International Enexco Reports on the Mann Lake Uranium Project, Athabasca SK
- $6 Million Diamond drill program ongoing
- 9,524 m of drilling completed
- Elevated radioactivity in five drill holes
VANCOUVER, BRITISH COLUMBIA--(March 27, 2013) - International Enexco Ltd. (TSX VENTURE:IEC) (OTCQX:IEXCF) (FRANKFURT:I6E) (the "Company" or "Enexco") is pleased to provide an update regarding Diamond drilling and geophysical surveying on the Mann Lake Uranium Project in the Athabasca Basin of Saskatchewan. Eleven holes have been completed of the planned 28-hole program, with a total of 9,524 m drilled to date in 2013. In addition, Quantec Geoscience Ltd., of Toronto has completed 39 kilometres of a planned 69 kilometre SWML TDEM survey.
Of the eleven drill holes completed, elevated radioactivity was encountered in five drill holes on the eastern and western conductive responses of the "C" conductor trend.
Drilling on the eastern conductor encountered elevated radioactivity and weak mineralization in the basement section of drill holes MN-036 and MN-039. Drill hole MN-036 encountered a hydrothermally altered basement section with a number of intervals of elevated radioactivity and weak mineralization approximately 200 metres below the sub-Athabasca unconformity with 0.19% eU3O8 over 1.3 metres from 714.0 - 715.3 metres and 0.22% eU3O8 over 0..6 metres from 718.6 - 719.2 metres. (%eU3O8 grades are not chemical assays and are based on total gamma radiometric probing). MN-039 encountered weakly elevated radioactivity at 175 metres into the basement section over a 4 metre pegmatic interval from 690.5 - 694.5 metres. Drill holes MN-040 to MN-042 encountered alteration and favorable structure in the basal sandstone and intervals of graphitic stratigraphy in the basement section but no significant radioactivity.
Drilling on the western conductor encountered weakly elevated radioactivity in MN-037 in faulted and reduced sandstone between 406.9 metres and 407.5 metres. Drill hole MN-038 encountered weakly elevated radioactivity from 664.1 - 665.0 metres in pegmatite. Drilling in the area footwall to the western conductor in MN-035 encountered an altered sandstone section and weakly elevated radioactivity immediately below the unconformity in faulted graphitic stratigraphy. Although no significant mineralization was intersected, these results are encouraging.
Drilling will continue throughout March with drilling planned to follow-up the results of the geophysical survey in the northern portion of the property. Further evaluation of drill hole locations will continue in the area between Spring Lake and the southern claim boundary.
Qualified Person
William Willoughby, Ph.D., P.E. is the Company's Qualified Person for the purposes of National Instrument 43-101 and has prepared or supervised the preparation of the disclosure of any scientific and technical information contained in this news release.
About Mann Lake Uranium Project
The Mann Lake Uranium Project is located in the heart of what is indisputably the most prolific and highest grade uranium region in the world, the Athabasca Basin in Saskatchewan. The Project lies 25 kilometres southwest from Cameco's McArthur River Mine and is 20 kilometres northeast of Cameco's Millennium deposit. High-grade mineralization was intersected in drill hole MN-013 during a 2006 drill program. This drill hole intersected 7.12% U3O8 over 0.25 metres and 5.53% U3O8 over 0.4 metres in the basement, 12 metres beneath the Athabasca unconformity surface.
About International Enexco Ltd.
International Enexco Ltd is a North American exploration and development company focused on the Contact Copper Project in northern Nevada and the Mann Lake Uranium Project located in Saskatchewan's prolific Athabasca basin. The Mann Lake project is a joint venture with Cameco (52.5%) as operator, Enexco (30%) and AREVA (17.5%)-two of the world's largest uranium companies.
On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.
G. Arnold Armstrong, President & CEO
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. We seek safe harbour.
The TSX Venture Exchange or its Regulation Services Provider have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. |
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Canada V6Z 1T7
Office: + 1 604 669 8368
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as of 12:30pm EST March 27, 2013
Recent Press Releases
From International Enexco:
Vancouver, Canada -- February 19, 2013 - International Enexco Ltd. is pleased to announce the addition of a third Diamond drill rig on the Mann Lake uranium project. Cameco Corporation ("Cameco") is the project operator. The budget for the 2013 program is CDN$6,000,000 with Enexco's portion being CDN$1,800,000. The primary objectives of the 2013 exploration program will be to test priority geological and geophysical targets along the C conductor trend over the entire length of the property and the possible expansion of the mineralization discovered during the 2006 - 2007 drill programs in the central part of the C conductor trend. High-grade mineralization was intersected in hole MN-013 during a 2006 drill program. This drill hole intersected 7.12% U3O8 over 0.25m and 5.53% U3O8 over 0.4m in the basement, 12m beneath the Athabasca unconformity surface. [....]
Vancouver, Canada -- January 21, 2013 - International Enexco Ltd. is pleased to announce that the 21,000 metre (69,000 feet) Diamond drill program on the Mann Lake uranium project has commenced by the project operator, Cameco Corporation ("Cameco"). Discovery Mining Services Ltd. has now completed the initial set up of the Three Mile Camp which will be the center base of the drilling operations for the exploration program. The camp can accommodate the first 20 people (2 drills). Collaring of the first drill holes on Mann Lake has commenced and full camp operations to accommodate a third drill is anticipated by the end of January 2013.. [...] | |