UEX Corporation: More High-Grade Cobalt Encountered at West Bear
SASKATOON, April 25, 2018 - UEX Corp. (TSX:UEX) (“UEX” or the “Company”), through its 100%-owned subsidiary, CoEX Metals Corp. (“CoEX”) is pleased to announce the third tranche of assay results have been received for fourteen additional holes from the Phase 1 winter drilling program on the 100%-owned West Bear Cobalt-Nickel Prospect, located in the eastern Athabasca Basin of northern Saskatchewan. The Company completed 41 holes totaling 4,457 m on its West Bear Cobalt-Nickel Prospect located on the West Bear Project (the “Project”) with the objective of expanding the size of the cobalt and nickel mineralized zone. Phase 1 drilling activities at West Bear have now been concluded in preparation for the spring thaw.
With the addition of this third tranche of assay results, CoEX now has complete assay data from a total of 26 of the 41 holes drilled this winter. The assay results of the first twelve holes were previously announced in UEX’s News Releases on April 9, 2018 and April 19, 2018, which included intersections of 4.90% Co and 2.08% Ni over 8.0 m from 77.0 to 85.0 m in WBC-012 and 2.00% Co and 1.26% Ni over 10.5 m from 46.0 to 56.5 m in hole WBC-001. Cobalt mineralization was encountered over significant widths in all fourteen holes from the third tranche of samples.
Hole WBC-025 encountered 1.05% Co and 2.02% Ni over 5.0 m from 39.0 to 44.0 m and included a subinterval of 4.54% Co and 1.38% Ni over 1.0 m from 39.0 to 40.0 m. Both intervals were hosted within a very wide mineralized core length of 38 m averaging 0.17% Co and 0.12% Ni from 38.5 to 76.5 m.
Hole WBC-023 also encountered a widely mineralized interval from 45.0 to 67.0 m that averaged 0.14% Co and 0.17% Ni over 22.0 m. Within the mineralized zone, a subinterval of higher grade mineralization assayed 1.08% Co and 1.18% Ni over 1.5 m from 52.0 to 53.5 m.
Several holes encountered lower grade cobalt-nickel mineralization over very long core lengths. Hole WBC-008 intersected 0.07% Co and 0.08% Ni over 30.0 m from 27.0 to 57.0 m that included 0.74% Co and 0.43% Ni over 1.0 m from 47.0 to 48.0 m.
The first twenty-six holes have been successful at growing the West Bear Co-Ni Prospect by as much as 55 m in the down-dip direction (see attached figure) and up to 10 m in the up-dip direction towards the unconformity. The West Bear Co-Ni Prospect still remains wide open for expansion along strike to the east and west and in the down-dip direction.
Drilling at West Bear continues to yield impressive drill results. The first twenty-six holes have successfully expanded the deposit both in the down-dip direction and up-dip to the unconformity. We eagerly await the assay results of the final fifteen holes of the winter program.
- Roger Lemaitre, President & CEO
The table below summarized the assay results from the third tranche of samples.
Table 1 – Results from the Third Tranche of Assay Samples - West Bear Co-Ni Prospect
| Hole | Depth | Core Length | Cobalt | Nickel | |
| From (m) | To (m) | (m*) | (wt%t) | (wt%) | |
| WBC-003 | 63.0 | 88.5 | 25.5 | 0.02 | 0.04 |
| WBC-004 | 55.0 | 84.0 | 29.0 | 0.02 | 0.08 |
| WBC-006 | 30.0 | 42.0 | 12.0 | 0.11 | 0.15 |
| including | 40.5 | 41.0 | 0.5 | 1.91 | 1.08 |
| WBC-007 | 27.0 | 35.5 | 8.5 | 0.17 | 0.13 |
| including | 29.0 | 30.0 | 1.0 | 0.69 | 0.32 |
| WBC-008 | 27.0 | 57.0 | 30.0 | 0.07 | 0.08 |
| including | 47.0 | 48.0 | 1.0 | 0.74 | 0.43 |
| WBC-013 | 67.0 | 69.0 | 2.0 | 0.02 | 0.06 |
| WBC-019 | 22.4 | 60.5 | 38.1 | 0.02 | 0.05 |
| WBC-020 | 25.5 | 66.5 | 41.0 | 0.02 | 0.04 |
| WBC-021 | 46.1 | 51.0 | 4.9 | 0.04 | 0.03 |
| WBC-022 | 57.2 | 59.0 | 1.8 | 0.08 | 0.04 |
| WBC-023 | 45.0 | 67.0 | 22.0 | 0.14 | 0.17 |
| including | 52.0 | 53.5 | 1.5 | 1.08 | 1.18 |
| WBC-024 | 28.5 | 32.0 | 3.5 | 0.13 | 0.14 |
| including | 30.0 | 30.7 | 0.7 | 0.53 | 0.54 |
| WBC-025 | 38.5 | 76.5 | 38.0 | 0.17 | 0.12 |
| including | 39.0 | 44.0 | 5.0 | 1.05 | 2.02 |
| and | 39.0 | 40.0 | 1.0 | 4.54 | 1.38 |
| WBC-026 | 28.5 | 37.5 | 9.0 | 0.20 | 0.19 |
| including | 30.0 | 31.0 | 1.0 | 1.21 | 0.78 |
| * True widths are estimated to be 90-95% of core lengths | |||||
| t Composite assays calculated using a cut-off grade of 0.01% Co | |||||
Based upon the dip of the mineralization and dip angle of the drill holes, true widths are expected to be 90-95% of core lengths.
CoEX has yet to receive complete assay results for 15 holes that were drilled during the winter campaign.
Sample Collection and Compositing
Samples are selected using a portable X-Ray Fluorescence (“XRF”) Spectrometer to aid in the identification of mineralized intervals. Selected drill core is then split in half sections on site and one half is collected for analysis with the other half core remaining on site for reference. Where possible, samples are collected at a standardized 0.5 m 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, Saskatchewan. Analysis at the SRC laboratory for Cobalt, Nickel, Lead, Zinc, and Arsenic (wt %) was completed using the ICP-OES method with an Aqua Regia digestion. The SRC Geoanalytical Laboratory is an ISO/IEC 17025:2005 accredited facility (#537) by the Standards Council of Canada.
Assay intervals were composited using a cut-off grade of 0.01% Cobalt. All depth measurements and sample intervals reported are down-hole measurements from drill core. True thickness of the ore zones has yet to be determined and is estimated at 90-95% of core thickness.
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 sixteen uranium projects, including six that are 100% owned and operated by UEX, one joint venture with Orano Canada Inc. (“Orano”) that is 90.1% owned by UEX and is under option to and operated by ALX Uranium, 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 Prospect and the West Bear Uranium Deposit. The seventeen projects are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which in 2016 accounted for approximately 23% 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.
FOR FURTHER INFORMATION PLEASE CONTACT
Roger Lemaitre
President & 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.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/8876af81-c395-410f-919e-dc6eb38a7248
