UEX Corp. estimated a maiden mineral resource for its Christie Lake uranium project in Saskatchewan of 588,000 tonnes at 1.57% U3O8 containing 20.4 million pounds of uranium.
According to a Dec. 19 release, the Christie Lake management committee approved a C$2 million exploration program in 2019.
Additionally, the Christie Lake joint venture was initiated with JCU (Canada) Exploration Co. Ltd. on Dec. 14, with an effective date of Nov. 13.
UEX increased its interest in the project to 60%, from 45% previously, according to a Nov. 29 statement. As a result, the option agreement with JCU has terminated, and JCU has decided to dilute its interest in the project.
UEX will assume JCU's cost share in 2019 and will increase its equity stake in the project accordingly.
The company secured an option in July 2016 to earn up to 70% of Christie Lake from JCU.