Drill results form Pacific Ridge Exploration‘s (PEX-V) Lucky-7 zone at its Baker Basin project have returned with grades up to 0.3% U3O8 over 17.3 metres.
Baker Basin is 40 km south of Baker Lake in Nunavut. Pacific Ridge has now drilled Lucky-7 to a depth of 500 metres, and the zone has been traced radiometrically for about 500 metres along strike.
The company has drilled seven holes so far, and the average intercept has been 7.5 metres grading 0.22% U3O8.
Pacific Ridge reports that uranium mineralization at Lucky 7 is associated with fracturing and clay alteration of the Baker Basin Karzan sandstone within a northerly trending sub-vertical structural corridor emplaced with a mafic dyke.
Mineralization has been detected on both the east and west contacts of the dyke, and thicker sections of which seem to be associated with thicker zones of uranium mineralization.
Pacific Ridge plans to do an expanded drill program at Lucky-7 next year, based on this year’s results.
The company is waiting for results from the KZ zone, which is 10 km west of Lucky-7. Drill results from the 2006 program included an 11.2-metre intersection grading 0.31% U3O8 and 5.2 metres grading 0.4% U3O8.
Pacific Ridge shares were up 5.6% today, or 1, to 19 on a trading volume of 944,000 shares.
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