(MENAFN- ProactiveInvestors - N.America) 'Job done', was the verdict of UEX Corporation (TSE:UEX), as it announced the final assay results from summer drilling on its Christie Lake project.
The uranium project developer said the results confirmed expansion of the Ken Pen and Paul Bay deposits.
The chemical assay results broadly mirrored the radiometric equivalent grades, previously announced in November.
The focus in 2016 was to improve the understanding of the mineralization of the project, located in the Athabasca Basin, which is the world's richest uranium district.
As well as confirming and expanding the mineralization at Ken Pen and Paul Bay, the drilling campaign discovered an unexpected high grade zone of mineralization within Paul Bay.
UEX said it has met its 2016 work commitment requirement under the UEX-JCU Christie Lake option agreement and has banked almost C$1.5 million towards the 2017 work commitment.
Upon making the 2017 property payment, UEX's ownership interest in Christie Lake will increase from 10% to 30%.
The company remains on track to earn its full 70% interest in the project.
A winter drilling program for 2017 is being planned, with the intention of further expanding the mineralization at Ken Pen and Paul Bay.
The company also intends to test north-east along the Yalowega trend; many of these targets will be tested from lake ice platforms, so a team has been packed off to adequately thicken the lake ice ahead of the planned start of drilling in early January.
'In my view, Christie Lake has some of the best deposit growth potential in the Athabasca Basin and I'm looking forward to our 2017 drilling program,' said Roger Lemaitre, president and chief executive officer of UEX.
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