UEX Corp

Published : March 17th, 2010

Significant Unconformity Intersections at Shea Creek's 58B Area including 7.6 Metres of 1.

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | K Street | Uranium |

UEX Announces Significant Unconformity Intersections at Shea Creek's 58B Area including 7.6 Metres of 1.81% eU(3)O(8) in SHE-133-3 and 2.4 Metres of 6.55% eU(3)O(8) in SHE-133-4

Trading Symbol: UEX-TSX

VANCOUVER, March 17 /CNW/ - UEX Corporation ("UEX") is pleased to announce initial results from exploration in the 58B Area of the Shea Creek Project ("Shea Creek"), which is part of its 2010 Western Athabasca exploration program announced November 24, 2009. A $7.96 million annual exploration budget was approved for Shea Creek with AREVA Resources Canada Inc. ("AREVA"), of which UEX is responsible for its 49% share of approximately $3.9 million.

Shea Creek Project

Shea Creek hosts the Kianna, Anne, and Colette Deposits and is the most advanced of the ten 49%-owned Western Athabasca Uranium Projects joint-ventured with AREVA, the operator. The Shea Creek deposits form part of a world class uranium system in which mineralization is being defined over a strike length exceeding three kilometres along the Saskatoon Lake graphitic conductor in northern parts of Shea Creek. Most areas of mineralization continue to be open and have high potential for both expansion of known areas of mineralization and discovery of new zones (see UEX's news release of November 19, 2009).

58B Area

This highly prospective area lies between the Kianna and Colette Deposits along a one-kilometre strike length of the Shea Creek trend and has only been previously tested by very widely-spaced holes.

Previous drilling has intersected multiple intervals of basement-hosted mineralization in the 58B Area ("58B") located 700 metres northwest of Kianna. In 1997, drill hole SHE-58B intersected basement-hosted mineralization grading 2.21% U(3)O(8) over 2.6 metres including 6.73% U(3)O(8) over 0.7 metres. In addition, SHE-58B intersected unconformity mineralization grading 0.44% eU(3)O(8) over 8.1 metres.

Drilling in the 58B Area during 2009 intersected basement-hosted mineralization grading 1.34% eU(3)O(8) over 3.2 metres and 0.88% eU(3)O(8) over 1.1 metres in drill hole SHE-133-2 (see UEX's news release of November 19, 2009). This basement-hosted mineralization occurs in steeply dipping vein systems, suggesting potential for Kianna basement-style structurally controlled mineralization.

Pilot hole SHE-133 completed during 2009 is being used to test the unconformity ("UC") and basement ("B") extensions of mineralization in the 58B Area. AREVA has reported to UEX drilling results from the first two directional cuts of the current program at 58B from the SHE-133 pilot hole.

SHE-133-3

    (UC)   1.81% eU(3)O(8) over 7.6 metres, including 2.65% eU3O8 over 4.8
           metres;
    (B)    1.02% eU(3)O(8) over 1.1 metres;
    (B)    0.54% eU(3)O(8) over 0.8 metres; and
    (B)    4.80% eU(3)O(8) over 0.9 metres.

SHE-133-3 is the third directional cut from pilot hole SHE-133 and the first for the 2010 drill program. The unconformity was intersected 27.0 metres west-southwest of pilot hole SHE-133 at a depth of 725.2 metres. The majority of the mineralization was associated with breccias at the unconformity between 718.2 to 725.8 metres grading 1.81% eU(3)O(8) over 7.6 metres including 2.65% eU(3)O(8) over 4.8 metres. Basement-hosted mineralization occurs in a series of narrow pitchblende-rich veins between 744.6 to 745.7 metres grading 1.02% eU(3)O(8) over 1.1 metres, 749.3 to 750.1 metres grading 0.54% eU(3)O(8) over 0.8 metres and 757.6 to 758.5 metres grading 4.80% eU(3)O(8) over 0.9 metres.

SHE-133-4

    (UC)   6.55% eU(3)O(8) over 2.4 metres;
    (B)    1.08% eU(3)O(8) over 1.6 metres; and
    (B)    1.21% eU(3)O(8) over 1.3 metres.

The unconformity was intersected 39.0 metres southwest of pilot hole SHE-133 at a depth of 716.5 metres. The majority of the mineralization was associated with breccias at the unconformity between 714.2 to 716.6 metres grading 6.55% eU(3)O(8) over 2.4 metres. Basement-hosted mineralization occurs in a series of narrow pitchblende-rich veins between 742.0 to 743.6 metres grading 1.08% eU(3)O(8) over 1.6 metres and 784.1 to 785.4 metres grading 1.21% eU(3)O(8) over 1.3 metres.

Graham Thody, President and CEO of UEX, commented that "These high-grade intersections found both at the unconformity and in the basement of the 58B Area in each of this program's first two directional cuts off the SHE-133 pilot hole are extremely encouraging. Our objective was to establish the existence of high-grade unconformity mineralization as has previously been outlined at the Kianna, Anne and Colette Deposits and to establish the continuation of unconformity and basement mineralization in the 58B Area. These initial results have certainly met that objective."

To view maps of the 2010 drilling at 58B, please access this news release on UEX's website at www.uex-corporation.com.

Uranium grades reported are calculated from gamma probe logging (see Table 1). True widths of mineralized intervals have not yet been determined. 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, P.Geo., AREVA's District Geologist, West Athabasca Region, who are Qualified Persons as defined by National Instrument 43-101. Equivalent probe results were obtained using a STD-27 gamma probe which collects continuous readings along the length of the drill hole. Probe results are calibrated using an algorithm calculated from the comparison of probe results against geochemical analyses in previous drill holes in the Shea Creek area.

About UEX

UEX is a Canadian uranium exploration and development company actively involved in 19 uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, ten joint-ventured with AREVA and one under option from JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 19 projects, totaling 353,134 hectares (872,613 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium district, which accounts for approximately 21% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Kianna, Anne and Colette Deposits at its 49%-owned Shea Creek Uranium Project, a joint venture with AREVA in the western Athabasca Basin, and the West Bear, Raven and Horseshoe Deposits located at its 100%-owned Hidden Bay Project in the eastern Athabasca Basin.

About AREVA Resources Canada Inc.

AREVA, a uranium exploration, mining and milling company, is a subsidiary of AREVA Group, a worldwide expert in the energy field with manufacturing facilities in 43 countries and a sales network in more than 100 countries. AREVA Group, through its Canadian subsidiary, has significant interests in several uranium deposits in the Athabasca Basin, including the producing McClean Lake Deposits operated by AREVA, the producing McArthur River Deposit operated by Cameco Corporation, the Midwest Deposit, the Millennium Deposit, and the Cigar Lake Deposit.

           ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
    
                               Graham C. Thody,
                              President & C.E.O.

Forward-Looking Statements

This news release contains "forward-looking statements" that are based on UEX's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX's outlook for our future operations, plans and timing for the commencement or advancement of exploration activities on our properties, 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 statements. Such forward-looking statements are based on certain factors and assumptions and are 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 statements. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, continuity and grade of deposits, fluctuations in uranium prices and currency exchange rates, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the securities commission on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made in this news release are 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 statements. 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.

                                   TABLE 1
    
                     Winter 2010 Shea Creek Drill Results
        All Uranium Intersections Calculated from Gamma Probe Logging
    
    -------------------------------------------------------------------------
      Hole     Total     Depth to      From      To     Length    Avg.  Type
               Depth   Unconformity  (metres) (metres) (metres)  Grade
              of Hole    (metres)                                Within
              (metres)                                            the
                                                                 Inter-
                                                                section
                                                             (% eU(3)O(8))
    -------------------------------------------------------------------------
    SHE-133-3  903.0      725.3        718.2    725.8    7.6      1.81    UC
                           including   721.0    725.8    4.8      2.65    UC
                                       744.6    745.7    1.1      1.02     B
                                       749.3    750.1    0.8      0.54     B
                                       757.6    758.5    0.9      4.80     B
    -------------------------------------------------------------------------
    SHE-133-4  975.0      716.5        714.2    716.6    2.4      6.55    UC
                                       742.0    743.6    1.6      1.08     B
                                       755.7    756.3    0.6      1.12     B
                                       760.8    761.5    0.7      0.63     B
                                       784.1    785.4    1.3      1.21     B
    -------------------------------------------------------------------------
    Note: Uranium grades are calculated from gamma probe logging. True widths
    of mineralized intervals have not yet been determined.

For further information: UEX CORPORATION, SUITE 1007 - 808 NELSON STREET, VANCOUVER, B.C., CANADA, V6Z 2H2, PH: (604) 669-2349, FAX (604) 669-1240, Website: www.uex-corporation.com, email: uex@uex-corporation.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$ 37.3 millions, € 33.7 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%0.093-1.06%
TORONTO
CA$ 0.155
09/13 16:54 -0.010
-3.13%
Prev close Open
0.160 0.150
Low High
0.150 0.160
Year l/h YTD var.
0.135 -  0.195 -11.43%
52 week l/h 52 week var.
0.135 -  0.215 -16.22%
Volume 1 month var.
318,750 10.71%
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$ 7.36+0.00%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 3.52-0.85%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.27-0.61%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$ 1.63-2.40%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 1.14-0.87%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$ 2.25+1.35%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.00+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.87+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+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.12-3.85%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$ 2.13-5.75%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 25.07+2.08%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$ 0.06-4.69%Trend Power :