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Thursday, May 29, 2008
Bluerock Anounces Phase I Drill Results Including 2.38% eU3O8 Over 1.5Ft At Sunbeam Uranium Mine
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Vancouver, B.C., May 29, 2008 (BRD: TSX Venture) - Bluerock Resources Ltd. (the "Company") announces results from the Phase I exploration and delineation drilling program at the Sunbeam Uranium Mine, Uravan Mineral Belt Colorado, USA. The reverse circulation drilling program at the Sunbeam Uranium Mine defined a previously unknown mineralized zone within an "historic drillout" proximal to the Sunbeam Uranium Mine, with grades of up to 2.38% eU3O8 over 1.5 feet (0.46 metres). The Company will continue to delineate this mineralized zone, as well as a second historic target, through additional drilling while working to reopen the Sunbeam Uranium Mine under a bulk sample permit, and subsequently move towards a production decision.
"The success of the Sunbeam Uranium Mine Phase 1 drill program further demonstrates the near mine resource upside at Bluerock's existing property portfolio and potential for near term uranium production" said Bluerock President & CEO Michael Collins. "Bluerock continues with its business objective of developing uranium resources in support of the Company's aim of becoming the next uranium producer in the United States."
The Sunbeam Uranium Mine is one of four uranium properties that the Company envisions supporting the Ore Purchase and/or Toll Milling Agreement with Denison Mines' White Mesa Uranium Mill (refer to April 17, 2008 press release for details). Uranium ore* continues to be stockpiled at the J-Bird Mine, underground development work has started at the Cone Mountain Uranium Bulk Sampling Project, and exploration drilling is expected to restart shortly at the fully permitted Tramp Uranium Mine.
*Ore, as stated in this news release, is defined as material that can be mined, shipped and processed at the White Mesa Uranium Mill under the Company's 'ore purchase' agreement and/or toll milling agreement with the mill owner and operator, Denison Mines (USA).
A total of 76 reverse circulation drill holes were completed during the Phase I exploration program on the Sunbeam Uranium Mine from April through May 2008, totalling approximately 21,000 feet, (6,400 metres) of drilling. Thirty-one drillholes were gamma probed for uranium content by Century Geophysics an independent geophysical contractor. Two mineralized trends have been defined within the "near-mine" environment. Significant results include 2.38% eU3O8 over 1.5 feet (0.46 metres), and 0.402% eU3O8 over 3 feet (0.91 metres). A total of six holes returned grades of greater than 0.20% eU3O8 over intervals 1 foot (0.3 metres) or greater. Mineralization found in a "historic drillout" has been defined over an area of 800 by 400 feet (120m x 240m) and remains open to extension in all directions. A table of significant results from the Phase I exploration program is presented below:
Summary Table of selected gamma probed drillhole results from the
2008 Phase I Sunbeam Uranium Mine drilling program
|
Drill Hole |
Depth |
Interval |
Grade |
|
From (ft) |
To
(ft) |
From (m) |
To
(m) |
Meters |
Feet |
eU3O8 |
|
SB-08-100 |
382.0 |
383.0 |
116.43 |
116.74 |
0.30 |
1.0 |
0.084 |
|
and |
395.5 |
397.0 |
120.55 |
121.01 |
0.46 |
1.5 |
0.087 |
|
SB-08-109 |
395.3 |
397.8 |
120.49 |
121.25 |
0.76 |
2.5 |
0.073 |
|
including |
395.8 |
397.3 |
120.64 |
121.10 |
0.46 |
1.5 |
0.099 |
|
SB-08-111 |
187.0 |
188.0 |
57.00 |
57.30 |
0.30 |
1.0 |
0.251 |
|
SB-08-117 |
180.5 |
183.5 |
55.01 |
55.93 |
0.91 |
3.0 |
0.402 |
|
including |
180.5 |
182.5 |
55.01 |
55.62 |
0.06 |
2.0 |
0.569 |
|
SB-08-119 |
192.5 |
194.5 |
58.67 |
59.28 |
0.61 |
2.0 |
0.143 |
|
including |
193.0 |
194.0 |
58.83 |
59.13 |
0.30 |
2.0 |
0.226 |
|
SB-08-122 |
108.5 |
109.0 |
33.07 |
33.22 |
0.15 |
0.5 |
0.039 |
|
SB-08-123 |
173.5 |
175.0 |
52.88 |
53.34 |
0.46 |
1.5 |
2.383 |
|
SB-08-130 |
165.0 |
168.5 |
50.29 |
51.36 |
1.07 |
3.5 |
0.094 |
|
including |
166.0 |
168.0 |
50.60 |
51.21 |
0.61 |
2.0 |
0.142 |
|
and |
166.5 |
167.5 |
50.75 |
51.05 |
0.30 |
1.0 |
0.204 |
|
SB-08-133 |
179.0 |
180.5 |
54.56 |
55.02 |
0.46 |
1.5 |
0.233 |
|
including |
179.5 |
180.5 |
54.71 |
55.02 |
0.30 |
1.0 |
0.333 |
|
and |
179.5 |
180.0 |
54.71 |
54.86 |
0.15 |
0.5 |
0.570 |
|
SB-08-139 |
160.5 |
162.5 |
48.92 |
49.53 |
0.61 |
2.0 |
0.131 |
|
SB-08-140 |
163.0 |
164.5 |
49.68 |
50.14 |
0.46 |
1.5 |
0.085 |
|
including |
163.5 |
164.5 |
49.84 |
50.14 |
0.30 |
1.0 |
0.103 |
|
and |
163.5 |
164.0 |
49.84 |
49.99 |
0.15 |
0.5 |
0.131 | *Drill holes are named with reference to permitting and not with respect to the order in which they are drilled
Twenty-three drill holes remain to be drilled within the currently permitted drill program at the Sunbeam Uranium Mine. Based on the Phase I drilling results, the current permit will be amended to focus on the main mineralized zone noted above, one additional historic drill out and two "on mining trend" targets also related to historic uranium mining on the Property.
Drilling at the Sunbeam Uranium Mine was conducted using two drill rigs operated by Rimrock Exploration and Development of Nucla Colorado. Upon completion of a drillhole, Company staff used an in-house, downhole scintillometer to test the hole by gamma probing. Where significant uranium mineralization indications were identified, the hole was left open and subsequently logged, under contract, by Century Geophysics Corp. who determined the calculated uranium content with gamma logging instruments. Century Geophysical Corp. has a long history of providing third party downhole probe services to the Uranium Exploration and Development industry and is well known and respected in the industry. The downhole gamma logging reported in this release utilized a "10 inch long, GAMMA-SP-RES" unit with calibration both prior to, and after the physical logging of the bore hole. All reported Uranium values within this release were produced by Century Geophysical's logging of the Company's drilled holes.
Paul D. Gray, P.Geo. is the Qualified Person with respect to the Sunbeam Uranium Mine and has reviewed and approved this press release.
Bluerock Resources Ltd. is a uranium mining company focused on developing tomorrow's energy today through the acquisition and development of conventional uranium resources.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins
President and CEO
For further information, please contact:
Cary Martin, Manager of Investor Relations
Bluerock Resources Ltd.
350-580 Hornby St,
Vancouver BC, V6C 3B6
Telephone: (604) 687-2471
Facsimile: (604) 687-2472
Website: www.bluerockresources.com
Email: cmartin@bluerockresources.com
FORWARD LOOKING INFORMATION DISCLAIMER
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act and the Alberta Securities Act, including statements concerning our plans at our mineral projects, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, failure to establish mineral resources; delays in obtaining or failure to obtain required governmental, environmental or other project approvals; changes in national and local government legislation or regulations regarding environmental factors, royalties, taxation or foreign investment; political or economic instability; terrorism; inflation; changes in currency exchange rates; fluctuations in commodity prices; delays in the development of projects; shortage of personnel with the requisite knowledge and skills to design and execute exploration programs; difficulties in arranging contracts for drilling and other exploration and development services; dependency on equity market financings to fund programs and maintain and develop mineral properties; risks associated with title to resource properties, particularly in Mongolia, and difficulties of determining the validity of certain tenures and other risks and uncertainties, including those described in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of U308; the availability of permits and surface rights; access to financing, equipment and labour and that the political environment within Canada, the United States of America and Mongolia will continue to support the development of environmentally safe uranium mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release |
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