UEX Corporation (“UEX” or the “Company”), declared that the 2018 drilling program on the Christie Lake Project is set to start.
Winter Program Underway
The winter 2018 exploration program is in progress, the aim of which is to expand the uranium resources on the Yalowega Uranium Trend (henceforth the "Trend"). Nearly 4500 m of drilling in nine holes will be carried under this 1.5 million dollar program, the focus of which is on investigating targets located adjacent to strike and northeast of the Ōrora Deposit.
The Ōrora Deposit was found at the time of the winter 2017 exploration operation. Features of the 2017 winter discovery program include hole CB-109 (which yielded 22.81% U3O8 across 8.6 m from 475.1 to 483.7 m) and hole CB-116A (which yielded 20.00% U3O8 across 8.5 m from 471.0 to 479.5 m). The Ōrora Zone’s length was expanded to at least 150 m during the 2017 summer drill program and mineralization continues to exist along strike to the southwest as well as to the northeast.
The unconformity targets positioned northwest and up-dip of modest basement-hosted uranium mineralization drilled by the prior operator in the 1990s were investigated during the winter program. The Ōrora Zone was discovered when the up-dip of similarly mineralized holes was investigated by UEX in the year 2017.
I continue to be very optimistic about the opportunity to make additional discoveries along the Trend. The 2017 exploration program at the Christie Lake Project brought great success with the Ōrora Zone discovery. I am excited about the targets we will be testing this winter and eagerly look forward to seeing what the exploration team will achieve in the coming months.
Roger Lemaitre, President and CEO
UEX has formed a crew for re-opening the camp, asserting the lake ice thickness in the proposed drilling areas and, based on requirements, taking measures to thicken the ice. Drilling operations are anticipated to be started by the end of the week.
The winter program would be a significant initiative toward UEX acquiring a 60% stake in the Christie Lake Project. The Company proceeds to collaborate with a consulting firm to finish the maiden NI 43-101-compliant resource evaluation for the Christie Lake Project.
About the Christie Lake Project
At present, UEX possesses a 45% stake in the Christie Lake Project and has been operating under an option agreement to acquire up to a 70% stake. The Project is positioned nearly 9 km northeast and along strike of Cameco’s McArthur River Mine, the largest producer of uranium across the globe. The P2 Fault, which is the controlling structure of the entire McArthur River deposits, extends to the northeast beyond the mine. UEX is confident that by means of a sequence of en-echelon steps, the northeast strike expansion of the P2 Fault crosses the Project as well as regulates the three known uranium deposits on Christie Lake, namely, the Ōrora, Paul Bay and Ken Pen Deposits.
The combined yield of the Paul Bay and Ken Pen Deposits is evaluated to be 20.87 million pounds of U3O8 at an average grade of 3.22% U3O8, which were found out in 1989 and 1993 respectively. This is a landmark resource estimation without using resource classifications adhering to NI 43-101. The landmark resource estimate was described in an internal report, “Christie Lake Project, Geological Resource Estimate,” on September 12, 1997; completed by PNC Tono Geoscience Center, Resource Analysis Group.
The landmark resource was computed by adopting a 3D block model, with block sizes of 2 m by 2 m by 2 m and block grades interpolated by adopting the inverse distance squared technique across a height of 1 m and a circular search radius of 25 m. Specific gravities of every single deposit were averaged by using specific gravity measures of individual samples gathered for assay. UEX proposes to finish further infill drilling on the deposits at the time of the option earn-in period to elevate these landmark resources as indicated and inferred resources. A qualified person has not carried out adequate study to categorize the historic estimate as prevalent mineral reserves or mineral resources. As UEX does not consider the historic estimate to be prevalent mineral resources or mineral reserves, the reader is advocated not to consider this historical estimate as a resource estimate.