Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
UEX Corporation (TSX: UEX) has updated and refiled the 43-101 technical report for its advanced exploration uranium project Horseshoe-Raven. The property is adjacent to the Rabbit Lake and McClean Lake uranium mines on the eastern rim of the Athabasca Basin in Saskatchewan.
The last time UEX filed a preliminary economic assessment for the project was 2011, and it is no longer current. The 2021 technical report updates that report with new resource estimates.
The indicated mineral resource for the Horseshoe deposit is 5 million tonnes grading 0.22% uranium oxide (U3O8) for 23.6 million lb. of U3O8. The indicated mineral resources for the Raven deposit is 5.4 million grading 0.12% U3O8 for 13.8 million lb. No inferred resources were estimated for either deposit. The resources for both the deposits were determined using a cutoff grade of 0.05% U3O8.
The Horseshoe and Raven deposits are situated between 50 and 450 metres below surface with no sandstone cover. They could be mined by open pit and underground cut and fill methods without the need to freeze the adjacent ground. Metallurgical tests done in 2015 suggested heap leaching the ore would result in “excellent” uranium recovery.
UEX owns 100% of the Horseshoe-Raven project.
(This article first appeared in the Canadian Mining Journal)
