TSX: UEX   $0.41
OTCQB: UEXCF   $0.32

U3O8     SPOT: $47.75 US/lb     LONG TERM: $53.00 US/lb    Co    Weekly close: $47,455 US/mt

TSX: UEX   $0.41
OTCQB: UEXCF
FRANKFURT: UXO

U3O8     SPOT: $47.75 US/lb     LONG TERM: $53.00 US/lb    Co    Weekly close: $47,455 US/mt


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The Shea Creek Deposits were the first new discoveries in what is now rapidly being envisioned as the new Western Athabasca Uranium Camp. 

Shea Creek 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.

Heavy machinery at Shea Creek

The Shea Creek Project is located in the western Athabasca Basin, approximately 15 km south of Orano’s past-producing Cluff Lake Uranium Operation and 50 km north of NexGen’s Arrow Deposit and Fission Uranium’s Triple R Deposit.

Four unconformity-related deposits have been discovered to date on the Shea Creek Project; Kianna, Anne, Colette, and 58B. These deposits occur along 3 km stretch of the >30 km long uraniferous Saskatoon Lake Conductor and were the first new discoveries in what is now shaping up to be the Western Athabasca Uranium Camp. 

Uranium mineralization at Shea Creek is located at, just above, and extends well below the unconformity between Athabasca Group Sandstone and the underlying older basement rocks, which occurs at depths between 700 and 800 m.  In particular, uranium is focused in pods with structural traps that occur proximal to where the graphitic R3 fault encounters the unconformity surface.

Significant volumes of classic unconformity-style uranium mineralization have been defined along the R3 Fault/Unconformity intersection Basement uranium mineralization occurs in shoots that extend down to as much as 200 m below the unconformity surface. Uranium can also be perched in the sandstone up to 100 m above the unconformity. Both the basement and perched uranium mineralization are preferentially deposited in the junction developed within the intersection between the R3 Fault and north-easterly trending faults that disrupt the R3 trend. 

UEX believes that the potential to expand uranium resources in the basement rocks within the footprint of the existing Shea Creek is very high as only a couple of these favorable intersecting fault junctions have been drill tested into the basement to date along the 3 km trend of the known deposits.

The discovery potential along the remaining 26 km of the Saskatoon Lake Conductor Trend is considered to be very good, as the Trend has only been lightly testing by historical drilling. One of the best results along the trend is located only 2 km south of the Anne Deposit, where drillhole SHE-002 intersected 0.34% U3O8 / 0.4 m.  Limited follow-up drilling in the SHE-002 area by the partners in 2015 encountered a wide zone of indicative hydrothermal clay alteration and anomalous uranium that has been observed proximal to the Shea Creek Deposit.

The N.I.43-101 technical report was prepared to disclose exploration activity up to 2016 and to update the resource estimate on the Shea Creek property utilizing form 43-101F1 format guidelines (2016).  The resource estimate was completed in conformance with the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (November 29, 2019). The report was prepared by David Rhys, P.Geo., of Panterra Geoservices Inc., James N. Gray, P.Geo. of Advantage Geoservices Limited, and Christopher Hamel, P.Geo. of UEX Corporation and has an effective date of January 1, 2022 and signature date of June 1, 2022. Details for the mineral resource estimates at a cut-off grade of 0.30% U3O8 are as follows:

Deposit
 
Indicated Resources
(at 0.30% U3O8 Cut-Off) 
 
Inferred Resources
(at 0.30% U3O8 Cut-Off) 
Tonnes 
Grade
(wt% U3O8)
U3O8
(lbs) 
UEX Share
(lbs) 
Tonnes 
Grade
(wt% U3O8)
U3O8
(lbs) 
UEX Share
(lbs) 
Shea Creek (49.1% interest)
 
 
 
 
 
 
 
 
  Kianna
1,027,000
1.535
34,743,000
17,057,944
547,000
1.390
16,772,000
8,234,633
  Anne
560,000
2.002
24,735,000
12,144,267
134,000
0.883
2,612,000
1,282,427
  Colette
327,000
0.787
5,674,000
2,785,792
492,000
0.717
7,768,000
3,813,894
  58B
142,000
0.773
2,419,000
1,187,669
81,000
0.510
906,000
444,823
Total - Shea Creek
2,056,000
1.491
67,570,000
33,175,672
1,254,000
1.015
28,057,000
13,775,777

1. The mineral resource estimates follow the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and classifications follow CIM definition standards.

2. The Shea Creek mineral resources were estimated at a cut-off of 0.30% U3O8, and are documented in the “2022 Technical Report on the Shea Creek Project, Saskatchewan”, with an effective date of January 1, 2022 which was filed on SEDAR at www.sedar.com on June 6, 2022.

3. Certain amounts presented in the Shea Creek N.I. 43-101 report have been rounded for presentation purposes. This rounding may impact the footing of certain amounts included in the tables above. 

4. Mineral resources that are not mineral reserves do not have demonstrated economic viability. For additional information on the mineral resource estimate, please refer to “2022 Technical Report on the Shea Creek Project, Saskatchewan” as filed on SEDAR on June 6, 2022.

 

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