Mining Intelligence and News

Hidden Bay Project

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Mine TypeOpen Pit & Underground
StagePreliminary Economic Assessment
  • Uranium
Mining Method
  • Truck & Shovel / Loader
  • Drift & Fill
  • Room-and-pillar
  • Cut & Fill
Backfill type ... Lock
Mine Life... Lock
SnapshotThe Hidden Bay Project is one of the world’s most prospective uranium projects for basement-hosted uranium mineralization.

Hidden Bay project includes exploration areas Tent Seal, McClean South, Shamus, Rabbit West, Wolf Lake, Rhino, Dwyer, and is located in the eastern Athabasca Basin of northern Saskatchewan, Canada.


Uranium Energy Corp. 100 % Indirect
Hidden Bay project is 100% owned and operated by UEX Corp.

On August 22, 2022, Uranium Energy Corp (NYSE American: UEC, the “Company” or “UEC”) and UEX Corporation (TSX:UEX, “UEX”) closed the previously announced plan of arrangement (the “Arrangement”) under the Canada Business Corporations Act, pursuant to which UEX Corporation (UEC) acquired all of the issued and outstanding common shares of UEX that it did not already own.

Deposit type

  • Unconformity related


Uranium deposits and prospects on the Hidden Bay property are of the unconformity type. Three deposits for which National Instrument (“N.I.”) 43-101 resources have been estimated occur on the Hidden Bay property: Horseshoe, Raven and West Bear. The Horseshoe and Raven deposits are located in north central portions of the Hidden Bay property. Mineralization at the Horseshoe and Raven deposits comprises shallow dipping zones of hematization with disseminated and veinlet pitchblende-boltwoodite-uranophane that is hosted by folded arkosic quartzite gneiss of the Hidden Bay Assemblage. Mineralization comprises a combination of disseminated pitchblende-chloritehematite, and narrower, higher grade nodular and veinlet pitchblende in hematite-clay alteration.

Mineralization at the Horseshoe and Raven deposits is entirely hosted by folded arkosic quartzite, quartzite and calc-arkosic gneisses of the Hidden Bay Assemblage and occurs at depths ranging from a few tens of m up to 460 m below surface. The mineralization is locally open at depth. The Athabasca sandstone is eroded from and absent in the area of the deposits, but local sandstone outliers that occur to the southeast of Hidden Bay and sub-Athabasca paleoweathering that is preserved in the near surface in some nearby drill holes suggest that the current surface is just below the elevation of the original sub-Athabasca unconformity in the deposit area, prior to its erosion.

The West Bear deposit, located in the southernmost part of the Hidden Bay property, is a classic unconformity-hosted uranium deposit which is developed under shallow Athabasca sandstone cover above a conductive graphitic gneiss unit. The deposit occurs along a conductive, graphite-bearing gneiss unit where it intersects the overlying Athabasca sandstone along the southern margins of the Dwyer Dome.

Mineralization at West Bear consists of sooty black pitchblende found as disseminations, blebs, and replacement of host rock minerals in both the sandstone and basement rocks. Minor yellow secondary uranium minerals such as uranophane and other gummite minerals are observed as disseminations and blebs in selected drill holes. Higher-grade holes contain intervals of semimassive pitchblende up to three metres in core length. Pitchblende, sulphides and sulpharsenides of Fe, Ni and Co and Pb (including pyrite, galena, niccolite, gersdorffite, cobaltite, rammelsbergite, and chalcopyrite) are the dominant metallic minerals in the mineralized zone (Fischer, 1981).

Sulphides are paragenetically early, followed by sulpharsenides, arsenides and pitchblende. Nickelcobalt-arsenic mineralization associated with the sooty pitchblende mineralization is most highly concentrated in eastern portions of the deposit, particularly in lowermost portions of the mineralized zone beneath the unconformity. In these areas, grades range up to 4% nickel. Lemaitre (2006) obtained typical average grades throughout the deposit of 0.34% Ni, 0.11% Co and 0.50% As. Anomalous Ni-Co-As mineralization also occurs in basement graphitic gneiss to the east-southeast of the deposit.



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Mining Methods


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Crushers and Mills

Milling equipment has not been reported.



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CommodityUnitsAvg. AnnualLOM
Uranium k lbs 1,96215,860
All production numbers are expressed as U3O8.

Production Costs

Cash costs Uranium (U3O8) 31.9 / lb *  CAD
Pre-tax break-even price Uranium (U3O8) 44 / lb *  USD
Assumed price Uranium (U3O8) 60 / lb *  USD
* According to 2011 study / presentation.

Operating Costs

OP mining costs ($/t mined) CAD 2.7 *  CAD
UG mining costs ($/t milled) CAD  ....  Subscribe
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Combined mining costs ($/t milled) CAD  ....  Subscribe
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* According to 2011 study.

Project Costs

MetricsUnitsLOM Total
Pre-Production capital costs $M CAD  ......  Subscribe
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Closure costs $M CAD  ......  Subscribe
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OP OpEx $M CAD  ......  Subscribe
UG OpEx $M CAD  ......  Subscribe
Processing OpEx $M CAD 197
G&A costs $M CAD 27
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Gross revenue (LOM) $M CAD  ......  Subscribe
Net Operating Income (LOM) $M CAD  ......  Subscribe
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Pre-tax NPV @ 5% $M CAD  ......  Subscribe
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Required Heavy Mobile Equipment


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Mine Management

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