The Close Lake Project covers 38,960 ha in the eastern portion of Saskatchewan’s Athabasca Uranium District with 5.1564% UEC indirect ownership through its 50% ownership of Japan (Canada) Exploration Ltd. (“JCU”). The project is host to two basement-hosted showings. Drill hole CL-11 is ~16 km west of Cigar Lake on the same trend and grades 1.54% U3O8 / 23.0 m in the basement rocks. The best intersection on the project is CL-90 on the C-9 trend, this hole grades 0.34% U3O8 / 107.3 m that spans the unconformity and plunges into the basement.
The Candle Lake Project covers 2,595 ha in the eastern Athabasca near the corridor between Cigar Lake and McArthur River. UEC indirectly owns 15.03% equity in the project through its 50% ownership of JCU. The property has demonstrated that it is prospective for basement-hosted uranium mineralization with uranium grades up to 0.31% U3O8 / 3.2 m in drill hole CD-14(1), about 25 m into the basement and uranium enrichment encountered on three fences with 120 m of strike length.
1 Saskatchewan Geological Survey Website SMDI database. SMDI reference number 3469. http://www.economy.gov.sk.ca/dbsearch/MinDepositQuery/default.aspx?ID=3469
The Cree Extension project covers 12,187 ha adjacent to the Millennium deposit and host to the same trend for nearly 21 km north of the Millennium deposit. UEC’s indirect equity in the project is 13.9683% through its 50% equity ownership of JCU. There is only sparse drilling north of the Millennium deposit along the trend.
The Moon Lake project covers 3,798 ha, south of and adjacent to the Millennium Deposit. The project covers about 7 km of prospective corridor to the south of the Millennium deposit. UEC’s indirect equity in the project is 10.0747% through its 50% equity ownership of JCU. The best result on the project so far is drill hole ML-27-1 that grades 1.12% U3O8 / 13.7 m at the Moon Lake showing that is just south of the project boundary with Millennium.
This exploration-stage project in the eastern Athabasca is the land around the past-producing Jeb and Sue deposits at the McLean Lake site. The Wolly project covers 23,700 ha and UEC’s indirect equity in the project is 6.3822% through its 50% equity ownership of JCU. The project is host to seven notable exploration corridors, including the extensions of the Jeb corridor, the corridor with the Sue deposits, the corridor immediately along trend of Cameco’s Tamarak deposit and the corridor with the Dawn Lake 11 & 14-Zones. There are numerous instances geochemistry and alteration that have not yet been adequately followed up with drilling.
The Moore Tomblin project covers 1,315 ha in the southeastern Athabasca Basin and UEC’s equity in the project is 13.5947%, indirectly owned through its 50% interest in JCU. The Project has only 4 drill holes to date, but the Project covers eight km of a trend that is bookended with the Moore Lake Maverick Zone and the Harrigan Uranium Zone at Vollhoffer Lake on Cameco’s McArthur River Project. The best result on the project with the limited work completed thus far is 472 ppm U over 2.7 m in the basement of drillhole MBT-04.
The Waterfound Project covers 11,670 ha in the eastern Athabasca that is on the same trend as the La Rocque and Hurricane deposits of Cameco and IsoEnergy respectively. UEC’s interest in the Project is 25.801%, indirectly owned through its 50% interest in JCU. Drilling to date has characterized ~50 m wide faulted graphitic unit that is the primary exploration target on the project. The first hole ever drilled on the project encountered an intersection of 1% cobalt and 0.5% nickel along with encouraging alteration in the sandstone. The closest hole to this potential discovery hole is 2.5 km.