UEX 2020 Exploration Programs to Commence at West Bear and Christie Lake - Seite 2

In 2019, the Company completed a property-wide DC Resistivity survey that defined a strong and wide anomaly (the Ōrora North Resistivity Anomaly) similar in nature to the resistivity anomalies occurring over the Ken Pen and Paul Bay Deposits.  The Ōrora North Resistivity Anomaly is located north of and parallel to the Yalowega Trend, which led to the interpretation that the Ōrora mineralized trend may be offset by a north-trending fault.  Subsequent drilling of three holes in the Fall of 2019 at the southwest end of the Ōrora North Resistivity Anomaly defined a northwest-oriented fault structure that contained strong hydrothermal alteration and thick dravite veining, features observed in the three known uranium deposits at Christie Lake (see UEX News Release dated October 29, 2019). 

Recently received geochemical results from samples collected from within the altered fault structure in the sandstone column of these three holes show substantial geochemical enrichment of uranium over wide intervals extending as much as 250 m above the unconformity.  The uranium enrichment in each hole ranges from 3 ppm to 12 ppm uranium over core lengths of 98-180 m, reaching as high as 44.3 ppm U in one sample.  Athabasca uranium explorers consider 1-2 ppm uranium in the sandstone-hosted structures to be of exploration interest.  Such sandstone uranium enrichment is often found close to uranium deposits.

To assist the Company in refining drill targets later this year, UEX is undertaking a Phase I geophysical exploration program comprised of a fixed loop electromagnetic survey (“EM”) focused on the Ōrora North area.  Additional EM will be completed in the southern half of the B Conductor area.  A total of 63 line-km of EM surveying will be completed this winter.

A Phase II program is planned that will consist of diamond drilling in the Ōrora North area to follow-up the 2019 drilling program after the Company interprets the results of the EM survey.  

JCU (Canada) Exploration Company Limited (“JCU”), our partner in the Christie Lake Joint Venture, will be diluting their interest in the project.  UEX agreed to contribute JCU’s share of all 2020 expenditures.

New Mineralized Structure Discovered at McClean South

UEX completed 3,318 m of drilling in 10 holes in the fourth quarter of 2019 at the McClean South area of the Hidden Bay Project.  The McClean South area is located immediately adjacent to and south of Orano’s McClean Lake Operation on-strike of the mined-out Sue Uranium Deposits.  The Sue Deposits are a cluster of five uranium deposits that occur over a north-south strike length of 1.7 km hosted within the Sue Fault structure.  The southernmost Sue Deposit, Sue E, was mined by open pit.  The pit’s margins are located within 50 m of the property boundary.