UEX Corp

Published : February 24th, 2011

/AREVA 2011 Western Athabasca Basin Drilling Programs Underway at Shea Creek and Douglas River

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UEX /areva 2011 western athabasca basin drilling programs underway at shea creek and douglas river

 

 

 

 

 

 

 

 

 

EVA Resources Canada Inc. ("AREVA") has informed UEX Corporation ("UEX") that it has commenced the 2011 Western Athabasca drilling program that was announced on November 18, 2010. The program will test open mineralization and prospective target areas along trend at the Shea Creek Project ("Shea Creek") and at the adjacent Douglas River Project ("Douglas River"). The projects represent two of the ten 49%-owned Western Athabasca Uranium Projects joint-ventured with AREVA, the operator, the most advanced of which is Shea Creek, for which resources were announced in 2010.

 

Shea Creek Project

 

Shea Creek hosts a world-class uranium system, which includes the Kianna, Anne, Colette and 58B deposits, with mineralization defined over a strike length exceeding three kilometres along the Saskatoon Lake graphitic conductor in northern parts of project. The 2011 exploration expenditures are budgeted at $7.90 million of which UEX's 49% share is approximately $3.87 million. The drilling program will focus on extensions and open areas of the Kianna and Colette deposits, as well as untested areas between the 58B Deposit and the Kianna Deposit.

 

Kianna Deposit

 

Drilling is currently testing portions of the northern and eastern parts of the Kianna Deposit ("Kianna"), where approximately six directional drill holes are planned to follow up on successful drilling results from the 2010 program.

 

Four directional drill cuts will follow up on recently reported intercepts from the SHE-136 series drill holes which intersected new, open areas of structurally controlled mineralization north of the main Kianna basement deposit. These intercepts, which included 1.84% eU3O8 over 16.6 metres in drill hole SHE-136-1, form additional mineralized zones which lie outside of the 2010 Kianna resource estimation and occur within a large basement-hosted clay alteration zone which could contain multiple new mineralized zones.

 

Open basement mineralization in the main Kianna basement deposit will also be tested. Intercepts such as those in the recently reported drill hole SHE 135-4, which encountered 1.39% eU3O8 over 34.3 metres and 1.70% eU3O8 over 16.2 metres, lie on the eastern fringes of the Kianna basement mineralization. Open eastern extensions of this mineralization will be tested by a minimum of two drill holes during the 2011 drilling program.

 

Colette Deposit

 

A drill has started testing extensions of mineralization in the southern area of the Colette Deposit ("Colette"). Previous drilling at Colette is widely spaced and, as a result, the extent of high-grade mineralization at the unconformity is poorly defined since drill holes are locally up to 100 metres apart. The extent of the unconformity mineralization at Colette is greater than 650 metres along strike. In addition, a significant zone of basement mineralization which is open down dip to the west was identified in multiple drill holes completed in 2007 and 2008 in the southern part of this deposit. This open basement-style mineralization was intersected over a strike length of 250 metres, containing intercepts such as 3.23% U3O8 over 8.0 metres, including 12.38% U3O8 over 0.5 metres and 23.93% U3O8 over 0.5 metres, in drill hole SHE-111-06.

 

Three pilot drill holes and a minimum of nine directional cuts will test open areas for additional basement and unconformity mineralization.

 

Area between the Kianna and 58B Deposits

 

The partial definition of the 58B Deposit in 2010 highlighted the significant exploration potential of the Shea Creek mineralization trend along the Saskatoon Lake Conductor. The 700-metre area between the Kianna and 58B deposits remains sparsely tested, particularly along a 400-metre strike extent of this corridor which has only been tested by one drill hole. Following the drilling at the Kianna Deposit, two pilot holes and approximately seven directional cuts have been initially planned to test this area within which additional zones of mineralization could be present.

 

Douglas River Project

 

The Douglas River Project ("Douglas River") is contiguous with the north end of Shea Creek, where the Colette Deposit is located. The 2011 diamond drilling program, which represents the first drilling program at Douglas River since 1998, is currently underway and consists of one pilot hole and three directional cuts totaling 2,500 metres. The objective of the program is to expand geological knowledge and mineral resources north of Colette on Shea Creek and south of a mineralized intercept on Douglas River.

 

Mineralization has been previously intersected at Douglas River in drill hole DGS-10, which intersected unconformity mineralization grading 0.53% eU3O8 over 3.7 metres. An untested strike length of 300 metres is present between this hole and the northern portion of Colette. The two most northern holes in the Colette Deposit, SHE-66 and SHE-74 spaced 40 metres apart, consist of perched mineralization grading 0.98% eU3O8 over 4.0 metres and 0.94% eU3O8 over 4.4 metres respectively and could be analogous to the discovery hole at the Kianna Deposit.

 

To view maps and other information regarding UEX's exploration projects, please access UEX's website at www.uex-corporation.com under "Projects". The website also contains a recent presentation on Shea Creek given by David Rhys at the Saskatchewan Geological Survey Open House in November 2010.

 

Technical information in this news release has been reviewed and approved by R. Sierd Eriks, P.Geo., UEX's Vice-President of Exploration and Erwin Koning, AREVA's District Geologist, West Athabasca Region, who are a Qualified Persons as defined by National Instrument 43-101.

 

About Shea Creek

 

UEX reported a combined National Instrument 43-101 compliant mineral resource estimate for the Kianna, Anne and Colette deposits of 1,872,600 tonnes grading 1.54% U3O8 containing 63.57 million pounds of U3O8, in the Indicated category and an additional 1,068,900 tonnes grading 1.04% U3O8 in the Inferred category containing 24.53 million pounds of U3O8 at a cut-off of 0.3% U3O8 (see UEX news release dated May 26, 2010). This mineral resource estimate is based on drilling information up to December 31, 2009. Results from the 2010 drilling, which include the expansion of Kianna and the newly discovered 58B Deposit, are not incorporated in this resource estimate.

 

This estimate confirms Shea Creek as the largest undeveloped uranium resource in the Athabasca Basin. It also ranks as the third largest uranium resource in the Basin, exceeded in size only by McArthur River and Cigar Lake. Resources at Shea Creek are largely open and have excellent potential for both expansion of known areas of mineralization and discovery of new zones.

 

About UEX

 

UEX is a Canadian uranium exploration and development company actively involved in 18 uranium projects, including six that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, as well as ten joint-ventured with AREVA and one under option from JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 18 projects, totaling 338,972 hectares (837,618 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 22% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Kianna, Anne, Colette and 58B deposits at its 49%-owned Shea Creek Project, a joint venture with AREVA in the western Athabasca Basin, and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project in the eastern Athabasca Basin. With a cash position of approximately $16.8 million at December 31, 2010, UEX is well-financed to carry out its 2011 exploration and development programs budgeted at approximately $9.6 million.

 

About AREVA Resources Canada Inc.

 

AREVA, a uranium exploration, mining and milling company, is a subsidiary of AREVA group, the global nuclear industry leader with an expanding presence in the renewable energies field, and 50,000 employees worldwide to help supply safer, cleaner and more economical energy to the greatest number of people. AREVA group, through its Canadian subsidiary, has significant interests in several uranium deposits in the Athabasca Basin, including the McClean Lake, Midwest and Shea Creek deposits operated by AREVA, as well as the McArthur River, Cigar Lake and Millennium deposits operated by Cameco Corporation. AREVA also holds a majority interest in the Kiggavik deposits in Nunavut.

 

 

 

 

 

 

 

 

 

 

UEX Corp

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CODE : UEX.TO
ISIN : CA9026661061
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UEX is an exploration gold and copper company based in Canada.

UEX holds various exploration projects in Canada.

Its main exploration properties are BLACK LAKE, RIOU LAKE, BEATTY RIVER, DOUGLAS, NORTHERN ATHABASCA PROJECTS, WESTERN ATHABASCA PROJECTS, FOND DU LAC, SHEA CREEK, HIDDEN BAY, ALEXANDRA, BRANDER LAKE PROJECTS and JAMES CREEK PROJECTS in Canada.

UEX is listed in Canada and in Germany. Its market capitalisation is CA$ 43.1 millions as of today (US$ 32.5 millions, € 29.3 millions).

Its stock quote reached its lowest recent point on August 15, 2003 at CA$ 0.05, and its highest recent level on November 09, 2007 at CA$ 9.30.

UEX has 319 240 000 shares outstanding.

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