VANCOUVER, BRITISH COLUMBIA (AMEX: CXZ) is pleased to provide
the following update on the Company's 2007 field exploration
program on its Central Mineral Belt (CMB) Uranium Project in
Labrador. Crosshair's goal in 2008 is not only to advance the C
Zone and the already known deposits through definition and growth,
but also to drill test new targets that have been identified and
prioritized over the last few field seasons.
Crosshair completed extensive property-wide surveys including
lake sediment sampling, Alpha Track, till geochemistry and
geological mapping over key areas of the Project, in an effort to
identify, prioritize and advance targets to the drill ready stage
for 2008. An airborne EM survey was also carried out over much of
the Project and additional ground geophysical surveys were
completed to define priority targets along the Armstrong - C Zone -
B Zone corridor.
Airborne EM
In March-April 2007, Crosshair completed an airborne EM
(HeliGeoTEM) survey covering 4,770 line kilometers on the CMB
Project. The survey, flown by Fugro Airborne Surveys over two main
blocks covering the central and northern portions of the Project,
was completed in order to identify conductors associated with
unconformity and/or shear hosted type, as well as IOCG (Iron Oxide
Copper Gold) style uranium mineralization.
Detailed interpretation of the data was performed by Condor
Consulting Inc., who identified ten "Priority 1" targets, as well
as several lower order targets in the survey area. Several of the
"Priority 1" targets identified along the Armstrong - C Zone - B
Zone corridor are priority drill targets for unconformity and IOCG
mineralization and will be tested during Crosshair's 2008 winter
program, now underway.
The survey also identified several priority targets that are
potentially associated with shear zones within the Sylvia Lake
Formation on the southern portion of the Project. Such targets may
represent mineralization akin to the Michelin Deposit currently
being worked by Aurora Energy Resources. Favourable targets were
also identified near the Blue Star - Moran Heights region in the
northern part of the Project. These targets will be brought to the
drill ready stage as part of an intensive field program being
planned for the summer of 2008.
Ground Geophysics
Additional ground geophysics, including gravity, IP/resistivity,
and horizontal loop EM (HLEM) surveys were performed in 2007 along
the Armstrong - C Zone - B Zone corridor. Mineralization in this
portion of the property exhibits many similarities to IOCG deposits
such as Australia's Olympic Dam deposit, which represents one of
the world's largest resources of uranium and copper. Detailed
interpretation from all of the survey data has identified several
priority targets along the Armstrong - C Zone - B Zone mineralized
corridor. In late January 2008, Crosshair will activate a third rig
on the CMB Uranium Project capable of deep drilling in order to
test several of the targets for IOCG type mineralization.
Lake Sediment Survey
During 2007, Crosshair carried out a property-wide lake sediment
geochemistry survey designed to identify anomalous areas for
follow-up ground work in 2008. A total of 976 samples were
collected, and several anomalous areas were identified. In the
northern portion of the property, a broad anomaly was identified
that encompasses the Blue Star - Moran Heights area, and several
anomalous zones were identified northward from Area 51.
In the southern portion of the property, numerous target areas
have been identified. A large number of the targets are spatially
associated with prominent structural features. The results from the
lake sediment survey have provided better definition and more
discrete anomalies for follow-up in this area of high background
radioactivity.
One of the lake sediment anomalies in the southernmost portion
of the property defines a northeasterly trending broad zone along
strike from the Stormy Lake (on contiguous claims owned by Aurora
Energy) and Boundary Lake uranium showings. Anomalous lake sediment
uranium values have also been identified 5 km to the northwest
along the northeast trending contact between the Bruce River Group
and intrusive rocks of the Trans Labrador batholith.
Other significant lake sediment anomalies have been identified
near Lasby Lake in the east-central portion of the property, as
well as along a 10 km long, east-northeast trending structure near
Camel Lake in the west-central portion of the property, and several
other zones associated with structures near Madsen Lake. All
anomalies will be further investigated during Crosshair's 2008
summer program.
Alpha Track and Mapping
Crosshair carried out pilot Alpha Track surveys in several areas
of the CMB Project during 2007. Alpha Track surveys are used to
detect radon gas resulting from the natural decay of uranium and
are an effective way of identifying overburden-concealed uranium
mineralization that may not be detectable from other methods, such
as airborne radiometric surveys. A total of 876 Alpha Track
detectors were used for surveys at Blue Star, Moran Heights,
Madsen, Croteau, as well as select targets along the Armstrong - C
Zone - B Zone corridor. In conjunction with the Alpha Track
surveys, a total of 625 glacial till samples were also collected.
These results have been incorporated into the current database and
will be used to help guide the 2008 exploration program.
Additional information and maps for priority target areas on the
CMB Uranium Property can be found on the Company website at:
http://www.crosshairexploration.com/s/CentralMineralBelt.asp.
Crosshair recently announced the start of its planned 13,000
metre 2008 winter drilling campaign on the CMB Uranium Project,
where a third rig will be activated shortly. During the summer,
Crosshair will conduct an aggressive exploration program that will
include extensive ground work to advance several of the priority
targets identified in 2007 to the drill ready stage. Crosshair will
also continue to define and expand the current 43-101 compliant
resource at the C Zone, while also continuing to drill test and
expand other priority targets, including Area 1 and the B Zone,
with the goal of bringing them into the indicated and inferred
resource categories.
About Crosshair
Crosshair is a dominant player in the exploration for uranium in
the Central Mineral Belt of Labrador-Canada's most promising
emerging uranium district. The 755 sq km Central Mineral Belt
Uranium Project is potentially host to three types of uranium
mineralization - Iron Oxide Copper Gold (IOCG - Olympic Dam),
structurally controlled/shear zone and unconformity.
The Company's exploration work on the Central Mineral Belt
Uranium Project is supervised by J. Wayne Pickett, P.Geo., a member
of the Professional Engineers and Geoscientists of Newfoundland and
Labrador, the Vice President Exploration of the Company and a
Qualified Person as defined in NI 43-101. Mr. Pickett has verified
that the results presented above have been accurately summarized
from the official assay certificates provided to the Company. A
QA/QC program has been implemented consisting of standard, blank
and duplicate samples.
For more information on the Company and its properties, please
visit the website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
Mark J Morabito, President and CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements. Forward-looking statements are
statements that relate to future, not past, events. In this
context, forward-looking statements often address a company's
expected future business and financial performance, and often
contain words such as "anticipate", "believe", "plan", "estimate",
"expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other
similar expressions. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or
other future events, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
following risks: the risks associated with outstanding litigation,
if any; risks associated with project development; the need for
additional financing; operational risks associated with mining and
mineral processing; fluctuations in uranium, gold and other
commodity prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume; and
tax consequences to U.S. Shareholders. Forward-looking statements
are made based on management's beliefs, estimates and opinions on
the date that statements are made and the Company undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change.
Investors are cautioned against attributing undue certainty to
forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of the content of this News Release.
Contacts: Crosshair Exploration & Mining Corp. Dan McIntyre
(604) 681-8030 (604) 681-8039 (FAX) Email:
dan@crosshairexploration.com Website:
www.crosshairexploration.com
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