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Post by Franko10 ™ on Nov 29, 2005 13:45:09 GMT -5
IUC Announces Further Expansion of Main Maverick Zone at Moore Lake Uranium Project
11:58 EST Tuesday, November 29, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2005) - International Uranium Corporation ("IUC") (TSX:IUC) and JNR Resources Inc., jointly the "Companies", are pleased to announce that additional high-grade results were obtained from two holes testing for a westward extension to the Main lens of the Maverick Zone at the Moore Lake uranium project located in the Athabasca Basin of Northern Saskatchewan. ML-97 returned 2.31% U3O8 over 7.75 metres, including a 2.25 metre intercept of 6.73% U3O8 which includes 12.4% U3O8 over 1.0 metres. ML-90 returned 1.18% U3O8 over 6.45 metres, including a 1.75 metre intercept of 3.07% U3O8. Uranium mineralization was also intersected in holes drilled on the Maverick Northeast and Nutana grids.
Complete geochemical results have been received for a set of 17 diamond drill holes (ML-86, 87, 89 to 97, 819 to 821, and 823 to 826) comprising 6,392 metres and details are presented below. These holes tested for further extensions to the Maverick Main Zone as well as targets on the Maverick Northeast, Nutana and West Venice grids. Further results from the 2005 summer diamond drilling program are still pending.
The Companies are very pleased with the results to date from the summer program and are planning a winter program that will include a minimum of 15,000 metres of diamond drilling utilizing three drills.
Maverick Main Zone
Geochemical results have been received for an additional ten holes (ML-86, 87, 89 to 92, and 94 to 97). These holes focused on better defining the western end of the Main lens.
The most significant results were obtained from drill hole ML-97, which intersected 7.75 metres of 2.31% U3O8, including a 2.25 metre intercept of 6.73% U3O8 which includes 12.4% U3O8 over 1.0 metres. This hole, which was collared 20 metres to the west of mineralized hole ML-84, also returned significant amounts of nickel, cobalt and lead. Polymetallic mineralization is typical to the larger unconformity-type uranium deposits in the Athabasca basin.
ML-90, which was collared between ML-97 and 84, intersected 1.18% U3O8 over 6.45 metres, including 3.07% U3O8 over 1.75 metres.
Of the remaining eight holes, the better results were obtained from those that tested for basement mineralization south of the Main lens. They consistently intersected a thick (50- to 100-metre) sequence of strongly altered and structurally disrupted graphitic pelites, which returned anomalous radioactivity over broad intervals and in some cases weak uranium mineralization. ML-92, which was collared between mineralized hole ML-25 and ML-24, returned 0.241% U3O8 over 2.5 metres.
Maverick Northeast
Geochemical results have been received for one additional hole on the Maverick Northeast grid. ML-93 which was collared 5 metres south of mineralized hole ML-73, intersected 3.5 metres of basement mineralization assaying 0.468% U3O8. This mineralization is associated with strongly clay-altered graphitic pelites.
Nutana Grid
The Nutana grid covers the western and northwestern contact between the Maverick granite and the Lower Wollaston Group metasediments. Geochemical results have been received for four additional holes (ML-821, and 823 to 825) from this area. All four represent first-pass drilling of two parallel, northeast-trending conductors that were interpreted from geophysical surveys this past winter.
The better results were obtained from ML-825 and 824, which were collared 400 metres apart towards the southern end of the eastern conductor. Both holes intersected on the hanging wall side of the targeted conductor. ML-825 intersected a 35-metre-wide, strongly altered and faulted graphitic unit some 35 metres beneath the unconformity. A 0.5-metre interval from a graphitic fault returned 0.319% U3O8 along with anomalous levels of vanadium, copper and arsenic. ML-824 intersected a 45-metre thick, strongly altered and faulted graphitic unit some 25 metres beneath the unconformity. Also of note, is that the basal 50 to 70 metres of the sandstone column in both holes is enriched in uranium, lead, boron and illite.
ML-821 and 823 were angle holes collared 500 metres apart towards the southern end of the central conductor. Both holes overshot the targeted conductor and returned largely background values.
West Venice
The West Venice grid covers the northern contact between the Maverick granite and the Lower Wollaston metasediments. Geochemical results have been received for two holes (ML-819 and 820) from this area, both of which represent first-pass drilling of several east-northeast-trending conductors that were interpreted from geophysical surveys this past winter.
Although neither hole intersected any significant mineralization, ML-820 did intersect a 25-metre-wide quartzite ridge, followed by a 15-metre-wide fault zone enriched in boron and a narrow graphitic unit well into the basement. The unconformity in this hole was some 50 metres shallower than projected. This geological setting, which is conducive to the ponding/deposition of metals from mineralized fluids, has a number of analogies with that at McArthur River.
ML-819 intersected on the hanging wall of the targeted conductor and also returned anomalous boron values from a 15-metre-wide basement fault zone.
ML-819 and 820 represent the only two holes drilled on this grid, as the majority of targets occur beneath muskeg and can only be tested in the winter. The West Venice - Nutana corridor will be one of the main target areas for this winter's drilling campaign, particularly the muskeg-covered flexure that joins the northeast-trending Nutana and east-northeast-trending West Venice conductors.
Samples were analysed at the Saskatchewan Research Council Laboratory in Saskatoon. Geochemical results from the remaining holes drilled this past summer will be released, once they have been received and interpreted.
IUC's Director, Exploration, Paul Ogryzlo, P.Geo., 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 58% 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.
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
11:58 EST Tuesday, November 29, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2005) - International Uranium Corporation ("IUC") (TSX:IUC) and JNR Resources Inc., jointly the "Companies", are pleased to announce that additional high-grade results were obtained from two holes testing for a westward extension to the Main lens of the Maverick Zone at the Moore Lake uranium project located in the Athabasca Basin of Northern Saskatchewan. ML-97 returned 2.31% U3O8 over 7.75 metres, including a 2.25 metre intercept of 6.73% U3O8 which includes 12.4% U3O8 over 1.0 metres. ML-90 returned 1.18% U3O8 over 6.45 metres, including a 1.75 metre intercept of 3.07% U3O8. Uranium mineralization was also intersected in holes drilled on the Maverick Northeast and Nutana grids.
Complete geochemical results have been received for a set of 17 diamond drill holes (ML-86, 87, 89 to 97, 819 to 821, and 823 to 826) comprising 6,392 metres and details are presented below. These holes tested for further extensions to the Maverick Main Zone as well as targets on the Maverick Northeast, Nutana and West Venice grids. Further results from the 2005 summer diamond drilling program are still pending.
The Companies are very pleased with the results to date from the summer program and are planning a winter program that will include a minimum of 15,000 metres of diamond drilling utilizing three drills.
Maverick Main Zone
Geochemical results have been received for an additional ten holes (ML-86, 87, 89 to 92, and 94 to 97). These holes focused on better defining the western end of the Main lens.
The most significant results were obtained from drill hole ML-97, which intersected 7.75 metres of 2.31% U3O8, including a 2.25 metre intercept of 6.73% U3O8 which includes 12.4% U3O8 over 1.0 metres. This hole, which was collared 20 metres to the west of mineralized hole ML-84, also returned significant amounts of nickel, cobalt and lead. Polymetallic mineralization is typical to the larger unconformity-type uranium deposits in the Athabasca basin.
ML-90, which was collared between ML-97 and 84, intersected 1.18% U3O8 over 6.45 metres, including 3.07% U3O8 over 1.75 metres.
Of the remaining eight holes, the better results were obtained from those that tested for basement mineralization south of the Main lens. They consistently intersected a thick (50- to 100-metre) sequence of strongly altered and structurally disrupted graphitic pelites, which returned anomalous radioactivity over broad intervals and in some cases weak uranium mineralization. ML-92, which was collared between mineralized hole ML-25 and ML-24, returned 0.241% U3O8 over 2.5 metres.
Maverick Northeast
Geochemical results have been received for one additional hole on the Maverick Northeast grid. ML-93 which was collared 5 metres south of mineralized hole ML-73, intersected 3.5 metres of basement mineralization assaying 0.468% U3O8. This mineralization is associated with strongly clay-altered graphitic pelites.
Nutana Grid
The Nutana grid covers the western and northwestern contact between the Maverick granite and the Lower Wollaston Group metasediments. Geochemical results have been received for four additional holes (ML-821, and 823 to 825) from this area. All four represent first-pass drilling of two parallel, northeast-trending conductors that were interpreted from geophysical surveys this past winter.
The better results were obtained from ML-825 and 824, which were collared 400 metres apart towards the southern end of the eastern conductor. Both holes intersected on the hanging wall side of the targeted conductor. ML-825 intersected a 35-metre-wide, strongly altered and faulted graphitic unit some 35 metres beneath the unconformity. A 0.5-metre interval from a graphitic fault returned 0.319% U3O8 along with anomalous levels of vanadium, copper and arsenic. ML-824 intersected a 45-metre thick, strongly altered and faulted graphitic unit some 25 metres beneath the unconformity. Also of note, is that the basal 50 to 70 metres of the sandstone column in both holes is enriched in uranium, lead, boron and illite.
ML-821 and 823 were angle holes collared 500 metres apart towards the southern end of the central conductor. Both holes overshot the targeted conductor and returned largely background values.
West Venice
The West Venice grid covers the northern contact between the Maverick granite and the Lower Wollaston metasediments. Geochemical results have been received for two holes (ML-819 and 820) from this area, both of which represent first-pass drilling of several east-northeast-trending conductors that were interpreted from geophysical surveys this past winter.
Although neither hole intersected any significant mineralization, ML-820 did intersect a 25-metre-wide quartzite ridge, followed by a 15-metre-wide fault zone enriched in boron and a narrow graphitic unit well into the basement. The unconformity in this hole was some 50 metres shallower than projected. This geological setting, which is conducive to the ponding/deposition of metals from mineralized fluids, has a number of analogies with that at McArthur River.
ML-819 intersected on the hanging wall of the targeted conductor and also returned anomalous boron values from a 15-metre-wide basement fault zone.
ML-819 and 820 represent the only two holes drilled on this grid, as the majority of targets occur beneath muskeg and can only be tested in the winter. The West Venice - Nutana corridor will be one of the main target areas for this winter's drilling campaign, particularly the muskeg-covered flexure that joins the northeast-trending Nutana and east-northeast-trending West Venice conductors.
Samples were analysed at the Saskatchewan Research Council Laboratory in Saskatoon. Geochemical results from the remaining holes drilled this past summer will be released, once they have been received and interpreted.
IUC's Director, Exploration, Paul Ogryzlo, P.Geo., 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 58% 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.
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
