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UEX drills 11.9 m of 4.23% uranium at Christie Lake, could lead to more

Friday, October 21, 2016 1:55
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UEX Corporation (TSE:UEX) shares raced 5% higher on Friday after the company released radiometric probe findings from five holes completed on the Paul Bay deposit at the Christie Lake uranium project, the final of which bore exceptional and unexpected results.
The results were so good it prompted Roger Lemaitre, president and chief executive officer, to hail its prospect as “the beginnings of a second high-grade zone within that deposit.”

The results were from five targets identified as necessary for the Paul Bay resource estimate. Results from four of the holes drilled to test the margins of the mineralized zone were as expected; however, results from the final hole CB-102 were exceptional and unexpected.

Hole CB-102 tested a large gap in the historical drilling (40 to 50 metres between holes) within the lower section of the Paul Bay deposit. CB-102 encountered unexpected high-grade mineralization that included subintervals comprising semi-massive uranium similar to that observed in holes CB-092 and CB-093 that defined the ultra-high-grade subzone described in UEX’s news release of Sept. 7, 2016.

UEX currently holds a 10% interest in the Christie Lake project and is working under an option agreement to earn up to a 70% interest. The project is located approximately nine kilometres northeast and along strike of Cameco‘s McArthur River mine, the world’s largest uranium producer.

Radiometric equivalent grades (REGs) from CB-102 included:

  • 4.23 per cent eU3O8 (triuranium octoxide equivalent) over 11.9 metres from 530.15 to 542.05 metres, including three high-grade subintervals:
  • 15.26 per cent eU3O8 over 1.5 metres from 533.05 to 534.55 metres;
  • 8.2 per cent eU3O8 over one metre from 538.65 to 539.65 metres;
  • 13.6 per cent eU3O8 over 0.6 metre from 541.35 to 541.95 metres.

The results from CB-102 suggest that a second high-grade subzone may exist within the Paul Bay deposit. Room exists around CB-102 to further expand this high-grade mineralization with additional drilling in future programs, once the company’s exploration team has had the opportunity to further interpret the geology of this portion of the Paul Bay deposit.

Holes CB-098 and CB-099 tested the up-plunge trend of the ultra-high-grade zone. Hole CB-098 did not intersect significant radioactivity, whereas CB-099 encountered several narrow zones of weak uranium mineralization (see attached table). These holes have defined the upper boundary of the ultra high-grade zone.

Hole CB-097 was drilled to test the eastern extension of the Paul Bay deposit. CB-097 did not encounter anomalous radioactivity or hydrothermal alteration, indicating that this hole marks the eastern boundary of the Paul Bay mineralizing system.

Hole CB-101 was drilled to test a large gap between two mineralized holes west of CB-097. CB-101 encountered several intervals of uranium mineralization, the best of which returned a REG of 0.35 per cent eU3O8 over 1.1 metres from 536.35 to 537.45 metres.

“We are noticing a lot of similarities between the Paul Bay and Ken Pen areas, with respect to the structures that appear to be hosting the high-grade mineralization at both deposits. Applying the Paul Bay blueprint to Ken Pen, which is approximately 200 metres along trend and with a fraction of the drilling of Paul Bay, has our geological team very excited,” said UEX’s Lemaitre.

The C$4mln 2016 Christie Lake exploration drilling program will continue until late October, with the focus now shifted toward exploring the Ken Pen deposit.

The eU3O8 grades were estimated in situ within the drill holes using calibrated downhole radiometric gamma probes. Samples from all holes have been collected for assay analysis to confirm these equivalent grades. The samples will be analyzed at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Sask., with results expected in the coming weeks.

UEX shares were up 5.1% at C$0.20 on Friday.

Story by ProactiveInvestors


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