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UEX Corp.
Summary
| Project: | Christie Lake | |
|---|---|---|
| Deposit: | Ken Pen | |
| Location: | Canada | |
| Commodities: | Uranium | |
| Date: | 11/7/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 7-11-2016: UEX Corp. announces an Exploration/Drilling Update report for its Ken Pen deposit at the Christie Lake project. Drilling results incl. 4.2m @ 2.37% eU3O8 from 438.7m. UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to announce rad | |
| Resources: | (Resource, Historic): 20.87Mlbs U3O8 @ 3.22% U3O8, Historic resource for Paul Bay, Ken Pen deposits | |
| CP/QP: | [Overall Report]: Roger Lemaitre, Trevor Perkins (Internal) | |
| ABSTRACT: | UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to announce radiometric probe results from the first holes completed on the Ken Pen Deposit at the Christie Lake Project (the “Project”). The following Radiometric Equivalent Grade (“REG”) results are from five of six holes targeting the Ken Pen Deposit, the second of the two known deposits located along the Yalowega Trend, a 1.5 km long uranium mineralized segment of the P2 fault corridor located on the Christie Lake Project (see Figure 1). The Ken Pen Deposit is located less than 200 m northeast and along strike of the Paul Bay Deposit. The objective of these first holes is to begin to outline the ultimate geometry of the Ken Pen Deposit, which was based on seven holes drilled by the previous operator. All six holes encountered anomalous radioactivity and extensive hydrothermal alteration that appears to be thickening along strike to the northeast. “Our 2016 drill campaign has been a huge success. We have significantly expanded the Ken Pen Deposit footprint and it remains wide open for further expansion. This program confirmed our concepts and validated our exploration approach. I am excited that we uncovered new and unexpected exploration potential and I’m looking forward to seeing the drills turning again in January.” Roger Lemaitre, President & CEO. The focus of the 2016 program was on testing the Paul Bay and Ken Pen deposits down-dip of known mineralization within the basement fault structure, as these areas were not drill-tested by the historical operator. During this campaign, UEX has learned that the highest grade uranium at Paul Bay and Ken Pen is hosted within a brecciated fault structure located below a graphitic rock package. Historical exploration campaigns focused on testing the location where the graphitic package encounters the unconformity. At the Ken Pen Deposit, the horizontal distance between the unconformity expression of the graphitic package and the breccia fault structure is much wider than at Paul Bay. As a result, the unconformity expression of the brecciated fault structure was rarely intersected in historical drill holes. Both unconformity-hosted and down-dip basement-hosted uranium potential remains to be tested at Ken Pen and to the northeast along the Yalowega Trend. | |
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