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Post by Franko10 ™ on Jun 29, 2005 17:40:05 GMT -5
JUNE 29, 2005 - 15:22 ET
Magnum Stakes Stanley Uranium District, Idaho
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 29, 2005) - Magnum Minerals Corp. ("Magnum") (NEX BOARD:MM.H) is pleased to announce that it has recently completed the staking of 118 lode mining claims in the historic Stanley Uranium District, Custer County, Idaho. The area staked covers a five-mile-long by one-mile-wide, northwest-trending belt of uranium deposits and occurrences in basal arkosic sandstone, siltstone, carbonaceous shale, and conglomerate of the Challis Volcanics of Eocene age.
Sandstone-type uranium mineralization within this belt accounts for 90% of the district's past uranium production, which comprises nearly 7,000 tons of ore at an average grade of 0.18% U3O8. Most of the ore was mined by Phillips Petroleum Company from 1958 to 1960 and came from five deposits (Deer Strike and Elk, Coal Creek No. 1, Coal Creek No. 4, East Basin No. 1, and the Shorty No. 2). All of these deposits are within the area of Magnum's claim holdings, and historic drill results of over 200 holes indicate that mineralization at most of them remains open on strike and at depth. Select samples of vitrainized material from these deposits contain up to 15% U3O8, and carbonaceous sandstone sampled underground at the Deer Strike and Elk contains in excess of 1.5% U308.
In addition to these deposits, numerous sandstone-type uranium prospects and occurrences, radiometric anomalies, and uranium geochemical anomalies exist along the trend of mineralization covered by Magnum's claims and will require further exploration to evaluate their full potential. Magnum's claim block represents the first time the District has been combined into a single, coherent and comprehensive unit for the purpose of exploring the sandstone-type uranium mineralization on a district-wide basis.
Stanley District sandstone-type uranium deposits match the recognition criteria of peneconcordant sandstone uranium deposits found at the Monument Valley, Utah and White Canyon, Arizona uranium districts, where total production has exceeded 8.3 million pounds U3O8 (1.3 million tons @ 0.32% U3O8) and 10 million pounds U3O8 (2.0 million tons @ 0.25% U3O8), respectively.
On Behalf of the Board of Directors
MAGNUM MINERALS CORP.
Norm Eyolfson, President
The TSX Venture Exchange has neither approved or disapproved of the contents herein.
Magnum Stakes Stanley Uranium District, Idaho
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 29, 2005) - Magnum Minerals Corp. ("Magnum") (NEX BOARD:MM.H) is pleased to announce that it has recently completed the staking of 118 lode mining claims in the historic Stanley Uranium District, Custer County, Idaho. The area staked covers a five-mile-long by one-mile-wide, northwest-trending belt of uranium deposits and occurrences in basal arkosic sandstone, siltstone, carbonaceous shale, and conglomerate of the Challis Volcanics of Eocene age.
Sandstone-type uranium mineralization within this belt accounts for 90% of the district's past uranium production, which comprises nearly 7,000 tons of ore at an average grade of 0.18% U3O8. Most of the ore was mined by Phillips Petroleum Company from 1958 to 1960 and came from five deposits (Deer Strike and Elk, Coal Creek No. 1, Coal Creek No. 4, East Basin No. 1, and the Shorty No. 2). All of these deposits are within the area of Magnum's claim holdings, and historic drill results of over 200 holes indicate that mineralization at most of them remains open on strike and at depth. Select samples of vitrainized material from these deposits contain up to 15% U3O8, and carbonaceous sandstone sampled underground at the Deer Strike and Elk contains in excess of 1.5% U308.
In addition to these deposits, numerous sandstone-type uranium prospects and occurrences, radiometric anomalies, and uranium geochemical anomalies exist along the trend of mineralization covered by Magnum's claims and will require further exploration to evaluate their full potential. Magnum's claim block represents the first time the District has been combined into a single, coherent and comprehensive unit for the purpose of exploring the sandstone-type uranium mineralization on a district-wide basis.
Stanley District sandstone-type uranium deposits match the recognition criteria of peneconcordant sandstone uranium deposits found at the Monument Valley, Utah and White Canyon, Arizona uranium districts, where total production has exceeded 8.3 million pounds U3O8 (1.3 million tons @ 0.32% U3O8) and 10 million pounds U3O8 (2.0 million tons @ 0.25% U3O8), respectively.
On Behalf of the Board of Directors
MAGNUM MINERALS CORP.
Norm Eyolfson, President
The TSX Venture Exchange has neither approved or disapproved of the contents herein.
