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Post by Franko10 ™ on Dec 21, 2005 10:13:49 GMT -5
International Uranium Corporation: Final Results from Summer Drill Program at Moore Lake Yield Additional High Grade Uranium
10:13 EST Wednesday, December 21, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 21, 2005) - International Uranium Corporation (TSX:IUC) ("IUC") and JNR Resources Inc. (TSX VENTURE:JNN); jointly the "Companies", continue to obtain high-grade results from holes testing the Maverick 'Main zone' at the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan. ML-100 returned 2% U3O8 over 7.75 metres, including 4.54% U3O8 and 3% nickel over 2.75 metres. ML-88 returned 0.66% U3O8 over 4.8 metres, including 1.58% U3O8 over 1.5 metres.
Uranium mineralization in the Maverick 'Main zone' has now been intersected over a minimum strike length of 350 metres. This mineralized zone is one of three; the other two being the newly discovered '527' & '525' zones (November 29, 2005 news release), that occur over a 1.7 kilometre length of the minimum 6.5 kilometre long, east-northeast trending Maverick structural corridor. Over 50% of this corridor has yet to be drill tested. The summer program successfully expanded the main lens as well as demonstrated the potential presence of multiple mineralized zones along this major structural corridor. Multiple mineralized lenses are common to the major uranium deposits of the Athabasca Basin.
At a Joint Venture meeting on December 9, 2005 the Companies approved a 2006 winter exploration program that will consist of line cutting and ground geophysics, and a minimum of 15,000 metres of diamond drilling, utilizing three drills. The drilling program is scheduled to begin the first week of January.
Complete geochemical results have been received for the remaining 13 diamond drill holes (ML-88, 98 to 100, 531 to 533, 822, 826 to 830) from the 2005 summer program. These holes tested the Maverick Main Zone as well as targets on the Maverick Northeast, Nutana and West Maverick grids.
Details of the results from all 13 holes are presented below.
Maverick 'Main Zone'
Geochemical results have been received for an additional four holes. ML-100 and -88 were follow-up holes on the Main zone, while ML-98 and 827 tested this zone at its western end where two conductors are apparent.
ML-100 intersected 2% U3O8 over 7.75 metres, including 4.54% U3O8 and 3% nickel over 2.75 metres. This mineralization is largely sandstone-hosted and occurs as disseminated pitchblende in the matrix and in veinlets. ML-88 was collared five metres south of mineralized hole ML-55 and returned 0.66% U3O8 over 4.8 metres, including 1.58% U3O8 over 1.5 metres.
ML-98 tested an east-west trending splay off of the main conductor and intersected a geochemically anomalous, strongly altered and structurally disrupted sandstone column with low grade uranium mineralization (0.14% U3O8 over 5.0 metres) about the unconformity. ML-827 was drilled on section with ML-98 but tested the main west-southwest trending conductor. This hole intersected a geochemically anomalous and altered sandstone column and some 160 metres of strongly altered and structurally disrupted graphitic pelites in the basement. The graphitic pelites were also anomalous with respect to all of the 'pathfinder' elements, including uranium.
West Maverick
Two holes tested the area to the west of the 'Main zone'. ML-822 was an angle hole that overshot the targeted conductor, while ML-826 intersected on the hanging wall side of its target. ML-826 did intersect a broad zone of strongly altered and structurally disrupted graphitic pelites in the basement, as well as a geochemically anomalous upper sandstone column.
Maverick Northeast
Geochemical results have been received for four follow-up holes on the Maverick Northeast grid. ML-531 to -533 tested up dip of basement mineralization intersected in prior holes. All three returned geochemically anomalous, strongly altered and structurally disrupted sandstone columns. The best result was 0.239% U3O8 over 2.0 metres in ML-533.
ML-99 was collared 5 metres to the south of mineralized hole ML-527 and intersected a broad zone of low grade mineralization (including 0.602% U3O8 over 0.5 metres) associated with strongly altered and sheared graphitic pelites in the basement. As in the Maverick 'Main zone', the uranium mineralization is accompanied by anomalous metal values, particularly nickel. The geochemistry and geology clearly suggest that the preferred follow-up target is to the north of ML-527.
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 three additional holes (ML-828 to 830) from this area, all of which targeted the southern end of the eastern conductor.
ML-828 intersected on the hanging wall side of its target. Sheared graphitic pelites occur 100 metres beneath the unconformity. Of note are anomalous levels of 'pathfinder' elements associated with basement structures in this hole. ML-830 was also a hanging wall hole, however much closer to the optimum target. The sheared graphitic pelites in this hole are only several metres below the unconformity. They also contain anomalous levels of 'pathfinder' elements. ML-829 was the southernmost hole on the eastern conductor. Of note in this hole is that the unconformity was intersected some 20 metres deeper than projected, suggesting a significant structural offset to be present. Major structures are important, as they can act as both conduits and traps for mineralizing fluids.
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. Samples were analysed at the Saskatchewan Research Council Laboratory in Saskatoon.
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 is a significant shareholder in Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Mongolia and Russia.
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)
Website: www.intluranium.com
or
International Uranium Corporation
2101, 885 West Georgia Street
Vancouver, British Columbia
Canada V6C 3E8
10:13 EST Wednesday, December 21, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 21, 2005) - International Uranium Corporation (TSX:IUC) ("IUC") and JNR Resources Inc. (TSX VENTURE:JNN); jointly the "Companies", continue to obtain high-grade results from holes testing the Maverick 'Main zone' at the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan. ML-100 returned 2% U3O8 over 7.75 metres, including 4.54% U3O8 and 3% nickel over 2.75 metres. ML-88 returned 0.66% U3O8 over 4.8 metres, including 1.58% U3O8 over 1.5 metres.
Uranium mineralization in the Maverick 'Main zone' has now been intersected over a minimum strike length of 350 metres. This mineralized zone is one of three; the other two being the newly discovered '527' & '525' zones (November 29, 2005 news release), that occur over a 1.7 kilometre length of the minimum 6.5 kilometre long, east-northeast trending Maverick structural corridor. Over 50% of this corridor has yet to be drill tested. The summer program successfully expanded the main lens as well as demonstrated the potential presence of multiple mineralized zones along this major structural corridor. Multiple mineralized lenses are common to the major uranium deposits of the Athabasca Basin.
At a Joint Venture meeting on December 9, 2005 the Companies approved a 2006 winter exploration program that will consist of line cutting and ground geophysics, and a minimum of 15,000 metres of diamond drilling, utilizing three drills. The drilling program is scheduled to begin the first week of January.
Complete geochemical results have been received for the remaining 13 diamond drill holes (ML-88, 98 to 100, 531 to 533, 822, 826 to 830) from the 2005 summer program. These holes tested the Maverick Main Zone as well as targets on the Maverick Northeast, Nutana and West Maverick grids.
Details of the results from all 13 holes are presented below.
Maverick 'Main Zone'
Geochemical results have been received for an additional four holes. ML-100 and -88 were follow-up holes on the Main zone, while ML-98 and 827 tested this zone at its western end where two conductors are apparent.
ML-100 intersected 2% U3O8 over 7.75 metres, including 4.54% U3O8 and 3% nickel over 2.75 metres. This mineralization is largely sandstone-hosted and occurs as disseminated pitchblende in the matrix and in veinlets. ML-88 was collared five metres south of mineralized hole ML-55 and returned 0.66% U3O8 over 4.8 metres, including 1.58% U3O8 over 1.5 metres.
ML-98 tested an east-west trending splay off of the main conductor and intersected a geochemically anomalous, strongly altered and structurally disrupted sandstone column with low grade uranium mineralization (0.14% U3O8 over 5.0 metres) about the unconformity. ML-827 was drilled on section with ML-98 but tested the main west-southwest trending conductor. This hole intersected a geochemically anomalous and altered sandstone column and some 160 metres of strongly altered and structurally disrupted graphitic pelites in the basement. The graphitic pelites were also anomalous with respect to all of the 'pathfinder' elements, including uranium.
West Maverick
Two holes tested the area to the west of the 'Main zone'. ML-822 was an angle hole that overshot the targeted conductor, while ML-826 intersected on the hanging wall side of its target. ML-826 did intersect a broad zone of strongly altered and structurally disrupted graphitic pelites in the basement, as well as a geochemically anomalous upper sandstone column.
Maverick Northeast
Geochemical results have been received for four follow-up holes on the Maverick Northeast grid. ML-531 to -533 tested up dip of basement mineralization intersected in prior holes. All three returned geochemically anomalous, strongly altered and structurally disrupted sandstone columns. The best result was 0.239% U3O8 over 2.0 metres in ML-533.
ML-99 was collared 5 metres to the south of mineralized hole ML-527 and intersected a broad zone of low grade mineralization (including 0.602% U3O8 over 0.5 metres) associated with strongly altered and sheared graphitic pelites in the basement. As in the Maverick 'Main zone', the uranium mineralization is accompanied by anomalous metal values, particularly nickel. The geochemistry and geology clearly suggest that the preferred follow-up target is to the north of ML-527.
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 three additional holes (ML-828 to 830) from this area, all of which targeted the southern end of the eastern conductor.
ML-828 intersected on the hanging wall side of its target. Sheared graphitic pelites occur 100 metres beneath the unconformity. Of note are anomalous levels of 'pathfinder' elements associated with basement structures in this hole. ML-830 was also a hanging wall hole, however much closer to the optimum target. The sheared graphitic pelites in this hole are only several metres below the unconformity. They also contain anomalous levels of 'pathfinder' elements. ML-829 was the southernmost hole on the eastern conductor. Of note in this hole is that the unconformity was intersected some 20 metres deeper than projected, suggesting a significant structural offset to be present. Major structures are important, as they can act as both conduits and traps for mineralizing fluids.
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. Samples were analysed at the Saskatchewan Research Council Laboratory in Saskatoon.
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 is a significant shareholder in Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Mongolia and Russia.
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)
Website: www.intluranium.com
or
International Uranium Corporation
2101, 885 West Georgia Street
Vancouver, British Columbia
Canada V6C 3E8
