Project operator
Hole WF-68 followed up hole WF-67, which encountered unconformity-style uranium mineralization that averaged 0.99% eU3O8 over 9.0 m (calculated from 0.84% eU) from 474.2 m to 483.2 m, and 0.31% eU3O8 over 4.7 m (calculated from 0.26% eU) from 483.6 to 488.3 m (using a 0.05% eU cut-off for probe equivalent data). UEX is not privy to the data in the 40 cm space between these two probe equivalent intervals, the potential remains that assay sampling will connect these two intervals. WF-68 intersected the unconformity approximately 7 m north and on section with WF-67.
As a follow up to WF-68, WF-68-1 targeted the unconformity a further 12 m north of WF-68 and intersected two intervals of uranium mineralization hosted in the sandstone. The first averaged 1.27% eU3O8 over 5.3 m (calculated from 1.08% eU) from 466.4 m to 471.7 m. The second subinterval averaged 2.19% eU3O8 over 2.4 m (calculated from 1.86% eU) from 480.3 m to 482.7 m (using a 0.05% eU cut-off for probe equivalent data).
This new fence of mineralization remains open for expansion along the current section to the north, remains open for approximately 700 m along strike to the east-northeast to the
The operating partner Orano has completed the winter program with 3,175.4 m drilling in 6 drill holes and has begun demobilization from the field. Drilling is scheduled to resume in the summer season.
About Radiometric Equivalent Grades and %eU and %eU3O8
Orano follows the European convention of reported uranium grades as %U, whereas UEX follows the North American convention of reporting uranium grades using %U3O8. %U is converted to %U3O8 by multiplying the %U concentration by 1.17924. UEX has reported the grades above as %U3O8 and were calculated from Orano's original grade reporting in %U.
When U or U3O8 is preceded by an 'e' such as %eU or %eU3O8, this indicates that the concentration reported is a Radiometric Equivalent Grade ('REG') determined within the drill hole in-situ using a calibrated radiometric gamma probe. The estimation of uranium grades using down-hole probe radioactivity is an industry standard practice and is used by
A total of 7,400 m of drilling in 10-12 drill holes and 18 line km of Moving Loop Electromagnetic surveying is planned for the
Qualified Persons and Data Acquisition
The technical information in this news release has been reviewed and approved by
About UEX
UEX is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects.
UEX's directly-owned portfolio of projects is located in the eastern, western and northern perimeters of the
UEX is also 50:50 co-owner of
UEX is also leading the discovery of cobalt in
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WEB: www.uexcorp.com
Forward-Looking Information
This news release contains statements that constitute 'forward-looking information' for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding UEX's drill hole results, uranium, cobalt and nickel prices, outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. Such forward-looking information is based on certain factors and assumptions and is 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 information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to the, interpretation of drill results and geology, assay confirmation, additional drilling results, continuity and grade of deposits, fluctuations in uranium, cobalt and nickel prices and currency exchange rates, changes in environmental and other laws affecting uranium, cobalt and nickel exploration and mining and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is 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 information. 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.
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