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UEX significantly expands the Ken Pen deposit

Monday, November 7, 2016 9:21
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(Before It's News)

Shares in UEX Corporation (TSE:UEX) opened higher on Monday as the company revealed that holes recently drilled have expanded the Ken Pen deposit.

The company announced radiometric probe results from the first holes drilled at the Ken Pen uranium deposit, which is the second of two known deposits located along the Yalowega trend on the Christie Lake project.

The objective of these first holes was 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 drilled by UEX encountered anomalous radioactivity and extensive hydrothermal alteration that appears to be thickening along strike to the northeast, UEX revealed.

UEX highlighted holes CB-104 and CB-100A. The former intersected unconformity-style mineralisation averaging 2.37% triuranium oxide over 4.2 metres, with the mineralization remaining open along strike to the northeast and along the unconformity surface to the northwest; the latter intersected both unconformity mineralization and basement-hosted mineralization. The unconformity-style mineralisation averaged 1.62% triuranium oxide over 3.2 metres, while the basement mineralization was widespread, returning a composite grade of 0.72% triuranium over 11.4 metres.

“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,” said Roger Lemaitre, president and chief executive officer of UEX.

The ground is starting to freeze over now, so field activities have been suspended until January. Many of the upcoming 2017 Ken Pen follow-up holes and planned Yalowega trend exploration holes will require drilling from lake ice platforms. UEX will be sending a crew into the field in December to thicken the lake ice in the areas where it plans to undertake drilling this winter.

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.

Shares in UEX rose to C$0.19 on the news from C$0.17 at Friday’s close.

Story by ProactiveInvestors

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