U3O8 Corp. Identifies Tenth Uranium-Bearing Structure in the Kurupung Project, Guyana Extends the Size Potential of the Kurupung System
Extends the Size Potential of the Kurupung System
TORONTO, ONTARIO -- (Marketwire) -- 06/08/11 -- U3O8 Corp. (TSX VENTURE: UWE), a Canadian-based company, focused on exploration and resource expansion of uranium and associated commodities in South America, reports drill results that confirm consistent uranium mineralization in a tenth zone, the Illiwa structure, in the Kurupung Batholith in Guyana (Figure 1). Illiwa lies near the northeastern margin of the Kurupung Batholith, and extends the area in which uranium-bearing structures have been found to 12 by eight kilometres ('km').
'The drilling of consistent mineralization in the Illiwa area significantly extends the size potential of the Kurupung Project,' said Dr. Richard Spencer, U3O8 Corp's President and CEO. 'Numerous targets that lie in the 9km gap between the mineralized areas of Illiwa and Aricheng will be explored in due course. At present, we continue to focus on infill drilling at Aricheng towards our goal of increasing our current National Instrument 43-101 ('NI 43-101') resource on the Kurupung Project by the end of 2011(1).'
Table 1 - Assay Results for Illiwa Target
Summary of the principal mineralized intercepts cut in six bore holes (1,325 metres) completed in scout drilling at Illiwa. The location of the bore holes referred to in the table is shown in Figure 2.
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Intercept Grade
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Estimated true U3O8
Bore Hole From (m) To (m) Interval (m) width (m) U3O8 (%) (lb/st)
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ILLIWA-001 136 140 4 3.5 0.082 1.6
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ILLIWA-002 No Significant Values
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ILLIWA-003 79 87 8 6.9 0.082 1.6
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ILLIWA-004 107 114 7 6.1 0.045 0.9
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ILLIWA-005 203 206 3 2.6 0.104 2.1
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ILLIWA-006 No Significant Values
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Note: lb/st is an abbreviation for pounds per short ton. 1 short ton =
2,000lbs or 0.907 metric tonnes.
Potential quantity and grade are based on drill results that define the approximate length, thickness, depth and grade of the target area, but are considered conceptual in nature. To date, there has been insufficient exploration to define a mineral resource at Illiwa, and it is uncertain if further exploration will result in a mineral resource being defined in this area.
Mineralization at Illiwa
Scout drilling at Illiwa has confirmed consistent uranium mineralization for a distance of 120 metres ('m') along a northeast-trending shear zone that lies near the eastern margin of the Kurupung Batholith (Figure 3). Mineralization has been drilled to 150m below surface and remains open at depth and along strike. By analogy with similarly orientated mineralized shear zones such as Aricheng North, uranium is expected to be concentrated in shoots that are spaced at fairly regular intervals along trend and are separated by poorly mineralized gaps up to 100m wide.
Uranium mineralization at Illiwa is contained within a crackle breccia zone with an alteration assemblage of albite, chlorite, hematite and calcite. The sheet-like breccia zone strikes northeast and dips to the southeast at an angle of approximately 70 degrees. The mineralized breccia varies from approximately 1m to 8m in width.
Quality Assurance & Quality Control
QAQC procedures for Illiwa are the same as those used in our exploration elsewhere in the Kurupung Project as described in the press release dated April 20, 2011.
Dr. Richard Spencer (P.Geo.), CEO and President of U3O8 Corp., a Qualified Person within the definition of that term in NI 43-101 of the Canadian Securities Administrators, had overall responsibility for all aspects of target selection and drill-site location on the Illiwa target. Dr. Spencer has supervised the preparation of, and verified, the technical information in this release.
About U3O8 Corp.
U3O8 Corp. is a Toronto-based exploration company, focused on exploration and resource expansion of uranium and associated commodities in South America - a promising new frontier for uranium exploration and development. U3O8 Corp. has one of the most advanced portfolios of uranium projects in the region comprising NI 43-101 compliant resources in Guyana and Argentina to significant historic resources in Colombia.
(1) Scout drilling results suggest that the ten Kurupung structures
identified to date may contain a conceptual target of 13-18 million
tonnes at a grade of 0.08% to 0.10% U3O8 (estimated 30 to 35 million
pounds ('mlb') U3O8) including the initial NI 43-101 resource estimate.
The initial NI 43-101 resource estimate of 5.8mlb Indicated at an
average grade of 0.10% (2.0 lbs/st) U3O8 and 1.3mlb Inferred at an
average grade of 0.09% (1.9 lbs/st) U3O8 has been reported on the
Aricheng North and Aricheng South structures in the Kurupung Batholith.
Refer to the technical report dated January 14, 2009 titled 'A Technical
Review of the Aricheng North and Aricheng South Uranium Deposits in
Western Guyana for U3O8 Corp. and Prometheus Resources (Guyana) Inc.',
available on U3O8 Corp's web site at www.u3o8corp.com and on SEDAR at
www.sedar.com.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on the company's exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that mineralization encountered at Illiwa and other Kurupung targets will add to U3O8 Corp's resource base. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
To view Figure 1 - Clusters of Uranium-Bearing Structures in the Kurupung Batholith, please visit the following link: http://media3.marketwire.com/docs/u3o8_june8_fig01.pdf
To view Figure 2 - Drill Hole Locations of the Illiwa Target, please visit the following link: http://media3.marketwire.com/docs/u3o8_june8_fig02.pdf
To view Figure 3 - Long Section of the Illiwa Structure, please visit the following link: http://media3.marketwire.com/docs/u3o8_june8_fig03.pdf
To view the photo associated with this press release, please visit the following link: http://www.marketwire.com/library/20110607-u3o8_june8_kurupung_map_01.jpg
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Contacts:
U3O8 Corp.
Nancy Chan-Palmateer
Vice President, Investor Relations
(416) 868-1491
nancy@u3o8corp.com
U3O8 Corp.
Richard Spencer
President & CEO
(416) 868-1491
richard@u3o8corp.com