UEX/AREVA Expands New Kianna East Basement Zone at Shea Creek. Drill Hole SHE-118-24 Intercepts 19.9 Metres Grading 1.55% eU(3)O
UEX/AREVA Expands New Kianna East Basement Zone at Shea Creek. Drill Hole SHE-118-24 Intercepts 19.9 Metres Grading 1.55% eU(3)O(8), Including 4.1 Metres Grading 3.09% eU(3)O(8) and 3.0 Metres Grading 5.73% eU(3)O(8)
Trading Symbol: UEX-TSX
VANCOUVER, Nov. 14, 2012 /CNW/ - UEX Corporation ("UEX") is pleased to announce the results from three additional holes in the new high-grade zone of basement-hosted mineralization, Kianna East, on the Shea Creek Project ("Shea Creek") as reported to it by AREVA Resources Canada Inc ("AREVA"), the project operator. This new zone is located to the east of the existing Kianna Deposit ("Kianna"), and is spatially associated with a second parallel conductive trend (see Figure 1 inset).
The results reported are from three step-out directional drill holes in the SHE-118 and SHE-135 series drilled east of the main Kianna Deposit. Significant mineralization was intersected at the unconformity ("UC") and in the underlying basement rocks ("B") (see Figure 2).
Highlights of the recent drill results include:
SHE-118-23: (UC) 0.36% eU(3)O(8) over 6.2 metres, including
0.68% eU(3)O(8) over 1.5 metres, and
(B) 2.64% eU(3)O(8) over 0.8 metres, and
Kianna East Zone (B) 1.10% eU(3)O(8) over 1.0 metre;
SHE-118-24: (UC) 0.13% eU(3)O(8) over 5.8 metres,
Kianna East Zone (B) 1.55% eU(3)O(8) over 19.9 metres, including
3.09% eU(3)O(8) over 4.1 metres and
5.73% eU(3)O(8) over 3.0 metres, and
(B) 1.58% eU(3)O(8) over 0.8 metres;
SHE-135-14: (UC) 0.11% eU(3)O(8) over 3.6 metres, and
(B) 0.17% eU(3)O(8) over 11.0 metres, and
Kianna East Zone (B) 1.29% eU(3)O(8) over 8.8 metres, including
2.84% eU(3)O(8) over 2.7 metres and
0.99% eU(3)O(8) over 3.2 metres.
(Complete results from the drilling are reported in Table 1.)
Previous results from Kianna East include 16.0 metres grading 3.59% eU(3)O(8 )in drill hole SHE-135-11 and 18.1 metres grading 3.70% eU(3)O(8) in drill hole SHE-135-13 (see UEX's news release dated October 15, 2012). Drill hole SHE-118-24 intersected basement-hosted mineralization approximately 40 metres up dip to the northeast of mineralization in drill hole SHE-135-13. Drill hole SHE-135-14 stepped out approximately 30 metres to the west of drill hole SHE-135-13. These results continue to expand this significant new zone of high-grade basement-hosted mineralization.
Correction to Geochemical Grades in Hole SHE-135-12
As previously reported, technical difficulties were encountered in drill hole SHE-135-12 when the rods broke off at 990 metres. An attempt to tap into the rods was unsuccessful and therefore the hole was only probed to a depth of 939.7 metres. However, geological observations and handheld scintillometer readings of drill core showed uranium mineralization in the new zone was intersected over 7.0 metres from 990.5 to 997.5 metres. Geochemical analyses from the core obtained in this interval were originally reported in the UEX News Release of October 22, 2012 to be 7.0 metres grading 4.72% U(3)O(8), including 3.5 metres grading 8.12% U(3)O(8). An error has been observed in the calculation of these grades. The revised calculation shows the grades to be 7.0 metres grading 2.36% U(3)O(8), including 3.5 metres grading 4.06% U(3)O(8).
Kianna East Mineralization
The Kianna East mineralization is a southwest-dipping zone of mineralization which lies approximately 80 to 110 metres below and east of the main Kianna basement resource and about 200 metres below the unconformity (see Figure 2). This zone occurs parallel to and along the top of a southwest-dipping graphitic unit. Given the orientation of the drill holes, the Kianna East intercepts may lie at or close to true thickness. The new zone is open to the northwest, southeast and up dip to the northeast. Ongoing and future drilling will test for the potential of the new basement zone to extend upward along the graphitic unit to the unconformity and for new mineralized zones along this parallel conductive graphitic unit.
Further information regarding UEX's projects, including maps, is available on UEX's website at www.uex-corporation.com.
To view Figure 1 (Northern Shea Creek Area - 2012 Drilling Program) and Figure 2 (2012 Shea Creek (Kianna East) Drill Results: SHE-118-23, SHE-118-24 and SHE-135-14), please access this news release on UEX's website at www.uex-corporation.com.
Qualified Persons and Data Acquisition
Technical information in this news release has been reviewed and approved by R. Sierd Eriks, P.Geo., UEX's Vice-President of Exploration and Erwin Koning, P.Geo., AREVA's Technical Advisor, Exploration, who are each Qualified Persons as defined by National Instrument 43-101.
Uranium grades (U(3)O(8)) reported for the 7.0-metre intersection in SHE 135-12 were obtained from geochemical analysis. All other equivalent uranium grade (eU(3)O(8)) results referenced here were obtained using a DHT27-STD gamma probe which collects continuous readings along the length of the drill hole. Probe results are calibrated using an algorithm calculated from the comparison of probe results against geochemical analyses in previous drill holes in the Shea Creek area. True widths of mineralized intervals have not yet been determined. All intervals are also analyzed geochemically at the SRC Geoanalytical Laboratories in Saskatoon, SK to support the probe data.
The primary geochemical analytical methods used for uranium analysis on the Shea Creek samples are ICP-MS (Inductively Coupled Plasma Mass Spectroscopy) for samples with grades lower than 1,000 ppm U, and U(3)O(8) uranium assay by ICP-OES (Inductively Coupled Plasma Optical Emission Spectroscopy) for samples determined by ICP-MS to contain uranium concentrations higher than 1,000 ppm U.
About Shea Creek
Effective December 31, 2009, UEX reported a combined mineral resource estimate for the Kianna, Anne and Colette deposits as tabulated below in "About UEX." This mineral resource estimate is based on drilling information up to December 31, 2009. Subsequent results, which include the identification of the 58B Deposit and the expansion of the Kianna and Colette deposits, are not incorporated in this mineral resource estimate.
This estimate confirmed Shea Creek as the largest undeveloped uranium resource in the Athabasca Basin. Shea Creek also ranks as the third largest uranium resource in the Basin, exceeded in size only by McArthur River and Cigar Lake. Resources at Shea Creek are largely open and have excellent potential for both expansion of known areas of mineralization and discovery of new zones.
At the conclusion of the 2012 exploration program, UEX intends to update its mineral resource estimate for Shea Creek to include the results from the 2010, 2011 and 2012 drilling campaigns.
About UEX
UEX is a Canadian uranium exploration and development company actively involved in 18 uranium projects, including six that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, as well as ten joint-ventured with AREVA and one under option from JCU (Canada) Exploration Company, Limited, which are operated by AREVA. The 18 projects, totaling 308,320 hectares (761,875 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 17% of the global primary uranium production. UEX is currently advancing several uranium deposits at its two major projects which include the Kianna, Anne, Colette and 58B deposits at its 49%-owned Shea Creek Project, and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project. UEX currently has a cash position of approximately $12.5 million.
UEX's two major projects have mineral resource estimates as follows:
UEX Corporation - Indicated Mineral Resources ((1) (2) (3))
Total
Grade U(3)O(8) UEX's share
Project Tonnes U(3)O(8) (%) (lbs) U(3)O(8) (lbs)
Shea Creek (
(4)) 1,872,600 1.540 63,572,000 31,150,280
Hidden Bay (
(5)) 10,372,500 0.160 36,623,000 36,623,000
TOTAL INDICATED 12,245,100 0.371 100,195,000 67,773,280
UEX Corporation - Inferred Mineral Resources ((1) (2) (3))
Total
Grade U(3)O(8) UEX's share
Project Tonnes U(3)O(8) (%) (lbs) U(3)O(8) (lbs)
Shea Creek (
(4)) 1,068,900 1.041 24,525,000 12,017,250
Hidden Bay (
(5)) 1,109,200 0.111 2,715,000 2,715,000
TOTAL
INFERRED 2,178,100 0.567 27,240,000 14,732,250
Notes:
(1) The mineral resource estimates follow the requirements of National
Instrument 43-101 - Standards of Disclosure for Mineral Projects
and classifications follow CIM definition standards.
(2) The Shea Creek mineral resources were estimated at a cut-off of
0.30% U(3)O(8).
(3) The Hidden Bay mineral resources were estimated at a cut-off of
0.05% U(3)O(8).
(4) The Shea Creek mineral resource estimates are included in the Shea
Creek Technical Report with an effective date of May 26, 2010
which was filed on SEDAR at
www.sedar.com on July 9, 2010.
(5) The Hidden Bay mineral resource estimates are included in the
Hidden Bay Technical Report with an effective date of February 15,
2011 which was filed on SEDAR at
www.sedar.com on February 23,
2011.
About AREVA Resources Canada Inc.
AREVA, a uranium exploration, mining and milling company, is a subsidiary of
AREVA group, the global nuclear industry leader with an expanding presence in
the renewable energies field, and 48,000 employees worldwide to help supply
safer, cleaner and more economical energy to the greatest number of people.
AREVA group, through its Canadian subsidiary, has significant interests in
several uranium deposits in the Athabasca Basin, including the McClean Lake,
Midwest and Shea Creek deposits operated by AREVA, as well as the McArthur
River and Cigar Lake deposits operated by Cameco Corporation. AREVA also holds
a majority interest in the Kiggavik deposits in Nunavut.
Forward-Looking Information
This news release may contain 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 mineral
resource and mineral reserve estimates, outlook for our future operations,
plans and timing for exploration activities, and other expectations, intention
and plans that are not historical fact. The words "estimates", "projects",
"expects", "intends", "believes", "plans", or their negatives or other
comparable words and phrases are intended to identify forward-looking
information. 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 interpretation of drill results and geology,
additional drilling results, continuity and grade of deposits, participation
in joint ventures, reliance on other companies as operators, public acceptance
of uranium as an energy source, fluctuations in uranium prices and currency
exchange rates, changes in environmental and other laws affecting uranium
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.
TABLE 1
2012 Shea Creek (Kianna East) Drill Results
Results are reported with a grade of greater than 0.1% eU(3)O(8) and a
grade-thickness product of greater than 0.2
_______________________________________________________________________________________
| Hole | Total | Depth to | From | To | Length | Avg. Grade |Type†|
| |Depth of|Unconformity| (metres) |(metres)|(metres)| Within the | |
| | Hole | (metres) | | | |Intersection| |
| |(metres)| | | | | (% eU(3)O | |
| | | | | | | (8)) | |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-118-22*| 1003.5 | 745.0 | 737.5| 755.2| 17.7| 0.22 | UC |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 746.2| 6.4| | |
| | | | 739.8| | | 0.49 | UC |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 946.4| 978.7| 32.3| 0.24 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 975.6| 7.5| | |
| | | | 968.1| | | 0.52 | B |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-118-23 | 1013.0 | 749.4 | 743.5| 749.7| 6.2| 0.36 | UC |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 745.2| 1.7| | |
| | | | 743.5| | | 0.43 | UC |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 749.7| 1.5| | |
| | | | 748.2| | | 0.68 | UC |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 941.6| 942.4| 0.8| 2.64 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 953.6| 956.2| 2.6| 0.19 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 962.1| 962.9| 0.8| 0.26 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 969.7| 972.4| 2.7| 0.23 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 982.5| 983.5| 1.0| 1.10 | B |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-118-24 | 1041.0 | 755.1 | 750.6| 756.4| 5.8| 0.13 | UC |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 943.7| 963.6| 19.9| 1.55 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 947.8| 4.1| | |
| | | | 943.7| | | 3.09 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 950.1| 1.2| | |
| | | | 948.9| | | 0.57 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 963.6| 3.0| | |
| | | | 960.6| | | 5.73 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 987.5| 988.3| 0.8| 1.58 | B |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-135-10*| 765.0 | 749.2 | 746.8| 749.7| 2.9| 0.13 | UC |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 749.7| 1.6| | |
| | | | 748.1| | | 0.20 | UC |
|___________|________|____________|__________|________|________|____________|___________|
| |NOTE: Before reaching the depth of the new mineralized zone, hole |
| |SHE-135-10 was terminated at |
| | 765.0 m due to excessive deviation and was re-drilled as hole |
| |SHE-135-11. |
|___________|___________________________________________________________________________|
|SHE-135-11*| 1074.6 | 756.6 | 807.7| 808.9| 1.2| 0.22 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 979.2| 995.2| 16.0| 3.59 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 987.4| 8.2| | |
| | | | 979.2| | | 6.39 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 995.0| 4.0| | |
| | | | 991.0| | | 1.25 | B |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-135-12*| 1029.0 | 755.0 | 888.7| 899.9| 11.2| 0.22 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 889.8| 1.1| | |
| | | | 888.7| | | 0.33 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 899.9| 3.9| | |
| | | | 896.0| | | 0.35 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 990.5| 997.5| 7.0| 2.36** | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 997.5| 3.5| | |
| | | | 994.0| | | 4.06** | B |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-135-13*| 1065.0 | 758.7 | 948.6| 954.8| 6.2| 0.26 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 952.0| 2.4| | |
| | | | 949.6| | | 0.60 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 985.5| 1003.6| 18.1| 3.70 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 989.1| 3.6| | |
| | | | 985.5| | | 2.62 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 996.5| 4.8| | |
| | | | 991.7| | | 11.28 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 1003.6| 4.8| | |
| | | | 998.8| | | 0.66 | B |
|___________|________|____________|__________|________|________|____________|___________|
|SHE-135-14 | 1042.0 | 748.1 | 745.4| 749.0| 3.6| 0.11 | UC |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 938.6| 949.6| 11.0| 0.17 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | | 984.7| 993.5| 8.8| 1.29 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 987.4| 2.7| | |
| | | | 984.7| | | 2.84 | B |
|___________|________|____________|__________|________|________|____________|___________|
| | | |including | 992.3| 3.2| | |
| | | | 989.1| | | 0.99 | B |
|___________|________|____________|__________|________|________|____________|___________|
* Previously reported hole - (see UEX news release dated October 15, 2012)
** Corrected geochemical results in %U(3)O(8)
† UC - Unconformity mineralization
B - Basement mineralization
Note: Uranium grades are calculated from gamma probe logging. True widths of
mineralized intervals have not yet been determined.
Graham C. Thody President & CEO (604) 669-2349
SOURCE: UEX Corporation
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CO: UEX Corporation
ST: British Columbia
NI: MNG FIELD
-0- Nov/14/2012 23:14 GMT
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