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Post by Franko10 ™ on Sept 11, 2004 13:59:48 GMT -5
International Uranium Corporation: 15,000 Metre Drill Program at Moore Lake Uranium Project in Saskatchewan
13:50 EDT Wednesday, June 23, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jun 23, 2004) - (IUC - TSX) International Uranium Corporation ("IUC") and JNR Resources Inc. ("JNR") are pleased to provide an update on their Joint Venture uranium properties in the Athabasca Basin of northern Saskatchewan.
The Companies have approved an extensive 15,000 metre diamond drilling and exploration program on the Moore Lake uranium project. The initial summer program will include of a minimum of 5000 metres of diamond drilling, focussing on the known uranium mineralization in the high grade Maverick zone, along with linecutting and geophysical surveys over the interpreted northeastern and southwestern extensions of the structural corridor containing the mineralization, and a property wide boulder sampling program.
This program will be underway by month's end. Initially one drill will be used and will test in detail the area containing the high grade mineralization on a grid pattern; while the second drill will likely start once the geophysical surveys are completed and interpreted. It should be noted that the Maverick zone and its extensions can be drill tested virtually year round.
This past winter the Companies completed 19 holes, totalling 6747 metres. The results from the first 14 holes were released earlier this year and indicate the presence of high grade uranium mineralization in a highly anomalous and extensive, structural corridor. The geochemical results for the last five holes (ML-42 to ML-46), extended the length of this corridor and better defined the geology.
ML-42 and ML-43 were progressive 150 metre stepouts to the northeast of ML-41. They intersected highly altered and structurally disrupted graphitic pelites well into the basement accompanied by anomalous levels of uranium and 'pathfinder' elements such as nickel, copper, zinc, boron and vanadium. ML-43 also intersected a strongly altered and structurally disrupted basal sandstone column that returned highly anomalous uranium, boron and lead values. These two holes, which were collared too far into the hanging wall, indicate that the mineralizing system now extends a minimum of 1100 metres to the northeast of the discovery hole (ML-25), and is still open in this direction.
ML-44 was a 500 metre stratigraphic (geological) hole drilled from south to north through the structural corridor. It better defined the geological package as well as the east-west trending structures.
ML-45 and ML-46 were 5 metre stepouts to the south of ML-35 and ML-37 respectively. The sandstone and basement rocks in both holes was strongly altered and structurally disrupted, and returned highly anomalous geochemistry, including several intervals of low grade uranium mineralization. These holes also add credence to the theory that cross cutting north-northeast trending structures played a major role in controlling the mineralization, and may in fact represent a second mineralized direction.
This spring, the Companies also flew over 1200 kilometres of airborne GEOTEM surveys over their jointly held South Cigar and Pendleton Lake projects. These properties are subject to the terms of a 'Strategic Alliance' whereby IUC can earn a 75% interest in them by paying acquisition costs and funding the initial $500,000 in exploration expenditures. A preliminary interpretation indicates the presence of conductive horizons on both properties that will require follow up. Details of summer programs on these properties as well as the Lazy Edward Bay project, will be made known following a Joint Venture meeting to be held in July.
The Companies are very pleased with the results to date, particularly at Moore Lake, and will continue to aggressively explore their large land position in the highly productive eastern Athabasca Basin of northern Saskatchewan.
Drill core was prepared and analysed by the Saskatchewan Research Council in accordance with industry standards. Drill results and technical data have been reviewed by Richard Kusmirski, P. Geo., a Qualified Person pursuant to NI 43-101.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and in the U.S. including a fully permitted 2,000 ton per day uranium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.), as well as uranium exploration properties in the Athabasca Region in Canada. The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal.
Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium; the impact of the sales volume of uranium; competition; the impact of change in foreign currency exchange rates and interest rates; imprecision in reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
13:50 EDT Wednesday, June 23, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jun 23, 2004) - (IUC - TSX) International Uranium Corporation ("IUC") and JNR Resources Inc. ("JNR") are pleased to provide an update on their Joint Venture uranium properties in the Athabasca Basin of northern Saskatchewan.
The Companies have approved an extensive 15,000 metre diamond drilling and exploration program on the Moore Lake uranium project. The initial summer program will include of a minimum of 5000 metres of diamond drilling, focussing on the known uranium mineralization in the high grade Maverick zone, along with linecutting and geophysical surveys over the interpreted northeastern and southwestern extensions of the structural corridor containing the mineralization, and a property wide boulder sampling program.
This program will be underway by month's end. Initially one drill will be used and will test in detail the area containing the high grade mineralization on a grid pattern; while the second drill will likely start once the geophysical surveys are completed and interpreted. It should be noted that the Maverick zone and its extensions can be drill tested virtually year round.
This past winter the Companies completed 19 holes, totalling 6747 metres. The results from the first 14 holes were released earlier this year and indicate the presence of high grade uranium mineralization in a highly anomalous and extensive, structural corridor. The geochemical results for the last five holes (ML-42 to ML-46), extended the length of this corridor and better defined the geology.
ML-42 and ML-43 were progressive 150 metre stepouts to the northeast of ML-41. They intersected highly altered and structurally disrupted graphitic pelites well into the basement accompanied by anomalous levels of uranium and 'pathfinder' elements such as nickel, copper, zinc, boron and vanadium. ML-43 also intersected a strongly altered and structurally disrupted basal sandstone column that returned highly anomalous uranium, boron and lead values. These two holes, which were collared too far into the hanging wall, indicate that the mineralizing system now extends a minimum of 1100 metres to the northeast of the discovery hole (ML-25), and is still open in this direction.
ML-44 was a 500 metre stratigraphic (geological) hole drilled from south to north through the structural corridor. It better defined the geological package as well as the east-west trending structures.
ML-45 and ML-46 were 5 metre stepouts to the south of ML-35 and ML-37 respectively. The sandstone and basement rocks in both holes was strongly altered and structurally disrupted, and returned highly anomalous geochemistry, including several intervals of low grade uranium mineralization. These holes also add credence to the theory that cross cutting north-northeast trending structures played a major role in controlling the mineralization, and may in fact represent a second mineralized direction.
This spring, the Companies also flew over 1200 kilometres of airborne GEOTEM surveys over their jointly held South Cigar and Pendleton Lake projects. These properties are subject to the terms of a 'Strategic Alliance' whereby IUC can earn a 75% interest in them by paying acquisition costs and funding the initial $500,000 in exploration expenditures. A preliminary interpretation indicates the presence of conductive horizons on both properties that will require follow up. Details of summer programs on these properties as well as the Lazy Edward Bay project, will be made known following a Joint Venture meeting to be held in July.
The Companies are very pleased with the results to date, particularly at Moore Lake, and will continue to aggressively explore their large land position in the highly productive eastern Athabasca Basin of northern Saskatchewan.
Drill core was prepared and analysed by the Saskatchewan Research Council in accordance with industry standards. Drill results and technical data have been reviewed by Richard Kusmirski, P. Geo., a Qualified Person pursuant to NI 43-101.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and in the U.S. including a fully permitted 2,000 ton per day uranium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.), as well as uranium exploration properties in the Athabasca Region in Canada. The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal.
Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium; the impact of the sales volume of uranium; competition; the impact of change in foreign currency exchange rates and interest rates; imprecision in reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
