UEX Corporation (Former Stock Symbols – TSX: UEX, OTCMKTS: UEXCF, FRA: UXO) was a Canadian uranium exploration and development company involved in seventeen uranium projects, including 7 that are 100% owned and operated by UEX Corporation, one joint venture with Orano that is 90.1% owned by UEX and is under option to and operated by ALX Uranium, as well as 8 joint ventures with Orano, one joint venture with Orano and JCU, which are operated by Orano, and one project under option from JCU and operated by UEX. The company has been acquired by Uranium Energy Corporation.
UEX Corporation Mineral Properties
The firm is involved in mineral exploration and evaluation on many potential mineral properties. It has interests in multiple projects such as Christie Lake, Shea Creek, and Horseshoe-Raven.
It holds uranium, cobalt, and nickel mineral properties located in northern Saskatchewan, Canada.
West Bear Project
The 100% owned Cobalt-Nickel Deposit was discovered by UEX Corp during the survey programs that defined, evaluated and tested the area surrounding the Uranium Deposit between 2002 and 2005. This Co-Ni Deposit is a shallow, open-pit amenable and very high-grade cobalt-nickel deposit that remains open in all directions for expansion. It ranges from 30-110 m in vertical depth and is hosted in very soft clay-altered rocks that extend into the basement below the unconformity. To date, UEX has been able to define cobalt resources at an impressively low discovery cost of approximately $1.00 per pound.
The deposit is located in the heart of Saskatchewan’s eastern Athabasca Uranium District, immediately east of the WBU deposit in Canada. While the Athabasca Basin is known for its uranium endowment and production, cobalt is commonly found in the same geological environments. The 11,104-hectare property was originally part of the Hidden Bay Property that was rolled into UEX Corp by Cameco during UEX’s formation in 2001 as a spin-out from Pioneer Metals and Cameco Corporation.
The deposit is high grade, contains over 5.12 million pounds of cobalt and 5.67 million pounds of nickel. Highlights from the 2018 winter program include drill holes WBC-012 which intersected 4.90% Co and 2.08% Ni over 8.0 m (from 77.0 to 85.0 m) and WBC-001 that encountered 2.00% Co and 1.26% Ni over 10.5 m (from 46.0 to 56.5 m).
Christie Lake Project
The Christie Lake Project is host to the Paul Bay, Ken Pen and Ōrora Uranium Deposits. The Company holds a 65.55% direct interest in The Project in a joint venture with JCU Canada. The current total resource estimate for the three deposits is 20.35 Million lb U3O8 at an average grade of 1.57%. The ultimate size of the Paul Bay, Ken Pen and Ōrora Deposits has not been fully defined and they remain open at depth and along strike.
The Christie Lake project is located 9 km northeast of and along strike of the McArthur River Uranium Mine, the world’s largest producer. The Project straddles the Eastern Athabasca High Grade Uranium Corridor and is the only junior-controlled uranium land package that is situated between the two giant uranium operations at McArthur River and Cigar Lake.
UEX’s current focus has been to test targets along the Yalowega Trend, a 4.2 km corridor with anomalous uranium and indicative hydrothermal alteration that hosts three known high-grade uranium deposits, the Paul Bay Deposit, the Key Pen Deposit, and the recently discovered Ōrora Zone. Several high-priority targets that include historic mineralized holes have yet to be tested along the Yalowega Trend that have great potential to yield additional uranium discoveries.
Horseshoe Raven Project
UEX’s 100%-owned Horseshoe & Raven deposits is our most advanced stage project, located 5 km south of Cameco’s Rabbit Lake operation with direct access to all-weather roads and powerlines which cross over or are located within mere metres of the deposits themselves.
Situated between 100 and 450 m depth and with no sandstone cover, the Horseshoe and Raven Deposits are amenable to conventional open pit and underground mine development and will not require costly ground freezing or extra radiation protection measures routinely employed at many of Saskatchewan’s uranium operations.
UEX is currently investigating the economic potential and technical viability of using heap leach extraction. Our 2015 metallurgical test indicated excellent uranium recovery was possible using heap leaching. A scoping study was completed in early 2016.
Shea Creek Project
The Shea Creek Deposits were the first new discoveries in what is now rapidly being envisioned as the new Western Athabasca Uranium Camp.
The project is a joint venture between UEX (49.1%) and Orano (50.9%) and is located just 18 km south of the past producing Cluff Lake mine. Four deposits combine to form one of the largest undeveloped uranium resources in the Basin and all four deposits remain open for significant expansion.
Hidden Bay Project
The 100%-owned Hidden Bay Project is one of the world’s most prospective basement-hosted uranium projects. Sandwiched between Cameco’s Rabbit Lake/Eagle Point Mining and Milling Operation and AREVA’s McClean Lake Mine and Mill, the Project is overlain by 0 to 100 m of sandstone cover.
The Project hosts the shallowest undeveloped uranium deposit in the Athabasca Basin, the West Bear Uranium Deposit. The nearby West Bear Cobalt-Nickel Prospect has the potential to enhance shareholder value due to rapid growth in the demand for electric cars.
The Hidden Bay Project is 100% owned and covers over 200 km of highly prospective uraniferous corridors where historical explorers exclusively focused their efforts towards the discovery of classic unconformity deposits. Historical exploration generally ignored the potential for the discovery of the new style of basement-hosted deposits being found today such as Arrow, Triple R, Eagle Point, Millennium, Roughrider, Gryphon, and UEX’s own Horseshoe and Raven Deposits.
UEX has identified over a dozen ‘hot spots’ on the property that have potential for the discovery of basement-hosted deposits at very shallow target depths.
Axis Lake Project
The 100% owned Axis Lake Project is located north of the northern margin of the Basin, where there is no sandstone cover and where mafic and ultramafic rocks considered prospective for cobalt, copper, and nickel mineralization occur. Several copper-nickel showings occur both on the Property and on the lands surrounding the Project.
Beatty River Project
The Beatty River Project is located in the western Basin. It is a joint venture between Orano (51%), JCU (24%), and UEX (25%), with Orano being the operator.
Black Lake Project
Located on the northern edge of the Basin 15 km south of the hamlet of Stony Rapids, Saskatchewan, UEX’s Black Lake Project has encountered unconformity-style mineralization in several drill holes in the northern section of the property.
UEX signed an option in 2017 with ALX Uranium Corp, where ALX can earn up to a 75% interest in the Property over four years by issuing 12 million ALX shares to UEX and completing a minimum of $6 million in survey work on the Project. In 2017, ALX completed a drilling program and a property-wide ZTEM electromagnetic survey, and in the spring of 2019, ALX completed a radon and helium survey. Preliminary results from the 2019 survey show some radon, radiometric, and helium anomalies in the area, with further interpretation results expected by the end of 2019.
Currently, UEX holds interest of 51.43% of the Black Lake Project, ALX owns 40% and Orano owns 8.57%.
Christie West Project
UEX has staked two claims immediately west and adjacent to the Christie Lake Project, for a total of 329 hectares.
Key West Project
UEX has staked four claims immediately west of and adjacent to Cameco’s Key Lake Uranium operations. Historically explored intermittently for uranium, this 13,208 hectare land package is considered by the UEX team to be prospective for both uranium and cobalt.
Other Western Athabasca Projects
UEX has additional joint ventured projects with Orano including: Alexandra, Brander Lake, Erica, Laurie, Mirror River, Nikita, and Uchrich. Orano is the operator of these joint ventures.
Riou Lake Project
UEX’s interest in the Riou Lake area was piqued when historic radioactive boulders containing up to 11.3% uranium were found on the property. UEX considers Riou Lake to be prospective for the discovery of unconformity-style uranium deposits. The drilling intersected 0.448% U3O8 over 0.5 m near the unconformity in hole RLG-D21 within widespread area containing radioactive springs and 0.537% U3O8 over 0.07 m in a single hole associated with the PM conductor area.
UEX owns 100% of the Project and is actively seeking partners to advance this Project.
Chief Executive Officer
Roger Lemaitre is the President and CEO. He can be contacted via email at [email protected] or via telephone at 306-979-3849.
2465 Berton Place
North Vancouver, BC, V7H 2W9
Email: [email protected]
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