Pioneer Metals Corporation ("Pioneer") is pleased to announce that a
budget has been approved by Pioneer and Cameco Corporation ("Cameco") for the
winter program at its Riou Lake Uranium Project located in the Athabasca Basin
of northern Saskatchewan, Canada. Pioneer is operator of the Project. In
addition to the proposed budget for the 2000 winter program, the results of the
summer exploration program were presented to Cameco representatives at
Pioneer's offices on October 14. The 2000 winter program includes work on the
PM claims under option to Cameco (News Release February 12, 1999) as well as
Pioneer's 100% owned claims which together make up the Riou Lake Uranium
Project. A budget of $650,000 has been allocated for work on the PM claims and
a further $300,000 for work on the 100% Pioneer claims.
The program of ground geophysics will be supervised by Patrick McGowan,
M.Sc., and totals 100 line-kilometres of fixed loop and 10 line-kilometres of
moving-loop time-domain electromagnetic (TDEM) surveys. The program is intended
to further define structures identified in the past three field seasons and to
investigate three other pelitic basins in the basement adjacent to the main
Riou Lake corridor. One of these basins ("DF Basin") was previously drilled on
a neighbouring property by D.F. Exploration Uranium where the basement was
found to be a graphitic metapelite containing uranium mineralization. During
the past summer field season radioactive springs were also found on the western
margin of this pelitic basin (News Release September 16, 1999). D.F.
Exploration Uranium has an agreement in principle with Pioneer with respect to
the companies' 100% owned projects at Riou Lake (News Release October 5, 1999).
The DF Basin underlies portions of both the PM and 100% Pioneer claims. A
second basin ("Riou East Basin") lies adjacent to a metapelite corridor
underlying Cameco's Black Lake Project that from historical drilling is known
to host favourable graphitic metapelites and anomalous uranium mineralization.
This basin is situated wholly within the PM claims. The third pelitic basin
("Riou South Basin") to the south of Riou Lake lies within the 100% Pioneer
claims.
The drilling program, approximately 4,500 metres, will be supervised by
Daniel Faure, Project Geologist and consists of a minimum of six diamond drill
holes, four of which are to be drilled on the PM claims and the remaining two
on the 100% Pioneer claims. The main objective of the drill program is to
follow up targets on the PM claims in the southeastern portion of Riou Lake,
specifically those drilled during the 1999 winter program which intersected
favourable structure, lithologies and a basement graphitic conductor (News
Release June 2, 1999). These features make the area highly prospective for
hosting unconformity-type uranium mineralization. Two drill holes have been
allocated to this part of the Property. The remaining four drill holes will
test the three peripheral pelitic basins at any favourable structures
identified by the TDEM surveys. Of the four remaining drill holes, one will
test the Riou East Basin and a second, the Riou South Basin, lying on the PM
and 100% Pioneer claims, respectively. The balance of the drilling - two holes
- will test the DF Basin with one hole being located on the PM claims and the
other on the 100% Pioneer claims.
Bids will be tendered shortly to drilling and geophysical contractors and
the program is to commence as soon as ground and ice conditions at Riou Lake
permit.
ON BEHALF OF THE BOARD OF DIRECTORS OF PIONEER METALS CORPORATION
"signed"
Stephen H. Sorensen
President & C.E.O.
Stephen H. Sorensen, President & C.E.O.(604) 669-3383, FAX (604) 669-1240
Oct 18 there was a trade of 200,000 shares
Oct 19 there was a trade of 100,000 shares
Oct 20 there was a trade of 100,000 shares |
