UEX Reports Results of 2009 Drilling on the Shea Creek Uranium Project:
Highlights Include 1.02% eU(3)O(8) Over 141.4 Metres Including 5.55%
eU(3)O(8) Over 15.8 Metres of Basement-Hosted Mineralization at the Kianna
Deposit; and 7.24% eU(3)O(8) Over 8.7 Metres Including 18.48% eU(3)O(8) Over
2.2 Metres of Unconformity Mineralization at the Anne Deposit
Trading Symbol: UEX-TSX
Drilling during the 2009 program concentrated on four principal areas at
Shea Creek:
a) Infill and step-out drill holes at the Kianna Deposit ("Kianna");
b) Infill drilling at the Anne Deposit ("Anne");
c) Exploration drill holes between Anne and Kianna; and
d) Exploration drill holes at the 58B target area, located between
Kianna and the Colette Deposit ("Colette").
The drilling results include intercepts of 5.55% eU(3)O(8) over 15.8 metres in drill hole SHE-114-20 of basement-hosted mineralization at Kianna, and 7.24% eU(3)O(8) over 8.7 metres in hole SHE-109-5 of unconformity-hosted mineralization at Anne. The Kianna SHE-114-20 intercept lies within a broader interval of 1.02% eU(3)O(8) over 141.4 metres.
AREVA continues to support the
An aggressive drilling program is being planned for 2010; program details and budget will be announced shortly.
Results from the 2009
The program began in early February utilizing three diamond drills. A fourth drill was added in July, and the drilling concluded in late October. A total of 54 diamond drill holes were completed on the project during the 2009 program, including three pilot drill holes and 51 directional cuts. Multiple directional cuts, or "step-outs", can be made from one pilot hole, which reduces costs while improving targeting precision when drilling deep targets. Three holes were abandoned due to technical difficulties before reaching target depth, and were not probed. The totals also include two holes that were drilled for geotechnical purposes and therefore did not target probable mineralization. Maps of the 2009 drilling at
Uranium grades reported below are calculated from gamma probe logging (see Table 1). True widths of mineralized intervals have not yet been determined. The probe results are reported as uranium equivalent (eU(3)O(8)). Equivalent uranium probe results are obtained using a DHT27-STD gamma probe which collects continuous readings along the length of the drill hole. Probe results are calibrated using a radiometric to grade conversion calculated from the comparison of probe results against geochemical analyses in previous drill holes in the
Mineralization at
- Perched mineralization ("P") is sandstone-hosted mineralization
found in discrete zones tens of metres above the unconformity;
- Unconformity-type mineralization ("UC") is found in close
proximity to the unconformity; and
- Basement-hosted mineralization ("B") is found in zones up to 200
metres below the unconformity.
Although each style of mineralization exists in the Athabasca Basin, the common vertical stacking of these three styles is unique to the deposits at
Kianna Deposit
Drilling at Kianna in 2009 comprised one pilot hole and 12 directional cuts, excluding two holes which were not completed due to drilling difficulties. Drilling focused on better definition of mineralization in the basement and at the unconformity, following up on previous results. Results of principal intercepts at Kianna are reported in Table 1. True widths of mineralized intervals have not yet been determined. The most significant intercepts, which returned grades of greater than 0.5% eU(3)O(8) and a grade-thickness product of greater than 5.0 include the following:
- (UC) 2.90% eU(3)O(8) over 6.9 metres in hole SHE-118-18;
- (P) 3.86% eU(3)O(8) over 14.2 metres, including 20.64% eU(3)O(8)
over 1.4 metres, and
(B) 1.85% eU(3)O(8) over 8.7 metres in hole SHE-114-18A;
- (P) 5.94% eU(3)O(8) over 12.0 metres, including 15.72% eU(3)O(8)
over 1.2 metres and 33.56% eU(3)O(8) over 1.3 metres in hole
SHE-114-19;
- (P) 2.71% eU(3)O(8) over 14.2 metres, and
(B) 3.73% eU(3)O(8) over 10.8 metres in hole SHE-114-19A; and
- (B) 1.02% eU(3)O(8) over 141.4 metres, including 2.27% eU(3)O(8)
over 4.0 metres, 2.72% eU(3)O(8) over 6.6 metres, 5.55%
eU(3)O(8) over 15.8 metres, and 2.39% eU(3)O(8) over 5.3
metres in hole SHE- 114-20.
Drill hole SHE-114-20 substantially upgrades the eastern portion of the basement mineralization in Kianna. The high-grade sub-interval of 5.55% eU(3)O(8) over 15.8 metres expands the outlines of higher grade material from previous drilling results. In addition, upper parts of the basement intercept in drill hole SHE-114-20 have expanded both the extent and potential of the basement zone. The mineralization intersected by this drill hole will require follow-up drilling, which is planned as part of the 2010 exploration program.
The perched and unconformity results listed above further define the high grade portions of these zones.
Between the Anne and Kianna Deposits
Drilling in this area was undertaken to further assess the extent and continuity of mineralization between Anne and Kianna, and define areas of higher grade mineralization within this corridor. A total of 21 directional cuts in the SHE-37, 50 and 121 series drill holes were completed in this area, excluding one hole which was not completed due to drilling difficulties.
Results of principal intercepts in the area south of Kianna are reported in Table 1. Some of the more significant intercepts with grade-thickness product greater than 5.0 include:
- (UC) 1.09% eU(3)O(8) over 5.5 metres in hole SHE-50-2;
- (UC) 4.56% eU(3)O(8) over 2.9 metres in hole SHE-50-5;
- (UC) 3.06% eU(3)O(8) over 4.3 metres in hole SHE-50-8; and
- (UC) 1.62% eU(3)O(8) over 4.3 metres in hole SHE-50-11.
Drilling in this area has better-defined the unconformity mineralization,
allowing for the incorporation of this zone in future resource estimation.
Anne Deposit
Drilling at Anne in 2009 was performed with the following objectives:
a) To further test open areas in southeastern portions of Anne; and
b) To further define mineralization in the northern portions of Anne.
One pilot hole and 12 directional cuts were completed. Significant
intercepts in these areas with grade-thickness product greater than 5.0
include the following (see Table 1 for full results):
- (UC) 1.47% eU(3)O(8) over 7.6 metres in hole SHE-131-3;
- (UC) 7.24% eU(3)O(8) over 8.7 metres, including 18.48% eU(3)O(8)
over 2.2 metres, and
(B) 1.45% eU(3)O(8) over 11.1 metres in hole SHE-109-5; and
- (UC) 4.51% eU(3)O(8) over 8.9 metres in hole SHE-109-6.
The 109-series drill holes further outline mineralization in the northern Anne Deposit. The SHE-131 series drill holes fill large gaps in previous drilling at the southeastern end of Anne, establishing and extending continuity of mineralization approximately 100 metres further to the southeast of previous systematic areas of drilling. Unconformity mineralization throughout much of Anne, and all mineralization at the southeast end of the Anne Deposit are open and will be further tested during the 2010 program.
58B Area
This highly prospective, but virtually untested, area lies between the Kianna and Colette Deposits along a one-kilometre strike length of the
UEX and AREVA view the 58B area as highly prospective for the discovery of additional basement-hosted mineralization comparable to that observed in Kianna. This assessment is based on the dominance of basement mineralization, the presence of east-west trending steeply dipping pitchblende veins, the intensity and extent of basement clay alteration, and a geophysical signature similar to the Kianna area. Additional drilling here, and in the relatively untested areas between the 58B target and the Kianna Deposit, are planned for 2010.
2009 Engineering and Geotechnical Studies
In addition to the ongoing exploration in 2009, further engineering and environmental work continued at
The 2009 program included the gathering of site-specific information from Kianna by AREVA personnel and external consultants. Work included a comprehensive geotechnical core logging program of current and previous drill holes, hydraulic tests, drilling of two holes for geotechnical purposes adjacent to Kianna for conceptual mine design planning, and further environmental baseline studies. This work will continue in 2010.
Qualified Persons
Technical information in this news release has been reviewed and approved by R. Sierd Eriks, P.Geo., UEX's Vice President of Exploration, David Rhys, P.Geo., a consultant to UEX, and
About the
The Kianna, Anne and Colette Deposits within
Mineralized areas along the Saskatoon Lake Conductor at
- Basement-hosted mineralization ("B") is found in zones up to 200
metres below the unconformity. Drilling at Kianna has outlined a
zone of this style of mineralization with a strike length of 200
metres and a downdip extension of 160 metres which includes
intercepts such as SHE-114-11, grading 4.09% U(3)O(8) over 45.0
metres, including 18.07% U(3)O(8) over 6.0 metres. This
mineralization style is also seen at Anne and Colette, which
include intercepts such as SHE-122-1 at Anne, grading 4.21%
U(3)O(8) over 36.0 metres, including 23.17% U(3)O(8) over 3.5
metres, and SHE-111-6 at Colette, grading 3.23% U(3)O(8) over 8.0
metres. The basement mineralization at Colette has been traced
over a strike length of 240 metres, and is largely open.
- Perched mineralization ("P") is sandstone-hosted pervasive and
fracture-controlled pitchblende-bearing mineralization found in
discrete zones tens of metres above the unconformity. At Kianna,
the largest of these pods has a defined strike length of 80 metres
and a width of 60 metres, and includes intercepts such as
SHE-114-5, grading 20.72% eU(3)O(8) over 10.2 metres, including
27.73% eU(3)O(8) over 7.60 metres. This mineralization style at
Colette includes intercepts such as SHE-111-11, grading 1.43%
U(3)O(8) over 6.0 metres. Fracture/fault-controlled perched
mineralization is also developed within the Anne area; however
intersections cannot be correlated between drill holes with the
current density of drill information.
- Unconformity-type mineralization ("UC") is disseminated, nodular
and massive mineralization in close proximity to the unconformity.
At Kianna, the principal zone of this style has a defined strike
length of 200 metres and a plan width of 200 metres with
intercepts such as SHE-115-3, grading 9.34% U(3)O(8) over 12.2
metres, including 21.15% U(3)O(8) over 4.3 metres. Much of the
mineralization at Anne and Colette is of this style also, with
intercepts such as SHE-99-2 at Anne, grading 5.65% U(3)O(8) over
17.9 metres, including 14.55% U(3)O(8) over 6.5 metres, and SHE-52
at Colette, grading 2.34% U(3)O(8) over 16.8 metres. The
unconformity mineralization at Anne has been traced over a strike
length of 400 metres, a plan view width of 100 metres, and is open
in all directions. The unconformity mineralization at Colette has
been traced over a strike length of 650 metres, and is open in all
directions.
Mineralization of these styles is open in most parts of the deposits. The zones may be stacked with additional underlying zones successively beneath a zone at or above the unconformity. For example, at Kianna, high-grade uranium mineralization has been intersected in multiple zones at depths from 662 metres to 922 metres, a vertical distance of approximately 260 metres. Areas of lower-grade mineralization intersected near the unconformity in widely spaced holes between the deposits suggest the potential for additional mineralized zones in areas which are largely untested, or where historical drill holes did not penetrate sufficiently deep enough to test for all mineralization settings. In addition, excellent exploration potential occurs along the extensions of the Saskatoon Lake conductor in southern and central parts of the property, as well as along parallel conductors to the west.
About AREVA Resources
AREVA, a uranium exploration, mining and milling company, is a subsidiary of AREVA Group, a worldwide expert in the energy field with manufacturing facilities in 43 countries and a sales network in more than 100 countries. AREVA Group, through its Canadian subsidiary, has significant interests in several uranium deposits in the Athabasca Basin, including the producing McClean Lake Deposits operated by AREVA, the producing McArthur River Deposit operated by Cameco Corporation, the Midwest Deposit, the Millennium Deposit, and the Cigar Lake Deposit.
About UEX
UEX is a Canadian uranium exploration and development company actively involved in 19 uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, ten joint-ventured with AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19 projects, totaling 353,134 hectares (872,613 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 21% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Kianna, Anne and Colette Deposits at its 49%-owned
ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
Graham C. Thody
President & C.E.O.
Forward-Looking Statements
This news release contains "forward-looking statements" that are based on UEX's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX's outlook for our future operations, plans and timing for the commencement or advancement of exploration activities on our properties, and other expectations, intention and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are based on certain factors and assumptions and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, continuity and grade of deposits, fluctuations in uranium prices and currency exchange rates, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the securities commission on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
TABLE 1
2009 Shea Creek Drill Results
All Uranium Intersections Calculated from Gamma Probe Logging
Only intervals with composite grades greater than 0.10% eU(3)O(8) and a
grade-thickness product greater than 0.05 are listed below. True widths
of mineralized intervals have not yet been determined.
-------------------------------------------------------------------------
Avg. Grade
Total Within
Depth of Depth to the Inter-
Hole Unconformity From To Length section (%
Hole (metres) (metres) (metres) (metres) (metres) eU(3)O(8))
-------------------------------------------------------------------------
SHE-37-1 828.0 716.9 714.8 718.5 3.7 0.30
-------------------------------------------------------------------------
SHE-37-2 801.0 715.3 706.6 713.3 6.7 0.28
720.9 723.6 2.7 0.57
726.1 728.5 2.4 0.35
-------------------------------------------------------------------------
SHE-37-3* 708.0 - Hole not probed.
-------------------------------------------------------------------------
SHE-37-3A 870.4 702.2 728.5 729.9 1.4 1.25
733.6 734.5 0.9 1.10
742.2 743.0 0.8 1.35
743.6 744.4 0.8 0.64
-------------------------------------------------------------------------
SHE-37-4 877.1 720.3 719.2 720.1 0.9 0.41
740.4 741.3 0.9 2.57
747.8 748.4 0.6 1.20
-------------------------------------------------------------------------
SHE-37-5 873.0 714.0 707.6 708.3 0.7 0.36
712.9 714.4 1.5 0.45
-------------------------------------------------------------------------
SHE-37-6 861.0 721.6 716.6 718.4 1.8 0.22
719.2 720.7 1.5 0.25
-------------------------------------------------------------------------
SHE-37-7 894.0 704.7 702.4 703.2 0.8 0.37
-------------------------------------------------------------------------
SHE-50-1* 824.0 737.6 Hole not probed.
-------------------------------------------------------------------------
SHE-50-2 843.0 735.7 734.0 738.1 4.1 0.67
769.3 774.8 5.5 1.09
including 772.5 773.4 0.9 4.56
-------------------------------------------------------------------------
SHE-50-3 888.0 746.1 742.1 747.2 5.1 0.54
783.2 784.2 1.0 0.39
-------------------------------------------------------------------------
SHE-50-4 855.0 750.6 750.1 751.7 1.6 0.29
-------------------------------------------------------------------------
SHE-50-5 858.0 723.2 720.1 723.0 2.9 4.56
-------------------------------------------------------------------------
SHE-50-6* 785.0 717.7 Hole not probed.
-------------------------------------------------------------------------
SHE-50-7 879.0 726.0 725.8 726.6 0.8 0.37
749.5 750.0 0.5 0.41
-------------------------------------------------------------------------
SHE-50-8 874.0 719.1 715.2 719.5 4.3 3.06
-------------------------------------------------------------------------
SHE-50-9 888.0 730.8 721.6 724.1 2.5 0.49
-------------------------------------------------------------------------
SHE-50-10 764.0 715.4 714.6 716.9 2.3 1.31
-------------------------------------------------------------------------
SHE-50-11 882.0 743.8 740.1 744.4 4.3 1.62
-------------------------------------------------------------------------
SHE-109-3 855.0 723.0 717.9 724.0 6.1 0.79
-------------------------------------------------------------------------
SHE-109-4 823.0 729.8 729.7 730.4 0.7 0.24
-------------------------------------------------------------------------
SHE-109-5 801.0 712.7 711.4 720.1 8.7 7.24
including 712.0 714.2 2.2 18.48
including 714.8 715.5 0.7 12.55
742.2 753.3 11.1 1.45
-------------------------------------------------------------------------
SHE-109-6 825.0 714.1 710.6 719.5 8.9 4.51
-------------------------------------------------------------------------
SHE-109-7 824.0 716.5 710.7 713.9 3.2 0.61
716.3 719.9 3.6 1.26
-------------------------------------------------------------------------
SHE-112-3 849.0 736.5 735.3 737.3 2.0 0.64
759.2 760.9 1.7 1.13
-------------------------------------------------------------------------
SHE-112-4 840.0 724.2 736.7 737.3 0.6 0.36
762.8 763.5 0.7 0.60
777.6 778.1 0.5 0.62
780.7 781.5 0.8 0.25
-------------------------------------------------------------------------
SHE-114-18* 687.0 - Hole not probed.
-------------------------------------------------------------------------
SHE-114-18A 1044.0 724.5 677.1 691.3 14.2 3.86
including 678.7 680.1 1.4 20.64
including 681.1 681.6 0.5 6.68
722.6 726.7 4.1 0.33
808.3 817.0 8.7 1.85
including 808.3 812.5 4.2 2.97
-------------------------------------------------------------------------
SHE-114-19 801.0 714.2 681.2 693.2 12.0 5.94
including 688.7 689.9 1.2 15.72
including 690.1 691.4 1.3 33.56
-------------------------------------------------------------------------
SHE-114-19A 1045.0 714.5 676.5 690.7 14.2 2.71
including 683.2 684.2 1.0 12.41
including 689.1 689.8 0.7 9.30
711.5 715.5 4.0 0.35
816.1 826.9 10.8 3.73
including 818.9 819.3 0.4 12.67
including 822.3 822.8 0.5 16.09
including 824.6 825.4 0.8 7.36
including 826.0 826.4 0.4 14.01
-------------------------------------------------------------------------
SHE-114-20 1059.0 735.0 675.0 676.7 1.7 0.27
763.8 905.2 141.4 1.02
including 770.7 774.7 4.0 2.27
including 810.6 817.2 6.6 2.72
including 838.5 854.3 15.8 5.55
including 899.9 905.2 5.3 2.39
-------------------------------------------------------------------------
SHE-115-19 1036.0 720.2 742.4 743.2 0.8 0.42
831.5 832.5 1.0 0.91
-------------------------------------------------------------------------
SHE-115-20 1032.0 722.2 754.5 756.1 1.6 1.02
-------------------------------------------------------------------------
SHE-115-21(xx) 951.0 726.7 No significant mineralization
-------------------------------------------------------------------------
SHE-115-22 951.0 727.7 802.9 803.0 0.1 0.13
-------------------------------------------------------------------------
SHE-118-17 846.0 716.9 783.4 783.7 0.3 0.39
-------------------------------------------------------------------------
SHE-118-18 882.0 708.2 705.7 712.6 6.9 2.90
including 708.7 709.1 0.4 7.54
including 711.8 712.2 0.4 9.39
-------------------------------------------------------------------------
SHE-121-4 897.0 722.8 721.6 723.3 1.7 0.39
-------------------------------------------------------------------------
SHE-121-5(xx) 834.0 714.8 No significant mineralization
-------------------------------------------------------------------------
SHE-131(xx) 816.0 711.8 No significant mineralization
-------------------------------------------------------------------------
SHE-131-1 801.0 703.0 703.3 707.0 3.7 0.22
-------------------------------------------------------------------------
SHE-131-2 789.0 701.6 712.3 717.2 4.9 0.71
739.3 741.0 1.7 0.75
-------------------------------------------------------------------------
SHE-131-3 808.4 710.1 701.6 709.2 7.6 1.47
including 701.6 703.9 2.3 2.34
including 705.0 707.1 2.1 1.75
-------------------------------------------------------------------------
SHE-131-4 779.0 699.1 694.2 695.3 1.1 4.31
717.4 719.9 2.5 0.89
-------------------------------------------------------------------------
SHE-131-5 801.0 699.9 687.6 688.7 1.1 0.52
693.7 699.7 6.0 0.33
-------------------------------------------------------------------------
SHE-132 915.0 734.3 733.5 734.9 1.4 1.17
-------------------------------------------------------------------------
SHE-132-1 885.0 736.2 734.6 736.7 2.1 0.51
-------------------------------------------------------------------------
SHE-132-2 804.0 734.9 733.7 736.2 2.5 0.90
792.0 793.2 1.2 0.50
-------------------------------------------------------------------------
SHE-132-3 933.0 737.6 726.3 727.8 1.5 0.59
737.6 738.1 0.5 0.46
-------------------------------------------------------------------------
SHE-132-4 813.0 733.7 729.9 734.0 4.1 0.32
-------------------------------------------------------------------------
SHE-132-5 844.0 736.4 730.3 731.7 1.4 0.31
735.0 736.9 1.9 0.62
-------------------------------------------------------------------------
SHE-133 825.0 732.8 810.4 811.2 0.8 0.36
814.3 815.1 0.8 0.22
-------------------------------------------------------------------------
SHE-133-1 856.0 736.8 795.3 796.0 0.7 0.62
-------------------------------------------------------------------------
SHE-133-2 861.0 719.5 764.1 767.2 3.1 1.21
including 764.6 765.6 1.0 2.28
769.0 769.8 0.8 1.70
779.5 780.5 1.0 0.85
-------------------------------------------------------------------------
* No probing - hole lost
(xx) No recordable mineralization
%SEDAR: 00017609E
For further information: UEX CORPORATION, SUITE 1007 - 808 NELSON STREET, VANCOUVER, B.C., CANADA, V6Z 2H2, PH: (604) 669-2349, FAX (604) 669-1240, Website: www.uex-corporation.com, email: [email protected]
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