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Post by Franko10 ™ on May 26, 2005 13:08:55 GMT -5
International Uranium Corporation: Moore Lake Project-Winter 2005 Update
13:50 EDT Thursday, May 26, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 26, 2005) - International Uranium Corporation ("IUC") (TSX:IUC) and JNR Resources Inc., ("JNR"), jointly the "Companies", are pleased to provide the following update from the recently completed winter exploration program on the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan. (To view the attached map, please click on the following link: www2.ccnmatthews.com/database/fax/2000/iuc0526.pdf.
The 2005 winter program focused on ground geophysical surveys and drill testing prospective targets on several regional grids. Ground geophysical surveys and a limited amount of diamond drilling were also carried out over the Maverick mineralized zone and its interpreted strike extensions.
In total, 31 diamond drill holes comprising 10,533 metres were completed, 247 kilometres of grid were established, 303 kilometres of ground electromagnetic (TDEM) and 67 kilometres of gravity surveys were completed, and a seismic survey totaling 23.3 kilometres was carried out over the Maverick mineralized zone. This release summarizes the results from the regional exploration work. The results from exploration in the immediate Maverick area should be available in approximately ten days.
The regional program successfully identified a multitude of targets over the northwest half of the property. Anomalous geochemical results including weak uranium mineralization were obtained from the 'first pass' drilling programs on a number of grids; and, multiple, commonly open-ended conductors were identified on all of them. Of particular interest, is a newly identified 10-kilometre long, 500-metre wide conductive corridor, which covers the interpreted western and northern contacts between the Maverick granite and the Lower Wollaston sediments. This corridor is virtually untested and the few holes that have been drilled returned highly anomalous geochemical results.
The corridor will be one of the main target areas for the summer drilling campaign that is scheduled to begin following a Joint Venture meeting in early June. All three diamond drills were left on site and enough fuel and supplies were hauled in prior to breakup to facilitate 15,000 metres of drilling.
Ron Hochstein, President of IUC, commented, "We are very pleased with the results from the winter program. We've identified a number of new large systems on trend with the high grade Maverick Zone. The extent and number of conductive systems identified in just this corner of the property bodes very well for the potential discovery of additional mineralized lenses."
REGIONAL GRIDS
Nutana - West Venice - Venice
These three adjoining grids extend from immediately northwest of the Maverick mineralized zone to seven kilometres to the northeast. The grids also cover the interpreted western and northern contacts between the Maverick granite and the Lower Wollaston Group sediments. The Maverick zone occurs along the southern contact. This geological setting is typical of unconformity deposits in the Basin.
The ground EM survey identified an impressive, 10-kilometre long, 500-metre wide conductive corridor, which extends in a north-northeast to northeast to east-west manner from the southern end of the Nutana grid to the eastern end of the Venice grid. The corridor is characterized by three prominent conductors, which extend over virtually the entire length of the corridor and several short strike-length features. Initial results from drill testing the corridor are encouraging and indicate anomalous metal concentrations to be present.
Two holes comprising 610 metres tested one of the prominent northeast-trending conductors on the Nutana grid, which covers the western side of the Maverick granite/sediment contact. Although both holes intersected the hanging wall side of the target, the basal sandstone column in the northernmost (ML-813) was altered, fractured and strongly illitic, and returned highly anomalous uranium and lead values. These are features common to hanging wall holes intersecting the Maverick zone proper. In addition, half-metre samples from the altered and fractured basement granites in this hole were highly anomalous, returning up to 300 ppm uranium.
Six holes comprising 2,108 metres tested all three east-west-trending conductors on the Venice grid. Although all six holes intersected the hanging wall side of the target, five of them returned significant geochemical enrichment associated with multiple faults and graphitic pelites in either or both of the sandstone and basement rocks. Of particular interest are the geochemical results from samples of the graphitic pelites and basement structures in these five holes. They returned up to 310 ppm uranium, 3400 ppm copper and elevated values of several other 'pathfinder' elements, including nickel, cobalt, zinc, lead, vanadium, boron, molybdenum, and selenium. Also noteworthy, is that the sandstone column in four of these holes is illitic. Variations in the unconformity depth of up to 30 metres are also apparent, suggesting significant vertical movement along some of the structures.
Time constraints did not allow for any testing of the West Venice conductors this winter. The West Venice - Nutana corridor will, however, be one of the main target areas for this summer's drilling campaign. The anomalous results from the Venice grid will likely be followed up during the 2005-06 winter drilling program.
Puka Puka
This grid is located approximately four kilometres northeast of the Maverick zone proper.
The ground EM survey identified two east-west-trending conductors varying from 1.4 kilometres to a minimum of 3.0 kilometres in length. They were tested by four holes comprising 1,337 metres. It should be noted that the best targets on this grid could not be tested because of poor ice conditions.
Although three of the holes intersected the hanging wall side of the target, all four returned anomalous nickel values from a kaolinitic and/or mixed illite/kaolinite sandstone column, with two holes also returning up to 380 ppm uranium and anomalous values of several other 'pathfinder' elements from samples of sheared pelites and graphitic pelites. The drilling also indicated variations in the unconformity depth of up to 40 metres, suggesting significant vertical movement along some of the structures.
These anomalous results along with other identified drill targets will likely be followed up during the 2005-06 winter drilling program.
Volhoffer
This grid is located approximately sixteen kilometres northeast of the Maverick zone proper and immediately east of the south end of Cameco's McArthur River property.
The ground EM survey identified two northeast-trending conductors, varying from 1.5 to a minimum of 2.5 kilometres in length. They were tested with three holes comprising 1,094 metres.
Although all three holes intersected the hanging wall side of the target, they all intersected multiple basement structures, samples of which returned up to 330 ppm uranium and anomalous values of several other 'pathfinder' elements. The basement lithologies included pelites, graphitic pelites, granites and pegmatites. The drilling also indicated variations in the unconformity depth of up to 25 metres, suggesting significant vertical movement along some of the structures.
Follow-up in this area will likely take place during the 2006-07 winter drilling program.
Rarotonga
This grid is located approximately eleven kilometres northeast of the Maverick zone proper.
The ground EM surveys identified multiple east-west and north-south trending conductors varying from 400 metres to a minimum of 1,400 metres in length. They were tested by three angle and one vertical hole, comprising 1,333 metres. As on most of the regional grids, although all four holes intersected the hanging wall side of the target, three of them returned anomalous levels of 'pathfinder' elements, including uranium, from samples of sheared graphitic pelites. Also of note is that unconformity depths in this area are on the order of 210 metres.
Follow-up will likely take place during the 2006-07 drilling program.
Avalon
This grid is located approximately nine kilometres north-northeast of the Maverick zone proper and immediately south of the south end of Cameco's McArthur River property.
The ground EM surveys identified one prominent northeast-trending conductor with a minimum length of 3.8 kilometres. This target will be tested during the winter 2005-06 drilling program.
IUC's President, Ron Hochstein, P.Eng., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information contained in this news release.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. and a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the Company owns approximately 56% of the outstanding shares of Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Mongolia.
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: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; competition; reliance on income from processing uranium-bearing waste materials; the impact of change in foreign currency exchange rates and interest rates; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; 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 release. 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. United States investors are advised that while the term "inferred" resources is recognized and required by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.
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)
www.intluranium.com
13:50 EDT Thursday, May 26, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 26, 2005) - International Uranium Corporation ("IUC") (TSX:IUC) and JNR Resources Inc., ("JNR"), jointly the "Companies", are pleased to provide the following update from the recently completed winter exploration program on the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan. (To view the attached map, please click on the following link: www2.ccnmatthews.com/database/fax/2000/iuc0526.pdf.
The 2005 winter program focused on ground geophysical surveys and drill testing prospective targets on several regional grids. Ground geophysical surveys and a limited amount of diamond drilling were also carried out over the Maverick mineralized zone and its interpreted strike extensions.
In total, 31 diamond drill holes comprising 10,533 metres were completed, 247 kilometres of grid were established, 303 kilometres of ground electromagnetic (TDEM) and 67 kilometres of gravity surveys were completed, and a seismic survey totaling 23.3 kilometres was carried out over the Maverick mineralized zone. This release summarizes the results from the regional exploration work. The results from exploration in the immediate Maverick area should be available in approximately ten days.
The regional program successfully identified a multitude of targets over the northwest half of the property. Anomalous geochemical results including weak uranium mineralization were obtained from the 'first pass' drilling programs on a number of grids; and, multiple, commonly open-ended conductors were identified on all of them. Of particular interest, is a newly identified 10-kilometre long, 500-metre wide conductive corridor, which covers the interpreted western and northern contacts between the Maverick granite and the Lower Wollaston sediments. This corridor is virtually untested and the few holes that have been drilled returned highly anomalous geochemical results.
The corridor will be one of the main target areas for the summer drilling campaign that is scheduled to begin following a Joint Venture meeting in early June. All three diamond drills were left on site and enough fuel and supplies were hauled in prior to breakup to facilitate 15,000 metres of drilling.
Ron Hochstein, President of IUC, commented, "We are very pleased with the results from the winter program. We've identified a number of new large systems on trend with the high grade Maverick Zone. The extent and number of conductive systems identified in just this corner of the property bodes very well for the potential discovery of additional mineralized lenses."
REGIONAL GRIDS
Nutana - West Venice - Venice
These three adjoining grids extend from immediately northwest of the Maverick mineralized zone to seven kilometres to the northeast. The grids also cover the interpreted western and northern contacts between the Maverick granite and the Lower Wollaston Group sediments. The Maverick zone occurs along the southern contact. This geological setting is typical of unconformity deposits in the Basin.
The ground EM survey identified an impressive, 10-kilometre long, 500-metre wide conductive corridor, which extends in a north-northeast to northeast to east-west manner from the southern end of the Nutana grid to the eastern end of the Venice grid. The corridor is characterized by three prominent conductors, which extend over virtually the entire length of the corridor and several short strike-length features. Initial results from drill testing the corridor are encouraging and indicate anomalous metal concentrations to be present.
Two holes comprising 610 metres tested one of the prominent northeast-trending conductors on the Nutana grid, which covers the western side of the Maverick granite/sediment contact. Although both holes intersected the hanging wall side of the target, the basal sandstone column in the northernmost (ML-813) was altered, fractured and strongly illitic, and returned highly anomalous uranium and lead values. These are features common to hanging wall holes intersecting the Maverick zone proper. In addition, half-metre samples from the altered and fractured basement granites in this hole were highly anomalous, returning up to 300 ppm uranium.
Six holes comprising 2,108 metres tested all three east-west-trending conductors on the Venice grid. Although all six holes intersected the hanging wall side of the target, five of them returned significant geochemical enrichment associated with multiple faults and graphitic pelites in either or both of the sandstone and basement rocks. Of particular interest are the geochemical results from samples of the graphitic pelites and basement structures in these five holes. They returned up to 310 ppm uranium, 3400 ppm copper and elevated values of several other 'pathfinder' elements, including nickel, cobalt, zinc, lead, vanadium, boron, molybdenum, and selenium. Also noteworthy, is that the sandstone column in four of these holes is illitic. Variations in the unconformity depth of up to 30 metres are also apparent, suggesting significant vertical movement along some of the structures.
Time constraints did not allow for any testing of the West Venice conductors this winter. The West Venice - Nutana corridor will, however, be one of the main target areas for this summer's drilling campaign. The anomalous results from the Venice grid will likely be followed up during the 2005-06 winter drilling program.
Puka Puka
This grid is located approximately four kilometres northeast of the Maverick zone proper.
The ground EM survey identified two east-west-trending conductors varying from 1.4 kilometres to a minimum of 3.0 kilometres in length. They were tested by four holes comprising 1,337 metres. It should be noted that the best targets on this grid could not be tested because of poor ice conditions.
Although three of the holes intersected the hanging wall side of the target, all four returned anomalous nickel values from a kaolinitic and/or mixed illite/kaolinite sandstone column, with two holes also returning up to 380 ppm uranium and anomalous values of several other 'pathfinder' elements from samples of sheared pelites and graphitic pelites. The drilling also indicated variations in the unconformity depth of up to 40 metres, suggesting significant vertical movement along some of the structures.
These anomalous results along with other identified drill targets will likely be followed up during the 2005-06 winter drilling program.
Volhoffer
This grid is located approximately sixteen kilometres northeast of the Maverick zone proper and immediately east of the south end of Cameco's McArthur River property.
The ground EM survey identified two northeast-trending conductors, varying from 1.5 to a minimum of 2.5 kilometres in length. They were tested with three holes comprising 1,094 metres.
Although all three holes intersected the hanging wall side of the target, they all intersected multiple basement structures, samples of which returned up to 330 ppm uranium and anomalous values of several other 'pathfinder' elements. The basement lithologies included pelites, graphitic pelites, granites and pegmatites. The drilling also indicated variations in the unconformity depth of up to 25 metres, suggesting significant vertical movement along some of the structures.
Follow-up in this area will likely take place during the 2006-07 winter drilling program.
Rarotonga
This grid is located approximately eleven kilometres northeast of the Maverick zone proper.
The ground EM surveys identified multiple east-west and north-south trending conductors varying from 400 metres to a minimum of 1,400 metres in length. They were tested by three angle and one vertical hole, comprising 1,333 metres. As on most of the regional grids, although all four holes intersected the hanging wall side of the target, three of them returned anomalous levels of 'pathfinder' elements, including uranium, from samples of sheared graphitic pelites. Also of note is that unconformity depths in this area are on the order of 210 metres.
Follow-up will likely take place during the 2006-07 drilling program.
Avalon
This grid is located approximately nine kilometres north-northeast of the Maverick zone proper and immediately south of the south end of Cameco's McArthur River property.
The ground EM surveys identified one prominent northeast-trending conductor with a minimum length of 3.8 kilometres. This target will be tested during the winter 2005-06 drilling program.
IUC's President, Ron Hochstein, P.Eng., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information contained in this news release.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. and a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the Company owns approximately 56% of the outstanding shares of Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Mongolia.
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: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; competition; reliance on income from processing uranium-bearing waste materials; the impact of change in foreign currency exchange rates and interest rates; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; 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 release. 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. United States investors are advised that while the term "inferred" resources is recognized and required by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.
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)
www.intluranium.com
