UEX Extends Uranium Mineralization at Black Lake Hole BL-140 Intersects 0.67% U(3)O(8) over 3.0 metres, Including 1.58% U(3)O(8) over 1.0 metres
Tue Aug 21, 1:00 PM
ca.news.finance.yahoo.com
Trading Symbol: UEX-TSX
VANCOUVER, Aug. 21 /CNW/ - UEX Corporation ("UEX") is pleased to announce the results from 2007 winter exploration program of diamond drilling and geophysics carried out at the Black Lake Uranium Project ("Black Lake" or the "Property"). The Property is located in the northeastern part of the Athabasca Basin in Saskatchewan, Canada, and covers 30,381 hectares (75,041 acres). Black Lake is a joint venture between UEX, the operator, holding a 87.2% interest, and AREVA Resources Canada Inc. ("AREVA"), holding a 12.8% interest, as of December 31, 2006.
"Black Lake is an early stage uranium discovery for UEX and the continued intersection of significant mineralization is always exciting," said Stephen Sorensen, President and CEO of UEX. Sorensen went on to say that, "Black Lake is a large project with 10's of kilometres of conductors yet to be tested and we are extremely encouraged by the presence of a mineralized wedge intersected again in holes BL-137 and BL-140, which has extended the strike length of mineralization to the northeast by 100 metres and further confirms a highly prospective geological setting for uranium mineralization."
Winter 2007 Exploration Program Results
Diamond Drilling Program
UEX's 2007 winter exploration program, consisting of ground geophysical surveying and diamond drilling using one diamond drill rig, was intended to continue exploration of the main fault associated with the Black Lake conductive trend. This trend hosts UEX's 2004 discovery hole BL-18 which encountered unconformity-type uranium mineralization in the sandstone, immediately above the Athabasca unconformity. The intercept averaged 0.694% U(3)O(8) over 4.4 metres between 310.5 and 314.9 metres depth, including 1.96% U(3)O(8) over 0.5 metres (see UEX News Release, October 12, 2004). To view maps from the 2007 winter exploration program at Black Lake, please access UEX's website at www.uex-corporation.com under "Latest Updates."
A total of 5,502 metres in eleven (11) diamond drill holes were drilled during the 2007 winter program. The results of holes BL-130 to BL-140 drilled to test the Eastern Fault Zone and other prospective parts of the Property are presented below in Table 1. Significant results from these holes include the following mineralized intersections:
- 0.67% U(3)O(8) over 3.0 metres in hole BL-140 (section 128+50N)
including 1.58% U(3)O(8) over 1.0 metres
- 0.24% U(3)O(8) over 3.0 metres in hole BL-137 (section 129+00N)
including 0.56% U(3)O(8) over 1.0 metres
These intercepts are located in the northeastern portion of the property, where previous drilling in hole BL-82 intersected 0.50% U(3)O(8) over 3.3 metres including 1.6% U(3)O(8) over 0.7 metres (see UEX News Release, August 14, 2006).
Six holes were drilled in the northeastern portion of the Property to follow up a mineralized reverse fault, or basement "wedge", previously intersected on section 128+00N in hole BL-82 (see accompanying Section 128+00N on UEX's website). In the Athabasca Basin, the presence of a basement "wedge" is considered to be an important geological feature for potential uranium deposition, having formed a structural trap for mineralizing hydrothermal fluids.
Follow-up drilling of this basement "wedge" was initially carried out in the winter 2007 program 100 metres along strike to the northeast of BL-82. Three inclined holes (BL-135, BL-136 and BL-137) were drilled from the same collar location along section 129+00N. Similar to hole BL-82, two unconformities were encountered in hole BL-137, the first at 258.0 metres. Uranium mineralization was intersected within a brecciated zone of sandstone 17.4 metres below the first unconformity in the lower half of the basement "wedge", grading 0.24% U(3)O(8) over 3.0 metres from 275.4 to 278.4 metres, including 0.56% U(3)O(8) over 1.0 metres from 275.7 to 276.7 metres (see accompanying Section 129+00N on UEX's website). The core recovery within this mineralized section of the breccia is extremely poor (7% to 10%) and as a consequence the uranium grades are based on downhole radiometric probing. Below the second unconformity, at 284.7 metres, to the end of the hole at 413.0 metres the basement consisted of interbanded amphibolite and granitic gneiss including an interval of graphitic breccia.
A second series of inclined holes (BL-138, BL-139 and BL-140) were drilled halfway between sections 128+00N and 129+00N on line 128+50N. Hole BL-140 again encountered a basement "wedge" with the first unconformity at 259.1 metres. Uranium mineralization was intersected 15.0 metres below the first unconformity in moderately to strongly friable and altered sandstone grading 0.67% U(3)O(8) over 3.0 metres from 274.1 to 277.1 metres, including 1.58% U(3)O(8) over 1.0 metre from 274.4 to 275.4 metres (see accompanying Section 129+50N on UEX's website). Below the second unconformity, at 290.7 metres, to the end of the hole at 386.0 metres the basement consisted of interbanded amphibolite and granitic gneiss.
Hole BL-134 in the northeastern portion of the property tested a Mobile Metal Ion (MMI) geochemical anomaly on line 122+00N. The middle section of sandstone shows wide intervals with moderate to strong desilicification and poor core recovery possibly due to faulting. Graphitic gneisses were intersected in the basement rocks.
In addition, four holes (BL-130 to BL-133) were drilled along the Eastern Fault Zone in the southwestern portion of the Property. The holes show sandstone structure (fault/fracture zones showing intense desilicification and poor core recovery) and alteration (dravite and pyrite along fractures) indicative of a prospective setting for uranium deposition, along with weakly graphitic basement rocks. Many previous holes drilled along the Eastern Fault zone over several kilometres of strike length have also encountered faulting with pervasive dravite, pyrite, chlorite and illite alteration and anomalous uranium, lead and boron enrichment in the sandstone up to tens of metres above the unconformity. These are alteration features observed at, or near, unconformity-type uranium deposits. UEX is encouraged by the latest drilling results and plans to continue an optimized drilling program in conjunction with resistivity surveys to search for additional uranium mineralization that may be present along the 20 kilometre-long Black Lake conductor system.
All samples were analyzed at Saskatchewan Research Council Geoanalytical Laboratories by ICP, with additional uranium analyses by fluorimetry. In addition to the geochemical analyses, down-hole radiometric probe results, obtained for all diamond drill holes on completion of drilling, provide an independent check of the geochemical data. Probe results can be used for uranium grade calculations where poor ground conditions occur and core recoveries are low. True widths of mineralized intervals have not yet been determined.
Ground Geophysics
During the winter 2007 program, DC Resistivity, gravity and ground magnetic surveys were conducted over the Black Lake property.
A ground geophysical survey consisting of 50.0 kilometres of pole-dipole resistivity was carried out along the Black Lake conductive system to test the southern extension of a previously defined conductive trend from the fall 2006 program (see UEX News Release, February 27, 2007). The use of resistivity surveys in the Athabasca Basin has proved to be a useful exploration tool for mapping alteration in sandstone, especially when applied to a known graphitic conductor system like that at Black Lake. The survey progress was hampered due to extremely poor contact resistance in the sandy ground, with the result that surveying was restricted to swamps where reasonable readings could be obtained, and which would not be accessible during the summer months. Infill and completion of the survey is planned for the summer 2007 program.
Gravity and ground magnetic surveys totaling 38 line kilometres and 32 line kilometres respectively were completed to further define a north-south trending structure in the northern part of the Black Lake grid, where previous drilling has encountered anomalous uranium mineralization. These surveys were conducted on a secondary grid with lines oriented east-west and spaced at 100 metre intervals. The magnetic survey defined a distinctive north-south trending structure, which encompasses numerous previous drill holes containing uranium mineralization. This structure is also observed as a subtle signature in the gravity data. A more intense gravity and resistivity anomaly, coincident with the edge of the north-south trending magnetic feature, is present in the area of hole BL-82. These gravity and resistivity anomalies will be targeted in future drilling.
Summer/Fall 2007 Exploration Program
A summer/fall exploration 2007 program of geophysical surveying will commence shortly at Black Lake and is scheduled to continue into September 2007, as weather conditions permit. The program will consist of DC resistivity in the southern portion of the property to infill and complete missing areas from the winter 2007 survey.
About the Black Lake Project
- Mineralization: UEX's 2004 discovery hole BL-18 discovered
unconformity-type uranium mineralization in the sandstone,
immediately above the Athabasca unconformity. The intercept averaged
0.694% U(3)O(8) over 4.4 metres between 310.5 and 314.9 metres
depth, including 1.96% U(3)O(8) over 0.5 metres;
- Follow-up drilling by UEX has encountered significant uranium
mineralization: 2005 holes BL-23, BL-32, BL-56, BL-64 and winter 2006
hole BL-82, all reported previously, an intercept in BL-110 during
the summer/fall 2006 program drilled within an alteration trend
interpreted to be associated with discovery hole BL-18; and the new
intersections in holes BL-137 and BL-140 during the winter 2007
program drilled to follow up the mineralized "wedge" in hole BL-82;
- Faulted geophysical conductors: The property hosts a system of
graphitic conductors which extend along strike for at least
20 kilometres, and which is coincident with a significant fault, the
Platt Creek Fault zone. The main strand of the fault, termed the
Eastern Fault, is spatially associated with the uranium intercepts
obtained to date;
- Alteration: Chlorite, dravite, siderite, illite and pyrite alteration
associated with anomalous uranium, lead, and boron geochemistry
occurs in the sandstone within the Eastern Fault zone. Such
assemblages are developed along faults associated with uranium
mineralization in other areas of the Athabasca Basin.
The technical information in this document has been compiled and reviewed by Sierd Eriks, P. Geo., a qualified person as defined by National Instrument 43-101.
About AREVA Resources Canada Inc.
AREVA, a uranium exploration and mining company, is a subsidiary of AREVA Group, a worldwide expert in the energy field with a strong industrial presence in over 40 countries. AREVA Group, through its Canadian subsidiary, has significant interests in several uranium deposits in the Athabasca Basin, including the producing McClean Lake Deposits operated by AREVA, the producing McArthur River Deposit operated by Cameco Corporation, the Millenium Deposit, and the Cigar Lake Deposit.
About UEX
UEX is a Canadian uranium exploration and development company actively involved in 19 uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, ten under option from AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19 projects, totaling 386,650 hectares (955,400 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 30% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Anne and Kianna Deposits at its Shea Creek Uranium Project, a joint venture with AREVA in the western Athabasca Basin, and the West Bear, Raven and Horseshoe deposits located at its 100% owned Hidden Bay Project in the eastern Athabasca Basin. UEX's exploration and development budgets for 2007 total $28.0 million, and the Company has a cash position of approximately $64.0 million.
ON BEHALF OF THE BOARD OF DIRECTORS
OF
UEX CORPORATION
"signed"
Stephen H. Sorensen
President & C.E.O.
Forward-Looking Statements
This news release contains "forward-looking statements" that are based on UEX's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX's outlook for our future operations, plans and timing for the commencement or advancement of exploration activities on our properties, 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 statements. Such forward-looking statements are 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 statements. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made in this news release are 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 statements. 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
Black Lake Project - 2007 Winter Drilling Program
Drill Holes BL-130 to BL-140
All analyses were performed by SRC using ICP
True widths of mineralized intervals have not yet been determined.
-------------------------------------------------------------------------
Black Lake Grade-
Grid Coordinates Thick-
-------------------- Hole ness
Hole North- East- Eleva- Length From To Length U3O8 Product
ing ing tion (m) (m) (m) (m) (wt%) (m%U3O8)
-------------------------------------------------------------------------
BL-130 5600N 125W 334.3 670.0 - - - - -
-------------------------------------------------------------------------
BL-131 808N 1150W 330.0 746.0 - - - - -
-------------------------------------------------------------------------
BL-132 4800N 1350W 328.1 656.0 - - - - -
-------------------------------------------------------------------------
BL-133 5600N 75W 334.5 638.0 - - - - -
-------------------------------------------------------------------------
BL-134 12200N 525W 323.9 453.0 - - - - -
-------------------------------------------------------------------------
BL-135 12900N 60E 317.6 343.0 - - - - -
-------------------------------------------------------------------------
BL-136 12900N 60E 317.7 404.0 - - - - -
-------------------------------------------------------------------------
BL-137 12900N 60E 317.6 13.0 275.4 278.4 3.0 0.24* 0.72
-------------------------------------------------------------------------
includ-
ing 275.7 276.7 1.0 0.56* 0.56
-------------------------------------------------------------------------
BL-138 12850N 60E 317.8 383.0 - - - - -
-------------------------------------------------------------------------
BL-139 12850N 60E 317.8 410.0 - - - - -
-------------------------------------------------------------------------
BL-140 12850N 60E 317.8 386.0 274.1 277.1 3.0 0.67 2.01
-------------------------------------------------------------------------
includ-
ing 274.4 275.4 1.0 1.58 1.58
-------------------------------------------------------------------------
* Due to extremely poor core recovery within this mineralized section,
uranium grades are based on downhole radiometric probing.
Contacts
UEX CORPORATION
SUITE 1007 - 808
NELSON ST.
VANCOUVER
BC
CANADA
V6Z 2H2
PH: (604) 669-2349
FAX: (604) 669-1240
email: uex@intergate.ca
Website: www.uex-corporation.com |
