New Radioactive Fault at Wolf Lake Returns Probe Peak of 12,771 cps
Press Releases
UEX Corporation (“UEX” or the “Company”) is pleased to announce the drill results from the winter basement-targeting drill program in the Wolf Lake area, the second of twelve targets identified during the 2014 Hidden Bay core review program.
At Wolf Lake, 22 holes totalling 5,513 m were completed in early April, which targeted the large basement alteration zone defined during the 2014 Hidden Bay core review program.
This drilling program identified a new radioactive and hydrothermally-altered graphitic fault system oriented in an east-north-easterly direction in the Wolf Lake area (see Figure 1) that extends eastward from a known area of hydrothermal alteration, geochemically anomalous uranium and radioactivity that occurs along the main Wolf Lake north-south fault system. The two highest readings of radioactivity intersected during the winter program were encountered in this newly identified fault structure:
- Hole WO-151 returned a down-hole radiometric probe peak of 12,771 cps at 81.2 m;
- Hole WO-152 returned a down-hole radiometric probe peak of 4,348 cps at 215.4 m;
- This new fault zone has untested potential for both unconformity-style and basement-type uranium mineralization and remains untested along strike to the east; and
- East-north-easterly fault systems that splay off regional fault structures are known to host important basement-uranium mineralization in the district. The nearby Eagle Point Mine is currently mining uranium from such a fault system.
UEX is encouraged by the results of the Wolf Lake drill program, with further drilling planned next winter when access is cost-effectively achievable using winter ice roads.
The Wolf Lake program represented the second half of the Hidden Bay winter 2015 program, in which 47 holes totalling 10,179 m were drilled at the Wolf Lake and Dwyer Lake areas.
The Dwyer Lake drilling program was completed in March 2015 and consisted of 25 holes totalling 4,666 m (see UEX news release dated February 26, 2015). The final 6 drill holes that rounded out this program tested structural targets similar in nature to, but not directly associated with the extensive clay alteration zone reported previously. UEX is planning a resistivity survey to define the extent of the Dwyer Lake alteration zone in order to cost-effectively vector towards potential uranium mineralization in upcoming drilling programs.
About the Hidden Bay Project
UEX’s Hidden Bay Project is located in the eastern Athabasca Basin and is proximal to several of the region’s major uranium deposits and mines. The property lies adjacent to two operating uranium mills, is divided by a provincial highway and is located minutes from daily all-weather commercial air service at a nearby regional air terminal. The Hidden Bay Project has been explored for uranium by UEX and preceding companies for over four decades, with this exploration leading to the discovery of three deposits documented in National Instrument 43-101 (“N.I. 43-101”) reports which are referenced below.
Qualified Persons and Data Acquisition
Technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s President and CEO who is a Qualified Person as defined by National Instrument 43-101.
About UEX
UEX (TSX:UEX, OTC:UEXCF.PK, UXO.F) is a Canadian uranium exploration and development company actively involved in fifteen uranium projects, including four that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, as well as nine joint ventures with AREVA and one joint venture with AREVA and JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The fifteen projects are located in the eastern, western and northern perimeters of the Athabasca Basin, the world’s richest uranium belt, which in 2014 accounted for approximately 16% of the global primary uranium production. UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project.
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