX"
or "the Company") is pleased to announce the initial drill results
from the first nineteen holes of the 2015 Hidden Bay winter
basement-targeting drill program in the Dwyer Lake area ("Dwyer
Lake") (see Figure 1).
As of February 20, 2015,
approximately 4,000 m of the planned 10,000 m drill program has
been completed. The remaining 6,000 m will be apportioned
between Dwyer Lake, Wolf Lake and other Hidden Bay target
areas. Moderate to strong hydrothermal alteration of the
sandstone is present in fourteen of these holes, with intense
hydrothermal clay alteration having been encountered in thirteen of
these holes within basement rocks. A majority of these holes
also intersected favourable basement lithologies and significant
faulting. Anomalous radioactivity was not observed in the
down-hole surveys; however, several notable characteristics have
been observed:
- A major hydrothermal alteration zone over an area 175 m by 75 m
has been confirmed, significantly expanding the area of intense
clay alteration first indicated in historic hole D-57. The
alteration observed in historic hole D-57 initially prompted the
Company to target Dwyer Lake;
- The presence of kaolinite-illite clays in the sandstone and
basement rocks were not recognized in the historic D-57 hole;
however, their prolific occurrence in this alteration system
confirms Dwyer Lake as a high priority area; and
- The basement alteration at Dwyer Lake consists of intense
hydrothermal clay that does not appear to consistently connect
directly to the sandstone alteration zone at the unconformity and
does not extend below a vertical depth of 110 m from
surface.
Identifying this large of an area of intense kaolinite-illite
clay alteration right out of the gate provides UEX with substantial
exploration potential as exploration in the area continues.
Drilling to define the margins of this alteration zone along strike
to the north and south to find the potential locations where
uranium accumulations may have occurred is currently
underway.
One drill is continuing to test targets at Dwyer Lake, while a
second drill has commenced the basement targeting program at Wolf
Lake. These programs represent the first two of a series of
programs intended to discover new basement-hosted uranium deposits
on the Hidden Bay Project based on targets generated by a thorough
re-interpretation of the extensive historical dataset.
To view Figure 1 (Hidden Bay Project – Dwyer Lake Alteration
Zone – Winter 2015 Drilling) please access this news release on
UEX's website at www.uex‑corporation.com.
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.
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 National Instrument 43-101.
About UEX
UEX (TSX:UEX, OTC:UEXCF.PK, UXO.F) is a Canadian uranium
exploration and development company actively involved in fifteen
uranium projects, including four that are 100% owned and operated
by UEX, one joint venture with AREVA that is operated by UEX, as
well as nine joint-ventures with AREVA and one joint venture with
AREVA and JCU (Canada) Exploration
Company, Limited, which are operated by AREVA. The fifteen
projects, totaling 251,159 hectares (620,626 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 $6.8
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.
|
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