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ESO Receives Drill Results On First Radon Zone Test And Plans More Drilling On The Carswell Project |
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ESO Receives Drill Results On First Radon Zone Test And Plans More Drilling On The Carswell Project Near The Former Cluff Lake Mine, West Athabasca Basin, Saskatchewan
ESO Uranium Corporation (TSX-V: ESO), the Company, with Hathor Exploration Limited (TSX-V: HAT) reports that assays have been returned for 27 holes completed in the current Carswell Project program of short drill holes that is being operated under a 50%-50% joint venture agreement between the companies.
Nine drill holes intersected radioactive intervals indicated by gamma logging and this has been confirmed by chemical assays as being due to uranium mineralization. These drill tests were part of the recent drilling in the area of a radon anomaly 1.5 km east of Bridle Lake. The mineralization extends for more than 200 meters (660 feet) northwest- southeast. The assays carried out by Loring Laboratories indicated that the highest grade interval was at shallow depth (152 to 159 meters) in drill hole BR 18, returning 7.0 meters at an average grade of 0.8 lbs/tonne of uranium. The assays were completed by Loring Laboratories Ltd from drill core samples split by sawing.
This width of mineralization may not be a true width but the bottom of the intersection terminates against a fault structure. This opens the possibility of a larger total original width of mineralization. Below the fault, the radioactivity drops immediately to background levels of about 50 cps.
A new drilling program will start in the next 10 days over two radon anomalies located approximately 500 meters south of this mineralized zone on the joint venture property. The radon anomalies were identified by recent (September 2007) soil surveys that have allowed the targeting of not only conductors indicated by ground and airborne geophysical surveys but also potential uranium mineralization from which the radioactive radon gas is released by the nuclear decay of the uranium and its radio-daughters
The Carswell Project includes mineral tenure that adjoins the former producer, Cluff Lake Mines, and covers more than 67,000 acres (27,000 hectares) of prospective uranium exploration lands. Cluff Lake Mines produced more than 60 million pounds of uranium oxide during the period 1980 to 2002. The Cluff Lake mineralization, with an average grade in the order of 0.85% (17 lbs per ton) uranium oxide, was much shallower than that of most of the other Athabasca Basin uranium mines and was extracted from a number of small open pit mines and a few shallow underground mines.
For reference, the current spot price reported by Bloomberg from TradeTech LLC sources for uranium oxide is US$78 per pound of U3O8; this represents the first price increase in spot uranium since June 2007.
On behalf of the Board of Directors of ESO Uranium Corp.
"Ben Ainsworth"
B.Ainsworth, PEng BC, PEng Sask, Vice President, Exploration
For corporate communications please contact:
Tom Corcoran or Bob Meister
ESO Uranium Corp.
Vancouver, BC
Phone: (604) 629-0293
Toll Free: 1-866-629-0293
Email:
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The Toronto Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management. Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.
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Last Updated on Tuesday, 28 October 2008 11:05 |
