Continues To Expand Saskatchewan Project
UEX Corporation (TSX:UEX) has received additional positive cobalt-nickel assay results from its northern winter drill programme at Michael Lake on the West Bear Property in Saskatchewan, Canada.
. Drill holes MIC-007 and MIC-008 were drilled to test down dip of the discovery hole MIC-004, which returned assay grades of 2.08% Co and 3.58% Ni over 4.5 m from 46.5m to 51.0 m hosted within a larger interval averaging 0.52% Co and 1.01% Ni over 23.5 m from 44.0 to 67.5m in March, 2021
Drill hole MIC-007 intersected mineralisation that averaged 0.39% Co and 0.62% Ni over 9.5m from 77.5 to 87.0 m within altered basement rocks which included a subinterval averaging 1.58% Co and 1.96% Ni over 2.0 m (from 83.0 to 85.0 m). MIC-007 tested the area approximately 46 m down-dip of hole MIC-004 at a vertical depth of between 67 to 75 m below surface.
Drill hole MIC-008 was drilled to test the area approximately 26 m down-dip of MIC-007 also encountered cobalt and nickel mineralisation averaging 0.04% Co and 0.09% Ni over 12.5m from 79.5m to 92.0m. Hole MIC-005 drilled approximately 22 m up-dip of MIC-004 did not intersect cobalt or nickel mineralisation. UEX has yet to receive the assay results for MIC-006 from the lab.
President and CEO, Roger Lemaitre, said the actual dip of the mineralisation has yet to be confirmed.
This winter, UEX completed 19 drill holes totalling 2,690 m at Michael Lake. Assay results from several holes have yet to be received from the laboratory.
“The assay results of MIC-007 and MIC-008 are exciting, as the first step in defining the size and grade of this new cobalt-nickel discovery,” Mr Lemaitre said.
“We are eagerly awaiting the remaining assay results from this winter’s drilling program which will help the Company with our geological understanding of how to further delineate mineralisation at Michael Lake.”
The West Bear Property is an advanced exploration project located in the eastern Athabasca Basin of northern Saskatchewan, Canada that contains both the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit.
The Property is approximately 740 kms north of Saskatoon, west of Wollaston Lake and measures approximately 11,104 hectares comprising of 27 contiguous areas to which UEX has 100% ownership, with the exception of Mineral Lease 5424 in which UEX owns a 77.575% interest.
The West Bear Cobalt-Nickel Deposit currently has a strike length of over 600m and a dip length of over 100m. In April 2020, the company announced an updated indicated resource estimate for the Deposit of 1,223,000 tonnes grading 0.19% cobalt and 0.21% nickel, which equates to 5,122,000 pounds of cobalt and 5,662,000 pounds of nickel.
