ATHABASCA BASIN, Saskatchewan UEX CORPORATION has inked a $30-million deal to acquire a 49% interest in eight of COGEMA's uranium projects in the western portion of the Athabasca Basin. The cost to UEX is spread over 11 years in the form of exploration expenditures. The projects include Shea Creek (Anne and Collette deposits), Douglas, Erica, Alexandra, Laurie, Mirror River, Nikita and Uchrich.
Shea Creek is the first target for further exploration. More drilling is planned to define the reserves, and the Saskatoon Lake conductor between the two deposits will be tested. Mineralization at Shea Creek is associated with breccias and fault zones at the unconformity of the conductor. Cogema previously estimated the Anne deposit resource at 40 million lb of uranium. No estimate has been made for the Collette deposit.
The Anne deposit is a complex combination of sandstone-hosted and steep basement mineralization. Mineralization is found within an area approximately 250 metres in length and 40-80 metres in width. A grade of 15.2% U over 3.9 metres, including a maximum grade reaching 35.44% U was reported in core from the southern Anne area. The northern part of the basement pod is still open, where a hole encountered 16.3 metres of 8.47% U with maximum grades reaching 60% U.
Colette mineralization is exclusively sandstone-hosted and lies within a 500 metre by 100 metre area. The deposit contains high grade mineralized pods within lower-grade mineralization. One hole encountered 2.18% U over 16.9 metres.
A map of the projects covered by the UEX-Cogema agreement is available at www.uex-corporation.com.