The indicated resource comprises 2,067,900 tons grading 1.48% uranium, an increase of 6% from the previous mineral resource estimates drawn in 2010.
In addition, it has also recorded 15% increase in inferred resource to 28.19 million pounds of uranium consisting of 1,272,200 tons, grading 1.01% uranium.
Current updated resources are noted from National Instrument 43-101 independent mineral resource estimate for the Shea Creek project, partly 51% owned by Avera Resources.
The current mineral resource estimate confirms that Shea Creek is the largest undeveloped uranium resource in the Athabasca Basin, the company added.
The overall increase in uranium deposit reflects the significant increase in the basement mineral resources of the Kianna Deposit and recently defined 58B Deposit.
UEX president and CEO Graham Thody remarked that the increase in the mineralization reflects UEX and Avera’s combined efforts in expanding Kianna Deposit.
"Kianna and Anne, which are contiguous at the unconformity, host over 80% of the current mineral resource at significant grades. As these deposits are open in most directions, we are confident that future drilling programs will continue to grow these resources," explained Thody.
Meanwhile, the combined mineral resource at Kianna and Anne deposits at a cut-off grade of 0.3%, totaled indicated resources of 59.6 million pounds of uranium in 1,598,500 tons grading 1.69% and inferred resource of 19.5 million pounds of uranium in 695,600
tons grading 1.27%.
At 1% grading, indicated resource totaled 48.3 million pounds of uranium in 698,300 tons grading 3.18% alongside inferred resource of 14.4 million pounds of uranium in 252,800 tons grading 2.59%.
