Post by Franko10 ™ on Jun 9, 2005 13:31:59 GMT -5
International Uranium Corporation: Moore Lake Project-Winter 2005 Update (ccnm)
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 9, 2005) - International Uranium Corporation ("IUC")(TSX:IUC) and JNR Resources Inc., ("JNR"), jointly the "Companies", are pleased to provide a further update from their recently completed winter exploration program on the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan.
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 exploration program in the immediate Maverick area. The results from the regional program were reported in a release dated May 26, 2005.
The geophysical program in the Maverick area identified a number of new priority targets, particularly west and southwest of the main mineralized lens. Gravity and EM surveys have extended the Maverick structure(s) some three kilometers beyond any previous drilling, in these directions. And the preliminary results from the seismic survey have not only provided a better understanding of the Maverick structural corridor, but also indicate the presence of a number of deep-seated and prospective structures that require detailed evaluation.
Ron Hochstein, President of International Uranium Corporation, commented, "The key points here are that the uranium mineralization at the Maverick zone which occurs at a shallower depth than many of the major deposits in the Basin, is clearly associated with a major fault zone. Structures such as these, are excellent conduits for ongoing hydrothermal activity and the formation of large metal deposits."
Delays in completing the seismic survey resulted in only a dozen drill holes being completed in the Maverick area this winter, and most of those were on the Maverick Northeast grid. Although no high grade was intersected, the results were very encouraging in that broad zones of low-grade uranium mineralization accompanied by key 'pathfinder' elements commonly associated with uranium deposits in the Athabasca Basin, were consistently intersected. The best results obtained on the Maverick Northeast grid were from ML-72, which extended the main mineralized lens a further 50 metres to the northeast. This hole intersected a 30-metre wide interval of low-grade mineralization, within which an 11.3-metre intercept assayed 0.241% U3O8 and included a higher-grade intercept that assayed 0.462% U3O8 over 5.0 metres.
ML-77, which tested the main mineralized lens, intersected 0.46% U3O8 over 8.0 metres, including 1.1% U3O8 over 2.5 metres.
The main mineralized lens, along with a multitude of targets in the Maverick Northeast and the Maverick West areas, will be a major focus of the summer drilling campaign that is scheduled to begin in mid June. All three diamond drills were left on site and enough fuel and supplies were hauled in prior to ice breakup to facilitate 15,000 metres of drilling.
Details of the results from the Maverick Main, Northeast and West zones are presented below.
Maverick Main Zone
A preliminary interpretation of the seismic survey results is encouraging, in that a number of deep-seated structures are clearly evident with the Maverick structural corridor being one of them. Delays in completing the seismic program resulted in a shorter drill season; as a result, only three holes (ML-77 to -79 comprising 1,050 metres) were completed in the Main zone. This area will be extensively drill-tested this summer. The results from three previously unreported 2004 holes (ML-70, -71 and -507) are also discussed herein.
ML-77 was collared 5 metres south of ML-71 and returned 0.46% U3O8 over 8.0 metres, including a 2.5-metre interval of 1.1% U3O8. The uranium mineralization is sandstone-hosted and is accompanied by highly anomalous levels of polymetallic minerals, including a 5-metre interval that returned 0.35% nickel. ML-71 was collared between mineralized drill holes ML-03 and -55, and returned 0.254% U3O8 over 4.1 metres, including a 1.5-metre interval of 0.501% U3O8. This sandstone intersection is several metres above the unconformity.
ML-78 and -79 were collared on section with, and north and south respectively of, ML-64, -37, and -46. ML-78 tested primarily for the up-dip projection of the basement mineralization in ML-64 (0.114% U3O8 over 4.0 metres), while ML-79 tested for a more west-southwest trend to the uranium mineralization intersected in ML-03 & -29. ML-78 intersected a structurally disrupted and altered sandstone column that returned anomalous uranium and boron values throughout, and structurally disrupted and altered granites in the basement. ML-79 intersected the hanging wall side of the target, and also returned anomalous uranium values from the altered sandstone column, as well as anomalous levels of uranium, vanadium, boron and polymetallic minerals from sheared graphitic pelites and basement structures. These encouraging results will be followed up during the summer program.
ML-507 was a geological hole collared 100 metres south of the main mineralized lens and also targeted a deep EM conductor. Although it did not intersect any significant radioactivity, multiple graphitic horizons, some of which were structurally disrupted and altered, were intersected at vertical depths of between 540 and 630 metres. Furthermore, these horizons were commonly enriched in several key 'pathfinder' elements, specifically; nickel, cobalt, copper, arsenic, vanadium and molybdenum. This is further indication of the extensive and deep-seated nature of the mineralizing system.
ML-70, collared 5 metres north of mineralized hole, ML-35, intersected a broad 15-metre wide interval of low-grade uranium mineralization that occurs entirely within the sandstone column. Within this intercept is a 2.1-metre interval that returned a grade equivalent of 0.35% U3O8. This included a 0.5-metre interval that returned 1.4% nickel, 0.44% cobalt and 1.8% arsenic.
Maverick Northeast
Eight holes (ML-72 to -76 and ML-510 to -512) comprising 2,638 metres tested a 450-metre strike length of the Maverick structural corridor immediately northeast of the main zone. Six of these were drilled systematically and in-filled gaps along this corridor, while the other two represent the initial sectioning/fencing of previous intercepts. Previously unreported 2004 hole ML-508 is also a fence hole and discussed herein.
The best result is from ML-72, which was collared 50 metres northeast of mineralized hole, ML-47. ML-72 intersected a 30-metre wide interval of low-grade mineralization, within which an 11.3-metre intercept assayed 0.241% U3O8 and included a higher-grade intercept that assayed 0.462% U3O8 over 5.0 metres. Of the remaining five holes drilled on 50-metre centers, ML-73 intersected on the footwall side of the target, while ML-74, -75, -510 and -511 were all hanging wall holes.
The hanging wall holes all returned anomalous uranium, boron and lead values from the altered basal (80 to 100 m) sandstone column and anywhere from 5 to 15 metres of low-grade uranium mineralization, commonly associated with the structurally disrupted and altered graphitic pelites that occur in the basement beneath the unconformity. The basement rocks of all of the holes also returned highly anomalous levels of key pathfinder elements, including weak polymetallic mineralization in some. This includes a 4.5-metre interval from ML-511 that returned 0.072% U3O8 and 0.35% zinc, and a 4.0 metre interval from the same hole that returned 0.16% nickel.
The three fence holes and ML-73, commonly returned highly anomalous uranium values throughout their altered and structurally disrupted sandstone columns, along with anomalous boron values over the lower half. The exception was ML-512 which returned anomalous boron, uranium and lead values over the altered, basal 75 metres of the sandstone column, along with low-grade mineralization (0.040% U3O8 over 4.5 metres) just above the unconformity. This hole also returned a 3.0-metre interval containing 0.4% copper from sheared, brecciated and altered graphitic pelites.
The geological and geochemical characteristics of the drill holes within this 450-metre long corridor compare well with those of the main zone. Additional drilling this summer in the Maverick northeast area will consist of broader step-outs to both the north and south along the better looking sections, systematic infill drilling of the next 600 metres of the Maverick structural corridor, and the initial drilling of the 1,200 metres of untested corridor northeast of ML-43.
Maverick West
The geophysical programs identified a number of new targets in the Maverick West area. The ground EM survey extended the 'main zone' conductor a further 800 metres to the west and identified southward extensions of the Nutana conductors on to the Maverick West grid. A preliminary interpretation of the gravity results is also encouraging in that the Maverick structure appears to have split into two components, both of which continue for a minimum distance of 3.0 kilometres southwest and west of any previous drilling. Furthermore a broad gravity high that was identified in the southwest portion of the grid and is flanked by these interpreted structures may represent a quartzite ridge. Several of these conductor and gravity targets will be drill-tested this summer.
One hole (ML-509) comprising 363 metres was drilled in the Maverick West area. It tested a north-northwest-trending gravity feature 2.5 kilometres southwest of the main Maverick lens. Although no major structures or mineralization were intersected, anomalous boron, vanadium and nickel values were obtained from sheared basement rocks.
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
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 9, 2005) - International Uranium Corporation ("IUC")(TSX:IUC) and JNR Resources Inc., ("JNR"), jointly the "Companies", are pleased to provide a further update from their recently completed winter exploration program on the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan.
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 exploration program in the immediate Maverick area. The results from the regional program were reported in a release dated May 26, 2005.
The geophysical program in the Maverick area identified a number of new priority targets, particularly west and southwest of the main mineralized lens. Gravity and EM surveys have extended the Maverick structure(s) some three kilometers beyond any previous drilling, in these directions. And the preliminary results from the seismic survey have not only provided a better understanding of the Maverick structural corridor, but also indicate the presence of a number of deep-seated and prospective structures that require detailed evaluation.
Ron Hochstein, President of International Uranium Corporation, commented, "The key points here are that the uranium mineralization at the Maverick zone which occurs at a shallower depth than many of the major deposits in the Basin, is clearly associated with a major fault zone. Structures such as these, are excellent conduits for ongoing hydrothermal activity and the formation of large metal deposits."
Delays in completing the seismic survey resulted in only a dozen drill holes being completed in the Maverick area this winter, and most of those were on the Maverick Northeast grid. Although no high grade was intersected, the results were very encouraging in that broad zones of low-grade uranium mineralization accompanied by key 'pathfinder' elements commonly associated with uranium deposits in the Athabasca Basin, were consistently intersected. The best results obtained on the Maverick Northeast grid were from ML-72, which extended the main mineralized lens a further 50 metres to the northeast. This hole intersected a 30-metre wide interval of low-grade mineralization, within which an 11.3-metre intercept assayed 0.241% U3O8 and included a higher-grade intercept that assayed 0.462% U3O8 over 5.0 metres.
ML-77, which tested the main mineralized lens, intersected 0.46% U3O8 over 8.0 metres, including 1.1% U3O8 over 2.5 metres.
The main mineralized lens, along with a multitude of targets in the Maverick Northeast and the Maverick West areas, will be a major focus of the summer drilling campaign that is scheduled to begin in mid June. All three diamond drills were left on site and enough fuel and supplies were hauled in prior to ice breakup to facilitate 15,000 metres of drilling.
Details of the results from the Maverick Main, Northeast and West zones are presented below.
Maverick Main Zone
A preliminary interpretation of the seismic survey results is encouraging, in that a number of deep-seated structures are clearly evident with the Maverick structural corridor being one of them. Delays in completing the seismic program resulted in a shorter drill season; as a result, only three holes (ML-77 to -79 comprising 1,050 metres) were completed in the Main zone. This area will be extensively drill-tested this summer. The results from three previously unreported 2004 holes (ML-70, -71 and -507) are also discussed herein.
ML-77 was collared 5 metres south of ML-71 and returned 0.46% U3O8 over 8.0 metres, including a 2.5-metre interval of 1.1% U3O8. The uranium mineralization is sandstone-hosted and is accompanied by highly anomalous levels of polymetallic minerals, including a 5-metre interval that returned 0.35% nickel. ML-71 was collared between mineralized drill holes ML-03 and -55, and returned 0.254% U3O8 over 4.1 metres, including a 1.5-metre interval of 0.501% U3O8. This sandstone intersection is several metres above the unconformity.
ML-78 and -79 were collared on section with, and north and south respectively of, ML-64, -37, and -46. ML-78 tested primarily for the up-dip projection of the basement mineralization in ML-64 (0.114% U3O8 over 4.0 metres), while ML-79 tested for a more west-southwest trend to the uranium mineralization intersected in ML-03 & -29. ML-78 intersected a structurally disrupted and altered sandstone column that returned anomalous uranium and boron values throughout, and structurally disrupted and altered granites in the basement. ML-79 intersected the hanging wall side of the target, and also returned anomalous uranium values from the altered sandstone column, as well as anomalous levels of uranium, vanadium, boron and polymetallic minerals from sheared graphitic pelites and basement structures. These encouraging results will be followed up during the summer program.
ML-507 was a geological hole collared 100 metres south of the main mineralized lens and also targeted a deep EM conductor. Although it did not intersect any significant radioactivity, multiple graphitic horizons, some of which were structurally disrupted and altered, were intersected at vertical depths of between 540 and 630 metres. Furthermore, these horizons were commonly enriched in several key 'pathfinder' elements, specifically; nickel, cobalt, copper, arsenic, vanadium and molybdenum. This is further indication of the extensive and deep-seated nature of the mineralizing system.
ML-70, collared 5 metres north of mineralized hole, ML-35, intersected a broad 15-metre wide interval of low-grade uranium mineralization that occurs entirely within the sandstone column. Within this intercept is a 2.1-metre interval that returned a grade equivalent of 0.35% U3O8. This included a 0.5-metre interval that returned 1.4% nickel, 0.44% cobalt and 1.8% arsenic.
Maverick Northeast
Eight holes (ML-72 to -76 and ML-510 to -512) comprising 2,638 metres tested a 450-metre strike length of the Maverick structural corridor immediately northeast of the main zone. Six of these were drilled systematically and in-filled gaps along this corridor, while the other two represent the initial sectioning/fencing of previous intercepts. Previously unreported 2004 hole ML-508 is also a fence hole and discussed herein.
The best result is from ML-72, which was collared 50 metres northeast of mineralized hole, ML-47. ML-72 intersected a 30-metre wide interval of low-grade mineralization, within which an 11.3-metre intercept assayed 0.241% U3O8 and included a higher-grade intercept that assayed 0.462% U3O8 over 5.0 metres. Of the remaining five holes drilled on 50-metre centers, ML-73 intersected on the footwall side of the target, while ML-74, -75, -510 and -511 were all hanging wall holes.
The hanging wall holes all returned anomalous uranium, boron and lead values from the altered basal (80 to 100 m) sandstone column and anywhere from 5 to 15 metres of low-grade uranium mineralization, commonly associated with the structurally disrupted and altered graphitic pelites that occur in the basement beneath the unconformity. The basement rocks of all of the holes also returned highly anomalous levels of key pathfinder elements, including weak polymetallic mineralization in some. This includes a 4.5-metre interval from ML-511 that returned 0.072% U3O8 and 0.35% zinc, and a 4.0 metre interval from the same hole that returned 0.16% nickel.
The three fence holes and ML-73, commonly returned highly anomalous uranium values throughout their altered and structurally disrupted sandstone columns, along with anomalous boron values over the lower half. The exception was ML-512 which returned anomalous boron, uranium and lead values over the altered, basal 75 metres of the sandstone column, along with low-grade mineralization (0.040% U3O8 over 4.5 metres) just above the unconformity. This hole also returned a 3.0-metre interval containing 0.4% copper from sheared, brecciated and altered graphitic pelites.
The geological and geochemical characteristics of the drill holes within this 450-metre long corridor compare well with those of the main zone. Additional drilling this summer in the Maverick northeast area will consist of broader step-outs to both the north and south along the better looking sections, systematic infill drilling of the next 600 metres of the Maverick structural corridor, and the initial drilling of the 1,200 metres of untested corridor northeast of ML-43.
Maverick West
The geophysical programs identified a number of new targets in the Maverick West area. The ground EM survey extended the 'main zone' conductor a further 800 metres to the west and identified southward extensions of the Nutana conductors on to the Maverick West grid. A preliminary interpretation of the gravity results is also encouraging in that the Maverick structure appears to have split into two components, both of which continue for a minimum distance of 3.0 kilometres southwest and west of any previous drilling. Furthermore a broad gravity high that was identified in the southwest portion of the grid and is flanked by these interpreted structures may represent a quartzite ridge. Several of these conductor and gravity targets will be drill-tested this summer.
One hole (ML-509) comprising 363 metres was drilled in the Maverick West area. It tested a north-northwest-trending gravity feature 2.5 kilometres southwest of the main Maverick lens. Although no major structures or mineralization were intersected, anomalous boron, vanadium and nickel values were obtained from sheared basement rocks.
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