Lexam Explorations Inc.: High-Grade Uranium Intersected Near Surface
Monday November 3, 9:23 am ET
ca.us.biz.yahoo.com
0.29% U3O8 over 2.4 meters, incl. 1.63% U3O8 over 0.6 meters & 2.02% U3O8 over 0.4 meters
TORONTO, ONTARIO--(MARKET WIRE)--Nov 3, 2008 -- LEXAM EXPLORATIONS INC. (CDNX:LEX.V - News)(Other OTC:LEXEF.PK - News)(Frankfurt:D2Q.F - News) and its partner, Golden Valley Mines (CDNX:GZZ.V - News), are pleased to announce that their drilling program has intersected high-grade, near surface, uranium mineralization at the Otish Uranium Project, located in north-central Quebec, Canada. The best intercept returned 0.29% U3O8 over 2.4 m (meters), including 1.63% U3O8 over 0.6 m and including, 2.02% U3O8 over 0.4 m.
These early results from the Otish Uranium Project are encouraging because higher-grades are being discovered, the distribution of the mineralization is consistent and located close to surface. These are attractive features when considering the economics of building a mine. The remaining drill results will help determine the size of the mineralized zones and help establish its potential for future growth.
Recent exploration followed up on results released in September that included hole GT-08-02. Partial results released from this hole returned 0.33% U3O8 over 2.1 m. Results for the entire hole has now been received and included 0.14% U3O8, over 5.6 m. To date, 69 holes totaling 2,800 m of diamond drill core have been completed. Results from 36 holes have now been received with results pending for an additional 38. Exploration drilling has targeted two areas that are separated by 2.4 km (Figure 1). These areas are referred to as the South and North Zones.
SOUTH ZONE (Riviere Cheno Ouest)
Higher-Grade Zone Intersected: U3O8 Grades up to 2.02%
The objective of this drilling was to confirm and then expand upon the historically documented uranium mineralization. The drilling successfully accomplished this goal and has outlined a new potential high-grade area that included hole GRCO-08-17, which intersected 0.29% U3O8 over 2.4 m, including 1.63% U3O8 over 0.6 m and including 2.02% U3O8 over 0.4 m. Significant drill results are below:
Holes # From (m) To (m) Width (m) U3O8 Grade (%)
GRCO-08-01(i) 18.4 21.7 3.3 0.09
Including 18.9 20.3 1.5 0.17
Including 19.4 20.3 0.9 0.24
GRCO-08-02(i) 17.7 22.5 4.7 0.04
Including 17.7 19.3 1.5 0.10
Including 18.4 19.0 0.6 0.19
GRCO-08-03 17.9 22.0 4.1 0.06
Including 20.4 21.2 0.8 0.15
GRCO-08-06 17.9 22.7 4.8 0.04
Including 19.2 22.7 3.5 0.05
Including 19.2 20.4 1.2 0.08
GRCO-08-08 14.2 18.4 4.2 0.03
GRCO-08-09 19.1 23.7 4.6 0.03
GRCO-08-10 19.8 23.6 3.8 0.05
Including 21.2 22.5 1.2 0.09
GRCO-08-11 18.7 23.4 4.7 0.05
Including 20.6 22.1 1.5 0.10
Including 21.2 22.1 1.0 0.13
GRCO-08-12 18.9 22.1 3.2 0.09
Including 19.6 20.5 1.0 0.21
Including 20.2 20.5 0.3 0.41
GRCO-08-13 18.7 22.7 4.0 0.05
GRCO-08-14 20.1 22.9 2.8 0.13
Including 20.3 21.2 0.9 0.29
Including 20.8 21.0 0.2 0.72
GRCO-08-15 22.5 26.0 3.5 0.03
GRCO-08-16 21.1 23.6 2.5 0.08
Including 22.3 22.9 0.6 0.12
GRCO-08-17 21.5 23.9 2.4 0.42
Including 21.7 22.5 0.8 1.19
Including 21.8 22.4 0.6 1.63
Including 21.9 22.3 0.4 2.02
GRCO-08-18 20.3 22.9 2.6 0.05
GRCO-08-20 19.3 23.6 4.3 0.09
Including 20.9 21.6 0.7 0.32
Drill holes approximately true width
(i)Partial Assay Results Released on Sept. 10, 2008
U3O8 mineralization in the South Zone occurs within a basal sequence of Proterozoic-aged sedimentary rocks associated with an angular unconformity separating lower Archean-aged rocks. Based on results from the first 20 holes, the average grade and width of the mineralized zone is 0.08% U3O8 over 3.5 m at an average depth of only 18.9 m.
NORTH ZONE (Takwa Zone)
Drilling in the North Zone continues to show encouragement. The geological interpretation that the North and South Zones could connect into a signal mineralized zone will be tested during the upcoming drill program. The most significant results to date from the North Zone are stated below:
Holes # From (m) To (m) Width (m) U3O8 Grade (%)
GT-08-01 6.6 9.8 3.3 0.04
GT-08-02(i) 6.5 12.1 5.6 0.14
Including 8.3 10.4 2.1 0.33
GT-08-10(i) 24.5 28.1 3.6 0.07
Including 25.9 27.3 1.4 0.11
GT-08-15 21.4 21.8 0.4 0.05
And 29.9 30.2 0.3 0.02
And 31.9 32.3 0.4 0.02
And 34.1 34.5 0.3 0.03
Drill holes approximately true width
(i)Results Released on Sept. 10, 2008
The mineralization in the North Zone is hosted within the Proterozoic sedimentary sequence concentrated along a stratigraphic bedding facies contact that is located above the unconformity contact. The higher-grade U3O8 mineralization is located within the basal section of a conglomeratic bed, in contact with a lower siltstone to argillite bed.
Future Exploration
Once the remaining 38 holes are completed and assayed, Lexam and Golden Valley Mines will be compiling the data in order to evaluate the current size of the zones and the potential to expand the mineralization, with a particular emphasis on high-grade.
About Lexam
Lexam Explorations is a North American based energy exploration company. The company is advancing the Baca Oil & Gas Project located in south-central Colorado, USA, which is 75% owned by Lexam and 25% by ConocoPhillips and has an option to earn 50% interest in Golden Valley Mines' Otish Basin uranium project located in Quebec, Canada.
Qualified Person
Michael P. Rosatelli, P. Geo. is a "Qualified Person" as defined in National Instrument 43-101 and is responsible for the technical information presented in this news release.
Sample handling consists of shipping one half of split BTW drill core samples to Activation Laboratories Ltd. in Ancaster, Ontario for sample preparation and analyses. Uranium analysis is performed using the delayed neutron counting (DNC) method. A multi-element (37) Inductively Coupled Plasma-Optical Emission Spectrometry (ICP-OES) is performed as well on all samples. Where uranium values exceed the upper limit of 1%, samples are re-assayed using X-ray fluorescence (XRF). All reported values in this press release are uncut and composite intervals are reported as length along the core axis.
Cautionary Statement
Some of the statements contained in this release are "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: ability to raise financing for further exploration and development activities; risks relating to estimates of reserves, deposits and production costs; extraction and development risks; the risk of commodity price fluctuations; political, regulatory and environmental risks; and other risks and uncertainties in the reports and disclosure documents filed by Lexam from time-to-time with Canadian securities regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Table 1. South Zone
Holes # From (m) To (m) Width (m) U3O8 Grade (%)
GRCO-08-01(i) 18.4 21.7 3.3 0.09
Including 18.9 20.3 1.5 0.17
Including 19.4 20.3 0.9 0.24
GRCO-08-02(i) 17.7 22.5 4.7 0.04
Including 17.7 19.3 1.5 0.10
Including 18.4 19.0 0.6 0.19
GRCO-08-03 17.9 22.0 4.1 0.06
Including 20.4 21.2 0.8 0.15
GRCO-08-04 18.0 19.9 1.9 0.03
GRCO-08-05 - - - -
GRCO-08-06 17.9 22.7 4.8 0.04
Including 19.2 22.7 3.5 0.05
Including 19.2 20.4 1.2 0.08
GRCO-08-07 15.0 17.5 2.5 0.01
GRCO-08-08 14.2 18.4 4.2 0.03
GRCO-08-09 19.1 23.7 4.6 0.03
GRCO-08-10 19.8 23.6 3.8 0.05
Including 21.2 22.5 1.2 0.09
GRCO-08-11 18.7 23.4 4.7 0.05
Including 20.6 22.1 1.5 0.10
Including 21.2 22.1 1.0 0.13
GRCO-08-12 18.9 22.1 3.2 0.09
Including 19.6 20.5 1.0 0.21
Including 20.2 20.5 0.3 0.41
GRCO-08-13 18.7 22.7 4.0 0.05
GRCO-08-14 20.1 22.9 2.8 0.13
Including 20.3 21.2 0.9 0.29
Including 20.8 21.0 0.2 0.72
GRCO-08-15 22.5 26.0 3.5 0.03
GRCO-08-16 21.1 23.6 2.5 0.08
Including 22.3 22.9 0.6 0.12
GRCO-08-17 21.5 23.9 2.4 0.42
Including 21.7 22.5 0.8 1.19
Including 21.8 22.4 0.6 1.63
Including 21.9 22.3 0.4 2.02
GRCO-08-18 20.3 22.9 2.6 0.05
GRCO-08-19 - - - -
GRCO-08-20 19.3 23.6 4.3 0.09
Including 20.9 21.6 0.7 0.32
Drill holes approximately true width
(i)Partial Assay Results Released on Sept. 10, 2008
Table 2. North Zone
Holes # From (m) To (m) Width (m) U3O8 Grade (%)
GT-08-01 6.6 9.8 3.3 0.04
GT-08-02(i) 6.5 12.1 5.6 0.14
Including 8.3 10.4 2.1 0.33
GT-08-03 - - - -
GT-08-04 - - - -
GT-08-05 12.0 13.0 1.0 0.01
GT-08-06 - - - -
GT-08-07 27.5 27.7 0.2 0.03
GT-08-08 - - - -
GT-08-09 42.4 45.6 3.2 0.03
Including 43.4 45.6 2.2 0.04
GT-08-10(i) 24.5 28.1 3.6 0.07
Including 25.9 27.3 1.4 0.11
GT-08-11 24.6 27.6 3.0 0.02
GT-08-12 - - - -
GT-08-13 10.4 18.6 8.2 0.02
GT-08-14 21.0 21.2 0.2 0.01
GT-08-15 21.4 21.8 0.4 0.05
And 29.9 30.2 0.3 0.02
And 31.9 32.3 0.4 0.02
And 34.1 34.5 0.3 0.03
GT-08-16 - - - -
Drill holes approximately true width
(i)Results Released on Sept. 10, 2008
Contact:
Contacts:
Lexam Explorations Inc.
Ian J. Ball
VP Corporate Development
(647) 258-0395 or Toll Free: 1-866-441-0690
(647) 258-0408 (FAX)
Email: ian@lexamexplorations.com
Website: lexamexplorations.com
Lexam Explorations Inc.
Stefan M. Spears
VP Corporate Strategy
(647) 258-0395 or Toll Free: 1-866-441-0690
(647) 258-0408 (FAX)
Corporate Head Office
Lexam Explorations Inc.
99 George Street, 3rd Floor
Toronto, ON M5A 2N4
Source: Lexam Explorations Inc. |
