UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to announce that the Company has increased its interest in the Christie Lake Project to 45%.
UEX has completed the required $1 million property payment to JCU (Canada) Exploration Company Limited (“JCU”) and its 2017 exploration work commitments under the Christie Lake Option Agreement prior to the January 1, 2018 deadline. UEX’s ownership interest in the Christie Lake Joint Venture has increased from 30% to 45% effective December 1, 2017. UEX has made cumulative property payments of $5 million and conducted approximately $7.8 million in exploration activities on the project as of October 31, 2017.
UEX intends to continue growing our interest by meeting the next tranche of annual obligations outlined in the Christie Lake Option Agreement. UEX anticipates achieving a 60% ownership interest in the Christie Lake Project by the end of 2018.
The Company remains on track to earn its full 70% interest in the Project.
About the Christie Lake Project
UEX currently holds a 45% 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 9 km northeast and along strike of Cameco’s McArthur River Mine, the world’s largest uranium producer. The P2 Fault, the controlling structure for all of the McArthur River deposits, continues to the northeast beyond the mine. UEX believes that through a series of en-echelon steps the northeast strike extension of the P2 Fault not only crosses the Project but also controls the three known uranium deposits on Christie Lake, the Ōrora, Paul Bay and Ken Pen Deposits.
The Paul Bay and Ken Pen Deposits are estimated to host a combined 20.87 million pounds of U3O8 at an average grade of 3.22% U3O8 and were discovered in 1989 and 1993 respectively. This is a historic resource estimation which does not use resource classifications consistent with NI 43-101. The historical resource estimate was presented in an internal report titled Christie Lake Project, Geological Resource Estimate completed by PNC Tono Geoscience Center, Resource Analysis Group, dated September 12, 1997. The historical resource was calculated using a 3 D block model using block sizes of 2 m by 2 m by 2 m, and block grades interpolated using the inverse distance squared method over a circular search radius of 25 m and 1 m height. Specific gravities for each deposit were averaged from specific gravity measures of individual samples collected for assay. UEX plans to complete additional infill drilling on the deposits during the option earn-in period to upgrade these historic resources to indicated and inferred. A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves. UEX is not treating the historic estimate as current mineral reserves or mineral resources and the reader is advised not to rely upon this historical estimate as a resource estimate.
Source: UEX Corporation
