SASKATCHEWAN - The Shea Creek project has returned an astounding drill hole intersection of 27.4% U3O8 over 8.8 metres in a new zone, reports Vancouver-based UEX CORPORATION. UEX has an option to earn 49% of the project from owner-operator COGEMA RESOURCES. Shea Creek consists of the Anne and Collette deposits in the Western Athabasca Basin.
As if the above-mentioned grade was not high enough to be memorable, note this: a 3.5-m intersection in the same hole tested 58.32% U3O8.
These extreme grades were returned from drilling along an unconformity impact. Significant mineralization was also encountered in the basement rock below the unconformity. Results from this area included 1.08% U3O8 over 2.2 metres and 5.48% U3O8 over 1.8 metres within a strongly argillitized fault/breccia zone.
"This is a very encouraging result, the best one so far on the property; it indicates that we are drilling a powerful mineralizing system," said Franois Brisset, VP of exploration at Cogema. "It also illustrates the persistent determination and the very high scientific and technological expertise of our teams."
UEX reported in February that it had intersected "unprecedented" uranium grades and widths above the unconformity. (See the news release in the Investor Info section at www.UEX-Corporation.com.)
Cogema will continue directional drilling at Shea Creek on the Anne and Collette deposits. It is also interested in the relatively untested 63B area between them.
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