TSX: UEX   $0.19
U3O8     SPOT: $27.42 US/lb     LONG TERM: $32.25 US/lb
TSX: UEX   $0.19
FRANKFURT: UXO
OTCQX: UEXCF
U3O8     SPOT: $27.42 US/lb     LONG TERM: $32.25 US/lb

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The Shea Creek Deposits were the first new discoveries in what is now rapidly being envisioned as the new Western Athabasca Uranium Camp. 

Shea Creek is a joint venture between UEX (49.1%) and AREVA (50.9%) and is located just 18 km south of the past producing Cluff Lake mine.  Four deposits combine to form one of the largest undeveloped uranium resources in the Basin and all four deposits remain open for significant expansion.

Heavy machinery at Shea Creek

The Shea Creek Project is located in the western Athabasca Basin, approximately 15 km south of Orano’s past-producing Cluff Lake Uranium Operation and 50 km north of NexGen’s Arrow Deposit and Fission Uranium’s Triple R Deposit.

Four unconformity-related deposits have been discovered to date on the Shea Creek Project; Kianna, Anne, Colette, and 58B. These deposits occur along 3 km stretch of the >30 km long uraniferous Saskatoon Lake Conductor and were the first new discoveries in what is now shaping up to be the Western Athabasca Uranium Camp. 

Uranium mineralization at Shea Creek is located at, just above, and extends well below the unconformity between Athabasca Group Sandstone and the underlying older basement rocks, which occurs at depths between 700 and 800 m.  In particular, uranium is focused in pods with structural traps that occur proximal to where the graphitic R3 fault encounters the unconformity surface.

Significant volumes of classic unconformity-style uranium mineralization have been defined along the R3 Fault/Unconformity intersection   Basement uranium mineralization occurs in shoots that extend down to as much as 200 m below the unconformity surface. Uranium can also be perched in the sandstone up to 100 m above the unconformity. Both the basement and perched uranium mineralization are preferentially deposited in the junction developed within the intersection between the R3 Fault and north-easterly trending faults that disrupt the R3 trend. 

UEX believes that the potential to expand uranium resources in the basement rocks within the footprint of the existing Shea Creek is very high as only a couple of these favorable intersecting fault junctions have been drill tested into the basement to date along the 3 km trend of the known deposits.

The discovery potential along the remaining 26 km of the Saskatoon Lake Conductor Trend is considered to be very good, as the Trend has only been lightly testing by historical drilling. One of the best results along the trend is located only 2 km south of the Anne Deposit, where drillhole SHE-002 intersected 0.34% U3O8 / 0.4 m.  Limited follow-up drilling in the SHE-002 area by the partners in 2015 encountered a wide zone of indicative hydrothermal clay alteration and anomalous uranium that has been observed proximal to the Shea Creek Deposit.

A N.I. 43-101 independent mineral resource estimate for Shea Creek was prepared by James N. Gray, P.Geo. of Advantage Geoservices Limited in April 2013 (see UEX news release dated April 17, 2013).  This estimate includes resources from the Kianna, Anne, Colette and 58B deposits based on drilling information up to December 31, 2012.  A technical report entitled “Technical Report on the Shea Creek property, northern Saskatchewan, with an updated mineral resource estimate”, prepared by R.S. Eriks, P.Geo., J.N. Gray, P.Geo., D.A. Rhys, P.Geo. and S. Hasegawa, P.Geo. with an effective date of May 31, 2013 supporting this mineral resource estimate was filed on SEDAR on May 31, 2013.  Details of the mineral resource estimate at a cut-off grade of 0.30% U3O8 are as follows:

Deposit
 
Indicated Resources
(at 0.30% U3O8 Cut-Off) 
 
Inferred Resources
(at 0.30% U3O8 Cut-Off) 
Tonnes 
Grade
(wt% U3O8)
U3O8
(lbs) 
UEX Share
(lbs) 
Tonnes 
Grade
(wt% U3O8)
U3O8
(lbs) 
UEX Share
(lbs) 
Shea Creek (49.1% interest)
 
 
 
 
 
 
 
 
  Kianna
1,034,500
1.526
34,805,000
17,088,385
560,700
1.364
16,867,000
8,281,275
  Anne
564,000
1.991
24,760,000
12,156,541
134,900
0.880
2,617,000
1,284,882
  Colette
327,800
0.786
5,680,000
2,788,738
493,200
0.716
7,780,000
3,819,786
  58B
141,800
0.774
2,417,000
1,186,687
83,400
0.505
928,000
455,625
Total - Shea Creek
2,067,900
1.484
67,663,000
33,220,841
1,272,200
1.005
28,192,000
13,841,567

1. The mineral resource estimates follow the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and classifications follow CIM definition standards.

2. The Shea Creek mineral resources were estimated at a cut-off of 0.30% U3O8, and are documented in the Shea Creek Technical Report with an effective date of May 31, 2013 which was filed on SEDAR at www.sedar.com on May 31, 2013.

3. Certain amounts presented in the Shea Creek N.I. 43-101 report have been rounded for presentation purposes. This rounding may impact the footing of certain amounts included in the tables above.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. For additional information on the mineral resource estimate, please refer to Technical Report on the Shea Creek property, northern Saskatchewan, with an updated mineral resource estimate” as filed on SEDAR on May 31, 2013.

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