West Bear defined at an impressively low discovery $1 LB https://www.coexmetals.com/west-bear/
The 100% owned West Bear Cobalt-Nickel Deposit was discovered by UEX Corporation (“UEX”) during the exploration programs that defined, evaluated and tested the area surrounding the West Bear Uranium Deposit (“WBU Deposit”) between 2002 and 2005. The West Bear Co-Ni Deposit is a shallow, open-pit amenable and very high-grade cobalt-nickel deposit that has a strike length of over 600 m and ranges from 30 – 110 m in vertical depth. The cobalt mineralization is hosted in very soft clay-altered rocks that extend into the basement below the unconformity. To date, cobalt resources at West Bear have been defined at an impressively low discovery cost of approximately $1.00 per pound.
The West Bear Co-Ni Deposit is located in the heart of Saskatchewan’s eastern Athabasca Uranium District, immediately downdip and east of the West Bear Uranium Deposit in Canada’s Athabasca Basin. While the Athabasca Basin is known for its uranium endowment and production, cobalt is commonly found in the same geological environments. The 7,206-hectare West Bear Property, which contains the West Bear Co-Ni Deposit and the WBU Deposit, was originally part of the Hidden Bay Property that was rolled into UEX by Cameco during UEX’s formation in 2001 as a spin-out from Pioneer Metals and Cameco Corporation.
The West Bear Co-Ni Deposit is high grade, contains over 5.12 million pounds of cobalt and 5.67 million pounds of nickel. Highlights from the 2018 winter exploration program include drill holes WBC-012 which intersected 4.90% Co and 2.08% Ni over 8.0 m (from 77.0 to 85.0 m) and WBC-001 that encountered 2.00% Co and 1.26% Ni over 10.5 m (from 46.0 to 56.5 m).
In December 2017, UEX Corporation formed CoEX Metals Corporation (“CoEX”), a 100% wholly-owned subsidiary, which will be tasked with the exploration and development of the West Bear Project. UEX and CoEX are evaluating opportunities to unlock the value of the West Bear Property for shareholders.
To learn more about UEX Corporation and all of its projects please visit www.uex-corporation.com.