International Enexco Hits 2.31% eU3O8 Over 5.1 Metres Including 10.92% eU3O8 Over 0.4 Metres on Mann Lake
10 Marzo 2014 - 6:06PM
Marketwired
International Enexco Hits 2.31% eU3O8 Over 5.1 Metres Including
10.92% eU3O8 Over 0.4 Metres on Mann Lake
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 10, 2014) -
International Enexco Ltd.
(TSX-VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:I6E) (the "Company" or
"Enexco"). Enexco is pleased to report drill results from the Mann
Lake Uranium Project in the Athabasca Basin of Saskatchewan,
operated by Cameco Corporation (Cameco). Down-hole gamma survey
results in drill hole MN-060 (see "Table A") intersected 5.1 metres
("m") averaging 2.31% eU3O8, from 687.6m to 692.7m. The
intersection includes a 0.4m interval, from 691.2m to 691.6m,
averaging 10.92% eU3O8. The hole represents a new discovery
footwall to the western conductor in the northern half of the Mann
Lake property and is located 300m south of hole MN-047, drilled in
2013, which encountered elevated radioactivity. The Company holds a
30% interest in the project along with Cameco (52.5%) and AREVA
(17.5%).
The intersection is the best returned in terms of thickness and
grade from the Mann Lake property thus far, and accordingly, the
2014 three rig Winter Drill Program is being modified by Cameco to
follow up on these results both along and across strike. A wedge
hole from MN-060 is currently being drilled.
Table A |
|
DDH MN-060 |
Grade Calculation Method |
From (m) |
To (m) |
Thickness (m) |
Grade Cuttoff % |
Maximum Grade (%U308) |
Average Grade (%U308) |
GT (m x %) |
L42+25N 4+20E |
Equivalent %U308 Gamma (High Flux Probe) |
687.6 |
692.7 |
5.1 |
0.10 |
12.77 |
2.31 |
11.78 |
|
(includes) |
689.2 |
690.6 |
1.4 |
1.00 |
5.12 |
2.26 |
3.16 |
|
(includes) |
691.2 |
691.6 |
0.4 |
1.00 |
12.77 |
10.92 |
4.37 |
|
(includes) |
689.2 |
691.9 |
2.7 |
1.00 |
12.77 |
4.20 |
11.34 |
(1) eU3O8 is the radiometric equivalent uranium from a total
gamma down-hole probe calibrated using an algorithm calculated from
the comparison of probe results. True widths of mineralized
intervals have not yet been determined or geochemical analyses
performed to support the probe data. |
(2) Average grades are composited from 5 centimetre
intervals. |
Arnold Armstrong, President and CEO of Enexco, commented:
"We are extremely excited by the strong mineralized intercept
from hole MN-060 at Mann Lake. This is one of most prospective
areas of the eastern Athabasca Basin, and we look forward
to receiving further results throughout the ongoing drill
campaign."
MN-060 is the eighth hole drilled in the 2014 program targeting
the C conductor a six-kilometre-long section of an anomalous
regional trend. The C conductor on the Mann Lake property consists
of three geophysical conductors designated the eastern, central and
western conductors. Hole MN-060 was collared 300m south of 2013
hole MN-047, the initial test of the area footwall to the western
conductor. MN-047 encountered mineralization at similar depths
below an unconformity in semipelite, with 0.7m of 0.114% eU3O8,
from 693.8m to 694.5m, and 2.0m of 0.272% eU3O8, from 696.0m to
698.0m.
The 2014, three-rig drill program on Mann Lake was planned as an
18-hole, 13,000 metre program. To date 8 holes have been completed,
and 2 are in progress. The drill program is expected to be complete
by early April. Drilling is still underway. A presentation on the
Mann Lake Uranium Project can be found on the Company's
website.
Qualified Person
William Willoughby, Ph.D., P.E. is the Company's Qualified
Person for the purposes of National Instrument 43-101 and has
prepared or supervised the preparation of the disclosure of any
scientific and technical information contained in this news
release.
About Mann Lake Uranium Project
The Mann Lake Uranium Project is located in the heart of what is
indisputably the most prolific and highest grade uranium region in
the world, the Athabasca Basin in Saskatchewan. The Project lies 25
kilometres southwest from Cameco's McArthur River Mine and is 20
kilometres northeast of Cameco's Millennium deposit. High-grade
mineralization was intersected during the 2006 drill program in
drill hole MN-013 which intersected 7.12% U3O8 over 0.25 metres and
5.53% U3O8 over 0.4 metres in the basement, 12 metres beneath the
Athabasca unconformity surface.
About International Enexco Ltd.
International Enexco Ltd is a North American exploration and
development company focused on the feasibility stage Contact Copper
Project in northern Nevada and the Mann Lake and Bachman Lake
Uranium Projects located in Saskatchewan's prolific Athabasca
basin. The Mann Lake project is a joint venture with Cameco (52.5%)
as operator, Enexco (30%) and AREVA (17.5%)-two of the world's
largest uranium companies.
On behalf of the Board of Directors
G. Arnold Armstrong, President & CEO
Certain information regarding the Company including
management's assessment of future plans and operations, may
constitute forward-looking statements under applicable securities
laws and necessarily involve risks associated with mining
exploration and development, volatility of prices, currency
fluctuations, imprecision of resource estimates, environmental and
permitting risks, access to labour and services, competition from
other companies and ability to access sufficient capital. Although
the Company believe the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Readers are cautioned that mineral
resources that are not mineral reserves do not have demonstrated
economic viability. Mineral exploration and development of mines is
an inherently risky business. For more information on the Company
and the risks and challenges of its business, investors should
review their annual filings that are available at
www.sedar.com.
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. We seek safe harbour.
International Enexco LimitedSpiros Cacos+1 604 669
8368info@enexco.cawww.enexco.ca
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