Nov 26 2010
U3O8 Corp. (TSX VENTURE:UWE), a Canadian-based company focused on uranium exploration and resource expansion in South America, reports that drilling has more than doubled the size of the Aricheng C structure in the Kurupung Batholith in Guyana.
This ninth uranium-bearing zone now extends 350 metres ("m") long, and is open along trend and at depth. Results from scout drilling suggest that the 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 (for an estimated 30-32 million pounds ("mlb") U3O8) including the initial National Instrument 43-101 ("NI 43-101") resource estimate of 5.8mlb U3O8 Indicated and 1.3mlb U3O8 Inferred.
"Scout drilling continues to successfully expand our inventory of mineralized structures in the Kurupung district, while demonstrating the resource growth potential of the project," said Dr. Richard Spencer, U3O8 Corp's President and CEO. "Drilling will now focus on the Accori area as we progress towards our goal of showing that the Kurupung uranium system could host a resource of comparable size to peer deposits that typically contain 50 to 130mlb of uranium. We are focused on expanding our resource potential at shallow depth, to approximately 200m, while recognizing that similar deposits elsewhere in the world extend to over 700m below surface. This typical depth provides us with flexibility to potentially increase the resource at any time through deeper drilling."
Summary of significantly mineralized intercepts cut in the six bore holes (1,701 metres) drilled in the recent campaign at Aricheng C. A total of 10 bore holes have been drilled for a total of 2,718m (results of the previously four bore holes were reported in the press release dated July 14, 2010). Aricheng C, along with the Aricheng North and Aricheng A, comprise the Aricheng North Complex.
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 drilling to define a mineral resource on the Aricheng C structure reported in this press release, and it is uncertain if further exploration drilling will result in a mineral resource being defined in this area.
Aricheng C Structure
The Aricheng C structure is orientated northeast and dips about 70° to the northwest. Mineralization occurs within a brecciated albitite-altered zone and is marked by a corridor of relatively low magnetism that extends eastwards through the area in which the 10 exploration bore holes were drilled. Mineralization at Aricheng C extends 350m along strike and is open along trend to the west and at depth. The easternmost bore hole (ARC-006) appears to have been drilled to the east of a fault that is suspected to have displaced the eastern extension of the Aricheng C structure to the northeast. Field work is being undertaken to find the possible extension of the structure in that area. Uranium mineralization occurs in the saprolite at surface to the deepest intercept at approximately 235m below surface.
Quality Assurance & Quality Control
Diamond drilling at Aricheng C was undertaken with U3O8 Corp's own drill rig that produced NQ (nominal 47.6 millimetre diameter) core. A down-hole spectral gamma probe was used in the 10 bore holes reported on here to determine the extent of the mineralized intervals by providing an estimate of the uranium grade based on the radioactivity measured. Core from each mineralized interval was halved with a diamond saw on-site and half core samples were delivered to ACME Laboratory's preparation facility in Georgetown, Guyana. Sample blanks and certified standards were inserted at an average frequency of one per 25 samples. Sample pulps were then shipped by ACME to their analytical facility in Vancouver, BC, Canada, for analysis for uranium by ICP-MS after hot, four-acid digestion. The other half of the core was logged and is stored on-site, providing a complete record of the geology and mineralized zones drilled.
Dr. Richard Spencer, President and CEO 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 target and drill-site selection at on the Aricheng C target. Dr. Spencer has supervised the preparation of, and verified, the technical information in this release.