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UEX shares bolstered as it unveils final assays from Ōrora zone

Last updated: 03:07 24 May 2017 AEST, First published: 04:07 24 May 2017 AEST

UEX-Camp-at-Christie-Lake
UEX is a Canadian uranium explorer involved in 14 uranium projects

Uranium explorer UEX Corporation (TSE:UEX) told investors it expects to start the summer drill program to expand the Orora zone in late June as it unveiled final assays from the area.

Shares added over 4% in early deals in Toronto, to stand at $0.235.

The zone is part of the Christie Lake project in Saskatchewan and was discovered in January this year.

Now a two-phase exploration drilling program with a combined budget of up to $2.5mln has been approved by the project partners,UEX said, as it also announced a change to the chief financial officer role.

Highlights of the final drill results included one hole - CB-116A-2 - which hit a wide zone of uranium mineralization.

It hit an interval of 0.77% of uranium (U3O8) over 18 metres from 466 metres to 484 metres, which included a subinterval of 1.77% U308 over 6.5 metres.

UEX holds a 30% interest in Christie Lake and is working under an option agreement with partner JCU (Canada) Exploration to earn up to 70%.

Initially, the summer program will be focused on expanding the Orora Zone in 25 metre increments along strike in the direction of a historic uranium mineralized hole.

Operator UEX is also planning to target extension of the Orora zone to the northeast along strike, and down-dip into the basement.

Preparations for the campaign, including exploration permitting, are currently underway.

The firm also said in today's statement that Ed Boney is no longer the group's finance chief.

Chief executive Roger Lemaitre will act as interim CFO, while the company conducts an executive search to identify someone for the permanent position, it said.

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