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UEX says 2016 targets met, plans winter drilling at Christie Lake

Last updated: 16:14 15 Dec 2016 EST, First published: 11:14 15 Dec 2016 EST

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Winter 2017 program is planned

UEX Corp. (TSE:UEX) said its exploration commitments and goals were achieved, as it unveiled its final assay results from the summer 2016 drilling program on the Christie Lake project on Thursday.

The company's focus in 2016 was to improve its understanding of the mineralization on the Christie Lake project and to grow the Paul Bay and Ken Pen deposits. Highlights of the company's achievements in 2016 included:

 

  • Confirmed and expanded the mineralization at the Ken Pen and Paul Bay deposits;
  • Discovered an unexpected high-grade zone of mineralization within Paul Bay;
  • Successfully applied lessons learned at Paul Bay to the Ken Pen area, which led to the discovery of additional unconformity mineralization;
  • Discovered a possible second high-grade zone at Paul Bay.

 

UEX has met its 2016 work commitment requirement under the UEX-JCU Christie Lake option agreement and has banked almost C$1.5mln toward the 2017 work commitment. Upon making the 2017 property payment, the company's ownership interest in Christie Lake will increase from 10% to 30%. The company remains on track to earn its full 70% interest in the project.

"In my view, Christie Lake has some of the best deposit growth potential in the Athabasca basin and I'm looking forward to our 2017 drilling program," said Roger Lemaitre, president and chief executive officer.

 

Winter drill program preparations under way

A winter 2017 program is being planned, with the goals of expanding the mineralization at Ken Pen and Paul Bay, as well as testing northeast along the Yalowega trend. Outside of the Ken Pen and Paul Bay deposits, sporadic historic drilling encountered both unconformity and shallow basement mineralization along the Yalowega trend. The company's team is eager to apply its improved area knowledge to the Yalowega trend targets.

 

Preparations for the winter drill program are currently under way. As many of the Yalowega trend drill targets are best drill tested in the winter from lake ice platforms, UEX has mobilized a team to the project to adequately thicken the lake ice in advance of an early January drilling program.

 

Assay results from the Ken Pen area

Assay results at Ken Pen were generally in line with the previously reported Radiometric equivalent grades (REG) results. Read more.

 

Assay results from Paul Bay area

Assay results for the final holes completed to test the extent of the Paul Bay deposit are presented in the attached table and were generally in line with the previously reported REG results. Assay grades from holes CB-104 and CB-096 were lower than the previously reported REGs because approximately half the core was recovered from these mineralized intervals. Thus, the assay samples are not considered to be representative of these actual mineralized intervals.

 

Sample collection and compositing

Drill core is split in half-sections on site and one-half is collected for U3O8 (weight per cent) analysis with the other half core remaining on site for reference. Where possible, samples are collected at a standardized 0.5-metre interval through zones of mineralization but respect geological units and intervals.

The samples are shipped to the Geoanalytical Laboratory at the Saskatchewan Research Council (SRC) in Saskatoon, Sask. Analysis at the SRC laboratory for uranium as U3O8 (weight per cent) was completed using the ICP-OES method. The SRC Geoanalytical Laboratory is an ISO/IEC 17025:2005-accredited facility (No. 537) by the Standards Council of Canada.

Assay intervals were composited using a cut-off grade of 0.1 per cent U3O8. All depth measurements and sample intervals reported are down-hole measurements from drill core. True thickness of the mineralized zones has yet to be determined.

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