Post by Zoinkers on Jun 24, 2006 13:03:27 GMT -5
Press Release Source: International Uranium Corporation
IUC Announces 17,500 Metre Summer Drill Program at Moore Lake and Final Results From Winter Program
Thursday June 15, 9:24 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 15, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC - News) and JNR Resources Inc. ("JNR"); jointly the "Companies", are pleased to announce that a 17,500 metre summer diamond drilling program is underway at the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan. In addition, final drill results from the recently completed winter program are detailed below.
The Companies are very pleased with these results, which clearly indicate the highly prospective nature of the Moore Lake property. A multitude of targets are evident, a number of which require follow-up and many of which have yet to be drill tested. The current summer drill program will focus on the Main mineralized lens and the '527' zone, as well as follow-up the very encouraging results obtained this past winter on the Avalon and West Venice grids.
The 2006 winter program tested targets on several grids up to 10 kilometres from the Main mineralized lens of the Maverick Zone. In total, 38 diamond drill holes comprising 14,548 metres were completed. The results from nine holes that tested the '527' & '525' zones were reported in a release dated March 29, 2006. The more significant results from the remaining holes are summarized below.
On the Avalon grid, first pass drilling intersected uranium mineralization in one of five holes, and three others returned anomalous radioactivity. These intervals are associated with a broad zone of strongly altered and structurally disrupted graphitic pelites and granitic pegmatites that were intersected well below the unconformity, which is located at a vertical depth of 310 metres.
On the Rarotonga grid, a radioactive anomalous zone enriched in pathfinder elements was intersected 100 metres below the unconformity in both holes that were completed. Depth to the unconformity is just under 200 metres. The basement geology in this area is also encouraging in that it consists of multiple intervals of moderately altered and structurally disrupted graphitic pelites.
The five holes completed on the West Venice grid all intersected multiple intervals of strongly altered graphitic pelites and graphitic fault zones enriched in uranium and pathfinder elements. The basal sandstone column in these holes was also structurally disrupted and very strongly altered, illitic and enriched in uranium. Depth to the unconformity at West Venice ranges from 235 to just under 280 metres.
Further details of the results from the various grids are presented below.
Avalon
The Avalon grid covers a minimum 4.0-kilometre long, north-northeast trending conductive target that is transected by an east-west structural corridor in its central portion. Five holes (ML-707 to 709, 842, 843) were drilled over a 2.3 kilometre strike length of this feature. Four of the holes intersected the hanging wall side of the target, while all five holes intersected broad, strongly graphitic and structurally disrupted and altered basement lithologies, well below the unconformity. The basement rocks are commonly enriched in uranium, nickel, vanadium and zinc, and in the case of ML-707, mineralized. ML-707 returned a 3.5 metre interval that assayed 0.1% U3O8 (including 0.446% U3O8 over 0.5 m) from a graphitic fault zone some 75 metres below the unconformity. Depth to the unconformity is 310 metres.
West Venice
The West Venice grid covers a series of east-northeast trending conductive targets that occur in a major east-west structural corridor and are up to 3.0 kilometres in length. Five holes (ML-837 to 839, 713, 714) were drilled, four of which tested the western end of the central conductor over a 400-metre strike length, while the fifth tested the southernmost conductor near its western extent. Although four of the holes intersected the hanging wall side of the target, all five intersected a very strongly altered, illitic and structurally disrupted basal sandstone column enriched in uranium. Two of the holes also intersected zones of intense specular hematite some 50 to 60 metres above the unconformity; further evidence of the extensive hydrothermal activity in the area along the unconformity and up into the sandstone.
The basement geology is also impressive. All five of the holes intersected multiple intervals of strongly altered graphitic pelites and graphitic fault zones, some of which occur 100 metres below the unconformity. These rocks are also commonly enriched in uranium (up to 75 ppm) and several of the pathfinder elements including copper, nickel, lead, boron, arsenic, cobalt, vanadium and molybdenum. Depth to the unconformity at West Venice ranges from 235 to just under 280 metres.
It is noteworthy that two previous holes that tested the northern conductor in this area intersected significant unconformity offsets and quartzite ridges; geological features conducive to the formation of structural geochemical traps and metal-rich deposits.
Nutana
The Nutana grid covers a series of three northeast trending conductors with a minimum strike length of 3.0 kilometres. These conductors represent the southwestern strike extension of the West Venice conductors. Four holes were drilled, two of which (ML-831 and 832) missed the targeted conductor. ML-834 tested the central part of the eastern conductor and returned anomalous uranium values accompanied by strong illite alteration from a sheared basal sandstone column. This hole along with ML-833 which tested the central conductor, intersected sheared and altered graphitic pelites below the unconformity that were enriched in uranium (up to 180 ppm) and pathfinder elements. Depth to the unconformity ranges from 265 to 280 metres.
Rarotonga
The Rarotonga grid covers a series of curvilinear conductors. Two holes (ML-840 and 841) were drilled as a follow-up to a historic hole that reportedly intersected anomalous radioactivity in the basement rocks. Both holes intersected multiple intervals of moderately altered and structurally disrupted graphitic pelites. Although the historic radioactive zone reported to occur 30 to 40 metres below the unconformity was not intersected, both holes did intersect anomalous radioactivity, including weak uranium mineralization (0.045% U3O8 over 1.0 metre) in ML-841 some 100 metres below the unconformity. The graphitic pelites in both holes were also enriched in pathfinder elements. Depth to the unconformity is just under 200 metres.
Venice
The Venice grid covers a series of three east-west trending conductive targets up to 4.0 kilometres in length. Three holes (ML-710 to 712) were drilled to follow-up encouraging results from earlier drilling. All three intersected the hanging wall side of the target, along with significant basement structures and multiple zones of graphitic pelites. The graphitic units are commonly enriched in uranium, boron, nickel, copper, vanadium, and molybdenum. The best result was from ML-710, where a 1.5-metre interval located 55 metres below the unconformity assayed 0.029% U3O8. The graphitic unit in this hole was 75 metres thick. Depth to the unconformity was just under 270 metres.
'527' Zone
Three additional holes were drilled on the '527' zone to better define the geology and mineralized trend. The results (summarized below) indicate that the '527' zone is structurally complex, with uranium mineralization concentrated along secondary structures at a low angle to the trend of the steeply dipping, Main Maverick structural corridor. Depth to the unconformity ranges from 270 to 285 metres.
ML-110 tested for basement mineralization on section with and almost 30 metres south of ML-101 (1.52% U3O8 over 6.6 metres). ML-110 intersected a 45-metre wide, structurally disrupted and altered graphitic pelite, enriched in uranium (up to 0.164% U3O8 over 0.5 metres) and copper, nickel, lead, zinc, cobalt, boron and vanadium. This hole also intersected the unconformity deeper than projected, suggestive of a significant vertical offset on this section.
ML-111 tested for basement mineralization 5 metres to the south of ML-106 (0.402% U3O8 over 4.5 metres). ML-111 intersected a 10-metre wide structurally disrupted and altered graphitic pelite, and a broad zone of pervasively altered granite. The graphitic unit was enriched in uranium (up to 0.034% U3O8 over 1.0 metre) and other pathfinder elements.
ML-112 tested for sandstone mineralization 5 metres to the north of ML-105 (0.24% eU3O8 over 3.7 metres). ML-112 intersected a structurally disrupted and strongly altered sandstone column, enriched in uranium near its base, along with other pathfinder elements.
Seismic/Gravity
Seven holes were drilled on seismic and/or gravity targets.
ML-835 and 836 were collared 1,800 and 1,500 metres north of the Main Maverick lens, just east of the Nutana grid. Both holes intersected several faults in the basement. The results from ML-835 are also suggestive of an unconformity offset of 15 to 20 metres in the area. As well, ML-835 intersected graphitic pelites enriched in copper, boron and vanadium some 70 to 90 metres below the unconformity. This is particularly notable in that no conductor has been interpreted for this area.
ML-113 to 115 were collared 100 to 600 metres northwest of the Main lens. They intersected prominent and commonly clay altered fracture and breccia zones in the basement, but no significant geochemical enrichment.
ML-116 and 117 were collared 700 and 1,000 metres southwest of the Main lens. Both holes intersected major fracture zones within a dominantly Archean granitic basement, but no significant geochemical enrichment.
The Moore Lake project is subject to a joint venture agreement between IUC and JNR. IUC holds a 75% interest and is the operator and JNR holds the remaining 25%.
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. 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 Russia, Nicaragua and 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 resources is recognized 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 and C.E.O.
Contact:
Sophia Shane
International Uranium Corporation
Corporate Communications
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
--------------------------------------------------------------------------------
Source: International Uranium Corporation
IUC Announces 17,500 Metre Summer Drill Program at Moore Lake and Final Results From Winter Program
Thursday June 15, 9:24 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 15, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC - News) and JNR Resources Inc. ("JNR"); jointly the "Companies", are pleased to announce that a 17,500 metre summer diamond drilling program is underway at the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan. In addition, final drill results from the recently completed winter program are detailed below.
The Companies are very pleased with these results, which clearly indicate the highly prospective nature of the Moore Lake property. A multitude of targets are evident, a number of which require follow-up and many of which have yet to be drill tested. The current summer drill program will focus on the Main mineralized lens and the '527' zone, as well as follow-up the very encouraging results obtained this past winter on the Avalon and West Venice grids.
The 2006 winter program tested targets on several grids up to 10 kilometres from the Main mineralized lens of the Maverick Zone. In total, 38 diamond drill holes comprising 14,548 metres were completed. The results from nine holes that tested the '527' & '525' zones were reported in a release dated March 29, 2006. The more significant results from the remaining holes are summarized below.
On the Avalon grid, first pass drilling intersected uranium mineralization in one of five holes, and three others returned anomalous radioactivity. These intervals are associated with a broad zone of strongly altered and structurally disrupted graphitic pelites and granitic pegmatites that were intersected well below the unconformity, which is located at a vertical depth of 310 metres.
On the Rarotonga grid, a radioactive anomalous zone enriched in pathfinder elements was intersected 100 metres below the unconformity in both holes that were completed. Depth to the unconformity is just under 200 metres. The basement geology in this area is also encouraging in that it consists of multiple intervals of moderately altered and structurally disrupted graphitic pelites.
The five holes completed on the West Venice grid all intersected multiple intervals of strongly altered graphitic pelites and graphitic fault zones enriched in uranium and pathfinder elements. The basal sandstone column in these holes was also structurally disrupted and very strongly altered, illitic and enriched in uranium. Depth to the unconformity at West Venice ranges from 235 to just under 280 metres.
Further details of the results from the various grids are presented below.
Avalon
The Avalon grid covers a minimum 4.0-kilometre long, north-northeast trending conductive target that is transected by an east-west structural corridor in its central portion. Five holes (ML-707 to 709, 842, 843) were drilled over a 2.3 kilometre strike length of this feature. Four of the holes intersected the hanging wall side of the target, while all five holes intersected broad, strongly graphitic and structurally disrupted and altered basement lithologies, well below the unconformity. The basement rocks are commonly enriched in uranium, nickel, vanadium and zinc, and in the case of ML-707, mineralized. ML-707 returned a 3.5 metre interval that assayed 0.1% U3O8 (including 0.446% U3O8 over 0.5 m) from a graphitic fault zone some 75 metres below the unconformity. Depth to the unconformity is 310 metres.
West Venice
The West Venice grid covers a series of east-northeast trending conductive targets that occur in a major east-west structural corridor and are up to 3.0 kilometres in length. Five holes (ML-837 to 839, 713, 714) were drilled, four of which tested the western end of the central conductor over a 400-metre strike length, while the fifth tested the southernmost conductor near its western extent. Although four of the holes intersected the hanging wall side of the target, all five intersected a very strongly altered, illitic and structurally disrupted basal sandstone column enriched in uranium. Two of the holes also intersected zones of intense specular hematite some 50 to 60 metres above the unconformity; further evidence of the extensive hydrothermal activity in the area along the unconformity and up into the sandstone.
The basement geology is also impressive. All five of the holes intersected multiple intervals of strongly altered graphitic pelites and graphitic fault zones, some of which occur 100 metres below the unconformity. These rocks are also commonly enriched in uranium (up to 75 ppm) and several of the pathfinder elements including copper, nickel, lead, boron, arsenic, cobalt, vanadium and molybdenum. Depth to the unconformity at West Venice ranges from 235 to just under 280 metres.
It is noteworthy that two previous holes that tested the northern conductor in this area intersected significant unconformity offsets and quartzite ridges; geological features conducive to the formation of structural geochemical traps and metal-rich deposits.
Nutana
The Nutana grid covers a series of three northeast trending conductors with a minimum strike length of 3.0 kilometres. These conductors represent the southwestern strike extension of the West Venice conductors. Four holes were drilled, two of which (ML-831 and 832) missed the targeted conductor. ML-834 tested the central part of the eastern conductor and returned anomalous uranium values accompanied by strong illite alteration from a sheared basal sandstone column. This hole along with ML-833 which tested the central conductor, intersected sheared and altered graphitic pelites below the unconformity that were enriched in uranium (up to 180 ppm) and pathfinder elements. Depth to the unconformity ranges from 265 to 280 metres.
Rarotonga
The Rarotonga grid covers a series of curvilinear conductors. Two holes (ML-840 and 841) were drilled as a follow-up to a historic hole that reportedly intersected anomalous radioactivity in the basement rocks. Both holes intersected multiple intervals of moderately altered and structurally disrupted graphitic pelites. Although the historic radioactive zone reported to occur 30 to 40 metres below the unconformity was not intersected, both holes did intersect anomalous radioactivity, including weak uranium mineralization (0.045% U3O8 over 1.0 metre) in ML-841 some 100 metres below the unconformity. The graphitic pelites in both holes were also enriched in pathfinder elements. Depth to the unconformity is just under 200 metres.
Venice
The Venice grid covers a series of three east-west trending conductive targets up to 4.0 kilometres in length. Three holes (ML-710 to 712) were drilled to follow-up encouraging results from earlier drilling. All three intersected the hanging wall side of the target, along with significant basement structures and multiple zones of graphitic pelites. The graphitic units are commonly enriched in uranium, boron, nickel, copper, vanadium, and molybdenum. The best result was from ML-710, where a 1.5-metre interval located 55 metres below the unconformity assayed 0.029% U3O8. The graphitic unit in this hole was 75 metres thick. Depth to the unconformity was just under 270 metres.
'527' Zone
Three additional holes were drilled on the '527' zone to better define the geology and mineralized trend. The results (summarized below) indicate that the '527' zone is structurally complex, with uranium mineralization concentrated along secondary structures at a low angle to the trend of the steeply dipping, Main Maverick structural corridor. Depth to the unconformity ranges from 270 to 285 metres.
ML-110 tested for basement mineralization on section with and almost 30 metres south of ML-101 (1.52% U3O8 over 6.6 metres). ML-110 intersected a 45-metre wide, structurally disrupted and altered graphitic pelite, enriched in uranium (up to 0.164% U3O8 over 0.5 metres) and copper, nickel, lead, zinc, cobalt, boron and vanadium. This hole also intersected the unconformity deeper than projected, suggestive of a significant vertical offset on this section.
ML-111 tested for basement mineralization 5 metres to the south of ML-106 (0.402% U3O8 over 4.5 metres). ML-111 intersected a 10-metre wide structurally disrupted and altered graphitic pelite, and a broad zone of pervasively altered granite. The graphitic unit was enriched in uranium (up to 0.034% U3O8 over 1.0 metre) and other pathfinder elements.
ML-112 tested for sandstone mineralization 5 metres to the north of ML-105 (0.24% eU3O8 over 3.7 metres). ML-112 intersected a structurally disrupted and strongly altered sandstone column, enriched in uranium near its base, along with other pathfinder elements.
Seismic/Gravity
Seven holes were drilled on seismic and/or gravity targets.
ML-835 and 836 were collared 1,800 and 1,500 metres north of the Main Maverick lens, just east of the Nutana grid. Both holes intersected several faults in the basement. The results from ML-835 are also suggestive of an unconformity offset of 15 to 20 metres in the area. As well, ML-835 intersected graphitic pelites enriched in copper, boron and vanadium some 70 to 90 metres below the unconformity. This is particularly notable in that no conductor has been interpreted for this area.
ML-113 to 115 were collared 100 to 600 metres northwest of the Main lens. They intersected prominent and commonly clay altered fracture and breccia zones in the basement, but no significant geochemical enrichment.
ML-116 and 117 were collared 700 and 1,000 metres southwest of the Main lens. Both holes intersected major fracture zones within a dominantly Archean granitic basement, but no significant geochemical enrichment.
The Moore Lake project is subject to a joint venture agreement between IUC and JNR. IUC holds a 75% interest and is the operator and JNR holds the remaining 25%.
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. 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 Russia, Nicaragua and 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 resources is recognized 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 and C.E.O.
Contact:
Sophia Shane
International Uranium Corporation
Corporate Communications
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
--------------------------------------------------------------------------------
Source: International Uranium Corporation