U3O8     SPOT: $50.25 US/lb     LONG TERM: $53.00 US/lb    Co    Weekly close: $51,955 US/mt

U3O8     SPOT: $50.25 US/lb     LONG TERM: $53.00 US/lb    Co    Weekly close: $51,955 US/mt

UEX’s 2021 Drill Program Commences in the Eastern Athabasca Basin

Underway at the Huggins Lake and Michael Lake Targets

Saskatoon, Saskatchewan, January 27, 2021 – UEX Corporation (TSX:UEX, OTCQB:UEXCF) (“UEX” or the “Company”) is pleased to announce that Phase I of the Company’s winter 2021 exploration drill program testing targets on the Hidden Bay and West Bear Projects is now underway.  The Hidden Bay and West Bear Projects are both located in the eastern Athabasca Basin of northern Saskatchewan (see Figure 1).

The Phase I drilling program will be targeting the Huggins Lake and Michael Lake areas (see Figure 2) on the West Bear Project, which are considered prospective for both uranium and cobalt-nickel deposits in basement rocks.  Phase II will target the Uranium-Nickel Sands and Dwyer Lake areas on the Hidden Bay Project (see UEX’s news release dated December 21, 2020) that will commence upon receipt of long-awaited exploration permits from the provincial government.

West Bear Project

Huggins Lake

The drilling program at Huggins Lake will be approximately 8 holes totaling 900 m.  Short holes are possible as either no sandstone is expected to be present or else only a very thin sandstone may be encountered.

The Huggins Lake area is located south of Dwyer Lake, on the West Bear Project along the northern limb of the West Bear Dome, host of UEX’s West Bear Uranium Deposit and West Bear Cobalt-Nickel Deposit (see Figure 2).  Two high-priority exploration targets will be drill tested along the north rim west of Huggins Lake.  Widespread hydrothermal alteration occurred in the basement rocks of at least two historical Huggins Lake drill holes, as well as geochemically anomalous uranium and nickel in the same host rock types that contains the West Bear uranium and cobalt-nickel deposits.  Historical drilling in the Huggins Lake area was completed in the 1980’s, is widely-spaced and focussed on testing for unconformity-hosted uranium deposits.  UEX believes that the Huggins Lake area is prospective for both basement-hosted uranium deposits and cobalt-nickel deposits.

Michael Lake

UEX will be completing a 6 hole-800 m drill program this winter to test the Michael Lake target. The Michael Lake area is at the margin of the Athabasca Basin and sandstone cover is not expected.  Thus, the focus in the Michael Lake area will be on the discovery of basement-hosted deposits.

The Michael Lake area is located along the eastern flank of the West Bear Dome.  A wide interval of anomalous nickel in the overburden approximately 4.2 km long was defined by an overburden drilling campaign in the late 1970’s and early 1980’s.  Sporadic diamond drilling to follow-up the overburden nickel anomalies by previous operators was widely-spaced and did not appear to often penetrate the key structure hosted within the wide graphitic package where the West Bear Deposits are located.

Qualified Persons and Data Acquisition

The technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s President and CEO, and Chris Hamel, P.Geo., UEX’s Exploration Manager, who are each considered to be a Qualified Person as defined by National Instrument 43-101.

About UEX

UEX (TSX:UEX, OTCQB:UEXCF, UXO.F) is a Canadian uranium and cobalt exploration and development company involved in an exceptional portfolio of uranium projects, including a number that are 100% owned and operated by UEX, one joint venture with Orano Canada Inc. (“Orano”) and ALX Uranium Corp. (“ALX”) that is 51.43% owned by UEX, as well as eight joint ventures with Orano, one joint venture with Orano and JCU (Canada) Exploration Company Limited, which are operated by Orano, and one project (Christie Lake), that is 64.34% owned by UEX with JCU (Canada) Exploration Company Limited which is operated by UEX. 

The Company is also leading the discovery of cobalt in Canada, with three cobalt-nickel exploration projects located in the Athabasca Basin of northern Saskatchewan, including the only primary cobalt deposit in Canada.  The 100% owned West Bear Project was formerly part of UEX’s Hidden Bay Project and contains the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit.  UEX also owns 100% of two early stage cobalt exploration projects, the Axis Lake and Key West Projects.

Our portfolio of projects is located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which in 2019 accounted for approximately 12.6% of the global primary uranium production.  UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Christie Lake deposits, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project (located 50 kilometres north of Fission’s Triple R Deposit and Patterson Lake South Project, and NexGen’s Arrow Deposit), the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Development Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.


Roger Lemaitre
President & CEO
(306) 979-3849

Forward-Looking Information

This news release contains statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding the West Bear Co-Ni Property, the Christie Lake Property drill program, the Hidden Bay Property, the Shea Creek Property, UEX's drill hole results, uranium, cobalt and nickel prices, outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. Such forward-looking information is based on certain factors and assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to the, interpretation of drill results and geology, assay confirmation, additional drilling results, continuity and grade of deposits, fluctuations in uranium, cobalt and nickel prices and currency exchange rates, changes in environmental and other laws affecting uranium, cobalt and nickel exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Figure 1 -The Hidden Bay & West Bear Projects


Figure 2 - The Huggins/Michael Lakes Area


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