UEX Corp

Published : March 20th, 2013

/AREVA Announce $3.1 Million Budget for Shea Creek Spring/Summer 2013 Exploration Program

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Report | Silver | Uranium |
Wednesday, March 20, 2013

UEX/AREVA Announce $3.1 Million Budget for Shea Creek Spring/Summer 2013 Exploration Program

UEX Corporation ("UEX") and AREVA Resources Canada Inc. ("AREVA"), the operator, are pleased to announce an approved spring/summer 2013 exploration budget for the Shea Creek Project ("Shea Creek") of $3.1 million, of which UEX will be responsible for its 49% share, or $1.52 million. This exploration program will consist of a geophysical program in the northern Colette and southern Anne areas which will commence in April and a drilling program south of the Anne Deposit ("Anne") expected to begin in June.

The 2013 program will be focused on the highly prospective Saskatoon Lake Conductor ("SLC") which continues to the south of the Anne Deposit, the latter which is the southernmost of the four Shea Creek deposits. The SLC represents a faulted graphitic unit beneath the overlying Athabasca sandstone and is spatially associated with the Colette, 58B, Kianna and Anne deposits all of which occur along and adjacent to this conductor over a three-kilometre strike length in the northern parts of Shea Creek. Outside of the immediate area of the deposits, the continuation of this conductor is sparsely tested by isolated, widely-spaced drill holes. The few drill holes in this area include several mineralized intersections which have not been followed up, including drill hole SHE-2 drilled in 1992. This drill hole intersected a shallow-dipping brecciated fault zone just beneath the unconformity in association with the SLC and returned 0.342% U3O8 over 0.4 metres in an area located approximately two kilometres southeast of the Anne Deposit. Other drill holes in this area have also intersected narrow intervals of mineralization along with very favourable structures and hydrothermal alteration.

Since geological information is limited in areas to the south of Anne, the 2013 exploration program will commence with a geophysical Tensor Magnetotelluric ("MT") survey to further refine the position and potential areas of offset along northeast-trending faults crosscutting the SLC (see Figure 1). Steeply dipping faults of this orientation are associated with the significant mineralization at the Kianna and Anne deposits where they intersect the SLC. These structures can be inferred from the 2008 MT survey conducted on the northern parts of the property. A total of 50.4 line-kilometres will be surveyed which will extend the previous MT coverage for approximately six kilometres southeast of Anne, and infill two additional lines to the north. In conjunction with previous geophysical data, the survey will allow refinement of the drill hole placements in this sparsely tested area.

Drilling totaling approximately 5,000 metres is planned south of the Anne Deposit (see Figure 2) and is anticipated to commence in June. There are only four previous drill holes in this area, including drill hole SHE-24 which intersected mineralization grading 0.074% U3O8 over 2.3 metres in the basement rocks approximately 20 metres below the unconformity. The drilling will assess untested gaps between existing drill holes, some of which are more than 800 metres apart, and also test areas where initial drill holes intersected only the margins of the prospective corridor. This area is geologically similar to that associated with the Shea Creek deposits and previous holes here have also intersected anomalous radioactivity and favourable clay alteration.

Further information regarding UEX's projects, including maps and cross sections, is available on UEX's website www.uex-corporation.com.

This news release has been reviewed and approved by R. Sierd Eriks, P.Geo., UEX's Vice President of Exploration, and Erwin Koning, P.Geo., AREVA's Technical Advisor, Exploration, who are each Qualified Persons as defined by National Instrument 43 101.

Shea Creek Project

Shea Creek hosts the Kianna, Anne, Colette and 58B deposits, and is the most advanced of the nine 49%-owned Western Athabasca uranium projects joint-ventured with the project operator, AREVA Resources Canada Inc. The Shea Creek deposits form part of a world class uranium system in which mineralization has been defined over a strike length exceeding three kilometres along the Saskatoon Lake graphitic conductor in the northern part of the project. Most areas of mineralization continue to be open and have high potential for both expansion and discovery of new zones.

Effective December 31, 2009, UEX reported a combined National Instrument 43-101 ("N.I. 43-101") compliant mineral resource estimate for the Kianna, Anne and Colette deposits of 63.6 million pounds U3O8 in the Indicated Mineral Resource category and an additional 24.5 million pounds U3O8 in the Inferred Mineral Resource category at a cut-off of 0.3% U3O8 (see UEX news release dated May 26, 2010). The Company has engaged an independent consultant who is updating the mineral resource estimates for the Colette and Kianna deposits at Shea Creek, incorporating the drilling results from the 2010, 2011 and 2012 drilling campaigns. In addition, an initial mineral resource estimate is being prepared for the 58B Deposit. UEX anticipates that the updated mineral resource estimates will be completed by the end of the first quarter of 2013.

About UEX

UEX is a Canadian uranium exploration and development company actively involved in 17 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 nine joint-ventured with AREVA and one under option from JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 17 projects, totaling 264,363 hectares (653,255 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 15% 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, and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project. UEX currently has a cash position of approximately $11.1 million.

UEX's two major projects have mineral resource estimates as follows:

UEX Corporation - Indicated Mineral Resources (1) (2) (3)
Project Tonnes Grade
U3O8 (%)
Total
U3O8 (lbs)
UEX�s share
U3O8 (lbs)
Shea Creek (4) 1,872,600 1.540 63,572,000 31,150,280
Hidden Bay (5) 10,372,500 0.160 36,623,000 36,623,000
TOTAL INDICATED 12,245,100 0.371 100,195,000 67,773,280

UEX Corporation - Inferred Mineral Resources (1) (2) (3)
Project Tonnes Grade
U3O8 (%)
Total
U3O8 (lbs)
UEX�s share
U3O8 (lbs)
Shea Creek (4) 1,068,900 1.041 24,525,000 12,017,250
Hidden Bay (5) 1,109,200 0.111 2,715,000 2,715,000
TOTAL INFERRED 2,178,100 0.567 27,240,000 14,732,250

Notes:
  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.
  3. The Hidden Bay mineral resources were estimated at a cut-off of 0.05% U3O8.
  4. The Shea Creek mineral resource estimates are included in the Shea Creek Technical Report with an effective date of May 26, 2010 which was filed on SEDAR at www.sedar.com on July 9, 2010.
  5. The Hidden Bay mineral resource estimates are included in the Hidden Bay Technical Report with an effective date of February 15, 2011 which was filed on SEDAR at www.sedar.com on February 23, 2011.

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 48,000 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 and Cigar Lake deposits operated by Cameco Corporation. AREVA also holds a majority interest in the Kiggavik deposits in Nunavut.

FOR FURTHER INFORMATION PLEASE CONTACT

Graham C. Thody
President & CEO
(604) 669-2349


Forward-Looking Information

This news release may contain 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 UEX's mineral resource and mineral reserve estimates, outlook for our future operations, plans and timing for exploration activities, and other expectations, intention and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking information. 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 interpretation of drill results and geology, additional drilling results, continuity and grade of deposits, participation in joint ventures, reliance on other companies as operators, public acceptance of uranium as an energy source, fluctuations in uranium prices and currency exchange rates, changes in environmental and other laws affecting uranium 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.


FIGURE 1
2013 Shea Creek Geophysical Program


Click to Enlarge


FIGURE 2
2013 Shea Creek Drilling Program


Click to Enlarge


View News Release in PDF Format:
http://www.uex-corporation.com/i/pdf/2013-03-20_NR.pdf
1047 KB in size, approx. 3 minutes, 16 seconds to download at 56.6Kbps
      
This email was sent to:.com      
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

UEX Corp

EXPLORATION STAGE
CODE : UEX.TO
ISIN : CA9026661061
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

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$ 49.5 millions as of today (US$ 37.4 millions, € 33.8 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.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of UEX Corp
5/18/2016Closes $7.25 Million Combined Flow-Through and Hard Dollar P...
6/5/2013Announces Closing of Private Placement
5/25/2013Announces $3.175 Million Private Placement
2/23/2012Announces $3 Million Private Placement
Nominations of UEX Corp
12/19/2013Announces the Appointment of Roger Lemaitre as President and...
4/29/2011appoints Ed Boney as Chief Financial Officer
5/27/2010Appoints Walter Segsworth and David Rhys to its Management A...
Financials of UEX Corp
11/6/2013Third Quarter 2013 Financial Results and MD&A
Project news of UEX Corp
1/7/20142014 Joint Venture Exploration Programs Commence
6/4/2013(Shea Creek)Announces Additional $2.0 Million Drilling Budget for Shea C...
4/10/2013(Shea Creek)Secures Right to Fund $18 Million in Additional Drilling at ...
3/20/2013(Shea Creek)/AREVA Announce $3.1 Million Budget for Shea Creek Spring/Su...
2/13/2013(Black Lake)Regarding Uracan's Option for Black Lake Project in the Atha...
4/26/2012(Shea Creek)/AREVA 2012 Shea Creek Drilling Program Underway
2/16/2012(Hidden Bay)Commences Winter 2012 Hidden Bay Drilling Program
11/30/2011(Shea Creek)Announces Shea Creek Drilling Budget of $6 Million for 2012
8/9/2011(Hidden Bay)Commences 18,000 Metre Summer Drilling Program at Hidden Bay
2/24/2011(Western Athabasca Projects)/AREVA 2011 Western Athabasca Basin Drilling Programs Underw...
2/18/2010(Hidden Bay)Receives West Bear Preliminary Feasibility Study Reporting P...
1/27/2010(Shea Creek)2010 Western Athabasca Basin Drilling Programs Underway with...
1/6/2010(Hidden Bay)Reports Results of Summer 2009 Exploration on the Hidden Bay...
7/23/2009(Hidden Bay)Reports Significantly Expanded Resource Estimates for the Ho...
2/25/2009(Shea Creek)2009 Drill Program Underway at Shea Creek with Three Drills
1/12/2009(Shea Creek)/AREVA Drilling in the Prospective Corridor at Shea Creek Co...
1/5/2009Reports N.I. 43-101 Compliant Mineral Resource Estimate for ...
9/29/2008(Hidden Bay)reports N.I. 43-101 compliant mineral resource for Horseshoe...
6/18/2008/AREVA Drilling Outlines New Zone of High-grade Mineralizati...
1/17/2008(Hidden Bay) Launches Largest Winter Drilling Program at Hidden Bay with...
1/15/2008(Shea Creek)UEX/AREVA Launch Largest Drill Program to Date at Shea Creek...
12/5/2007(Shea Creek)/AREVA Plan $20.3 Million Program at Shea Creek for 2008 Whi...
12/4/2007(Shea Creek)/AREVA Report Additional High-Grade Basement-Hosted Minerali...
11/14/2007/AREVA Report High-Grade Basement-Hosted Mineralization in t...
10/18/2007Report Second-Best Hole Ever at the Anne Deposit Intersectin...
9/4/2007(Shea Creek)/AREVA to Commence Shea Creek Drilling Program with Three Dr...
8/21/2007(Black Lake)Extends Uranium Mineralization at Black Lake Hole BL-140 Int...
7/23/2007Reports Best Hole Ever from West Bear Deposit: Hole UEX-206 ...
7/12/2007Drilling Extends Mineralization at Kianna Deposit: SHE-115-1...
6/14/2007 Plans to Initiate Final Feasibility Study at Raven and Hors...
2/8/2006(Beatty River)2006 winter exploration commences at Beatty River Uranium pr...
Corporate news of UEX Corp
8/18/2016Research Reports Initiated on Uranium Miners Stocks U3O8, UE...
7/11/2016Paul Bay Continuity Confirmed and Down-Dip Drilling Underway
6/24/2016High Grade Zone Extended at Christie Lake
6/13/2016Drill Turning at Christie Lake
6/8/2016UEX Corporation Reports Results of Annual General Shareholde...
5/25/2016Highest Grade Hole at Christie Lake Project – 9.3% U3O8 over...
5/17/2016UEX Closes $7.25 Million Combined Flow-Through and Hard Doll...
5/2/2016UEX Places “Flow-Through” Shares and Overallotment Option; A...
4/28/2016UEX Announces $4.0 Million “Flow-Through” Private Placement
4/13/2016UEX intersects 4.27% eU3O8 over 10.2 m at Christie Lake
1/22/2016UEX Closes $2.0 Million Private Placement
1/19/2016Final Option Agreement Signed - Drill Program to Commence Im...
1/19/2016UEX Corporation: Final Option Agreement Signed-Drill Program...
12/22/2015UEX Announces $2.0 Million Private Placement
10/26/2015UEX Signs LOI on Advanced Stage Athabasca Uranium Project
9/21/2015Uranium companies could take the cake
4/21/2015UEX Announces $2.5 Million Private Placement
4/10/2015New Radioactive Fault at Wolf Lake Returns Probe Peak of 12,...
2/27/2015Promising Hydrothermal Clay Alteration Expanded at Dwyer Lak...
6/5/2014UEX/AREVA Report Drilling Results from Laurie and Mirror Riv...
4/2/2014(Black Lake)Uracan/UEX report uranium mineralization on the Black Lake P...
11/28/2013(Shea Creek)Reports 31.5 Metres Grading 0.80% eU3O8, Including 4.05% eU3...
8/6/2013(Shea Creek)Reports 22.3 Metres Grading 0.85% eU3O8, including 5.93% eU3...
6/4/2013(Shea Creek)Announces Completion and Filing of Shea Creek Technical Repo...
3/21/2013(Beatty River)Announces Completion of Beatty River Earn-in
11/15/2012(Shea Creek)/AREVA Expands New Kianna East Basement Zone at Shea Creek. ...
8/8/2012/AREVA Drilling Continues to Outline Thick Mineralization at...
6/8/2012Board Re-elected and Mark Eaton Re-Appointed Chairman
5/31/2012/AREVA Drilling Continues to Outline Thick Unconformity Mine...
5/7/2012Terminates Shareholder Rights Plan
5/1/2012(Hidden Bay)Reports Summer-Fall 2011 Drilling Results for the Raven and ...
2/17/2012Announces $8 Million Bought Deal
12/16/2011Comments by David Talbot on UEX Corporation in the Energy Re...
12/7/2011Adopts Shareholder Rights Plan
12/6/2011(Shea Creek)/AREVA Drilling Expands Mineralization Northward from the Ki...
6/24/2011Board Re-elected
4/28/2011appoints Nan Lee as Vice-President of Project Development
3/17/2010Significant Unconformity Intersections at Shea Creek's 58B A...
9/23/2009CEO Stephen Sorensen to Retire; Board Names Current Chairman...
6/10/2009Stepout Drilling Expands Mineralization at Raven and Horsesh...
11/26/2008Announces Minimum $16.5 Million Budget for 2009
4/9/2008 reports final results of 2007 Horseshoe and Raven drilling,...
3/26/2008Eaton Joins UEX Board
1/22/2008UEX Commences 2008 Winter Exploration Program at Black Lake ...
1/14/2008UEX Earns Full 49% Interest in AREVA's Western Athabasca Ura...
12/14/2007Interim Resource Estimate for the West Bear Deposit Adds 223...
7/11/2007Commences Summer/Fall 2007 Drilling Programs at the Raven an...
4/23/2007on Riou Lake and Northern Athabasca Uranium Projects 2007 Ge...
2/28/2007Commences 2007 Winter Exploration Program at Black Lake Uran...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (UEX.TO)FRANKFURT (UXO.F)
0.155-3.13%0.090-4.26%
TORONTO
CA$ 0.155
09/17 16:28 -0.010
-3.13%
Prev close Open
0.160 0.155
Low High
0.155 0.155
Year l/h YTD var.
0.135 -  0.195 -11.43%
52 week l/h 52 week var.
0.135 -  0.215 -18.42%
Volume 1 month var.
109,690 14.81%
24hGold TrendPower© : 44
Produces
Develops
Explores for Uranium
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 12/7/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20190.00%0.190.17
2018-55.07%0.370.14
201738.00%0.430.15
201666.67%0.290.14
2015-48.28%0.320.11
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.75-1.15%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 3.75+2.46%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.17+0.32%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 1.73+1.17%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 1.04-2.80%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.10+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.06+2.91%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.74-0.59%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.07-6.67%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.14+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.25+2.74%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 26.68-5.12%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.06-1.59%Trend Power :