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U3O8
Corp. (TSX VENTURE:UWE - News) a Canadian-based company focused on exploration and
resource expansion of uranium and associated commodities in South America,
reports grades of uranium, phosphate, vanadium, yttrium, rhenium, silver and
molybdenum intersected in a further 10 holes drilled in the Berlin Project in
Caldas Province, Colombia. The Berlin Project is a sediment-hosted, multi-commodity
prospect with a historic resource(1) of 12.9 million
tonnes at an average grade of 0.13% U3O8 (38
million pounds ("mlb") U3O8) estimated on
the southern 4.4 kilometres ("km") of a
10.5km long mineralized trend. This historic work did not include estimates
for commodities other than uranium.
"Mineralization
at Berlin is proving to be remarkably consistent," said Dr. Richard
Spencer, U3O8 Corp's President and CEO. "15 out of the 16 holes drilled
have hit the targeted mineralization - over an area 2km long and up to 400 metres ("m") wide. Our exploration drilling is
advancing northward with the goal of confirming historic data that show the
entire 10.5km trend is prospective, which could substantially increase the
size of the project. A second rig will start infill drilling in Q2 with the
aim of potentially delineating an initial 20-25mlb National Instrument 43-101
("NI 43-101") resource in Berlin by the end of 2011, while setting
up for further resource expansion in 2012."
Dr.
Spencer continued, "Metallurgical test work on drill core samples from
Berlin is progressing well at SGS Lakefield's laboratory in Toronto. Initial
results are expected by the end of Q1 2011 - and should provide preliminary
indications of the extent to which the uranium and various potential
co-products can be recovered from the mineralized sandstone and carbonate
rock."
Table
1 - Assay Results for the Berlin Project
Summary
results for the 10 bore holes drilled from platforms P3, P4 and P5-P5' in the
southern part of the Berlin Project (Figures 1 and 2).
---------------------------------------------------------------------------
Esti-
mated
U3O8 V2O5 P2O5 Mo Y2O3 Re Ag
True --------------------------------------
Plat- Bore
From To
Width
lbs/
form Hole # (m) (m) (m) % st % % ppm ppm ppm ppm
---------------------------------------------------------------------------
P3 DDB7 152.42 157.16 4.74 0.086 1.72 0.33 6.95 475 310 5.4 1.8
--------------------------------------------------------------------
DDB8
91.44 92.96 1.52 0.068 1.37 0.73 14.40 81 916 0.5 5.5
--------------------------------------------------------------------
DDB9
94.49 96.02 1.53 0.032 0.64 1.07 8.08 63 260 0.4 8.0
---------------------------------------------------------------------------
P4 DDB10 205.99 211.89 5.90 0.077 1.54 0.35 6.09 459 300 4.0 2.5
--------------------------------------------------------------------
Includes 207.89 211.89
4.00 0.103 2.06 0.40 7.65
584 402 5.5 2.7
--------------------------------------------------------------------
DDB11 123.20 125.94 2.74 0.126 2.51 0.47 2.29 609 491 6.8 3.0
--------------------------------------------------------------------
DDB12 134.71
138.20 3.49 0.066 1.33 0.30 5.62 355 285 3.8 2.5
---------------------------------------------------------------------------
P5-P5' DDB13 328.68
333.23 4.55 0.074 1.48 0.35 6.15 486 322 5.3 2.5
--------------------------------------------------------------------
Includes 330.68 332.68
2.00 0.132 2.63 0.51 9.25
743 554 9.6 3.8
--------------------------------------------------------------------
DDB14 257.98
261.90 3.92 0.091 1.82 0.44 3.02 559 373 4.9 2.4
--------------------------------------------------------------------
Includes 259.90 261.90 2.00
0.142 2.84 0.54 2.29 725 605 8.0 3.4
--------------------------------------------------------------------
DDB15 161.14
163.86 2.72 0.111 2.22 0.44 9.08 568 436 6.2 2.7
--------------------------------------------------------------------
Includes 161.86 163.86
2.00 0.136 2.71 0.49 9.96
658 518 7.4 2.9
--------------------------------------------------------------------
DDB16 182.20
186.20 4.00 0.099 1.98 0.39 7.64 552 378 5.9 2.3
--------------------------------------------------------------------
Includes 184.20 185.20
1.00 0.204 4.08 0.39 11.90 846
749 11.4 3.6
---------------------------------------------------------------------------
(i) lbs/st is an
abbreviation for pounds per short ton. 1 short ton =
2,000lbs or 0.907
metric tonnes.
Notes:
There was extensive core loss within the mineralized interval that was
sampled in bore hole DDB9. Data from the Mount Sopris
gamma ray probe for this hole yields an interval of 1.5m at an estimated U3O8
grade of 0.083%.
Phosphate
values from hole DDB14 are minimum values. This
interval contains samples that have a grade higher than the analytical limit
for the method used and those samples are currently being re-assayed.
Potential
quantity and grade are conceptual in nature. There has been insufficient
exploration to define a mineral resource at the Berlin Project to date and it
is uncertain if further exploration will result in the target being
delineated as a mineral resource.
Mineralization
The
mineralized unit at Berlin is a sedimentary layer that lies beneath an organic-rich, black shale (Figure 3). The mineralized
layer changes in composition from fine-grained sandstone that
transitions laterally through carbonate-bearing siltstone to carbonate
rock. Mineralization lies at the top of this variable unit.
Microscopic
study of drill core samples shows that the majority of the phosphate occurs
as fine, crystalline fluorapatite (Ca5(PO4)F) masses in the sandstone, carbonate-bearing siltstone
and carbonate rock. Most of the metals of potentially economic interest occur
as phosphate minerals, or are associated with the fluorapatite.
Quality
Assurance and Quality Control ("QAQC")
Drilling
is being done by Kluane Drilling Ltd. of Whitehorse,
Canada, with man-portable rigs. Each bore hole is started with HTW (nominal
core diameter is 7.1cm) and the hole size is reduced
at depth to NTW (normal core diameter is 5.6cm). On completion of each hole,
the radioactivity of the walls of the bore hole is measured in detail with a
Mount Sopris gamma ray probe and these data provide
an estimate of uranium grade that is independent of the assay values obtained
from sampling of the core.
The
core is transported to a central facility where its radioactivity is measured
with a hand-held spectrometer. It is logged and sample intervals are
determined and marked. The core is split with a spatula or diamond saw and
half-core is bagged, numbered and submitted to ALS Chemex's
preparation facility in Bogota, Colombia.
Quality
control samples, that include certified standards, field blanks, 10 mesh
duplicates and pulp duplicates, constitute approximately 13% of the material
assayed by the laboratory. The prepared sample pulps are then shipped by ALS Chemex to its analytical facility in Lima, Peru. Several
types of analyses are performed on the samples including:
-- Inductively
Coupled Plasma Mass Spectroscopy ("ICP-MS") after the sample
has been dissolved
by a mixture of four acids (ALS Chemex Method Codes
ME-MS61 and
ME-MS81).
-- Samples
that have a phosphorous content in excess of 10,000ppm are
analyzed by X-Ray
Fluorescence Spectroscopy (XRF) using ALS Chemex
Method Code XRF12.
Dr.
Richard Spencer, President & CEO of U3O8 Corp., a Qualified Person within
the definition of that term in NI 43-101 of the Canadian Securities
Administrators, has supervised the preparation of, and verified the technical
information in this release.
(1)
The Berlin resource estimate is historical and is reported in Castano, R. (1981), Calcul provisoire des reserves geologiques
de Berlin, sur la base des resultants des sondages, unpublished Minatome
report, 15p. There has been insufficient exploration work completed to verify
the historic estimate. U3O8 Corp. is not treating the historical estimate as
current mineral resources and it should not be relied upon or considered a NI
43-101 compliant resource. The majority of the prior exploration on the Berlin
Project was conducted by the French company, Minatome,
between 1978 and 1981 during which time 11 widely-spaced bore holes were
drilled, 20 trenches were dug and three adits were
excavated. The historic estimate was generated on the southern 4.4km of a 10.5km
long syncline (Figure 1). Historic data from trenching shows that anomalous
grades of uranium continue along strike to the north.
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.
For
further information on U3O8 Corp's Berlin Project, refer to the technical
report entitled "Review of Historic Exploration Data from the Unaniferous Black Shales of the
Berlin Project and Chaparral Concession, Colombia: A guide to future
exploration" prepared by Richard Spencer and Richard Cleath
dated March 23, 2010 and available at www.sedar.com. Additional
information on U3O8 Corp. is available on the company's web site at
www.u3o8corp.com.
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, the timing of laboratory results, 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 the Berlin Project will add to
U3O8 Corp's resource base in the short-term, or at all. 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 accompanying Figures 1 to 3, click on the following link: http://media3.marketwire.com/docs/UWE224Figures1to3.pdf
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.
Contact:
Nancy Chan-Palmateer
U3O8 Corp.
Vice President, Investor Relations
(416) 868-1491
nancy@u3o8corp.com
Richard Spencer
U3O8 Corp.
President & CEO
(416) 868-1491
richard@u3o8corp.com
www.u3o8corp.com
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