Partners hit hot holes at Moore Lake (August 17, 2004)

Diamond drilling on the Moore Lake uranium project in northern Saskatchewan’s Athabasca basin has returned some impressive results for partners International Uranium (IUC-T) and JNR Resources (JNN-V).

Holes 48 and 49 were collared 17 metres and 34 metres to the west of the discovery hole, no. 25, on the Maverick zone. That hole returned 0.62% U308 over 9.1 metres, including a 4.8-metre interval of 1.2% U308 and 0.4 of a metre running 12% U308.

Hole 48 surrendered 4.7 metres (from 269 metres below surface) grading 4% U308, including 2.7 metres of 6.7%. Hole 49 yielded 4.5 metres (from 262 m) averaging 2.4% U308, including 2.5 metres of 4.2%. The uranium mineralization cut by hole 48 is classic unconformity-style, while the mineralization encountered in hole 49 is hosted entirely by sandstone.

Meanwhile, hole ML-47, drilled south of and on section with hole no. 31, yielded 9 metres (from 269 m) running a grade equivalent of 0.3% U308, including 2.8 metres of 0.6%. The results were determined from a calibrated downhole probe; geochemical results are unavailable due to poor recovery through the mineralized zone.

Follow-up drilling is planned, particularly to the south; the partners have a second drill rig on its way to the property.

Assay results from several other holes are pending.

Based on geophysical surveying completed earlier this summer, the high-grade Maverick zone has been extended to the northeast and west, and can now be traced over a minimum strike length of 3 km.

International Uranium can earn a 51% interest in Moore Lake by spending $2.2 million over two years; it can thereafter boost its stake by another 24% by spending $2.2 million over two more years.

Elsewhere in the basin, UEX (UEX-T) has begun a summer diamond drilling campaign on the Black Lake uranium project, near Stony Rapids.

Budgeted at around $500,000, the program will include at least 7 diamond drill holes totalling 3,000 metres. Two other targets will be tested by 800 metres worth of drilling if ground conditions allow.

The holes are designed to follow up on previous drilling that encountered alteration, faulting and graphitic basement units. Last winter, hole BL-11 revealed pervasive dravite alteration within a sandstone column. Dravite is a form of tourmaline often associated with unconformity-type uranium deposits. The hole also cut weak uranium mineralization (452 parts per million uranium over 1.9 metres) within a radioactive basement unit.

Systematic drilling to test for an unconformity-type uranium deposit along an 18-km-long conductor is planned. The current phase of drilling is slated to wrap up by the end of September.

UEX is operator, and owns 70% of Black Lake, with Cogema Resources holding the remaining 30%. Cogema has committed to funding its share of the 2004 summer program.


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