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 that has encouraged the Company to continue investigating the potential of heap-leach extraction.
Horseshoe and Raven Uranium Deposits are located only 5 km south of Cameco’s Rabbit Lake Mill within the eastern Athabasca Basin. The deposits are serviced by excellent infrastructure, as an all-weather road and existing power line cross over the deposits themselves.
The deposit is hosted within gently-folded quartzite and arkosic rocks and represents a unique style of basement-hosted Athabasca-type uranium deposit. Given their shallow depths, uranium grades and the physical location of the deposits east of the margin of the Athabasca Basin, the Horseshoe and Raven Deposits are amenable to both potential conventional open-pit and underground mining extraction and would likely have a much lower risk of both water incursion events and radiation exposure compared to other Athabasca uranium operations.
Mineralization at the Horseshoe Deposit has been defined over a strike length of approximately 800 m and occurs at depths between 100 m to 450 m below surface. Mineralization occurs in several stacked and shallow plunging shoots that generally follow the fold axis of a gently-folded arkose-quartite package. Uranium mineralization is often best developed along the dilational zones developed between the bedding units.
The Raven Deposit is located 500 m southwest of the Horseshoe Deposit and has been defined over a strike 910 m and ranges between 100 m and 300 m in depth. The bulk of the uranium mineralization occurs in two sub-horizontal tabular zones that are oriented parallel to the axial plane of the folded arkose-quartzite package.
In 2016, UEX conducted additional metallurgical testing of Horseshoe and Raven mineralization with the objective of evaluating the potential benefit of heap leach extraction in lieu of toll milling (see UEX news release dated July 18, 2016). The testing program was conducted SGS Lakefield Laboratories and was successful at demonstrating the potential of heap leaching. UEX commissioned a scoping study of the Horseshoe and Raven Deposits by JDS Mining in December 2016. UEX is encouraged by the results of the study and will be conducting further investigations into heap leaching at Horseshoe and Raven in the future. The results of scoping studies are not permitted to be disclosed under Canadian securities regulations.
The current technical report, "2021 Technical Report on the Horseshoe-Raven Project, Saskatchewan” was prepared internally by Mr. Nathan Barsi, P.Geo., Mr. Chris Hamel, P.Geo., and Mr. Roger Lemaitre, P.Eng., P.Geo., in accordance with NI 43-101. Mr. Barsi, Mr. Hamel, and Mr. Lemaitre are employees of UEX Corporation and are Qualified Persons as defined by NI 43-101. The Technical Report is has an effective date of December 31, 2021 and was filed on SEDAR at www.sedar.com on June 10, 2022. Details for the mineral resource estimates at a cut-off grade of 0.05% U3O8 as follows:
* Mineral resources are not mineral reserves and have not demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. All figures are rounded to reflect the relative accuracy of the estimates. Resources were estimated using a cut-off grade of 0.05% U3O8. The mineral resource estimates follow the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and classifications follow CIM definition standards.