Saskatoon - UEX Corporation (TSX: UEX) ('UEX' or the 'Company') is pleased to announce it has filed a technical report on the Horseshoe-Raven Project (the 'Technical Report') located in the eastern Athabasca Basin of northern Saskatchewan, prepared in accordance with National Instrument 43-101 'Standards of Disclosure for Mineral Projects' ('NI-43-101').
In 2011 a Preliminary Economic Assessment titled 'Preliminary Assessment Technical Report on the Horseshoe and Raven Deposits, Hidden Bay Project, Saskatchewan, Canada') (the '2011 PEA') was completed for the Horseshoe and Raven deposits. Due to the passage of time, the Company considers that the economic assessment of the 2011 PEA is no longer current and is no longer being relied upon by the Company. This 2021 Technical Report replaces the 2011 PEA with an updated estimate of mineral resources.
About the Horseshoe-Raven Project
The Horseshoe-Raven Property is an advanced exploration project located in the eastern Athabasca Basin of northern Saskatchewan, Canada that contains both the Horseshoe Uranium Deposit and the Raven Uranium Deposit. The Property is located approximately 700 kilometres north of Saskatoon, west of Wollaston Lake and measures approximately 4,486 hectares and is comprised of one mineral claim to which UEX has 100% ownership. The Deposits are located just east of the margin of the Athabasca Basin within basement rocks and has excellent infrastructure. An existing all-weather road crosses over the Deposits and power lines that service Cameco Corporation's nearby Rabbit Lake Operation pass within one km of the Deposits. The Deposits occur within 5 km of Cameco's Rabbit Lake Uranium Mill.
The Horseshoe Uranium Deposit has a strike length of 800 metres and occurs at depths between 100 to 450 metres. The Raven Deposit is located 500 m southwest of the Horseshoe Deposit and has a strike length of 1,000 m and ranges between 100 to 300 m in depth.
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 Athabasca Basin, the world's richest uranium belt which in 2020 accounted for approximately 8.1% of the global primary uranium production. In addition to advancing its uranium development projects through its ownership interest in JCU, UEX is currently advancing several other uranium deposits in the Athabasca Basin which include the Paul Bay, Ken Pen and rora deposits at the Christie Lake Project , the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project, the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Development Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.
UEX is also 50:50 co-owner of JCU (Canada) Exploration Company, Limited with Denison. JCU's portfolio of projects includes interests in some of Canada's key future uranium development projects, notably a 30.099% interest in Cameco's Millennium Uranium Development Project, a 10% interest in Denison Mines Wheeler River Project, and a 33.8123% interest in Orano Canada's Kiggavik Project, located in the Thelon Basin in Nunavut, as well as minority interests in nine other grassroots uranium projects in the Athabasca Basin.
UEX is also leading the discovery of cobalt in Canada, with three cobalt-nickel exploration projects located in the Athabasca Basin of northern Saskatchewan, including the only primary cobalt deposit in Canada. The 100% owned West Bear Project hosts the West Bear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-Ni Zone, and the West Bear Uranium Deposit. UEX also owns 100% of two early-stage cobalt exploration projects, the Axis Lake and Key West Projects.
Contact:
Roger Lemaitre
Tel: (306) 979-3849
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 the Horseshoe-Raven Property, 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.
UEX CORPORATION 