SASKATCHEWAN Vancouver’s UEX CORPORATION has received a 43-101-compliant resource estimate for its Horseshoe uranium deposit in the eastern portion of the Athabasca Basin. The report, prepared by GOLDER ASSOCIATES of Saskatoon, puts resources at 3.578 million tonnes grading 0.237% U3O8 in the indicated category (containing 18.693 million pounds of U3O8) and 0.311 million tonnes grading 0.208% U3O8 in the inferred category (containing 1.426 million pounds of U3O8) at a cut-off of 0.05% U3O8.
UEX says the compliant report is a substantial increase in grade, contained uranium and resource confidence over historical numbers. A non-compliant estimate produced in the 1970s put contained uranium oxide at 13.6 million lb at grades of 0.17%.
Recent metallurgical tests supervised by MELIS ENGINEERING of Saskatoon indicate that uranium in both the Raven and Horseshoe deposits is readily leached under atmospheric conditions, producing leach extractions of 98% and without significant concentrations of deleterious elements.
With approximately 93% of the Horseshoe mineral resource already in the indicated category, UEX is planning feasibility-level mining and economic assessment work in parallel with upgrading the portions of the Horseshoe mineral resource that are currently in the inferred category to indicated through further infill drilling. In addition to the Horseshoe resource, The company anticipates completing a 43-101-compliant mineral resource on the Raven deposit in November 2008.
Go to www.UEX-Corporation.com to read more about the project and view the photo gallery and maps.