DJE news out tonight .
Ouch...Tinsleys a bust.
Uranium exploration proceeding.
Now we know......bad news burried in other items.
Amazed at those multiple financings. This should be interesting.
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Dejour enters oil and gas JV with Dove; to drill
Dejour Enterprises Ltd (2) (TSX-V:DJE)
Shares Issued 45,999,041
Last Close 3/30/2006 $2.25
Thursday March 30 2006 - News Release
Mr. Robert Hodgkinson reports
DEJOUR EXPLORATION & BUSINESS UPDATE
Dejour Enterprises Ltd. has provided updates on the company's business and exploration activities, including its 100-per-cent-owned Athabasca basin uranium projects; a new Alberta-based oil and gas joint venture; its Tinsley and Lavaca oil and gas exploration projects, and the company currently has $20-million cash on hand.
Uranium
Athabasca basin, Northern Saskatchewan
The company reports that its exploration program in the basin on its 100-per-cent-owned properties is under way. The company is the operator. The line cutting work is complete. The geophysical crew is currently on the Sand Hill Lake project and expected to move to the Fleming project during the week commencing April 3, 2006. Hy-Tech Drilling has mobilized its drill rig to Dejour's camp site.
R-Seven project
The first six holes will be drilled on the company's R-Seven project comprising 54,531 hectares (134,739 acres). Results from the company's airborne electromagnetic surveys indicate existence of over 140 kilometres (87 miles) of basement electromagnetic conductors, many of which are extensively cross faulted, suggesting excellent potential for uranium mineralization. Over $10-million (U.S.) was spent on exploration in the past in this area, including drilling of 12 holes. One of these holes intersected highly anomalous radioactivity, as well as extensive clay mineral alteration at the contact of overlying sandstone with basement rocks, at a depth of about 440 metres. Cameco has just completed a drill program on its Hook Lake project, testing conductive horizons which trend on to Dejour's R-Seven project.
Meanwell Lake project
The company plans to drill two holes on this project comprising 14,989 hectares (37,038 acres). Results from the company's airborne electromagnetic surveys indicate the existence of three conductive zones on the property with potential for uranium mineralization. Cogema has just completed a winter drilling program on adjoining properties to the east and west.
Sand Hill Lake project
The company plans to drill seven holes on its Sand Hill Lake project comprising 74,312 hectares (183,628 acres). Results from the company's airborne electromagnetic surveys indicate existence of over 75 kilometres (45 miles) of basement electromagnetic conductors, many of which are cross faulted, suggesting excellent potential for uranium mineralization. After flying the electromagnetic surveys, the company staked seven new claims contiguous to its original claims covering newly identified basement conductors to the north and west of the original property. Dejour views this as a high-priority project because it adjoins and is on trend with the exciting recent discovery by Cameco-Formation Capital of significant uranium mineralization on the adjacent Virgin River property at what is now called the Centennial zone.
The initial discovery here is in drill hole VR-18, which intersected 5.83 per cent U308 over 6.4 metres, including 13.86 per cent U308 over 2.5 metres, where drilling now has extended for a strike length of 100 metres. The best new drill hole, DDH VR-18W2, a wedge hole off the original discovery hole, VR-18, had 3.9 metres of 8.39 per cent U308, with a maximum grade of 25.6 per cent in the footwall of what is locally called the Dufferin Lake fault. Conductors in basement rocks on Dejour's Sand Hill Lake property were identified near the Cameco-Formation Capital property. Dejour reports that these conductors are in part associated with faults trending northwest through an area where uranium is enriched in the bottom sediments of several lakes. All of the conductors here make for prime drilling targets. The sandstone cover to the important northeast side of the property runs to approximately 700 metres depth, increasing from a depth of 100 metres at the south end of the property.
Summer exploration program
At the same time, the company hauled fuel and supplies to the campsite for its spring exploration program. The company also transported additional fuel and supplies to carry out additional drilling and ground geophysics on the company's projects during its summer exploration program. Further details of this additional program will be announced in the near future.
J. Allan McNutt, PGeo, MASc, is the qualified person for Dejour's uranium projects.
Oil and gas
Alberta oil and gas joint venture
The company has conditionally agreed to a joint venture arrangement with Charles W.E. Dove, a company advisory board member since November, 2004, and a principal with Dove & Kay Exploration Ltd. of Calgary. Mr. Dove, a geophysicist, with over 27 years oil and gas experience, is leaving his geophysical consulting business to join with Dejour to identify, generate and pursue certain oil and gas opportunities in the Western sedimentary basin. The joint venture is owned and will be financed 90 per cent Dejour, with Mr. Dove's company, Wild Horse Energy Ltd., owning and financing the remaining 10 per cent. The joint venture is scheduled to commence activities effective April 3, 2006. Dejour will maintain an office at Suite 690, 400 5th Ave. SW (Roslyn building), Calgary, Alta. The joint venture is subject to approval by the TSX Venture Exchange.
Tinsley Deep prospect, Mississippi
The company is advised by the operator that all the participants of the Merit No. 1 well have been informed that after 99 days of operations the well is not economic. The company continues to evaluate the data to determine the future exploration potential of the prospect.
Lavaca prospect, Texas
The company is advised by the operator of the Lavaca prospect that a completion rig has returned to its first well on the prospect. During December, 2005, the well was drilled to 8,200 feet, logged and cased. The operator plans to conduct testing of two intervals. The first interval to be tested is an eight-foot section within the Woodford Dolomite formation. Depending on the outcome from that completion effort, the operator plans to go up the hole to the Strawn Lime formation to test an interval totalling 27 feet. The company will provide further updates as it receives information from the operator.
Financing
Following the successful closing and oversubscription to its latest equity financing, reported in Stockwatch on March 3, 2006, Dejour enters the second quarter of 2006 with approximately $20-million in cash to direct to its high-impact energy-based exploration projects. Of this, the company has $10-million to be allocated toward Canadian exploration expenditures targeting uranium and oil and gas. The remaining $10-million is earmarked for working capital and strategic acquisition. The company is free of debt.
© 2006 Canjex Publishing Ltd. |
