Uranium Energy (NYSE: UEC) says new drill results expand the footprint of high-grade uranium mineralization at its Christie Lake project in northern Saskatchewan’s Athabasca basin.
Drill hole C-178-1 cut 15.6 metres grading 5.4% uranium oxide (U3O8) from 419.1 metres depth, including 3.4 metres grading 23% U3O8 from 426.6 metres downhole, UEC said in a news release on Monday.
The intercepts are the first results from UEC’s three-month winter drilling program before an update of the Christie Lake resource later this year, the company said. The hole expands the Sakura zone’s area of mineralization first reported in October when hole CB-176A located 10 metres from C-178-1 cut 2.1 metres grading 68.7% U3O8.
UEC said its strategy for the 80-sq.-km eastern Athabasca corridor includes cost savings among its Christie Lake, Roughrider and Horseshoe-Raven projects. Christie Lake is 9 km northeast of Cameco’s (TSX: CCO; NYSE: CCJ) McArthur River, the world's largest high-grade uranium mine, and along the same geological trend. The Sakura zone, discovered in August 2022 along the Yalowega mineralized corridor, is open in all directions, UEC said.
"The confirmed continuity of the high-grade uranium mineralization at the Sakura zone suggests a previously unrecognized trend of uranium mineralization at Christie Lake,” Chris Hamel, the company’s vice-president of exploration in Canada, said in the release. “With constrained expenditures during the years of the uranium bear market, the exciting potential of Christie Lake was left under-explored.”
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