April 12, 2022
UEX Corp. (TSX:UEX, BUY, C$0.60 target, David A. Talbot) has completed the 2022 winter exploration program at its Christie Lake and Hidden Bay projects in the Athabasca Basin. At Christie Lake, the company drilled a total of 10-holes targeting the three main areas including 1) an extension of basement hosted uranium mineralization of the Paul Bay, Ken, and Orora deposits, 2) the B conductor trend, and 3) initial drilling at the A conductor trend. Seven holes targeting the area between Orora and Paul Bay deposits encountered the best intercept of 0.11% U3O8e over 1m from hole CB-164. Drilling suggested that uranium-bearing hydrothermal fluids are penetrating the basement rocks. In addition, drilling encountered anomalous radioactivity in the sandstone column in the B conductor trend, which is quite uncommon high up in the sandstone and is often associated with intense mineralization at the unconformity below. Initial testing of the A conductor suggested that the entire 3-km strike length of the A-trend is prospective and warrants further evaluation. While assays remain pending, the company plans to perform follow-up drilling in the summer to test the hydrothermal alterations and fault structures. We note that UEX has a combined interest of 82.775% in Christie Lake and this project hosts 20.35M lb U3O8 grading 1.57% U3O8. At its 100%-owned Hidden Bay project, UEX drilled 19 holes (3,072m) targeting the two parallel conductive trends within the U-Ni sands adjacent to Cameco’s Rabbit Lake mine. Drilling extended the known structure and alteration system that was identified in the 2021 reconnaissance drilling, to 1,800m in length. Assays from Hidden Bay remain pending. Read more
