U3O8 Corp. Reports Intersection of 2.6 lbs Per Ton (0.13%) U3O8 Over 34m From Aricheng South
Thu Apr 10, 9:00 AM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - April 10, 2008) - U3O8 Corp. (TSX VENTURE: UWE.V) ("U3O8" or the "Company") reports significant intercepts of uranium mineralization from additional drilling on the Aricheng South target area located in Reconnaissance Permit A, Guyana, South America.
The assay results reported here are from the first 10 holes in a 30-hole, 5,000m drill program planned for the Aricheng South structure. On the basis of the results received, this program has been increased to a 50-hole, 9,000m campaign that is expected to be completed in June, 2008. The objective of the expanded drill program is to intersect the mineralized structure at approximately 25m intervals and, upon completion of the drill program, the Company will assess whether a mineral resource estimate is warranted on the Aricheng South structure. A decision to proceed would result in a mineral resource estimate being completed in the fourth quarter of 2008.
The current Phase III drilling follows two prior drill campaigns at Aricheng South as follows:
- Phase I, a 5 diamond drill hole campaign for 761 metres, results of which were released on August 1st, 2007 (available on SEDAR at www.sedar.com and at www.u3o8corp.com ); and
- Phase II, a 16 diamond drill hole program for a total of 2,066 metres, assay results of which were released on February 26th, 2008 (available on SEDAR at www.sedar.com and at www.u3o8corp.com ).
Aricheng South Phase III Highlights:
------------------------------------------------------------------------
Intersection Grade
----------------------------------------------------------------
Hole Core Estimated
number length true width (i)lbs / short
From (m) To (m) (m) (m) % U3O8 ton U3O8
------------------------------------------------------------------------
ARS-024 101.0 115.5 14.5 13.6 0.110 2.2
------------------------------------------------------------------------
ARS-026a 76.5 103.5 27.0 26.3 0.115 2.3
------------------------------------------------------------------------
ARS-027 85.5 120.5 35.0 34.5 0.131 2.6
------------------------------------------------------------------------
ARS-029 125.5 135.5 10.0 9.1 0.122 2.4
------------------------------------------------------------------------
ARS-030 85.0 89.5 4.5 4.4 0.235 4.7
------------------------------------------------------------------------
ARS-031 75.5 80.0 4.5 4.2 0.178 3.6
------------------------------------------------------------------------
(i) Note: 1 short ton equals 2,000lbs or 0.907 metric tonnes
Dr. Richard Spencer, U3O8 Corp's President and CEO commented, "Ongoing exploration results indicate that the Kurupung Batholith contains multiple mineralized structures similar to those of the historic Beaverlodge district situated adjacent to the Athabasca basin in Saskatchewan. U3O8 Corp's strategy in the Kurupung Batholith, which lies adjacent to the Roraima basin in Guyana, is to develop a succession of targets that can be advanced sequentially towards resource definition. To this end, the results reported here are the first available from close-spaced drilling designed to determine whether a mineral resource can be defined for the Aricheng South structure. On completion of this drill program the Aricheng North target will be subjected to similar, close-spaced drilling with the same objective. Results of current scout-drilling in the Accori target area, located 5km to the west of Aricheng, will determine which of the four mineralized structures located there will be advanced to close-spaced drilling after Aricheng North."
Dr. Spencer goes on to say, "The assay results reported here demonstrate continuity of uranium mineralization over significant widths and confirm the presence of a westward-plunging mineralized shoot defined by elevated grade-thickness values in the Aricheng South structure. Mineralization is open down plunge and along strike to the west. The original 5,000m drill program at Aricheng South has been increased to 9,000m and is now scheduled for completion in June, 2008 after which the two rigs are planned to move to Aricheng North. A third drill rig is scheduled to conclude scout-drilling on the Accori structures at the end of April and thereafter will de dispatched to conduct scout drilling on the next tier of targets in the Kurupung Batholith. In addition, field teams are engaged in initial follow-up of radiometric targets identified in a heliborne survey within the Roraima basin".
The location of drill holes relative to the ground scintillometer survey and previous drilling (results of which were released on August 1st, 2007 and February 26th, 2008) is shown in Figure 1 and approximate pierce points of the current and prior drilling are shown on a grade-thickness long section in Figure 2. Mineralization at Aricheng South occurs in two sub-parallel east-west trending fault-breccia zones in the Kurupung batholith. Figure 2 is a long section of mineralization in the principal structure only which has been defined over a strike length of 270m and to a depth of approximately 130m below surface. The principal structure dips approximately 60 degrees to the north and the mineralized zone varies in width from 4m to 34m. The location of the Aricheng South structure relative to other uranium targets in the Kurupung Batholith is shown in Figure 3.
Half-core HQ samples from the Phase III drill program at Aricheng South were cut on site and delivered to ACME Laboratory's preparation facility in Georgetown, Guyana. Sample blanks and certified standards were inserted at an average frequency of 1 per 25 samples. Sample pulps were then shipped by ACME to their analytical facility in Vancouver, BC, Canada, for analysis for uranium by ICP-MS after hot, four-acid digestion.
Mr. Richard Cleath (M.Sc.), Vice President of U3O8 Corp, a Qualified Person within the definition of that term in National Instrument 43-101 of the Canadian Securities Administrators, had overall responsibility for all aspects of target selection and drilling of the Aricheng South target. Mr. Cleath has supervised the preparation of, and verified, the technical information in this release.
Table 1. Summary of significantly mineralized intercepts cut in the first
tranche of 10 bore holes from Phase III drilling undertaken in January and
February, 2008, on the Aricheng South target.
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Interval Grade
--------------------------------------------------------
Estimated
Core True (i)U3O8
From To length Thickness lbs/short
Hole No (m) (m) (m) (m) U3O8% ton
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ARS-022 66.0 69.5 3.5 3.4 0.103 2.1
---------------------------------------------------------------------------
ARS-023 No Significant Results
---------------------------------------------------------------------------
93.5 99.0 5.5 5.2 0.107 2.1
-------------------------------------------------------
ARS-024 101.0 115.5 14.5 13.6 0.110 2.2
------------------------------------------------------------------
Including 111.5 115.5 4.0 3.8 0.172 3.4
---------------------------------------------------------------------------
103.0 117.5 14.5 13.9 0.096 1.9
ARS-025 -------------------------------------------------------
119.0 132.0 13.0 12.5 0.088 1.8
---------------------------------------------------------------------------
76.5 103.5 27.0 26.3 0.115 2.3
------------------------------------------------------------------
ARS-026a Including 77.0 82.0 5.0 4.9 0.158 3.2
------------------------------------------------------------------
Including 84.5 90.0 5.5 5.4 0.167 3.3
---------------------------------------------------------------------------
85.5 120.5 35.0 34.5 0.131 2.6
ARS-027 ------------------------------------------------------------------
Including 109.5 116.5 7.0 6.9 0.406 8.1
---------------------------------------------------------------------------
99.5 119.5 20.0 19.3 0.075 1.5
------------------------------------------------------------------
Including 99.5 103.0 3.5 3.4 0.191 3.8
------------------------------------------------------------------
ARS-028 120.5 125.0 4.5 4.3 0.140 2.8
-------------------------------------------------------
130.0 136.0 6.0 5.8 0.097 1.9
-------------------------------------------------------
137.0 141.5 4.0 3.9 0.139 2.8
---------------------------------------------------------------------------
92.0 95.5 3.5 3.2 0.150 3.0
-------------------------------------------------------
ARS-029 103.5 111.0 7.5 6.9 0.114 2.3
-------------------------------------------------------
125.0 135.0 10.0 9.1 0.122 2.4
-------------------------------------------------------
151.5 164.5 13.0 11.9 0.067 1.3
---------------------------------------------------------------------------
ARS-030 85.0 89.5 4.5 4.4 0.235 4.7
---------------------------------------------------------------------------
75.5 80.0 4.5 4.2 0.178 3.6
-------------------------------------------------------
ARS-031 95.5 98.5 3.0 2.8 0.131 2.6
-------------------------------------------------------
99.5 102.5 3.0 2.8 0.205 4.1
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(i) Note: 1 short ton equals 2,000lbs or 0.907 metric tones
To view Figure 1, 2, and 3, please visit the following link: media3.marketwire.com
About U3O8 Corp.
U3O8 Corp. is a Canadian junior mineral exploration company based in Toronto, Canada. Currently focused on uranium exploration in the Roraima Basin area of Guyana, South America, U3O8 Corp.'s primary business objective is to acquire, explore and develop uranium projects in the Americas. The Company is well funded with over $20.5 million held solely in cash and Canadian chartered bank - backed Guaranteed Investment Certificates. At current rates of exploration expenditure, the Company expects to be funded up until 2010.
The Company has exclusive uranium exploration rights in two permitted areas near the edge of the Roraima Basin in Guyana. The Permit Area A covers approximately 579,500 hectares, while the Permit Area B property covers approximately 750,900 hectares. Permit Area A covers mainly the basement to the adjacent Roraima Basin. The principal uranium target in Permit Area A is mineralization in intrusive rocks and in relatively narrow shear zones and associated veins. Permit Area B has the potential to host unconformity-style uranium deposits at the base of the Roraima Basin that are similar to those of the Athabasca Basin in Saskatchewan. For further information on the Company's properties, please refer to the technical report prepared for the Company by Dahrouge Geological Consulting Ltd. and dated September 15, 2006 as amended and restated December 12, 2006, available on SEDAR at www.sedar.com and on the Company's website www.u3o8corp.com. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Company's properties and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
U3O8 Corp.
TSX-V: UWE
Shares outstanding -
Basic: 23,057,700
Fully diluted: 25,891,000
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Richard Spencer
U3O8 Corp.
President & CEO
(416) 868-1491
Email: richard@u3o8corp.com
Website: www.u3o8corp.com |
