UEX/AREVA Drilling in the Prospective Corridor at Shea Creek Connects the Anne Deposit to Kianna Defining Over 900 Metres of Continuous Unconformity M
Mon Jan 12, 9:25 AM
ca.news.finance.yahoo.com
Other Highlights Include 8.42% eU(3)O(8) Over 12.6 Metres Including
26.63% eU(3)O(8) Over 1.5 Metres at the Kianna Deposit, and 4.58%
eU(3)O(8) Over 15.5 Metres Including 7.85% eU(3)O(8) Over 8.4 Metres
at Anne.
Trading Symbol: UEX-TSX
VANCOUVER, Jan. 12 /CNW/ - UEX Corporation ("UEX") announced today that AREVA Resources Canada Inc. ("AREVA"), its joint venture partner, has reported all results from the 2008 summer/fall drilling program at the Shea Creek Uranium Project ("Shea Creek"). Shea Creek is located in the western Athabasca Basin of northern Saskatchewan, Canada, and is 49% owned by UEX Corporation, with AREVA as operator.
Drilling results reported here are from 23 drill holes which were drilled principally in three areas: a) infill drill holes in the Kianna Deposit ("Kianna"), b) infill drilling in the Anne Deposit ("Anne"), and c) exploration holes between Anne and Kianna, to test continuity of mineralization in this area of previously wider-spaced drilling. The drilling results include intercepts of 8.42% eU(3)O(8) over 12.6 metres in hole SHE-115-18 of perched mineralization at Kianna, and 4.58% eU(3)O(8) over 15.5 metres in hole SHE-122-5 of unconformity-hosted mineralization at Anne. A significant outcome of this program is that drilling between the Kianna and Anne Deposits has now established that mineralization at the unconformity is continuous between the two deposits, indicating a strike length of at least 900 metres and is open to the northwest and to the southeast.
"The new drilling results further demonstrate the world-class size of the Shea Creek system," said Stephen Sorensen, President and CEO of UEX. Sorensen went on to say: "Now that the continuity of unconformity mineralization between Anne and Kianna has been established, work will focus on identifying additional areas of high-grade perched, unconformity, and basement mineralization along this extensive unconformity deposit that so far encompasses Anne, Kianna, and the Prospective Corridor between them."
Vincent Martin, AREVA Resources President and CEO, is quoted in a July 2008 newsletter that "Shea Creek has the potential to become one of the big ore bodies in the Athabasca Basin, but we won't really know until we can sink the exploration shaft." He added that "There is still a lot of work to do, but I see Shea Creek as one of Saskatchewan's next generation of ore bodies." The entire document from which these comments are extracted can be viewed at arevaresources.com.
Results from 2008 Summer/Fall Shea Creek Drilling Program
The 2008 summer/fall drilling program at Shea Creek includes drill results from June 13, 2008 up to the end of the program on December 5, 2008. Twenty-three holes were completed utilizing three drills, including twenty-one directional cuts and two piezometer test holes. Multiple directional cuts, or "step-outs", can be made from one pilot hole, which reduces costs while improving targeting precision when drilling deep targets. To view maps of the 2008 summer/fall drilling at Shea Creek, visit the "News Releases" section of UEX's website at www.uex-corporation.com.
Uranium grades reported below are calculated from gamma probe logging (see Table 1), except in the case of several holes where technical difficulties prevented gamma logging of the drill hole and geochemical results are presented below instead (see Table 2). The probe results are reported as uranium equivalent (eU(3)O(8)). Equivalent uranium probe results are obtained using a STD-27 gamma probe which collects continuous readings along the length of the drill hole. Probe results are calibrated using an algorithm calculated from the comparison of probe results against geochemical analyses in previous drill holes in the Shea Creek area.
Mineralization at Shea Creek is spatially associated with the shallow dipping unconformity between the Athabasca Sandstone and underlying pelitic and granitic gneiss. Three distinct styles of high-grade uranium mineralization occur at Shea Creek:
- Perched ("P"), sandstone-hosted mineralization found in discrete zones
tens of metres above the unconformity;
- Unconformity-type mineralization ("UC"), in close proximity to the
unconformity; and
- Basement-hosted mineralization ("B"), found in zones up to 200 metres
below the unconformity.
Although each style of mineralization is comparable to individual uranium deposits in the Athabasca Basin, the common vertical stacking of these three styles is unique to the deposits at Shea Creek.
Technical difficulties encountered in several drill holes listed below were related largely to inexperienced drill crews during the industry-wide crew shortages encountered in 2008; previous drilling in many of these areas encountered far fewer problems.
South of Kianna Deposit
As reported in the June 18, 2008 press release, high-grade unconformity-hosted mineralization grading 8.9% eU(3)O(8) over 6.1 metres was intersected in hole SHE-123-8 and 7.01% eU(3)O(8) over 4.5 metres was intersected in hole SHE123-6 during the 2008 winter program, approximately 150 metres south of Kianna. This area was further tested during the summer/fall program with the continuation of the SHE-123 series of holes, and the restarting of the SHE-118 drill hole series that was initially drilled in 2006, for a total of 11 holes in this area. The drilling of the new 118-series holes (seven holes, SHE 118-11 to SHE118-16, and SHE-118-13A) was designed to test the continuity of mineralization between the area of the 123-8 intercept and Kianna, while the new 123-series holes (four holes, SHE-123-10 to SHE-123-14) tested southward continuity of the SHE-123-8 intercept towards Anne.
The new drill holes, along with previous drill holes in this area, have now outlined a continuous zone of unconformity mineralization extending from the northwestern end of Kianna to the high-grade mineralization in drill hole SHE-123-8, and then southeast to the southeastern limit of Anne. This indicates a continuous zone of unconformity mineralization including both the Anne and Kianna Deposits, with a strike length of over 900 metres, which is still open along strike.
Results of principal intercepts south of Kianna are reported in Table 1, and for several holes where probe data were not obtainable, geochemical data are provided in Table 2. True widths of mineralized intervals have not yet been determined. Some of the more significant intercepts in the area south of Kianna with grade-thickness product greater than 5.0 include:
- (UC) 1.19% eU(3)O(8) over 5.1 metres in hole SHE-118-11;
- (UC) 0.99% eU(3)O(8) over 5.6 metres in hole SHE-118-13A;
- (UC) 0.87% eU(3)O(8) over 9.3 metres, (B) 0.98% eU(3)O(8) over
9.6 metres, and (B) 0.92% eU(3)O(8) over 6.1 metres in hole
SHE-118-14;
- (UC) 2.27% eU(3)O(8) over 8.0 metres, including 4.03% eU(3)O(8) over
3.9 metres, in hole SHE-118-15;
- (UC) 0.50% eU(3)O(8) over 13.8 metres in hole SHE-118-16; and
- (B) 5.73% eU(3)O(8) over 1.6 metres in hole SHE-123-12.
Drill hole SHE-118-13 was lost at 803.0 metres and could not be probed due to rod breakage, but intersected unconformity mineralization between 738.1 to 740.9 metres; geochemical data is pending. Other mineralization which could not be probed due to a broken drill string includes high-grade basement mineralization from 765.6 to 766.1 metres in hole SHE-118-15. Drill hole SHE-123-4, which was previously reported in the June 18, 2008 press release, could not be probed at that time due to a breakage in the rod string. However, all core was recovered and grades from geochemical analysis include 0.52% U(3)O(8) over 6.6 metres at the unconformity, as well as narrower intercepts of basement mineralization (see Table 2).
In addition to the drill holes described above, two holes (P-08-1 and P-08-2) were drilled approximately 150 metres to the west of Kianna for geotechnical purposes. These holes were drilled to allow piezometer work for engineering studies well to the west of any known mineralization in an area that is otherwise untested by drilling. P-08-1 intersected 0.63% eU(3)O(8) over 0.7 metres at the unconformity. Although this is a narrow intersection, it is highly significant since it indicates the presence of unconformity mineralization at least 150 metres outside the interpreted mineralized trend between the Kianna and Anne Deposits. No mineralization was intersected in nearby hole P-08-2.
Kianna Deposit
Since the last news release, only limited drilling has occurred at Kianna. Three holes were drilled in the immediate area of known mineralization to further trace its lateral and vertical extent, drill holes SHE-115-17, SHE-115-17A and SHE-115-18, while two holes, SHE-130-1 and SHE-130-2, were drilled to the north-northeast of Kianna in a previously untested area.
Drill hole SHE-115-17 targeted basement mineralization in western parts of the deposit where a previous drill hole (SHE-115-16, drilled in 2007) could not be completed due to stuck rods. Hole SHE 115-17 also was not completed due to rod breakage and could not be probed, but basement-hosted mineralization was intersected between 841.1 and 844.4 metres; geochemical data has not yet been received from the laboratory. Re-drilling of hole SHE-115-17 in hole SHE-115-17A intersected unconformity (0.61% eU(3)O(8) over 1.7 metres) and two intervals of basement mineralization, the latter including 0.24% eU(3)O(8) over 4.1 metres.
The most significant drilling intercept during the recent Kianna drilling program is in hole SHE-115-18, where perched mineralization was intersected 24.7 metres above the unconformity, returning 8.42% eU(3)O(8) over 12.6 metres between 686.9 and 699.5 metres. This represents a continuation of the known perched mineralized zone in the Kianna Deposit. Unconformity mineralization and multiple basement intercepts were also intersected in this drill hole, including 3.67% eU(3)O(8) over 1.6 metres approximately 80 metres below the unconformity. Complete results are reported in Tables 1 and 2.
Drill holes SHE-130-1A and SHE-130-2 were completed approximately 50 metres north-northeast of Kianna. Both intersected narrow intervals of mineralization, including 0.39% eU(3)O(8) over 1.5 metres in basement 118 metres below the unconformity in hole SHE-130-1A. Due to poor ground conditions, hole SHE-130-2 was not probed, but the hole intersected several narrow intervals of mineralization for which geochemical data are pending. While no broad intercepts of mineralization were obtained in these holes, they lie northeast of the main north-northwest trend of mineralization, and suggest the potential for nearby basement-hosted mineralization in this area that could link to Kianna.
Anne Deposit
Drilling at the Anne Deposit during the summer/fall program was concentrated in the northwestern portions of Anne. Objectives were to better delineate the unconformity mineralization and expand areas of open high grade basement mineralization, such as previous hole SHE-122-1 (first reported on October 18, 2007), which intersected 4.73% eU(3)O(8) over 33.7 metres. Four directional drilling cuts in holes SHE-122-4 to SHE-122-7 were completed to test this area.
The best intercept obtained in this program includes unconformity mineralization in hole SHE-122-5, which returned 4.58% eU(3)O(8) over 15.5 metres, including 7.85% eU(3)O(8) over 8.4 metres between 727.0 and 735.4 metres. Other intercepts include unconformity mineralization of 1.47% eU(3)O(8) over 10.0 metres (including 10.44% eU(3)O(8) over 1.1 metres) and basement mineralization of 1.88% eU(3)O(8) over 5.1 metres in hole SHE-122-4, which demonstrate the commonly stacked nature of Shea Creek mineralization. SHE-122-6 and SHE-122-7, both drilled along the southwestern margins of the basement pod, intersected both unconformity mineralization and 0.8 to 1.5 metre wide intervals of basement mineralization, the latter including 2.15% eU(3)O(8) over 1.2 metres and 1.04% eU(3)O(8) over 1.5 metres in drill hole SHE-122-6, nine to 33 metres below the unconformity, and 0.66% eU(3)O(8) over 0.8 metres in hole SHE-122-7, 50 metres below the unconformity. Complete results are presented in Table 1.
2009 Drilling and Exploration Program
The 2009 diamond drilling program at Shea Creek will utilize at least three drills and is planned to begin by February 1st. Principal objectives of the drilling program will be to 1) perform infill drilling on the Kianna and Anne Deposits on approximately 20 metre centres, 2) extend known mineralization of the two deposits through step-out drilling, and 3) further test the prospective corridor between Anne and Kianna. This program could lead to the discovery of additional zones of high-grade mineralization such as the SHE-123 and SHE-118 series drill holes, which would require a further detailed follow up.
Areas outside of the current focus of drilling at Shea Creek also remain highly prospective for additional mineralization, especially in the three-kilometre long corridor which contains the Colette, Anne and Kianna Deposits. The 900 metres of continuous unconformity mineralization from Anne to Kianna and the 650 metres of previously established unconformity mineralization at the Colette Deposit ("Colette") together have a combined strike length of 1,550 metres of mineralization within the three kilometre long corridor that contains the Anne, Kianna, and Colette Deposits at Shea Creek. The more than one kilometre trend between the Kianna and Colette Deposits is sparsely tested by only 18 drill holes of which 13 have intersected mineralization. One hole along this trend is SHE-58B which intersected 0.50% eU(3)O(8) over 8.2 metres at the unconformity and 1.64 % eU(3)O(8) over 2.90 metres in the basement; this hole has not been fenced to date. Previous drilling in the Colette South area intersected multiple broad intercepts of basement mineralization that include 0.84% U(3)O(8) over 12.9 metres in hole SHE-111-12, 0.60% U(3)O(8) over 15.5 metres in hole SHE-111-3, and 0.85% U(3)O(8) over 11.4 metres in hole SHE-111-2, outlining basement mineralization over at least a 240 metre strike length which is largely open, and has the potential for Kianna-style high grade basement mineralization. In reality, much of the more than 20-kilometre long Saskatoon Lake conductor, along which the Shea Creek deposits are developed, remains sparsely tested by drilling to the southeast on the Shea Creek Project, and to the northwest on the adjacent Douglas River Project, which is also 49% owned by UEX. Data from all of these areas will be further evaluated in 2009 to aid in the planning of future drilling programs.
2009 Development Work at Shea Creek
Studies, Engineering and Procurement
In 2009, the Shea Creek Project will continue its transition from an exclusive exploration program to include initial development work. A budget of $2 million has been approved for 2009 studies supporting future development work.
The first proposed phase of development will be the completion of an underground exploration program to increase the confidence and quantity of mineralization. This program would involve the sinking of one or two underground exploratory shafts, from which exploration drifts could be excavated to allow delineation drilling. The first proposed shaft has been strategically located between the Kianna and Anne Deposits to facilitate underground access to both deposits as well as the highly-prospective corridor between them. In February 2008, a scoping level study was initiated to determine the costs of this process. SNC Lavalin, McIntosh Engineering and AREVA personnel are continuing this work. Studies to optimize the facilities based on field data will continue in 2009.
Geotechnical and hydrogeological data collection commenced in 2007 with the drilling and instrumenting of several drill holes in the area. This work continued in 2008 with the drilling of a potential pilot shaft hole to a depth of 1,000 metres which allowed complete detailing of geotechnical and hydrogeological parameters. In addition, a large diameter (PQ) pumping hole was drilled to ascertain additional hydrogeological data. SRK Consulting is the lead consultant for this phase of work. This data will provide a basis for groundwater inflows and ground stability assessments for underground infrastructure.
Metallurgical testing of the Shea Creek mineralization commenced in 2008. Core samples were sent for bench scale testing to AREVA's McClean Lake Mill to assess recoveries and processing alternatives.
Environmental Impact Statement and Licensing
Any construction or underground development must be preceded by the required regulatory process, the first step of which is the gathering of environmental baseline data. As previously announced (see UEX News Release, April 10, 2007), AREVA has started the necessary studies for site characterization and baseline studies. Baseline data collection and site characterization will continue in 2009 in support of the future Environmental Impact Statement.
Qualified Persons
Technical information in this news release has been reviewed and approved by R. Sierd Eriks, P. Geo., UEX's Vice President of Exploration, Erwin Koning, P. Geo., AREVA's District Geologist, West Athabasca Region, and UEX geological consultant David Rhys, P. Geo., who are Qualified Persons as defined by National Instrument 43-101.
About the Shea Creek Deposits
The Kianna, Anne and Colette Deposits within Shea Creek are distributed along a strike length of over three kilometres of the north-northwest trending Saskatoon Lake graphitic conductor. The Saskatoon Lake conductor is coincident with a southwest-dipping, reverse fault that displaces the flat lying unconformity with the overlying Athabasca Group sandstone by several tens of metres. Depths to the unconformity typically range from 700 to 740 metres.
Mineralized areas along the Saskatoon Lake conductor at Shea Creek occur often in areas where northeast trending discordant faults offset the northwest trending conductive graphitic unit. Three styles and settings of mineralization are present:
- Basement-hosted mineralization ("B") found in zones up to 200 metres
below the unconformity. Drilling at Kianna has outlined a zone of this
style of mineralization with a strike length of 200 metres and a
down-dip extension of 160 metres which includes intercepts such as
SHE-114-11, grading 5.40% eU(3)O(8) over 37.7 metres, including 25.46%
eU(3)O(8) over 4.0 metres. This mineralization style at Anne and
Colette includes intercepts such as SHE-122-1 at Anne, grading 4.73%
eU(3)O(8) over 33.7 metres, including 23.21% eU(3)O(8) over 3.6 metres,
and SHE-111-6 at Colette, grading 2.27% eU(3)O(8) over 8.1 metres. The
basement mineralization at Colette has been traced over a strike length
of 240 metres, and is largely open.
- Perched ("P") sandstone-hosted pervasive and fracture controlled
pitchblende bearing mineralization found in discrete zones tens of
metres above the unconformity. At Kianna the largest of these pods has
a defined strike length of 80 metres and a width of 60 metres, and
includes intercepts such as SHE-114-5, grading 27.4% eU(3)O(8) over
8.8 metres, including 58.3% eU(3)O(8) over 3.5 metres. This
mineralization style at Colette includes intercepts such as SHE-111-11,
grading 1.47% eU(3)O(8) over 6.1 metres. Fracture/fault-controlled
perched mineralization is also developed within the Anne area, however
intersections cannot be correlated between drill holes with the current
density of drill information.
- Unconformity-type ("UC") disseminated, nodular and massive
mineralization in close proximity to the unconformity. At Kianna, the
principal zone of this style has a defined strike length of 200 metres
and a plan width of 200 metres with intercepts such as SHE-115-3,
grading 12.57% eU(3)O(8) over 11.9 metres, including 27.35% eU(3)O(8)
over 4.2 metres. Much of the mineralization at Anne and Colette are of
this style also with intercepts such as SHE-99-2 at Anne, grading 9.17%
eU(3)O(8) over 15.7 metres, including 36.37% eU(3)O(8) over 2.5 metres,
and SHE-52 at Colette, grading 2.52% eU(3)O(8) over 16.9 metres. The
unconformity mineralization at Anne has been traced over a strike
length of 250 metres, a plan view width of 100 metres, and is open in
all directions. The unconformity mineralization at Colette has been
traced over a strike length of 650 metres, and is open in all
directions.
Mineralization of these styles is open in many parts of the deposits. The zones may be stacked with additional underlying zones successively beneath a zone at or above the unconformity. For example, at Kianna, high-grade uranium mineralization has been intersected in multiple zones at depths from 662 metres to 922 metres, a vertical distance of approximately 260 metres. Areas of low-grade mineralization intersected near the unconformity in widely spaced holes between the deposits suggest the potential for additional mineralized zones in areas which are largely untested, or where historical drill holes did not penetrate sufficiently deeply to test for all mineralization settings. In addition, excellent exploration potential occurs along the extensions of the Saskatoon Lake conductor in southern and central parts of the property, as well as along parallel conductors to the west.
About AREVA Resources Canada Inc.
AREVA, a uranium exploration, mining and milling company, is a subsidiary of AREVA Group, a worldwide expert in the energy field with manufacturing facilities in 43 countries and a sales network in more than 100 countries. AREVA Group, through its Canadian subsidiary, has significant interests in several uranium deposits in the Athabasca Basin, including the producing McClean Lake Deposits operated by AREVA, the producing McArthur River Deposit operated by Cameco Corporation, the Midwest Deposit, the Millennium Deposit, and the Cigar Lake Deposit.
About UEX
UEX is a Canadian uranium exploration and development company actively involved in 19 uranium projects, including seven that are 100% owned and operated by UEX, one joint venture with AREVA that is operated by UEX, ten joint-ventured with AREVA and one under option from Japan-Canada Uranium Company, Limited, which are operated by AREVA. The 19 projects, totaling 374,513 hectares (925,442 acres), are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which accounts for approximately 23% of the global primary uranium production. UEX is currently developing several uranium deposits in the Athabasca Basin which include the Kianna, Anne and Colette Deposits at its Shea Creek Project, a joint venture with AREVA in the western Athabasca Basin, and the West Bear, Raven and Horseshoe Deposits located at its 100% owned Hidden Bay Project in the eastern Athabasca Basin. UEX's exploration and development budgets for the winter of 2009 are estimated at approximately $16.5 million, of which UEX will be responsible for approximately $10.9 million.
ON BEHALF OF THE BOARD OF DIRECTORS OF UEX CORPORATION
Stephen H. Sorensen
President & C.E.O.
Forward-Looking Statements
This news release contains "forward-looking statements" that are based on UEX's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding UEX's outlook for our future operations, plans and timing for the commencement or advancement of exploration activities on our properties, and other expectations, intention and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are based on certain factors and assumptions and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, continuity and grade of deposits, fluctuations in uranium prices and currency exchange rates, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the securities commission on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
TABLE 1
2008 Summer/Fall Shea Creek Drill Results
All Uranium Intersections Calculated from Gamma Probe Logging
Only intervals with composite grades greater than 0.10% eU(3)O(8) and
a grade-thickness product greater than 0.05 are listed below. True
widths of mineralized intervals have not yet been determined.
-------------------------------------------------------------------------
Hole Total Depth to From To Length Avg. Grade
Depth Unconformity (metres)(metres)(metres) Within
of Hole (metres) the
(metres) Intersection
(% eU(3)O(8))
-------------------------------------------------------------------------
SHE-115-17* 847.0 723.0 Mineralization intersected between
841.1 and 844.4 metres
-------------------------------------------------------------------------
SHE-115-17A 1043.0 724.0 723.2 724.9 1.7 0.62
832.7 833.9 1.2 0.39
954.2 958.3 4.1 0.24
-------------------------------------------------------------------------
SHE-115-18(xxx) 911.0 724.2 686.9 699.5 12.6 8.42
722.0 724.1 2.1 0.28
805.0 806.6 1.6 3.67
Mineralization intersected between
842.0 and 910.9 metres is reported
in Table 2 below
-------------------------------------------------------------------------
SHE-118-11 893.2 740.0 734.9 740.0 5.1 1.19
786.8 791.0 4.2 0.23
860.6 861.8 1.2 0.41
865.4 866.1 0.7 0.33
-------------------------------------------------------------------------
SHE-118-12 1010.0 737.0 729.6 730.5 0.9 0.28
735.5 738.1 2.6 1.53
765.8 767.0 1.2 0.23
-------------------------------------------------------------------------
SHE-118-13* 785.0 738.1 Mineralization intersected between
738.1 and 740.9 metres
-------------------------------------------------------------------------
SHE-118-13A 866.0 739.9 736.1 741.7 5.6 0.99
-------------------------------------------------------------------------
SHE-118-14 836.0 732.7 721.0 730.3 9.3 0.87
731.5 741.1 9.6 0.98
including 731.5 733.8 2.3 1.57
including 738.5 741.1 2.6 1.69
751.8 757.9 6.1 0.92
including 751.8 754.0 2.2 1.73
-------------------------------------------------------------------------
SHE-118-15(xxx) 782.0 739.6 736.2 744.2 8.0 2.27
including 739.6 743.5 3.9 4.03
746.6 750.6 4.0 1.08
Mineralization intersected between
765.6 and 766.1 metres
-------------------------------------------------------------------------
SHE-118-16 827.6 741.3 729.4 743.2 13.8 0.50
-------------------------------------------------------------------------
SHE-122-4 863.0 717.8 713.9 723.9 10.0 1.47
including 717.6 718.7 1.1 10.44
756.0 761.1 5.1 1.88
-------------------------------------------------------------------------
SHE-122-5 777.2 728.5 727.0 742.5 15.5 4.58
including 727.5 733.1 5.6 11.39
-------------------------------------------------------------------------
SHE-122-6 860.0 721.0 718.3 721.8 3.5 0.37
730.7 731.9 1.2 2.15
752.5 754.0 1.5 1.04
-------------------------------------------------------------------------
SHE-122-7 833.0 719.1 717.2 720.0 2.8 0.59
771.0 771.8 0.8 0.66
-------------------------------------------------------------------------
SHE-123-10 869.0 724.7 738.6 738.8 0.2 0.29
743.7 744.5 0.8 0.42
-------------------------------------------------------------------------
SHE-123-11 803.0 726.7 726.6 727.3 0.7 0.39
-------------------------------------------------------------------------
SHE-123-12 968.0 739.3 734.4 735.8 1.4 0.20
809.7 811.3 1.6 5.73
-------------------------------------------------------------------------
SHE-123-13 858.0 730.0 729.6 730.6 1.0 0.21
733.0 733.4 0.4 0.12
-------------------------------------------------------------------------
SHE-130-1* 792.0 724.8
-------------------------------------------------------------------------
SHE-130-1A 917.0 725.1 843.2 844.7 1.5 0.39
-------------------------------------------------------------------------
SHE-130-2* 914.0 719.0
-------------------------------------------------------------------------
P-08-1 1001.0 713.1 712.4 713.1 0.7 0.63
-------------------------------------------------------------------------
*No probing - hole lost
(xx)No recordable mineralization
(xxx)Partial probe - hole lost after initial probe
TABLE 2
2008 Summer/Fall Shea Creek Drill Results
All Uranium Intersections Calculated from Geochemical Results
Only intervals with composite grades greater than 0.10% U(3)O(8) and
a grade-thickness product greater than 0.05 are listed below. All
analyses were performed by Saskatchewan Research Council by ICP.
True widths of mineralized intervals have not yet been determined.
-------------------------------------------------------------------------
Hole Total Depth to From To Length Avg. Grade
Depth Unconformity (metres)(metres)(metres) Within
of Hole (metres) the
(metres) Intersection
(% U(3)O(8))
-------------------------------------------------------------------------
SHE-115-17 847.0 723.0 Geochemical results not yet
received
-------------------------------------------------------------------------
SHE-115-18 911.0 724.2 842.0 845.5 3.5 0.57
-------------------------------------------------------------------------
898.5 905.5 7.0 1.24
-------------------------------------------------------------------------
910.5 910.9 0.4 1.39
-------------------------------------------------------------------------
SHE-118-13 803.0 738.1 Geochemical results not yet
received
-------------------------------------------------------------------------
SHE-123-4 833.0 753.3 741.5 742.1 0.6 0.19
749.9 756.5 6.6 0.52
including 751.9 754.4 2.5 1.04
768.0 770.5 2.5 0.63
787.1 787.6 0.5 2.00
-------------------------------------------------------------------------
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