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UEX excited about summer drilling and growing Orora discovery

Last updated: 14:22 26 Apr 2017 EDT, First published: 04:22 26 Apr 2017 EDT

UEX-Camp-at-Christie-Lake
Pictured is the Christie Lake project camp

Uranium explorer UEX Corporation (TSE:UEX)  has reported further highly encouraging results from the Christie Lake project in Saskatchewan, where it continues to expand the new Ōrora zone.

In January this year, UEX discovered Ōrora -  a new high-grade unconformity zone  500 meters along strike and to the northeast of the Ken Pen deposit.

The winter drilling saw the firm sink 18 holes totaling 8,171 metres.

Today, the group said the results confirmed that Orora remains open for expansion along strike to the southwest and to the northeast and also down-dip to the southeast into the basement.

Highlight results include 17.11%  of uranium (U3O8) over 10 metres from 471m to 481m that included a subinterval of 20.00% of uranium over 8.5 m from 471 metres to 479.5 metres.

President and chief executive of UEX, Roger Lemaitre, said the team had "begun to understand the orientation of the Orora deposit".

"Holes CB-109 and CB-116A have identified an ultra-high grade structural trap ranging from 8 to 16m wide, skirted by a halo of uranium mineralization," he added.

"We are eagerly anticipating the summer drill program when we will be growing Orora by targeting this key structural feature along the Yalowega Trend."

At the Paul Bay deposit, UEX has also received assays from hole CB-112-1 to test the continuity of the upper high-grade zone between holes CB-092 and CB-093, it said.

"CB-112-1 returned better than expected composite results averaging 3.60% U3O8 over 1.8 m from 497.6 to 499.4 m," said Lemaitre.

UEX holds a 30% interest in Christie Lake and is working under an option to earn up to 70%.

It lies 9 km northeast and along strike of Cameco's McArthur River Mine, the world's largest uranium producer.

The Paul Bay and Ken Pen Deposits are estimated (non NI 43-101) to host a combined 20.87 million pounds of uranium at an average grade of 3.22% and were discovered in 1989 and 1993 respectively.

UEX plans to complete additional infill drilling on the deposits during the option earn-in period to upgrade these historic resources to indicated and inferred.

Shares eased 3.64% to $0.265.

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