UEX Files Technical Report for the West Bear Co-Ni Deposit
August 9, 2018
UEX Files Technical Report for the West Bear Co-Ni Deposit
UEX Corporation (UEX:TSX) (“UEX” or the “Company”), is pleased to announce that it has filed a technical report on the West Bear Co-Ni Deposit (the “Technical Report”), pursuant to National Instrument 43-101 “Standards for Disclosure for Mineral Projects” (“NI-43-101”). The Technical Report supports the disclosure made by UEX in its July 10, 2018 news release announcing the maiden resource estimate of the West Bear Cobalt-Nickel Deposit located on the Company’s 100% owned West Bear Property.
The Technical Report is entitled: “Technical Report for the West Bear Cobalt-Nickel Project, Saskatchewan, Canada” and was prepared by SRK Consulting (Canada) Inc. by Mr. Sébastien Bernier, P.Geo., and by Ms. Chantal Jolette, P.Geo. of Analytical Solutions Ltd., each of whom is considered a “Qualified Person” for the purposes of NI 43-101. The Technical Report is dated August 7, 2018 and has an effective date of July 6, 2018.
On July 10, 2018, the Company announced a maiden inferred resource estimate for the West Bear Cobalt-Nickel Deposit of 390,000 tonnes grading 0.37% cobalt and 0.22% nickel, which equates to 3,172,000 pounds of cobalt and 1,928,000 pounds of nickel. The West Bear Co-Ni Deposit mineral resources were determined using a cut-off grade of 0.023 percent cobalt equivalent (“CoEq”), using the equation CoEq = Co + (Ni x 0.2). Only mineralization located within a conceptual open pit was included in the final resource estimate.
A sensitivity analysis completed by SRK within the Technical Report demonstrates the high-grade nature of the West Bear Cobalt-Nickel Deposit. When compared to the base case resource estimate, over 96% of the contained cobalt still lies within the conceptual pit shell when cut-off grades are increased to 0.09% CoEq (278,837 t at 0.50% Co and 0.29% Ni equaling 3.07 million pounds Co and 1.78 million pounds Ni).
The technical information in this news release has been approved by Mr. Roger Lemaitre, P.Geo., P.Eng., President & CEO of UEX Corporation, who is a “Qualified Person” in accordance of the requirements of NI 43-101.
About the West Bear Cobalt-Nickel Deposit
The West Bear Property is an advanced exploration project located in the eastern Athabasca Basin of northern Saskatchewan, Canada that contains both the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit. The Property is approximately 740 kilometres north of Saskatoon, west of Wollaston Lake and measures approximately 7,657.3 hectares comprising of 23 contiguous areas to which UEX has title.
The West Bear Cobalt-Nickel Deposit is located within an area of the Athabasca Basin that has excellent infrastructure. The Deposit is situated within 10 km of an existing all-weather road and power lines that service Cameco Corporation’s nearby Cigar Lake Mine and Rabbit Lake Operation, as well as Orano’s McClean Lake Operation.
UEX, through its wholly-owned subsidiary CoEX, commissioned a $1.6 million winter exploration program designed to assess the continuity of cobalt mineralization in basement rocks. The program was designed to follow-up results from 2005 that identified the potential for economically significant cobalt mineralization. Many of the 41 drill holes testing the Project in 2018 were very high grade and expanded the size of the zone. The drill program was successful at expanding the West Bear Co-Ni Deposit which now has a strike length of over 250 m and a dip length of over 100 m and remains open for expansion in all directions.
UEX (TSX:UEX, OTC:UEXCF.PK, UXO.F) is a Canadian uranium exploration and development company involved in eighteen uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with Orano Canada Inc. (“Orano”) and ALX Uranium Corp. (“ALX”) that is 50.1% owned by UEX and is under option to and operated by ALX, 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 Deposit and the West Bear Uranium Deposit.
The eighteen projects are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which in 2017 accounted for approximately 22% 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.
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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 West Bear Co-Ni 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