TORONTO, ONTARIO, Nov 26 (MARKET WIRE) --
U3O8 Corp. (TSX VENTURE: UWE), a Canadian uranium exploration company,
reports significant uranium mineralization from drilling in the Aricheng
West target area in the Kurupung Batholith, in basement rocks near the
Roraima Basin in Guyana (Figure 1). Scout drilling has defined uranium
mineralization in a further 150 metre long section of the Aricheng West
structure. The success of the current scout drilling program in
identifying a number of new mineralized zones in recent months is
providing U3O8 Corp. with the means to outline the potential size of the
Kurupung system, a promising uranium district in South America.
Geologically similar albitite-hosted deposits elsewhere in the world
typically contain resources in the 50 to 130 million pound range.
"Aricheng West is shaping up to be one of the most extensive and
consistently mineralized areas that we have drilled in the Kurupung
Batholith to date," said Dr. Richard Spencer, U3O8 Corp's President and
CEO. "Mineralization in the Aricheng West area now extends over a
distance of 700 metres and is still open along strike and at depth. Our
geophysics-based targeting technique has led to the drilling of
potentially economic uranium grades in three out of five targets in the
latter half of 2009 - an excellent success rate in mineral exploration.
The scout drilling program continues until mid-December with the aim of
adding more mineralized areas to our line-up of targets that will
demonstrate the size potential of the Kurupung uranium system."
Table 1 - Assay Results for Aricheng West Extension
Summary of significantly mineralized intercepts cut in the four bore
holes (660 metres) completed in scout-drilling the eastern extension of
the Aricheng West structure.
---------------------------------------------------------------------------
Intercept Grade
-----------------------------------------------------------------
Bore Hole Interval Estimated True U3O8 U3O8
Number From (m) To (m) (m) Thickness (m) (%) (lb/st)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
116.0 118.0 2.0 1.5 0.066 1.3
ARW-022 -----------------------------------------------------------------
126.0 129.0 3.0 2.3 0.551 11.0
---------------------------------------------------------------------------
47.0 49.0 2.0 1.5 0.098 2.0
-----------------------------------------------------------------
99.0 101.0 2.0 1.5 0.077 1.5
-----------------------------------------------------------------
ARW-023 107.0 114.0 7.0 5.4 0.090 1.8
-----------------------------------------------------------------
109.0 112.0 3.0 2.3 0.132 2.6
-----------------------------------------------------------------
146.0 148.0 2.0 1.5 0.082 1.6
---------------------------------------------------------------------------
55.0 57.0 2.0 1.5 0.229 4.6
ARW-024 -----------------------------------------------------------------
90.0 96.0 6.0 4.6 0.158 3.2
---------------------------------------------------------------------------
50.0 55.0 5.0 5.0 0.095 1.9
ARW-027 -----------------------------------------------------------------
69.0 72.0 3.0 3.0 0.058 1.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Note: lb/st is an abbreviation for pounds per short ton.
1 short ton equals 2,000lbs equals 0.907 metric tonnes.
Aricheng West
Uranium mineralization at Aricheng West is contained within two
sheet-like breccias forming a "Y"-shaped cross section. The "Y"- shape is
asymmetric with the southern structure being near-vertical and the other
arm of the "Y" inclined to the south at an angle of approximately 45
degrees. U3O8 Corp. suspects that the near-vertical structure continues
at depth. Consistent uranium has now been intersected over a strike
distance of 500 metres and to a depth of 150 metres at Aricheng West. The
uranium-bearing zone at Aricheng Epsilon (assay results reported on
November 18, 2009) is believed to constitute part of the Aricheng West
mineralized system and, if this is correct, would increase the total
strike length of mineralization to some 700 metres (Figure 2).
Mineralization at Aricheng West is still open along strike to the east
and at depth (Figure 3).
Uranium mineralization at Aricheng West is located within an envelope of
albite-chlorite-hematite-calcite alteration. Aricheng West, along with
all other consistently mineralized areas in the Kurupung uranium system,
is contained within a non-magnetic alteration zone that can be traced
with geophysics in the magnetic Kurupung Batholith.
Potential quantity and grade are based on drill results that define the
approximate length, thickness, depth and grade of the target, but are
considered conceptual in nature. To date, there has been insufficient
exploration drilling to define a mineral resource in the Aricheng West
structure, and it is uncertain if further exploration drilling will
result in a mineral resource being defined in this area.
Aricheng Tau Target
Aricheng Tau is a fifth target that was tested in the current scout
drilling program, and lies in the central part of a weakly magnetic zone
identified in magnetic data. Two holes for 307 metres (ARW-025 and
ARW-026 shown in Figure 2) were drilled beneath a radiometric anomaly
that is located within the magnetic low. Both holes intersected
albite-dominated alteration similar to that which encloses
uranium-bearing parts of the Kurupung system, but contained no
significant uranium grades. No further drilling is planned for the
Aricheng Tau target at this time.
Pipeline of Uranium-Bearing Structures
To date, U3O8 Corp. has defined an initial resource on two
uranium-bearing structures in the Kurupung, and has expanded its pipeline
to currently five additional consistently mineralized areas with the
potential to significantly increase its resource base. Uranium in the
Kurupung area has many of the geological characteristics of the typically
sizeable albitite-hosted deposits worldwide. Uranium mineralization in
most of these systems is contained in multiple structures within a
coherent structural system, as is the case in the Kurupung area.
Quality Assurance & Quality Control
Diamond drilling on the extension of Aricheng West and at Aricheng Tau
was undertaken with U3O8 Corp's own drill rig that produced NQ (47.6
millimetre diameter) core. A down-hole spectral gamma probe was used on
the six bore holes to determine the extent of the mineralized intervals
by providing an estimate of the uranium grade based on the radioactivity
measured. Core from each mineralized interval was halved with a diamond
saw on-site and half core samples were delivered to ACME Laboratory's
preparation facility in Georgetown, Guyana. Sample blanks and certified
standards were inserted at an average frequency of 1 per 25 samples.
Sample pulps were then shipped by ACME to their analytical facility in
Vancouver, BC, Canada, for analysis for uranium by ICP-MS after hot,
four-acid digestion. The other half of the core was logged and stored
on-site, providing a complete record of the geology and mineralized zones
drilled.
Mr. Richard Cleath (M.Sc.), Vice President of U3O8 Corp., a Qualified
Person within the definition of that term in National Instrument 43-101
of the Canadian Securities Administrators, had overall responsibility for
all aspects of target selection and drilling of the Aricheng West and
Aricheng Tau targets. Mr. Cleath has supervised the preparation of, and
verified, the technical information in this release.
To view the Figure 1 - Multiple Uranium-Bearing Structures in the
Kurupung Batholith map, please visit the following link:
http://media3.marketwire.com/docs/Kurupung.pdf
To view the Figure 2 - Drill Hole Locations at Aricheng West extension
and Aricheng Tau map, please visit the following link:
http://media3.marketwire.com/docs/Aricheng.pdf
To view the Figure 3 - Long Section of the Aricheng West Structure map,
please visit the following link:
http://media3.marketwire.com/docs/ArichengWest.pdf
About U3O8 Corp.
U3O8 Corp. is a Canadian uranium exploration company based in Toronto,
Canada. Currently focused on uranium exploration in the Roraima Basin in
Guyana, South America, U3O8 Corp's primary business objective is to
explore, develop and acquire uranium projects in the Americas. The
company is funded with over $5 million held solely in cash and Canadian
chartered bank-backed Guaranteed Investment Certificates. U308 Corp. has
exclusive uranium exploration rights in an area covering approximately 1
million hectares that straddles the edge of the Roraima Basin in Guyana.
The company is advancing a two-pronged exploration strategy that focuses
on:
- Exploration for multiple uranium-bearing structures within structural
systems in the basement adjacent to the Roraima Basin with the concept
that the individual breccia zones could potentially aggregate to a
significant total resource; and
- Exploration for unconformity-related uranium deposits near the base of
the Roraima Basin, which are similar to those of the prolific Athabasca
Basin in Saskatchewan.
For further information on the company's properties, please refer to the
technical reports prepared for the company by Dahrouge Geological
Consulting Ltd. and dated September 15, 2006 as amended and restated
December 12, 2006; and the NI 43-101 report entitled "A Technical Review
of the Aricheng North and Aricheng South Uranium Deposits in Western
Guyana for U3O8 Corp. and Prometheus Resources (Guyana) Inc." by Watts,
Griffis and McOuat dated January 14, 2009, available on SEDAR at
www.sedar.com and on the company's website www.u3o8corp.com.
Forward-Looking Statements
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and unknown
risks and uncertainties. These forward-looking statements are subject to
numerous risks and uncertainties, certain of which are beyond the control
of U3O8 Corp., including, but not limited to, the impact of general
economic conditions, industry conditions, volatility of commodity prices,
risks associated with the uncertainty of exploration results and
estimates, currency fluctuations, dependence upon regulatory approvals,
the uncertainty of obtaining additional financing and exploration risk.
Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
To view the accompanying map, please visit the following link:
http://www.marketwire.com/library/20091125-u3o8multiple800.jpg
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.
Contacts:
U3O8 Corp.
Nancy Chan-Palmateer
Vice President, Investor Relations
(416) 868-1491
nancy@u3o8corp.com
U3O8 Corp.
Richard Spencer
President & CEO
(416) 868-1491
richard@u3o8corp.com
Copyright 2009, Market Wire, All rights reserved.
-0-
