UEX sounds very good indeed:
UEX Reports High-Grade Intercepts at Shea Creek's Kianna Deposit: SHE-115-10 Intersects 12.36% U(3)O(8) Over 12.2 metres, Including 26.17% U(3)O(8) Over 2.8 metres Hosted in Basement Rock
Trading Symbol: UEX-TSX
VANCOUVER, Nov. 21 /CNW/ - UEX Corporation ("UEX") announced today that
AREVA Group subsidiary AREVA Resources Canada Inc. ("AREVA", formerly COGEMA
Resources Inc.) has reported to UEX final results from the last six holes of
the 2006 Fall drilling program at the Shea Creek Uranium Project ("Shea
Creek"), which is located in the Western Athabasca Basin in northern
Saskatchewan, Canada. Shea Creek hosts the Kianna, Anne, and Colette Deposits
and is one of the ten Western Athabasca Projects currently under option from
AREVA, the operator. UEX has earned a 24.5% interest in the ten projects by
spending $15.0 million in just over two years of exploration (see UEX News
Release, August 8, 2006) and has an option to earn an additional 24.5%
interest, up to a maximum of 49%.
"The recent drilling continues to expand the Kianna Deposit at multiple
depths with numerous high-grade intersections, with significant expansions in
high-grade, basement mineralization," said Stephen Sorensen, President and CEO
of UEX. "Drilling is planned to resume at the Kianna Deposit in early January
2007 using two drill rigs. Our immediate goal is to outline an economic
resource at Shea Creek."
The 2006 Fall drilling program at the Kianna Deposit operated from
September to November 2006. Six directional cuts were made from pilot holes
SHE-115 and SHE-118. Multiple directional cuts, or "step-outs", can be made
from one pilot hole, which reduces costs while improving targeting precision
when drilling deep targets. To view a map of the Kianna Deposit, visit UEX's
website at www.uex-corporation.com
At the Kianna Deposit, high-grade uranium mineralization has been
intersected in multiple zones at depths from 662 metres to 922 metres, a
vertical distance of approximately 250 metres - located in sandstone high
above the unconformity, at the unconformity, and below the unconformity in
basement rocks, with unconformity depths ranging from approximately 710 to 760
metres. To date, the mineralization at the Kianna Deposit has been traced
over a strike length of 200 metres and a width of 150 metres, and remains open
in all directions.
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The AREVA-UEX drilling programs of 2004, 2005 and 2006 have outlined three
distinct styles of high-grade uranium mineralization:
- Perched ("P"), sandstone-hosted mineralization found in discrete
zones tens of metres above the unconformity (previously announced
2005 hole SHE-114-5, 27.4% U(3)O(8) over 8.8 metres, including 58.3%
U(3)O(8) over 3.5 metres);
- Unconformity-type mineralization ("UC"), in close proximity to the
unconformity (previously announced 2006 hole SHE-115-3, grading
12.57% U(3)O(8) over 11.9 metres, including 27.35% U(3)O(8) over
4.2 metres);
- Basement-hosted mineralization ("B"), found in zones up to 200 metres
below the unconformity (2005 hole SHE-114-11, grading 5.40% U(3)O(8)
over 37.7 metres, including 25.46% U(3)O(8) over 4.0 metres).
Latest Results from 2006 Shea Creek Fall Drilling Program at the Kianna
Deposit
SHE-115-10:
(P) 1.27% U(3)O(8) over 2.2 metres and 1.04% U(3)O(8) over 2.3 metres,
(UC) 1.27% U(3)O(8) over 5.9 metres,
(B) 9.85% U(3)O(8) over 15.4 metres, including 12.36% U(3)O(8) over
12.2 metres, including 26.17% U(3)O(8) over 2.80 metres,
1.01% U(3)O(8) over 14.8 metres,
1.56% U(3)O(8) over 2.0 metres, and
0.44% U(3)O(8) over 3.7 metres
>>
SHE-115-10 targeted the continuity of high-grade basement mineralization
along the east-west structural corridor in the vicinity of the SHE-114 series
of holes as well as the continuity of perched mineralization between SHE-115-1
and SHE-115-2. The unconformity was reached at 723.4 metres, approximately
15 metres east of the unconformity impact point of hole SHE-114-6, and
17 metres south-southeast of unconformity impact point of hole SHE-114-5.
Two intervals of perched, high-grade mineralization were intersected
beginning 60.0 metres above the unconformity, the first grading 1.27% U(3)O(8)
over 2.2 metres from 667.7 to 669.9 metres, and the second grading 1.04%
U(3)O(8) over 2.3 metres from 681.3 to 683.6 metres. High-grade mineralization
was encountered at the unconformity from 718.0 to 723.9 metres grading 1.27%
over 5.9 metres. Several significant intervals of basement-hosted
mineralization were intersected below the unconformity, most notably an
intersection of high-grade mineralization grading 9.85% U(3)O(8) over
15.4 metres from 825.6 to 841.0 metres, which included 12.36% U(3)O(8) over
12.2 metres and 26.17% U(3)O(8) over 2.80 metres. Another high-grade interval
from 855.6 to 870.4 metres graded 1.01% U(3)O(8) over 14.8 metres.
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SHE-115-9:
(P) 3.68% U(3)O(8) over 9.1 metres, including 20.88% U(3)O(8) over
0.7 metres
(B) 2.44 U(3)O(8) over 22.2 metres, including 6.83% U(3)O(8) over
6.0 metres, and
0.41% U(3)O(8) over 8.3 metres
>>
SHE-115-9 targeted the continuity of high grade basement mineralization
along the east-west structural corridor in the vicinity of SHE-114-11, and the
continuity of perched mineralization between SHE-115-8 and SHE-114-5. The
unconformity was intersected at 732.3 metres, approximately 3 metres southeast
of the unconformity impact point of SHE-114-5.
Perched, high-grade mineralization was intersected 37 metres above the
unconformity from 686.0 to 695.1 metres, grading 3.68% U(3)O(8) over
9.1 metres. Two significant intersections of basement mineralization were
encountered below the unconformity, including a high-grade interval from 822.2
to 844.4 metres grading 2.44% U(3)O(8) over 22.2 metres, and 0.41% U(3)O(8)
over 8.3 metres from 913.4 to 921.7 metres.
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SHE-115-8:
(P) 6.86% U(3)O(8) over 6.9 metres, including 20.59% U(3)O(8) over
2.1 metres,
(UC) 1.96% U(3)O(8) over 4.5 metres,
(B) 1.08% U(3)O(8) over 4.3 metres,
1.19% U(3)O(8) over 21.8 metres, including 2.96% over 6.7 metres,
and 10.32% U(3)O(8) over 4.0 metres, including 21.14% U(3)O(8)
over 1.8 metres
>>
SHE-115-8 targeted the continuity of high grade basement mineralization
along the east-west structural corridor in the vicinity of SHE-114-11 and
SHE-114-5. The unconformity was intersected at 727.6 metres, approximately
20 metres southeast of the unconformity impact point of SHE-114-5.
Perched, high-grade mineralization was intersected 59 metres above the
unconformity from 661.7 metres to 668.6 metres, grading 6.86% U(3)O(8) over
6.9 metres. At the unconformity, high-grade mineralization was encountered
from 721.9 to 726.4 metres grading 1.96% U(3)O(8) over 4.5 metres. Deep,
basement-hosted high-grade mineralization was intersected within multiple
structures below the unconformity, with the most notable intersection grading
1.19% U(3)O(8) over 21.8 metres from 843.65 to 865.45 metres, including
6.7 metres grading 2.96% U(3)O(8). Another high-grade basement-hosted
intersection from 898.2 to 902.2 metres graded 10.32% over 4.0 metres,
including 21.14% U(3)O(8) over 1.8 metres.
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SHE-118-3:
(UC) 1.43% U(3)O(8) over 7.1 metres
SHE-118-3 targeted the continuation of unconformity and possible deep,
basement mineralization to the north of hole SHE-115-4. The unconformity was
intersected at 737.7 metres, approximately 15 metres north of the unconformity
impact point of SHE-115-4.
High-grade mineralization was encountered straddling the unconformity
grading 1.43% U(3)O(8) over 7.1 metres from 731.2 to 738.3 metres. This
intersection extends the strike length of the high-grade unconformity
mineralization intersected in hole SHE-115-4 (3.56% U(3)O(8) over 19.8 metres)
by 15 metres in a northerly direction.
SHE-118-2:
(UC) 0.19% U(3)O(8) over 2.5 metres
SHE-118-2 targeted the northern extension of high-grade unconformity
mineralization intersected in SHE-115-3 and SHE-105-4. The unconformity was
impacted at 745.3 metres, 42 metres to the east-northeast of SHE-115-3.
Mineralization was intersected at the unconformity, grading 0.19%
U(3)O(8) over 2.5 metres from 743.2 to 745.7 metres.
SHE-118-1:
(UC) 2.69% U(3)O(8) over 9.6 metres, including 11.1% U(3)O(8) over
1.2 metres, and
(B) 0.55% U3O8 over 14.2 metres
>>
SHE-118-1 targeted the eastern extension of high-grade unconformity
mineralization intersected in SHE-115-3 and SHE-102-2. The unconformity was
intersected at 736.1 metres, approximately 20 metres southeast of SHE-102-2
and 38 metres southeast of SHE-115-3.
High-grade mineralization was intersected above the unconformity from
718.0 to 727.6 metres, grading 2.69% U(3)O(8) over 9.6 metres. This
intersection extends the strike length of the high-grade unconformity
mineralization intersected in 2000 directional hole SHE-102-2 (2.97% U(3)O(8)
over 7.9 metres) by 20 metres in a southeast direction. Significant basement
mineralization was also intersected 128.0 metres below the unconformity from
864.1 metres to 878.3 metres, grading 0.55% U(3)O(8) over 14.2 metres.
See Table 1 below for a list of significant mineralized intersections
reported from the Kianna Deposit in 2006, and for comparative purposes, the
2004-2005 Kianna Deposit drilling results. Uranium grades are calculated from
gamma probe logging. True widths of mineralized intervals have not yet been
determined. The technical information in this news release has been compiled
and reviewed by Erwin Koning, P. Geo., AREVA's District Geologist, West
Athabasca Region, 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, and the Cigar Lake Deposit.
About UEX
UEX is a Canadian uranium exploration company formed under an agreement
between Pioneer Metals Corporation and Cameco. Cameco, the world's largest
supplier of uranium, is UEX's largest shareholder. UEX began trading on the
Toronto Stock Exchange in July 2002 and is actively involved in the
exploration and development of 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 approximately 386,250 hectares (954,040 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's exploration budget for 2006 is $19.0 million
and the Company has a cash position of approximately $80.0 million.
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ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
Stephen H. Sorensen, President & C.E.O.
Forward looking statements: This news release contains certain
forward-looking statements. These forward-looking statements are subject to a
variety of risks and uncertainties beyond UEX's ability to control or predict,
which could cause actual events or results to differ materially from those
anticipated in such forward-looking statements. Although UEX believes that the
assumptions inherent in the forward-looking statements are reasonable, undue
reliance should not be placed on these forward-looking statements. |
