Bluerock Anounces Phase I Drill Results Including 2.38% eU3O8 Over 1.5ft at Sunbeam Uranium Mine
29 Maggio 2008 - 2:30PM
Marketwired Canada
Bluerock Resources Ltd. (TSX VENTURE:BRD) (the "Company") announces results from
the Phase I exploration and delineation drilling program at the Sunbeam Uranium
Mine, Uravan Mineral Belt Colorado, USA. The reverse circulation drilling
program at the Sunbeam Uranium Mine defined a previously unknown mineralized
zone within an "historic drillout" proximal to the Sunbeam Uranium Mine, with
grades of up to 2.38% eU3O8 over 1.5 feet (0.46 metres). The Company will
continue to delineate this mineralized zone, as well as a second historic
target, through additional drilling while working to reopen the Sunbeam Uranium
Mine under a bulk sample permit, and subsequently move towards a production
decision.
"The success of the Sunbeam Uranium Mine Phase 1 drill program further
demonstrates the near mine resource upside at Bluerock's existing property
portfolio and potential for near term uranium production," said Bluerock
President & CEO Michael Collins. "Bluerock continues with its business objective
of developing uranium resources in support of the Company's aim of becoming the
next uranium producer in the United States."
The Sunbeam Uranium Mine is one of four uranium properties that the Company
envisions supporting the Ore Purchase and/or Toll Milling Agreement with Denison
Mines' White Mesa Uranium Mill (refer to April 17, 2008 press release for
details). Uranium ore(i) continues to be stockpiled at the J-Bird Mine,
underground development work has started at the Cone Mountain Uranium Bulk
Sampling Project, and exploration drilling is expected to restart shortly at the
fully permitted Tramp Uranium Mine.
(i) Ore, as stated in this news release, is defined as material that can be
mined, shipped and processed at the White Mesa Uranium Mill under the Company's
'ore purchase' agreement and/or toll milling agreement with the mill owner and
operator, Denison Mines (USA).
A total of 76 reverse circulation drill holes were completed during the Phase I
exploration program on the Sunbeam Uranium Mine from April through May 2008,
totalling approximately 21,000 feet, (6,400 metres) of drilling. Thirty-one
drillholes were gamma probed for uranium content by Century Geophysics an
independent geophysical contractor. Two mineralized trends have been defined
within the "near-mine" environment. Significant results include 2.38% eU3O8 over
1.5 feet (0.46 metres), and 0.402% eU3O8 over 3 feet (0.91 metres). A total of
six holes returned grades of greater than 0.20% eU3O8 over intervals 1 foot (0.3
metres) or greater. Mineralization found in a "historic drillout" has been
defined over an area of 800 by 400 feet (120m x 240m) and remains open to
extension in all directions. A table of significant results from the Phase I
exploration program is presented below:
Summary Table of selected gamma probed drillhole results from the
2008 Phase I Sunbeam Uranium Mine drilling program
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Depth Interval Grade
---------------------------------- ------------------ -------
From To From To
Drill Hole (ft) (ft) (m) (m) Meters Feet eU3O8
--------------------------------------------------------------------------
SB-08-100 382.0 383.0 116.43 116.74 0.30 1.0 0.084
--------------------------------------------------------------------------
and 395.5 397.0 120.55 121.01 0.46 1.5 0.087
--------------------------------------------------------------------------
SB-08-109 395.3 397.8 120.49 121.25 0.76 2.5 0.073
--------------------------------------------------------------------------
including 395.8 397.3 120.64 121.10 0.46 1.5 0.099
--------------------------------------------------------------------------
SB-08-111 187.0 188.0 57.00 57.30 0.30 1.0 0.251
--------------------------------------------------------------------------
SB-08-117 180.5 183.5 55.01 55.93 0.91 3.0 0.402
--------------------------------------------------------------------------
including 180.5 182.5 55.01 55.62 0.06 2.0 0.569
--------------------------------------------------------------------------
SB-08-119 192.5 194.5 58.67 59.28 0.61 2.0 0.143
--------------------------------------------------------------------------
including 193.0 194.0 58.83 59.13 0.30 2.0 0.226
--------------------------------------------------------------------------
SB-08-122 108.5 109.0 33.07 33.22 0.15 0.5 0.039
--------------------------------------------------------------------------
SB-08-123 173.5 175.0 52.88 53.34 0.46 1.5 2.383
--------------------------------------------------------------------------
SB-08-130 165.0 168.5 50.29 51.36 1.07 3.5 0.094
--------------------------------------------------------------------------
including 166.0 168.0 50.60 51.21 0.61 2.0 0.142
--------------------------------------------------------------------------
and 166.5 167.5 50.75 51.05 0.30 1.0 0.204
--------------------------------------------------------------------------
SB-08-133 179.0 180.5 54.56 55.02 0.46 1.5 0.233
--------------------------------------------------------------------------
including 179.5 180.5 54.71 55.02 0.30 1.0 0.333
--------------------------------------------------------------------------
and 179.5 180.0 54.71 54.86 0.15 0.5 0.570
--------------------------------------------------------------------------
SB-08-139 160.5 162.5 48.92 49.53 0.61 2.0 0.131
--------------------------------------------------------------------------
SB-08-140 163.0 164.5 49.68 50.14 0.46 1.5 0.085
--------------------------------------------------------------------------
including 163.5 164.5 49.84 50.14 0.30 1.0 0.103
--------------------------------------------------------------------------
and 163.5 164.0 49.84 49.99 0.15 0.5 0.131
--------------------------------------------------------------------------
(i) Drill holes are named with reference to permitting and not with respect
to the order in which they are drilled
Twenty-three drill holes remain to be drilled within the currently permitted
drill program at the Sunbeam Uranium Mine. Based on the Phase I drilling
results, the current permit will be amended to focus on the main mineralized
zone noted above, one additional historic drill out and two "on mining trend"
targets also related to historic uranium mining on the Property.
Drilling at the Sunbeam Uranium Mine was conducted using two drill rigs operated
by Rimrock Exploration and Development of Nucla Colorado. Upon completion of a
drillhole, Company staff used an in-house, downhole scintillometer to test the
hole by gamma probing. Where significant uranium mineralization indications were
identified, the hole was left open and subsequently logged, under contract, by
Century Geophysics Corp. who determined the calculated uranium content with
gamma logging instruments. Century Geophysical Corp. has a long history of
providing third party downhole probe services to the Uranium Exploration and
Development industry and is well known and respected in the industry. The
downhole gamma logging reported in this release utilized a "10 inch long,
GAMMA-SP-RES" unit with calibration both prior to, and after the physical
logging of the bore hole. All reported Uranium values within this release were
produced by Century Geophysical's logging of the Company's drilled holes.
Paul D. Gray, P.Geo. is the Qualified Person with respect to the Sunbeam Uranium
Mine and has reviewed and approved this press release.
Bluerock Resources Ltd. is a uranium mining company focused on developing
tomorrow's energy today through the acquisition and development of conventional
uranium resources.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins, President and CEO
FORWARD LOOKING INFORMATION DISCLAIMER
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the Ontario Securities Act
and the Alberta Securities Act, including statements concerning our plans at our
mineral projects, which involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking information.
Forward-looking information is subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those reflected in the
forward-looking information, including, without limitation, failure to establish
mineral resources; delays in obtaining or failure to obtain required
governmental, environmental or other project approvals; changes in national and
local government legislation or regulations regarding environmental factors,
royalties, taxation or foreign investment; political or economic instability;
terrorism; inflation; changes in currency exchange rates; fluctuations in
commodity prices; delays in the development of projects; shortage of personnel
with the requisite knowledge and skills to design and execute exploration
programs; difficulties in arranging contracts for drilling and other exploration
and development services; dependency on equity market financings to fund
programs and maintain and develop mineral properties; risks associated with
title to resource properties, particularly in Mongolia, and difficulties of
determining the validity of certain tenures and other risks and uncertainties,
including those described in each management discussion and analysis. In
addition, forward-looking information is based on various assumptions including,
without limitation, the expectations and beliefs of management; the assumed
long-term price of U308; the availability of permits and surface rights; access
to financing, equipment and labour and that the political environment within
Canada, the United States of America and Mongolia will continue to support the
development of environmentally safe uranium mining projects. Should one or more
of these risks and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those described in
forward-looking statements. Accordingly, readers are advised not to place undue
reliance on forward-looking information. Except as required under applicable
securities legislation, the Company undertakes no obligation to publicly update
or revise forward-looking information, whether as a result of new information,
future events or otherwise.
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