UEX Vests 60% Interest in Christie Lake
29 November 2018 - 11:00PM
UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to
announce that it has received written confirmation from JCU
(Canada) Exploration Company Limited (“JCU”) acknowledging that the
Company has increased its interest in the Christie Lake Uranium
Project to 60%.
UEX has made the latest $1 million property
payment to JCU and completed the 2018 exploration work commitments
under the Christie Lake Option Agreement prior to the January 1,
2019 deadline. As a result, UEX’s ownership interest in the
Christie Lake Joint Venture has increased from 45% to 60% effective
November 13, 2018. UEX has made cumulative property payments
of $6 million and conducted just over $10.0 million in exploration
activities on the project as of October 31, 2018.
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We are pleased
that UEX has earned our 60% interest in Christie Lake. Despite
expanding the Paul Bay and Ken Pen Deposits and making the
high-grade Ōrora Discovery in 2017, the Company believes we have
barely scratched the surface when it comes to testing the full
potential of the Christie Lake Property. We look forward to working
with JCU in testing highly prospective targets along strike
immediately southwest of the Paul Bay Deposit Trend and
following-up existing mineralized drill holes on the adjacent
B-conductor trend. |
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-Roger
Lemaitre, President & CEO |
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About the Christie Lake Project
UEX currently holds a 60% interest in the
Christie Lake Project located approximately 9 km northeast and
along strike of Cameco’s McArthur River Mine, the world’s largest
uranium producer. The P2 Fault, the controlling structure for
all of the McArthur River deposits, continues to the northeast
beyond the mine. UEX believes that through a series of
en-echelon steps the northeast strike extension of the P2 Fault not
only crosses the Project but also controls the three known uranium
deposits on Christie Lake, the Ōrora, Paul Bay and Ken Pen
Deposits.
The Paul Bay and Ken Pen Deposits are estimated
to host a combined 20.87 million pounds of U3O8 at an average grade
of 3.22% U3O8 and were discovered in 1989 and 1993
respectively. This is a historic resource estimation which
does not use resource classifications consistent with NI
43-101. The historical resource estimate was presented in an
internal report titled Christie Lake Project, Geological Resource
Estimate completed by PNC Tono Geoscience Center, Resource Analysis
Group, dated September 12, 1997. The historical resource was
calculated using a 3 D block model using block sizes of 2 m by 2 m
by 2 m, and block grades interpolated using the inverse distance
squared method over a circular search radius of 25 m and 1 m
height. Specific gravities for each deposit were averaged
from specific gravity measures of individual samples collected for
assay. UEX has completed additional infill drilling on the
deposits during the option earn-in period to upgrade these historic
resources to indicated and inferred. A qualified person has
not done sufficient work to classify the historic estimate as
current mineral resources or mineral reserves. UEX is not
treating the historic estimate as current mineral reserves or
mineral resources and the reader is advised not to rely upon this
historical estimate as a resource estimate.
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 and Trevor Perkins, P.Geo., UEX’s Exploration
Manager, who are each considered to be 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 involved in eighteen
uranium projects, including seven that are 100% owned and operated
by UEX, one joint venture with Orano Canada Inc. (“Orano”) and ALX
Uranium Corp. (“ALX”) that is 50.1% owned by UEX and is under
option to and operated by ALX, as well as eight joint ventures with
Orano, one joint venture with Orano and JCU (Canada) Exploration
Company Limited, which are operated by Orano, and one project
(Christie Lake) under option from JCU (Canada) Exploration Company
Limited and operated by UEX.
The company is also involved in one
cobalt-nickel exploration project located in the Athabasca Basin of
northern Saskatchewan. The West Bear Project was formerly
part of UEX’s Hidden Bay Project and contains the West Bear
Cobalt-Nickel Deposit and the West Bear Uranium Deposit.
The eighteen projects are located in the
eastern, western and northern perimeters of the Athabasca Basin,
the world's richest uranium belt, which in 2017 accounted for
approximately 22% of the global primary uranium production.
UEX is currently advancing several uranium deposits in the
Athabasca Basin which include the Christie Lake deposits, the
Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned
Shea Creek Project (located 50 km north of Fission’s Triple R
Deposit and Patterson Lake South Project, and NexGen’s Arrow
Deposit) the Horseshoe and Raven deposits located on its 100%-owned
Horseshoe-Raven Development Project and the West Bear Uranium
Deposit located at its 100%-owned West Bear Project.
About JCU
JCU is a private company that is actively
engaged in the exploration and development in Canada. JCU is
owned by three Japanese companies. Amongst these, Overseas
Uranium Resources Development Co., Ltd. (“OURD”) acts as the
manager of JCU. JCU has partnerships with UEX, Orano, Cameco,
Denison and others on uranium exploration and development projects
in the Athabasca Basin of Northern Saskatchewan including
Millennium and Wheeler River and the Kiggavik project in the Thelon
Basin in Nunavut.
FOR FURTHER INFORMATION PLEASE CONTACT
Roger LemaitrePresident & CEO(306)
713-1401
Forward-Looking Information
This news release contains 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 the WBU
Deposit drill program, UEX's drill hole results, uranium, cobalt
and nickel prices, outlook for our future operations, plans and
timing for exploration activities, and other expectations,
intentions and plans that are not historical fact. 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 the, interpretation of drill results and geology, assay
confirmation, additional drilling results, continuity and grade of
deposits, fluctuations in uranium, cobalt and nickel prices and
currency exchange rates, changes in environmental and other laws
affecting uranium, cobalt and nickel 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.
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