Nova Moves Ahead With Drilling

Nova Uranium (NUC-V, NVURF-O) has completed its phase-three drill program of 28 drill holes totalling 2,450 metres at its Mont Laurier project in Quebec, 200 km northwest of Montreal.

Drilling began in January at Mont Laurier, which is 65 km northeast of the town of the same name. So far, the company has results from 15 of the holes. The holes were drilled both vertically and inclined, with depths ranging from 48 to 129 metres. Some of the best intersections were from the Zone 1 anomaly, a strong circular uranium anomaly about 400 metres in diameter.

Of the six holes drilled in Zone 1, holes 77-80, drilled vertically in the central and south portions of the test area, had better results than holes 75 and 76, drilled at a dip of 45 at the northern limits of the test area.

Hole 78 returned 41.81 metres grading 0.026% U3O8, including 15.96 metres grading 0.035% and 5.32 metres grading 0.081% U3O8.

Nova’s drill program also includes the North Bear zone, which showed strong, but limited results, and the Tom Dick North and South zones, for which results are not yet complete.

Hole NV07-67 intersected 9.3 metres grading 0.023% U3O8, including 1.46 metres grading 0.059%. Hole NV07-69 intersected 3 metres grading 0.03% U3O8.

When the results came out on March 28, Nova shares jumped to 94 from 55 on the TSX Venture Exchange on trading volume of 1.4 million shares. At presstime, they traded at around 75.

The company has been exploring the 228-sq.-km property since 2004, before it had its initial public offering in October 2005, with the goal of developing a near-surface bulk-tonnage uranium deposit. Nova completed its first two drill programs on the Dyke 18 Complex and Anomalies 12 and 13, which included 65 shallow diamond-drill holes for a total of 6,700 metres.

The drill program will be followed up this summer with geological mapping and sampling, surface trenching and detailed geophysical mapping on priority uranium anomalies.

Trenching and drilling was done on the property in the 1970s and 1980s, leading to the discovery of 21 uranium showings. However, when the uranium price dropped, the project was abandoned.