 | | | Publié le 14 mai 2007 | Reports Drilling completed at Fish Hawk Lake, CMB, Labrador |
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Thursday, May 10, 2007
Santoy Reports Drilling completed at Fish Hawk Lake, CMB, Labrador
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NR: 07-12
Santoy Resources Ltd. (TSX Venture Exchange -- SAN) is pleased to announce that the diamond drilling program on the Fish Hawk Lake South and North zones was completed in late April and that all samples are currently at SRC Geoanalytical Laboratories in Saskatoon, with analytical results pending within the next few weeks.
Santoy completed 15 diamond drill holes for a total of 1642 meters; 13 holes tested the Fish Hawk Lake South Zone uranium mineralization and 2 holes were drilled to test the mineralization at the Fish Hawk Lake North Zone. The Fish Hawk Lake South and North zones, as well as the Fish Hawk Lake Central Zone, were discovered during ground follow-up of airborne radiometric anomalies in 2006.
Fish Hawk Lake South Zone
The Fish Hawk Lake South Zone occurs along an east-northeast trending structural linear, within a brittle fracture zone. The mineralization, which occurs in a variably fractured and hematized Archean granodiorite, has been traced along this linear over a strike length of 430 metres, with indicated widths of up to 20 metres (see news releases dated October 13, 2006 and November 23, 2006). Two trenches, hand excavated and channel cut, across the zone returned 0.093% U3O8 over 6.0 metres and 0.062% U3O8 over 7.0 metres. Numerous grab samples across the zone returned assays ranging from 0.006% to 1.487% U308.
Thirteen drill holes tested approximately 300 metres of strike length along the zone to vertical depths of between 40 and 120 metres. Significant radioactive zones were intersected in 9 of 13 drill holes. These zones range in thickness from approximately 3 metres to 30 metres (true thickness estimated at 70% to 75% of the core length). Previous analytical results from the South Zone also indicate that radioactive Thorium is a negligible component, and that scintillometer responses are therefore primarily due to the presence of uranium mineralization. Results of the diamond drilling also indicate that the zone may plunge to the west, where uranium mineralization was intersected at depth in an area where the zone has no surface expression. Also significant is the fact that the deepest hole, which intersected the zone at approximately 120 metres vertical depth, also appears to have intersected the best grade over a true thickness of 12 to 14 metres, as indicated by the scintillometer responses. The Fish Hawk Lake South Zone is open at depth and to the east, and possibly plunges to the west. It is anticipated that further drilling will be planned at the Fish Hawk Lake South Zone after results have been received and interpreted.
Fish Hawk Lake North Zone
The Fish Hawk Lake North, Zone is located on the north end of the eastern arm of Fish Hawk Lake. The initial discovery consisted of radioactive boulders in a bog, coincident with an airborne equivalent residual uranium anomaly. Prospecting subsequently traced the boulders to the south along a north-facing ridge exposing radioactivity in bed rock. Additional radioactive outcrops have been located on strike 175 metres to the west. Radioactivity is associated with a silicified and hematite altered, micro fractured Archean intrusive. Sulphide mineralization includes pyrite (up to 3-5%) and minor chalcopyrite. Assay results from six outcrops and locally derived angular float returned assays ranging from 0.007% to 5.086% U3O8 (see news releases dated October 13, 2006 and November 23, 2006). The greater than 5% assay was obtained from angular talus believed to have been derived from the nearby outcrop occurrence.
Two holes were drilled on the Fish Hawk Lake North Zone. The first hole was drilled to undercut the showing in the vicinity of the high grade boulder. The drill hole intersected a 25 cm thick weakly radioactive zone near the top of the hole. A second, deeper and unexpected 4 metre thick (true thickness unknown) radioactive zone was also intersected. The deeper intersection is encouraging because it was not detected by the airborne geophysics, and its occurrence clearly enhances the potential for additional "blind' uranium-bearing zones in the area. The second drill hole, designed to test an additional 75 metres of stratigraphy and the airborne radiometric anomaly associated with the Fish Hawk Lake North mineralization, did not intersect any significant radioactive zones. Significant pyrite mineralization, ranging from 1 to 3%, was encountered and reflects the high sulphide content associated with the Fish Hawk Lake North Zone mineralization. Detailed surface work is planned for this zone as a component of our summer exploration program prior to completing further drilling on this target.
It should be noted that scintillometer readings can only indicate the "relative" presence of uranium and are no substitute for assay values in terms of quantifying the actual amount of uranium present in the core samples.
The Qualified Person, as defined by National Instrument 43-101, responsible for review of this news release is Ron Nichols, P.Geo., Vice-President of Exploration.
About Santoy
Santoy Resources Ltd. is a Canadian mining exploration company focused primarily on the energy sector. Emphasis is being placed on uranium projects in British Columbia, Saskatchewan, Manitoba, Otish Mountains of Quebec and the Central Mineral Belt of Labrador; and on coal and coal bed methane in Western Canada. A description of our properties, including maps and photographs can be viewed on the Company's website at www.santoy.ca.
On Behalf of the Board of Directors
SANTOY RESOURCES LTD.
"Ron Netolitzky"
Ron Netolitzky, President
Cautionary Statement on Forward-Looking Information The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. 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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Virginia Energy Resources Inc.
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CODE : VAE.V |
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ISIN : CA9278051011 |
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Virginia Energy est une société d’exploration minière d'or et de cobalt basée au Canada. Virginia Energy est en développement de projets d'or, de cobalt et d'uranium en USA, et détient divers projets d'exploration au Canada. Son principal projet en développement est COLES HILL PROPERTY en USA et ses principaux projets en exploration sont ALIMAK/DECADE, RKN/GOLDEN HEART AREA, KASMERE LAKE, HAZEMPA LAKE, FIR ISLAND, PATTYSON LAKE, DOWLER LAKE, KARPINKA LAKE, THE BOW RIVER, ATHABASCA WESCAN SANTOY JV, OTISH, HAWK RIDGE, BLIZZARD, HATCHET LAKE, MUSTANG LAKE et BINGO au Canada. Virginia Energy est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 8,0 millions CA$ (7,2 millions US$, 5,2 millions €). La valeur de son action a atteint son plus haut niveau récent le 23 février 2007 à 8,00 CA$, et son plus bas niveau récent le 17 avril 2009 à 0,07 CA$. Virginia Energy possède 57 230 614 actions en circulation. |
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