SASKATCHEWAN Drilling has resumed at the Black Lake uranium discovery in the northeastern part of the Athabasca Basin. The project is a joint venture of Vancouver-based UEX CORPORATION (70%) and Saskatoon-based COGEMA RESOURCES (30%). An unconformity-type of uranium mineralization was drilled in September 2004. During the winter step-out drilling program in the discovery area, one hole returned an interval from 313.9 to 315.3 metres that averaged 0.16% U3O8, including 0.27% U3O8 over a 0.6-m section. The other 10 step-out holes encountered no significant mineralization.
UEX and Cogema have committed a further $1.5 million for a summer/fall program at Black Lake. In addition to 5,850 metres of diamond drilling, an airborne Falcon gravity and radiometric survey will be conducted over the entire property. On the ground, resistivity and mobile metal ion (MMI) surveys are planned for the area of the discovery hole, BL-18.
To view a map of the Black Lake project and the results of the 2005 winter exploration program, go to www.UEX-Corporation.com and click on Latest Updates.