UEX hits high-grade cobalt-nickel mineralisation at West Bear

UEX (TSX: UEX; US-OTC: UEXCF) has reported drill results from the Michael Lake zone on its 100%-owned West Bear cobalt-nickel deposit in the eastern Athabasca basin of Saskatchewan, about 740 km north of Saskatoon.

Highlights include drillhole MIC-007, which intersected 9.5 metres grading 0.39% cobalt and 0.62% nickel starting from 77.5 metres, including 2 metres of 1.58% cobalt and 1.96% nickel. Hole MIC-008, drilled 26 metres down-dip of MIC-007, returned 12.5 metres of 0.04% cobalt and 0.09% nickel.

The holes were drilled to test down-dip of the discovery hole MIC-004. Drilled as part of the 2021 winter drill program, that hole cut 4.5 metres of 2.08% cobalt and 3.58% nickel from 46.4 metres.

Roger Lemaitre, the company’s president and CEO, said the assay results for MIC-007 and MIC-008 are the first step in defining the size and grade of the new discovery. “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 mineralization at Michael Lake,” he stated in a press release. 

The West Bear deposit currently has a strike length of 600 metres, the company said. It contains 1.2 million indicated tonnes grading 0.19% cobalt and 0.21% nickel for 5.1 million lb. contained cobalt and 5.7 million lb. of nickel.

UEX is also advancing its West Bear uranium deposit, also located on the West Bear project, its Horseshoe-Raven project, 5 km south of Cameco Uranium’s (TSX: CCO; NYSE: CCJ) Rabbit Lake operation, and several other uranium assets, including the Christie Lake deposits, the Kianna, Anne, Colette, and 58B deposits.

The company is also advancing the Shea Creek uranium project, a joint venture (49: 51) with Orana Canada located within the western Athabasca Basin, 50 km north of Fission Uranium’s (TSX: FCU; US-OTC: FCUUF) Triple R deposit and Patterson Lake project, and NextGen Energy’s (TSX: NXE; NYSE: NXE) Arrow deposit.

At press time in Toronto, UEX was trading at 31¢ per share within a 52-week trading range of 12¢ and 39¢. The company has about 453 million common shares outstanding for a $139.2-million market capitalization.