UEX Corporation identifies new Uranium zone at Shea Creek

17 October 2012 (Last Updated October 17th, 2012 18:30)

Canadian uranium exploration and development company UEX Corporation has identified a new high-grade mineralization zone following exploration of the Kianna Deposit at the Shea Creek Project.

Uranium mining

Canadian uranium exploration and development company UEX Corporation has identified a new high-grade mineralisation zone following exploration of the Kianna Deposit at the Shea Creek Project.

Located in the Athabasca Basin, north-west Saskatchewan, the project is being explored in a joint venture with Areva Resources.

The new Kianna East zone of mineralisation is situated over 80m below and to the east of the existing Kianna Deposit, which is one of ten western Athabasca uranium projects 49%-owned by UEX.

UEX president and CEO Graham Thody said that this new discovery shows Kianna’s significant potential, as well as the overall exploration potential of the area.

"This basement mineralisation is located well outside the current resource at Kianna and in association with a second, previously untested, graphitic conductor. This continues to establish Shea Creek as one of the largest mineralising systems in the Athabasca Basin," Thody said.

The new zone was identified from drilling results that include five directional drill holes in the SHE-118 and SHE-135 series.

The new Kianna basement zone intercepted 16.0 metres grading 3.59% eU3O8 in drill hole SHE-135-11 and 18.1 metres grading 3.70% eU3O8 in drill hole SHE-135-13.

UEX expects to continue with drilling in the future to test the potential of the new basement zone to extend upward along the graphitic unit, and to identify new mineralised zones.


Image: The UEX Areva joint venture will further develop the Shea Creek Project. Photo: UEX Corporation.