Projects
- Overview
- Shea Creek Project
- Hidden Bay Project
- Black Lake Project
- Riou Lake Project
- Douglas River Project
- Western Athabasca Projects
- Beatty River Project
- Northern Athabasca Projects
Shea Creek Project
Summary
Shea Creek Project
Located in northwest Saskatchewan, just south of the former Cluff Lake mine, the Shea Creek property hosts the largest undeveloped uranium resource in the Athabasca Basin. High-grade uranium is distributed along a 3-kilometre long strike length at the north end of the 33-kilometre long Saskatoon Lake Conductor. Access is provided year-round by Provincial Highway 955 and by air. Field exploration is currently conducted from the former Cluff Lake mine camp. The Cluff Lake mine produced over 62 million pounds of U3O8 during its successful 22 years of operation. The resources at Shea Creek are open in almost every direction and have excellent potential for significant expansion as exploration continues.
Uranium Deposits
Resources at the Kianna, Anne, and Colette deposits have been estimated in compliance with National Instrument 43-101 (N.I. 43-101) guidelines at December 31, 2009. The deposits contain in excess of 63.5 million pounds U3O8 Indicated Mineral Resources and 24.5 million pounds U3O8 Inferred Mineral Resources at a cut-off of 0.30% U3O8. These estimates confirm Shea Creek as the largest undeveloped uranium resource in the Athabasca Basin, exceeded in size only by McArthur River and Cigar Lake.
The following table shows the breakdown of the contribution of each deposit at Shea Creek to the total Indicated Mineral Resources at a 0.30% U3O8 cut-off.
| Deposit | Tonnes | Grade U3O8 (%) | Total U3O8 (lbs) | UEX's share U3O8 (lbs) |
|---|---|---|---|---|
| Kianna | 713,000 | 1.442 | 22,665,000 | 11,105,850 |
| Anne | 484,500 | 2.368 | 25,294,000 | 12,394,550 |
| Colette | 675,100 | 1.049 | 15,613,000 | 7,650,370 |
| TOTAL | 1,872,600 | 1.540 | 63,572,000 | 31,150,280 |
The following table shows the breakdown of the contribution of each deposit at Shea Creek to the total Inferred Mineral Resources at a 0.30% U3O8 cut-off.
| Deposit | Tonnes | Grade U3O8 (%) | Total U3O8 (lbs) | UEX's share U3O8 (lbs) |
|---|---|---|---|---|
| Kianna | 573,100 | 1.360 | 17,184,000 | 8,420,160 |
| Anne | 299,300 | 0.674 | 4,448,000 | 2,179,520 |
| Colette | 196,500 | 0.668 | 2,893,000 | 1,417,570 |
| TOTAL | 1,068,900 | 1.041 | 24,525,000 | 12,017,250 |
Future Exploration
Drilling continues with an emphasis on extensions and open areas of the Kianna and Colette deposits, as well as untested areas between the 58B and Kianna deposits. There is excellent potential for significant expansion as exploration continues.
Historical Timeline
The Shea Creek property has a long history of exploration which provides a wealth of knowledge and a solid base for exploration and drilling programs that have yielded impressive results to date.
- 2011: Drilling programs continue to expand known mineralization
- 2010: Mineral Resource Estimate released for Anne, Kianna and Colette, and 58B identified as an emerging new deposit
- 2007: UEX earns a 49% interest in the Western Athabasca Projects, including the Shea Creek Project
- 2006: Kianna Deposit identified along with new areas of mineralization along the prospective corridor
- 2004: UEX enters agreement to fund $30 million of drilling managed by AREVA to earn a 49% interest in the Western Athabasca Projects
- 1994-2000: Anne and Colette deposits identified along with other mineralized intercepts along the Saskatoon Lake Conductor
- 1991-1992: Ground electromagnetic surveys better outline conductors and drilling begins
- 1990: Airborne GEOTEM electromagnetic and magnetic survey identifies presence of conductive north-northwest trending zones
- 1980-2002: Production at nearby Cluff Lake Mine
- 1960s: Initial exploration of Western Athabasca region
Ownership: 49% UEX Corporation, 51% AREVA Resources Canada Inc. ("AREVA")
Project operator: AREVA Resources Canada Inc.
Property size: 19,581 hectares, 11 claims
Uranium deposits: Colette, 58B, Kianna, Anne
Cumulative expenditures
(as at December 31, 2010):
| Exploration | C$32.4 million |
| Development | C$7.3 million |
2011 Joint Budget
| Exploration | C$7.9 million |
Uranium Quick Fact:
Canada generates about 15% of the country's power from nuclear energy. (Source: Canadian Nuclear Association)
Glossary
UEX Corporation and AREVA Resources Canada Inc. have been jointly exploring and developing uranium properties in the Athabasca Basin since 2004. The exploration and development process is accelerated by combining the technical expertise and financial resources of both companies. AREVA Resources Canada Inc. is a subsidiary of AREVA group, a global leader in the uranium sector with a strong industrial presence in over 40 countries. AREVA Resources Canada Inc. operates several uranium mines and milling facilities in the Athabasca Basin. UEX is committed to building and maintaining strategic relationships to further advance the discovery of new resources and the development of our projects in Saskatchewan.
