Do we need a Stock Symbol Change?
The so called Final Drill results press release makes reference to Umpherville with is a series of claims two kilometers north of West Bear. From what I can see, it has the potential to be somewhat of a geological twin of what we have come to know as the West Bear Cobalt discovery. Uranium to the West and Cobalt Nickel to the East.
The fact that it is 2km north, makes the West Bear Dome much larger than the area which has been explored to date and that certainly may indicate a world class 'Cobalt Driven Cobalt' discovery. That being said, I recall posting some time ago that UEX should drill more holes immediately north of the blue BIG FOOT especially along the lines of L20+50E to L21+50E. Umpherville, and the entire West Bear dome, may indeed contain Cobalt and Nickel and Uranium but why not drill north along the above mentioned lines first to see if the higher grade cobalt continues towards Umpherville. UEX drilled extensively to the south but did not appear to do any drilling to the north.
Towards the west of the blue BIG FOOT, there are also higher Cobalt grades that have been found from L17-50E, L18-25E and L19-25E. UEX should be drilling north of those holes to see if the Cobalt continues north of there. I'm not saying that they should refrain from drilling Umpherville but why not simply drill immediately north of the existing discovery especially if they know that Umpherville has such great potential. In other words, they should work their way towards Umpherville using the same spacing as they did with the previous drill holes so long as they keep hitting economical Cobalt. Of course all this depends on which map you are looking at.
The above opinion is based on the drill map for the West Bear Project 2019 Drilling map dated Apr 15, 2019. Here is where things get ugly for me. I note that the map published with the Final Drill holes does not display the same colors and number of holes that the Apr 15, 2019 map does. I have no idea why this is the case. Perhaps someone mined all the Cobalt out since April and it is no longer there. Perhaps the gophers have eaten all the Cobalt.
This type of reporting by management is what drives investors crazy and someone needs to be taken to task over such discrepancies. Once again, I note that the Mystery Red Sonic hole (possibly WBE-103) continues to appear on most (not all) versions of this map but has yet to be identified with full drill results published. Yet, other holes that clearly appeared on the Apr 15th, 2019 map (many of them yellow) have simply vanished from the map published with the so called Final Drill holes press release. No explanation given. Just hoping that nobody notices?
Here is a suggestion to management. Perhaps the UEX trading symbol needs to change from UEX to WTF. I say this because I grow tired of having to vet everything so carefully since I simply can't trust what I read anymore and, as a shareholder, I am paying the salary of a person holding the title of VICE PRESIDENT Corporate Relations - for what? - to confuse Investors?
With all that said, I have next to no doubt that Christie Lake holds a great deal of economic Uranium. The same goes for West Bear Dome when it comes to Cobalt and some shallow Uranium as well. I also see very high potential for Hidden Bay. With all this great potential it gets hard to focus on just one but that is what usually needs to be done. Since we are not privy to all the information out there, I am hesitant to suggest one over the other. The matter gets more complicated when we now have to work with two mints in one. In the case of UEX I don't think we have a choice but to drill both Christie Lake and West Bear and wait for Umpherhill aspect of West Bear for later. As much as I want to see the basement at Hidden Bay it should (at best) get one or two drill holes into the basement and no more than that this year. All the others will simply have to wait. Shea Creek was explored as a FOCUSED project and that is why UEX discovered more Uranium in its first few years than it did in the next 10.
Such a Bank of great discoveries and yet no earnings to show for it other than the almost 10,000% gains made 15 years ago when Sorensen was running the show and UEX had much less product to show for it. These days, I feel like I am pounding my head against the wall when it comes to UEX and posting negative stuff about management is not something that I typically do. Nevertheles, I emphasize that UEX needs a change to the management and BOD structure. That is a required step towards maximizing shareholder value if, like myself, you truly believe that UEX has some of the best gain potential out there. I believe it does, which is why I can still say this...
Live Long and Prosper
...even though this past year I almost did not make the 'Live Long' part - LOL.
When considering where to put your Uranium cash, ponder this.
Management staff can change or be changed but you can't simply plant a crop of Uranium or Cobalt and expect it to grow where your claims lie. It is either there or it isn't. When it comes to UEX properties, indications are that it is there. We just have to figure out which discoveries are best to pursue first, while we wait for the prices of these materials to rise.
Enjoy your weekend.
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