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.
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.
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.