UEX is a Canadian uranium exploration and development company involved in seventeen uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with Orano Canada Inc. (“Orano”) that is 90.1% owned by UEX and is under option to and operated by ALX Uranium, as well as eight joint ventures with Orano, one joint venture with Orano and JCU (Canada) Exploration Company Limited, which are operated by Orano, and one project (Christie Lake) under option from JCU (Canada) Exploration Company Limited and operated by UEX.
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 exploration 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.
Hidden Bay - Gallery
Axis Lake Project
The 100% owned Axis Lake Project is located north of the northern margin of the Athabasca 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 Athabasca Basin approximately 40 km south of the Shea Creek Deposits. 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 Athabasca 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 exploration 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 owns 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
In addition to the Shea Creek Project joint ventured with Orano, UEX is also joint ventured in the following Western Athabasca projects in the same area: 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 Company 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.