SASKATCHEWAN – Vancouver-based UEX CORP. has cut high values at its Raven-Horseshoe deposit located 5.0 km south of Cameco’s Rabbit Lake mill. The best hole, HU-16, returned 4.53% U3O8 over 12.35 m including 10.30% over 3.40 m and, within that intersection, 22.17% U3O8 over 0.60 m.
The Raven-Horseshoe deposit is of the basement-hosted type, according to UEX. It comprises two shallow plunging zones developed over a 2.5 km strike length, and at depths of 50 to 450 m below surface in quartzite. Mineralization is hosted by zones of hematite alteration that fringe the margins of a broad, south-dipping, fault-controlled clay alteration zone, in a geometry comparable to some roll-front-style uranium deposits. Unlike unconformity-type deposits, Raven-Horseshoe is within competent pre-Athabasca basement rocks with no overlying sandstone. Underground ramp access and conventional underground mining methods may be possible if an economic resource is defined.
The Raven-Horseshoe deposit is part of UEX’s 100%-owned Hidden Bay project in the eastern Athabasca Basin. The deposit is estimated to contain a historical resource of 6.7 million tonnes grading 0.16% U3O8.
Detailed information about the geology and mineralization of the Hidden Bay project is available at www.UEX-Corporation.com.