This year, meanwhile, in late January, it discovered Ōrora, a new high-grade unconformity zone 500 metres along strike and to the northeast of the Ken Pen deposit.
“The discovery of Ōrora has exceeded our earliest expectations. The structure intersected by CB-109 is untested along the entire Yalowega Trend, except by one high-grade hole drilled by UEX at Ken Pen,” Roger Lemaitre, the group’s chief executive, said, posting results for the year to December 31.
“This discovery has changed our 2017 exploration program, as we will be focusing on determining the ultimate size of the Ōrora deposit.
“Holes drilled along strike to the northeast and southwest of CB-109 confirm that uranium mineralization occurs along this new target trend,” he added.
Lemaitre added that the company believed that a uranium supply shortfall is coming in the next few years.
“Even at today’s increased spot prices, current prices will not spur the development of the next generation of uranium deposits needed to meet the unstoppable growth in demand for uranium,” he said.
In keeping with am firm at this formative stage, the loss before tax was around $6.3mln versus a loss of $6.8mln a year earlier. It ended the period with $4.1mln in cash.
UEX is mainly focusing on three advanced projects, two in the eastern Athabasca Basin and one in the western Athabasca Basin.
Eastern Athabasca Basin advanced projects include the Hidden Bay project, which hosts the Horseshoe, Raven and West Bear deposits and the 30% owned Christie Lake project, which hosts the Paul Bay, Ken Pen, and Ōrora deposits where the firm has entered an option agreement to earn up to a 70% interest.
Story by ProactiveInvestors