News Article | December 7, 2016
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 7, 2016) - CRYSTAL EXPLORATION INC. (the "Company" or "Crystal") (TSX VENTURE:CEI) is pleased to announce completion and filing of a Technical Report for its diamond projects located in Nunavut, Canada. The National Instrument ("NI") 43-101 Technical Report ("the Report") entitled 'Technical Report for the Muskox and Hood River Properties', focused on historical results, work performed during 2015 and 2016 and includes newly developed kimberlite targets within the Contwoyto and Hood River project areas. The Report was authored by Dean Besserer, P.Geol. A copy of the Report can be located at www.sedar.com. Jim Greig, President & CEO commented, "The report provides a comprehensive review of historical work, recent exploration and a 2017 exploration plan. Crystal has now identified new drill targets for potential discoveries. Lab results are pending for the Muskox Kimberlite Pipe that has demonstrated encouraging diamond grades in a large body that is open at depth. In addition, the Crystal team will continue to work with all stakeholders for a potential acquisition of the nearby Jericho Diamond Mine." The Report compiles and summarizes approximately 24 years of current and historical work completed across Crystal's project areas. The most notable historical work comes from Canamera Geological ("Canamera"), Lytton Minerals ("Lytton"), New Indigo Resources Inc. ("New Indigo"), Ashton Mining ("Ashton"), De Beers Canada Exploration Inc. ("De Beers") and Tahera Diamond Corporation ("Tahera"). In total, 72 prospective kimberlite targets were reviewed on the ground during 2016. Of the 72 which were ground truthed, 17 ground geophysical grids were completed which totaled 83.01 line kilometers of high resolution magnetics. From the 17 grids, 6 have been selected as high priority drill targets with respect to newly discovered kimberlite(s). In addition to the geophysical anomalies, numerous unsourced diamond (or kimberlite) indicator mineral ("DIM") trains have been identified on the Muskox, Muskox East (Contwoyto) and Hood River properties. The recommended 2017 exploration should include but not be limited to: Continue compiling historic data and re-interpret historic airborne geophysical surveys; Process existing kimberlite samples on hand at the SRC; Process and pick the till samples collected during the 2016 exploration program including micro-probe analysis of picked grains; Complete caustic fusion of the James River Dyke; Complete ground geophysical surveys (magnetics and electromagnetics) over priority lake based targets; and Drill the six high priority targets developed by Crystal during 2016 for the spring/summer of 2017. The Muskox kimberlite has yielded encouraging diamond results from both caustic fusion analysis and Dense Media Separation ("DMS") processed bulk samples from several sampling campaigns. The Report outlines a number of incongruent results and the known issues for the Muskox Kimberlite Pipe. This includes diamond breakage and the exclusion of diamondiferous eclogite xenoliths during specific sampling programs. This is evidenced by a 2006 caustic fusion sampling program that combined a 3,692 kilogram sample for the M2 and M1 units returning 2.69 carats above a 0.85 mm cut off. Intervals with higher stone counts correlate well with the presence of mantle xenoliths, especially eclogite xenoliths. Macrodiamond modelling was performed by Mineral Services of Vancouver in 2006 on both the M1 and M2 units. Subsets of the respective units were also modelled after the removal of the largest stones which did not fit on a lognormal distribution curve and could cause a "nugget effect". The grade prediction modelling used a cut off of 0.01 carats. The modelled grade for the M2 unit subset was 122 cpht with a range from 82 to 165 cpht. The modelled grade for the M1 unit subset was 41 cpht with a range from 28 to 52 cpht for the M2 unit subset. The results of the grade modelling from the M2 unit are significantly better than the grades indicated by the De Beers bulk sample. To view a 3D Model for the Muskox Kimberlite, please visit the following link: http://media3.marketwire.com/docs/cei1207model.pdf. Muskox is a multiphase Jurassic (173±2 Ma) kimberlite intrusion with a diameter at surface of approximately 200 meters and a total surface area of approximately 4 hectares, which is large for a kimberlite body in this part of the Slave Geological Province. It is a circular body at surface that tapers with depth. Diamonds results from the Muskox Kimberlite Pipe are now expected during early 2017. Results have been delayed due to unexpected maintenance of the Dense Media Separation ("DMS") plant at the Saskatchewan Research Council Analytical Laboratories ("SRC") in Saskatoon. In total, 31,466 kilograms of kimberlite from 27 drill holes have been sent to the SRC for macro-diamond (approximately +0.85 mm) recovery using their DMS processing plant. Crystal is a Canadian diamond exploration company with Common shares listed for trading on the TSX Venture Exchange. Crystal is backed by proven and seasoned resource sector professionals who have a track record of advancing exploration projects from grassroots through to production scenarios. The technical content of this news release have been reviewed and approved by Dean Besserer, P.Geol., the Technical Advisor of the Company and a Qualified Person as defined by National Instrument 43-101. ON BEHALF OF THE BOARD OF DIRECTORS Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Article | November 8, 2016
VANCOUVER, BC --(Marketwired - November 08, 2016) - Kivalliq Energy Corporation (TSX VENTURE: KIV) (Kivalliq) today announced results from Kivalliq's 2016 summer exploration program at the Yat and Dipole Target areas of Kivalliq's 100% owned, 89,852 hectare Angilak Property in Nunavut Territory, Canada. "We are excited that the 2016 work at Yat has confirmed high grade precious metal and uranium values from earlier programs are linked to local bedrock occurrences, in addition to kilometer-scale geochemical and geophysical signatures," stated Kivalliq President Jeff Ward. "Furthermore, soil sampling around the recent Dipole uranium discovery extended uranium anomalies to over 3.5 kilometres, thereby giving high grade zones drilled at Dipole significant strike potential." Maps and images of the work performed in 2016 at the Yat Target and the Dipole Trend can be viewed at: http://www.kivalliqenergy.com/uranium/angilak/maps/. Yat Target The Yat Target is located near the northern margin of the Angikuni Basin, 15 km southwest of Lac 50 and 10 km northeast of the high grade uranium intercepts discovered by drilling at Dipole in 2015. Mineral occurrences at Yat locally comprise a 100 m long string of sulphide-bearing radioactive subcrops and historic pits in basin conglomerate and sandstone. Yat is characterized by a strong 250 m wide magnetic low with coincident high grade polymetallic U-Cu-Ag-Au (Pt-Pd) mineralized zones. A discreet EM conductor strikes northeast at 045° through the centre of the magnetic response. Work in the late 1970's and early 1980's included U-Cu-Mo-Ag-Pb soil surveys, trenching and four drill holes. There is no historic record of rock analysis for Au, Ag, or PGM's. Work by Kivalliq between 2007 and 2012 included ground gravity, Mag-VLF surveys, and four shallow reverse circulation holes nearby that did not intersect significant mineralization. A grab sample from brecciated quartz-carbonate veined glacial float collected on the south east margin of the Yat magnetic response returned the highest precious metal assays ever reported from the Angilak Property with 1.82% U O , 6.8% Cu, 211 g/t Au, 80,900 g/t Ag, 3.1 g/t Pt and 6.7 g/t Pd (See news release November 10, 2015) In July 2016, a trenching program was undertaken in the area of the high grade polymetallic boulders and historic pits using a heli-portable excavator. The objective was to find a localized bedrock source for the high grade boulder mineralization at a site with shallow glacial till overburden. Trenches were excavated to bedrock with a maximum depth of about 2.0 m, the depth limit of the excavator. Radioactive, brecciated carbonate veining with sulphides, secondary yellow uranium staining and malachite was identified in several trench areas. Mineralization occurs as 1.0-1.5 m wide structural zones of narrow veins and stringers in sandstone, conglomerate and Christopher Island volcanics of the Proterozoic Angikuni Basin, striking northeast and parallel to the larger Yat EM conductor. Mineralized veins within these structural zones are generally narrow (< 5 cm wide) but in places exceed widths of 20 cm. Veining and adjacent wall rocks were channel sampled using a diamond rock saw. Mineralized subcrop and boulders encountered while excavating were also sampled. A total of 100 samples were collected with the 2016 Program. Highlights include channel sample 18924 from Trench Kiv-16-T03 which assayed 2.50% U O , 16.2% Cu, 417 g/t Ag and 1.3 g/t Au over a width of 0.5 m that included a 15 cm wide brecciated carbonate vein with strong malachite and channel sample A00560 from Trench Kiv-PO-T05 which assayed 0.32% U O , 0.10% Cu, 373 g/t Ag, 2.9 g/t Au and 6.4 g/t Pd across a width of 0.65 m that included a 10 cm wide white brecciated carbonate vein. Highlight grab samples collected from boulders found while excavating the trenches include sample A00619 with 23.6% U O , 22.7% Cu, 879 g/t Ag & 5.3 g/t Au from till cover at Trench Kiv-16-T03 and sample 18939 with 3.0% U O , 1.3% Cu, 3200 g/t Ag, 43.3 g/t Au, 7.8 g/t Pt & 56.3 g/t Pd from till cover at Trench Kiv-PO-T05. 2016 Soil Geochemistry Program The 2016 summer program included the collection of 704 soil samples for enzyme leach (EL) analysis. The majority of these samples were collected at 50 m intervals along sample lines spaced 100 m apart on a 1.2 km by 1.2 km grid centered over the Yat magnetic low and historic trenches. The grid was also designed to cover 1.6 kms of the main Yat conductor, an EM linear that strikes northeast at 045° through the centre of the Yat magnetic feature, approximately 75 m northwest (up-ice) and parallel to the structurally controlled high grade polymetallic mineralization sampled by the 2016 Yat trenching program. A pronounced EL uranium in soil anomaly (measured in ppb) has been defined along the full 1.6 km strike length of the Yat EM conductor covered by the 2016 soil grid. A silver in soil anomaly is also present along this trend, corroborating the Ag-U association seen in the mineralized trenches. Additionally, a distinctive EL uranium in soil anomaly overlies a parallel conductor, approximately 0.5 km southeast of the Yat EM conductor. As part of the 2016 program, additional EL samples were collected to extend the 2014 soil grid along the Dipole trend where drilling in 2015 discovered significant uranium mineralization associated with the Dipole conductor and a pronounced EL uranium anomaly in soils. (See news release July 30, 2015) Results from the 2016 samples have defined a new EL uranium in soil anomaly with a strike length of 0.6 km that overlies a parallel EM conductor 1.5 km to 2.1 km northeast of the Dipole drill holes. These new results extend uranium in soil anomalies to over 3.5 kilometres along the Dipole Trend. Table 2. shows value ranges and anomalous thresholds for elements of interest from the combined 2014-2016 EL soil sampling programs at Yat and Dipole. The 2016 summer program confirmed Yat as a priority target by identifying silver and uranium trends in soil along a 1.6 km long EM conductor, and by confirming that high grade polymetallic prospecting samples are locally derived and related to sub parallel structural zones in trenches. The program also extended the strike potential of uranium zones drilled at Dipole by identifying strong uranium in soil values along trend and coincident to a parallel conductor 2.1 km northeast of Dipole. As demonstrated by the discovery of uranium at Dipole in 2015, the integration of soil geochemical sampling and geophysical surveying has proven to be effective for successfully targeting basement hosted uranium mineralization at Angilak. Drill testing of the multiple coincident geochemical-geophysical targets defined by the 2016 exploration program at both Yat and Dipole is warranted. In addition to EL soil sampling and trenching, Kivalliq staff collected 172 soil samples for conventional ICP geochemical comparative analysis at Yat. Results showed similar results to the 2016 enzyme leach sampling. Kivalliq staff also collected 41 twenty kilogram heavy mineral samples located "down-ice" (south-southeast) from 13 circular geophysical responses characteristic of kimberlitic intrusions. Heavy mineral concentrates from these samples will be picked and analysed for gold grains and kimberlite indicator mineral grains by CF Minerals in Kelowna BC. Results from this work are pending. Enzyme leach (EL) soil samples were sent to Activation Laboratories Ltd. (Actlabs). The Actlabs facility is accredited to international quality standards through the International Organization for Standardization/International Electrotechnical Commission (ISO/IEC) 17025 (ISO/IEC 17025 includes ISO 9001 and ISO 9002 specifications) with CAN-P-1578 (Forensics), CAN-P-1579 (Mineral Analysis) and CAN-P-1585 (Environmental) for specific registered tests by the Standards Council of Canada (SCC). For EL soil sample analysis, a 0.75 gram sample of B soil horizon is leached in an enzyme matrix for one hour, where it reacts with amorphous MnO2 dissolving it. Metals complex with the acid present and solutions are analyzed and reported in ppb with a detection limit of > 0.1 ppb U. QA/QC includes field standards, blanks and duplicates, and those inserted by the Actlabs. All QA/QC results were within expectations. Rock samples and conventional soil samples were sent to the Saskatchewan Research Council (SRC) for analysis. The SRC facility operates in accordance with ISO/IEC 17025:2005 (CAN-P-4E), General Requirements for the Competence of Mineral Testing and Calibration laboratories and is accredited by the Standards Council of Canada. Conventional soil samples undergo standard geochemical analysis using ICP-MS. Rock samples are analyzed by SRC's ICP-OES multi-element Uranium exploration ICP1 method. ICP results U > 1,000 ppm are analyzed using SRC's ISO/IEC 17025:2005-accredited U O Assay method. Laboratory quality control (QC) includes a repeat analysis on every 20th sample. Certain samples were also subject to SRC's Au3 standard Fire Assay procedures for Au, Pt and Pd. All QA/QC results for rocks samples and soil samples were within expectations. Previous exploration results by Noranda Exploration Ltd. and Pan Ocean Oil Ltd. reported herein are historic in nature and although not verified by Kivalliq, this work was carried out by knowledgeable explorers using acceptable industry practices at the time. Jeff Ward, P.Geo., President of Kivalliq and a Qualified Person for Kivalliq, has reviewed and approved the scientific and technical information contained in this release. About Kivalliq Energy Corporation Kivalliq Energy Corporation (TSX VENTURE: KIV) is a Vancouver-based company with a portfolio of high-quality uranium exploration projects in Canada. Kivalliq holds Canada's highest-grade uranium resource outside of Saskatchewan. The Company's flagship project, the 89,852 hectare Angilak Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes grading 0.69% U O , totaling 43.3 million pounds U O . Kivalliq's comprehensive exploration programs continue to demonstrate the "District Scale" potential of the Angilak Property. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to Kivalliq's news release of March 1, 2013. In Saskatchewan, Kivalliq holds a 100% interest in the recently acquired 13,711 hectare Hatchet Lake Property adjacent to the north-eastern margin of the highly prolific uranium-producing Athabasca Basin. Compilation of results from previous exploration by Hathor Exploration Limited and Rio Tinto have identified multiple, priority unconformity-related basement targets at Hatchet Lake that were followed up in 2015. Kivalliq also holds a 100% interest in the 200,909 hectare Genesis Property located northeast of Saskatchewan's Athabasca Basin, with Roughrider Exploration Limited funding the current exploration program pursuant to an option to acquire up to an 85% interest in the property. This highly prospective project is located along the Wollaston-Mudjatik trend and extends 90 km northeast from Wollaston Lake to the Manitoba border. Kivalliq's team of northern exploration specialists has forged strong relationships with sophisticated resource sector investors and Angilak Property partner Nunavut Tunngavik Inc. (NTI). Kivalliq was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory, Canada and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement. On behalf of the Board of Directors "Jim Paterson" James R. Paterson, CEO Kivalliq Energy Corporation 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. Certain disclosures in this release constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
News Article | October 28, 2016
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 26, 2016) - CRYSTAL EXPLORATION INC. (the "Company" or "Crystal") (TSX VENTURE:CEI) is pleased to announce that Crystal's 2016 exploration program has identified 5 new high priority drill targets with respect to newly discovered kimberlite(s). Jim Greig, President & CEO commented, "We are very excited about the new targets identified by Crystal's geological team. Very few new, sizeable diamond bearing kimberlites have been discovered over the past ten years. These new areas for drilling were based upon greater than $50 million in historical work performed by the likes of De Beers Canada and exceptionally good interpretation and exploration performed by the Crystal exploration team." Field work at Crystal's 100% owned Muskox, Contwoyto and Hood Project areas, located in Nunavut, Canada, has now been completed. The program identified and prioritized numerous targets for the potential discovery of new kimberlite(s) during 2017. The program included prospecting and mapping; till sampling (146 samples), rock sampling (2 samples at the James River Kimberlite Dyke) and 83.01 line kilometers of ground geophysical surveying at 17 land based targets. The samples have been sent to the Saskatchewan Research Council Analytical Laboratories ("SRC") in Saskatoon for analysis. Results are expected in the fourth quarter ("Q4"), 2016. In total, 72 prospective kimberlite targets were reviewed on the ground. Of the 72 which were ground truthed, 17 ground geophysical grids were completed which totaled 83.01 line kilometers of high resolution magnetics. From the 17 grids, 5 have been selected as high priority drill targets with respect to newly discovered kimberlite(s). Images of the targets can be found on Crystal's website (www.crystalexploration.com). In addition, numerous high priority targets that are under water bodies have been targeted for a winter ground geophysical program. A target map can be viewed at the link below. Of the 5 newly developed high priority kimberlite 'bullseye' targets, 4 are magnetic highs and 1 is a magnetic low. The targets range from 125 to 225 meters in size. Other kimberlites in the area were both magnetic lows (including the Contwoyto 1, Muskox and Jericho, Jericho South and Rush kimberlites) and magnetic highs (including the Unicorn, Voyageur and Peregrine kimberlites). A NI43-101 Technical Report is expected during Q4, 2016 and will focus on the Muskox Project and will include newly developed kimberlite targets within the Contwoyto and Hood Project areas. The Report will be authored by Dean Besserer, P.Geol. To view the Kimberlite Target Locations Map, visit the following link: http://media3.marketwire.com/docs/targetlocations.jpg Whole and split core samples from the Muskox Kimberlite have now been logged and sampled. All the previously un-sampled drill core from 26 drill holes will be processed at the SRC using their Dense Media Separation ("DMS") processing plant for the purpose of recovering commercial sized (approximately +0.85 mm) diamonds. Results are expected from the Muskox Kimberlite diamond drill holes during Q4, 2016. Crystal is a Canadian diamond exploration company with Common shares listed for trading on the TSX Venture Exchange. Crystal is backed by proven and seasoned resource sector professionals who have a track record of advancing exploration projects from grassroots through to production scenarios. The technical content of this news release have been reviewed and approved by Dean Besserer, P.Geol., the Technical Advisor of the Company and a Qualified Person as defined by National Instrument 43-101. ON BEHALF OF THE BOARD OF DIRECTORS NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
News Article | February 22, 2017
YELLOWKNIFE, Northwest Territories--(BUSINESS WIRE)--Dominion Diamond Corporation (TSX: DDC, NYSE: DDC) (the “Company” or “Dominion”) reports Ekati Diamond Mine and Diavik Diamond Mine fourth fiscal quarter 2017 (November through January) sales and Ekati Diamond Mine production results. Unless otherwise specified, all financial information is presented in U.S. dollars. (1) Excluded from the Ekati sales recorded in the fourth quarter of fiscal 2017 were $5.1 million from the sale of pre-commercial production from the Misery Main open pit. (2) Excluded from the Ekati sales recorded in the fourth quarter of fiscal 2016 were $2.5 million from the sale of pre-commercial production from the Misery Northeast pipe. Sales Ekati and Diavik Rough Diamond Sales The Company recorded total fourth quarter fiscal 2017 sales of $129.9 million from the sale of 1.4 million carats. Total rough diamond sales decreased 27% in the fourth fiscal quarter compared to the same period in the prior year. This was due primarily to a reduction in the goods available for sale following the process plant fire at the Ekati Diamond Mine. Sales in the quarter were also negatively affected by the disruption in normal trading activity following the demonetization of the Indian rupee in November 2016. Total carats sold in the fourth fiscal quarter increased by 24% from the same period in the prior year, due primarily to the availability for sale of rough diamonds from high grade Misery Main ore. Total carats sold in the fourth fiscal quarter of the prior year were negatively impacted by the decision to hold back lower-than-average priced inventory due to a weakened diamond market. Three rough diamond sales were held during the quarter. The Company plans to hold two rough diamond sales in the first quarter of fiscal 2018. (1) Excluded from the Ekati sales recorded in fiscal 2017 is pre-commercial production from the Misery Main, Misery Northeast and Pigeon pipes. During the fourth quarter of fiscal 2017, the Company sold pre-commercial production from the Misery Main open pit for proceeds of $5.1 million (Q4 fiscal 2016 - $2.5 million from the sale of pre-commercial production from Misery Northeast). For the year ended January 31, 2017, the Company sold pre-commercial production for proceeds of $27.2 million (year ended January 31, 2016 - $9.5 million from the sale of pre-commercial production from Misery Northeast). (2) Figures may not add up due to rounding. The Diamond Market The market ended the year on a positive note despite the divergence between the resilient market for larger better goods and the more challenging situation for the smaller cheaper goods. The Christmas season in the U.S. failed to meet market expectations, but this was balanced out by renewed retail activity over the Chinese New Year, resulting in an anticipated rise in polished demand from China in the first quarter of 2017. The Indian retail market has started to recover from the jewelers’ strike in the middle of the year and the impact of demonetization of the Indian rupee towards year-end. The latter is expected to continue to have a dampening effect on the Indian retail jewelry market in the short-term, with demand expected to return to normal in this sector by the fall of 2017. Much of the manufacturing sector that focuses on lower price rough diamonds was brought to a standstill by the demonetization. However, the segment of the manufacturing sector that focuses on higher priced rough diamonds, and produces primarily for the export market, has been less disrupted. (1) As different ore sources are blended during processing, carats and grade per pipe are estimated using the block models for the ore processed from each pipe, adjusted for the overall reconciliation of total carats recovered against the model. The total carats produced include all incremental production arising as a result of the changes made to the Ekati process plant to improve diamond liberation. (2) The Misery Satellites include the Misery South and Southwest satellite pipes, which are inferred mineral resources, and Misery Northeast material. Approximately 2,500 tonnes of Northeast material was processed during the year ended January 31, 2017, at an average grade of 0.98 carats per tonne. The Northeast material is not included in the mineral reserves or mineral resources, and is therefore incremental production. (3) This material is not included in the mineral reserves or mineral resources and is therefore incremental production. (4) Figures may not add due to rounding. Diavik Production The Diavik Diamond Mine production results for the fourth calendar quarter of 2016 were released on January 16, 2017. Diavik reports to the calendar year ending December 31, and Ekati reports to the fiscal year ending January 31. The Company does not report Diavik fiscal production results. Open pit mining will take place at all pipes, with the exception of Koala, where mining is underground. Processed ore and recovered carats will be sourced from the following kimberlite pipes in the approximate proportions noted below: (1) Misery Southwest pipe is currently an inferred mineral resource. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the Operating Case will be realized. Fox Deep Drilling Program The Company has received the results of a reverse circulation drilling campaign conducted this winter at the Fox pipe, below the previously-mined open pit. Three holes, with a drill hole diameter of approximately 24 inches, were drilled to depths ranging from 448 metres to 600 metres, producing a sample of approximately 1,000 dry tonnes. The Saskatchewan Research Council processed the drill hole interval samples, and a total of 378 carats were recovered at a 1.0 millimetre bottom cut-off, for an average bulk sample grade of 0.38 carats per tonne. Based on these encouraging results, a prefeasibility study is now underway at Fox Deep, and is expected to be completed in late fiscal 2018. Qualified Person The scientific and technical information contained in this press release has been prepared and verified by Dominion, operator of the Ekati Diamond Mine, under the supervision of Peter Ravenscroft, FAusIMM, of Burgundy Mining Advisors Ltd., an independent mining consultant, and a Qualified Person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators. For further details and information concerning the Company’s mineral reserves and mineral resources at the Ekati Diamond Mine, please refer to the technical report entitled “Ekati Diamond Mine, Northwest Territories, Canada, NI 43-101 Technical Report” that has an effective date of July 31, 2016, which can be found on the Company’s profile at www.sedar.com and on the Company’s website at www.ddcorp.ca. Cautionary Statement Regarding Preliminary Results The Company cautions that the Company’s fourth quarter and year-end sales results disclosed in this news release are preliminary and reflect expected fourth quarter year-end sales results as of the date of this news release. Actual reported results are subject to final review and may vary from what is currently expected because of a number of factors, including, without limitation, additional or revised information and changes in accounting standards or policies or in how those standards are applied. In addition, the preliminary results contained in this news release do not include all of the measures of financial performance that would be disclosed in the Company’s annual financial statements. The Company will provide additional financial information and related discussion and analysis about its fourth quarter and year-end financial results when it reports those actual results. Forward-Looking Information Certain information included herein, including information about mining activities and other plans at the Ekati Diamond Mine, estimated production from the Ekati Diamond Mine and expectations concerning the diamond industry, constitutes forward-looking information or statements within the meaning of applicable securities laws. Forward-looking information is based on certain factors and assumptions including, among other things, the current mine plan for the Ekati Diamond Mine; mining, production, construction and exploration activities at the Ekati Diamond Mine; currency exchange rates; world and US economic conditions; future diamond prices; and the level of worldwide diamond production. Forward-looking information is subject to certain factors, including risks and uncertainties, which could cause actual results to differ materially from what the Company currently expects. These factors include, among other things, the uncertain nature of mining activities, including risks associated with underground construction and mining operations, risks associated with joint venture operations, risks associated with the remote location of and harsh climate at the Company’s mining properties, variations in mineral reserve and mineral resource estimates, grade estimates and expected recovery rates, failure of plant, equipment or processes to operate as anticipated, risks associated with regulatory requirements, the risk of fluctuations in diamond prices and changes in US and world economic conditions, the risk of fluctuations in the Canadian/US dollar exchange rate and cash flow and liquidity risks. Actual results may vary from the forward-looking information. Readers are cautioned not to place undue importance on forward-looking information, which speaks only as of the date of this disclosure, and should not rely upon this information as of any other date. While the Company may elect to, it is under no obligation and does not undertake to, update or revise any forward-looking information, whether as a result of new information, further events or otherwise at any particular time, except as required by law. Additional information concerning factors that may cause actual results to materially differ from those in such forward-looking statements is contained in the Company's filings with Canadian and United States securities regulatory authorities and can be found at www.sedar.com and www.sec.gov, respectively. About Dominion Diamond Corporation Dominion Diamond Corporation is a Canadian diamond mining company with ownership interests in two major producing diamond mines. Both mines are located in the low political risk environment of the Northwest Territories in Canada. The Company operates the Ekati Diamond Mine, in which it owns a controlling interest, and also owns 40% of the Diavik Diamond Mine. It supplies premium rough diamond assortments to the global market through its sorting and selling operations in Canada, Belgium and India. For more information, please visit www.ddcorp.ca
News Article | December 15, 2016
VANCOUVER, BC--(Marketwired - December 15, 2016) - UEX Corporation (TSX: UEX) ("UEX" or the "Company") is pleased to announce the final assay results from the summer 2016 drilling program on the Christie Lake Project (the "Project"). Our focus in 2016 was to improve our understanding of the mineralization on the Christie Lake Project and to grow the Paul Bay and Ken Pen Deposits. Highlights of our achievements in 2016 included: UEX has met its 2016 work commitment requirement under the UEX-JCU Christie Lake Option Agreement and has banked almost $1.5 million towards the 2017 work commitment. Upon making the 2017 property payment, our ownership interest in Christie Lake will increase from 10% to 30%. The Company remains on track to earn its full 70% interest in the Project. "In my view, Christie Lake has some of the best deposit growth potential in the Athabasca Basin and I'm looking forward to our 2017 drilling program". A winter 2017 program is being planned, with the goals of expanding the mineralization at Ken Pen and Paul Bay, as well as testing northeast along the Yalowega Trend. Outside of the Ken Pen and Paul Bay deposits, sporadic historic drilling encountered both unconformity and shallow basement mineralization along the Yalowega Trend. Our team is eager to apply our improved area knowledge to the Yalowega Trend targets. Preparations for the winter drill program are currently underway. As many of the Yalowega-trend drill targets are best drill tested in the winter from lake ice platforms, UEX has mobilized a team to the Project to adequately thicken the lake ice in advance of an early January drilling program. The assay results from the drill holes completed during the summer program at the Ken Pen Deposit are presented below. Radiometric equivalent grades ("REGs") from these holes were previously reported in the UEX News Release of November 7, 2016. Assay results were generally in line with the previously reported REG results. Assay results for the final holes completed to test the extent of the Paul Bay Deposit are presented below and were generally in line with the previously reported REG results. Assay grades from holes CB-104 and CB-096 were lower than the previously reported REGs because approximately half the core was recovered from these mineralized intervals. Thus, the assay samples are not considered to be representative of these actual mineralized intervals. Drill core is split in half sections on site and one half is collected for U O (wt %) analysis with the other half core remaining on site for reference. Where possible, samples are collected at a standardized 0.5 m interval through zones of mineralization but respect geological units and intervals. The samples are shipped to the Geoanalytical Laboratory at the Saskatchewan Research Council ("SRC") in Saskatoon, Saskatchewan. Analysis at the SRC laboratory for uranium as U O (wt %) was completed using the ICP-OES method. The SRC Geoanalytical Laboratory is an ISO/IEC 17025:2005 accredited facility (#537) by the Standards Council of Canada. Assay intervals were composited using a cut-off grade of 0.1% U O . All depth measurements and sample intervals reported are down-hole measurements from drill core. True thickness of the mineralized zones has yet to be determined. UEX currently holds a 10% interest in the Christie Lake Project and is working under an option agreement to earn up to a 70% interest. The Project is located approximately 9 km northeast and along strike of Cameco's McArthur River Mine, the world's largest uranium producer. The P2 Fault, the controlling structure for all of the McArthur River deposits, continues to the northeast beyond the mine. UEX believes that through a series of en-echelon steps the northeast strike extension of the P2 Fault not only crosses the Project but also controls the two known uranium deposits on Christie Lake, the Paul Bay and Ken Pen Deposits. The Paul Bay and Ken Pen Deposits are estimated to host a combined 20.87 million pounds of U O at an average grade of 3.22% U O and were discovered in 1989 and 1993 respectively. This is a historic resource estimation which does not use resource classifications consistent with NI 43-101. The historical resource estimate was presented in an internal report titled Christie Lake Project, Geological Resource Estimate completed by PNC Tono Geoscience Center, Resource Analysis Group, dated September 12, 1997. The historical resource was calculated using a 3 D block model using block sizes of 2 m by 2 m by 2 m, and block grades interpolated using the inverse distance squared method over a circular search radius of 25 m and 1 m height. Specific gravities for each deposit were averaged from specific gravity measures of individual samples collected for assay. UEX plans to complete additional infill drilling on the deposits during the option earn-in period to upgrade these historic resources to indicated and inferred. A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves. UEX is not treating the historic estimate as current mineral reserves or mineral resources. Technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX's President and CEO and Trevor Perkins, P.Geo., UEX's Exploration Manager, who are each considered to be a Qualified Person as defined by National Instrument 43-101. UEX (TSX: UEX) ( : UEXCF) ( : UXO) is a Canadian uranium exploration and development company involved in fifteen uranium projects, including four that are 100% owned and operated by UEX, one joint venture with AREVA Resources Canada Inc. ("AREVA") that is operated by UEX, as well as eight joint ventures with AREVA, one joint venture with AREVA and JCU (Canada) Exploration Company Limited, which are operated by AREVA, and one project (Christie Lake) under option from JCU (Canada) Exploration Company Limited and operated by UEX. The fifteen projects are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which in 2015 accounted for approximately 22% of the global primary uranium production. UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Christie Lake deposits, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project (located 50 km north of Fission's Triple R Deposit and Patterson Lake South Project, and NexGen's Arrow Deposit) and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project. JCU is a private company that is actively engaged in the exploration and development in Canada. JCU is owned by three Japanese companies. Amongst these, Overseas Uranium Resources Development Co., Ltd. ("OURD") acts as the manager of JCU. JCU has partnerships with UEX, AREVA, Cameco, Denison and others on uranium exploration and development projects in the Athabasca Basin of Northern Saskatchewan including Millennium and Wheeler River and the Kiggavik project in the Thelon Basin in Nunavut. This news release may contain statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding UEX's mineral resource and mineral reserve estimates, outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", "will", "may", or their negatives or other comparable words and phrases are intended to identify forward-looking information. Such forward-looking information is based on certain factors and assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, additional drilling results, continuity and grade of deposits, participation in joint ventures, reliance on other companies as operators, public acceptance of uranium as an energy source, fluctuations in uranium prices and currency exchange rates, changes in environmental and other laws affecting uranium exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Skyharbour Intersects 20.8 U3O8 over 1.5 Metres in First Drill Hole at Maverick Zone and Discovers New High Grade Uranium Lens on Moore Lake Uranium Project; Increases Planned Drill Program from 3,500m to 4,500m
News Article | February 27, 2017
VANCOUVER, British Columbia, Feb. 27, 2017 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to announce the first drill hole of the 2017 winter exploration program on the Moore Lake Uranium Project (the “Project”) intersected high grade uranium mineralization within the Main Maverick Zone lens. Hole ML-199 returned geochemical assays of 20.8% U O over 1.5 metres from 264.0 to 265.5 metres downhole, with corresponding handheld spectrometer counts of 27,500 to 57,000 counts per second (“cps”). This high grade interval occurred within a broader zone of anomalous radioactivity as identified by downhole probing. A combined geochemical and grade equivalent for the hole returned 6.0% U O over 5.9 metres from 261.6 to 267.5 metres. Jordan Trimble, President and CEO of Skyharbour Resources, states: “The preliminary results from early in this first phase of drilling at Moore have far exceeded our expectations and I would like to congratulate our geological team on their work thus far. The presence of high grade uranium mineralization in the first hole ML-199 is highly encouraging as well as the notable mineralization in hole ML-202 which appears to be the discovery of a new, high grade mineralized lens along strike from the Main Maverick Zone. The target areas in and around the Maverick Zone are relatively shallow and continue to provide strong discovery potential as we look to value-add the project using a systematic and proven exploration methodology. The early success of the program has prompted Skyharbour to expand the planned drill program from 3,500m to 4,500m with the program currently underbudget. The Company is fully funded to complete this drill program and will provide updates as results become available.” The Company has now completed five drill holes in this first phase of drilling at the Moore Lake Uranium Project with high levels of radioactivity and uranium mineralization encountered in three of them. Drill holes ML-199 and ML-200 tested gaps and the margins of the Main Maverick lens and ML-202 was drilled as a 75 metre step-out hole E-NE from the eastern margin of the Main Maverick Zone. Skyharbour’s technical team believes drill hole ML-202 represents the discovery of a new high grade mineralized lens on the property. Hole ML-199 intersected a broad zone of intensely faulted and desilicified sandstone and the Athabasca unconformity was interpreted at 269.6 metres depth. A combined geochemical and grade equivalent for the hole returned 6.0% U O over 5.9 metres from 261.6 to 267.5 metres including geochemical assays of 20.8% U O over 1.5 metres from 264.0 to 265.5 metres downhole. Hole ML-200 intersected uranium mineralization straddling the unconformity at 274.4 metres. The downhole probe returned a grade equivalent of 1.71% eU O over 7.2 metres from 269.1 to 276.3 metres including 3.3% eU O over 4.6 metres from 269.2 to 273.8 metres. The latter interval corresponds with spectrometer values ranging from 1,100 to 29,400 cps. Final geochemical assays are still pending for the hole. Hole ML-202 intersected uranium mineralization straddling the unconformity and extending into the clay-replaced and altered, weakly graphitic pelitic and granitic basement rocks. Downhole probing identified a 10.7 metre mineralized interval from 266.6 to 277.3 metres that returned 1.4% eU O . This includes 2.1% eU O over 6.5 metres, which includes a higher grade zone of 5.6% eU O over 1.8 metres from 274.2 to 275.7 metres downhole. Core recovery within this mineralized zone was relatively good and geochemical assays are pending at this time. This hole potentially represents the discovery of a new high grade mineralized lens on the property. ML-201 deviated off target to the north, whereas ML-203 deviated off target to the south. Nonetheless, both holes intersected structurally disrupted and strongly altered sandstone and basement rocks and will likely require follow-up. The early success of the current drill program has prompted the company to expand it from 3,500m to 4,500m consisting of 14 to 16 holes ranging in depth from 200m to 500m. The drill program is currently underbudget and is progressing quickly and smoothly. The Company is currently drill testing the 527 Zone located 500 metres E-NE and along strike of the Main Maverick Zone lens before finishing the program back at the main Maverick Zone and on targets located along the Maverick structural corridor to the west and south. In June 2016, Skyharbour secured an option to acquire Denison Mine's Moore Lake project, on the southeastern side of the Athabasca Basin, in northern Saskatchewan. The project consists of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approx. 20 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur River mine. Unconformity style uranium mineralization was discovered on the Moore Lake project at the Maverick Zone in April 2001. Historical drilling highlights include 4.03% e U O over 10 metres (including 1.4 metres at 20% e U O ) starting at a depth of 265 metres in hole ML-61. In addition to the Maverick Zone, the project hosts other mineralized targets with strong discovery potential which the Company plans to test with future drill programs. The project is accessible via winter and ice roads which simplifies logistics and lowers costs. The majority of this first phase of drilling will test and look to expand the Maverick Zone with targets both in the underlying basement rock as well as along strike of the known high grade Main Maverick mineralized lens. Additionally, drill holes will test the 527 Zone which is located along the Maverick structural corridor approx. 500 metres east of the main Maverick mineralized lens. This phase of diamond drilling will also test drill targets along the extensions of the Maverick structural corridor and on extensive northeast trending graphitic structural zones located north of the main Maverick mineralized lens. These targets have been identified following a review of previous exploration and include drill targets identified by prior programs that have yet to be followed up on. Using down-hole probes to calculate radiometric equivalent grades is a common practice by uranium mining companies in the Athabasca Basin, particularly when there is significant core loss through the mineralized interval. All of the holes referred to herein were probed downhole by the on-site geologists using a Mount Sopris winch and Matrix Logging console in conjunction with a Mount Sopris 2GHF probe which utilizes a sodium iodide crystal and two Geiger-Mueller tubes to collect accurate downhole readings when passing through high grade uranium mineralization. The data collected from these calibrated probes is then used to calculate equivalent grade uranium values. All spectrometer readings were made with a Radiation Solutions Super Spec spectrometer with a 6.3 inch Sodium Iodide detector. It should be noted that spectrometer readings are relative and cannot be directly correlated to grade and are only used as a preliminary guide to identifying areas containing radioactive minerals. Actual grades can only be determined by geochemical assay. All geochemical analysis was performed by the Saskatchewan Research Council (SRC) in Saskatoon, a Standards Council of Canada (CCRMP) certified analytical laboratory with unique expertise in Uranium analytical techniques. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person. Skyharbour holds an extensive portfolio of uranium and thorium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with five drill-ready projects. In July 2016, Skyharbour acquired an option from Denison Mines to acquire 100% of the Moore Lake Uranium Project which is located 20 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore Lake is an advanced stage uranium exploration property with over $30 million in historical exploration, 370 diamond drill holes, and a high-grade uranium zone known as the Maverick Zone with drill results including 4.03% e U O over 10 metres at a vertical depth of 265 metres. The Company owns a 100% interest in the Falcon Point (formerly Way Lake) Uranium Project on the eastern perimeter of the Basin which hosts an NI 43-101 inferred resource totaling 7.0 million pounds of U O at 0.03% and 5.3 million pounds of ThO2 at 0.023%. The project also hosts a high-grade surface showing with up to 68% U O in grab samples from a massive pitchblende vein, the source of which has yet to be discovered. Skyharbour also has a 50% interest in the large, geologically prospective Preston Uranium Project proximal to Fission Uranium’s Triple R deposit as well as NexGen Energy’s Arrow deposit. The Company’s 100% owned Mann Lake Uranium project on the east side of the Basin is strategically located adjacent to the Mann Lake Joint Venture operated by Cameco with partners Denison Mines and AREVA, where high-grade uranium mineralization was recently discovered. Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions. To find out more about Skyharbour Resources Ltd. (TSX-V:SYH) visit the Company’s website at www.skyharbourltd.com. For further information contact myself or: Nick Findler Corporate Development and Communications Skyharbour Resources Ltd. Telephone: 604-639-3850 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: email@example.com NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE. This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes 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. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
News Article | December 23, 2016
VANCOUVER, BC / ACCESSWIRE / December 23, 2016 / CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) has received notice from De Beers for the termination of the West Athabasca project option. De Beers' exploration team has interpreted the 85 large magnetic anomalies scattered across the claims to be most likely associated with magnetic minerals within organic material in the overburden. To view an enhanced version of Figure 1, please visit: https://www.accesswire.com/uploads/CanAlaska1-12.23.16.jpg De Beers' drill program in September 2016 tested seven magnetic targets accessible before winter, located mostly in the southern claim groups. At five sites, the drill holes intercepted magnetic material within the organic overburden, unconsolidated sand and boulders, followed by sandstone. At one drill site, the overburden was not collected, but the sandstone intercepted did not explain the associated magnetic anomaly. One drill hole intercepted overburden consisting of peat, unconsolidated sands and boulders, followed by sandstone, and a thin diabase sill, which may explain the anomaly. To view an enhanced version of Figure 2, please visit: https://www.accesswire.com/uploads/CanAlaska2-12.23.16.jpg It is highly unusual to encounter such magnetic material in organic overburden. Samples from this material were sent to Saskatchewan Research Council (SRC) and McMaster University for analysis and review. There is some scientific literature that details bacterial production of magnetic material under certain conditions. Although the Western Athabasca Basin has the right geological and structural setting for the presence of diamondiferous kimberlite, De Beers decided not to continue drilling and, under the terms of the Option Agreement, have returned 100% of the project to CanAlaska. CanAlaska President Peter Dasler commented, "I am very pleased with the excellent relationship we have developed with De Beers through this project. The Western Athabasca merits exploration for diamonds and we will now concentrate on evaluating several of the more interesting magnetic anomalies within the remaining 78 targets that CanAlaska does not believe are related to magnetic organic material. The series of positive and negative (reverse) magnetic responses that are evident from the recent airborne surveys on our nearby properties, specifically West Carswell and Alberta, would not be caused by similar organic material. CanAlaska is currently marketing its Alberta property to third parties to explore for diamonds, and with the return of 100% of the West Athabasca project, we expect that there will be parties that will wish to help us test the remaining targets." In other news, CanAlaska has received correspondence from Cameco Corporation in relation to the West McArthur uranium project; Cameco expects to be able to provide a 2017 exploration program and budget by January 31, 2017. CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 500,000 hectares (1.2 million acres), one of the largest land positions in Canada's Athabasca Basin region - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies Cameco, Denison, KORES, and KEPCO. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. For further information visit www.canalaska.com. The qualified technical person for this news release is Dr Karl Schimann, P. Geo, VP Exploration, for CanAlaska. On behalf of the Board of Directors Neither 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. All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
News Article | February 15, 2017
VANCOUVER, BC--(Marketwired - February 14, 2017) - UEX Corporation (TSX: UEX) ("UEX" or the "Company") is pleased to announce results from the first four holes completed on the 2017 exploration program at the Christie Lake Project (the "Project"). UEX previously announced that hole CB-109 discovered a new high-grade zone of off-scale unconformity-style uranium mineralization along the Yalowega Mineralized Trend (see News Release of January 30, 2017), 500 m northeast and along strike of the known deposits (see Figure 1). Assays received by the Company from Hole CB-109 are outlined in the table below. This intersection makes hole CB-109 the highest-grade hole ever drilled on the Christie Lake Project. Hole CB-110A successfully expanded the Ōrora mineralized zone by intersecting high-grade uranium mineralization 20 m northeast and along strike of CB-109. Radiometric Equivalent Grade ("REG") results of CB-110A are outlined in the table below. While considered to be unconformity-style uranium, the mineralization in CB-110A was situated very slightly below the unconformity indicating that the ideal structural target (as tested by CB-109) may be located northwest of the CB-110A intersection. The Ōrora Zone currently has a minimum strike length of 20 m and remains open for expansion in all directions (see Figure 1). UEX will be following-up these results with additional drilling during the ongoing winter program. With these results, UEX eagerly anticipates what the remainder of the winter program will reveal. Along the 1.5 km long Yalowega Trend, only three holes have successfully tested the unconformity where it is intersected by the lower breccia unit. Two of these holes intersect the Ōrora Zone as we have currently defined it. The third is UEX hole CB-104, a high-grade hole which tested the Ken Pen Zone 500 m to the southwest. Clearly, we have a lot of exciting work ahead of us to properly investigate the potential of this previously unrecognized uranium-bearing feature. The potential for the discovery of basement-hosted mineralization akin to the Paul Bay Zone also remains untested along most of the length of the Yalowega Trend. This winter UEX is also drilling within the Paul Bay Deposit to tighten up drill hole spacings both within the Upper High Grade Zone and the area surrounding CB-102, which encountered unexpectedly high-grade mineralization within the lower third of the deposit. These tighter spacings are required to finalize UEX's first NI-43-101 resource report on the Christie Lake Project, which is scheduled for completion by the end of the second quarter. Hole CB-108A intersected multiple zones of basement-hosted mineralization approximately 15 m southwest and at a slightly lower elevation than CB-102. Offcut hole CB-108A-1 tested the Paul Bay Deposit approximately 28 m northeast and at a slightly higher elevation than CB-102 and also encountered multiple mineralized intervals. The REG results of CB-108A and CB-108A-1 are outlined in the table below: Both of these holes will have a significant impact on the resource model of the lower part of the Paul Bay Deposit. The eU O grades were estimated in-situ within the drill holes using calibrated down-hole radiometric gamma probes. Samples from all holes have been collected for assay analysis to confirm these equivalent grades. The samples will be analyzed at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan, with results expected in the coming weeks. The details on how eU O was calculated from the probe grades were outlined in our press release of May 24, 2016. UEX currently holds a 30% interest in the Christie Lake Project and is working under an option agreement to earn up to a 70% interest. The Project is located approximately 9 km northeast and along strike of Cameco's McArthur River Mine, the world's largest uranium producer. The P2 Fault, the controlling structure for all of the McArthur River deposits, continues to the northeast beyond the mine. UEX believes that through a series of en-echelon steps the northeast strike extension of the P2 Fault not only crosses the Project but also controls the two known uranium deposits on Christie Lake, the Paul Bay and Ken Pen Deposits. The Paul Bay and Ken Pen Deposits are estimated to host a combined 20.87 million pounds of U O at an average grade of 3.22% U O and were discovered in 1989 and 1993 respectively. This is a historic resource estimation which does not use resource classifications consistent with NI 43-101. The historical resource estimate was presented in an internal report titled Christie Lake Project, Geological Resource Estimate completed by PNC Tono Geoscience Center, Resource Analysis Group, dated September 12, 1997. The historical resource was calculated using a 3 D block model using block sizes of 2 m by 2 m by 2 m, and block grades interpolated using the inverse distance squared method over a circular search radius of 25 m and 1 m height. Specific gravities for each deposit were averaged from specific gravity measures of individual samples collected for assay. UEX plans to complete additional infill drilling on the deposits during the option earn-in period to upgrade these historic resources to indicated and inferred. A qualified person has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves. UEX is not treating the historic estimate as current mineral reserves or mineral resources. Technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX's President and CEO and Trevor Perkins, P.Geo., UEX's Exploration Manager, who are each considered to be a Qualified Person as defined by National Instrument 43-101. UEX (TSX: UEX) ( : UEXCF) ( : UXO) is a Canadian uranium exploration and development company involved in fourteen uranium projects, including three that are 100% owned and operated by UEX, one joint venture with AREVA Resources Canada Inc. ("AREVA") that is operated by UEX, as well as eight joint ventures with AREVA, one joint venture with AREVA and JCU (Canada) Exploration Company Limited, which are operated by AREVA, and one project (Christie Lake) under option from JCU (Canada) Exploration Company Limited and operated by UEX. The fourteen projects are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which in 2015 accounted for approximately 22% of the global primary uranium production. UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Christie Lake deposits, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project (located 50 km north of Fission's Triple R Deposit and Patterson Lake South Project, and NexGen's Arrow Deposit) and the Horseshoe, Raven and West Bear deposits located at its 100%-owned Hidden Bay Project. JCU is a private company that is actively engaged in the exploration and development in Canada. JCU is owned by three Japanese companies. Amongst these, Overseas Uranium Resources Development Co., Ltd. ("OURD") acts as the manager of JCU. JCU has partnerships with UEX, AREVA, Cameco, Denison and others on uranium exploration and development projects in the Athabasca Basin of Northern Saskatchewan including Millennium and Wheeler River and the Kiggavik project in the Thelon Basin in Nunavut. This news release may contain statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding UEX's drill hole results, the likelihood of REG and scintillometer results being confirmed by assays, mineral resource and mineral reserve estimates, outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. Such forward-looking information is based on certain factors and assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to interpretation of drill results and geology, reliability of REG results produced by the Company's down-hole probing system, scintillometer results, assay confirmation, additional drilling results, continuity and grade of deposits, participation in joint ventures, reliance on other companies as operators, public acceptance of uranium as an energy source, fluctuations in uranium prices and currency exchange rates, changes in environmental and other laws affecting uranium exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
News Article | November 22, 2016
Six high interest gravity anomalies were identified by a recent survey along the East Channel Structure where drilling in 2015 discovered strong dravite alteration, anomalous uranium and pathfinder geochemistry, and major reactivated thrust faulting. The tills down-ice from three of the six new gravity targets returned anomalous geochemical values in B, Cu, Co, Pb, Ni, Mo and Y, providing excellent targets for future drill programs. Forum plans further ground gravity surveys, till sampling and an airborne electromagnetic survey in 2017 prior to drilling. A gravity survey was completed in August of 2016 with 1193 station readings taken on a 100m x 100m grid. This survey was then followed by a sampling program that tested the geochemistry of the tills down-ice from the newly identified gravity lows in an attempt to prioritize the targets. A total of 84 C-horizon till samples were collected in a series of four parallel lines spaced 200m apart on the west side of the gravity lows. Samples were collected at 100m spacing along the lines, locally reduced to 50m spacing in areas immediately west of a gravity low (See Figure 1). The samples were sieved to -106um (0.106mm or 0.0042 inches across) to concentrate the fine-grained component, then analyzed at the Saskatchewan Research Council geoanalytical laboratories by ICP-1, an analytical process specifically designed by the SRC for uranium exploration. Figure 1: Boron values in till samples from the Fir Island project. These values are plotted on the results of the gravity survey (blues are gravity lows, reds are gravity highs). The ice direction in this area is from east to west (right to left). Several of the highest results are west of Oak and Pine, and also spread down-ice from Elm. These samples also returned elevated As, Co, Cu and Pb, and to a lesser extent, Ni and Mo. To view an enhanced version of the Boron values in till samples from the Fir Island project, please visit: [https://www.accesswire.com/uploads/Forum_Uranium_Corp.jpg] The soft and clay-rich alteration halo within the Athabasca sandstones overlying a mineralized zone would have been scraped out by the glaciers and incorporated into the tills and spread down-ice to the west. The results from this survey have shown that three of the gravity lows have strongly anomalous elements located down-ice and one gravity low has moderately elevated elements. These elements are typically elevated in the alteration halos that surround a uranium unconformity deposit in the Athabasca Basin. Future plans for 2017 are to a) expand the gravity survey coverage b) sample tills for geochemical pathfinder elements down-ice from any new gravity anomalies and c) conduct an airborne EM survey over the entire project area. Future drill programs will concentrate on these newly developed target areas, as well as on the Willow gravity low just on the northwest side of the island where 5 diamond drill holes in 2014 (Figure 1) intersected a thrust fault with a 50m offset of the unconformity and returned boron-rich dravitic clays (typically found near uranium deposits) well up into the sandstones. Ken Wheatley, P.Geo., Forum's Vice-President, Exploration is the Qualified Person that has reviewed and approved the contents of this news release. Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects. Forum has assembled a highly experienced team of exploration professionals with a track record of mine discoveries for unconformity-style uranium deposits in Canada. The Company has a strategy to discover near surface uranium deposits in the Athabasca Basin, Saskatchewan by exploring on its 100% owned properties and through strategic partnerships and joint ventures with Cameco, AREVA, Rio Tinto Exploration, NexGen and Uracan. ON BEHALF OF THE BOARD OF DIRECTORS 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.