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Northern Cdn drills 37.2 feet of 0.12% eU3O8 at Elkhorn
2006-11-15 12:44 ET - News Release
Mr. Praveen Varshney reports
NORTHERN CANADIAN DRILL RESULTS FROM ELKHORN URANIUM PROJECT, WYOMING
Northern Canadian Minerals Inc.\'s U.S. subsidiary, NCA Nuclear Inc., has completed the initial drill program at the Elkhorn uranium project in Wyoming. The Elkhorn project contains sandstone-hosted uranium mineralization located in three specific areas located along a 12-mile-long, northeast-trending zone. Uranium was mined from four historical open pit mines in the central portion of the mineralized trend, and from one historical open pit mine at the southwest end of the trend. NCAN completed 12 rotary air drill holes, ranging in depth from 100 to 350 feet, and totalling 2,150 feet. Drilling was conducted in an area extending 1,000 feet by 300 feet. The following significant results were obtained, using a 0.05-per-cent-equivalent-U3O8 cut-off.
Hole No. From (ft) To (ft) Width (ft) Weighted average eU3O8
BSF 001 1.8 39 37.2 0.12%
includes 20.4 23.4 3 0.22%
BSF 002 12.6 35.4 22.8 0.08%
includes 28.2 32.1 4 0.19%
BSF 003 6.2 32.7 26.5 0.06%
includes 14.1 23.7 9.6 0.08%
BSF 006 0.9 5.8 4.9 0.09%
19.1 34 14.9 0.05%
BSF 007 11.3 41 29.7 0.14%
includes 28.0 38.8 10.8 0.25%
BSF 008 1.6 32.6 31 0.07%
includes 26.3 30.3 4 0.10%
BSF 009 10.5 25.2 14.7 0.07%
includes 19.1 23.2 4.1 0.13%
BSF 010 2.3 23.1 20.8 0.09%
includes 4.9 16.7 11.8 0.13%
Drilling was located near the historical Busfield open pit mine, in an area where historical reports indicate over 250 holes have been drilled and a historical uranium resource (non-compliant with National Instrument 43-101) was identified by Federal Resources in the 1970s. Federal Resources reported a uranium resource of 443,992 pounds of U3O8 at grades ranging from 0.08 per cent to 0.22 per cent U3O8 occurring in several areas. The objective of the company\'s drilling program was to redrill certain areas within this hiastorical resource area, to provide confirmation of mineralization and to provide comparative data to evaluate historical reported results. The drill results are encouraging as they generally confirm the widths and grades of uranium mineralization that have been reported in historical records from the historical Busfield resource area. Detailed evaluation is in progress, however results will be used to evaluate the historical resource, and to plan additional drilling, now scheduled for December. Drill results will be used to convert the historical uranium resource information to an NI 43-101-compliant resource, and to expand the deposit through exploration of extensions and new target areas. The company is working with SRK Consultants to prepare an NI 43-101 assessment report on the property.
Keith Laskowski, vice-president of exploration, stated: "These initial results are encouraging as they confirm the presence of significant uranium mineralization, near surface, and over a considerable area. We are planning additional drill holes to expand the areas of known mineralization, and to explore new areas for mineralization, while collecting additional data from the area containing known mineralization. Our goal is to define a uranium deposit containing on the order of two to five million pounds of U3O8." Based on historical results, uranium deposits may occur with average grades ranging from 0.1 per cent to 0.3 per cent U3O8, located near surface, and may be amenable to in situ leach extraction. Three uranium mines are in production in Wyoming which employ in-situ leach recovery processes to recover similar uranium mineralization. Operating mines are exploiting uranium mineralization that occurs in concentrations that range from approximately 0.1 per cent to 0.3 per cent U3O8. The presence of modern production facilities currently operating in Wyoming confirms that Wyoming is an excellent location for the discovery and development of new deposits. The company cautions that these results are not compliant with National Instrument 43-101 and are provided for informational purposes only. Actual results under NI 43-101-compliant categories may vary materially.
SOM