TSX: UEX   $0.24
U3O8     SPOT: $22.75 US/lb     LONG TERM: $29.00 US/lb
TSX: UEX   $0.24
FRANKFURT: UXO
OTCQX: UEXCF
U3O8     SPOT: $22.75 US/lb     LONG TERM: $29.00 US/lb

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The 100% owned West Bear Cobalt-Nickel Prospect was discovered by UEX Corporation (“UEX” or the “Company”) during the exploration programs that defined, evaluated and tested the area surrounding the West Bear Uranium Deposit (“WBU Deposit”) between 2002 and 2005.  The West Bear Co-Ni deposit is a shallow, open-pit amenable and very high-grade cobalt-nickel deposit that remains open in all directions for expansion.  It ranges from 15 – 55 m in vertical depth and is hosted in very soft clay-altered rocks that extend into the basement below the unconformity.   

The West Bear Co-Ni Prospect assays compare favorable to the grades of other global and North American cobalt deposits.  The high-grade nature of the Prospect is best exhibited by hole WBE-019 which returned an assay of 9.94% cobalt and 2.97% nickel over a core length of 0.2 m between 33.8 m and 34.0 m.  Impressive cobalt and nickel grades were returned over significant widths in several holes highlighted by WBE-079 which assayed 3.95% Co and 2.36% Ni over 4.45 m from 60.65 to 65.10 m and WBE-071 that assayed 2.15% Co and 0.91% Ni over 8.4 m from 45.1 to 53.5 m. 

The West Bear Co-Ni Prospect is in the heart of Saskatchewan’s eastern Athabasca Uranium District, immediately east of the WBU deposit in Canada’s Athabasca Basin.  While the Athabasca Basin is known for its uranium endowment and production, cobalt is commonly found in the same geological environments.   The 5,488-hectare West Bear Property, which contains the West Bear Co-Ni Prospect and the WBU Deposit, was originally part of the Hidden Bay Property that was rolled into UEX by Cameco during UEX’s formation in 2001 as a spin-out from Pioneer Metals and Cameco Corporation.

In December 2017, UEX Corporation formed a 100% wholly-owned subsidiary, CoEX Metals Corporation (“CoEX”), which is tasked with the exploration and development of the West Bear Co-Ni Project. UEX is evaluating opportunities to unlock the value of the West Bear Co-Ni deposit for shareholders.  Based upon the Company’s evaluation and current cobalt market conditions, UEX is considering spinning out CoEX as a new company.  This would occur after completion and announcement of results of the drill program.  If UEX proceeds with a spin-out transaction, all or the majority of CoEx shares would likely be distributed to UEX shareholders in a process similar to how UEX was formed.

CoEX Metals Corporation logo

The West Bear Project is located within the Eastern Athabasca Basin of northern Saskatchewan approximately 30 km southwest of Cameco’s Rabbit Lake Mill.

The property lies at the eastern edge of the Athabasca Basin, and is covered by 0 to 25 m of sandstone that overlies classic Wollaston Domain basement rocks consisting of metamorphosed and deformed pelites, semipelites, arkose, quartzites, and graphite-bearing pelitic rocks.

The core of the West Bear Project is underlain by a quartzite-arkose dome rimmed by strongly graphitic pelites.  Intense brittle fault structures have been developed in the graphitic pelites adjacent to the quartzite dome. 

In addition to the West Bear Co-Ni Prospect, the Property hosts one uranium deposit and several occurrences and showings including the West Bear Uranium Deposit (“WBU Deposit”), the Pebble Hill Uranium Occurrence, the Mitchel Lake Uranium Occurrences, and the Umphreville Uranium Occurrence.  The WBU Deposit has been the subject of several NI-43-101 resource reports and a pre-feasibility study commissioned by UEX (insert link to the technical reports).

Exploration on different portions of the property commenced in the 1970’s by several explorers including Gulf Minerals, Noranda, and the Conwest Exploration Joint Venture that continued through the 1980’s and led to the discovery of the WBU Deposit and nearby uranium showings.  Historical exploration efforts focused exclusively on discovering classic unconformity uranium deposits of the Cigar Lake-style, which meant that drill holes tested the intersection of graphitic pelites with the unconformity surface. Exploration drill holes rarely penetrated more than 15 m below the unconformity surface.

Upon acquisition of the West Bear Project, UEX completed significant exploration work between 2002 and 2009 that including the definition of the WBU Deposit and the discovery of the West Bear Cobalt-Nickel Prospect. 

The West Bear Co-Ni Prospect is located just east of the WBU Deposit within the intensely clay-altered West Bear Fault.  Mineralization consists of disseminated cobaltite and nicoline predominately located at the base of the very strongly clay-altered West Bear Fault package that in turn is located at the bottom of the graphitic rock sequence.  As currently defined, mineralization ranges from 13-55 m in vertical depth over a strike length of 175 m and remains open in all directions.  Cobalt-nickel mineralization is also known to exist within the same clay-altered fault structure down-dip of the WBU Deposit.  Wherever UEX has encountered cobalt mineralization, high nickel concentrations are most often present.

Despite the large number of historical holes drilled in the West Bear area, the vast majority of these holes failed to test the West Bear Fault structure below its intersection with the Athabasca Basin unconformity.  

On the rare occasion when the West Bear Fault was intersected in historical holes below the unconformity, past explorers such as Gulf Minerals often failed to assay samples for cobalt.  UEX has identified several areas in the vicinity of the West Bear Co-Ni Prospect and the WBU Deposit where very high concentrations of nickel are present that were not assayed for cobalt.

The WBU Deposit has been defined over a strike length of 530 m, ranges in width between 20 m and 70 m, ranges in thickness from 0.1 m to over 15 m and is located at vertical depths between 15 m to 35 m.  The WBU Deposit is a classic cigar-shaped body similar to the Cigar Lake and McClean Lake deposits and is hosted at and above the intersection of faulted graphitic metapelites  with the unconformity with the overlying Athabasca Group sandstone.  For more details of the WBU Deposit including an estimate of the contained resources, please review the latest technical report filed on SEDAR and on our website accessible from this link.

The current technical report, “Preliminary Assessment Technical Report on the Horseshoe and Raven Deposits, Hidden Bay Project, Saskatchewan, Canada” (the “Preliminary Assessment Technical Report”, the “PA” or the “Horseshoe-Raven Report”), prepared by SRK Consulting (Canada) Inc. (“SRK Consulting”) and G. Doerksen, P.Eng., L. Melis, P.Eng., M. Liskowich, P.Geo., B. Murphy, FSAIMM, K. Palmer, P.Geo. and Dino Pilotto, P.Eng., with an effective date of February 15, 2011 was filed on SEDAR at www.sedar.com on February 23, 2011.Details for the mineral resource estimates at a cut-off grade of 0.05% U3O8 as follows:

Deposit
 
Indicated Resources
(at 0.05% U3O8 Cut-Off) 
 
Inferred Resources
(at 0.05% U3O8 Cut-Off) 
 
Tonnes 
Grade
(wt% U3O8)
 
U3O8
(lbs) 
 
UEX Share (lbs) 
 
Tonnes 
Grade
(wt% U3O8)
 
U3O8
(lbs) 
 
UEX Share
(lbs) 
Horseshoe-Raven (100% interest)                
  Horseshoe
5,119,700
0.203
22,895,000
22,895,000
287,000
0.166
1,049,000
1,049,000
  Raven
5,173,900
0.107
12,149,000
12,149,000
822,200
0.092
1,669,000
1,669,000
Total - Horseshoe-Raven
10,293,600
0.154
35,044,000
35,044,000
1,109,200
0.111
2,715,000
2,715,000
West Bear (100% interest)
 
 
 
 
 
 
 
 
  West Bear Uranium
78,900
0.908
1,579,000
1,579,000
-  
-  
-  
-  

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 Horseshoe, Raven, and West Bear mineral resources were estimated at a cut off of 0.05% U3O8, and are documented in the “Preliminary Assessment Technical Report on the Horseshoe and Raven Deposits, Hidden Bay Project, Saskatchewan, Canada” (The Preliminary Assessment Technical Report”, the “PA” or the Horseshoe-Raven Report”) with an effective date of February 15, 2011 which was filed on SEDAR at www.sedar.com on February 23, 2011.

3. Certain amounts presented in the Hidden Bay 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.

The PA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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