Uranium Energy Corp. (NYSE-AM: UEC) has made a new discovery at the Christie Lake project in the eastern Athabasca Basin of northern Saskatchewan. The discovery hole encountered high-grade mineralization that averaged 7.8% eU3O8 (uranium oxide) over 9.1 metres and included a subinterval of 26.1% eU3O8 over 2.3 metres. The grades were estimated in-situ within the drill holes using calibrated down-hole radiometric gamma probes, with the drill core yet to be assayed.
A follow-up hole intersected the unconformity approximately 13 metres to the northeast and intersected 68.7% eU3O8 over 2.1 metres, the highest-grade mineralized intersection ever encountered on the Christie Lake property.
Importantly, these intersections at Christie Lake represent some of the largest and highest-grade drill intersections of uranium reported globally in 2022, according to UEC.
To date, seven holes have been drilled into a new discovery, named the Sakura zone, all of which contain uranium mineralization at or near the unconformity. The mineralization remains open in all directions and will be the focus of the next phase of drilling on the Christie Lake property. The 2023 winter program is expected in early January.
Cameco and Areva’s McArthur River uranium mine in Saskatchewan. Credit: Cameco.
Christie Lake is one of 29 projects included in UEC’s recent $171 million acquisition of UEX Corp. and one of five that are at resource stage. The property is strategically situated 9 km along strike of Cameco‘s (TSX: CCO; NYSE: CCJ) McArthur River, the world’s largest and highest-grade uranium mine.
UEC currently has an approximate 82.77% interest in the project, with JCU (Canada) Exploration Co. acting as its joint venture partner.
“The projects in Canada’s Athabasca Basin are among the highest grades globally for conventional mining, and today’s headline 68% grade over 2 metres demonstrates this competitive advantage. While porosity, flow-rates and recoveries are essential in U.S. in-situ recovery production, grade is king in conventional mining,” said Amir Adnani, president and CEO.
“At UEC, we have created a North American platform of best-in-class uranium resources in proven U.S. and Canadian mining jurisdictions,” he added.
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