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U3O8 Corp. (TSX VENTURE:UWE - News), a Canadian-based
company focused on uranium exploration and resource expansion in South
America, reports that drilling has more than doubled the size of the Aricheng
C structure in the Kurupung Batholith in Guyana (Figure 1). This ninth
uranium-bearing zone now extends 350 metres ("m") long, and is open
along trend and at depth. Results from scout drilling suggest that the
Kurupung structures identified to date may contain a conceptual target of
13-18 million tonnes at a grade of 0.08% to 0.10% U3O8 (for an estimated
30-32 million pounds ("mlb") U3O8) including the initial National
Instrument 43-101 ("NI 43-101") resource estimate of 5.8mlb U3O8
Indicated and 1.3mlb U3O8 Inferred(1).
"Scout drilling continues to
successfully expand our inventory of mineralized structures in the Kurupung
district, while demonstrating the resource growth potential of the project,"
said Dr. Richard Spencer, U3O8 Corp's President and CEO. "Drilling will
now focus on the Accori area as we progress towards our goal of showing that
the Kurupung uranium system could host a resource of comparable size to peer
deposits that typically contain 50 to 130mlb of uranium(2). We are focused on
expanding our resource potential at shallow depth, to approximately 200m,
while recognizing that similar deposits elsewhere in the world extend to over
700m below surface. This typical depth provides us with flexibility to
potentially increase the resource at any time through deeper drilling."
Table 1 - Assay Results for Aricheng C
Summary of significantly mineralized
intercepts cut in the six bore holes (1,701 metres) drilled in the recent
campaign at Aricheng C. A total of 10 bore holes have been drilled for a
total of 2,718m (results of the previously four bore holes were reported in
the press release dated July 14, 2010). Aricheng C, along with the Aricheng
North and Aricheng A, comprise the Aricheng North Complex.
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Intercept Grade
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Bore Estimated
Hole From To Width True U 3 O 8 U 3 O 8
Number (m) (m) (m) Width (m) (%) lbs/st
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69 73 4 3.5 0.070 1.41
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79 90 11 9.7 0.058 1.15
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ARC-005 99 103 4 3.5 0.113 2.27
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120 124 4 3.5 0.093 1.85
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131 136 5 4.4 0.107 2.15
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ARC-006 No significant intercepts
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ARC-007 57 93 36 30.7 0.062 1.24
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Including 75 81 6 5.1 0.148 2.97
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147 150 3 2.6 0.055 1.10
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165 169 4 3.4 0.042 0.84
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ARC-008 72 82 10 8.5 0.052 1.05
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218 224 6 5.1 0.041 0.83
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ARC-009 237 247 10 8.5 0.045 0.91
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ARC-010 187 190 3 2.6 0.149 2.99
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199 206 7 6.1 0.172 3.43
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Note: lbs/st is an abbreviation for pounds per short ton.1
short ton = 2,000lbs or 0.907 metric tonnes.
Potential quantity and grade are based
on drill results that define the approximate length, thickness, depth and
grade of the target area, but are considered conceptual in nature. To date,
there has been insufficient exploration drilling to define a mineral resource
on the Aricheng C structure reported in this press release, and it is
uncertain if further exploration drilling will result in a mineral resource
being defined in this area.
Aricheng C Structure
The Aricheng C structure is orientated
northeast and dips about 70 degrees to the northwest. Mineralization occurs
within a brecciated albitite-altered zone and is marked by a corridor of
relatively low magnetism that extends eastwards through the area in which the
10 exploration bore holes were drilled (Figure 2). Mineralization at Aricheng
C extends 350m along strike and is open along trend to the west and at depth
(Figure 3). The easternmost bore hole (ARC-006) appears to have been drilled
to the east of a fault that is suspected to have displaced the eastern
extension of the Aricheng C structure to the northeast (Figure 2). Field work
is being undertaken to find the possible extension of the structure in that
area. Uranium mineralization occurs in the saprolite at surface to the deepest
intercept at approximately 235m below surface.
Quality Assurance & Quality Control
Diamond drilling at Aricheng C was
undertaken with U3O8 Corp's own drill rig that produced NQ (nominal 47.6
millimetre diameter) core. A down-hole spectral gamma probe was used in the
10 bore holes reported on here to determine the extent of the mineralized
intervals by providing an estimate of the uranium grade based on the
radioactivity measured. Core from each mineralized interval was halved with a
diamond saw on-site and half core samples were delivered to ACME Laboratory's
preparation facility in Georgetown, Guyana. Sample blanks and certified
standards were inserted at an average frequency of one 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. The other half of the core was logged and is stored on-site,
providing a complete record of the geology and mineralized zones drilled.
Dr. Richard Spencer, President and CEO
of U3O8 Corp., a Qualified Person within the definition of that term in NI
43-101 of the Canadian Securities Administrators, had overall responsibility
for target and drill-site selection at on the Aricheng C target. Dr. Spencer
has supervised the preparation of, and verified, the technical information in
this release.
To view, "Figure 1 - Clusters of
Multiple Uranium-Bearing Structures in the Kurupung Batholith," please
visit the following link: http://media3.marketwire.com/docs/afig1uso8nov24.bJPG.pdf.
To view, "Figure 2 - Drill Hole
Locations at Aricheng C," please visit the following link: http://media3.marketwire.com/docs/afig2uso8nov24.bJPG.pdf.
To view "Figure 3 - Long Section of
Aricheng C," please visit the following link: http://media3.marketwire.com/docs/afig3uso8nov24.bJPG.pdf.
About U3O8 Corp.
U3O8 Corp. is a Toronto-based
exploration company, focused on exploration and resource expansion of uranium
and associated commodities in South America - a promising new frontier for
exploration and development. U3O8 Corp. has one of the most advanced
portfolios of uranium projects in the region comprising NI 43-101 compliant
resources in Guyana to significant historic resources in Colombia and
near-resource and discovery potential in Argentina.
(1) Based on a cut-off grade of 0.05%
U3O8, a NI 43-101 resource estimate of 5.8mlb Indicated at an average grade
of 0.10% (2.0 lbs/st) U3O8 and 1.3mlb Inferred at an average grade of 0.09%
(1.9 lbs/st) U3O8 has been reported on the Aricheng North and Aricheng South
structures in the Kurupung Batholith. For further information, refer to the
technical report dated January 14, 2009 titled "A Technical Review of the
Aricheng North and Aricheng South Uranium Deposits in Western Guyana for U3O8
Corp. and Prometheus Resources (Guyana) Inc., available on U3O8 Corp's web
site at www.u3o8corp.com
and on SEDAR at www.sedar.com.
(2) Geologically similar albitite-hosted
uranium deposits worldwide including the Coles Hill deposit (USA), the
Valhalla deposit (Australia) and Michelin deposit (Canada), typically host
resources in the 50 to 130mlb range with typical grades of 0.06% to 0.10%
U3O8, within multiple mineralized structures. These deposits have not been
independently verified by U3O8 Corp. and information regarding these deposits
is drawn from publicly available information. Comparisons of U3O8 Corp's
uranium resource and exploration targets with other uranium deposits are
conceptual in nature. There is no certainty that further exploration of U3O8
Corp's uranium resource or other targets will result in the delineation of a
similar 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 and that the resource potential will be achieved on exploration
projects, currency fluctuations, dependence upon regulatory approvals, and
the uncertainty of obtaining additional financing and exploration risk. There
is no assurance that mineralization encountered at Aricheng C will add to
U3O8 Corp's resource base. 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.
To view the photo associated with this
Press Release, please visit the following link: http://www.marketwire.com/library/20101124-fig1uso8nov24LG.JPG.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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