UEX Corp fka UEX

[Destinator]

Hidden Bay From MD&A

Basement Targeting at Hidden Bay

Work completed between 2015 and 2016 has confirmed that previous operators on the Hidden Bay Project focused primarily on testing unconformity targets with little effort expended on testing basement targets at depths below the unconformity where the Millennium, Gryphon and Roughrider basement-hosted deposits were found.

In the western half of the Hidden Bay property where Athabasca sandstone cover is present, less than 25% of the historical drilling extended deep enough below the unconformity to test for basement uranium mineralization potential.

UEX’s existing unconformity-focused exploration database confers a substantial competitive advantage, as it can be used to generate high-quality basement targets with limited capital outlay. Substantial investment in geophysics, prospecting and drilling would be required to obtain a fraction of the information that UEX already possesses and is using to vector toward basement-hosted deposits.

2018 Exploration Program

In 2018, UEX completed a review of the geological database and historical drill core to further refine targets to drill test for shallow basement-hosted uranium mineralization, similar to small programs completed in 2016 and 2017. UEX has currently identified over 14 high-priority targets that have uranium mineralization or strong geochemical enrichments and/or hydrothermal that requires follow-up exploration drilling in future exploration programs.
UEX is in the process of reviewing the results of the 2018 core review program with the objective of selecting targets on the Hidden Bay Project for possible drill testing in the winter of 2019.